CONTENTS
Company Information | 2 |
The Mission Statement | 3 |
Notice of Annual General Meeting | 4 |
Chairman's Review | 8 |
Directors' Report | 9 |
Financial Highlights | 13 |
Statement of Compliance with Listed Companies | |
(Code of Corporate Governance) Regulations, 2019 | 14 |
Independent Auditors' Review Report to the Member on statement of Compliance | |
contained in Listed Companies (Code of Corporate Governance) Regulations, 2019 | 16 |
Independent Auditors' Report | 17 |
Statement of Financial Position | 21 |
Statement of Profit or Loss | 22 |
Statement of Comprehensive Income | 23 |
Statement of Cash Flows | 24 |
Statement of Changes in Equity | 25 |
Notes to the Financial Statements | 26 |
Pattern of Share Holding | 53 |
58 |
60
Jama Punji
Form of Proxy
COMPANY INFORMATION
BOARD OF DIRECTORS | |||
NON-EXCUTIVE DIRECTORS | : MR. MUHAMMAD IRFAN ALI | CHAIRMAN BOARD OF DIRECTORS | |
SYED FARHAN ASDAQUE | |||
MR. MUHAMMAD WAJID | |||
EXECUTIVE DIRECTORS | : | MR. ISHTIAQ AHMAD | CHIEF EXECUTIVE OFFICER |
MR. SALEEM-UL-HAQUE | |||
MS. MOMNA GULL | |||
INDEPENDENT DIRECTOR | : | MR. ASGHAR IQBAL | |
AUDIT COMMITTEE | : | MR. ASGHAR IQBAL | CHAIRMAN |
MR. MUHAMMAD WAJID | MEMBER | ||
MR. MUHAMMAD IRFAN ALI | MEMBER | ||
HUMAN RESOURCE & | : | MR. ASGHAR IQBAL | CHAIRMAN |
REMUNERATION COMMITTEE | MR. ISHTIAQ AHMAD | MEMBER | |
MR. MUHAMMAD WAJID | MEMBER | ||
CHIEF FINANCIAL OFFICER | : | MR. SALEEM-UL-HAQUE | |
COMPANY SECRETARY | : MR. MUHAMMAD HANIF GERMAN | ||
AUDITORS | : FEROZE SHARIF TARIQ & CO. | ||
CHARTERED ACCOUNTANTS | |||
LEGAL ADVISOR | : KHALID ANWAR & COMPANY - ADVOCATES | ||
TAX ADVISORS | : SHARIF & COMPANY - ADVOCATES | ||
FACTORY OFFICE | : PLOT NO. 1, DEWAN FAROOQUE INDUSTRIAL | ||
PARK, HATTAR, DISTRICT HARIPUR, K.P. | |||
CORPORATE OFFICE | : DEWAN CENTRE, 3-A, LALAZAR, BEACH | ||
HOTEL ROAD, KARACHI. | |||
REGISTERED OFFICE | : PLOT NO. 6, STREET NO. 9, FAYYAZ MARKET, | ||
G-8/2, ISLAMABAD, PAKISTAN. | |||
SHARE REGISTRAR / | : BMF CONSULTANTS PAKISTAN (PRIVATE) LIMITED | ||
TRANSFER AGENTS | ANUM ESTATE BUILDING, ROOM NO. 310 & 311, | ||
3RD FLOOR, 49, DARUL AMAN SOCIETY, MAIN SHAHRAH-E-FAISAL, | |||
ADJACENT TO BALOCH COLONY BRIDGE, KARACHI, PAKISTAN. | |||
BANKERS | : AL BARAKA ISLAMIC INVESTMENT BANK LIMITED | ||
ALLIED BANK LIMITED |
ASKARI BANK LIMITED
BANK ALFALAH LIMITED
BANK OF KHYBER LIMITED
BANK OF PUNJAB LIMITED
FAYSAL BANK LIMITED
HABIB BANK LIMITED
HABIB METROPOLITAN BANK LIMITED
MCB BANK LIMITED
MEEZAN BANK LIMITED
SUMMIT BANK LIMITED
NATIONAL BANK OF PAKISTAN LIMITED
STANDARD CHARTERED BANK LIMITED (PAKISTAN)
SILK BANK LIMITED
UNITED BANK LIMITED
02 ANNUAL REPORT 2023
THE MISSION STATEMENT
- "THE MISSION OF DEWAN SALMAN FIBRE LIMITED IS TO BE THE LEADER IN SYNTHETIC FIBRE MANUFACTURING IN PAKISTAN AND BECOME A GLOBAL PLAYER IN THE FIELD.
- TO ASSUME LEADERSHIP ROLE IN THE TECHNOLOGICAL ADVANCEMENT OF THE INDUSTRY AND TO ACHIEVE THE HIGHEST LEVEL OF QUALITATIVE AND QUANTITATIVE INDIGENIZATION.
- TO BE THE FINEST ORGANIZATION IN ITS INDUSTRY AND TO CONDUCT ITS BUSINESS RESPONSIBILITY AND IN A STRAIGHT FORWARD MANNER.
- TO SEEK LONG-TERM AND GOOD RELATIONS WITH OUR SUPPLIERS AND CUSTOMERS WITH FAIR, HONEST AND MUTUALLY PROFITABLE DEALINGS.
- TO ACHIEVE THE BASIC AIM OF BENEFITING OUR CUSTOMERS, EMPLOYEES, SHAREHOLDERS, OTHER STAKE HOLDERS
AND TO FULFILL COMMITMENTS TO OUR SOCIETY. - TO CREATE A WORK ENVIRONMENT HIGHLIGHTING TEAM WORK, WHICH MOTIVATES, RECOGNIZES AND REWARDS ACHIEVEMENTS AT ALL LEVELS OF THE ORGANIZATION, BECAUSE "IN ALLAH WE TRUST AND BELIEVE" AND HUMAN RESOURCE IS OUR
CAPITAL AND ASSET. - TO BE HONEST AND BE ABLE TO RESPOND EFFECTIVELY TO CHANGES IN ALL ASPECTS OF LIFE INCLUDING TECHNOLOGY, CULTURE PROACTIVE AND ENVIRONMENT.
- TO BE A CONTRIBUTING CORPORATE CITIZEN FOR THE BETTERMENT OF SOCIETY AND TO EXHIBIT A SOCIALLY RESPONSIBLE BEHAVIOR.
- TO CONDUCT BUSINESS WITH INTEGRITY AND STRIVE TO BE THE BEST."
ANNUAL REPORT 2023 03
NOTICE OF THE THIRTY THIRD
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Thirty-FourthAnnual General Meeting of Dewan Salman Fibre Limited ("DSFL" or "the Company") will be held on Friday, October 27, 2023, at 11:00 a.m. at Plot No. 6, Street No. 9, Fayyaz Market, G-8/2,Islamabad, Pakistan; to transact the following businesses upon recitation from Holy Qur'aan and other religious recitals:
ORDINARY BUSINESS:
- To confirm the minutes of the preceding Annual General Meeting of the Company held on Friday, October 28, 2022;
- To receive, consider, approve and adopt the annual audited financial statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon;
- To confirm the appointment of the Statutory Auditors of the Company for the year ended June 30, 2024, and to fix their remuneration;
- To consider any other business with the permission of the Chair.
Special Business:
1. To consider and approve short term loans/ advances to an associated company in compliance with the provisions of Section 199 of the Companies Act, 2017.
By Order of the Board
Dated: September 28, 2023 | Muhammad Hanif German |
Place : Karachi. | Company Secretary |
NOTES:
- The Share Transfer Books of the Company will remain closed for the period from October 20, 2023 to October 27, 2023 (both days inclusive).
- Members are requested to immediately notify change in their addresses, if any, at our Shares Registrar Transfer Agent BMF Consultants Pakistan (Private) Limited, located at Anum Estate Building, Room No. 310 & 311, 3rd Floor, 49, Darul Aman Society, Main Shahrah-e-Faisal, adjacent to Baloch Colony Bridge, Karachi, Pakistan.
- A member of the Company entitled to attend and vote at this meeting, may appoint another member as his/her proxy to attend and vote instead of him/her. Proxies, in order to be effective, must be received by the Company at the above said address, not less than 48 hours before the meeting.
- CDC Account holders will further have to observe the following guidelines, as laid down in Circular 01 dated January 20, 2000, issued by the Securities and Exchange Commission of Pakistan:
a) ForAttending Meeting:
- In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall authenticate his/her identity by showing his/her original National Identity Card (CNIC), or original passport at the time of attending the meeting.
- In case of corporate entity, the Board of Directors' resolution/power of attorney, along with the specimen signature of the nominee, shall be produced (unless it has been provided earlier) at the time of meeting.
b) ForAppointing Proxies:
- In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall submit the proxy form as per the above requirements.
- Two persons, whose names, addresses, and CNIC numbers shall be mentioned on the form, shall witness the proxy.
04 ANNUAL REPORT 2023
- Attested copies of CNIC or passport of the beneficial owners and proxy shall be furnished along with the proxy form.
- The proxy shall produce his/her original CNIC or original passport at the time of the meeting.
- In case of corporate entity, the Board of Directors' resolution/power of attorney, along with the specimen signature of the nominee, shall be produced (unless it has been provided earlier) along with the proxy form to the Company.
-
Notice to Shareholders who have not provided CNIC:
CNIC of the shareholders is mandatory in terms of directive of the Securities and Exchange Commission of Pakistan contained in S.R.O. 831(1)/2012 dated July 05, 2012 for the issuance of future dividend warrants etc. and in the absence of such information, payment of dividend may be withheld in term of SECP's above mentioned directive. Therefore, the shareholders who have not yet provided their CNICs are once again advised to provide the attested copies of their CNICs directly to our Shares Registrar without any further delay. - Mandate for E-DIVIDENDS for shareholders:
In order to make process of payment of cash dividend more efficient, e-dividend mechanism has been envisaged where shareholders can get amount of dividend credited into their respective bank accounts electronically without any delay. In this way, dividends may be instantly credited to respective bank accounts and there are no changes of dividend warrants getting lost in the post, undelivered or delivered to the wrong address, etc. The Securities and Exchange Commission of Pakistan (SECP) through Notice No. 8(4) SM/CDC 2008 dated April 5, 2013 had advised all Listed Companies to adopt e-dividend mechanism due to the benefits it entails for shareholders. In view of the above, you are hereby encouraged to provide a dividend mandate in favor of e-dividend by providing dividend mandate form duly filled in and signed. - Electronic Transmission of Financial Statements Etc.:
SECP through its notification No. SRO 787(1)/2014 dated September 8, 2014 has allowed companies to circulate Annual Audited Financial Statements along with Notice of Annual General Meeting through email instead of sending the same through post, to those members who desires to avail this facility. The members who desire to opt to receive aforesaid statements and notice of AGM through e-mail are requested to provide their written consent on the Standard Request Form available on the Company's website: http://www.yousufdewan.com/DSFL/index.html.
ANNUAL REPORT 2023 05
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Dewan Salman Fibre Ltd. published this content on 09 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2023 08:19:10 UTC.