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ANNUAL-REPORT-2019-2020.Pdf 2019–2020 ANNUAL REPORT MAKING A PATH FOR FUTURE GROWTH MISSION To be the No.1 company in our industry through our commitments to employees, customer and stakeholders. VISION Exceed Customer's expectations through our passion, continuous innovation and development. VALUES Customer Focus Aspiration Responsibilities Teamwork MAKING A PATH FOR FUTURE GROWTH AND OUTPERFORMANCE TABLE O F C O N T EN T S INTRODUCTION 04 Letter of Transmittal 05 Notice 06 Highlights 08 Chairman’s Speech 10 Managing Director's Speech IFAD AUTOS PANORAMA 12 Profile 2020 14 Timeline 16 Corporate Information HIGHLIGHTS 18 Board of Directors 22 The Shareholders 24 Management 26 Culture The COVID-19 pandemic, however, is a crisis of a 28 Products completely different magnitude and one that will 30 Strength require a response of unprecedented scale. The 32 Supported by People pandemic has taken a heavy toll on almost all sectors 34 CSR of the economy. IFAD Autos Limited have been 35 Regional Presence experiencing a significant drop in income for the last quarter (Q.4) in FY 2019-20 . STRATEGY As per the Asian Development Bank’s (ADB’s) 36 Strategic Framework statistical prediction, the growth rate of economy of 38 Strategic Roadmap Bangladesh reduced to 5.2 from 8.2 in year 2020. In 41 Strategic Priority 2019-2020 the total export recorded $33.67 bn , it was $40.64 bn in 2018-19. Exceptionally, only GOVERNANCE remittance inflow has seen 11 percent increase this 42 Directors' Report year. 62 Management Discussion & Analysis 75 Audit Commitee Report IFAD Autos delivered declined in all segments of the 77 Nomination and Remuneration Committee Report business except buses and Light Commercial Vehicle 79 BAPLC Certificate (LCV) and recorded revenue of BDT 7,772.85 million 80 Capital Structure for FY 2019-20, representing Year on Year (YoY) 81 Glimpse of AGM decline of 29.45%. The Company ended the year with 82 Credit Rating 4081 Vehicles sold. FINANCIAL STATEMENTS In the financial year 2019-2020 recorded Gross Profit 85 Independent Auditor’s Report BDT. 1,335.71 million, Net Profit BDT. 229.90 million 90 Statement of Financial Position , Cost of Goods sold BDT. 6437.14 million. 91 Staement of Profit or Loss and Other Comprehensive Income 92 Statement of Changes in Equity 93 Statement of Cash Flows 94 Notes to the Financial Statements FINANCIAL AND BUSINESS HIGHLIGHTS 17.18% 2.96% GROSS MARGIN Net Profit Margin 7.77bn 1.33 bn 0.23 bn REVENUE GROSS PROFIT NET PROFIT 959 4,081 EMPLOYEE 0.93 VEHICLE (FTE) EPS SOLD LETTER OF TRANSMITTAL To All Esteemed Members, Bangladesh Securities and Exchange Commission, Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited, Chittagong Stock Exchange Limited. Subject: Annual Report for the year ended June 30, 2020 of IFAD AUTOS LIMITED. Dear Sir /Madam(s), We are delighted to enclose herewith a copy of the Annual Report containing Directors' Report, Auditor’s Report along with Audited Financial Statements including Statement of Financial Position, Statements of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year ended June 30, 2020 along with notes and Certificate, Compliance report on Corporate Governance Code for your kind information and record. Thanking you, Faithfully yours, For and on behalf of IFAD AUTOS LIMITED Sd/- Md. Sazzad Hossain Talukdar, ACS Company secretary 4 IFAD AUTOS LIMITED IFAD Tower, Plot-7 (New), Tejgaon Industrial Area, Dhaka-1208 NOTICE OF THE 32nd ANNUAL GENERAL MEETING Notice is hereby given to all members of IFAD Autos Limited that the 32nd Annual General Meeting of the Company will be held virtually by using digital platform on Saturday, December 19, 2020 at 12.00 Noon to transact the following business. 1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 30 June, 2020 together with the report of the Directors and Auditors. 2. To declare Dividend for the year ended 30 June, 2020 as recommended by the Board of Directors. 3. To consider the appointment and re- appointment of the Auditors. 4. To consider the appointment and re-appointment of the Directors. 5. To consider the appointment of the Independent Directors. 6. To consider the appointment of auditors for providing certificate on Corporate Governance Code. 7. To transact any other business with the permission of the Chair. Dated: 3rd December, 2020 By order of the Board Dhaka. Sd/- Md. Sazzad Hossain Talukdar, ACS Company Secretary Notes: A. The Record Date/Book-Closure was on the 22.11.2020. B. Members, whose names will appear in the Company's register (Depository Register) on the Record Date will be entitled to receive dividend (if approved as above) and attend the Annual General Meeting (AGM) conducted via digital platform. C. Pursuant to the Bangladesh Securities and Exchange Commission’s Order No. SEC/SRMIC/ 94-231/25 dated 08 July 2020, the AGM will be conducted via live webcast by using digital platform. D. The members will be able to submit their comments/questions and vote electronically 24 hours prior to AGM schedule time and for log in, members need to put 16 digit BO ID number as credential for proof of identity by visiting the link http://ifadautos32ndagm.digitalagmbd.net. Web cast of the AGM will start at 12.00 Noon, Bangladesh Standard Time (BST). E. Link for joining in AGM through Digital Platform and details login process will be notified to the respective Member’s email address and by SMS. F. A Member entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote his/her behalf. The "Proxy Form" duly stamped, must be deposited at the Share Department/or by e-mail of the Company not later than 72 hours before the time fixed for the meeting. Proxy must be a member of the company. G. The concerned DP's are requested to provide the details of margin loan holders (shareholders’ name, BO ID, number of share, applicable tax rate, dividend amount, bank name, accounts no. etc.) who hold company's share subject to the record date to our share department. H. Shareholders (other than company) are requested to maintain & updated their twelve digit e-TIN number with depository participant, otherwise 15% (instead of 10%) tax will be deducted from cash dividend (if approved as above). I. Pursuant to the BSEC Notification No. BSEC/CMRRCD/2006-158/208/Admin/81 dated 20 June 2018, the soft copy of the Annual Report 2019-20 will be sent to the email address of the Members available in their Beneficiary Owner (BO) accounts maintained with the Depository. The Annual Report 2019-20 will also be available at Company’s website: www.ifadautos.com Share Department Sonartori Tower (13th Floor),12, Biponon C/A, Sonargaon Road, Dhaka- 1000 Phone :9632753-7, Fax: 9632764 E-mail: [email protected] Web: www.ifadautos.com 5 REVENUE GROSS PROFIT NET PROFIT 7,77 2 1,335 229 BDT Million BDT Million BDT Million 15,004 1,554 2,867 2,264 11,017 1,137 10,239 1,986 1,048 7,772 1,335 6,932 1,225 595 229 By order of the Board Sd/- Md. Sazzad Hossain Talukdar, ACS FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Company Secretary FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY20 FY19 FY18 FY17 FY16 OPERATING Sales Revenue BDT Million 7,772 11,017 15,004 10,239 6,932 Gross Profit ” 1,335 2,264 2,867 1,985 1,225 Net Profit / (Loss) ” 229 1,137 1,554 1,048 595 Basic EPS BDT / Share 0.93 4.59 6.27 7.01 3.98 FINANCIAL Total Assets BDT Million 33,634 32,654 28,981 22,175 19,223 Total Liabilities ” 23,780 22,938 20,356 16,172 14,204 Total Equity ” 9,853 9,715 8,624 6,003 5,019 FINANCIAL RATIOS Interest Coverage Ratio Times 2.06 6.33 7.8 16.5 8.7 Current Ratio ” 2.32:1 2.16 2.14 2.06 2.09 Debt to Equity Ratio ” 2.41:1 2.36 2.36 2.69 2.83 Return on Equity Percent 2.35 12.40 18.02 17.44 11.86 Return on Assets ” 0.69 3.69 5.36 4.73 3.10 STOCK DATA Year end closing stock price BDT / Share 38.50 81.10 110.6 134.90 84.1 Market Capitalization BDT Million 9547 20112 24,934 20,974 12,572 Dividend Percent 11 10 32 26 17 Net Asset Value BDT / Share 39.73 39.18 38.25 38.61 33.58 6 FINANCIAL AND BUSINESS AND FINANCIAL HIGHLIGHTS FY15-16 19,223 TOTAL ASSETS TOTAL 33,634 FY16-17 22,175 B DT Million FY17-18 28,981 FY18-19 32,654 FY19-20 33,634 FY15-16 5,019 TOTAL EQUITY TOTAL 9,853 FY16-17 6,002 B DT Million FY17-18 8,624 FY18-19 9,715 FY19-20 9,853 FY15-16 3.98 FY16-17 6.74 0.93 EPS FY17-18 7.01 FY18-19 4.59 FY19-20 7 0.93 THE CHAIRMAN’S SPEECH 8 Dear Shareholders of IFAD Autos Limited, Looking towards 2020-2021 As the world adjusts to life in a COVID-19 Our focus in the year ahead will be to ensure IFAD environment, the year 2020 was a litmus test for the Autos’s long-term sustainability as we continue to overall vehicle markets.
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