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Annual Report 2021 Back to Table of Contents TOC WELCOME TO MARICO BANGLADESH LIMITED Marico Bangladesh Limited started its journey 20 years ago and today is one of the fastest growing consumer products companies in Bangladesh. Listed on both the Dhaka and Chittagong stock exchanges since 2009, the Company has consistently delivered shareholder value as a blue-chip stock. Committed to making a difference in all we do, we touch the lives of 1 out of every 2 Bangladeshis with our wide array of brands. Useful Link Find more information online: marico.com/bangladesh Explore our History Download our Annual Report Get to know our Brands Back to Table of Contents Marico Bangladesh Limited 1 About our Report MARICO'S GLOBAL FOOTPRINT 2 Annual Report 2021 Back to Table of Contents TOC ABOUT OUR REPORT OUR CAPITALS Welcome to Marico Bangladesh Our Business Model 66 Marico's Global Footprint Our Financial Capital 68 Growing Together 4 Our Manufactured Capital 71 Welcome Note from our Chairman 5 Our Human Capital 75 About This Report 6 Our Intellectual Capital 79 Corporate Information 8 Our Natural Capital 85 Our Social and Relationship capital 87 WHO WE ARE We are Marico 10 STATUTORY REPORTS Growing Together 12 Directors’ Report 91 Our Corporate Conduct 13 Management Discussion and Analysis 99 - Statement of purpose 14 Report of the Audit Committee 103 - Strategic framework 14 Report of the Nomination & Remuneration Committee 106 - Core values 15 Our Brands 16 Statement of Corporate Governance 108 Our Journey 18 Due Diligence Certificate by MD & CFO 117 Key Business Highlights of the Year 20 Corporate Governance Certificate 118 Statement of Compliance 119 PERFORMANCE REVIEW Shareholding pattern 132 Key Financial Highlights 23 Dividend Pattern 133 Our 5-year Financial Highlights 25 Dividend Distribution Policy 134 Key Ratios 28 Marico Code of Conduct 138 Stock Market Performance 29 BAPLC Certificate 142 Vertical Analysis of Income Statement 32 Vertical Analysis of Balance Sheet 32 SHAREHOLDERS' INFORMATION AT THE HELM OF AFFAIRS Annual Report Checklist 144 Profile of our Board of Directors 34 21st AGM Notice 147 Board Representations of Directors 40 FAQ on Virtual AGM 149 Profile of our Leadership Team 44 General Shareholder Information 151 Awards and Accolades 49 Proxy Form 152 LEADERSHIP MESSAGES AUDITORS' REPORT & FINANCIAL Chairman’s Letter 52 STATEMENTS From the Desk of the Managing Director 55 Auditors’ Report 154 Statement of Financial Position 158 VALUE CREATION Statement of Comprehensive Income 159 Our Impact 59 Statement of Changes in Equity 160 Engaging with our Stakeholders 60 Statement of Cash Flows 161 Managing Key Material Matters 63 Notes on the Financial Statements 162 Back to Table of Contents Marico Bangladesh Limited 3 About our Report GROWING TOGETHER Marico Bangladesh Limited (hereinafter “MBL”, “Marico Bangladesh”) is led by its purpose of making a difference in the lives of all those we touch. United by this philosophy, the year under review can best be summarized as “Growing Together”. Guided by our strategic framework and core values, together we faced one the most unprecedented crises in recent history, the Covid-19 pandemic, delivering growth and profitability, secured the health & safety of our members and extended workforce and expanded our portfolio of winning brands. While 2020-21 has not been an easy year, it has made us a stronger and more resilient business, better prepared for fast-changing consumer demands and a rapidly evolving business environment. As a multi-stakeholder enterprise rooted in responsibility, we have responded with speed and agility to not only fulfil our essential public service obligation in serving our consumers but also stood in solidarity with Bangladesh through our inclusive community relief and corporate citizenship programs. Above all, the year strengthened our commitment to ensure sustainable business stewardship and reinforced our resolve to demonstrate that our purpose-led and impact-driven business delivers sustainable performance today and well into the future. Succeeding Working together together Progressing Growing Transforming together together together Empathising Achieving together together 4 Annual Report 2021 Back to Table of Contents WELCOME NOTE FROM OUR CHAIRMAN Saugata Gupta Chairman I extend a warm welcome to all our valuable stakeholders to Marico Bangladesh’s Annual Report for the financial year 2020-21. he year under review was one of the most challenging periods we have faced as a global community. At the same time, it was also a remarkable year that attested to the core strengths of the Company, including our engaging & inclusive culture, brand influence, distribution scale, balance sheet resilience and corporate responsibility. TIn continuance of our commitment to unleash our potential, we rose to the challenges presented by covid-19 with our “One Marico” spirit which allowed us to “Grow Together”, to adapt and respond with agility to a rapidly changing environment. Though the current year will remain challenging, we will continue to prioritise our purpose of making a difference in the lives of our consumers and other stakeholders, while driving a positive and progressive agenda in growing together with our people, products and the country.” Saugata Gupta Chairman Back to Table of Contents Marico Bangladesh Limited 5 About our Report ABOUT THIS REPORT Report objectives Through our 2020-21 Annual Report, we aim to share balanced and transparent information about our business operations, giving shareholders and other stakeholders insights into our operations to make informed assessments of our value creation activities, our performance and our prospects. This report provides readers with material information and insights about our performance for the fiscal year from 1 April 2020 to 31 March 2021 (FY 2020-21). In terms of external factors, risks and opportunities, we take a longer-term view. This enables readers to effectively assess Marico’s value creation abilities, sustainability and prospects. The investor relations section on our website contains our annual reports, supplemented by additional information on governance and shareholding. Please visit: https://marico.com/bangladesh/investors The scope and boundary of this report This report is guided by the reporting principles enshrined in the IIRC’s (International Integrated Reporting Council’s) Integrated Reporting <IR> framework and other best practices. It aims to share balanced, comprehensive, and transparent information about our business, culture and financial performance. Covering our activities for the financial year ended 31 March 2021, this report states the Company’s purpose, its strategic intent and business performance, considering our external environment, stakeholder interests and key risks facing the business. In terms of reporting boundaries, we have factored in all business operations of the Company. The report’s scope examines both internal and external impacts on the business as well as trends, opportunities and risks that could influence the Company’s value creation abilities over time. Materiality This report aims to disclose information about matters that substantively affect our ability to create value in the short-, medium- and long-term. Our key material matters are expressed below. Business model resilience in a Good governance and rapidly changing consumer and regulatory complexity business environment Role of Marico in social Managing operations during responsibility and sustainability COVID-19 and strengthening balance sheet 6 Annual Report 2021 Back to Table of Contents Assurance The Board has applied its collective mind to present Marico Bangladesh’s Report and acknowledges its responsibility to ensure the integrity of this Report through good governance practices and internal reporting procedures. The financial disclosures and reports were approved by the Board on 27 April 2021. Feedback and comments We welcome your feedback on this annual report. Please email us your views at [email protected] Forward-looking statements This Annual Report contains certain forward-looking statements with the use of words or phrases such as ‘might’, ‘forecast’, ‘anticipate’, ‘project’, ‘may’, ‘believe’, ‘predict’, ‘expect’, ‘continue’, ‘will’, ‘estimate’, ‘target’ and other similar expressions with respect to the financial conditions, results, operations and business of Marico Bangladesh Limited. These statements and forecasts involve risk and uncertainty because they relate to forecast information, such as improvements in business performance or mention certain decisions that we may undertake and occur in the future. These statements do not guarantee future operating, financial or other results due to risks and uncertainties and thus it is important to note that this Annual Report 2020-21 shall not be construed as a profit forecast, nor shall the statements herein be interpreted as to be providing any guarantee that potential results mentioned in these forward-looking statements will be achieved. Back to Table of Contents Marico Bangladesh Limited 7 About our Report CORPORATE INFORMATION Board Of Directors Principal Bankers Mr. Saugata Gupta Chairman Standard Chartered Bank Independent Director HSBC Ms. Rokia Afzal Rahman (till September 22, 2020) Citibank NA Independent Director Mr. Masud Khan (till September 22, 2020) Stock Information Independent Director Ms. Parveen Mahmud (from August 31, 2020) Dhaka Stock Exchange Independent Director Mr. Zakir Ahmad Khan Chittagong Stock Exchange (from August 31, 2020) Stock Code:
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