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DGKC Annual Report 2020

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DGKC Annual Report 2020 ANNUAL REPORT 2020 D.G. KHAN CEMENT COMPANY LIMITED For Investors’ Relations: Mr. Inayat Ullah Niazi – Chief Financial Officer [email protected] Mr. Khalid Mahmood Chohan – Company Secretary [email protected] D.G. Khan Cement Company Limited Head Office Nishat House, 53-A, Lawrence Road, Lahore, Pakistan UAN: +92-42-111 11 33 33 Phone: +92-42-36360154 Fax: +92-42-36367414 Email: [email protected] Group and Company Corporate Governance Information 1 And Reporting 2 Vision & Mission 4 Code of Conduct 30 Overall Strategic Objectives 4 Business Continuity Plan 30 Our Values 5 IT Governance Policy 31 Company Information 8 Investor Grievance Policy 31 Management Structure And Organogram 9 Safety of Records Policy 31 Profiles of Directors and Management 12 Human Resource Management Policy 32 Group Profile 15 Speak Up (Whistle-blowing Policy) 33 Group Companies 16 Environmental, Heath & Safety Policy 34 DGKC-Group Cross Investments 16 Corporate Social Reponsibility (CSR) 35 Company Profile 17 Pattern of Share Holding 36 Subsidiaries 18 Categories of Shareholders 38 Geographical Presence in Pakistan 19 Additional Information 39 Product Features & Quality Standards 20 Board and Its Commitees’ Performance 41 Production Facilities 21 Chairperson’s Review Report Culture at DGKC 22 on Board Performance 42 Special Tribute 27 Terms of Reference of Audit Committee 43 Terms of Reference of Human Resource and Remuneration Committee 43 Statement of Compliance with Code of Listed Companies 44 Independent Auditor's Review Report 46 Board Audit Committee Report 47 Event Calander 48 External and Internal Analysis 3 External Factors Affecting Company’s Business (PESTEL) 52 SWOT Analysis 53 Competitive Analysis 53 Value Chain Analysis 54 Effect of Seasonality on Business: 57 Business Risks 56 Stakeholders’ Engagement And Analysis 58 Key Performance Indicators 59 Business Performance Financial Statements Review 4 5 Key Highlights 2019-20 Unconsolidated 62 Unconsolidated Financial Statements Key Highlights 2019-20 Consolidated 63 Independent Auditor’s Report 96 Chairperson’s Message 65 Unconsolidated Statement of Financial Position 100 Chief Executive’s Review 67 Unconsolidated Statement of Profit or Loss 102 Global Economy 68 Unconsolidated Statement of Comprehensive Cement Sector In Pakistan 71 Income 103 Company Performance 72 Unconsolidated Statement of Cash Flow 104 Financial Statements Analysis 74 Unconsolidated Statement of Changes in Equity 105 Forward Looking Statement 80 Notes to and Forming Part of the Quarterly Analysis 81 Unconsolidated Financial Statements 106 Six Years at A Glance 82 Value Added Statement - Accrual Basis 84 Consolidated Financial Statements Per Share Income Statement 84 Independent Auditor’s Report 168 Six Years Financial Statements 85 Consolidated Statement of Financial Position 172 Vertical Analysis 86 Consolidated Statement of Profit or Loss 174 Horizontal Analysis 87 Consolidated Statement of Comprehensive Directors’ Report 88 Income 175 Consolidated Statement of Cash Flow 176 Consolidated Statement of Changes in Equity 177 Notes to and Forming Part of the Consolidated Financial Statements 178 Glossary of Terms 249 DGKC Directors’ Report in Urdu 255 Notice of Annual General Meeting 256 Form of Proxy 265 VISION STATEMENT To transform the Company into a modern and dynamic cement manufacturing company with qualified professionals and fully equipped to play a meaningful role on sustainable basis in the economy of Pakistan. MISSION STATEMENT To provide quality products to customers and explore new markets to promote/expand sales of the Company through good governance and foster a sound and dynamic team, so as to achieve optimum prices of products of the Company for sustainable and equitable growth and prosperity of the Company. OVERALL STRATEGIC OBJECTIVES • To enhance the profitability of the Company and maximize the shareholders' value; • To increase the overall efficiency and productivity of the Company through continuous BMR, improvement of organizational structure and optimum utilization of Company resources. • To become the market leader by outshining the competitors and ensure the competitive advantage by new technology. • To develop the strong and loyal dealers' network and to diversify the exports base through reliable and cost effective product services. • To develop and promote the brand as 'first choice' among its customers. • To remain socially and environmentally responsible. 4 ANNUAL REPORT 2020 DGKC OUR VALUES Inspiring, Motivating & Compelling We're ambitious and innovative. We get excited about our work. We bring energy and imagination to our work in order to achieve a level of performance, not achieved before. We achieve a higher standard of excellence. Competence We can see things from different perspectives; we are open to change and not bounded by how we have done things in the past. We can respond rapidly and adjust our mode of operation to meet stakeholders' needs and achieve our goals. Commitment Shareholders – Create sustainable economic value for our shareholders by utilizing an honest and efficient business methodology. Community – Committed to serve the society through employment creation, support community projects & events, and be a responsible corporate citizen. Customers – Render service to our customers by using state-of-the-art technology, offering diversified products and aspiring to fulfil their needs to the best of our abilities. Employees – Be reliant on the inherent merit of the employees and honour our relationships. Work together to celebrate and reward the unique backgrounds, viewpoints, skills, and talents of everyone at the work place, at each level. Be Respectful We respect our customers, shareholders & others stakeholders and want to fulfil their needs. We always appreciate comments & suggestions from our stakeholders. Accountability and Keep Promises We are accountable for providing quality products & excellent services along with meeting the strict requirements of regulatory standards and ethical business practices. Everything we do, should work perfectly. We maintain integrity & excellence. We believe in actions, not in words. DGKC A NNUAL REPORT 2020 5 6 ANNUAL REPORT 2020 DGKC GROUP PROFILE AND COMPANY INFORMATION DGKC A NNUAL REPORT 2020 7 COMPANY INFORMATION Board of Directors Company Products Mrs. Naz Mansha Chairperson / Non-Executive I. Clinker Mr. Raza Mansha Chief Executive / Executive II. Ordinary Portland Cement (OPC) Mr. Khalid Niaz Khawaja Independent III. Sulphate Resistant Cement (SRC) Mr. Usama Mahmud Independent Mr. Mahmood Akhtar Non-Executive Mr. Farid Noor Ali Fazal Executive HS Code Mr. Shahzad Ahmad Malik Non-Executive Clinker: 2523.1000 Cement: 2523.2900 Female Director 01 Male Directors 06 Applicable Laws & Regulations Many laws and regulations apply to the Company including: Audit Committee • The Companies Act • Stock Exchange Regulations Mr. Khalid Niaz Khawaja Member/Chairman • Code of Corporate Governance Mr. Mahmood Akhtar Member • International Accounting and Financial Reporting Standards Mr. Usama Mahmud Member • International Auditing Standards • Income Tax Law • Sales Tax Law • Excise Laws Human Resource & Remuneration Committee • Property Laws • Labour Laws Mr. Khalid Niaz Khawaja Member/Chairman • Health & Safety Laws Mr. Raza Mansha Member • Environmental Laws Mr. Shahzad Ahmad Malik Member • Banking Regulations, etc. Management Company Rating Mr. Raza Mansha Chief Executive Officer Long Term: AA - Short Term: A1+ Dr. Arif Bashir Director Technical & Operations Outlook: Stable Rating Agency: PACRA Mr. Farid Noor Ali Fazal Director Marketing Rating Date: April 03, 2020 Mr. Inayat Ullah Niazi Chief Financial Officer Registered Office Company Secretary Nishat House, 53-A, Lawrence Road, Lahore-Pakistan UAN: +92 42 111 11 33 33 Fax: +92 42 36367414 Mr. Khalid Mahmood Chohan Email: [email protected] web site: www.dgcement.com Factories Bankers Khofli Sattai, Distt., Dera Ghazi Khan-Pakistan Allied Bank Limited MCB Islamic Bank Limited Phone: +92-641-460025-7 Fax: +92-641-462392 Bank Alfalah Limited Meezan Bank Limited Email: [email protected] Bank Al-Habib Limited National Bank of Pakistan Bank Islami Pakistan Limited Samba Bank Limited 12, K.M. Choa Saidan Shah Road, Khairpur, Dubai Islamic Bank Soneri Bank Limited Tehsil Kallar Kahar, Distt. Chakwal-Pakistan Faysal Bank Limited Standard Chartered Bank Limited Phone: +92-543-650215-8 Fax: +92-543-650231 Habib Bank Limited Limited The Bank of Punjab Chichaee Gadani Main RCD, HUB Habib Metropolitan Bank United Bank Limited Distt. Lasbela, Pakistan MCB Bank Limited The Bank of Khyber UAN: +92 42 111 11 33 33 JS Bank Limited Silk Bank Limited Citi Bank N.A. Industrial and Commercial Bank Askari Bank Limited of China (ICBC) Share Registrar: THK Associates (Pvt) Ltd Head Office, Karachi Branch Office, Lahore 1st Floor, 40-C, Block-6, Siddique Trade Centre, Office External Auditors P.E.C.H.S., Karachi. No. PL-29, PL Floor, 72 Tel: (021) 111 000 322 Main Boulevard, Gulberg II, Lahore A.F. Ferguson & Co., Chartered Accountants Fax: (021) 34168271 Phone: +92 42 3578 1682 For Investors’ Information, Comments, Inquiries, Complaints Legal Advisors Mr. Farid Fazal (Director Marketing) Mr. Shahid Hamid, Bar-at-Law E-mail: [email protected] Phone: +92 42 111 11 33 33 (Marketing related queries) Mr. Inayat Ullah Niazi (Chief Financial Officer) Important Identification Numbers of Company E-mail: [email protected] Phone: +92 42 111 11 33 33 CUIN: 0006469 NTN: 1213275-6 Mr. Khalid Mehmood Chohan
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