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Touch the Sky! Annual Report 2019-2020

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Touch the Sky! Annual Report 2019-2020 IT IS TIME TO TOUCH THE SKY! ANNUAL REPORT 2019-2020 GPH ISPAT LTD. Registered Office Dhaka Office Crown Chamber, 325 Asadgonj Hamid Tower (3rd & 11th floor), Chattogram-4000, Bangladesh. 24 Gulshan C/A, Circle -2, Dhaka-1212. Tel: +88 031 631460 (PABX), +88 031 2854997 Tel: +88 02 222260177, 222280366 Fax: +88 031 610995 Fax: +88 02 9880366 E-mail: [email protected] E-mail: [email protected] Factory Masjiddah, Kumira, Sitakunda, Chattogram, Bangladesh. E-mail: [email protected] Website: www.gphispat.com.bd Introduction 04 About GPH Ispat Limited 06 Our Journey 08 Our Vision, Mission & Values 09 Transmittal Letter 10 Notice of the 14th Annual General Meeting 11 Virtual AGM Attendance Procedure 13 Corporate Information 14 Board of Directors 17 Board of Directors’ Committee 18 TABLE OF TABLE Management CONTENT Team 19 Advisors Panel 20 Directors’ Profile 21 Message from the Chairman (English Version) 27 Message from the Chairman (Bengali Version) 29 Message from the Managing Director (English Version) 30 Message from the Managing Director (Bengali Version) 32 Graphical View 33 Events Album 35 Board of Directors’ Report (English Version) 39 Board of Directors’ Report (Bengali Version) 51 Annexure to the Directors’ Report 60 Audit Committee Report 83 Nomination and Remuneration Committee Report 84 Value Added Statement 85 Independent Auditors’ Report and Financial Statements 86 Certificates 144 BUET Test Report 146 News Board 148 Proxy Form 149 GOD FEARING PLAIN LIVING HIGH THINKING 04 GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 “IN THE BEGINNING, GOD CREATED MAN” and after thousand years of intelligence, precision, hard work and innovation, man created steel – one of the greatest innovations of all time. This super-strong, carbonized and alloyed form of iron is an element without which modern life is literally unimaginable. From skyscrapers and planes to syringes and forks, steel is an essential part of our everyday life. GPH ISPAT LTD. One of the leaders of Bangladesh in manufacturing steel promises a super strong future and economy with its world class products. Not only structural bar, but GPH Ispat Limited is also one of the producers of low & medium carbon and low alloy Steel Billets in Bangladesh, the main ingredients of manufacturing graded steel bar. As GPH is ensuring the highest quality products in Bangladesh as per various international and national standards, GPH Steel Billets and Bars are getting exported to other countries after nourishing nation- al demand. The introduction of GPH Ispat Limited has all the potentials to take Bangladesh quite a few steps forward to a stronger, brighter tomorrow. GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 05 ABOUT GPH ISPAT LIMITED GPH Ispat Limited is one of the leading integrated steel manufacturing companies in Bangladesh engaged in manufacturing and trading of M. S. Billet and M. S. Rod. The Company was incorporated in Bangladesh on May 17, 2006 as a Private Limited Company limited by shares under the Companies Act, 1994. The Company converted into a Public Limited Company along with the subdivision of face value of shares from Tk. 100 to Tk. 10 each and enhanced Authorized Capital from Tk. 1,000 million to Tk. 2,500 million on December 18, 2009. GPH Ispat Limited came to Initial Public Offering (IPO) in February 2012 and became listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited in April 2012. The company enhanced its Authorized Capital from Tk. 2,500 million to Tk. 10,000 million in September 2015. GPH Ispat Limited also issued 03[R]:02 Right Shares in June, 2016. The commercial production of the factory commenced on August 21, 2008 with an annual production 06 GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 capacity of MS Billet 84,000 metric ton and MS Rod 120,000 metric ton of different diameter ranges from 8 mm to 40 mm. In March 2012, GPH Ispat increased its production capacity of MS Billet from 84,000 metric ton to 168,000 metric ton per annum. At present, GPH Ispat Limited is in the process of trail production of its new expansion plant with the world’s most advanced technology based on “EAF Quantum Technology” by enhancement of production capacity of 840,000 metric ton MS Billet and 640,000 metric ton MS Rod/ Medium Section Products (Steel Beam, Angle, Channel, Flat Bar etc.) per annum. After starting the full commercial production of the expansion plant, the total annual production capacity will become 1,008,000 metric ton of MS Billet and 760,000 metric ton of MS Rod and Medium Section Products (Steel Beam, Angle, Channel, Flat Bar etc.) per annum. GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 07 OUR JOURNEY 2006 Incorporated as a Private Limited Company Commenced the commercial production of the factory with an annual 2008 production capacity of MS Billet 84,000 MT and MS Rod 120,000 MT I. Converted into a Public Limited Company 2009 II. Enhanced Authorized Capital from Tk. 1,000 million to Tk. 2,500 million I. Increased production capacity of MS Billet from 84,000 MT to 168,000 MT. II. Came to Initial Public Offering (IPO) 2012 III. Became listed with the Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited Enhanced the Authorized Capital from Tk. 2,500 million to Tk. 2015 10,000 million I. Issued 03[R]:02 Right Share II. Started large-scale expansion of production with the world’s most advanced technology based on “EAF Quantum Technology” by enhancement of 2016 production capacity of MS Billet 840,000 MT and MS Rod, Medium Section Products (Steel Beam, Angle, Channel, Flat Bar etc.) 640,000 MT per annum. 08 GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 OUR VISION “to enrich the steel sector of Bangladesh as a beacon of light for others and to help the country in upcoming infrastructural development.” OUR MISSION “to provide customers with excellent services and products resulting in constant improvement and innovation at the highest level of quality.” OUR VALUES We are committed to provide enjoyable work environment for our employees, our most important resources. We will continually promote teamwork, quality improvement and excellence in all places of business for establishing good governance. We will provide products and services of highest quality and value by responding to our customers with promptness, sensitivity, respect and always with integrity. We enrich stakeholders’ interest where employees are our Strength, customers are our Brand Ambassador and suppliers & service providers are our Value Chain. We meet the challenges of Earthquake with our quality products in strong infrastructure development to secure the safety of country people. We will maintain a financially strong, growth-oriented company for the protection of our shareholders & employees through leadership & innovation. We ensure that our production process is free from environmental pollution. GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 09 TRANSMITTAL LETTER November 30, 2020 The Valued Shareholders of GPH Ispat Limited 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. Dear Sir(s), We are pleased to enclose the notice of 14th Annual General Meeting, a copy of the Annual Report together with the Audited Financial Statements including Statement of Financial Position, Statement 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 the notes thereon of GPH Ispat Limited for your kind information and record. It may be mentioned here that as per notification no. BSEC / CMRRCD / 2006 -158 / 208 / Admin/81, dated 20 June, 2018 issued by Bangladesh Securities and Exchange Commission, we are sending the Notice of Annual General Meeting and Annual Report along with Annual Audited Financial Statements to the valued Shareholders through e-mail addresses available in their Beneficial Owner (BO) accounts with the Central Depository System. Moreover, soft copy of the Annual Report will also be available in the company’s website at https://www.gphispat.com.bd/AnnualReports. Yours sincerely Abu Bakar Siddique, FCMA Executive Director-Group and Company Secretary GPH ISPAT LTD. Corporate Oce : Crown Chamber, 325 Asadgonj, Chattogram-4000, Tel: +88 031 631460 , Fax: +88 031 610995, E-mail: [email protected] Dhaka Oce: Hamid Tower (3rd & 11th oor), 24 Gulshan C/A, Circle -2, Dhaka-1212, Tel: +88 02 9840177, Fax: +88 02 9880366, E-mail: [email protected] 10 GPH ISPAT LIMITED | ANNUAL REPORT 2019-2020 NOTICE OF THE 14TH ANNUAL GENERAL MEETING NOTICE OF THE 14TH ANNUAL GENERAL MEETING Notice is hereby given that the 14th Annual General Meeting of the Shareholders of GPH Ispat Limited will be held virtually on Monday, 21 December, 2020 at 11.30 AM by using Digital Platform (link http://gphispat14th.digitalagmbd.net) to transact the following businesses: Agenda-1: To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 30 June, 2020 together with the Auditors’ Report and Directors’ Report thereon. Agenda-2: To approve the Dividend for the year ended 30 June, 2020. Agenda-3: To elect Directors in terms of the relevant provision of Articles of Association. Agenda-4: To appoint Statutory Auditors for the year ended 30 June, 2021 and to fix their remuneration. Agenda-5: To appoint the Corporate Governance Compliance Auditors for the year ended 30 June, 2021 and to fix remuneration. Agenda-6: Any other matter with the consent of the Chair. By order of the Board Dated: November 30, 2020 Abu Bakar Siddique, FCMA Executive Director-Group and Company Secretary Notes: 1. The Shareholders whose names appeared in the Share Register/Depository Register of the company on the “Record Date” i.e November 18, 2020 will be eligible to attend the 14th Annual General Meeting and receive the Dividend.
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