MS AR 2018 (1)

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BO<strong>AR</strong>D PROFILE The key skills and experience of the Directors, and the extent to which they are represented on the Board of Directors and its committees, are set out herein. In summary, the Non-Executive Directors contribute operational experience and understanding of the industry sector in which the Company operates. 18 MUGHAL IRON & STEEL INDUSTRIES LIMITED
MIRZA JAVED IQBAL Chairman / Non - Executive Director Having joined his family business in 1976, Mr. Javed Iqbal rose to become a pioneer of the steel industry of Pakistan. During his exemplary career, Mr. Iqbal challenged and changed the personal and industry mindset, both within and beyond the business framework. He has not only developed new pathways to achieve energy efficiency and economies of scale, but has made remarkable contributions towards the technological advancement and effective documentation of the national steel industry. With his visionary leadership and unparalleled expertise, Mr. Iqbal has been the driving force behind the company’s success – making the Company reach new heights of growth and expansion. Other Engagements: Indus Steel Mills Corporation (Private) Limited Mughal Steel Metallurgies Corporation Limited Kalabagh Steel Mills Corporation Limited Mughal Steel Re-Rolling Industries (Private) Limited Mughal International IMPEX (Private) Limited Mughal Holding (Private) Limited Mughal Steel Logistics (Private) Limited Director CEO / Director Director Director Director CEO / Director Director SYED SALMAN ALI SHAH Independent / Non - Executive Director Mr. Salman holds a Ph.D. in Finance from the Kelley School of Business Administration, Indiana University, USA. He has served as the Advisor to the Prime Minister of Pakistan on various fields: Finance, Revenue, Economic Affairs and Statistics. Mr. Shah has worked as the Former Chairman of the Privatization Commission and Pakistan Mercantile Exchange (PMEX). He has served on the Board of Governors of the State Bank of Pakistan, Pakistan International Airlines, Foundation University and the Bank of Punjab. His contribution to the Board is of great importance and is highly valued. Other Engagements: MCB-Arif Habib Savings & Investment Limited World Call Telecom Limited Synthetic Products Enterprise Limited Director Chairman / Director Director MR. ABDUL REHMAN QURESHI Independent / Non - Executive Director Mr. Qureshi is a law graduate from the Punjab University, Lahore. He is a veteran in the field of corporate law and related matters. He has over the years, served in various capacities erstwhile in Corporate Law Authority (CLA) and the Securities and Exchange Commission of Pakistan (SECP). He has been member of various committees and commissions constituted to review and revamp company law, securities law, insurance law and banking laws. He has attended several international courses, seminars, training programs and workshops on various subjects related to corporate laws and corporate governance particularly in countries like Australia, Japan, lndia, USA and U.K. Other Engagements: Mahmood Textile Mills Limited Kohat Textile Mills Limited Bannu Woollen Mills Limited Allawasaya Textile & Finishing Mills Limited Director Director Director Director Annual Report <strong>2018</strong> 19
Page 2 and 3: COVER STORY Building a strong path
Page 4 and 5: KEY FIGURES Sales Revenue (2017: 18
Page 6 and 7: CONTENTS 02 DIRECTORS’ REPORT 24
Page 9 and 10: 01 • COMPANY OVERVIEW Vision, Mis
Page 11 and 12: VISION STATEMENT To be a leading co
Page 13 and 14: FAIRNESS We are devoted to implemen
Page 15 and 16: EQUAL EMPLOYMENT OPPORTUNITIES AND
Page 17 and 18: PRODUCT PORTFOLIO The Company’s p
Page 19 and 20: A SIMPLE, EFFECTIVE AND ACHIEVABLE
Page 21 and 22: BOARD OF DIRECTORS Mirza Javed Iqba
Page 23 and 24: ORGANOGRAM OF COMPANY SHAREHOLDERS
Page 25: CALENDAR OF MAJOR EVENTS 2017-2018
Page 29: MR. FAZEEL BIN TARIQ Non - Executiv
Page 32 and 33: CHAIRMAN’S LETTER TO THE SHAREHOL
Page 34 and 35: CHIEF EXECUTIVE OFFICER’S REMARKS
Page 36 and 37: DIRECTORS’ REPORT TO THE SHAREHOL
Page 48 and 49: 40 MUGHAL IRON & STEEL INDUSTRIES L
Page 59 and 60: 03 • REVIEWS & REPORTS Additional
Page 61 and 62: DESCRIPTION OF ENTITY’S RESOURCES
Page 63 and 64: ANALYSIS OF PROSPECTS OF THE ENTITY
Page 65 and 66: BOARD COMMITTEES Audit Committee Co
Page 67 and 68: ANNUAL EVALUATION OF BOARD PERFORMA
Page 69 and 70: WHISTLE BLOWING POLICY As part of o
Page 71 and 72: STAKEHOLDERS’ ENGAGEMENT The deve
Page 73: • The internal audit function has
Page 76 and 77:
HORIZONTAL ANALYSIS Statement of Fi
Page 78 and 79:
SUMMARY OF STATEMENT OF CASH FLOWS
Page 80 and 81:
ANALYSIS OF FINANCIAL RATIOS Ratio
Page 82 and 83:
DUPONT ANALYSIS Year Return on Equi
Page 84 and 85:
STATEMENT OF CASH FLOWS DIRECT METH
Page 86 and 87:
GRAPHICAL ANALYSIS Market Ratios Ru
Page 88 and 89:
DISTRIBUTION OF WEALTH 2018 2017 Rs
Page 91 and 92:
05 • FINANCIAL STATEMENTS Indepen
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STATEMENT OF COMPLIANCE WITH LISTED
Page 95 and 96:
GLOBAL PRESENCE LOCAL EXCELLENCE FA
Page 97 and 98:
internal control. • Obtain an und
Page 99 and 100:
STATEMENT OF PROFIT OR LOSS & OTHER
Page 101 and 102:
STATEMENT OF CASH FLOWS FOR THE YEA
Page 103 and 104:
i) Property, plant and equipment an
Page 105 and 106:
5.2 Intangible asset This is stated
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taxable temporary differences and d
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An impairment loss in respect of a
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term loans from banking companies a
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calculating the capitalisation rate
Page 115 and 116:
7.1.1 The depreciation for the year
Page 117 and 118:
Rupees Note 2018 2017 10. LONG-TERM
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16.3 Government of Pakistan (GoP) i
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21. EQUITY CONTRIBUTION FROM DIRECT
Page 123 and 124:
Rupees 2018 2017 23.2.2 Changes in
Page 125 and 126:
Rupees Note 2018 2017 25. ACCRUED P
Page 127 and 128:
these financial statements as the m
Page 129 and 130:
Rupees Note 2018 2017 33. OTHER CHA
Page 131 and 132:
Rupees 2018 2017 37. EARNINGS PER S
Page 133 and 134:
Rupees 2018 2017 Al-Bashir (Private
Page 135 and 136:
45.1 Credit risk Credit risk repres
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45.2 Liquidity risk Liquidity risk
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Rupees 2018 2017 Variable rate inst
Page 141 and 142:
Other financial Loans and Total Rup
Page 143 and 144:
The heading of following separate l
Page 145:
Annual Report 2018 137
Page 148 and 149:
PATTERN OF SHAREHOLDING AS ON JUNE
Page 150 and 151:
CATEGORY OF SHAREHOLDERS AS ON JUNE
Page 152 and 153:
NOTICE OF THE ANNUAL GENERAL MEETIN
Page 154 and 155:
NOTICE OF THE ANNUAL GENERAL MEETIN
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148 MUGHAL IRON & STEEL INDUSTRIES
Page 158 and 159:
MUGHAL IRON & STEEL INDUSTRIES LIMI
Page 161 and 162:
DEFINITIONS Gross Profit Ratio The
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