MS AR 2018 (1)

(Rs. In
millions)
Profit available for appropriations 2,606.885
Appropriations
Final cash dividend for the year ended June 30, 2018 @
Rs.2.20 per share i.e. 22%
(553.519)
Un-appropriated profit carry forward 2,053.366
SUBSEQUENT EVENTS / MATERIAL
CHANGES
Except as disclosed above, there were no other material
changes or commitments which have occurred between the
end of financial year of the Company to which the financial
statements relate and the date of the report.
PRINCIPLE ACTIVITIES OF THE
COMPANY
The principle activities of the Company are manufacturing
and sale of mild steel products.
ADEQUACY OF INTERNAL FINANCIAL
CONTROLS
The Directors are aware of their responsibility with respect
to internal financial controls. Through discussions with
management and Auditors (both internal and external), they
confirm that adequate controls have been implemented by
the Company.
COMPOSITION OF THE BOARD
The composition of the Board is in compliance with the
requirements of the Listed Companies (Code of Corporate
Governance) Regulations, 2017. The composition is as
follows:
Total number of Directors:
(a) Male 9
(b) Female
Exempt for current term
Composition:
Independent Directors *2
Other Non-Executive Directors 4
Executive Directors 3
* As per the Listed Companies (Code of Corporate
Governance) Regulations, 2017, at least two (02) or one
third (1/3) of the Board members, whichever is higher,
are required to be Independent Directors, however, the
requirement is exempt for the current term.
NAMES OF PERSONS WHO AT
ANY TIME DURING THE FINANCIAL
YEAR WERE DIRECTORS OF THE
COMPANY
Following are the names of the persons who, at any time during
the financial year, were Directors of the Company:
S.
No.
1.
Name of Directors
Mirza Javed Iqbal
Designation
Chairman / Non-Executive
Director
Attendance
in board
meetings
2. Khurram Javaid CEO / Executive Director 4
3. Syed Salman Ali Shah Independent Director 4
4.
5.
Abdul Rehman
Qureshi
Muhammad Mubeen
Tariq Mughal
Independent Director
Executive Director
6. Jamshed Iqbal Executive Director 4
7. Fazeel Bin Tariq Non-Executive Director 4
8.
Muhammad Mateen
Jamshed
Non-Executive Director
9. Fahad Javaid Non-Executive Director 4
10.
Muhammad Waleed
Bin Tariq Mughal
Non-Executive Director
During the year four (04) meetings of the Board of Directors
were conducted. Since, Muhammad Waleed Bin Tariq
Mughal had resigned from the position of Director, resulting
in appointment of Mr. Abdul Rehman Qureshi as Director,
therefore, these two (02) board members could only attend
three (03) and one (01) meetings respectively. No meetings
were held outside Pakistan during the year.
CHANGES TO THE BOARD
During the year, Muhammad Waleed Bin Tariq Mughal
resigned from the position of the Director with effect from
February 26, 2018. In order to fill casual vacancy, Board
of Directors appointed Mr. Abdul Rehman Qureshi as
Independent Non-Executive Director in his place with effect
from February 26, 2018 for the remaining term.
4
1
4
4
3
Annual Report 2018
31