M. I. CEMENT FACTORY LTD. · 2019-05-02 · M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017...

M. I. CEMENT FACTORY LTD.Corporate O�ce:

Delta Life Tower (3rd & 6th floor)Plot No. 37, Road No. 45 (South) & 90 (North), Gulshan- 2, Dhaka- 1212.

Tel: +88-02-9852631, 9852633, 9852634, 9852636, 9852641Fax: +88-02-9852643, E-mail: [email protected]

www.crowncement.com

Factory:West Mukterpur, Munshiganj

Tel: 880-2-7648077, Fax: 880-2-7648070E-mail: [email protected]

Transmittal Letter 05Brief History 06Notice of the 23rd AGM (Bengali) 08Notice of the 23rd AGM (English) 09Vision & Mission 10Our Values 11Goals 12Corporate History & Acheivements 13Corporate Profile 14Board of Directors 16Profile of the Board of Directors 17Sponsor Shareholders 22Audit Committee 23Profile of the CEO 24Advisory Panel 25Management Team 26Glimpse of the 3rd EGM 27Glimpse of the 22nd AGM 28Statement from the Chairman 29Managing Director’s Message 31Directors’ Report (English) 33Directors’ Report (Bengali) 44Corporate Governance 53Annexure to the Directors’ Report 55 International Projects 73Highlight of the Events 74Auditors’ Report 76Statement of Financial Position 78Statement of Profit or Loss & Other Comprehensive Income 79Statement of Changes in Equity 80Statement of Cash Flows 81Notes to the Financial Statements 82Proxy Form and Attendance Slip 119

TABLE OF CONTENT

M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017 05

TRANSMITTALLETTER

17 November 2017

The Valued MembersBangladesh Securities and Exchange CommissionRegistrar of Joint Stock Companies & FirmsDhaka Stock Exchange Ltd.Chittagong Stock Exchange Ltd.

Sub: Annual Report for the year ended 30 June 2017

Dear Sir(s),

We are pleased to enclose a copy of the Annual Report containing the Notice of the 23rd Annual General Meeting, Directors’ Report, Auditors’ Report along with the Audited Financial Statements including Statement of Financial Position as at 30 June 2017, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the 30 June 2017 including notesthereon for your kind information & records.

Thanking you.

Yours faithfully,

(Md. Mozharul Islam, FCS)GM & Company Secretary

Corporate O�ce:Delta Life Tower (3rd & 6th floor)Plot No. 37, Road No. 45 (South) & 90 (North)Gulshan- 2, Dhaka- 1212.Tel: +88-02-9852631, 9852633, 98526349852636, 9852641, Fax: +88-02-9852643E-mail: [email protected]

Transmittal Letter

M. I. Cement Factory Ltd. is M. I. Cement Factory Ltd., a public limited company, is one of the leading cement manufacturers in Bangladesh. It started its journey on 31 December 1994 with the commitment of manufacturing high quality cement under the brand name “Crown Cement” that has already won renown both at home and abroad.

Initially, the plant was installed with a capacity of producing 600 MT/Day of Portland Cement. With the passing of time, the demand for Crown Cement has been increasing day-by-day. So, the Sponsors expanded the project gradually to the 2nd unit started in 2002 with a production capacity of 800 MT/Day, the 3rd unit in 2008 of 1,400 MT/Day, the 4th unit in 2011 of 3,000 MT/Day and the 5th unit in 2017 of 5,200 MT/Day to take the total production capacity to 11,000 MT/Day i.e. 3.3 million Metric Ton per annum.

The Company’s backward and forward integration endeavors have given new dimensions to its growth platform. With this end in view, the associate industrial units such as Crown Polymer Bagging Ltd., Crown Power Generation Ltd., Crown Mariners Ltd., Crown Transportation & Logistics Ltd. and Crown Cement Concrete & Building Products Ltd. have been set up and are in operation. It has also acquired threeHandy Max size Ocean Going Ship to facilitate transportation of raw materials from abroad.

BRIEF HISTORY


Brief History

It is hopefully expected that these new growth platforms will facilitate creation of new dimensions and frontiers to the mother company M. I. Cement Factory Ltd.

Crown Cement pioneered in cement export in 2003 and paved the way for earning hard-earned foreign currency. Crown Cement achieved the National Export Trophy thrice for attaining the top most place among the cement exporters in Bangladesh.

The factory possesses well communications facility both through water and road. It is located at West Mukterpur, Munshiganj on the bank of the river Dhaleswari. It is connected by a metalled road (Dhaka-Munshiganj Highway) linked with the whole country.

The Company has been listed with the Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. in 2011. Its high growth agenda have been highly appreciated by the shareholders and have won the investors’ confidence.


Brief History

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09

AGM Notice

(Md. Mozharul Islam, FCS) General Manager & Company Secretary

Dated, Dhaka17 November 2017

By Order of the Board

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NOTICE OF THE 23RD ANNUAL GENERAL MEETING

Notice is hereby given that the 23rd Annual General Meeting (AGM) of M. I. Cement Factory Limited will be held on Monday, the 4th December 2017 at 11:00 A.M. at the Factory Premises, West Mukterpur, Munshiganj to transact the following business:

AGENDA:

1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 30 June 2017, together with the Reports of the Auditors and the Directors thereon.

2. To declare the Dividend for the year ended 30 June 2017.

3. To elect Directors in terms of the relevant provisions of the Articles of Association of the Company.

4. To appoint Auditors for the year ending 30 June 2018 and to fix their remuneration.

5. To re-appoint the Managing Director of the Company.

Notes:

1. The members, whose names appeared in the Company’s Register or in the Depository Register on the Record Date i.e. 16 November 2017, shall be eligible to attend the Annual General Meeting and to receive the Dividend.

2. A member wishing to appoint a proxy must deposit the Proxy Form, duly stamped at the Company’s Head O�ce: Delta Life Tower (3rd & 6th Floor), Plot No. 37, Road No. 45 (South) & 90 (North), Gulshan North Circle- 2, Dhaka- 1212 not later than 48 hours before the time fixed for the Meeting.

3. Admission into the meeting will be allowed on production of the Attendance Slip sent with the notice and verification of signature of the Member(s) and/or Proxyholder(s).

M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017

10

Vision & Mission

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09

VISION &MISSION

MissionAs a modern cement company, we manufacture cement (Brand name: Crown Cement) to meet the needs of clients through innovative products & services that create value for all of our stakeholders.

VisionOur vision is to make a contribution to the nation by creating opportunities in the arena of industrial growth and development of Bangladesh, and to provide a solid foundations for society's future.


11

Our Values

OUR VALUESCommitmentShareholders – Create sustainable economic value for our shareholders by utilizing an honest and e�cient 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, o�ering diversified products and aspiring to fulfill their needs to the best of our abilities.

Employees – Be reliant on the inherent merit of the employees and honor our relationships. Work together to celebrate and reward the unique backgrounds, viewpoints, skills, and talents of everyone at the work place, at each level.

AccountabilityWe are accountable for providing quality products & excellent services along with meeting the strict requirements of regulatory standards and ethical business practices.

Inspiring, Motivating & CompellingWe'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. Everything we produce should look fresh and modern.

AbilityWe have the ability to undertake the responsibility to materialize our commitment, and goals. In all matters we think ahead & take new initiatives. We can see things from di�erent 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 stakeholder needs and achieve our goals.

Keep PromisesEverything we do should work perfectly. In all matters we maintain integrity & excellence. We believe in actions, not in words.

Be RespectfulWe respect our customers, shareholders & others stakeholders and want to fulfill their needs. We are respectful in regard to all our interactions with them. We always appreciate comments & suggestions from our stakeholders. We are open, helpful & friendly. We have total commitment to customer satisfaction.

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12

Goals

Continually set the latest standards of modern technology in our industry to satisfy the needs of customers through innovative products and services.

Contribute to the national economy and the infrastructure development of the country.

Secure the strongest competitive position in our relevant market places through making quality product and operational excellence.

Be partner with the best suppliers, delivering increased value for both the company and our customers.

Be recognized as a respected & attractive company & an employer of first choice.

Provide extensive career opportunities through competitive pay & benefits, training & development & a congenial working environment.

Empower our employees at every level, and integrate them fully into our network.

Continually demonstrate our commitment to sustainable environmental performance, and play a pro-active role in Corporate Social Responsibility (CSR) within our sphere of influence.

Achieve long-term financial performance.

Create secured investment opportunity within the country.

Enhance versatility & diversification through the penetration of new market segments.

Improve administrative & organization structures to review all business lines regularly & develop the best practice in the industry.

Earn foreign currency through export.

GOALS


13

History & Achievements

CORPORATEHISTORY &ACHIEVEMENTSOur job is to identify ways to increase productivity and e�ciency and to promote a sustainable future. No matter how good we are at service, our success depends more than anything on being able to connect with customers.

In our journey the following years are the symbol of prosperity and progress:


Launched operartion of the 5th Unit with a Production Capacity of 5,200 MT/DayProcured the 3rd Mother Vassel (Crown Vision)Implementation of SAPAwarded Export Trophy (Bronze) for the year 2013-2014

Launched operation of the 4th Unit with a Production Capacity of 3,000 MT/DayListed with Dhaka Stock Exchange Ltd. (DSE) & Chittagong Stock Exchange Ltd. (CSE)

Awarded National Export Trophy (Gold) for the year 2009-10

Awarded National Export Trophy (Gold) for the year 2008-09

Launched operation of the 3rd Unit with a Production Capacity of 1,400 MT/Day

Launched operation of the 2nd Unit with a Production Capacity of 800MT/Day

Started commercial operation with a Production Capacity of 600 MT/Day

Incorporated as a Public Limited Company

Achieved ICMAB Best Corporate Award

Achieved ICMAB Best Corporate Award

Procured the 2nd Mother Vessel (Crown Victory) for transportation of raw materials

Procured the 1st Mother Vessel (Crown Voyager) for transportation of raw materials

2009

2010

2011

2012

2014

2015

2016

2017

2008

2002

2000

1994

14

Corporate Profile

CORPORATE PROFILE

Board of Directors

Chief Executive O�cer

Company Secretary

Chief Financial O�cer

Head of Internal Audit

Audit Committee


Mr. Md. Ziaul Alam, ACA

Permanent: 1,225 Persons

Casual: 77 Persons

Human Resources

Sponsors & Directors: 67.08%

Foreigners: 0.43 %

Institutes: 17.52 %

General Public: 14.97%

No. of Shareholders: 34,554

Members Composition

Chairman:Mr. Golam Mohammad

Member Mr. Md. Alamgir KabirMr. Mollah Mohammad MajnuMr. Md. Mizanur Rahman Mollah

Member Secretary Mr. Md. Mozharul Islam, FCS

Mr. Masud Khan, FCA, FCMA

Mr. Md. Mozharul Islam, FCS

Mr. Shahriar Istiaq Halim, FCA

Chairman:Mr. Mohammed Jahangir Alam

Managing DirectorAlhaj Md. Khabiruddin Mollah

DirectorMr. Md. Alamgir KabirMr. Mollah Mohammed MajnuMr. Md. Mizanur Rahman MollahMr. Md. Almas Shimul

Independent DirectorMr. Golam MohammadProf. Dr. Shaikh Shamsuddin Ahmed

Company Name : M. I. Cement Factory Ltd.

Company Registration No. : C-27586 (1432)/94

Country of Incorporation : Bangladesh

Legal Form : Public Limited Company

Nature of Business : Manufacturing and Marketing of Portland Cement and

Portland Composite Cement.

15

Corporate Profile

Crown Mariners Ltd.

Crown Transportation and Logistics Ltd.

Crown Power Generation Ltd.

Crown Cement Concrete and Building

Products Ltd.

Crown Polymer Bagging Ltd.

Associate Companies

Lenders

One Bank Ltd.

Prime Bank Ltd.

Eastern Bank Ltd.

HSBC.

Jamuna Bank Ltd.

IFIC Bank Ltd.

Standard Chartered Bank

Bank Alfalah Ltd.

United Commercial Bank Ltd.

Habib Bank Ltd.

Shahjalal Islami Bank Ltd.

Pubali Bank Ltd.

BRAC Bank Ltd.

Dhaka Bank Ltd.

IPDC Finance Ltd.

Contacts

Authorized Capital: Tk. 5,000 million

Subscribed Capital: Tk. 1,485 million

Paid-up Capital: Tk. 1,485 million

Share Capital

Green Delta Insurance Company Ltd.

Pioneer Insurance Company Ltd.

Rupali Insurance Company Ltd.

Chartered Life Insurance Ltd.

Insurers

Statutory Auditor:M/s. Syful Shamsul Alam & Co.,Chartered Accountants

Corporate GovernanceCompliance Auditor:M/s. ACNABIN, Chartered Accountants

Auditors


Registered O�ce: West Mukterpur, Munshiganj Head O�ce: Delta Life Tower (3rd & 6th floor), Plot No. 37, Road No. 45 (South) & 90 (North),

Gulshan- 2, Dhaka- 1212, Phone : +880-2-9852631, 9852633, 9852634, 9852636, 9852641Fax : +880-2-9852643 E-mail : [email protected]

Web : www.crowncement.com

16

Board of Directors

Sitting from left:Mr. Mohammed Jahangir Alam (Chairman), Alhaj Md. Khabiruddin Mollah (Managing Director)

Standing from right:Mr. Md. Alamgir Kabir (Director), Mr. Md. Almas Shimul (Director), Prof. Dr. Shaikh Shamsuddin Ahmed (Independent Director), Mr. Mollah Mohammad Majnu (Director), Mr. Golam Mohammad (Independent Director), Mr. Md. Mizanur Rahman Mollah (Director), Mr. Md. Mozharul Islam, FCS (GM & Company Secretary)

BOARD OFDIRECTORS


17

Profile of the BOD

PROFILE OF THEBOARD OF DIRECTORS

Mr. Mohammed Jahangir AlamChairman

Mr. Mohammed Jahangir Alam is a man of Wisdom and energetic businessman. After completing education from Government College of Commerce, Chittagong, Bangladesh in 1980 started his career by joining in a private service.

He has derived vast proficiency in trading in Iron & Steel, Cement, Bitumen, C.I. Sheet, Zinc Ingot, Capital Market, Industrial Ventures etc. Initially he established his business house named Jahangir & Others in 1987 which was subsequently incorporated as Jahangir & Others Limited in 2003. He has established himself as one of the business leaders in Bangladesh.

He is a Sponsor Director and present Chairman of M. I. Cement Factory Limited, Crown Power Generation Limited,

Crown Polymer Bagging Limited, Crown Mariners Limited, Crown Transportation & Logistics Limited and GPH Ship Builders Limited.

He is the Managing Director of GPH Ispat Limited, GPH Power Generation Limited, GPH Steels Limited, GPH Engineers & Development Limited, Indo Steel Re-Rolling Industries Limited, Jahangir & Others Limited and Chittagong Capital Limited.

He is also the Director of Premier Cement Mills Limited, Premier Power Generation Limited, Asia Insurance Ltd. and Chartered Life Insurance Limited and Crown Cement Concrete and Building Products Limited and National Cement Mills Limited.

As a part of social activities he is actively involved with the following social organizations:

• Founder Member of Independent University of Bangladesh (IUB), Chittagong, Bangladesh

• Vice President of Gulshan North Club Limited

• Life Member of Chittagong Maa-o-Shishu Hospital

• Member of Bangladesh German Chamber of Commerce and Industry

• Executive Director of Auto Re-Rolling and Steel Mills Association

• General Secretary of Chattagram Iron-Steel Utpadak and Banik Samity

• Member of Bangladesh Ex-Cadet Association

• Life Member of Bangladesh National Society for the Blind

• Life Member of Bhatiary Golf & Country Club

• Life Member of Gulshan Society

• Vice President of Gulshan Joggers Society

• General Member of FBCCI

• Life Member of Banani Club Limited

• Life Member of Dhaka Boat Club Limited

Mr. Mohammed Jahangir Alam is a man of commitment which he strongly maintains in his day to day business activities.


18

Profile of the BOD

Alhaj Md. Khabiruddin MollahManaging Director

Mr. Mollah Mohammad MajnuDirector

Mr. Mollah Mohammad Majnu is a Sponsor Director of M. I. Cement Factory Limited. He obtained Masters Degree in Science from Dhaka University. He is an active partner running Iodized Salt processing units namely M.M. Salt Industries Limited and Molla Salt (Triple Refined) Industries Limited and marketing the product in the name of "Molla Salt.", a household name. At present he is holding the position of the Additional Managing Director (Operations) in the management of the Company. He is one of the members of the Board’s Audit Committee of the Company. He is the Managing Director of Crown Transportation & Logistics Ltd. He is also the director of Crown Power Generation Ltd., Crown Polymer Bagging Ltd., Crown Mariners Ltd., Crown Cement Concrete and Building Products Ltd. and Beta One Investment Ltd.


Alhaj Md. Khabiruddin Mollah is a seasoned and experienced businessman. He is running several industrial units as their Managing Director viz. M. I. Cement Factory Ltd., Crown Power Generation Ltd., Molla Salt (Triple Refined) Industries Ltd., Crown Polymer Bagging Ltd., Crown Mariners Ltd. He had been actively involved with import & trading of Cement for the last 55 years. Mr. Mollah with active support of the other Directors, and shareholders, who are his close family members, have expanded the trading activities of the group and deals with various commodities such as Iodized Salt, Rod, C. I. Sheet and steel structural, Supported by a big warehouse at Pagla, they have set up a big network of whole-sale and retail outlets at various points of Dhaka and Chittagong. He is resourceful member of the Company.

19

Profile of the BOD

Mr. Md. Alamgir KabirDirector

Mr. Md. Alamgir Kabir having educational background of MBA in Marketing is a Sponsor Director and at present Additional Managing Director of M. I. Cement Factory Limited. Having about three decades of business experience in both trading and manufacturing sectors, he has proved his wisdom and leadership in business. He is also one of the members of the Board’s Audit Committee of the Company. At present he is the Chairman of GPH Ispat Limited. He holds the position of the Managing Director of Crown Cement Concrete and Building Products Limited. He is also the Director of Premier Cement Mills Limited, Premier Power Generation Limited, Crown Power Generation Limited, Crown Polymer Bagging Limited, Crown Mariners Limited, Crown Transportation & Logistics Limited, GPH Power Generation Limited, GPH Ship Builders Limited, GPH Steels Limited, GPH Engineers & Development Limited, Jahangir & Others Limited, Chittagong Capital Limited, Indo Steel Re-Rolling Industries Limited and National Cement Mills Limited and actively participating in their management. He is also running his trading house, engaged in trading of cement and other construction materials. He is also associated with some limited companies engaged in trading with his brothers.Besides success in business Mr. Kabir has also been proving his commitment to the society by attaching himself in Social activities like: • Vice President, Bangladesh Cement Manufacturers Association • Member, Army Golf Club • President, Munshiganj Unnayan Forum • Life Member, Bangladesh Red Crescent Society

Mr. Md. Mizanur Rahman MollahDirector

Mr. Mizanur Rahman Mollah is a Sponsor Director of M. I. Cement Factory Ltd. who is actively participating in di�erent entity’s Management as a Director of Crown Polymer Bagging Ltd., Crown Mariners Ltd., Crown Power Generation Ltd., Crown Transportation and & Logistics Ltd., M.M. Salt Industries Ltd. and Molla Salt (Triple Refined) Industries Ltd. He is also one of the members of the Board’s Audit Committee of M. I. Cement Factory Ltd.

Together with his other family members, he has been carrying out the trading operations from their reputed organization, dealing in Cement and other construction Materials.


20

Profile of the BOD

Mr. Md. Alams ShimulDirector

Mr. Md. Almas Shimul went to Japan for his career development. After two years successful completion of job in a Japanese IT company he returned to Bangladesh and joined in family business. During his business history he holds the Directorship of M. I. Cement Factory Limited, Crown Polymer Bagging Limited, Crown Mariners Limited and Crown Power Generation Limited, Crown Transportation & Logistics Limited and Crown Cement Concrete and Building Products Limited. He holds the Chairmanship of Indo Steel Re-Rolling Industries Limited and the Additional Managing Director of GPH Ispat Limited. He is the Director of GPH Power Generation Limited, GPH Ship Builders Limited, GPH Engineers & Development Limited, Chittagong Capital Limited, Jahangir & Others Limited and GPH Steels Limited. Together with his brothers, he has been carrying out the trading of construction materials like Cement, MS Rod, CI Sheet etc. from their di�erent trading houses from Chittagong Centre. He is also actively involved with the following social organizations: •Region Chairperson Lions District 315-B4, Bangladesh • President, Chittagong Friends Club • Joint Secretary, Chittagong Islamia College

Ex. Student Forum • Executive Member, Khulshi Club, Chittagong • Founder Member, Idris Ali Matbar Foundation, Munshiganj • Life Member, Bhatiary Golf and Country Club, Chittagong.

Mr. Golam MohammadIndependent Director

Mr. Golam Mohammad is an M.A. in Economics from Dhaka University, is one of the two Independent Directors of M. I. Cement Factory Ltd., who has a huge working experience in the several corporate organizations. He started his career in “Industrial Development Bank of Pakistan” in the year 1967 where he worked for 4 (Four) years. After the Independence in 1971, the “IDBP” was repatriated in Bangladesh in the name of “Bangladesh Shilpo Bank (BSB)” where he worked from 1971 to 1992 in di�erent capacities, like- Development Financing, General Banking, Central Accounts Department, Project Appraisal Department, Board Department and External Assistance Department (EAD). Letter on, he was a General Manager and Deputy General Manager in “Ahad Cement Factory Ltd.” for the period from 1995 - 200 and 1992 – 1994 respectively. He is also the Chairman of the Board’s Audit Committee of M. I. Cement Factory Ltd.


21

Profile of the BOD


Professor Dr. Shaikh Shamsuddin AhmedIndependent Director

Professor Dr. Shaikh Shamsuddin Ahmed is one of the two Independent Directors of M. I. Cement Factory Ltd. He is at present Professor in the Department of Finance, University of Dhaka. He was a Senior Economist and Economist in “South Asia Human Development” under “The World Bank” for the period from 2009 - 2011 and 2007 – 2009 respectively. He completed his M. Com. from the Finance Department of University of Dhaka in the year 1991. He also achieved his Ph. D from The Business School, University of Birmingham, UK.

Mr. Md. Mozharul Islam, FCSCompany Secretary

Mr. Md. Mozharul Islam has completed his Graduation (Honours) and Masters in Accounting in the year 1983 and 1984 respectively. He has completed his Chartered Accountancy Course and passed the Intermediate Examination. He also studied Executive MBA. He also completed Chartered Secretarial Education from the Institute of Chartered Secretaries of Bangladesh (ICSB). He became a Fellow Member of this Institute. He started his career with United Insurance Company Ltd., a Public Limited Co. listed with the Stock Exchange of Bangladesh and, a concern of Duncan Brothers (Bangladesh) Ltd. (which is a 100% British holding in Bangladesh), where finally he worked as Head of the Finance & Accounts Department and as the Company Secretary. He served at a Dhaka Stock Exchange Member Company as a Key O�cial. He also worked at AB Bank Ltd. in the rank of Vice President. He Joined M. I. Cement Factory Ltd. in the early of 2012.

22

Sponsors Shareholders


Sitting from left:Mr. Mohammed Jahangir Alam, Alhaj Md. Khabiruddin Mollah, Alhaj Md. Abdur Rouf

Standing from right:Mr. Md. Alamgir Kabir, Mr. Mollah Mohammad Majnu, Mr. Md. Abdul Ahad, Mr. Md. Almas Shimul, Mr. Md. Mizanur Rahman Mollah, Mr. Md. Ashrafuzzaman

SPONSOR SHAREHOLDERS

23

Audit Committee


Standing from left:Mr. Md. Alamgir Kabir, Mr. Mollah Mohammad Majnu, Mr. Md. Mizanur Rahman Mollah, Mr. Golam Mohammad

AUDITCOMMITTEE

24 M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017

Profile of the CEO

Mr. Masud Khan, FCA, FCMAChief Executive O�cer

Mr. Masud Khan was born in Chittagong. He did his schooling in Kolkata and thereafter graduated from St. Xavier’s College, Kolkata. He qualified as a Chartered Accountant from The Institute of Chartered Accountants of India after serving as an Articled Assistant of Price Waterhouse Coopers (PWC), Kolkata, and qualified as a Cost and Management Accountant from The Institute of Cost and Works Accountant of India. He secured the 2nd position in India and 1st position in the Eastern Region in the Intermediate Examination of The Institute of Chartered Accountants of India. Mr. Khan has more than 38 years of professional experience in the di�erent key positions in several multinational companies including Price Waterhouse Coopers (PWC), Kolkata; Monrovia Tobacco Corporation, Liberia; British American Tobacco Bangladesh Company Ltd. and LafargeHolcim Bangladesh Ltd. In LafargeHolcim he served as the Chief Financial O�cer since 1999. Prior to joining the M. I. cement Factory Limited (Crown Cement Group), he was the advisor to the CEO of LafargeHolcim Bangladesh Ltd. He also

worked in several key positions and fields at British American Tobacco Bangladesh Company Limited for more than 18 years.He is also serving as Independent Director of three multinational companies, such as – Glaxo SmithKline Bangladesh Limited, Marico Bangladesh Limited and Berger Paints Bangladesh Ltd. and one local company (Viyellatex Limited). He is actively involved in improving the education in schools and colleges in his native village at Chunati in Chittagong. He is also the guest faculty of the Institute of Chartered Accountants of Bangladesh (ICAB). He joined M. I. Cement Factory Ltd. as Chief Executive O�cer (CEO) on 1 November 2017.

PROFILEOF THE CEO

25

Advisory Panel


Standing from left:Major General Engr. Hameed Al Hasan (Retd.), Engr. Md. Shah Alam, Engr. A. Majid Chowdhury, Mr. Shankar Kumar Roy

ADVISORYPANEL


Management Team

Sitting from left:Engr. Saiful Alam (Executive Director-Factory Oparations), Mr. Masud Khan, FCA, FCMA (Chief Executive O�cer), Mr. Md. Habibur Rahman Mollah, FCA (Executive Director- Corporate)Standing from right:Mr. Mosheul Islam, GM (IT), Mr. Shahriar Istiaq Halim, FCA, GM & Chief Financial O�cer, Mr. Md. Ziaul Alam, ACA, GM (Internal Audit), Mr. Mahfuzul Hoque, GM (Supply Chain), Engr. Md. Sahidur Rahman, Sr. GM (Marketing & Sales), Engr. A.S.M Fahim Uddin, Sr. GM (Technical), Capt. Hashem Ahmed, Sr. GM (Shipping), Mr. Md. Mozahraul Islam, FCS, GM & Company Secretary, Mr. A. B. M. Yusuf Ali Khan, GM (HR) and Mr. Shaikh Md. Abul Kalam, GM (Administration)

MANAGEMENTTEAM

M.I. CEMENT FACTORY LTD. I Annual Report I 2016-2017 27

Glimpse of the 3rd EGM

GLIMPSE OF THE 3RD EGM

Director’s & Managementattended inthe 3rd EGM

Partial view ofthe Member’s attendedin the 3rd EGM

Member’s participated onthe discussion of the 3rd EGM


Glimpse of the 22nd AGM

GLIMPSE OF THE 22ND AGM

Director’s & Managementattended inthe 22nd AGM

Partial view ofthe Member’s attendedin the 22nd AGM

Member’s participated onthe discussion of the 22nd AGM


Statement from the Chairman

STATEMENT FROMTHE CHAIRMAN

Respected Members,

It is a great pleasure for me to be enable to submit, on behalf of the Board of Directors, the Annual Report

for the year 2016-2017 containing the Directors’ Report, Independent Auditors’ Report and Financial

Statements as required under the Companies Act, 1994, the Listing Regulations of the Dhaka Stock

Exchange Limited and Chittagong Stock Exchange Limited and Regulations of the Bangladesh Securities

and Exchange Commission for consideration and approval thereof by you at this 23rd Annual General

Meeting.

Bangladesh Cement Industry has been observing stable growth in the recent years because of steady

pace of urbanization and construction of large infrastructure projects. Focusing on upcoming

infrastructure development activities, your company has increased its production capacity which leads

robust growth opportunity in the long run.


As we said earlier regarding our plan for expansion of our production capacity by setting up of the 5th

Unit in addition to our existing 4 (four) No. of Units. We are delighted to inform you that sitting up of the

new 5th Unit has already been completed and meantime the production has already been started. The new

5th Unit’s additional installed production capacity is 5,200 MT/day, which has raised the existing 5,800

MT/day production capacity to 11,000 MT/day. We are very optimistic that this added production capacity

will help us to raise our existing market share to a new height in the coming days.

You will be happy to learn that inspite of the sti� competition in selling of Cement your Company had

made the higher revenue in the current your of Tk. 943.98 Crore as against Tk. 901.65 Crore of the last year,

but due to some increased expenditure in the year under reference the Net Profit after tax stood at Tk.

66.11 Crore as against of Tk. 74.42 Crore of the last year.

You will appreciate that we are accountable for providing quality products & excellent services along with

meeting the strict requirements of regulatory standards and ethical business practices. Apart from profit

making, your Company equally emphasizes its obligation towards the Society. You would be happy to note

that we have been continuing various activities to perform Corporate Social Responsibility.

We believe that the highest standards of corporate governance are critical to the success of our business

today. Good governance underpins the delivery of our strategy to become the best at what we do and

generate sustainable returns for shareholders. The Board of Directors commits itself to ensuring good

governance is embedded in the thinking and processes of the business. We are committed to deliver the

best value to our shareholders via consistent dividend payments. In line with this, the Board of Directors

proposed 20% Cash Dividend i.e. Tk. 2.00 per ordinary share of Tk. 10.00 each.

We gratefully acknowledge the valuable help and advice that we have always received from our esteemed

shareholders, not only during the deliberations in the Annual General Meeting but at other times as well.

Thank you for interest in M. I. Cement Factory Ltd.

Mohammed Jahangir AlamChairman

Statement from the Chairman


MD’s Message

MANAGING DIRECTOR’SMESSAGE

Distinguished Shareholders,

Assalamu Alaikum Wa-Rahmatullah.

This is my pleasure to welcome you all to the 23rd Annual General Meeting of M. I. Cement Factory Limited. It is the event when we all the Shareholders of our Company meet together, exchange our views for betterment, development of our business and gradual progression toward overall growth of our Company. The present growth of our Company is the combined e�ort of all of us. We will continue our endeavor to take the Company to a remarkable position in the days ahead.

If we look at the Revenue of our current year, we will see a good increase in volume of Revenue compared to the last year, though the market was very competitive. We can see also the enhancement in the amount of Net Asset Value of the Company at the end of this year than that of the previous year.


MD’s Message

You would be happy to note that the growth potential of the Cement Industry in Bangladesh is enormous, as it is seen from the Per Capita Cement Consumption in Kilo Gram (KG) in Bangladesh compared to the neighbouring countries, such as- Bangladesh 120 KG, India 130 KG, Pakistan 170 KG, Srilanka 310 KG, Malaysia 320 KG, China 1700 KG. Moreover, the urbanization and Large Infrastructure Project related works, as have been projected so far, make us hopeful to flourish the Cement Industry in Bangladesh further.

Finally, I would like to express my appreciation for the hard work and commitment shown by the company's management team and employees, who continue to channel their considerable talents to build an ever-stronger business.


DIRECTORS'REPORT

34

Directors’ Report

The Board of Directors of M. I. Cement Factory Limited (MICFL) welcomes you to the 23rd Annual General Meeting (AGM) of the Company. It is our pleasure to place herewith the Directors’ Report and the Auditors’ Report along with the Audited Financial Statements of the Company for the year ended 30 June 2017 for your valued consideration, approval and adoption.

The Directors’ Report is prepared in compliance with the provisions of Section 184 of the Companies Act, 1994 and the Listing Rules of the Dhaka Stock Exchange Limited (DSE) and the Chittagong Stock Exchange Limited (CSE) and Bangladesh Securities and Exchange Commission’s (BSEC) Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 7 August 2012.

Industry Outlook and Possible Future Development in the Industry

Bangladesh is one of the fastest developing countries in the world with a GDP of around 7%. Thus, expecting a growth in demand for cement is considered logical and is thus expected to have major infrastructure, housing and services development in the coming years. The cement sector of Bangladesh has been considered as the 40th largest market in the world. Moreover, every month on an average 15,000-20,000 MT of cement is being exported by the industry.

Bangladesh’s economic growth is reflected by acceleration in urban development, with the construction of houses, apartment blocks, road infrastructures and public facilities. The country’s increasing urbanization has stimulated the building materials sector and has generated considerable demand for cement with a CAGR of around 10% in the past decade.

Risk Factors

There are various risk factors associated with carry out of the activities of the Company. Although, the risks of the industry are continuously evolving, the Company has taken reasonable steps to identify material risks that could have hampered the Business of the Company and had adopted preventive measures in this respect.

(a) Credit risk

Credit risk have the peculiarity that failure to perform obligation by one party brings about financial loss to the other related party or parties. Credit risk is the risk that one party to a financial instrument would cause a financial loss for the other party by failing to discharge an obligation. It mainly comprises of receivables from customer, trade and investment securities. To avert the credit risk against trade receivable the Company has a policy to obtain security instruments from credit availing customers.

(b) Liquidity risk

Liquidity risk is the risk that the Company might encounter di�culty in meeting the obligations associated with its financial liabilities that have to be settled by delivering cash or another financial assets or liabilities. The Company's approach in managing liquidity is to ensure that it will always have su�cient liquid assets to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Company's reputations.

Directors' Report to the Members for the year ended 30 June 2017


35

Directors’ Report

(c) Market risk

Market risk is defined as the risk that the fair value or future cash proceed of a financial instrument will adversely fluctuate because of changes in market prices. The objective of market risk management is to manage and control risk exposures within acceptable parameters while optimising the return. Market risk comprises three types of risks: Currency Risk, Interest Rate Risk and Commodity Risk.

(i) Foreign currency risk

The risk that the fair value of future cash proceeds of a financial instrument might fluctuate because of adverse changes in foreign exchange rates. The Company is exposed to currency risk on its certain short and long-term debts and purchases that are denominated in foreign currencies.

(ii) Interest rate risk

Interest rate risk arises from the fluctuation of interest rate assigned with certain financial asset or liabilities. Exposure to interest risk of the Company at the reporting dates is only related with outstanding o�shore loan/commitment having its relation to LIBOR plus interest rate.

(iii) Commodity risk

Commodity risk arises from fluctuation of value of commodity in terms of price, quantity, cost and political condition of the market from or to which the Company procure or sell product respectively. Exposure to commodity risk of the Company at the reporting date may not be significant.

With general risks and all other categories of risks discussed above, it may be deemed that the Company is in almost safe and risk free position. In addition, the best that can be achieved is reasonable management of the risk to which the Company is exposed through a sound management process based on most accurate, timely and comprehensive management information available.

Company’s Operations:

The total installed capacity and actual output of the Company for the year ended 30 June 2017 compared to 30 June 2016 was as follows:

Particulars 2016–2017 2015–2016

Installed Capacity 1,740,000 MT 1,740,000 MT

Actual Output 1,565,522 MT 1,470,088 MT

Capacity Utilization 89.97 % 84.49 %

Growth of actual output in 2016-2017 6.49 %

M. I. CEMENT FACTORY LTD. IAnnual Report I 2016-2017

36

Directors’ Report

The trend of Production in line with Installed Capacity of last five years is given below:

Sales Performance

Over the years the Company enjoyed an increase of its sales revenue. This revenue enhancement is a combination of the superior quality of our products and value added services, the strength of our distribution channel and the promotional activities adopted by the Company. The quality of our products are rigorously monitored in order to ensure that these exceeds the parameters set in the standards like ISO 9000:2008, Bangladesh Standards & Testing Institution (BSTI) and Bureau of Indian Standards (BIS).

A graphical view of sales performance of last five years is given below:

2012-13 2013-14

Actual Production (in MT)

2014-15 2015-16 2016-17

1,194,079 1,272,016

1,470,0281,565,522

During the years the Installed Capacity was 1,740,000 Metric Tons/year

926,534

89

.97%

84

.49

%

73.10

%

68

.63%

53%

Revenue (in million Taka)

2012-13

6,830

7,991

9,440

2013-14

8,264

2014-15

9,017

2015-16 2016-17


37

Directors’ Report

The Company faced sti� competition from major players in the industry who increased capacity considerably widening the gap between supply and demand thereby creating pressure on prices to utilize their excess capacity. Despite such intense competition, your company has successfully weathered this storm and increased revenue over the previous year. During the Financial year 2016-2017, sales volume increased by 10.36% in the year 2016-2017 over the year 2015-2016. Domestic Sales Revenue increased by 4.22% and Export Sales Revenue increased by 14.18 % respectively compared to that of previous Financial Year 2015-2016.

Overall Company Performance

Gross Profit decreased by 2.95% from Tk. 1,659 million to Tk. 1,610 million. Despite an increase of 4.69% on turnover, cost of sales increased by 6.42% compared to that of the previous year mainly brought about by escalation in prices of clinker and other cementitious materials. Faced with intense competition including significant brand spend by our competitors and the continued need to invest in building the brand, Selling and Distribution Expenses increased by 13.25% compared to last year. Despite the above adverse factors, decline in Operating Profit was contained at 7.22% with control over other areas of cost.

Remunerations of Directors

Two of the Directors namely Mr. Md. Alamgir Kabir and Mr. Mollah Mohammad Majnu who are entrusted with some specific responsibilities of Additional Managing Directors are contributing their mite with their conscious performance in running the Company, in addition to Managing Director. While Mr. Md. Alamgir Kabir is looking after Marketing & Sales and Finance, Mr. Mollah Mohammad Majnu is looking after Factory Operations. The Directors remuneration, Meeting Attendance Fees has been mentioned in the Note No. 27.05, 29.00 and 30.00 of the Notes to the Financial Statements.

The System of Internal Control

The Board of Directors assures its Shareholders that the Company has a competent risk management process to ensure that the system of internal control is sound in design and has been e�ectively implemented and monitored. Although it is possible that all risks to the business are not known at present, the Company takes reasonable steps to identify material risks that may likely to hamper business. It systematically reviews these risks control measures in the light of changing internal and external environment.

Dividend Recommendation

Considering the Business growth of the Company, the Board of Directors in their meeting held on 22 October 2017 has recommended cash dividend @ 20% i.e. Tk. 2.00 (Taka two) only per share of Tk. 10.00 each aggregating to Tk. 297,000,000.00 for the year ended 30 June 2017 subject to the approval of the shareholders' in the Annual General Meeting scheduled to be held on 4 December 2017.

Amount in BDT Amount in Quantity (Metric Ton)

2016-2017 2015-2016 2016-2017 2015-2016

1 Domestic Sales 8,949,178,857 8,586,857,080

2 Export Sales 490,641,164 429,691,549

Total 9,439,820,021 9,016,548,629

1,562,873

92,485

1,655,358

1,422,952

77,055

1,500,007

Sl. No. Particulars


38

Directors’ Report

The appropriation of the Net Profit earned during the year 2016-2017 is made in the following manner:

The Board of Directors of M. I. Cement Factory Ltd. is committed to ensure maximization of shareholders wealth over the long term by adequate returns on the capital invested by them. The graphical view of Net Asset Value (NAV) of last five years of your company is given below:

Director’s Election and Re-appointmentPursuant to the provisions of the Companies Act, 1994 and Clause No. 81 of the Articles of Association of the Company one-third of the Directors shall retire by rotation in every Annual General Meeting. Accordingly, 2 (two) Directors of the Company will retire in the 23rd Annual General Meeting. The Retiring Directors are:

1. Mr. Mohammed Jahangir Alam

2. Alhaj Md. Khabiruddin Mollah

Being eligible they o�er themselves for re-election. A brief profile of the Directors are disclosed in Annexure-IV as per clause 1.5 (xxii) of BSEC Notification date 7 August 2012

Retained earnings (Carried forward from previous year)

Add: Revaluation Reserve and deferred tax liability realized

Total Reserve

Add: Net Profit for the year

Total funds available for appropriation

Less: Proposed Dividend: Cash Dividend @ 20%

Undistributed Profit

1,299,350,972

35,588,759

1,334,939,731

661,079,097

1,996,018,828

297,000,000

1,699,018,828

Particulars Amount (Taka)

Net Asset Value (in million Taka)

5,675 5,879

6,725

2013-14 2014-15 2015-16

5,594

2012-13

7,098

2016-17


39

Directors’ Report

Re-appointment of the Managing Director

Pursuant to the provisions of the Companies Act, 1994, the Managing Director shall retire after every 5 (five) years. Accordingly, the Board of Directors in its meeting held on 22 October 2017 has re-appointed Alhaj Md. Khabiruddin Mollah as Managing Director for further term of 5 (five) years w.e.f. 4 December 2017 as per the Companies Act, 1994 and seek General Members’ approval in the Annual General Meeting. Brief resume and other information of Alhaj Md. Khabiruddin Mollah is depicted in Annexure-IV.

Directors’ Declaration as to Financial Statements

The Directors are responsible for the governance of the Company and as part of preparation and presentation of the financial statements, the Directors confirm, to the best of their knowledge that:

The financial statements, prepared by the Management of the Company, present fairly its state of a�airs, the result of its operations, cash flows and changes in equity;

Proper books of account of the Company have been maintained;

Appropriate accounting policies have been consistently applied in preparation of the Financial Statements and that the accounting estimates are based on reasonable and prudent judgment;

The International Accounting Standards (IAS), as applicable in Bangladesh, have been followed in preparation of the financial statements and any departure has been adequately disclosed;

Other Regulatory Disclousers

The company’s IPO was made in 2011. No further issue of any instrument was made during the year.

As per IAS 1 Presentation of Financial Statements, no items of income and expense are to be presented as “extraordinary gain or loss” in the financial statements. The financial statements have been prepared accordingly.

No significant variations have occurred between quarterly and final Financial results of the Company during 2016-2107.

The company’s ability to continue as a going concern remains unhindered.

The Financial statement have been prepared by the management of the Company.

CSR Activities

Your company recognizes the need for being a responsible corporate citizen. As a part of sustainable development, it takes seriously its corporate social responsibilities. Some of the CSR activities are detailed in Annexure-IX.

Export

Before 1995, Bangladesh was only importing cement. However, export of cement started in the year 2003. The brand that pioneered export was none other than ‘Crown Cement’, the brand of M. I. Cement Factory Ltd.

Presently exports are also being carried out competing with the product of importing countries. Cement export data says that Crown Cement exported the major portion of the national export volume in cement and significantly contributes to country’s economy by earning foreign currency.


40

Directors’ Report

By taking a Bangladeshi product beyond the Borders, ‘Crown Cement’ is the only brand, which has been awarded with National Export Trophy (Gold) twice consecutively for the years 2008-2009 and 2009-2010 and National Export Trophy (Bronze) in the year 2013-2014. During the Financial year 2016-2017 under review we earned foreign exchange to the tune of about Tk. 490.64 million.

Information Technology (IT)

Your company strongly believes that IT is a business enabler and will be a game changer for the future. Crown Cement Group’s Information Technology (CCG-IT) has been playing a very important role in ensuring sustainable growth of the company. In parallel to the management’s ‘Vision 2020’, the department embarked SAP Version S4HANA during the fiscal year. The project was successfully implemented and considered as first of its kind in Bangladesh using IBM’s Power Systems platform. A state-of-the art Data Centre with separate Power Distribution and Network Switch Room have been commissioned in CCG’s new corporate o�ce at Gulshan, Dhaka to provide ease of access to the sophisticated network without compromising with the security. The Data Centre is awaiting certification from Panduit, a leading global manufacturer of physical IT infrastructure and network equipment.

Our next e�ort will be on ensuring zero downtime in network operations. We have already obtained several redundant and concurrent connectivity by fiber optic and radio to our factory and nation-wide RMC’s as well. CCG-IT also extended its support to the Programmable Logic Controller (PLC) devices and software, currently operating in various locations of the country.

Human Resources:

M. I. Cement Factory Limited is a Company where employees enjoy working with pride and are strongly motivated to gain and maintain professional excellence to convert the human resource into human capital.

We, at M. I. Cement Factory Limited, carefully manage a learning environment, career development strategy and talent management. The organization strives to provide an environment where employees enjoy working that unleashes the best in them. We o�er a competitive compensation package. We relentlessly look for individuals with quality education, team-spirit, drive for professional excellence, creative approaches who can, in turn, produce desired end result.

The manpower of our Company of last five years is shown to the following graph:

Human Resources

2012-13 2013-14 2014-15 2015-16 2016-17

800865

9711,096

1,302


41

Directors’ Report

Safety, Health and Environment

Environment, Health and Safety is a vital part of Crown Cement’s Journey towards sustainable and safe development. Our goal Is to ensure “0” Harm to people keeping Health and Safety as a core principal of the business. We believe in visible leadership and accountability for Health and Safety at all levels throughout the organization.

The Company is accountable for prevention of Injuries and Occupational Illness. Injuries and Occupational Illness is being minimized through continuous training and development of all employees. We also provide job specific Personal Protective Equipment (PPE) to all employees and contractors which in turn ensures a strong safety culture.

With all these attributes in plan, our target is to achieve the ISO-14001 EMS (Environmental Management System) and OHSAS-18001 (Occupational Health and Safety Assessment Series) certifications within the quickest possible time.

Contribution to the National Exchequer

During the Accounting year ended 30 June 2017, the Company has contributed Tk. 2,237 Million to the National Exchequer through following manner:

Independent Directors

As per the Corporate Governance Guidelines dated 7 August 2012 issued by the Bangladesh Securities and Exchange Commission (BSEC), considering 6 (Six) Shareholder Directors in the Board, two Independent Directors have been appointed, namely Mr. Golam Mohammad a retired Corporate O�cial with vast experience. Another Independent Director Professor Dr. Shaikh Shamsuddin Ahmed, Professor of Finance Department, Dhaka University. It may be mentioned here that the above noted two Independent Directors are going to complete their second year of their second tenure.

Post Balance Sheet Events

Subsequent to the Balance Sheet date, the Board of Directors has recommended a Cash Dividend of 20%.

Mr. Masud Khan, FCA, FCMA has joined the Company as Chief Executive O�cer (CEO) on 1 November 2017.

The Audit Committee of the Board

The Audit Committee reviews the quarterly, half-yearly and annual Financial Statements and statements of related party transactions. Also, it reviews adequacy and e�ectiveness of financial reporting process, accounting policies, internal control and risk management process. It is also responsible for overseeing the Management Letter along with performance, appointment and re-appointment of external auditors. Currently, our Audit Committee consists of the following Directors:

Particulars

Advance Income Tax 336 258 321 329 335

VAT 1,359 1,378 1,196 1,169 921

Customs Duty 543 594 554 472 411

Total 2,237 2,230 2,071 1,970 1,667

2016-2017 2015-2016 2014-2015 2013-2014 2012-2013


42

Directors’ Report

Auditors

The existing Auditors of the Company M/s. Syful Shamsul Alam & Co., Chartered Accountants shall retire at the 23rd Annual General Meeting. Being eligible, they have expressed their willingness to be re-appointed as External Auditor for the year ending 30 June 2018. The Board of Directors has accepted the willingness of M/s. Syful Shamsul Alam & Co., Chartered Accountants for re-appointment as External Auditors for the year ending 30 June 2018, which is being placed in the 23rd Annual General Meeting.

Governance, Ethics and its Compliance

Good governance and ethical conduct provide the foundation for everything we do at M. I. Cement Factory Ltd. They help us earn trust, manage risks, foster sustainable growth, and build a resilient business. We aim to tackle challenging issues head on, make our communications and processes simple, hold everyone accountable, and empower all our employees to do what’s right. Our Code of Business Conduct as well as our internal ethics upkeeps and tailored training, helps employees make ethical decisions. We believe continuous supervision in every business practice is the key to sustain in a leadership role. Therefore, our Company is directed, administered and complied with the set of laws, policies and procedures exerted in Bangladesh Securities & Exchange Commission’s (BSEC) Notification No. SEC / CMRRCD / 2006-158 / 134/ Admin/44 dated 7 August 2012, Companies ACT, 1994 and the Listing Regulations, 2015 by Dhaka Stock Exchange Ltd. The Directors’ declaration, Pattern of Shareholding and MD’s & CFO’s declaration to the board for the year ended 30 June 2017 are appended as Annexure- I, III and VI respectively. Further, the Corporate Governance Compliance Report and a Certificate of Compliance required under the said Guidelines, as provided by M/s. ACNABIN, Chartered Accountants is also annexed to this report as Annexure- VII & VIII.

Our Gratitude

Our laudable performance of the year under review demonstrates the dedication and support to Company by our customers, employees, shareholders and all other stakeholders. In this context, the Board of Directors would like to extend its foremost regards and appreciation to the valued stakeholders of the Company for their continued patronage and guidance to the Company that brought this Company to its heights of success.

We gratefully acknowledge the valuable help and advice that we have always received from our esteemed shareholders, not only during the Deliberations of the Annual General Meeting, but at other times as well. We greatly value the unstinting and ready support and co-operation of our clients and we assure them that it will be our constant endeavor to prove worthy of the trust they have reposed in us. To them and to the growing member of our well wishers we o�er our profound thanks.

Sl. No. Name Position Status

1 Mr. Golam Mohammad Independent Director Chairman

2 Mr. Md. Alamgir Kabir Director Member

3 Mr. Molla h Mohammad Majnu Director Member

4 Mr. Md. Mizanur Rahman Mollah Director Member

5 Mr. Md. Mozharul Islam, FCS Compan y Secretary Member Secretary


43

Directors’ Report

We also deeply appreciate the help and co-operation that we have received from the various Ministries, the Government of the People’s Republic of Bangladesh, National Board of Revenue (NBR), Bangladesh Investment Development Authority (BIDA), Registrar of Joint Stock Companies and Firms (RJSC), Bangladesh Securities and Exchange Commission (BSEC), Central Depository Bangladesh Limited (CDBL), Dhaka Stock Exchange Limited (DSE), Chittagong Stock Exchange Limited (CSE), the Company’s Bankers, Insurers and Financial Institutions, Vendors, the Press and Media and other Business Partners and its sta� have always been very helpful and their advice and guidance have made it possible for us to run the a�airs of the Company Smoothly. We would like to express our sincere thanks for extending their helpful hands.

We are proud of the unswerving loyalty and devotion of our sta�, whose drive, energy and skill have helped the Company to reach its present position.

On behalf of the Board of Directors


Dated, Dhaka22 October 2017


44

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cwiPvjbv c©l` Gi cÖwZ‡e`b ‡Kv¤úvbxi AvBb 1994 Ges evsjv‡`k wmwKDwiwUR A¨vÛ G·‡PÄ Kgwkb (weGwmBwm) weÁwß bs GmBwm / wmGgAviAviwmwW / 2006-158 / 134 / cÖkvmb / 44 ZvwiL 7 AvM÷ 2012 Zvwi‡Li cÖweavb Abyhvqx ciwPvjbv cl©‡ì cÖwZ‡e`b cÖ¯‘Z Kiv n‡q‡Q|

wm‡g›U wkí Ges Gi fwel¨r m¤¢vebv`ªæZ Dbœqbkxj †`k¸‡jvi g‡a¨ 7% wRwWwc cÖe„w× AR©bKvix †`k wnmv‡e evsjv‡`k Ab¨Zg| Av‡jvP¨ wRwWwc cÖe„w×i mv‡_ mvgÄm¨ †i‡L eû cwigv‡Y ‡fŠZ AeKvVv‡gv wbg©vY, DbœZ M„nvqY I Ab¨vb¨ cyi KvVv‡gv wbg©v‡Y hyw³m½Z Kvi‡YB AvMvgx eQi¸‡jv‡Z wm‡g›U Gi Pvwn`v e„w× cÖZ¨vwkZ| evsjv‡`‡ki wm‡g›U LvZ we‡k¦ 40Zg e„nr e‡j cwiMwYZ n‡”Q| AwaKš‘, eZ©gv‡b evsjv‡`k n‡Z M‡o cÖwZgv‡m 15,000-20,000 †gwUªK Ub cwigvY wm‡g›U we‡`‡k ißvbx n‡”Q|

`ªyZ bMi Dbœqb, M„n wbg©vY, A¨vcvU©‡g›U wbg©vY, iv¯Ív-NvU wbg©vY, mviv†`‡k hvZvqv‡Zi myweavi Rb¨ miKvix eë¯’vcbvq †fŠZ AeKvVv‡gv¸‡jv h_v- wekvj cwiKíbvq e„n`vKvi †mZz, KvjfvU©, iv¯Ív wbg©vY, Ab¨vb¨ AeKvVv‡gv BZ¨vw` wbg©v‡Y e¨vcK nv‡i wm‡g‡›Ui Pvwn`v †e‡o‡Q| GB mKj Kvi‡YB weMZ `k‡K wm‡g›Ui Pvwn`vi evwl©K µgea©gvb 10% nv‡i cÖe„w× N‡U‡Q|

SuzwK mswkøó Drcv`bmg~n †Kv¤úvbx cwiPvjbvq eûwe` SuzwKi m¤§yLxb n‡Z nq| hwÌ GB SuzwK¸wj cÖwZwbqZB cwieZ©bkxj ZvB †Kv¤úvbx GB mgm¨v¸wj wPwýZ I Zvi †gvKv‡ejv Ki‡Z A‡bK¸‡jv cÖwZKvig~jK c`‡ÿc MÖnY K‡i‡Q|

(K) †µwWU SuzwK (evwK‡Z weµ‡qi SuzwK)

GB SuzwKi GKwU gvivZ¥K we‡klZ¡t GB †h GK cÿ Zvi ev Zv‡ì `vq cwi‡kv‡a e¨_© n‡j Aci mswkøó cÿ¸‡jv Zvi weiƒc cÖwZwµqvi A_©‰bwZK ÿwZi m¤§yLxb nq| GB `vq¸wji g‡a¨ AšÍf~©³ A‡bK¸‡jvi g‡a¨ Av‡Q (K) LvZ‡Ki wbKU cvIbv, eëmvwqK cvIbv I `vq, wewb‡qvM ̀ wjj BZ¨vw`| †Kv¤úvbx g~jZt cÖ_‡gv³ SuzwKwUi m¤§yLxb nq †ekx| Gi cÖvK mveavbZv wnmv‡e LvZ‡Ki KvQ †_‡K wewfbœ c‡ì RvgvbZ ivLv nq|

(L) Zvij¨ SuzwK

Zvij¨ mgm¨vi m¤§yLxb n‡j eëmv cwiPvjbv KwVb n‡q c‡i‡Q| Zvij¨ ¯^íZv †nZz †Kvb ‡Kv¤úvbx eëmvwqK m¤úK©hy³ `vq wbim‡b e¨_© nq d‡j evRv‡i Zvi mybvg Aÿzbœ _v‡K bv, KvuPvgvj ev Ab¨ eëmvwqK mgMÖx µ‡q e¨_© n‡Z cv‡i cwiYv‡g eëmv ÿwZi m¤§yLxb AeavweZ nq| myZivs Avgv‡ì †Kv¤úvbx Zvi AvIZvi Zvij¨ m¤ú`, Gi ms¯’vb h_v mgq h_vh_fv‡e ivL‡Z me mgq Zrci _v‡K|

(M) evRvi SzuwK

evRvi SzuwK ej‡Z †evSvq †h †Kvb A_© `wjj hv, fwel¨‡Z cÖwZK~j fv‡e Aeg~j¨vwqZ nq| GUv GgbI eySvq †h evRv‡ii Pvwn`vi †ni‡d‡i weµqg~j¨ Drcv`b e¨‡qi wb‡¤œ Ae¯’vb †bq| evRvi SuywK eë¯’vcbvi D‡Ïk¨ n‡”Q SzuwKi cwigvY mnYxq gvÎvq ivLv Ges Zv wbqš¿Y Kiv, hv †Kv¤úvbxi Avq‡K e„w× Ki‡e| AviI e¨vcKfv‡e wb‡j Gi g‡a¨ AšÍf©~³ nq Kv‡iwÝ SzuwK, my‡ì nvi n«vm-e„w×i SyuwK, `ªe¨g~j¨ DVvbvgvi SzuwK BZ¨vw` |

(1) ê‡`wkK gy`ªv wewbgq SzuwK

G SzuwKi ÿwZ ZLbB nq hLb ê‡`wkK gy`ªvq `vq A_ev m¤ú` _v‡K wKš‘ weiƒcfv‡e Zvi wewbgq nvi cwiewZ©Z nq| G ‡Kv¤úvbxI G `vq Gov‡Z cv‡i bv, hw` ¯^í‡gqv`x ev `xN© †gqvw` FY ev †Kvb µq ê‡`wkK gy`ªvq _v‡K|


45

(2) my‡ì nv‡ii SuzwK

my‡ì nv‡ii SuzwK D™¢~Z nq †Kvb Avw_©K m¤ú‡ì Dci my‡ì nv‡ii A_ev `vq †kv‡ai e¨vcv‡i my‡ì nv‡ii cÖwZK~j cwieZ©‡bi Kvi‡Y| †Kv¤úvbxi GB SuzwK AviI wbf©i K‡i ‰e‡`wkK FY `vq Aegy³ Kivi †ÿ‡Î, GB nviMy‡jv mvaviYZt w¯’iK…Z nq ÔwjeiÕ Gi mv‡_ cÖhy³ K‡i hvnv cÖvqktB cwieZ©bkxj|

(3) `ªe¨ µq / Av`vb-cÖ`v‡bi SuzwK

`ªe¨ wewbgq SuzwK D™~¢Z nq evRvi cwiw¯’wZ, ivR‰bwZK Aw¯’wZwkjZv ev Aw¯’iZv BZ¨vw` Kvi‡Y µq ev weµ‡qi †ÿ‡Î `ª‡eï g~‡jï Aw¯’iZvi †cÖwÿ‡Z| †Kv¤úvbxi †Kvb wbw`©ó wnmve mgvwßi Zvwi‡L Ô`ªe¨ SuzwKÕ D‡jøL‡hvM¨ cwigvY bvI n‡Z cv‡i|

mKj cÖKvi mvaviY SzuwK Ges Ab¨vb¨ ‡kÖYxi SzuwK¸wj hv Dc‡i D‡jøL Kiv n‡q‡Q G¸wji cÖwZwUi wecix‡ZB †Kv¤úvbx SzuwKgy³ Ae¯’v‡b Av‡Q e‡j aiv ‡h‡Z cv‡i| AwaKš‘, SzuwKi wecix‡Z hv fvjfv‡e cÖwZKvig~jK eë¯’v n‡Z cv‡i, Zv n‡jv SyuwK¸wj wbim‡b hyw³m½Z eë¯’v MÖnY mwVK I mg‡qvwPZ Z_¨ msMÖn Ges mgwš^Z eë¯’vcbv c`‡ÿc MÖnY|

‡Kv¤úvbxi Kvh©µgMZ ermi A_©vr 30 Ryb 2016 ermiv‡šÍi Zyjbvq 30 Ryb 2017 el©‡k‡li d¨v±ixi ̄ ’vwcZ Drcv`b ÿgZv Ges Zrwecix‡Z Drcv`b wQj wb¤œiæct

¯’vwcZ Drcv`b ÿgZvi wecix‡Z MZ 5 (cvuP) eQ‡ii Drcv`b aviv wb‡¤œ cÖ`Ë n‡jvt


weeiY 2016-2017 2015-2016

¯’vwcZ Drcv`b ÿgZv 1,740,000 †gt Ub 1,740,000 †gt Ub

cÖK…Z Drcv`b 1,565,522 †gt Ub 1,470,044 †gt Ub

Drcv`b AR©b 89.97% 84.49%2016-2017 wnmve eQ‡i Drcv`‡bi cÖK„Z cÖe„w×i nvi 6.49%

2012-13 2013-14 2014-15 2016-17

1,194,079 1,272,016

1,565,522

DcwiD³ ermi¸wj‡Z ¯’vwcZ Drcv`b ÿgZv GKB iKgfv‡e wQj 1,740,000 †gt Ub|

926,534

89.9

7%

84.4

9%

73.1

0%

68.6

3%

53%

cÖK…Z Drcv`b (†gwUªK U‡b)


2015-16

1,470,028

46

weµq Kg©KvÛ

weMZ K‡qK ermiB Avgv‡ì †Kv¤úvbxi weµq Avq e„w× †c‡q‡Q| GUv m¤¢e n‡q‡Q ‡Kv¤úvbxi Kg©KZ©v-Kg©Pvix‡ì GKwbó Kg© m¤úv`bv, cwi‡ekb gva¨g¸wji `ÿZv, eûwea weÁvcb Kvh©µg Ges m‡e©vcwi c‡bï DbœZ ¸bMZ gvb m¤úbœ nIqv| we‡klZt AvB.Gm.I 9000:2008, evsjv‡`k ó¨vÛvW©m& GÛ ‡Uwós Bbw÷wUDkb (we Gm wU AvB) Ges ey¨‡iv Ae BwÛqvb ó¨vÛvW©m& (we AvB Gm) Gi gvb Abyhvqx †hb wm‡g›U ˆZix Kiv nq Zv ‡Kv¤úvbxi gvb wbqš¿Y wefvM KZ„K wbexofv‡e ch©‡eÿY Kiv nq| mswkøó wm‡g›U ‡kÖbxi Rb¨ ‡h gvb`Û AvIZvq wbeÜbK…Z, cÖK„Zc‡ÿ gv‡bi cixÿvq µvDb wm‡g›U Aby‡gvw`Z gvb Dc‡iv³ gvb`‡Ûi A‡bK E‡aŸ©B Ae¯’vb K‡i|

MZ 5 (cuvP) eQ‡ii weµq Kvh©µg MÖvwdK evi c×wZ‡Z wb‡¤œ Dc¯’vwcZ n‡jvt

eZ©gv‡b †`‡ki wm‡g›U wk‡íi e„nr cÖwZôvb¸‡jv cÖ‡Z¨‡KB wecyjfv‡e Zv‡ì wgj¸‡jvi m¤úªmviY NwU‡q‡Q, hvi ìæb Pvwn`vi Zzjbvq Drcv`b ÿgZv eû E‡aŸ© Ae¯’vb Ki‡Q, dj¯îæc Ges ¯^vfvweK fv‡eB wm‡g›U evRv‡i Pvwn`vi Zyjbvq AwZwi³ wm‡g›U evRv‡i AbycÖ‡ek NU‡Q, hvi cwiYwZ wn‡m‡e AbvKvw•ÿZ cÖwZ‡hvMxZvq wm‡g›U evRvi n‡”Q Aw¯’wZkxj, hv †gv‡UB Kvg¨ bq| wKš‘ GB cÖwZK~j AvenvIqv Avgv‡ì †Kv¤úvbx `„pZvi mv‡_ †gvK‡ejv K‡i‡Q Ges weMZ eQ‡ii Zzjbvq PjwZ erm‡i Avq e„w× †c‡q‡Q| we‡eP¨ A_© eQ‡i (2016-17) MZ eQ‡ii Zzjbvq 10.36% nv‡i Avq e„w× †c‡q‡Q| weMZ eQ‡ii (2015-16) Zzjbvq Af¨šÍixY Avq e„w×i nvi I ißvbx Avq e„w×i nvi wefvRb Ki‡j ùvovq h_vµ‡g 4.22% I 14.18%| ZzjbvwU wb‡¤œi mviYx‡Z jÿ¨ Kiv †h‡Z cv‡it

µwgK bs weeiYUvKvi A‡¼ cwigvY (‡gwUªK Ub)

2016-2017 2015-2016 2016-2017 2015-2016

1 Af¨šÍixb weµq 8,949,178,857 8,586,857,080

2 ewntwe‡k¦ weµq 490,641,164 429,691,549

†gvU 9,439,820,021 9,016,548,629

1,562,873

92,485

1,655,358

1,422,952

77,055

1,500,007

weµq †_‡K cÖvß Avq (wgwjqb UvKvq)

2012-13

6,8307,991 8,264

9,0179,440

2013-14 2014-15 2015-16 2016-17



47

cyÄxf~Z jf¨vsk (c~e©eZ©x eQi ‡_‡K)

†hvM: wif¨vjy‡qkb wiRvf© Ges wejw¤^Z Ki`vq

†gvU wiRvf©

†hvM: PjwZ eQ‡ii bxU jvf

wefvRb‡hvM¨ Znwej

we‡qvM: cÖ¯ÍvweZ jf¨vsk: bM` jf¨vsk 20% nv‡i

1,299,350,972

35,588,759

1,334,939,731

661,079,097

1,996,018,828

297,000,000

1,699,018,828

weeiY cwigvY (UvKv)

‡Kv¤úvbxi mvwe©K Kg©KvÛ

m½Z Kvi‡Y e¨q e„w× I Ab¨vb¨ hyw³MÖvn¨ Kvi‡Y Avq e¨v‡qi wnmv‡e hv ùvwo‡q‡Q Zvi weeiY n‡jv - †gvU gybvdv n«vm n‡q‡Q 2.95%, UvKvi As‡K 1,659 wgwjqb †_‡K 1,610 wgwjqb, weµq 4.69% e„w× †c‡jI weµq e¨q MZ eQ‡ii Zzjbvq 6.42% e„w× ‡c‡q‡Q| Gi KviY wnmv‡e D‡jøL¨ †h, KvuPvgv‡ji we‡klZt cÖavb KuvPvgvj wK¬sKvi Gi g~j¨ e„w×, AviI êwk‡óï g‡a¨ MbYv Kiv hvq cÖwZ‡hvMx Drcv`K cÖwZôvb¸‡jvi e¨vcK eª¨vwÛs e¨q, cÖ‡gvkbvj Kg©Kv‡Û KíbvZxZ ZrciZv BZ¨vw`| Zv‡ì m‡_ cvjøv w`‡q Avgv‡ì Ae¯’vb myiwÿZ Ki‡Z Abyiƒcfv‡e AMÖmi n‡Z n‡q‡Q, ZvB weµq I cwi‡ekb e¨q e„w× MZ eQ‡ii Zzjbvq ̀ uvwo‡q‡Q 13.25%| GZ`m‡Ë¡I cwiPvjb gybvdv 7.22% Gi AwaK K‡g bvB|

cwiPvjK‡ì cvwi‡ZvwlK

eë¯’vcbv cwiPvjK QvovI †Kv¤úvbxi `yBRb cwiPvjK AwZwi³ eë¯’vcbv cwiPvjK wn‡m‡e `vwqZ¡ cvjb Ki‡Qb| Zuviv n‡jb Rbve †gvt AvjgMxi Kwei I Rbve ‡gvjøv †gvnv¤§` gRby| cÖ_‡gv³ R‡bi `vwqZ¡ Awc©Z n‡q‡Q wecbY I weµq Ges A_© eë¯’vcbvi Ges wØZxq Rb d¨v±ix cwiPvjbvi `vwq‡Z¡ Av‡Qb| cwiPvjK‡ì m¤§vbx, mfvq Dcw¯’wZi wd BZ¨vw` weeiY Avw_©K weeiYxi †bvU bs 27.05, 29.00 Ges 30.00 G wee„Z Kiv n‡q‡Q|

Af¨šÍixY wbqš¿Y c×wZ

†Kv¤úvbxi cwiPvjbv cl©` m¤§vwbZ †kqvi †nvìvi‡ì Avk¦¯Í Ki‡Qb hv‡”Q †h, †Kv¤úvbx cwiPvjbvq †h mg¯Í SzuwKi Aw¯ÍZ¡ i‡q‡Q Z`mg~‡ni †gvKv‡ejv Kivi Rb¨ †Kv¤úvbx‡Z myôz SuywK eë¯’vcbv Ges h_vh_ Kvh©Kix myiÿvi c`‡ÿc Z_v Af¨šÍixY wbqš¿b c×wZ Pvjy i‡q‡Q Ges Zv wbqwgZ bRi`vix Kiv n‡”Q| hwÌ fwel¨‡Z KZ cÖKvi eëmvq msµvšÍ SzuwKi D™¢e n‡Z cv‡i Zvi mg¯Í¸wj c~e©v‡ý Abyaveb Kiv m¤¢e bq, Z‡e GUv wbwðZ ‡h, D³ SzuwK¸‡jv †gvKv‡ejvi Rb¨ †Kv¤úvbxi e¯‘MZ I Kvh©Kix c×wZ i‡q‡Q, hv Ae¯’vi cwi‡cÖwÿ‡Z cwiewZ©Z cÖwZKvig~jK c`‡ÿc †bqv hvq|

jf¨vsk msµvšÍ cÖ¯Ívebv

‡Kv¤úvbxi eëmvi cÖe„w× we‡ePbvq †Kv¤úvbxi cwiPvjbv cl©‡ì 22 A‡±vei 2017 Zvwi‡Li cl©` mfvq bM` 20% ev †kqvi cÖwZ (UvKv 10.00 g~j¨gvb) 2.00 (`yB UvKv) wnmv‡e me©‡gvU 297,000,000.00 UvKv (we‡eP¨ A_© eQ‡ii (2016-17) Rb¨ jf¨vsk wnmv‡e cÖ¯Íve K‡i‡Q, hv AvMvgx 4 wW‡m¤î 2017 Zvwi‡L †kqvi †nvìvi‡ì Avmbœ 23Zg evwl©K mvaviY mfvq Aby‡gv`b Kiv n‡e|

2016-17 wnmve eQ‡i AwR©Z bxU jv‡fi e›Ub wb‡¤œ cÖ`wk©Z n‡jvt

‡Kv¤úvbxi cwiPvjbv cl©` ‡Kv¤úvbx‡Z †kqvi †nvìvi‡ì wewb‡qvMK„Z g~ja‡bi wecix‡Z h_vh_ gybvdv cÖ`v‡bi gva¨‡g `xN©‡gqv‡` †kqvi †nvìvi‡ì m¤ú‡ì e„w× Ki‡Z cÖwZÁe×| wb‡¤œi MÖv‡d weMZ cuvP eQ‡ii †Kv¤úvbxi bxU m¤ú` g~j¨ cÖ`wk©Z n‡jvt


Aew›UZ gybvdv


48

cwiPvjK wbe©vPb Ges cybtwb‡qvM / wbe©vPb

‡Kv¤úvbx AvBb, 1994 Gi mswkøó aviv Abymi‡b Ges †Kv¤úvbxi AvwU©Kjm& Ae G¨v‡mvwm‡qmb Gi 81 bs aviv Abyhvqx AvwU©‡Kj ev¯Íevq‡Yi c`‡ÿ‡c †Kv¤úvbxi GK-Z„Zxqvsk cwiPvjK e„ËvKvifv cÖwZwU evwl©K mvaviY mfvq Aemi MÖnY Ki‡eb| Z`vbyhvqx wb¤œ wjwLZ 2 (`yB) Rb cwiPvjK 23Zg evwl©K mvaviY mfvq Aem‡i hv‡ebt

(1) Rbve ‡gvnv¤§` Rvnv½xi Avjg

(2) AvjnvR¡ †gvt Lwei DwÏb †gvjøvn&

Zuviv †hvM¨ weavq cyYtwbe©vP‡bi Rb¨ Av‡e`b K‡i‡Qb| Zuv‡ì mswÿß Rxeb e„ËvšÍ evsjv‡`k wmwKDwiwUR GÛ G·‡PÄ Kwgkb Gi 7 AvMó 2012 Zvwi‡Li †bvwUwd‡Kkb Gi aviv 1.5 (xxii) Abyhvqx cwiwkó- IV G mshy³ Kiv n‡q‡Q|

eë¯’vcbv cwiPvjK cybtwb‡qvM

†Kv¤úvbx AvBb, 1994 Gi mswkøó aviv Abyhvqx eë¯’vcbv cwiPvjK cÖwZ 5 (cuvP) eQi AšÍi cybtwb‡qvM n‡eb| Z`byhvqx cwiPvjbv cl©` 22 A‡±vei 2017 Zvwi‡L AbywôZ mfvq †Kv¤úvbxi eë¯’vcbv cwiPvjK AvjnvR¡ †gvt LweiDwÏb †gvjøv‡K AvMvgx 4 wW‡m¤î 2017 ZvwiL n‡Z cieZ©x 5 (cuvP) eQi †gqv‡ì Rb¨ cybtwb‡qv‡Mi wm×všÍ M„nxZ nq, hv AvMvgx 4 wW‡m¤î 2017 Zvwi‡L AbywôZ 23Zg evwl©K mvaviY mfvq m¤§vwbZ †kqvi‡nvìvi‡ì Aby‡gv`‡bi Rb¨ Dc¯’vcb Kiv n‡e|

Avw_©K wee…wZ‡Z cwiPvjK‡ì ‡NvlYv

cwiPvjKMY ‡Kv¤úvbxi cwiPvjbvi Rb¨ `vqe×, Avw_©K weeiYx cÖ¯‘Z Ges Dc¯’vc‡bi Rb¨ Zuviv Zuv‡ì Áv‡bi m‡e©v”P cÖ‡qvM wbwðZK‡‡í GB g‡g© ‡NvlYv Ki‡Q ‡h,

‡Kv¤úvbxi eë¯’vcbv KZ©…K cÖ¯‘ZK„Z Avw_©K weeiYx¸wj, ‡Kv¤úvbxi cÖK„Z Ae¯’v, eëmv‡qi djvdj, bM` cÖevn Ges BKÿBwUi cwieZ©b Gi h_vh_ wPÎ cÖ`k©b Ki‡Q,

‡Kv¤úvbxi wnmve msµvšÍ bw_ mwVKfv‡e msiÿY Kiv n‡q‡Q;

Avw_©K weeiYx cÖ¯‘Z Kivi ‡ÿ‡Î wnmve msµvšÍ Dchy³ bxwZgvjv¸‡jv h_vh_ fv‡e cÖ‡qvM Kiv n‡q‡Q Ges wnmve msµvšÍ Abygvb¸‡jv hyw³m½Z I wePÿYZvi wfwË‡Z cÖ‡qvM Kiv n‡q‡Q;

evsjv‡`‡k cÖ‡hvR¨ AvšÍR©vwZK wnmve gvbmg~n (AvBGGm) Avw_©K weeiYx ‰Zwi Kivi mgq AbymiY Kiv n‡q‡Q Ges ‡Kvb wePz¨wZ, hw` _v‡K Z‡e Zv h_vh_fv‡e cÖKvk Kiv n‡q‡Q|

bxU m¤ú` g~j¨ (wgwjqb UvKvq)

5,675 5,8796,725

2013-14 2014-15 2015-16

5,594

2012-13

7,098

2016-17



49

wbqš¿K ms¯’vi wb‡`©kbv cwicvjb msµvšÍ †NvlYv

2011 mv‡j †Kv¤úvbxi cÖv_wgK MY cÖ¯Íve Kiv n‡q‡Q| Av‡jvP¨ eQ‡i †Kvb bZzb †kqvi Bmy¨ Kiv nq bvB|

AvBGGm-1 Abyhvqx Avw_©K weeiYx Dc¯’vcb, ÒA¯^vfvweK jvf ev ¶wZÓ wn‡m‡e †Kvb Avq Ges e¨q LvZ Avw_©K weeiYx‡Z Dc¯’vcb Kiv nq bvB| Z`byhvqx Avw_©K weeiYxmg~n cÖ¯‘Z Kiv n‡q‡Q|

2016-2017 mv‡ji ‡Kv¤úvwbi ‰ÎgvwmK Ges P~ovšÍ Avw_©K djvd‡ji g‡a¨ ‡Kvb D‡jøL‡hvM¨ ZviZg¨ N‡Uwb|

‡Kv¤úvbx GKwU Pjgvb cÖwZôvb wn‡m‡e cwiPvwjZ n‡e G e¨vcv‡i ‡Kv‡bv m‡›`‡ni AeKvk ‡bB|

‡Kv¤úvbxi eë¯’vcbv KZ©„cÿ Av‡jvP¨ wnmve weeiYxwU cÖYqb K‡i‡Qb|

K‡c©v‡iU mvgvwRK `vwqZ¡ cvjb Kg©KvÛ (CSR)

mvgvwRK `vwqZ¡‡eva m¤úbœ cÖwZôvb wnmv‡e Avcbv‡ì GB †Kv¤úvbx cwiwPZ| ‡Kv¤úvbxi †UKmB Dbœq‡bi mv‡_ mv‡_ †Kv¤úvbx AZ¨šÍ ¸iæZ¡ mnKv‡i mvgvwRK `vwqZ¡ cvjb K‡i| GB Kg©KvÛ¸‡jv cwikó- IX G mshy³ Av‡Q|

ißvbx

1995 mv‡ji Av‡M evsjv‡`k wm‡g›U Avg`vwb Ki‡Zv Ges 2003 mvj ‡_‡K evsjv‡`k wm‡g›U ißvwb ïiæ K‡i| †h eª¨vÛwU wm‡g›U ißvbx‡Z AMÖYx f~wgKv cvjb K‡i‡Q, ‡mwU Ab¨ †Kvb eª¨vÛ bq, Gg. AvB. wm‡g›U d¨v±ix wjwg‡UW Gi eª¨vÛ 'µvDb wm‡g›U'|

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50

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52

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ZvwiL, XvKv22 A‡±vei 2017



53

CORPORATEGOVERNANCEThe Company had always been fully adherent with the corporate governance principles and best practices. As per compliance of Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 7 August 2012 the organisms through which the corporate governance functions are carried out are as follows:

Board Size

The number of members of the Board of Directors as on 30 June 2017 stands at 6 (excluding 2 Independent Directors).

Independent Director:

In terms of the provision under this sub clause the Board of Directors has nominated 2 (two) Independent Directors, whose appointment were ultimately approved in the Annual General Meeting are namely- Mr. Golam Mohammad and Professor Dr. Shaikh Shamsuddin Ahmed.

The Independent Directors, nominated by the Board of Directors meet the entire requirement as prescribed under the sub-clause (ii) of the BSEC Notification under reference.

In terms of provision of sub-clause (iii) of the Notification under reference the appointment of Independent Directors which needs approval of the shareholders in the 22nd Annual General Meeting (AGM).

The post of the Independent Directors was not vacant for more than 90 days.

The Board of Directors has laid down a Code of Conduct for all members of the Board.

The Independent Directors nominated by the Board of Directors are highly qualified and knowledgeable person. They are able to ensure compliance with financial regulatory and corporate laws and can make meaningful contribution to business.

The nominated Independent Directors poses more than minimum requirement of twelve years of corporate management / professional experiences and can make meaningful contribution towards the business of the Company.

No relaxation of qualification of the Independent Directors is required.

Chairman of the Board and the Managing Director The position of the Chairman of the Board and the Managing Director is separate individual. The roles of the Chairman and the Managing Director are clearly defined in the Articles of Association of the Company.

The Directors’ Report to the Members

The Directors’ Report is prepared in compliance with the provisions of Section 184 of the Companies Act 1994, Bangladesh Securities and Exchange Commission’s Notification No. SEC / CMRRCD / 2006-158 / 134 / Admin / 44 dated 7th August, 2012.


Corporate Governance

54

Chief Financial O�cer (CFO), Head of Internal Audit (HOIA) and Company Secretary (CS)

The Company has appointed Mr. Shahriar Istiaq Halim, FCA as Chief Financial O�cer, Md. Ziaul Alam, ACA Head of Internal Audit and Mr. Md. Mozharul Islam, FCS as Company Secretary of the Company as per requirement of Bangladesh Securities and Exchange Commission (BSEC). Their role has been defined by the Board. The Chief Financial O�cer and Company Secretary regularly attend the Board Meeting.

Audit Committee of the Board:

The Audit Committee, as a sub-Committee of the Board, has been constituted with the Independent Director as Chairman and three other Directors. The Company Secretary acts as Secretary to the Committee. Role of the Audit Committee as per provision of the Bangladesh Securities and Exchange Commission (BSEC) Regulation, have been duly adopted by the Board. Their Reports are being submitted as per CCC requirements.

External / Statutory Auditors:

The role of the auditors in certification of the Financial Statements is the most significant aspect of Corporate Governance and protection of interest of investors. As evident from the Annual Reports, the Company rigidly follows the code of International Accounting Standards (IAS) and International Standard of Auditing (ISA) with legally required disclosures of Accounts and Financial Statements. This has been possible due to the high level capability and integrity of M/s. Syful Shamsul Alam & Co., Chartered Accountants whose unchallenging performance has played a very trustworthy role in the protection of interest of the investors.

Subsidiary Company

There is no Subsidiary Company of M. I. Cement Factory Limited.

Duties of the Managing Director and the Chief Financial O�cer

The provisions of Bangladesh Securities and Exchange Commission (BSEC) Regulation are being complied with on regular basis.

Reporting and Compliance of Corporate Governance

Every year the Company obtains a certificate from a Practicing Professional Accountant/Secretary (Chartered Accountant/Cost and Management Accountant/Chartered Secretary) regarding compliance of conditions of Corporate Governance Guidelines of the Bangladesh Securities and Exchange Commission (BSEC) and send the same to the shareholders along with the Annual Report on a yearly basis.

In this regard the Company appointed the M/s. ACNABIN, Chartered Accountants to obtain the certificate on compliance of condition of Corporate Governance Guidelines of Bangladesh Securities and Exchange Commission (BSEC) vide Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August 2012.


Corporate Governance

ANNEXURETO THE DIRECTORS’ REPORT


Annexure

Annexure I

The Directors’ Report on some areas as per the Condition No. 1.5 of the Bangladesh Securities and Exchange Commission (BSEC) Guideline

The Directors also report that:

Related Party transactions are depicted in the Note No. 40.00 of the Notes to the Financial Statements.

Remuneration of the Directors has been shown in the Note No. 27.05, 29.00 and 30.00 of the Notes to the Financial Statements.

The Financial Statements of the Company give a true and fair view of the Company’s state of a�airs, result of its operation, cash flows and changes in equity.

Proper Books of Account as required by law have been kept.

Appropriate accounting policies have been followed in formulating the Financial Statements and accounting estimates were reasonable and prudent.

The Financial Statements were prepared in accordance with International Accounting Standards (IAS) / Bangladesh Accounting Standards (BAS) /International Financial Reporting Standards (IFRS) / Bangladesh Financial Reporting Standards (BFRS) as applicable in Bangladesh.

The internal control system is sound in design and is e�ectively implemented and monitored.

There is no significant doubt about the Company’s ability to continue as a going concern.

There is no significant deviation from the operating result of the last year.

Key operating and financial data of at least preceding five years and the current year have been presented on Annexure-II.

The number of Board Meeting and Audit Committee Meeting during the period from 1 July 2016 to 30 June 2017 and the attendance are given below:

The pattern of shareholding as required by clause 1.5 (xxi) of the BSEC’s Notification dated 7 August 2012 stated in Annexure-III.

1 Mr. Mohammed Jahangir Alam 13 13 N/A N/A

2 Alhaj Md. Khabiruddin Mollah 13 11 N/A N/A

3 Mr. Md. Alamgir Kabir 13 13 7 7

4 Mr. Mollah Mohammad Majnu 13 11 7 6

5 Mr. Md. Mizanur Rahman Mollah 13 11 7 6

6 Mr. Md. Almas Shimul 13 10 N/A N/A

7 Mr. Golam Mohammad (Independent Director) 13 13 7 7

8 Prof. Dr. Shaikh Shamsuddin Ahmed (Independent Director) 13 9 N/A N/A

9 Mr. Md. Mozharul Islam, FCS, GM & Company Secretary 13 13 7 7

10 Mr. Shahriar Ishtiaq Halim, FCA, GM & CFO 13 13 7 7

Board Meeting Audit Committee Meeting NameSl.No. Held Attendance Held Attendance


Annexure

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Annexure

Annexure IIIPattern of shareholding

(a) Parent/Subsidiary/Associated Companies and other related parties (name wise details): Not applicable.

(b) Directors, Managing Director, Company Secretary, Chief Financial O�cer, Head of Internal Audit and their spouses and minor children (name wise details):

(c) Executives (top five salaried employees other than the Directors, Managing Director, Company Secretary, Chief Financial O�cer, Head of Internal Audit):

Shareholders holding ten per cent (10%) or more voting interest in the Company (name wise details):

Mr. Mohammed Jahangir Alam Chairman 23,024,925 Nil N/AAlhaj Md. Khabiruddin Mollah Managing Director 23,388,750 Nil N/AMr. Md. Alamgir Kabir Director 14,397,075 Nil NilMr. Mollah Mohammad Majnu Director 12,127,500 Nil NilMr. Md. Mizanur Rahaman Mollah Director 12,127,500 Nil NilMr. Md. Almas Shimul Director 7,276,500 Nil NilMr. Golam Mohammad Independent Director 148 Nil N/AProf. Dr. Shaikh Shamsuddin Ahmed Independent Director Nil Nil NilMr. Md. Mozharul Islam, FCS Company Secretary Nil Nil NilMr. Shahriar Istiaq Halim, FCA Chief Financial O�cer Nil Nil NilMr. Md. Ziaul Alam, ACA Head of Internal Audit Nil Nil Nil

Name PositionNo. of shares

Self Spouse MinorChildren

Name No. of shares

Executives Nil

Name Position No. of shares

Mr. Mohammed Jahangir Alam

Alhaj Md. Khabiruddin Mollah

Chairman

Managing Director

23,024,925

23,388,750

Shareholding Composition of the Members (as at 30 June 2017)

14.97%

17.52%

0.43%

67.08%

Sponsors and Directors

Foreigners

Institutions

General Paublic


Annexure

Annexure IV

Re-appointment of Directors

Directors profile who seek re-appointment:

Mr. Mohammed Jahangir Alam

Mr. Mohammed Jahangir Alam is a man of Wisdom and energetic businessman. After completing education from Government College of Commerce, Chittagong, Bangladesh in 1980 started his career by joining in a private service.

He has derived vast proficiency in trading in Iron & Steel, Cement, Bitumen, C.I. Sheet, Zinc Ingot, Capital Market, Industrial Ventures etc. Initially he established his business house named Jahangir & Others in 1987 which was subsequently incorporated as Jahangir & Others Limited in 2003. He has established himself as one of the business leaders in Bangladesh.

He is a Sponsor Director and present Chairman of M. I. Cement Factory Limited, Crown Power Generation Limited, Crown Polymer Bagging Limited, Crown Mariners Limited, Crown Transportation & Logistics Limited and GPH Ship Builders Limited.

He is the Managing Director of GPH Ispat Limited, GPH Power Generation Limited, GPH Steels Limited, GPH Engineers & Development Limited, Indo Steel Re-Rolling Industries Limited, Jahangir & Others Limited and Chittagong Capital Limited.

He is also the Director of Premier Cement Mills Limited, Premier Power Generation Limited, Asia Insurance Ltd. and Chartered Life Insurance Limited and Crown Cement Concrete and Building Products Limited and National Cement Mills Limited.

As a part of social activities he is actively involved with the following social organizations:

Founder Member of Independent University of Bangladesh (IUB), Chittagong, Bangladesh

Vice President of Gulshan North Club Limited

Life Member of Chittagong Maa-o-Shishu Hospital

Member of Bangladesh German Chamber of Commerce and Industry

Executive Director of Auto Re-Rolling and Steel Mills Association

General Secretary of Chattagram Iron-Steel Utpadak and Banik Samity

Member of Bangladesh Ex-Cadet Association

Life Member of Bangladesh National Society for the Blind.

Life Member of Bhatiary Golf & Country Club

Life Member of Gulshan Society

Vice President of Gulshan Joggers Society

General Member of FBCCI

Life Member of Banani Club Limited

Life Member of Dhaka Boat Club Limited

Mr. Mohammed Jahangir Alam is a man of commitment which he strongly maintains in his day to day business activities.


Annexure


Alhaj Md. Khabiruddin Mollah is a seasoned and experienced businessman. He is running several industrial units as their Managing Director viz. M. I. Cement Factory Limited., Crown Power Generation Ltd., Molla Salt (Triple Refined) Industries Ltd., Crown Polymer Bagging Ltd., Crown Mariners Ltd. He had been actively involved with import & trading of Cement for the last 55 years. Mr. Mollah with active support of the other Directors and Shareholders, who are his close family members, have expanded the trading activities of the group and deals with various commodities such as iodized salt, Rod, C. I. Sheet and steel structural, supported by a big warehouse at Pagla, they have set up a big network of whole-sale and retail outlets at various points of Dhaka and Chittagong. He is the highest Tax Payers of Narayanganj District for the consecutive last 6 (six) years. He is resourceful member of the Company.


Annexure

Annexure V

Report of the Audit Committee to the Board for the year ended 30 June 2017As per Bangladesh Securities and Exchange Commission Notification No.

SEC/CMRRCD/2006-158/134/Admin/44 on Corporate Governance dated 7 August 2012

The Audit Committee of the Board was duly constituted by the Board of Directors of the Company in accordance with the above noted Notification of the Bangladesh Securities and Exchange Commission (BSEC).

The objectives of the Audit Committee are to assist the Board of Directors in the following areas:

Establishing a culture of adequate internal control system to ensure that su�cient risk management system is in place to manage the company that financial reports disclosed by the Company are reliable for its users.

Ensuring true and fair presentation of the financial statements in compliance with Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards and applicable regulatory requirements.

Reviewing the internal audit procedure of the Company and to ensure that the internal audit can continue their activities without any limitations. To review the e�ciency and e�ectiveness of internal audit and to review whether the management is complying with recommendations made by the internal audit department.

Recommending appointment of external auditor, review audit work and reports submitted by external auditors and to ensure compliance and regularization of recommendations made by the external auditors.

Reporting to the Board of Directors on mistakes, fraud and forgeries and other irregularities to ensure compliance and regularization.

Ensuring compliance with all applicable legal and regulatory rules and regulations and the directives made by the Board of Directors.

In pursuance of its objectives, the Audit Committee of the Board held 7 meetings during the year ended 30 June 2017. The Committee reviewed compliance of policy issues, regulations and applicable laws in general and reports submitted by the internal audit department as well as reports submitted by the external auditors.

During the year under review, the Audit Committee emphasized on the following:

To assess the internal audit procedure followed by the Company.

To take initiative to introduce a risk based internal audit manual.

To review the monthly, quarterly, half-yearly and year-end Financial Statements.

To review the reports submitted by the internal audit department, the Audit Committee instructed and provided suggestions /guidelines to improve the state of operation.

(Golam Mohammad)Chairman

Audit Committee



Annexure

Annexure VI

Managing Director’s (MD) and Chief Financial O�cer’s (CFO) Statement of Responsibilities

(In line with the Bangladesh Securities and Exchange Commission (BSEC) Notification dated 7 August 2012)

The preparation and presentation of financial statements accurately and appropriately is the responsibility of the management and accordingly we certify that:

We have reviewed the Financial Statements for the year ended 30 June 2017 and based on our best of knowledge, belief and information available, these statements, do not contain any materially untrue statement or omit any material fact or do not contain statements that might be misleading;

These statements together present, in all material respects, a true and fair view of company’s a�airs and are in compliance with the existing accounting standards and/or applicable laws regulations. The Financial Statements were prepared in accordance with the Bangladesh Financial Reporting Standards (BFRS) and comply with the Companies Act, 1994, the Securities and Exchange Rules, 1987 and other applicable laws and regulations;

We have reviewed Directors’ Report and other reports as included in Annual Report 2016-2017 for ensuring accuracy and appropriateness. However, the Directors’ Report and other reports include updated information that was available till the publication of Annual Report 2016-2017;

To the best of our knowledge and belief, no transactions enter into by the company during the financial year are fraudulent, illegal or violating business ethics and codes of conduct that is ensured by the established e�cient and e�ective internal control system of the Company through internal auditors and the audit committee, which requires a high degree of judgments;

We a�rm that we have not denied any personal access to the audit committee of the Company (in respect of matters involving alleged misconduct) and we have provided protection to whistle blowers from unfair termination and other unfair or prejudicial employment practices; and

We further declare that all Board Members and senior managerial personnel have a�rmed compliance with the codes of conduct for the current year.

(Shahriar Istiaq Halim, FCA)Chief Financial O�cer

(Alhaj Md. Khabiruddin Mollah)Managing Director


Annexure

Annexure VII


Annexure

Annexure VIII

Report on compliance of Corporate Governance Guideline of BSEC (Condition No. 7)

Status of Compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s Notification No. SEC/CMRRCD/2006-158/Admin/44 dated 07th August 2012 issued under section 2CC of the Securities and Exchange Ordinance, 1969 is presented below:

TitleConditionNo.

Compliance Status(“√” has been put in

the appropriatecolumn)

Remarks(if any)

Complied NotComplied

1.0

1.1

1.2

1.2 (i)

1.2 (ii)

1.2 (ii) (a)

1.2 (ii) (b)

1.2 (ii) (c)

1.2 (ii) (d)

1.2 (ii) (e)

1.2 (ii) (f)

1.2 (ii) (g)

1.2 (ii) (h)

1.2 (ii) (i)

1.2 (iii)

Board of Directors (BoD)

Board size (number of Board members- minimum 5 and Maximum 20)

Independent Directors

At least one fifth (l/5) of the total number of Directors shall be Independent Directors

Independent Director means a Director:

who either does not hold any share in the company or holds less than one percent (1%) shares of the total paid-up shares of the company

who is not a sponsor of the company and is not connected with the company's any sponsor or director or shareholder who holds one percent (1%) or more shares of the total paid-up shares of the company on the basis of family relationship. His/her family members also should not hold above mentioned shares in the company

who does not have any other relationship, whether pecuniary or otherwise, with the company or its subsidiary/associated companies

who is not a member, director or o�cer of any stock exchange

who is not a shareholder, director or o�cer of any member of stock exchange or an intermediary of the capital market

who is not a partner or executive or was not a partner or an executive during the preceding 3 (three) years of the company's statutory audit firm

who shall not be an independent director in more than 3 (three) listed companies

who has not been convicted by a court of competent jurisdiction as a defaulter in payment of any loan to a bank or a Non-Bank Financial Institution (NBFI)

who has not been convicted for a criminal o�ence involving moral turpitude

Independent Director(s) shall be appointed by BoD and approved by the shareholders in the Annual General Meeting (AGM)

√

√

√

√

√

√

√

√

√

√

√

√


Annexure

TitleConditionNo.



Remarks(if any)


1.2 (iv)

1.2 (v)

1.2 (vi)

1.3

1.3(i)

1.3(ii)

1.3(iii)

1.4

1.5

1.5 (i)

1.5 (ii)

1.5 (iii)

1.5 (iv)

1.5 (v)

1.5 (vi)

1.5 (vii)

1.5 (viii)

1.5 (ix)

1.5 (x)

As per law(s) detailsare discussed in thefinancial statements.

√

√

√

√

√

√

√

√

√

√

√

√

The post of independent director(s) cannot remain vacant for more than 90 (ninety) days

The Board shall lay down a code of conduct of all Board members and annual compliance of the code to be recorded

The tenure of o�ce of an independent director shall be for a period of 3 (three) years, which may be extended for 1 (one) term only

Qualification of Independent Director (ID)

Independent Director shall be a knowledgeable individual with integrity who is able to ensure compliance with financial, regulatory and corporate laws and can make meaningful contribution to business

Independent Director should be a Business Leader/ Corporate leader/Bureaucrat/University Teacher with Economics or Business Studies or Law background/ Professionals like Chartered Accountants, Cost & Management Accountants, Chartered Secretaries. The independent director must have at least 12 (twelve) years of corporate management/professional experiences

In special cases the above qualifications may be relaxed subject to prior approval of Commission

The Chairman of the Board and the Chief Executive O�cer (CEO) shall be di�erent individuals. The Chairman shall be elected from among the directors. The Board of Directors shall clearly define respective roles and responsibilities of the Chairman and the CEO

Industry outlook and possible future developments in the industry

Segment-wise or product-wise performance

Risks and concerns

A discussion on Cost of Goods Sold, Gross Profit Margin and Net Profit Margin

Discussion on continuity of any Extra-Ordinary gain or loss

Basis for related party transactions - a statement of all related party transactions should be disclosed in the annual report

Utilization of proceeds from public issues, rights issues and/or through any other instrument

An explanation if the financial results deteriorate after the company goes for None Initial Public O�ering (IPO)

If significant variance occurs between Quarterly Financial performance and Annual Financial Statements, the management shall explain about the variance

Remuneration to directors including independent directors

N/A

N/A

N/A

N/A

The Director's Report shall include the following additional statements:


Annexure

TitleConditionNo.



Remarks(if any)


1.5 (xi)

1.5 (xii)

1.5 (xiii)

1.5 (xiv)

1.5 (xv)

1.5 (xvi)

1.5 (xvii)

1.5 (xviii)

1.5 (xix)

1.5 (xx)

1.5 (xxi)

1.5 (xxi) (a)

1.5 (xxi) (b)

1.5 (xxi) (c)

1.5 (xxi) (d)

1.5 (xxii) 1.5 (xxii)(a)

1.5 (xxii)(b)

1.5 (xxii)(c)

2.0

2.1

2.2

3.0

3 (i)

3 (ii)

The financial statements present fairly its state of a�airs, the result of its operations, cash flows and changes in equity

Proper books of account have been maintained

Adaptation of appropriate accounting policies & estimates

IAS/BAS/IFRS/BFRS, as applicable in Bangladesh, have been followed and adequate disclosure for any departure

The system of Internal control is sound in design and has been e�ectively implemented and monitored

Going Concern (ability to continue as going concern)

Highlight and explain significant deviations from the last year’s operating results

Key operating and financial data of at least preceding 5(five) years shall be summarized

Reason for non-declaration of Dividend

The number of Board meetings held during the year and attendance by each director

Pattern of shareholding and name wise details (disclosing aggregate number of shares):

Parent/Subsidiary/Associated Companies and other related parties

Directors, Chief Executive O�cer (CEO). Company Secretary (CS), Chief Financial O�cer (CFO), Head of Internal Audit (HIA) and their spouses and minor children

Executives

Shareholders holding ten percent (10%) or more voting interest in the company

In case of the appointment/re-appointment of a director, disclose:

a brief resume of the director

nature of his/her expertise in specific functional areas

names of companies in which the person also held the directorship and the membership of committees of the board

Chief Financial O�cer, Head of Internal Audit & Company Secretary

Appointment of CFO, HIA and CS and defining their respective roles. responsibilities & duties

The CFO and the CS shall attend the meeting of the Board of Directors

Audit Committee

The Audit Committee shall be the sub-committee of the BoD

The Audit Committee shall assist the BoD in ensuring that the financial statements reflect true and fair view of the state of a�airs of the company and in ensuring a good monitoring system within the business.

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

N/A


Annexure

TitleConditionNo.



Remarks(if any)


3 (iii)

3.1

3.1 (i)

3.1 (ii)

3.1 (iii)

3.1 (iv)

3.1 (v)

3.1 (vi)

3.2

3.2 (i)

3.2 (ii)

3.3

3.3(i)

3.3(ii)

3.3(iii)

3.3(iv)

3.3(v)

3.3(vi)

3.3(vii)

3.3(viii)

3.3(ix)

3.3(x)

The Audit Committee shall be responsible to the BoD . The duties of the Audit Committee shall be clearly set forth in writing

Constitution of the Audit Committee

The Audit Committee shall be composed of at least 3 members

The BoD shall appoint members of the Audit Committee who shall be directors of the company and shall include at least 1 (one) Independent Director

All members of the audit committee should be "financially literate" and at least 1 (one) member shall have accounting or related financial management experience

Expiration of the term of service of Audit Committee members making the number lower than 3 (three) and fill up the vacancy (ies) by the Board not later than 1 (one) month from the date of vacancy(ies)

The Company Secretary shall act as the secretary of the Audit Committee

The quorum of the Audit Committee meeting shall not constitute without at least 1(one) independent director

Chairman of the Audit Committee

The BoD shall select the Chairman of the Audit Committee, who shall be an Independent Director

Chairman of the audit committee shall remain present in the AGM

Role of Audit Committee

Oversee the financial reporting process

Monitor choice of accounting policies and principles

Monitor Internal Control Risk Management process

Oversee hiring and performance of external auditors

Review the annual financial statements before submission to the board for approval

Review the quarterly and half yearly financial statements before submission to the board for approval

Review the adequacy of internal audit function

Review statement of significant related party transactions submitted by the management

Review Management Letters/Letter of Internal Control weakness issued by statutory auditors

Disclosure to the Audit Committee about the uses/applications of IPO funds by major category (capital expenditure, sales and marketing expenses, working capital, etc), on a quarterly basis, as a part of their quarterly declaration of financial results. Further, on an annual basis, shall prepare a statement of funds utilized for the purposes other than those stated in the prospectus

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

N/A

N/A


Annexure

TitleConditionNo.



Remarks(if any)


3.4

3.4.1

3.4.1(i)

3.4.1(ii)(a)

3.4.1(ii)(b)

3.4.1(ii)(c)

3.4.1(ii)(d)

3.4.2

3.5

4.0

4.0 (i)

4.0 (ii)

4.0 (iii)

4.0 (iv)

4.0 (v)

4.0 (vi)

4.0 (vii)

4.0 (viii)

4.0 (ix)

5

5(i)

5(ii)

5(iii)

5(iv)

Reporting of the Audit Committee

Reporting to the Board of Directors

Reporting to BoD on the activities of the Audit Committee

Reporting to BoD on conflicts of interests

Reporting to BoD on any fraud or irregularity or material defect in the internal control system

Reporting to BoD on suspected infringement of laws

Reporting to BoD on any other matter

Reporting to BSEC (if any material impact on the financial condition & results of operation, unreasonably ignored by the management)

Reporting to the Shareholders of Audit Committee activities, which shall be signed by the Chairman and disclosed in the Annual Report

External / Statutory Auditors

Non-engagement in appraisal or valuation services or fairness opinions

Non-engagement in designing and implementation of Financial Information System

Non-engagement in Book Keeping or other services related to the accounting records or financial statements

Non-engagement in Broker-dealer services

Non-engagement in actuarial services

Non-engagement in internal audit services

Non-engagement in any other services that the Audit Committee determines

No partner or employees of the external audit firms shall possess any share of the company during the tenure of their assignment

Audit/ certification services on compliance of corporate governance as required under clause (i) of condition No. 7

Subsidiary Company

Provisions relating to the composition of the BOD of the holding company shall be made applicable to the composition of the BoD of the subsidiary company

At least 1(one) Independent Director on the BoD of the holding company shall be a director on the BoD of the subsidiary company.

The minutes of the Board meeting of the subsidiary company shall be placed for review at the following Board meeting of the holding company

The minutes of the respective Board Meeting of the holding company shall state that they have reviewed the a�airs of the subsidiary company also

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

√

N/A

N/A

N/A

N/A


Annexure

TitleConditionNo.



Remarks(if any)


5(v)

6.0

6(i)

6 (i)(a)

6 (i)(b)

6 (ii)

7.0

7 (i)

7 (ii)

√

√

√

√

√

√

N/AThe Audit committee of the holding company shall also review the financial statements, in particular the investments made by the subsidiary company

The CEO and CFO shall certify to the Board that they have reviewed financial statements for the year and that to the best of their knowledge and belief:

These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading

These statements together present a true and fair view of the company's a�airs and are in compliance with existing accounting standards and applicable laws

There are, to the best of knowledge and belief, no transactions entered into by the company during the year which are fraudulent. illegal or violation of the company's code of conduct

Reporting and Compliance of Corporate Governance

Obtaining certificate from a practicing Professional Accountant/Secretary regarding compliance of conditions of Corporate Governance Guidelines of the BSEC and include in the Annual Report

Directors statement in the directors' report whether the company has complied with these conditions

Duties of Chief Executive O�cer (CEO) and Chief Financial O�cer (CFO)


Annexure

Annexure IX

CSR reflects an organization’s commitment towards improving the society’s wellbeing and it also serves to enhance the organization’s image. M. I. Cement Factory Ltd. does not consider business is all about maximizing profit; rather it believes in contribution towards the society as a social obligation and in which our customers, investors like to be more engaged with. Thus M. I. Cement Factory Ltd. always tries to explore thoughtful, comprehensive approaches to corporate citizenship that we believe aligns with Company’s values and maximizes the impact it can make as a corporation. We primarily focus on specific societal issues; Followings are the few CSR initiatives that we have carried on last year:

Warm Clothes Giving DriveThough the poverty incidence in our country is decreasing but still a significant number of our total population is living below the poverty line. Many of them live as refugees or in slums. During the winter they su�er a lot, even die from various seasonal diseases. As we feel their su�erings, we are arranging many warm clothes giving drives throughout the mostly a�ected parts of the country in winter.

Donation to the Prime Minister’s Education Assistance TrustThis year we also donated a substantial amount to the Prime Minister’s Education Assistance Trust.

Donation and ConstructionWe believe philanthropic contribution is the most e�ective way to eradicate social disparity. Thus our Company has been donating significant amount of money to the people, those who are su�ering from social di�erence. Several students for their higher education, aid for hajj program for the deprived people, humanity program, free medicine distribution, aid for poor patient and so on are our regular donating program throughout the year. In addition to the above mentioned activities, during the year we also donated to a Mosque Fund at DOHS, Mirpur.

Education of the BlindsDisabled Childs are the neglected in our society. As they are part of our society we need to nurture them to make them e�cient to our society. Thus our company has been donating a regular amount of money to several Blind students in their education which is removing the darkness of illiteracy.

Merit ScholarshipAs the poor student doesn’t have the financial support for their education along with their other needs. We are providing several poor students with proper financial assistance to support their education.

Fire Service & Civil DefenseFire Service and Civil Defense is a service oriented first responding government organization of the Peoples Republic of Bangladesh under the Ministry of Home A�airs. The activity of the organization is devoted for the peoples. They organized various awareness programs to aware general peoples on various disasters. Recently Crown Group has sponsored an awareness & Sensitizing Seminar on “Earthquake Vulnerability Preparedness and Way Forward” which was organized by the Fire Service and Civil Defense.

Environmental & Social ObligationsCrown Group recognizes that various human activities leave harmful e�ects on ecological systems, climate and public health. In connection, the organization has made a commitment towards promoting sustainable environmental practices through all its activities. To grow a healthy environment we have donated “Gulshan Joggers Society, a club of the walkers at Gulshan Park” for organizing their awareness program for motivating the city people in living healthy life.

Sports and CulturalWe, Crown Group are most enthusiastic in sponsoring various Sports, which is the healthiest recreation for us. We have sponsored many Cricket tournament, Football tournament, Training program for young cricketers and so on all over the year. We also contribute to the religious festivals of various religions throughout the country.

CSR Activities


Int’l Projects

INTERNATIONALPROJECTS

Indira Gandhi MemorialHospital at Agartala,India made withCrown Cement

Largest Data CentreHi-Tech Park inBangladeshlocated at Kaliakoir,Gazipur is beingmade withCrown Cement.

Flyover atAgartala, Indiamade withCrown Cement.


Highlight of the Events

HIGHLIGHTOF THE EVENTS

Mr. Mollah Mohammad Majnu, Additional Managing Director handing over the Cheque toValerie Ann Taylor being donation to the Centre for the Rehabilitation of the Paralyzed (CRP) for supporting their Rehabilitation Project.

Mr. Md. Alamgir Kabir, Additional Managing Director is receiving the National Export Trophy (Bronze) from the honorable Prime Minister Sheikh Hasina for the year 2013-2014 (Awarded in 2017).

Signing with LOESCHE Innovative Engineering Germany - CNBM International Engineering Co. Ltd. for establishing our 5th Unit with latest Ultra Modern Technology.


HIGHLIGHTOF THE EVENTS

Highlight of the Events

Mr. Mohammed Jahangir Alam, Chairman and Alhaj Md. Khabiruddin Mollah, Managing Director is handing over the Crest to extend reception for honoring our Heroes of the Liberation War, 1971 for their greatest contribution.

Mr. Md. Habibur Rahman Mollah, FCA, Executive Director is handing over the Key of a Microbus being donation from M. I. Cement Factory Limited to Mr. A. A. M. S. Are�n Siddique, Vice-Chancellor of Dhaka University for the use of the O�ce of the Controller of Examinations.

Winner Team of the Rise High Bangladesh Competition Sponsored by M. I. Cement Factory Limited in association with the Daily Star for promoting the Innovative Export Ideas.


Auditors' Report

AUDITORS'REPORT

To the Shareholders ofM. I. Cement Factory Limited

Report on the Financial StatementsWe have audited the accompanying financial statements of M. I. Cement Factory Limited ("the Company") which comprise the statement of financial position as at 30 June 2017, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.


Auditors' Report

Management's responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS), the company's accounting policy, the Companies Act, 1994, the Securities and Exchange Rules, 1987 and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSAs). Bangladesh Standards on Auditing require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the e�ectiveness of the entity's internal control. An audit also includes the evaluation of the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is su�cient and appropriate to provide a basis for our opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of the Company as at 30 June 2017, and of its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs), the Companies Act, 1994, the Securities and Exchange Rules, 1987 and other applicable laws and regulations.

Report on Other Legal and Regulatory Requirements

We also report that:

i) we have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;

ii) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination of those books;

iii) the statement of financial position and statement of profit or loss and other comprehensive income dealt with by the report are in agreement with the books of account; and

iv) the expenditure incurred was for the purpose of the Company's business.

Syful Shamsul Alam & Co.Chartered Accountants



Financial Statements

Statement of Financial PositionAs at 30 June 2017

ASSETSNon- current assetsProperty, plant and equipmentsCapital work in progress

Investment in associate companies

Current assetsInvestment in sharesInventoriesTrade receivablesCurrent account with sister concernsOther receivablesAdvances, deposits and prepaymentsAdvance income taxCash and cash equivalents

TOTAL ASSETS

EQUITY AND LIABILITIESShareholders' equityShare capitalShare premiumRetained earningsRevaluation reserve

LIABILITIESNon-current liabilitiesLong term borrowing net o� current maturityLiabilities for gratuity Deferred tax liability

Current liabilities and provisionTrade payablesOther payablesCurrent portion of long term borrowingsShort term loanProvision for tax liabilitiesLiabilities for WPPFPayable to IPO applicantsUnclaimed dividendTOTAL LIABILITIESTOTAL EQUITY AND LIABILITIESNet Asset Value per share

45

6

7891011121314

1516

1718

19.01

202122232425

36

7,582,097,442 4,709,505,952 2,872,591,490

198,584,589

10,138,764,676 379,375,055 980,360,894 1,610,719,068 916,032,230 190,901,018 712,669,413

1,492,092,598 3,856,614,400

17,919,446,707

7,097,794,749 1,485,000,000 2,956,560,000

1,996,018,828 660,215,921

2,448,880,657 1,829,140,112

92,279,541 527,461,004

8,372,771,301 234,043,729

255,251,109 259,050,872

6,909,413,890 636,268,528

42,994,185 12,772,304 22,976,684

10,821,651,958 17,919,446,707

47.80

5,416,696,077 4,951,214,875 465,481,202

133,919,313

8,609,003,487 130,919,903

797,868,489 1,065,262,109 969,556,496

75,030,322 730,491,856 1,156,538,198 3,683,336,114

14,159,618,877

6,724,823,855 1,485,000,000 2,956,560,000 1,596,350,972

686,912,883

713,546,019 129,371,414 80,286,677

503,887,928

6,721,249,003 349,900,640 270,338,013 483,395,584

5,064,048,878 469,928,794 49,000,462

12,833,356 21,803,276

7,434,795,022 14,159,618,877

45.29

The annexed notes 1 to 44 form an integral part of these financial statements.

30.06.2017 Taka

30.06.2016 Taka

Notes



Shahriar Istiaq Halim, FCAChief Financial O�cer

Md. Mozharul Islam, FCSCompany Secretary


As per our report of same date.

Md. Almas ShimulDirector



Statement of Profit or Loss and other Comprehensive IncomeFor the year ended 30 June 2017

Revenue

Cost of sales Gross profit Other operating income Administrative expenses Selling and distribution expenses Operating profit Non-operating income Finance cost Finance income Share of profit from associates Profit before WPPF & income tax Workers' profit participation fund (WPPF) Profit before income tax Income tax expenses Current tax Deferred tax Net profit after tax for the year Earnings per share

26

27

28

29

30

31

32.01

32.02

34

3333

35

9,439,820,021

(7,829,382,292)

1,610,437,729

108,535,500

(209,406,229)

(399,790,016)

1,109,776,984

58,694,471

(499,434,000)

169,175,158

64,665,276

902,877,889

(42,994,185)

859,883,704

(166,339,734) (32,464,873)

(198,804,607)

661,079,097

4.45

9,016,548,629

(7,357,193,511)

1,659,355,118

40,086,000

(150,300,608)

(353,005,066)

1,196,135,444

33,860,900

(466,095,750)

228,145,544

36,963,569

1,029,009,706

(49,000,462)

980,009,244

(177,534,373) (58,227,046) (235,761,419)

744,247,825

5.01

The annexed notes 1 to 44 form an integral part of these financial statements.

2016-2017 Taka

2015-2016 Taka

Notes










M.I. CEMENT FACTORY LTD.I Annual Report I 2016-201780

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Statement of Cash FlowsFor the year ended 30 June 2017

Cash flows from operating activities Cash received from customers Cash received from other operating income Cash received from non operating income Cash received from financial activities Cash paid to suppliers & employees Cash paid for operating expenses Income tax paid Net cash flows from operating activities

Cash flows from investing activities Acquisition of property, plant and equipments Proceeds from sale of property, plant and equipmentsIncrease/ (decrease) of payment for capital work in progressInevestment in shares Paid to associates companies Net cash used in investing activities Cash flows from financing activities Receipt of short term loan Repayment of term loan Paid against financial expenseIncrease of IPO application funds due to foreign exchange fluctuationDividend paid Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year (note: 14)

Net operating cash inflows per share

8,894,363,062 -

14,756,307 161,839,962

(7,796,280,620) (681,999,330)

(335,554,400) 257,124,981

(132,996,285) 907,700

(2,407,110,288) (201,406,395)

53,524,266 (2,687,081,002)

1,845,365,012

1,475,423,986 (421,667,047)

(61,052) (295,826,592)

2,603,234,307

173,278,286 3,683,336,114

3,856,614,400

1.73

9,097,768,811 1,252,505

31,567,206 245,910,149

(6,817,096,343) (715,769,873)

(257,434,738) 1,586,197,717

(720,328,318) 12,167,085

(352,968,843) (2,399,138)

(56,439,102) (1,119,968,316)

921,432,115 (372,397,770) (466,095,750)

(6,865) (368,241,289)

(285,309,559)

180,919,842 3,502,416,272 3,683,336,114

10.68

2016-2017 Taka

2015-2016 Taka










Notes

Notes to the Financial StatementsFor the year ended 30 June 2017

1.00 Incorporation and legal status

M. I. Cement Factory Limited (hereinafter referred to as "the Company" or ''MICFL'') was incorporated on 31 December 1994 under the Companies Act 1994 as a Public Limited Company in Bangladesh. The Company subsequently went for Initial Public O�ering of shares in January 2011 which was fully subscribed and issued. The Company was listed with Chittagong Stock Exchange Limited (CSE) on 5 May 2011 and Dhaka Stock Exchange Limited (DSE) on 18 May 2011.

The registered o�ce of the Company is situated at West Mukterpur, Munshiganj and the corporate o�ce is situated at Delta Life Tower (3rd & 6th floor), Plot No. 37, Road No. 45 (South) & 90 (North), Gulshan- 2, Dhaka- 1212.

The Company has five associate companies namely Crown Power Generation Ltd. (CPGL), Crown Mariners Ltd. (CML), Corwn Polymer Bagging Ltd. (CPBL), Crown Cement Concrete and Building Products Ltd. (CCCBPL) and Crown Transportation & Logistics Ltd. (CTLL).

2.00 Nature of activities

The principal activities of the Company are manufacturing and marketing of Portland Cement (PC) and Portland Composite Cement (PCC), the Company has been marketing its products with the brand name “Crown Cement”. In addition to sale of Company's products in the local market, the Company also exports it's products to India. The plant of the Company is equipped with world famous O-Sepa Separator.

3.00 Summary of significant accounting and valuation policies

The accounting policies applied in the preparation of the financial statements are set out below. These policies have been applied consistently to all the years presented. The specific accounting policies selected and applied by the Company’s management for significant transactions and events that have a material e�ect in preparation and presentation of financial statements are in compliance with the framework of Bangladesh Financial Reporting Standards (BFRSs).

3.01 Basis of preparation of the Financial Statements

(a) Accounting standards

The financial statements of the Company have been prepared in accordance with Bangladesh Financial Reporting Standards (BFRSs) and the requirements of Bangladesh Securities and Exchange Rules, 1987, the Companies Act, 1994 and other applicable laws and regulations.

(b) Accounting convention

The financial statements are prepared under the historical cost model except property, plant and equipments which have been measured under revaluation model. The Company classified the expenses using the function of expenses method as per BAS-1 (Presentation of Financial Statements).

(c) Critical accounting estimates, assumptions and judgments

The preparation of Financial Statements, complying BFRS, requires the use of certain critical accounting estimates.


Notes

It also requires management to exercise their judgment in ascertaining assumption in the process of applying the Company’s accounting policies and reported amount of assets, liabilities, income and expenses. Such estimates are prepared on the assumption of going concern and are established based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could di�er from the estimates.

Significant estimates are made by management in the preparation of the financial statements include assumptions used for depreciation, allowance for receivables, deferred taxes and provisions for employees benefits.

(d) Re-arrangement of figures

Previous year figures have been re-arranged wherever necessary to conform to the current year's presentation.

3.02 Foreign currency translation/transaction

Foreign currency transactions are recorded at the applicable rates of exchange prevailing at the transaction date in accordance with BAS-21 (The e�ects of changes in foreign exchange rates) and the resultant gain/loss is recognised in the financial statements. Monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the reporting date. Exchange di�erences at the statement of financial position date are recognized in the statement of comprehensive income.

3.03 Property, plant and equipments (PP&E)

Tangible fixed assets are accounted for according to BAS-16 (Property, plant and equipments) either at historical cost or at revaluation less cumulative depreciation and the capital work-in-progress is stated at cost. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the assets' carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Repair and maintenance costs are charged to the Statement of Profit or Loss and Other Comprehensive Income during the financial period in which they are incurred.

Depreciation on assets other than land is calculated using the reducing balance method or straight line method over their estimated useful lives at the following rates:

Category of PP&E Rate (%) Depreciation Method

Mother vessel 5 Straight line

Buildings 5 Reducing balance

Plant and machinery 10 Reducing balance

Furniture 10 Reducing balance

Decoration 20 Straight line

Equipment 20 Straight line

Computers 33.33 Straight line

Transport and vehicles 10-15 Reducing balance

Other assets 10-20 Reducing balance

Depreciation method, useful lives and residual values are reviewed at each reporting date.


Notes

In respect of addition to fixed assets, depreciation is charged from the month of addition while no depreciation is charged in the month of disposal.

68 no. of transport vehicles / vessels owned by the Company are being operated by Crown Transportation and Logistics Limited. No related income and expenses except depreciation has been recognized in the financial statements.

In accordance with the provision of BAS-36: (Impairment of assets) no impairment indication has been observed till reporting date.

3.04 Inventories

Inventories are valued in accordance with BAS-2 (Inventories) at the lower of cost and net realizable value. The cost of inventories is based on weighted average method. The cost of finished goods comprises raw materials, packing materials, direct labour, other direct and related production overheads (based on normal capacity) and production related depreciation.

3.05 Trade receivable, current account with sister concern and other receivables Trade receivables are recognised and carried at original invoiced amount. Receivables are stated at net o� provision for doubtful debts. Provision is made in these accompanying financial statements complying the Company's policy and receivables are written o� when the debts became finally irrecoverable. Further, management has assessed the objective evidence regarding capacity of repayment of its sister concerns and impairment provision, if any, is made in these accompanying financial statements complying the Company's policy.

3.06 Cash and cash equivalents It includes cash in hand and bank deposits those are available for use by the Company having insignificant risk of changes in value of these current assets.

3.07 Employee benefits (a) Defined contribution plan

The Company operates an equal contributory provident fund for its permanent employees, provision for which is being made monthly as per the rules. The fund is recognized by the National Board of Revenue (NBR) and is administered by a Board of Trustees. This is a funded scheme and separate accounts are maintained for this fund.

(b) Defined benefits plan

This represents an unfunded gratuity scheme for its permanent employees. One latest basic salary is allocated to employees for the year(s) of service rendered who have not completed ten years while one and a half latest basic salary is allocated in same manner who have completed ten years of service in the Company.

No actuarial valuation was done for liability on account of gratuity. Had any actuarial valuation been carried out the di�erence between current provision and actuarial valuation would have been nominal as internally assessed by the management.

(c) Group insurance benefit

The permanent employees of the Company are covered under a group insurance scheme and insurance premium is being charged to statement of Profit or Loss and Other Comprehensive Income.

(d) Workers' profit participation fund (WPPF)

The Company recognizes a provision and expenses for Workers' Profit Participation @ 5% of net profit as per relevant Act.


Notes

(e) Leave encashment benefit

The permanent employees of the Company are entitled to encash earned leave in pursuant to the leave encashment policy consistently applied and approved by the Board. The Company calculates benefit for leave encashment on a calendar year basis.

3.08 Trade and other payablesLiabilities are recorded at the amount payable for settlement in respect of goods and services received by the Company.

3.09 Provisions Provisions are recognized in accordance with BAS-37 (Provisions, contingent liabilities and contingent assets). The Company recognises a provision when there is a present obligation, legal or constructive, as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.

3.10 Revenue recognition(a) The Company recognizes sales when products are dispatched and risks and rewards are also

transferred to the buyers;

(b) Interest income on bank deposits is recognized once credited to the Company accounts maintained with the respective banks.;

(c) Income from mother vessel, when it is being chartered out, is recognized on the basis of contractual agreement between the company and Crown Maritime and Shipping Services.;

(d) Dividend income from investment in shares is recognized when the shareholder's right to receive payment is established;

(e) Other income is recognized on accrual basis.

3.11 Advertising and promotional expenses All costs associated with advertising and promotional activities are charged out in the year of occurrence.

3.12 Allocation of directors' remuneration Directors' remuneration is allocated to di�erent departments like administration, factory and selling and distribution on the basis of the functions performed by them for the Company.

3.13 Allocation of depreciation Depreciation is allocated to factory, administrative and selling & distribution overheads on the basis of utilization of assets by the function of the Company.

3.14 Income tax(a) Current tax

Provision is made at the ruling rate of tax as per the Finance Act, 2017.

(b) Deferred tax

Deferred tax is recognized using the balance sheet method. Deferred tax arises due to temporary di�erence, deductible or taxable, for the events or transaction is recognized in the statement of profit or loss and other comprehensive income. A temporary di�erence is the di�erence between the tax base of an asset or liability and its carrying amount/reported amount in the statement of financial position. Deferred tax assets or liability is the amount of income tax recoverable or payable in future period (s) recognized in the current period. The deferred tax liability/expense does not create a legal liability /recoverability to and from the income tax authority.


Notes

3.15 Investment in associate companies Associate companies are those where the Company has direct investment and significant influence over their financial and operating policy decisions but has no control or joint control over those policies.

Associate companies use similar accounting policies and investment in such are accounted for following the equity method and recognised in the statement of financial position at cost plus proportionate share of post acquisition profit or loss wherever applicable. Proportionate share of losses in associate companies are recognised to the extent that it does not exceed the investment at cost. Appropriate adjustment has been made for the e�ects of significant transaction on events of the associate (s) where date of financial statement preparation is di�erent. More than three months where the mismatch between the reporting date of associate and parent is di�erent by no more than three months, deviation has been considered complying BAS-28 (Investments in associates and joint ventures).

3.16 Investment in shares Investment in shares which are actively traded on a quoted market are designated at fair value (market price) through statement of profit or loss and other comprehensive income. Gains or losses arising from a change in the fair value of such financial assets are recognized in the statement of Profit or Loss Other Comprehensive Income accordingly.

3.17 Cash flows statement

Cash flows statement is prepared principally in accordance with BAS-7 (Cash flows statement) and the cash flows from operating activities have been presented under direct method.

3.18 Segment information The Company is primarily engaged in the manufacturing and selling of similar type of products; this forms the focus of the Company's internal reporting system. The Company's business is not organized in di�erent products/ geographical components. Hence, segmentation within a wide portfolio of products/ geographical location is not a part of the regular internally reported financial information to the operating decision makers. Therefore, it is not possible to segment the Company's results by products/ geographic location which might involve a high degree of estimation.

3.19 Date of authorization

The Board of Directors has authorised the financial statements on 22 October 2017 for publication.

3.20 General

These financial statements are presented in Bangladesh Taka which is functional and presentation currency of the Company. Figures have been rounded o� to the nearest Taka.


Notes

30.06.2017 Taka

30.06.2016 Taka

4.00 Property, plant and equipments

A. CostOpening balance 6,828,936,594 5,754,106,838 Add : addition during the year 153,253,927 1,088,789,650 6,982,190,521 6,842,896,488 Less : disposal during the year 73,615,974 13,959,894 Total (A) 6,908,574,547 6,828,936,594 B. Accumulated depreciation Opening balance 1,877,721,719 1,550,555,002 Add : charged during the year 360,050,294 328,959,526 2,237,772,013 1,879,514,528 Less : adjustment for disposal during the year 38,703,418 1,792,809 Total (B) 2,199,068,595 1,877,721,719 C. Carrying amount (A-B) 4,709,505,952 4,951,214,875 A separate schedule of property, plant and equipments is given in annexure-A.

4.01 Revaluation reserveProperty, plant and equipments of the Company were revalued by a firm of M/s. S. F. Ahmed & Co., Chartered Accountants as on 30 June 2016, following "Market Approach".

5.00 Capital work in progressMachineries and equipments 1,477,638,849 108,360,886

Building construction 327,039,906 109,025,990

Construction of slag shed 160,468,389 48,665,487

Construction of silo 266,058,571 149,797,434

Jetty construction 4,839,756 3,378,069

Mother vessel 469,028,350 -

Others 167,517,670 46,253,337

2,872,591,490 465,481,202

6.00 Investment in associate company (note 3.15) Crown Power Generation Limited (CPGL) - -

Add : share of profit/(loss) from investment - -

(a) Net investment in CPGL - -

Crown Mariners Limited (CML) 133,919,313 96,955,744

Add : share of profit from investment 64,665,276 36,963,569

(b) Net investment in CML 198,584,589 133,919,313

Crown Cement Concrete and Building Products Limited (CCCBPL) - -

Less : share of profit/(loss) from investment - -

(c) Net investment in CCCBPL - -

Crown Transportation & Logistics Limited (CTLL) - -

Add : share of profit/(loss) from investment - -

(d) Net investment in CTLL - -

Net investment in associate companies (a+b+c+d) 198,584,589 133,919,313


Notes

6.01 Summarized key financial information of the associate companies are presented below in accordance with BAS-28 (Investment in associates).

Share of Losses of associate companies are recognized in the financial statements to the extent it does not exceed the carrying amount 'Investment in associates'.

7.00 Investment in shares

Opening balance 130,919,903 126,227,071

Add : addition during the year 219,806,488 13,754,149

Less : disposal during the year 15,079,262 13,171,125

335,647,129 126,810,095

Add : Unrealised gain/(loss) from fair valuation 43,727,926 4,109,807

379,375,055 130,919,903

Financial statements (un-audited) as of

% of MICFL stakeInitial investmentTotal assets Total liabilities Revenue Profit or (loss) Accumulated profit/ (loss)Unrecognized losses of associate companies

30.06.2017

20 500,000

2,000,798,578891,830,075651,864,307323,326,381976,413,003

-

30.06.2017

20 500,000

724,939,650 898,418,766 597,325,750 (34,175,672) (175,979,116)

(35,695,823)

30.06.2017

20

500,000 2,375,999,688 2,270,155,640 3,000,509,696

10,399,214 (108,344,048)

(22,168,810)

30.06.2017

50 2,000,000

106,863,398 107,811,197

36,168,240 (14,950,107) (21,497,491)

(12,748,745)

Particulars

CrownMarinersLimited(CML)

CrownTransportation

& LogisticsLimited(CTLL)

Crown CementConcrete and

Building ProductsLimited

(CCCBPL)

CrownPower

GenerationLimited(CPGL)

30.06.2017 Taka

30.06.2016 Taka


Notes

Break- up of investment in shares:

Bank Asia Ltd. 68,437 1,103,378 1,177,116 Beximco Pharma Ltd. 253,482 23,074,457 28,643,466 Delta Life Insurance Ltd. 4,458 6,169,637 6,381,342 Jamuna Oil Co. Ltd. 148,830 27,057,294 30,822,693 Meghna Petroleum Ltd. 21,875 3,648,861 4,383,750 National Bank Ltd. 417,032 2,934,754 4,837,571 One Bank Ltd. 1,645,200 22,596,041 34,549,200 Prime Bank Ltd. 24,200 381,999 551,760 Rupali Bank Ltd. 45,001 946,994 1,251,028 Social Islami Bank Ltd. 57,750 751,240 1,299,375 South East Bank Ltd. 167,665 2,669,949 3,101,803 Square Pharma Ltd. 234,425 57,205,426 68,006,693 Titas Gas Ltd. 55,618 2,681,828 2,814,271 Eastern Bank Ltd. 722,326 20,087,556 25,281,410 Uttara Bank Ltd. 9,334 192,677 228,683 BSRM Steel Ltd. 133,598 13,063,252 12,144,058 Meghna Life Insurance Ltd. 6,654 361,545 369,962 Phoenix Insurance Ltd. 6,315 124,406 161,033 Peoples Insurance Ltd. 2,700 37,202 59,130 Asia Pacific Insurance Ltd. 1,343 18,131 30,620 Saihamcot Ltd. 15,199 342,840 267,502 Malek Spinning Ltd. 4,039 68,259 92,493 United Finance Ltd. 5,609 94,294 120,033 Uttara Finance Ltd. 1,509 79,826 88,427 Shaihamtex Ltd. 5,552 161,756 118,258 First Lease Finance and Investment ltd. 7,179 20,976 76,097 Rupali Insurance Ltd. 5,603 70,041 101,975 United Commercial Bank Ltd. 269,289 5,673,629 5,816,642 Bangladesh Industrial Finance Company Ltd. 1,240 12,844 12,276 Exim Bank Ltd. 3,050 27,255 37,210 Summit Purbachol Power Company Ltd. 280,157 11,052,789 11,430,406 Keya Cosmetics Ltd. 237 1,915 3,484 Reliance One the 1st scheme of reliance mutual fund 1,439 15,378 15,829 C N A Textiles Ltd 7,644 58,564 81,026 Lafarge Surma Cement Ltd. 5,989 442,823 376,708 IDLC Finance Ltd. 67,916 5,863,549 4,808,453 Agni Systems Ltd. 1,878 32,141 49,955 ACI Formulations Ltd. 9,094 4,243,305 4,697,051 Prime Finance And Investment Ltd. 7,281 82,171 85,916 Mobil Jamuna Bangladesh Ltd. 105,000 10,859,112 12,757,500 Batashoe 32 35,887 36,202 ICB AMCL Third NRB Mutual Fund 33,499 153,551 267,992 Orion Pharma Ltd. 1,954 73,405 99,263 Power Grid 4,027 223,625 209,807 Reliance Insurance Company Ltd. 166 21,711 7,935 Trust Bank Ltd. 2,343 53,596 61,855 Square Textile 640 43,116 43,328 DSSL 5,000 88,578 107,500 Grameenphone Ltd. 75,952 22,030,656 26,157,869 Heidelberg Cement BD 25,900 14,464,469 11,629,100 AAMRATECH 20,000 691,525 830,000 Confidence Cement 115,000 14,606,372 15,479,000 Mutual Trust Bank Ltd. 200,000 4,656,240 4,920,000 NCC Bank Ltd. 500,000 7,083,721 6,700,000 Shasha Denims Ltd. 110,000 8,338,930 7,491,000 The ACME Laboratories Ltd. 70,000 7,084,999 8,099,000 Apex Tannery 114,000 18,718,042 17,328,000 Linde Bangladesh Ltd. 10,000 12,968,618 12,775,000 Total 6,179,660 335,647,129 379,375,055

Investment in shares has been measured at fair value of the respective shares last trading prices as of 30 June 2017 as per the requirement of BFRS-9 (Financial Instruments).

Name of shares Quantity Cost(in Taka)

Market value(in Taka)


Notes

8.00 Inventories Closing stock

Clinker

Gypsum

Slag

Fly ash

Lime stone

Cement grinding aid

Izonil

Finished cement

Bags

Stores & spare parts

Inventory in transit

Clinker

9.00 Trade receivables Corporate

Dealers

Distributors

Other customers

Transport bill

Less : allowance for doubtful debt

Trade receivables net of allowance for doubtful debt

157,787,979

80,596,816

232,692,022

107,647,106

49,220,420

84,271,644

23,999,691

2,165

2,803,350

241,154,616

980,175,808

185,086

185,086

980,360,894

434,882,461

783,861,131

143,186,234

270,695,938

193,200

1,632,818,964

22,099,896

1,610,719,068

MT 38,217.12

MT 33,546.60

MT 101,211.44

MT 51,140.92

MT 23,219.29

MT 877.06

MT 362.38

MT 0.40

PCS 185,042

105,624,416

35,934,855

78,930,137

957,179

79,329,666

58,976,728

8,578,828

3,333,484

3,212,779

270,779,324

645,657,396

152,211,092

152,211,092

797,868,489

446,062,055

207,178,532

122,708,881

311,643,937

864,966

1,088,458,371

23,196,262

1,065,262,109

Quantity

Ageing of the above receivables is given below:

Corporate

Dealers

Distributors

Other customers

Transport bill

up to 1 month

165,050,475

557,940,865

37,089,031

104,224,726

-

864,305,097

1-3 months

163,989,141

184,820,335

16,385,421

108,986,049

-

474,180,946

3- 6 months

84,090,643

6,454,203

-

16,500,000

-

107,044,846

above 6 months

21,752,202

34,645,727

89,711,782

40,985,163

193,200

187,288,074

Total

434,882,461

783,861,131

143,186,234

270,695,938

193,200

1,632,818,964

Trade receivable outstanding for more than one year (out of above 6 months ageing category) is amounting to Tk.15.11 million which management considered as good/recoverable.

30.06.2017 Taka

30.06.2016 Taka


Notes

10.00 Current account with sister concerns Crown Power Generation Limited

Crown Polymer Bagging Limited

Crown Cement Concrete and Building Products Limited

Crown Transportation & Logistics Limited

Crown Cement Trading Company

Crown Mariners Limited

Less : impairment allowance

Current account with sister concernsnet of allowance for doubtful debt

These represent temporary unsecured and interest-free loans to associate entities. The terms and conditions with respect to repayments are not fixed.

100,927,785

154,079,435

296,736,576

7,497,635

156,180,513

221,488,071

936,910,015

20,877,785

916,032,230

90,803,315

205,628,366

220,076,284

317,603,819

14,701,363

141,621,135

990,434,281

20,877,785

969,556,496

11.00 Other receivables Interest income receivable on FDR Receivable from Alunited Maritime Business (Pvt) Ltd.

Crown Maritime and Shipping Services

12.00 Advances, deposits and prepayments (a) Advances Advance to parties/ contractors Advance to employee against works Advance to employee against salary Advance against rent VAT current account Advance to others

39,322,578

2,956,940

148,621,500

190,901,018

287,157,349 40,062,137 4,636,927 9,332,618

135,969,368 155,919,056

633,077,455

31,987,382

2,956,940

40,086,000

75,030,322

480,711,060 28,935,583

614,098 7,588,704

132,279,429 15,570,412

665,699,286

Crown PowerGeneration Limited

Particulars Purpose

Crown Mariners Limited

Crown PolymerBagging Limited

Crown CementConcrete and BuildingProducts Limited

Crown Transportation& Logistics Limited

Crown CementTrading Company

30.06.2017 Taka

30.06.2016 Taka

Full Power generated is supplied to M.I. Cement Factory Limited at less than the competitive market price.

All bags as produced is supplied to M.I. Cement Factory Limited at less than competitive market price. This company went into commercial preproduction on 15 May 2013 and is involved in ready mix cement business using exclusively Crown Cement. Crown Transportation & Logistics Limited is providing logistics service for carrying finished product to customer at a lower price than the market rate. A partnership firm of directors, occasionally involved in cement trading business.

Crown Mariners Limited is providing logistics service for carrying raw materials from Chittagong port to factory ghat at less than competitive market price.


Notes

(b) Deposits

Security deposit and other deposit

Margin for bank guarantee

L/C margin deposit

(c) Pre-payments Insurance premium

BSTI Expense

BIWTA expense

BIS Expense

CDBL Expense

Chittagong Chamber of Commerce Industry(CCCI) Others

13.00 Advance income tax Opening balance

Add : paid during the year

Less: Adjustment during the year

49,011,002

16,075,312

8,382,137

73,468,451

224,515

343,080

4,399,931

161,899

687,608

304,000

2,474

6,123,507 712,669,413

1,156,538,198

335,554,400

1,492,092,598 -

1,492,092,598

50,138,282

4,024,293

1,397,917

55,560,493

1,898,157

2,063,090

4,016,425

66,897

687,608

496,000

3,900

9,232,077 730,491,856

899,103,460

257,434,738

1,156,538,198 -

1,156,538,198

Advance income tax paid during the year represents tax deducted at source by respective parties and banks on purchase of raw materials, bills for cement supply, export sales and interest income.

30.06.2017 Taka

30.06.2016 Taka


Notes

14.00 Cash and cash equivalents (note: 3.6)

Cash in hand

Cash in hand- Head o�ce

Cash in hand- Factory

Cash at bank

One Bank Limited

South East Bank Limited

Mercantile Bank Limited

Jamuna Bank Limited

State Bank of India

The City Bank Limited

National Bank Limited

Dutch Bangla Bank Limited

Prime Bank Limited

United Commercial Bank Limited

Mutual Trust Bank Limited

Pubali Bank Limited

Janata Bank Limited

Dhaka Bank Limited

Shahjalal Islami Bank Limited

Uttara Bank Limited

Brac Bank limited

Islami Bank Bangladesh Limited

Standard Chartered Bank

IFIC Bank Limited

The Hongkong And Shanghai Banking Corporation Limited

National Credit and Commerce Bank Limited

One Bank Limited- Dividend account

Dutch Bangla Bank Limited- Dividend account

United Commercial Bank Limited- Dividend account

South East Bank Limited-Dividend account

Bank Asia

Term deposits

392,268

310,058

702,326

46,566

2,567,017

301,288

125,401

4,213,855

872,831

3,725,704

7,378

11,450,888

1,020,723

995,872

2,027,973

908,839

1,385,181

432,420

5,566

18,882,860

5,751,069

10,852,728

427,817

6,261,171

89,082

5,459,958

5,611,583

12,691,307

2,751,109

992,853

99,859,039

3,756,053,035

3,856,614,400

1,099,173

767,742

1,866,915

51,352

3,576,608

2,065,636

11,879

2,269,320

11,059

1,807,886

961,789

3,633,419

14,056,457

1,923,565

1,749,803

1,075,835

5,527,619

2,586,378

6,716

16,176,818

4,040,418

-

340,377

3,879,916

1,958,106

5,292,534

5,538,231

10,481,436

3,390,334

-

92,413,492

3,589,055,708

3,683,336,114

Term deposits include an amount of Taka 1,837,071,970.43 as lien against term loan taken from The Hong Kong Shanghai Banking Corporation Limited for term loan and Taka 555,869,367.44 held under lien with One Bank Ltd. as security against financing facilities.

30.06.2017 Taka

30.06.2016 Taka


Notes

The Company increased its paid-up share capital from Tk. 1,350 million to Tk. 1,485 million by issuing 13,500,000 ordinary shares as bonus share of Tk. 10 each to the shareholders as declared at the 18th Annual General Meeting held on 23 December 2012.

Less than 499 shares

500 to 5,000 shares

5,001 to 10,000 shares

10,001 to 20,000 shares

20,001 to 30,000 shares

30,001 to 40,000 shares

40,001 to 50,000 shares

50,001 to 100,000 shares

100,001 to 1,000,000 shares

Over 1,000,000 shares

Total

32,865

1,437

100

45

23

13

15

12

27

17

34,554

4,028,024

2,050,309

723,257

648,050

562,258

441,445

716,476

876,986

11,483,603

126,969,592

148,500,000

43,407

2,862

208

96

29

22

15

16

48

14

46,717

5,428,181

4,102,529

1,464,837

1,311,097

690,680

760,708

716,103

1,211,468

15,256,513

117,557,884

148,500,000

No.of Shareholders

No.of ShareholdersShareholding range

30.06.2017 30.06.2017 30.06.2016 30.06.2016

30.06.2017 Taka

30.06.2016 Taka

15.00 Share capital Authorised Capital 500,000,000 Ordinary Shares of Tk. 10 each

Issued, Subscribed & Paid-up Capital 148,500,000 Ordinary Shares of Tk. 10 each fully paid-up and share holding position is as under:

5,000,000,000 5,000,000,000

1 Mohammed Jahangir Alam

2 Alhaj Md. Khabiruddin Mollah

3 Md. Alamgir Kabir

4 Mollah Mohammad Majnu

5 Md. Mizanur Rahman Mollah

6 Md. Almas Shimul

7 Alhaj Md. Abdur Rouf

8 Md. Ashrafuzzaman

9 Md. Abdul Ahad

10 General Public

23,024,925

23,388,750

14,397,075

12,127,500

12,127,500

7,276,500

2,598,750

2,598,750

2,079,000

48,881,250

148,500,000

15.50%

15.75%

9.70%

8.17%

8.17%

4.90%

1.75%

1.75%

1.40%

32.92%

100%

230,249,250

233,887,500

143,970,750

121,275,000

121,275,000

72,765,000

25,987,500

25,987,500

20,790,000

488,812,500

1,485,000,000

230,249,250

233,887,500

143,970,750

121,275,000

121,275,000

72,765,000

25,987,500

25,987,500

20,790,000

488,812,500

1,485,000,000

Face Value(Taka)

Face Value(Taka)Holding %No. of SharesSl. No. Name

16.00 Share premiumThis represents share premium of Tk. 3,048 million raised by issuing Tk. 30 million of ordinary shares @ Tk. 101.60 per share through IPO during the year 2010-2011. The break-up of the balance of share premium is given below:

Share premium realised during the year 2010-2011 3,048,000,000 3,048,000,000

Less: income tax paid on share premium (91,440,000) (91,440,000)

Balance as on June 30, 2017 2,956,560,000 2,956,560,000

Holdings Holdings


Notes

17.00 Long term borrowing net-o� current maturity a) Term loan 2,010,928,410 538,655,228

2,010,928,410 538,655,228

Unit -V

Standard Chartered Bank Limited 838,412,830 -

Prime Bank limited 640,746,717 -

1,479,159,548 -

Mother Vessel

Dhaka Bank Limited 433,853,329 -

433,853,329 -

Other

HSBC & Pubali Bank 97,915,534 538,655,228

97,915,534 538,655,228

b) Hire purchase loan

Prime Bank Limited 69,971,730 62,757,276

Shahjalal Islami Bank Limited 7,290,843 11,354,495

77,262,574 74,111,770

Total Long Term Loan (a + b) 2,088,190,984 612,766,998

Less : current portion of long term borrowing (note :22.00) 259,050,872 483,395,584

1,829,140,112 129,371,414

17.01 Details of long term borrowing is presented below:

The Hongkong andShanghai BankingCorporation Limited

1

2

3

4

5

6

7

Term loan (one-o�) to retiredeferred import documentsof Packer of Unit-Vand Barge Loader.Capital Machineryfor Unit-VCapital Machineryfor Unit-VMother Vessel Finaning(Crown Vision)

Purchase Dump Truck

To Purchase Vehicle

To Purchase Vehicle

Standard CharteredBank Limited

Prime Bank limited

Dhaka Bank Limited

Pubali Bank Limited

Prime Bank Limited

Shahjalal IslamiBank Limited

Term Loan 5 Years

4 Years

4 Years

4 Years

4 Years

3 Years

4 Years

Term Loan

Term Loan

Term Loan

Term Loan

Hire purchaseLoan

Hire purchaseLoan

95,635,694

838,412,830

640,746,717

433,853,329

2,279,840

69,971,730

7,290,843

Security for term loan:FDR amounting to Taka 86,072,124.60 with HSBC is liened as collateral against term loan.

Security for hire purchase loan:Joint Ownership of the vehicles to be procured duly insured covering 1st party comprehensive insurance.

30.06.2017 Taka

30.06.2016 Taka

Name of lendersSl. No. Purpose Type of loan Tenure Amount in BDT


Notes

30.06.2017 Taka

30.06.2016 Taka

Liabilities for gratuityGratuity

Opening balance

Add : provision made during the year

Less : payments/adjustment made during the yearClosing balance

Deferred tax liabilitiesOpening balance

Add : provision during the year

Closing balance

Details of deferred tax calculation

Deferred tax assetsProvision for gratuity

Allowance for doubtful debt and impairment

Deferred tax liabilitiesProperty, plant and equipment

(b) The tax e�ect of temporary di�erences arises from taxbase and accounting base of revalued assets:

Deferred tax liability on revaluation reserveOpening balance

Less : transferred to retained earningsClosing balance

Total

Trade payablesSuppliers

Add:revaluation gain on PPE during the year

(a) The tax e�ects of temporary di�erences arise from taxbase and accounting base of relevant assets and liabilities:

Ageing of the above trade payables is as below:

Suppliers

Total

59,989,628

23,800,070

83,789,698

3,503,021

80,286,677

309,936,506

58,227,046

368,163,552

20,071,669

11,018,512

31,090,181

(399,253,734)

(399,253,734)

(368,163,553)

(41,533,772)(94,727,923)

537,319

(135,724,376)

349,900,640349,900,640

80,286,677

18,121,942

98,408,619

6,129,078

92,279,541

368,163,552

32,464,873

400,628,425

23,069,885

10,744,420

33,814,306

(434,442,731)

(434,442,731)

(400,628,425)

(135,724,376)-

8,891,797

(126,832,579)

(527,461,004)

234,043,729234,043,729

(503,887,928)

Total

234,043,729

234,043,729

Above 6 months123,642,716

123,642,716

3-6 months

5,872,864

5,872,864

upto 1 month

67,765,230

67,765,230

1-3 months

36,762,919

36,762,919

18.00

19.00

19.01

20.00


Notes

21.00

21.01

21.02

22.00

123,274,202

131,976,908255,251,109

68,962,785

36,677,918

4,146,212

2,945,226

3,169,609

5,928,027

1,444,425

123,274,202

30,347,851

690,000

36,488,023

727,891

80,371

33,243,454

60,400

12,501,324

17,837,595

131,976,908

208,402,892

208,402,892

103,454,250

33,631,812

137,086,062

31,434,133

31,434,133

39,882,697

39,882,697

45,074,400

5,573,580

50,647,980259,050,872

74,172,537

196,165,476270,338,013

7,678,802

29,945,917

24,215,689

1,802,276

2,503,271

3,611,955

4,414,627

74,172,537

10,545,371

793,500

49,293,478

629,901

26,519

32,993,787

3,405,821

18,915,355

79,561,745

196,165,476

445,317,604

445,317,604

-

-

-

-

-

445,317,604

445,317,604

32,504,400

5,573,580

38,077,980483,395,584

Other payablesCreditor for other finance (note: 21.01)

Creditor for revenue expenses (note: 21.02)

Creditor for other finance (note: 21)Security deposit

VAT deduction at source

Tax deduction at source

Payable to employees provident fund

Advance against motor cycle

Advance against motor car

Employee tax payable

Creditor for revenue expenses (note: 21)Salaries, wages & overtime payable

Audit and professional fees

Electricity bill

Telephone bill

Utility bill

Payable against financial expense

Others

Payable against advertisement expense

Payable against revenue expense

Current portion of long term borrowings

a) Term loan

Unit -V Standard Chartered Bank Limited

Prime Bank limited

Mother VesselDhaka Bank Limited

OtherHSBC & Pubali Bank

b) Hire purchase loanPrime Bank Limited

Shahjalal Islami Bank Limited

Total Current Portion of Long Term Loan ( a + b )

30.06.2017 Taka

30.06.2016 Taka


Notes

68,230,58019,298,411

924,094,81537,976,64851,273,500

70,092,62842,478,946

21,776,10585,404,13922,114,2431,702,232

49,480,83254,836,962

1,448,760,041

--

441,541,594441,541,594

52,937,64394,698,254

147,635,897

190,197,274178,267,72531,944,585

950,000,000-

956,823,561103,625,000

76,180,025200,000,000

178,835,2422,865,873,412

246,877,553687,338,548

86,856,297-

556,066,995118,241,640

107,492,40083,127,456

119,602,0562,005,602,946

--

6,909,413,890

49,034,8412,013,853

790,460,44623,019,1363,910,210

9,249,67641,608,472

8,418,19112,067,228

----

939,782,053

6,186,734932,093

357,223,820364,342,647

---

5,457,183132,214,110

506,435,252300,000,000

105,300,129867,841,518149,680,172

---

2,066,928,364

155,244,078512,016,888357,723,927106,021,575113,190,092

301,974,223--

126,825,0301,672,995,814

20,000,00020,000,000

5,064,048,878

23.00 Short term loanCash credit (hypothecation)One Bank LimitedPrime Bank LimitedThe Hongkong And Shanghai Banking Corporation LimitedEastern Bank LimitedJamuna Bank LimitedIFIC Bank LimitedBank Alfalah LimitedStandard Chartered BankUnited Commercial Bank LimitedDhaka BankDutch Bangla Bank LimitedHabib BankPubali Bank Limited

Loan against trust receiptsOne Bank LimitedEastern Bank LimitedThe Hongkong And Shanghai Banking Corporation Limited

Security OverdraftIPDCOther Bank

One Bank LimitedPrime Bank LimitedEastern Bank LimitedThe Hongkong And Shanghai Banking Corporation LimitedIFIC Bank LimitedStandard Chartered BankBank Alfalah LimitedDhaka Bank LimitedHabib BankBrac Bank Limited

O�shore loanPrime Bank LimitedThe Hongkong And Shanghai Banking Corporation LimitedEastern Bank LimitedShahjalal Islami Bank LimitedOne Bank LimitedStandard Chartered BankBrac Bank LimitedDhaka Bank LimitedBank Alfalah Limited

Loan from other sourcesOther loan

Time loan

30.06.2017 Taka

30.06.2016 Taka


Notes

Securities for short term loan:(a) Registered hypothecation (Pari-Passu) on entire floating assets of the company with other lenders.(b) Personal guarantee of all the directors of M.I.Cement Factory Limited.(c) Notarized IGPA to sell the hypothecated assets of the Borrower.(d) Demand Promissory Notes & Letter of Continuity amount covering the limit of short term loan.(e) Dividends payment will not exceed profits relating to that year.

23.01 The Company has been enjoying the following short term facilities fromvarious bank under the terms and conditions given below:

Nature

Revolving Revolving Revolving Revolving

Revolving

Revolving Revolving Revolving Revolving

Revolving

Revolving Revolving

Revolving

Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving

Revolving

Revolving Revolving Revolving

Revolving

Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving

Limit of loan

750,000,000450,000,000300,000,000150,000,000

10,000,000

550,000,000520,000,000130,000,00050,000,000

50,000,000

2,000,000,0001,500,000,000

20,000,000

960,000,000400,000,000100,000,000250,000,000200,000,0001,150,000,000750,000,000750,000,000

20,000,000

50,000,000600,000,000452,000,000

100,000,000

1,500,000,000200,000,000300,000,000600,000,000600,000,000500,000,000100,000,000150,000,000

300,000,000400,000,000400,000,000

Purpose of loan

Working CapitalWorking CapitalWorking CapitalWorking Capital

To issue guarantee for tender and utilities facilities





Working CapitalWorking CapitalWorking CapitalWorking Capital

Working CapitalWorking Capital

Working CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking Capital

Working CapitalWorking CapitalWorking Capital

Working CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking Capital

Tenure

120 days 120 days 120 days 1 year

1 year

180 days 120 days 120 days

1 year

1 year

150 days 150 days

1 year

1 year 180 days 120 days 120 days


1 year

1 year 180 days 150 days

1 year

180 days 180 days

1 year 1 year

180 days 180 days

1 year 180 days 150 days 60 days 90 days

Sl.No.

1234

5

6789

10

1112

13

1415161718192021

22

232425

26

2728293031323334353637

HSBC

One Bank Limited

One Bank Limited

Prime Bank LimitedPrime Bank Limited

One Bank LimitedOne Bank Limited

HSBC

Prime Bank LimitedPrime Bank Limited

Prime Bank Limited

Name of the bank

One Bank Limited

HSBC

Jamuna Bank LimitedJamuna Bank LimitedEastern Bank Limited

HSBCJamuna Bank LimitedJamuna Bank Limited

Eastern Bank LimitedShahjalal Islami Bank Ltd.Shahjalal Islami Bank Ltd.

Eastern Bank LimitedEastern Bank Limited

Eastern Bank Limited

IFIC Bank LimitedUnited Commercial Bank

Shahjalal Islami Bank Ltd.

IFIC Bank LimitedIFIC Bank LimitedIFIC Bank Limited

Standard Chartered BankStandard Chartered BankStandard Chartered Bank

United Commercial BankUnited Commercial BankStandard Chartered Bank

Type of loan

Letter of credit (non funded)Loan against trust receiptsTime LoanCash Credit (Hypothecation)

Bank Guarantee

Letter of credit (non funded)Loan against trust receiptsTime LoanCash Credit (Hypothecation)

Bank Guarantee

Letter of credit (non funded)Import Loan

Bank Guarantee

OverdraftLetter of credit (non funded)Loan against trust receiptsTime LoanCash Credit (Hypothecation)Letter of credit (non funded)Import LoanDemand Loan

Bank Guarantee

OverdraftLetter of credit (non funded)Loan against trust receipts

Bank Guarantee

Letter of credit (non funded)Loan against trust receiptsOverdraftCash Credit (Hypothecation)Letter of credit (non funded)Loan against trust receiptsCash Credit (Hypothecation)Letter of credit (non funded)Loan against trust receiptsPreshipment Financing Export Invoice Financing


Notes

30.06.2017Taka

30.06.2016 Taka

Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving Revolving

Revolving

Revolving

100,000,000300,000,000300,000,000

30,000,000450,000,000

50,000,000150,000,000

200,000,000100,000,000350,000,000100,000,000200,000,000

50,000,000100,000,000500,000,000200,000,000100,000,000200,000,000100,000,000786,000,000786,000,000

30,000,000

250,000,00050,000,000

Working CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking CapitalWorking Capital

To issue guaranteefor tender and

utilities facilities

Working CapitalWorking Capital


1 year 180 days



1 year 1 year

180 days 120 days

1 year 150 days


1 year

120 days 1 year Revolving

383940414243444546474849505152535455565758

59

6061

Dhaka Bank Ltd.Pubali Bank Ltd.BRAC Bank Ltd.BRAC Bank Ltd.

BRAC Bank Ltd.

BRAC Bank Ltd.BRAC Bank Ltd.

Bank Alfalah Ltd.

Dhaka Bank Ltd.

Habib Bank Ltd.Habib Bank Ltd.Habib Bank Ltd.Habib Bank Ltd.Habib Bank Ltd.Dhaka Bank Ltd.Dhaka Bank Ltd.

Bank Alfalah Ltd.

Standard Chartered BankBank Alfalah Ltd.Bank Alfalah Ltd.

Standard Chartered BankStandard Chartered BankStandard Chartered Bank

Bank Alfalah Ltd.

OverdraftLetter of credit (non funded)Loan against trust receipts

Bank Guarantee

Revolving LoanOverdraft

Secured OverdraftLetter of credit (non funded)Loan against trust receiptsShort Term LoanOverdraftSecured OverdraftLetter of credit (non funded)Loan against trust receiptsOverdraftShort Term Loan

Bond and GuaranteesImport LoanShort Term LoanOverdraftLetter of credit (non funded)OverdraftShort Term LoanLoan against trust receipts

NatureLimit of loan Purpose of loan TenureSl.No. Name of the bank Type of loan

469,928,794

166,339,734

636,268,528

-

636,268,528

49,000,462

49,000,462

-

42,994,185

42,994,185

292,394,421

177,534,373

469,928,794

-

469,928,794

44,453,789

44,453,789

-

49,000,462

49,000,462

24.00 Provision for tax liabilities

Opening balance


Less : adjustment

25.00Liabilities workers' profit participation fund (WPPF)

Opening balance

Less : payments made during the year


Closing balance


Notes

26.00 RevenueDomestic sales (note: 26.01)Export salesNet sales

Domestic sales net of VAT

Lime Stone salesClinker sales

Cement sales

Domestic sales

8,586,857,080429,691,549

9,016,548,629

8,586,857,080 45,970,820 -

8,632,827,900

8,949,178,857490,641,164

9,439,820,021

8,949,178,857 -

109,517,734

9,058,696,591

In the year 2016-2017 revenue of the company has increased by 4.70% as compared to the year 2015-2016. Domestic sales increased by 4.22% & the export sales increased by 14.18% during the year comparing previous year.

Income from export earned in foreign currency (amounting to USD 6,350,670 equivalent to BDT 490,674,139);

2016-2017Taka

2015-2016Taka

Quantity wise sales

During the year, we have contributed to national exchequer amounting to Taka 1,358,935,995.67 as VAT:

26.01

9,058,696,591 1,437,896.88 8,632,827,900 490,641,164 77,055.00 429,691,549 9,549,337,755 1,514,951.88 9,062,519,449 Total

Particulars

Export sales

01-07-2015 to 30-06-2016

1,585,523.3592,485.00

01-07-2016 to 30-06-2017

Domestic sales

1,678,008.35

26.02

Category wise quantity sold are:26.03Particulars

22,650.00

1,497,695.40 180,312.95

Quantity (MT)

27.00 Cost of salesOpening stock of raw materialsAdd : purchase of raw materials during the yearLess : closing stock of raw materials

Raw material consumed (note: 27.01)Factory overhead (note: 27.05)Cost of productionAdd : opening finished goodsCost of goods available for saleLess : closing finished goodsCost of salesLess : duty draw back for exportAdd: VAT current account adjustmentCost of sales

468,668,4116,141,824,436(371,544,589)

6,238,948,2591,158,930,322

7,397,878,5812,165

7,397,880,746(3,333,484)

7,394,547,262(37,353,750)

-7,357,193,511

371,544,5897,093,840,223(739,019,026)

6,726,365,7851,118,356,383

7,844,722,1683,333,484

7,848,055,652(2,165)

7,848,053,487(46,484,804)

27,813,6107,829,382,292

Amount inTaka

QuantityMetric Ton

Amount inTaka

QuantityMetric Ton

Clinker BulkBulk cementBag cement


Notes

2016-2017 Taka

2015-2016 Taka

As per nature of the Company's manufacturing process and packing system there is little scope of having packed finished cement in the stock. Cement is only packed at the time of delivery by trucks i.e. the cement is packed in the bag when trucks arrive at the factory for taking delivery.

Particulars in respect of opening stock, sales and closing stock of finished goods

27.01 Raw material consumed

Opening stock of raw materials

Clinker MTGypsum MTSlag MTFly ash MTLime stone MTCement grinding aid MTBags PCSIzonil MT

Add: purchased during the year

Clinker MTGypsum MTSlag MTFly ash MTLime stone MTCement grinding aid MTIzonil MTBulk cement purchase MTBags PCS

Less: closing stock of raw materials

Clinker MTGypsum MTSlag MTFly ash MTLime stone MTCement grinding aid MTIzonil MTBags PCS

24,821.5015,140.8731,887.25

465.6939,747.59

634.32194,056.00

140.00

1,124,729.0084,848.76

253,329.00191,746.0071,100.00

557.78240.00

111,841.3330,256,150.00

38,217.1233,546.60101,211.4451,140.9223,219.29

877.06362.38

185,042.00

Raw materials consumed

Quantity

370,113,6747,585,04411,593,99721,745,155

6,181,91949,915,041

1,533,582-

468,668,411

4,262,843,848190,733,392451,924,818368,631,614110,238,05850,024,064

8,578,828235,370,247463,479,568

6,141,824,436

105,624,41635,934,85578,930,137

957,17979,329,66658,976,728

8,578,8283,212,779

371,544,5896,238,948,259

105,624,41635,934,85578,930,137

957,17979,329,66658,976,728

3,212,7798,578,828

371,544,589

4,640,553,563204,293,542576,801,544403,631,399155,645,91555,565,34116,587,938

576,310,648464,450,331

7,093,840,223

157,787,97980,596,816

232,692,022107,647,10649,220,42084,271,64423,999,6912,803,350

739,019,0266,726,365,785

Quantity

Quantity

27.02

OpeningYear

Closing Sales for the year

Quantity (MT) Value (Tk.) Value (Tk.)Quantity (MT) Quantity (MT)

0.40 2,165 9,549,337,7552016-2017

2015-2016 645.40 3,333,484 9,062,519,449

1,678,008

1,514,952

645.40

0.40

3,333,484

2,165

Value (Tk.)


Notes

27.02.a Finished goods movement in Taka and quantities

Quantity(Metric Ton)

Amount inTaka

3,333,484

7,844,722,168

7,848,055,652

7,848,053,487

2,165

0.40

1,515,596.88

1,515,597.28

1,514,951.88

645

2,165

7,397,878,580

7,397,880,746

7,394,547,262

3,333,484

01.07.2016 - 30.06.2017Particulars

Opening stock

Add: Production/Outsource during the period

Goods available for sale

Less: Cost of goods sold

Closing stock

01.07.2015 - 30.06.2016

645

1,677,363

1,678,009

1,678,008

0.40

Quantity(Metric Ton)

Amount inTaka

As per Company's Policy any bag of cement remained undelivered in the stock is considered as finished product. Thus the above amount represents the cost of 08 (eight) bags of cement remained undelivered on 30 June 2017.

27.03 Analysis of raw material consumption

2016-2017

MT/Pcs

Clinker (MT)

Gypsum (MT)

Slag (MT)

Fly ash (MT)

Lime stone (MT)

Cement grinding aid (MT)

Izonil (MT)

Bags (Pcs)

24,821

15,141

31,887

466

39,748

634

140

194,056

105,624,416

35,934,855

78,930,137

957,179

79,329,666

58,976,728

8,578,828

3,212,779

38,217

33,547

101,211

51,141

23,219

877

362

185,042

157,787,979

80,596,816

232,692,022

107,647,106

49,220,420

84,271,644

23,999,691

2,803,350

1,111,333

66,443

184,005

141,071

87,628

315

18

30,265,164

4,588,390,000

159,631,581

423,039,660

296,941,472

185,755,162

30,270,426

1,167,076

464,859,760

71,516

2,876

4,176

10,486

3,121

644

-

86,089

370,113,674

7,585,044

11,593,997

21,745,155

6,181,919

49,915,041

-

1,533,582

24,821

15,141

31,887

466

39,748

634

140

194,056

105,624,416

35,934,855

78,930,137

957,179

79,329,666

58,976,728

8,578,828

3,212,779

1,063,913

68,419

155,371

189,462

18,584

441

-

27,893,338

4,527,333,105

162,383,581

384,588,678

389,419,590

37,090,311

40,962,376

-

461,800,371

Consumed for the yearOpening

MT/Pcs MT/Pcs

ClosingParticulars

2015-2016

MT/Pcs Amount (Tk.) Amount (Tk.) Amount (Tk.)

Amount (Tk.) Amount (Tk.) Amount (Tk.)

Clinker (MT)

Gypsum (MT)

Slag (MT)

Fly ash (MT)

Lime stone (MT)

Cement grinding aid (MT)

Izonil (MT)

Bags (Pcs)

Consumed for the yearOpening

MT/Pcs MT/Pcs

ClosingParticulars


Notes

Break up of raw materials purchase as per requirement of Para 8, ScheduleXI, Part II of the Companies Act, 1994

27.04

2016-2017

Import Local Total

Consumptionin Taka

Purchase in Taka

Items

Clinker (MT)

Gypsum (MT)

Slag (MT)

Fly ash (MT)

Lime stone (MT)

Cement grindingaid (MT)

Izonil(MT)

Bags (Pcs)

4,640,553,563

204,293,542

576,801,544

396,951,808

142,056,130

55,565,341

16,587,938

-

6,032,809,867

-

-

-

6,679,591

13,589,785

-

-

464,450,331

484,719,707

4,640,553,563

204,293,542

576,801,544

403,631,399

155,645,915

55,565,341

16,587,938

464,450,331

6,517,529,574

4,588,390,000

159,631,581

423,039,660

296,941,472

185,755,162

30,270,426

1,167,076

464,859,760

6,150,055,137

99%

78%

73%

74%

119%

54%

7%

100%

94%

Clinker (MT)

Gypsum (MT)

Slag (MT)

Fly ash (MT)

Lime stone (MT)

Cement grindingaid (MT)

Micro silica (MT)

Bags (Pcs)

4,262,843,848

190,733,392

451,924,818

361,952,022

96,648,273

50,024,064

8,578,828

-

-

-

-

6,679,591

13,589,785

-

-

463,479,568

4,262,843,848

190,733,392

451,924,818

368,631,614

110,238,058

50,024,064

8,578,828

463,479,568

4,527,333,105

162,383,581

384,588,678

389,419,590

37,090,311

40,962,376

-

461,800,371

106%

85%

85%

106%

34%

82%

0%

100%

The value of imported raw material is calculated on CIF basis.

Total

% ofConsumption

of totalpurchase

Import Local Total

Consumptionin Taka

Purchase in Taka

Items

% ofConsumption

of totalpurchase

Total

2015-2016

5,422,705,245 483,748,944 5,906,454,190 6,003,578,011 102%


Notes

Factory overhead27.05Annual milad & picnicBedding and uniformBIWTA expenseCorporate social responsibility (CSR)Computer accessoriesContribution to PFConveyance Depreciation and revaluation loss*Directors' remunerationDonation & subscriptionElectricity billEntertainmentFestival bonusFuel for motor vehicle and motor cycleGratuityInsurance premiumGroup Insurance premiumLabour chargeLeave encashmentAudit & professional/ consultancy/ legal feesLubricants, diesel oil, gear oil & fuel etc.Medical expensesGift & presentationMobile phone bill O�ce maintenanceRent & ratesOvertimePrinting, stationeries, schedule & formsQuality testing expensesRegistration, license & renewalsRepair & maintenance- vehicle & motor cycleSpare parts & store expensesTelephone/ fax expensesTraining & educationTravelling expensesWages, salary and allowance

28.00 Other operating income

Income from mother vessel operation

657,4141,441,996

5,994,298330,000103,870

2,550,738170,647

391,264,5916,975,250

241,000500,232,920

3,664,30213,181,6101,633,392

8,682,8393,052,349

408,89613,746,429

1,741,344753,250

17,826,35592,623

12,786,626603,894

1,343,7832,474,5673,788,9751,184,9201,772,857732,293

1,266,78472,132,426

3,96049,688

1,681,56484,361,873

1,158,930,322

40,086,00040,086,000

1,404,372646,532

5,133,444-

211,7402,818,592244,220

315,754,5706,975,250

485,720538,826,871

4,281,71610,523,4672,004,5638,551,6822,773,691

671,02013,233,3142,481,967

453,41611,548,032

148,2543,317,400

797,6151,535,771

2,376,8763,193,7871,628,581

1,759,303988,6941,639,919

67,875,5453,960

252,2691,433,469

102,380,7621,118,356,383

108,535,500108,535,500

2016-2017 Taka

2015-2016 Taka

*In 2015-16, this head included a revaluation loss has been arrived from Mother Vessel other than land, building, plant & machineries and others by Tk. 104,480,613.00. (Note 27.05)


Notes

2016-2017 Taka

2015-2016 Taka

29.00 Administrative expensesAdvertisement & publicity

Annual general meeting expenses

Audit & professional/ consultancy/ legal fees

Bedding & uniform

Board meeting attendance fees

Computer accessories

Contribution to PF

Conveyance

Corporate social responsibility (CSR)

Depreciation

Directors' remuneration

Donation & subscription

DSE/ CSE/ CDBL expenses

Entertainment

Festival Bonus

Fuel for motor vehicle and motor cycle

Gratuity

Insurance premium

Group Insurance premium

Internet

Labour charge

Leave encashment

Loss on sale of asset

Gift & presentation

Mobile phone bill

O�ce maintenance

Rent and rates

Overtime

Printing, stationeries, schedule & forms

Registration, license & renewals

Repair & maintenance- vehicle

Salary & allowances

Telephone/ fax expenses

Training & education

Travelling expenses

Utility expenses

Lubricants/ diesel oil for generator

553,597

1,423,685

1,920,721

176,452

1,656,000

261,829

1,816,254

391,629

974,220

21,128,681

9,600,000

1,017,602

699,522

4,711,726

7,788,484

1,590,707

6,070,350

322,647

224,055

597,058

6,000

1,491,953

-

6,948,639

1,102,930

4,233,964

7,011,275

242,060

2,715,947

470,347

2,170,173

56,246,811

110,239

17,200

2,338,502

2,117,649

151,700

1,960,846

1,521,704

5,211,419

188,225

1,470,143

473,951

1,932,839

709,430

14,021,710

20,826,531

9,600,000

1,258,410

1,300,000

6,743,938

7,242,032

1,523,862

3,367,589

75,493

404,873

647,021

-

1,865,009

8,500,237

3,458,181

1,340,376

4,620,093

21,568,590

285,095

2,526,449

1,312,119

1,772,007

75,802,220

77,225

155,867

3,078,313

2,511,233

53,200150,300,608209,406,229


Notes

30.00 Selling and distribution expensesAdvertisement & publicityBedding & uniformBIS expenseBSTI feesC&F expenses for exportAudit & professional/ consultancy/ legal feesComputer accessoriesContribution to PFConveyance- localCorporate social responsibility (CSR)Carriage expenseDepreciationDirectors' remunerationDonation & subscriptionEntertainmentFestival bonusFuel for motor vehicle and motor cycleGratuityGroup insurance premiumGift & presentationInsurance premiumLabour chargesLeave encashmentMedical expensesMobile phone billO�ce maintenanceRent and ratesOutstation allowance/ house rent/ TA-DAOvertimePrinting stationeries, schedule & formsPromotional expensesQuality testing expensesRegistration, license & renewalsRepair & maintenance- vehicle & motor cycleSalary & allowancesTraining & educationTelephone/ fax expensesTravelling expenses

31.00 Non operating incomeSales of scrapOther incomeRealised/ unrealised profit /(loss) on investment on shareDividend on shareProfit on sale of assetsProfit on sale of limestoneProfit on sale of clinker

97,202,654214,667238,368

2,019,7183,265,570

667,72071,648

2,770,9947,349,2181,681,035

10,521,80021,046,8676,975,250

752,12022,524,75212,741,5433,905,418

9,110,191429,991

5,758,838823,720

20,064,3662,300,165

5,1414,201,856

910,366492,484

2,224,143361,738

1,907,0785,742,048

864,1482,309,4251,483,229

93,597,402144,35777,094

6,247,944353,005,066

3,271,2417,602,3812,293,6955,246,564

51,08215,395,938

-33,860,900

106,945,0138,685

174,0031,740,6205,357,3703,852,450

104,1173,744,510

14,564,9471,857,486

11,573,98023,469,1936,975,250

779,24513,832,87710,683,168

5,521,1576,202,671

349,8285,981,891

251,22119,590,6582,842,356

-5,512,351

3,399,8801,832,556

2,075,793476,970

2,492,0481,500,0002,336,1641,800,7581,986,304

122,510,851354,043

90,2817,019,321

399,790,016

3,308,617-

47,048,7577,259,584

516,801-

560,71358,694,471

2016-2017 Taka

2015-2016 Taka


Notes

-

-45,970,820

(30,574,882)15,395,938

795,265(9,479,689)

(457,411,326)(466,095,750)

228,145,544228,145,544

(237,950,206)

177,534,37358,227,046235,761,419

980,009,244

36,963,569943,045,675

235,761,419

--

--

-235,761,419

--

--36,963,569

36,963,569

109,517,734-

(108,957,022)-

560,713

(54,297,760)(8,681,494)

(436,454,746)(499,434,000)

169,175,158169,175,158

(330,258,842)

166,339,73432,464,873

198,804,607

859,883,704

64,665,276795,218,428

198,804,607

----

198,804,607

---

64,665,27664,665,276

2016-2017 Taka

2015-2016 Taka

Profit on sale of raw maretialSales of ClinkerSales of LimestonePurchase of ClinkerPurchase of Limestone

Finance cost and income (note 32.01 & 32.02)Finance costNet exchange gain/ (loss)Bank charge & commissionBank interestTotal Finance costInterest income from FDR and othersTotal Finance income

Net Finance cost

Income taxMajor components of tax expenses

Current tax expensesDeferred tax expenses

Reconciliation of tax expenses and product of accounting profit

Add/(deduct) : 10% rebate for dividend paidAdd/deduct : E�ects of tax rate changeAdd/deduct : E�ects of permanent di�erenceAdd/deduct : E�ects of provision adjustment due to finalization of prior year assessment.

Tax expenses for the year

Accounting profit for the year

Share of loss of Crown Transportation & Logistics Limited (CTLL)

Tax on accounting profits @ 25.00%

Share of loss of Crown Power Generation Limited (CPGL)

Share of profit from associates (from note 6)

Share of loss of Crown Cement Concrete and Building Products Limited (CCCBPL)

Share of profit of Crown Mariners Limited (CML)

Less : share of profit of equity-accounted investees

In compliance with the requirements of para-79 of BAS-12 (Income tax), the major components of tax expenses are given below:

In compliance with the requirements of para-81 (b) of BAS-12: (Income tax), the reconciliation of tax expenses and product of accounting profits are given below:

Share of profit or loss from investment in associates are not considered in computation of current tax expense since, these are separate entities having separate Taxpayer Identification Number (TIN) and being taxed separately. Income from investment in associates will be taken into account upon receipt of the dividend from respective entities.

31.01

32.0032.01

32.02

33.00

33.01

34.00


Notes

Earnings per share (BAS - 33)Basic earnings per share :Earning attributable to ordinary shareholders

Weighted average number of ordinary shares (calculation as below)Earnings Per Share (Basic & Diluted)

No.of sharesoutstanding

No.of sharesoutstanding

2016-2017 2015-2016

Net Asset Value (NAV) per shareNet assets 6,724,823,855Number of ordinary shares 148,500,000Net asset value (NAV) per share

7,097,794,749148,500,000

47.80 45.29

01.07.2016to

30.06.2017

Number ofshares

Days ofshare holdingPeriodNature of

Share holdings

744,247,825

148,500,0005.01

661,079,097

148,500,0004.45

2016-2017 Taka

2015-2016 Taka

Calculation of weighted average number of ordinary shares outstanding during the period from July 2016 to June 2017 is given below:

Total 148,500,000 148,500,000 148,500,000

Ordinary shares 148,500,000365

148,500,000 148,500,000

Notes to the statement of cash flows

Cash received from customers

Cash paid to suppliers

Cash paid for operating expenses

Income tax paidDuring the year the Company paid Tk. 335,554,400.25 as advance income tax.

Purchase of of property, plant & equipmentsInvestment relate to outflows of cash and cash equivalents for fixed assets.

Dividend paidIn the year 2016-2017, the Company paid dividend of Tk. 297,000,000.00

Short term loan received

The statement of cash flows shows how the Company's cash and bank balances changed during the year through inflows and outflows.

Gross cash received from customers arrived at after adjusting accounts receivables with revenue for the year.

Cash paid to various suppliers arrived after adjusting of raw materials and consumption cost of spare parts consumed with creditors for trade supplies.

Cash paid for operating expenses arrived at after adjusting non-cash items and creditors for revenue expenses.

The item represents net increase of short term loan from various banks amounting to Tk. 1,845,365,012.00

35.00

36.00

37.00

37.01

37.02

37.03

37.04

37.05

37.06

37.07

37.08


Notes

30.06.2017Taka

30.06.2016 Taka

Contingent liabilities/o� balance sheet items CommitmentsContingent liabilities

Commitments:(a) Letter of credit

Eastern Bank LimitedThe Hongkong and Shanghai Banking Corporation LimitedOne Bank LimitedPrime Bank LimitedStandard Chartered BankBank Alfalah LimitedBrac Bank LimitedDhaka Bank Limited

(b) Capital commitment:Capital machinery

Contingent liabilities:(a) Bank guarantee:

One Bank LimitedPrime Bank LimitedDhaka Bank

(b) Tax & VAT claim:

717,556,055260,176,288977,732,343

4,865,910267,140,365134,398,452

105,503,00013,235,640

-99,999,00092,413,688

717,556,055

--

717,556,055

37,313,50280,758,130

8,780,511126,852,144

67,504,114

133,324,145260,176,288

65,820,031

3,669,324,604192,309,274

3,861,633,878

73,479,21062,464,58470,227,55357,432,234

969,510,923116,210,100

--

1,349,324,604

2,320,000,0002,320,000,0003,669,324,604

2,662,29956,322,830

-58,985,130

67,504,114

133,324,145192,309,274

65,820,031

Claim of VAT Authority for declared wastage percentage relating to the di�erent financial years against which various writ petitions have been filed by the company before the Hon'ble High Court Dhaka.

(a)

Excess claim of tax authority regarding interest and tax liability over income tax liability provided for by the company as per the return submitted for the respective years which remains sub judicial upto reporting date.

(b)

Financial risk management

Credit risk is the risk that one party to a financial instrument would cause a financial loss for the other party by failing to discharge an obligation. It mainly comprises of receivables from customer, trade and investment securities. To alleviate the credit risk against trade receivable the Company has a policy to obtain security instruments from customers.

(a) Credit risk

Liquidity risk is the risk that the Company might encounter di�culty in meeting the obligations associated with its financial liabilities that have to be settled by delivering cash or another financial assets or liabilities. The Company's approach to managing liquidity is to ensure that it will always have su�cient liquide assets to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Company's reputations.

(b) Liquidity risk

38.00

38.01

38.02

39.00


Notes

Particulars From 6 to 12 months(Taka)

More than one year andless than 5 years

Trade payables (note:20.00)Bank overdraft (note:23.00)Short term loan from banks (note:23.00)Long term loan from bank (note:17.00)As of 30 June 2017

123,642,716 1,448,760,041

5,460,653,849259,050,872

7,292,107,478

---

1,829,140,112 1,829,140,112

Market risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The objective of market risk management is to manage and control risk exposures within acceptable parameters while optimising the return. Market risk comprises three types of risks: Currency Risk, Interest Rate Risk and Commodity Risk.

(C) Market risk

The risk that the fair value of future cash flows of a financial instrument might fluctuate because of changes in foreign exchange rates. The Company is exposed to currency risk on its certain short and long term debts and purchases that are denominated in foreign currencies.

Exposure to currency risk of the Company at reporting date are as follows:

(i) Foreign currency risk

Assets Prime Bank (ERQ) The State Bank of India (ERQ) The Hongkong And Shanghai Banking Corporation Limited(EQR) Liability Term Loan-HSBC Term Loan-SCB Term Loan-PBL Short Term Loan (note:23.00) Short Term Loan (note:23.00)

91,451 37,758 77,822

1,166,585 10,312,581 2,430,433

24,406,854 EUR

360,050

7,434,957 3,069,737 6,326,894

94,843,343 838,412,830 197,594,192

1,984,277,199 BDT

33,777,587

Particulars USD BDT

Balance at 30 June 2017

Commitment & contingencies The Hongkong and Shanghai Banking Corporation Limited Eastern Bank Limited One Bank Limited Standard Chartered Bank Brac Bank Limited Dhaka Bank Limited Prime Bank Limited Conversion rate Conversion rate

3,188,025 59,925

1,441,257 162,800

1,230,000 1,184,000

3,389,560 1.00 1.00

259,186,433 4,871,903

117,174,223 13,235,640

99,999,000 96,259,200 275,571,228

81.30 93.81

Particulars USD

USDEUR

BDT

Balance at 30 June 2017


Notes

40.00 Related parties transactions

Interest rate risk arises from the fluctuation of interest rate assigned with certain financial asset or liabilities. Exposure to interest risk of the Company at the reporting dates is only related with outstanding o�shore loan/commitment having LIBOR plus interest rate.

ii) Interest rate risk

Commodity risk arises from fluctuation of value of commodity in terms of price, quantity, cost and political condition of the market from or to which the Company procure or sell product respec-tively. Exposure to commodity risk of the Company at the reporting date may not be significant.

During the year, the Company carried out a number of transactions with related parties within the normal course of business. The name of the related parties and nature of these transactions have been set out in accordance with the provisions of BAS-24 (Related party disclosure).

iii) Commodity risk

Name of parties Relationship Nature of transactions Transactions value

Cash dividend, board meetingattendance fees & remuneration





Chairman

ManagingDirector AdditionalManagingDirector AdditionalManagingDirector

Director


Director

Cash dividend Shareholderof the entity



For providing related service AssociateCompany





For MS rod purchasedCommonDirectors

Individual:

32,006,264

296,763,547

469,597,423

104,393,945

474,024,861

52,424,000

120,908,804

339,032,746

731,684,253

308,524,736

512,654,264

132,609,000

Mohammed Jahangir Alam


Md. Alamgir Kabir

Mollah Mohammad Majnu

Md. Mizanur Rahman Mollah

Md. Almas Shimul

Alhaj Md. Abdur Rouf

Md. Asrafuzzaman

Md. Abdul Ahad

Crown PowerGeneration Ltd.Crown PolymerBagging Ltd.

Crown Mariners Ltd.

Crown Cement Concreteand Building Products Ltd.

Crown Transportation &Logistics Ltd.

GPH Ispat Limited

Institution:

50,969,850

51,677,500

34,914,150

30,355,000

24,355,000

14,553,000

5,197,500

5,197,500

4,158,000

62,557,813

63,432,875

43,220,938

37,535,500

30,525,750

18,340,750

6,496,875

6,496,875

5,197,500

2016-2017 2015-2016


Notes

2016-2017 Taka

2015-2016 Taka

41.00 Number of employeesThe company had 1227 permanent employees as at June 30, 2017 (2016:851) and a varying number of seasonal and temporary workers as required. All permanent employees receive to remuneration in excess of Tk. 36,000 per annum per employee. During the year the company paid as salaries, wages and benefits (note-27.05,29.00 and 30.00) total Tk. 300,693,833.

Directors emolumentSalary & benefits 23,550,500 23,550,500

42.00 Capacity and production

Installed capacity in metric tons (300 days basis) 1,740,000 1,740,000Actual production in metric tons-during the year 1,565,522 1,470,088% of capacity utilization 89.97% 84.49%

43.00 Number of Board Meetings held during the year 2016-2017 and 2015-2016

23-Jul-16

27-Aug-16

16-Oct-16

6-Oct-16

13-Nov-16

11-Dec-16

23-Jan-17

30-Jan-17

16-Feb-17

25-Mar-17

29-Apr-17

27-May-17

13-Jun-17

7

7

7

6

7

7

7

7

8

5

7

8

Quarter

Date of meeting No. of directors attended

2016-2017 2015-2016 2016-2017 2015-2016

8

7

6

8

7

8

7

6

8

8

7

7

8

7

5

8

6

7

4-Jul-15

13-Jul-15

4-Aug-15

29-Aug-15

19-Sep-15

10-Oct-15

27-Oct-15

14-Nov-15

21-Nov-15

15-Dec-15

27-Jan-16

28-Feb-16

27-Mar-16

12-Apr-16

30-Apr-16

28-May-16

21-Jun-16

26-Jun-16

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter


Notes

44.00 Events after the reporting period

The Board of Directors in their meeting held on 22 October 2017 have recommended cash dividend @ 20% i.e. Tk. 2.00 (Taka two) per share of Tk. 10 (Taka ten) each aggregating to Tk. 297,000,000.00 for the year ended 30 June 2017 subject to approval of the shareholders' in the Annual General Meeting scheduled to be held on 4 December 2017. The financial statements for the year ended 30 June 2017 do not include the e�ect of the cash dividend which will be accounted for in the period when shareholders' right to the receive payment is established.

There are no other events identified after the reporting date which require adjustments or disclosure in these accompanying financial statements.

44.01


Notes

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=(4

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1-

2 3 4 5 6 7 8 9 10 11 12 13To

tal

b. R

eval

uati

on

1 2 3 4To

tal

2015

-20

16:

- - - - - - - - - - - - - - -

22,2

33,2

13

42,

386

,26

6

8,9

96

,49

5

73,6

15,9

74

13,9

59,8

94

13,9

59,8

94

169

,472

,914

746

,319

,36

530

1,658

,79

721

4,2

44

,40

45,

818,

680

26,8

21,6

516

,633

,279

10,19

0,4

754

,729

,388

218,

892,

321

152,

212,

194

2,0

92,

433

1,85

9,0

85,9

02

-18

,635

,817

- -

1,550

,555

,00

21,

550

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,00

2

-15

,214

,172

105,

213,

148

58,0

20,9

276

7,6

00

,410

1,437

,472

8,0

65,

156

271,7

562,

502,

071

64

7,6

99

37,4

96

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25,9

35,5

98

226

,055

322,

631,

379

-4

,786

,373

-32

,632

,54

237

,418

,915

328,

959

,526

328,

959,

526

- - - - - - - - - - - - - - -

2,33

2,21

0

33,8

86,0

29

2,4

85,17

9

38,7

03,

418

38,7

03,

418

1,79

2,80

91,

792,

809

- - -

184

,687

,086

849

,20

0,3

03

359

,679

,724

281,8

44

,814

7,25

6,15

21,0

00

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6,9

05,

036

12,6

92,

545

5,37

7,0

8725

3,9

04

,059

178,

147,

791

2,31

8,4

882,

143,

013

,863

23,4

22,19

0

32,6

32,5

42

56,0

54,7

322,

199

,06

8,59

5

1,877

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1,87

7,72

1,71

9

481

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9,5

94

289

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,156

866

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1,053

373,

172,

055

1,383

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11,3

05,

018

39,15

1,389

170

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23,

581,6

46

7,20

7,71

721

8,4

60

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436

4,4

63,

313

1,628

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4,0

39,7

84,2

21

389

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8,38

29

0,9

41,0

84(1

04

,480

,613

)29

3,6

92,

877

66

9,7

21,7

304

,70

9,5

05,

952

4,9

51,2

14,8

754

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,214

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C O

S T

Dur

ing

the

yea

rD

urin

g t

he Y

ear

Tota

l ass

ets(

a+b

)

Sche

dule

of p

rope

rty,p

lant a

nd e

quip

men

tsTo

tal 2

014

-20

15

Land

& la

nd d

evel

op

men

tB

uild

ing

Pla

nt &

mac

hine

ries

Elec

tric

al e

quip

men

ts a

nd t

ools

Ves

sel

Air

co

ndit

ione

rsD

eco

rati

on

O�

ce e

qui

pm

ents

Co

mp

uter

Fur

nitu

re &

fixt

ures

Mo

tor

vehi

cles

Silo

Sun

dry

ass

ets

Land

& la

nd d

evel

op

men

tF

acto

ry a

nd b

uild

ing

sM

oth

er v

esse

lsP

lant

& m

achi

neri

es a

nd o

ther

s

46

2,88

8,6

394

73,7

38,2

42

1,716

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714

,555

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1,66

5,26

6,8

5014

,29

7,78

04

2,38

6,2

66

6,8

77,17

811

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11,9

86,16

34

46

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0,5

5653

2,30

8,76

93,

94

6,7

45

6,10

3,16

0,1

31

389

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8,38

211

4,3

63,

274

(10

4,4

80,6

13)

326

,325

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5,75

4,10

6,8

385,

754

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6,83

8

18,9

20,9

54

21,6

58,2

3818

,29

6,2

26

4,2

63,

390

40

,152,

167

198,

450

4,3

93,

133

598,

64

134

,470

,39

210

,30

2,33

5

- - -15

3,25

3,92

7

- - - - -

1,088

,789

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1,0

88,7

89,6

50

481

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9,5

94

473

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21,7

15,5

61,3

5673

2,85

1,779

1,66

5,26

6,8

5018

,56

1,170

40

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167

7,0

75,6

2816

,274

,192

12,5

84,8

04

472

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4,4

5354

2,6

11,10

53,

94

6,7

45

6,18

2,79

8,0

85

389

,56

8,38

211

4,3

63,

274

(10

4,4

80,6

13)

326

,325

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6,8

28,9

36,5

94

6,82

8,93

6,59

4

3

725,

776,

462

6,82

8,93

6,59

415

3,25

3,92

773

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6,90

8,57

4,5

47

725,

776,

462

18,6

35,8

171,

877,

721,

719

360

,050

,294

M .I. CEMENT FACTORY LTD. I Annual Report I 2016-2017116

Notes

Fact

ory

Sl. N

o.PA

RTI

CU

LAR

SC

ost

Tota

l Cos

tR

ate

Car

ryin

gon

01.

07.

16A

ddit

ion

Dis

posa

l/as

of

30.0

6.17

Cha

rged

Adj

ustm

ent

VA

LUE

adju

stm

ent

01.

07.

2016

30.0

6.17

As

of 3

0.0

6.17

12

34=

(1+2

-3)

56

78

9=(6

+7-8

)10

=(4-

9)

C

O

S

T

D

E P

R E

C I

A T

I O

ND

urin

g th

e ye

arA

ccum

ulat

edas

of

Dur

ing

the

Yea

r A

ccum

ulat

ed a

s of

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Land

& la

nd d

evel

opm

ent

Fact

ory

bui

ldin

gs

unit

-I &

II

Fact

ory

bui

ldin

gs

unit

-III

Fact

ory

bui

ldin

gs

unit

-IV

Pla

nt &

mac

hine

ries

uni

t-I &

II

Pla

nt &

Mac

hine

ries

Uni

t-III

Pla

nt &

mac

hine

ries

uni

t-IV

Fly

ash

unl

oad

ing

sys

tem

Ele

ctri

c to

ols

Gen

erat

or

Ele

ctri

c eq

uip

men

t

Wat

er p

ump

Jett

y co

nstr

ucti

on

Ele

ctri

c fa

n

Gra

b c

rane

Sund

ry a

sset

s

Ele

ctro

nic

wei

ghb

rid

ge

Qua

lity

cont

rol e

qui

pm

ent

Pay

-loa

der

Whe

el lo

ader

Wei

gh

feed

er

Cem

ent

silo

Pum

p h

ouse

Lab

orat

ory

inst

rum

ents

Bou

ndar

y w

all

Dum

p t

ruck

Tool

s &

inst

rum

ents

Sub

sta

tion

Wat

er c

oolin

g t

ower

E-c

rane

462

,888

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152,

169,

372

55,

730,

870

254

,305

,280

283

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300

,069

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906

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140,

056,

232

1,02

5,53

9

4,15

0,00

0

18,7

56,6

58

1,79

7,54

3

52,

033,

472

101,3

51 -

1,41

7,97

2

6,6

42,9

38

13,2

73,3

01

26,

649,

784

32,

982,

131

20,

075,

266

120,

252,

656

679

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1,74

9,69

3

11,2

58,8

19

12,0

92,8

67

4,4

66,4

65

152,

754,

734

666

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157,

833,

936

18,

920

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-

-

-

638

,074

-

20

,491

,651

10

7,25

6 -

-

5,5

78,17

2 -

911

,593

-

-

-

-

-

-

-

-

911

,593

-

-

-

-

8,13

6,66

4

-

-

922

,934

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5

5

5

10

10

10

10

15

20

15

20

10

10

15

15

15

15

15

15

15

15 5

10

5

15

15

15

15

15

-

93,

156,

107

18,

757,

00

0

52,

123,

630

196

,255

,852

164

,387

,939

34

9,78

4,4

17

53,

348,

250

422

,757

3,0

89,2

24

12,

305,

619

1,10

0,15

6

33,

100

,794

51,2

06 -

1,19

8,73

9

3,0

49,

44

2

5,8

44

,876

14

,569

,00

9

11,4

10,8

75

12,

904

,788

70

,858

,782

218

,74

0

1,16

8,65

7

5,3

79,5

33

3,9

02,

880

813

,496

44

,138,

209

282

,351

78,

300

,260

-

2,9

50,6

63

1,8

48,

694

10

,109,

083

8,7

63,2

83

13,

568,

189

56,

413,

462

8,6

78,8

42

90

,417

212

,155

1,19

4,5

72

139

,477

1,9

69,2

34

5,0

15

-

32,

885

539

,024

1,11

4,2

64

1,8

12,11

6

3,2

35,6

89

1,0

75,5

72

7,5

23,0

30

23,

023

58,

104

293

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1,2

28,4

98

1,0

12,8

29

16,

292,

479

57,

647

12,

04

5,41

8

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

96,

106,

770

20

,60

5,69

3

62,

232,

712

20

5,0

19,13

5

177

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40

6,19

7,88

0

62,

027

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513

,174

3,3

01,3

79

13,

500

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1,2

39,6

34

35,

070

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56,

220

-

1,2

31,6

24

3,5

88,4

66

6,9

59,14

0

16,

381,1

25

14

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6,56

3

13,

980

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78,

381,8

12

241

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1,2

26,7

61

5,6

73,4

97

5,13

1,378

1,8

26,3

24

60

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339

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90

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5,67

8

481

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9,59

4

56,

062

,60

2

35,

125,

177

192

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,568

79,

294

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122

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697

521

,141,5

90

78,

136,

396

512

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84

8,62

1

10

,834

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557

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17,

875,

036

45,

131 -

186

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8

3,0

54,4

72

6,3

14,16

1

10

,268

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18,

335,

568

6,0

94,9

06

42,

782,

436

437

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522

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5,5

85,3

22

6,9

61,4

89

10

,776

,80

5

92,

324

,04

6

326

,666

68,

411,1

92

481

,80

9,59

4

152

,169,

372

55,

730

,870

254

,30

5,28

0

284

,314

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30

0,0

69,8

24

927

,339

,469

14

0,16

3,4

88

1,0

25,5

39

4,15

0,0

00

24

,334

,830

1,7

97,5

43

52,

945,

064

10

1,351

-

1,4

17,9

72

6,6

42,

938

13,

273,

301

26,

649,

784

32,

982,

131

20

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121

,164

,24

8

679

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1,7

49,

693

11,2

58,8

19

12,

092

,867

12,

603,

129

152

,754

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666

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158

,756

,870

Sche

dule

of p

rope

rty,

pla

nt a

nd e

quip

men

tsA

s of

30

.06.

2017

Fig

ures

are

in T

aka


Notes

3

Sl.

No

.P

AR

TIC

UL

AR

SC

ost

T

ota

l C

ost

Ra

teC

arr

yin

go

n 0

1.0

7.1

6A

dd

itio

nD

isp

osa

l/a

s o

f 3

0.0

6.1

7C

har

ge

dA

djus

tmen

tV

AL

UE

adju

stm

en

t 0

1.0

7.2

016

30

.06

.17

As

of

30

.06

.17

12

34

=(1

+2

-3)

56

78

9=

(6+

7-8

)10

=(4

-9)

C

O

S

T

D E

P R

E C

I A

T I

O N

Du

rin

g t

he

ye

arA

ccu

mu

late

das

of

Du

rin

g t

he

Ye

ar A

cc

um

ula

ted

as

of

31

32

33

34

35

36

37

38

39

40 41

42

43

44

45

46

47

48

49

50 51

52

53

54

55

Bur

ge

load

er

Cat

ter

pill

er

Bul

k lo

adin

g s

yste

m

Clin

ker

silo

Dus

t co

llect

or

Air

co

mp

ress

or

Cru

sher

fo

und

atio

n

Fly

ash

silo

Wor

ksho

p fo

r dum

p tru

ck &

pay

load

er

Mo

tor

vehi

cles

Pac

ker

for

unit

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Mo

ther

ves

sel

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t si

lo

Tow

er c

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dy

mix

pla

nt

Tran

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l

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n

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ents

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cles

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fixt

ures

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sque

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l

10

6,5

66

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12,

117,

386

1,8

36,4

03

336

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8,7

07

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2

5,12

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3

224

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8

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27,4

98

84

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41

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20

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381,5

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00

9

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504

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0

42,

386

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6

13,

624

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6,8

77,17

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85,

190

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2

11,8

81,0

59

11,9

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0,5

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186

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578 -

297

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528

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3,14

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43,

531

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63,3

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40

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167 -

198

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42,

490

4,3

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3

598

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58,

44

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1

-

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504

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266 -

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720

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15

15

15 5

15

15 5

5

10

15

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5

15

10

15

10 15

20

20

20

15

33

10

5

38,

500

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4

6,4

24,5

70

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74

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25,

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300

184

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34

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20

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91

466

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1,6

02,

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271

5,8

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80

26,

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51

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52

6,6

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43,

774

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10

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29,3

88

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10

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59,4

00

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853

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30

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989

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5

652

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57

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0

66,

417

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31,0

85

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341,0

38

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865,

874

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48

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775

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0

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655

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72

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00

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647

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42

20

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-

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1,60

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1,54

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729

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029

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130

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31

35,

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3,3

51,4

10

250

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53,4

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60

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5

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42 -

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52

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036

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411

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692,

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20

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0

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24

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0

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089

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176

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3,81

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20

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717

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8,89

4,9

25

10

6,56

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5

12,

117,

386

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81

336

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8,70

7

10

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2,63

2

5,5

18,6

23

224

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21,3

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84

8,24

1

21,7

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2014

-201

5:

M. I. CEMENT FACTORY LIMITED

M. I. CEMENT FACTORY LIMITEDRegistered O�ce: West Mukterpur, Munshiganj

Head O�ce: Delta Life Tower (3rd & 6th floor), Plot No. 37Road No. 45 (South) & 90 (North), Gulshan- 2, Dhaka- 1212.

PROXY FORM

Shareholders BO A/C No. No. of Shares held

I/We ……………………………………………………………………………………...................................................................................................…...

of (Address) ……………............................................………………………………………………………….......................……………........……………

……………………...........................................…… being shareholder(s) of M. I. Cement Factory Limited hereby appoint

of …………………………...............................………….. as my/our proxy to attend and vote for me/us and on my/our

behalf at the 23rd Annual General Meeting to be held on Monday, the 4th December 2017 at 11:00 A.M. at

the Factory Premises, West Mukterpur, Munshiganj and at any adjournment thereof and the poll may be

taken in consequence thereof.

As witness my/our hand this ………....................................…….. day of ………...............……….2017.

I/We hereby record my/our presence at the 23rd Annual General Meeting of the Company on Monday, the 4th December 2017 at the Factory Premises, West Mukterpur, Munshiganj.

Name of Shareholder/Proxy .............................................................................…………………………………................………………….

BO Account No. ………………......................................………...........………….. holding of …………………..........….........................….

Ordinary shares of M. I. Cement Factory Limited.

N.B: 1. Please note that AGM can only be attended by the honorable Shareholder or properly constituted proxy. 2. Please present this slip at the Reception Desk.

Note: The proxy form duly completed must be deposited at the Company’s Head O�ce not later than 48 hours before the time fixed for the meeting, otherwise the proxy form will not be accepted.

(Signature of the Proxy)

Authorized SignatureM. I. Cement Factory Ltd.

Signature Verified

(Signature of the Shareholder)BO Account No.

SHAREHOLDERS’ ATTENDANCE SLIP

Revenue Stamp

Signature of Shareholder(s)/Proxy

M. I. CEMENT FACTORY LTD. · 2019-05-02 · M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017...

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Transcript of M. I. CEMENT FACTORY LTD. · 2019-05-02 · M. I. CEMENT FACTORY LTD. I Annual Report I 2016-2017...