CONTENTS

Company Information

2

The Mission Statement

3

Notice of Annual General Meeting

4

Chairman's Review

6

Directors' Report

7

Financial Highlights

11

Statement of Compliance with Listed Companies

(Code of Corporate Governance) Regulations, 2019

12

Independent Auditors' Review Report to the Member on statement of Compliance

contained in Listed Companies (Code of Corporate Governance) Regulations, 2019

14

Independent Auditors' Report

15

Statement of Financial Position

19

Statement of Profit or Loss

20

Statement of Comprehensive Income

21

Statement of Cash Flows

22

Statement of Changes in Equity

23

Notes to the Financial Statements

24

Pattern of Share Holding

50

57

59

Jama Punji

Form of Proxy

COMPANY INFORMATION

BOARD OF DIRECTORS

NON-EXCUTIVE DIRECTORS

:

MR. MUHAMMAD IRFAN ALI

CHAIRMAN BOARD OF DIRECTORS

SYED FARHAN ASDAQUE

MR. MUHAMMAD WAJID

EXECUTIVE DIRECTORS

:

MR. ISHTIAQ AHMAD

CHIEF EXECUTIVE OFFICER

MR. SALEEM-UL-HAQUE

MS. MOMNA GULL

INDEPENDENT DIRECTOR

:

MR. ASGHAR IQBAL

AUDIT COMMITTEE

:

MR. ASGHAR IQBAL

CHAIRMAN

MR. MUHAMMAD WAJID

MEMBER

MR. MUHAMMAD IRFAN ALI

MEMBER

HUMAN RESOURCE &

:

MR. ASGHAR IQBAL

CHAIRMAN

REMUNERATION COMMITTEE

MR. ISHTIAQ AHMAD

MEMBER

MR. MUHAMMAD WAJID

MEMBER

CHIEF FINANCIAL OFFICER

:

MR. SALEEM-UL-HAQUE

COMPANY SECRETARY

:

MR. MUHAMMAD HANIF GERMAN

AUDITORS

:

FARUQ ALI & CO.

CHARTERED ACCOUNTANTS

:

FEROZE SHARIF TARIQ & CO.

CHARTERED ACCOUNTANTS

LEGAL ADVISOR

:

KHALID ANWAR & COMPANY - ADVOCATES

TAX ADVISORS

:

SHARIF & COMPANY - ADVOCATES

FACTORY OFFICE

:

PLOT NO. 1, DEWAN FAROOQUE INDUSTRIAL

PARK, HATTAR, DISTRICT HARIPUR, K.P.

CORPORATE OFFICE

:

DEWAN CENTRE, 3-A, LALAZAR, BEACH

HOTEL ROAD, KARACHI.

REGISTERED OFFICE

:

PLOT NO. 6, STREET NO. 9, FAYYAZ MARKET,

G-8/2, ISLAMABAD, PAKISTAN.

SHARE REGISTRAR /

:

BMF CONSULTANTS PAKISTAN (PRIVATE) LIMITED

TRANSFER AGENTS

ANUM ESTATE BUILDING, ROOM NO. 310 & 311,

3RD FLOOR, 49, DARUL AMAN SOCIETY, MAIN SHAHRAH-E-FAISAL,

ADJACENT TO BALOCH COLONY BRIDGE, KARACHI, PAKISTAN.

BANKERS

:

AL BARAKA ISLAMIC INVESTMENT BANK LIMITED

ALLIED BANK LIMITED

ASKARI BANK LIMITED

BANK ALFALAH LIMITED

BANK OF KHYBER LIMITED

BANK OF PUNJAB LIMITED

FAYSAL BANK LIMITED

HABIB BANK LIMITED

HABIB METROPOLITAN BANK LIMITED

MEEZAN BANK LIMITED

SUMMIT BANK LIMITED

NATIONAL BANK OF PAKISTAN LIMITED

STANDARD CHARTERED BANK LIMITED (PAKISTAN)

SILK BANK LIMITED

UNITED BANK LIMITED

02 ANNUAL REPORT 2022

THE MISSION STATEMENT

  • "THE MISSION OF DEWAN SALMAN FIBRE LIMITED IS TO BE THE LEADER IN SYNTHETIC FIBRE MANUFACTURING IN PAKISTAN AND BECOME A GLOBAL PLAYER IN THE FIELD.
  • TO ASSUME LEADERSHIP ROLE IN THE TECHNOLOGICAL ADVANCEMENT OF THE INDUSTRY AND TO ACHIEVE THE HIGHEST LEVEL OF QUALITATIVE AND QUANTITATIVE INDIGENIZATION.
  • TO BE THE FINEST ORGANIZATION IN ITS INDUSTRY AND TO CONDUCT ITS BUSINESS RESPONSIBILITY AND IN A STRAIGHT FORWARD MANNER.
  • TO SEEK LONG-TERM AND GOOD RELATIONS WITH OUR SUPPLIERS AND CUSTOMERS WITH FAIR, HONEST AND MUTUALLY PROFITABLE DEALINGS.
  • TO ACHIEVE THE BASIC AIM OF BENEFITING OUR CUSTOMERS, EMPLOYEES, SHAREHOLDERS, OTHER STAKE HOLDERS
    AND TO FULLFIL US COMMITMENTS TO OUR SOCIETY.
  • TO CREATE A WORK ENVIRONMENT HIGHLIGHTING TEAM WORK, WHICH MOTIVATES, RECOGNIZES AND REWARDS ACHIEVEMENTS AT ALL LEVELS OF THE ORGANIZATION, BECAUSE "IN ALLAH WE TRUST AND BELIEVE" AND HUMAN RESOURCE IS OUR
    CAPITAL AND ASSET.
  • TO BE HONEST AND BE ABLE TO RESPOND EFFECTIVELY TO CHANGES IN ALL ASPECTS OF LIFE INCLUDING TECHNOLOGY, CULTURE PROACTIVE AND ENVIRONMENT.
  • TO BE A CONTRIBUTING CORPORATE CITIZEN FOR THE BETTERMENT OF SOCIETY AND TO EXHIBIT A SOCIALLY RESPONSIBLE BEHAVIOR.
  • TO CONDUCT BUSINESS WITH INTEGRITY AND STRIVE TO BE THE BEST."

ANNUAL REPORT 2022 03

NOTICE OF THE THIRTY THIRD

ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Thirty Third Annual General Meeting of Dewan Salman Fibre Limited ("DSFL" or "the Company") will be held on Friday, October 28, 2022, at 11:00 a.m. at Plot No. 6, Street No. 9, Fayyaz Market, G-8/2,Islamabad, Pakistan; to transact the following businesses upon recitation from Holy Qur'aan and other religious recitals:

ORDINARY BUSINESS:

  1. To confirm the minutes of the preceding Extra Ordinary Annual General Meeting of the Company held on Monday, September 26, 2022;
  2. To receive, consider, approve and adopt the annual audited financial statements of the Company for the year ended June 30, 2022, together with the Directors'and Auditors'Reports thereon;
  3. To confirm the appointment of the Statutory Auditors of the Company for the year ended June 30, 2023, and to fix their remuneration;
  4. To consider any other business with the permission of the Chair.

By Order of the Board

Dated: September 27, 2022

Muhammad Hanif German

Place : Karachi.

Company Secretary

NOTES:

  1. The Share Transfer Books of the Company will remain closed for the period from October 21, 2022 to October 28, 2022 (both days inclusive).
  2. Members are requested to immediately notify change in their addresses, if any, at our Shares Registrar Transfer Agent BMF Consultants Pakistan (Private) Limited, located at Anum Estate Building, Room No. 310 & 311, 3rd Floor, 49, Darul Aman Society, Main Shahrah-e-Faisal, adjacent to Baloch Colony Bridge, Karachi, Pakistan.
  3. A member of the Company entitled to attend and vote at this meeting, may appoint another member as his/her proxy to attend and vote instead of him/her. Proxies, in order to be effective, must be received by the Company at the abovesaid address, not less than 48 hours before the meeting.
  4. CDC Account holders will further have to observe the following guidelines, as laid down in Circular 01 dated January 20, 2000, issued by the Securities and Exchange Commission of Pakistan:

a) ForAttending Meeting:

  1. In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall authenticate his/her identity by showing his/her original National Identity Card (CNIC), or original passport at the time of attending the meeting.
  2. In case of corporate entity, the Board of Directors' resolution/power of attorney, along with the specimen signature of the nominee, shall be produced (unless it has been provided earlier) at the time of meeting.

b) ForAppointing Proxies:

  1. In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall submit the proxy form as per the above requirements.
  2. Two persons, whose names, addresses, and CNIC numbers shall be mentioned on the form, shall witness the proxy.

04 ANNUAL REPORT 2022

    1. Attested copies of CNIC or passport of the beneficial owners and proxy shall be furnished along with the proxy form.
    2. The proxy shall produce his/her original CNIC or original passport at the time of the meeting.
    3. In case of corporate entity, the Board of Directors' resolution/power of attorney, along with the specimen signature of the nominee, shall be produced (unless it has been provided earlier) along with the proxy form to the Company.
  2. Notice to Shareholders who have not provided CNIC:
    CNIC of the shareholders is mandatory in terms of directive of the Securities and Exchange Commission of Pakistan contained in S.R.O. 831(1)/2012 dated July 05, 2012 for the issuance of future dividend warrants etc. and in the absence of such information, payment of dividend may be withheld in term of SECP's above mentioned directive. Therefore, the shareholders who have not yet provided their CNICs are once again advised to provide the attested copies of their CNICs directly to our Shares Registrar without any further delay.
  3. Mandate for E-DIVIDENDS for shareholders:
    In order to make process of payment of cash dividend more efficient, e-dividend mechanism has been envisaged where shareholders can get amount of dividend credited into their respective bank accounts electronically without any delay. In this way, dividends may be instantly credited to respective bank accounts and there are no changes of dividend warrants getting lost in the post, undelivered or delivered to the wrong address, etc. The Securities and Exchange Commission of Pakistan (SECP) through Notice No. 8(4) SM/CDC 2008 dated April 5, 2013 had advised all Listed Companies to adopt e-dividend mechanism due to the benefits it entails for shareholders. In view of the above, you are hereby encouraged to provide a dividend mandate in favor of e-dividend by providing dividend mandate form duly filled in and signed.
  4. Electronic Transmission of Financial Statements Etc.:
    SECP through its notification No. SRO 787(1)/2014 dated September 8, 2014 has allowed companies to circulate Annual Audited Financial Statements along with Notice of Annual General Meeting through email instead of sending the same through post, to those members who desires to avail this facility. The members who desire to opt to receive aforesaid statements and notice of AGM through e-mail are requested to provide their written consent on the Standard Request Form available on the Company's website: http://www.yousufdewan.com/DSFL/index.html.

ANNUAL REPORT 2022 05

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Dewan Salman Fibre Ltd. published this content on 06 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2022 04:41:02 UTC.