Frontier Ceramics : TRANSMISSION OF ANNUAL REPORT FOR THE PERIOD ENDED JUNE 30,2022

FRONTIER CERAMICS LIMITED

40th ANNUAL REPORT

FOR THE YEAR ENDED JUNE 30, 2022

CONTENTS

VISION & MISSION STATEMENT	1
COMPANY INFORMATION	2
NOTICE OF AGM	3
KEY OPERATING & FINANCIAL DATA	9
CHAIRPERSON REVIEW REPORT	10
DIRECTORS' REPORT	15
STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE	28

REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH	31
BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
AUDITORS' REPORT TO THE MEMBERS	33
BALANCE SHEET	38
PROFIT AND LOSS ACCOUNT	39
STATEMENT OF COMPREHENSIVE INCOME	40
STATEMENT OF CHANGES IN EQUITY	41
CASH FLOW STATEMENT	42
NOTES TO THE ACCOUNTS	43
PATTERN OF SHAREHOLDING	84
CATEGORIES OF SHAREHOLDERS	85
PROXY FORMS	86

VISION AND MISSION STATEMENT

VISION STATEMENT

To become industry leader by instilling ethical and moral values, honest practices according to the Principles of Islam, offering the best innovative, competitive and quality products, ensuring direct benefit for all stake holders.

MISSION STATEMENT

1. Deliver un-parallel value to customers by continuous striving and to exceed their expectations;

1. Under the guiding principles of Islam, to inculcate the culture of honest practices, ethical and moral values in our employees;

o Special emphasis on workforce, health, safety, environment. Constant motivation of employees by fair benevolence;

1. To ensure reasonable growth and profits of the Group, to the shareholders on their investment; and

1. The Group will assert efforts towards the social development of society and be instrumental in the industrial growth of Pakistan.

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	COMPANY INFORMATION
BOARD OF DIRECTORS
		Islamic Banks
Ms. Shabina Anjum	Independent Director & Chairperson
Mr. Omer Khalid	Non-Executive Director	Bank Al Habib Islamic Limited
Mr. Javid Khalid	Non-Executive Director	Bank Alflah Islamic Limited
Mr. Zia Khalid	Executive Director	Silk Emaan Islamic Bank Limited
Ms. Numrah Khalid	Executive Director	UBL Ameen Limited
Mr. Muhammad Riaz Khan	Independent Director	First Habib Islamic Income Fund
Mrs. Shazia Khalid	Non-Executive Director
		Auditors
Audit Committee
		M/S BDO Ebrahim & Co Chartered Accountants
Mr. Muhammad Riaz Khan	Chairman	4th Floor, Saeed Plaza, 22 East, Jinnah Avenue,
Mr. Omer Khalid	Member	Blue Area, Islamabad.
Mr. Javid Khalid	Member
		Legal Advisor
Human Resource & Remuneration Committee
		Mr. Ishtiaq Ahmed
Ms. Shabina Anjum	Chairperson	Advocate & Legal Consultant
Ms. Numrah Khalid	Member	Flat No. 42, Block C, 2nd Floor, Cantonment Plaza,
Mr. Javid Khalid	Member	Saddar Road, Peshawar Cantt.
Chief Executive Officer		Registrar and Share Transfer Office
Mr. Nadeem Khalid		Central Depository Company of Pakistan Ltd
Chief Financial Officer		CDC House, 99-B, Block B, S.M.C.H.S,
	Main Sharah-e-Faisal, Karachi. Ph: 021-111-111-500
Khawaja Mushtaq Ahmed FCA,ACIS	Head Office/Registered Office
[e-mail]
Company Secretary		29-Industrial Estate, Jamrud Road, Peshawar
	Ph: 091-5891470-79, Fax: [phone].
Mr. Rehman Khan Sherwani		Website
[e-mail]
		www.forte.com.pk
Head of Internal Audit		or scan QR code

Mr. Wasif Naeem [e-mail]

Bankers

Conventional Banks

Allied Bank Limited

Bank Al Habib Limited

Bank Alflah Limited

Faysal Bank Limited

Habib Metropolitan Bank Limited

MCB Bank Limited

Silk Bank Limited

Meezan Bank Limited

United Bank Limited

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NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that 40th Annual General Meeting of Frontier Ceramics Limited will be held on Saturday, November 26, 2022 at 09:00 A.M at 29-Industrial Estate, Jamrud Road, Peshawar to transact the following business:

1. ORDINARY BUNINESS
2. 1. To confirm the minutes of the Annual General Meeting of the Company held on October 28, 2021.
   2. To receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2022, together with the Chairperson's Review Report, Directors Report and Auditors' Report thereon.
   3. To appoint auditors and fix their remuneration for the year ending June 30, 2023. The present auditors' M/s BDO Ebrahim & Co., Chartered Accountants, retire and being eligible have offered themselves for re-appointment.
3. SPECIAL BUNINESS

To consent and accord approval of transactions from/to with associated companies & undertaking in compliance of Section 207, 208 and 199 of the Companies Act, 2017 by passing special resolution with or without modification.

"Resolved That the transactions from/to with associated companies and undertaking tabulated below during the year are approved by the Board shall be deemed to have been approved by the shareholders U/S 207 and / or 208 and/or 199 of the Companies Act, 2017."

Name of Associated

Loan

Advance

Advance

Fixed

Companies &

Loan Paid

Asset

Received

Paid

Received

Undertakings

Purchased

Toyota Rawal Motors

(Pvt) Ltd

114,840,000

124,391,500

Nadeem Khalid

187,480,739

101,613,900

Rawal Industrial

32,478,633

Equipment (Pvt) Ltd

36,200,000

122,317,272

Khalid & Khalid

Holding (Pvt) Ltd

21,294,142

2,900,000

"Resolved That the Board of Directors of the Company be and is hereby authorized to approve the transactions to be conducted with Related Parties on case-to-case basis for the financial year ending 30th June 2023."

"Resolved That the transactions approved by the Board shall be deemed to have been approved by the shareholders U/S 207 and / or 208 and/or 199 of the Companies Act, 2017 (if triggered) and shall be placed before the shareholders in the next Annual General Meeting for their formal ratification/approval U/S 207 and / or 208 or 199 of the Companies Act, 2017 (if required)."

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