CONTENTS
Corporate Information | 3 |
Directors' Report | 4 |
Condensed Interim Statement of Financial Position | 5 |
Condensed Interim Statement of Profit or Loss | 6 |
Condensed Interim Statement of Comprehensive Income | 7 |
Condensed Interim Statement of Cash Flows | 8 |
Condensed Interim Statement of Changes in Equity | 9 |
Condensed Interim Notes to the Financial Statements | 10 |
15
Corporate Information
Board of Directors | Mr. Waqar Ibn Zahoor Bandey | - Chairman |
Mr. Naveed M. Sheikh | - Director/CEO | |
Mr. Ibrahim Naveed Sheikh | - Director | |
Mr. Muhammad Tariq | - Director | |
Mr. Shahzad Ullah Khan | - Director | |
Mr. Najam Faiz | - Director | |
Mrs. Fakhra Chaudhry | - Director | |
Audit Committee | Mr. Najam Faiz | - Chairman |
Mr. Muhammad Tariq | - Member | |
Mr. Shahzad Ullah Khan | - Member | |
HR & Remuneration | Mr. Shahzad Ullah Khan | - Chairman |
Committee | Mr. Ibrahim Naveed Sheikh | - Member |
Mrs. Fakhra Chaudhry | - Member | |
Chief Financial Officer | Miss. Hina Mustafa | |
Head of Internal Audit | Mr. Adnan Ahmad | |
Company Secretary | Mr. Mubashhar Asif | |
Financial Institutions | BankIslami Pakistan Limited | |
Dubai Islamic Bank Pakistan Limited | ||
Silk Bank Limited | ||
Soneri Bank Limited | ||
MCB Bank Limited | ||
Auditors | Tariq Abdul Ghani Maqbool & Co. | |
Chartered Accountants | ||
Legal Advisors | Ms. Aniqua Sheikh | |
Advocate | ||
Registered Office | M. Ismail Aiwan - e - Science Building, | |
205 Ferozepur Road | ||
Lahore-54600 | ||
Ph # + 92 (042) 3575-8970 | ||
+ 92 (042) 3575-1308 | ||
Fax # + 92 (042) 3576-3247 | ||
Shares Registrar | Hameed Majeed Associates (Pvt) Limited | |
H.M. House, 7-Bank Square, Lahore. | ||
Ph # + 92 (042) 3723-5081-2 | ||
Fax # + 92 (042) 3735-8817 |
DIRECTORS' REVIEW TO THE MEMBERS
Dear Members
Interim un-audited financial statements for the 1st Quarter period ended September 30, 2022 are being presented in accordance with the requirements of International Accounting Standards, Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.
During the period under review your Company earned revenue of Rs. 86,730 Million against revenue of Rs. 37,487 Million in the corresponding period last year against placement of funds with various financial institutions. Operating Profit after administrative and other expenses comes to at Rs. 49,962 Million (2021: Rs. 2,593 Million). Your Company earned Net Profit of Rs. 41,563 Million against Net Loss of Rs. 18.990 Million last year for the same period. Earning for the quarter under review is Rs. 0.42 per share (2021: Loss Rs. 0.19).
Funds presently available with the Company have been deployed with various Financial Instruments/Mutual Funds and also are being used for its Hydroponics Project for which erection/installation of machinery/equipments is in process. Consignments against Letter of Credit have also been aligned according to the phase requirements. We are hopeful that the erection will be completed by 3rd Quarter of this Financial Year and Trial/Commercial production will be started accordingly. The Construction Project is likely to generate/share its revenue by the end of this year as one unit (house) will be ready for sale.
The Company is in the process of disposing its Remaining Assets comprised of a composite sugar manufacturing facility situated at Phalia, District Mandi Bahauddin, as per the resolution passed by the Shareholders of the Company in Annual General Meeting. Proceeds from the sale of Remaining Assets shall be deployed; together with the existing funds; in accordance with the Object Clause of the Company and other businesses permitted by Memorandum of Association of the Company.
For and on behalf of the Board
Waqar Ibn Zahoor Bandey | Naveed Mughis. Sheikh |
Chairman | Director |
Lahore
October 29, 2022
4
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-Audited)
AS AT SEPTEMBER 30, 2022 | September 30, | June 30, | ||
2022 | 2022 | |||
(Un-audited) | (Audited) | |||
Note | (Rupees in '000') | (Rupees in '000') | ||
EQUITY AND LIABILITIES | ||||
Share Capital And Reserves | ||||
Authorized share capital | ||||
100,000,000 (2021: 100,000,000) | ||||
ordinary shares of Rupees 10 each | 1,000,000 | 1,000,000 | ||
Issued, subscribed and paid-up share capital | 6 | 990,200 | 990,200 | |
Surplus on revaluation of property, plant and equipment | ||||
- net of deferred tax | 7 | 5,528,996 | 5,528,996 | |
Unappropriated profit | 3,669,175 | 3,627,612 | ||
LIABILITIES | 10,188,371 | 10,146,808 | ||
Non-Current Liabilities | ||||
Deferred liabilities | 8 | 1,832,342 | 1,834,213 | |
Current Liabilities | ||||
Trade and other payables | 570,694 | 568,893 | ||
Contingencies and commitments | 9 | - | - | |
12,591,407 | 12,549,914 | |||
ASSETS | ||||
Non-Current Assets | ||||
Property, plant and equipment | 10 | 133,258 | 120,203 | |
Current Assets | ||||
Stores, spares and loose tools | ||||
209,002 | 209,002 | |||
Stock in Trade | 356,161 | 337,339 | ||
Loan and advances | 666,362 | 226,154 | ||
Trade deposits, prepayments and other receivables | 22,021 | 21,524 | ||
Accrued markup | 13,124 | 10,204 | ||
Short term Investments | 706,110 | 490,585 | ||
Tax refunds due from government | 195,137 | 185,164 | ||
Cash and bank balances | 1,550,418 | 2,209,925 | ||
3,718,335 | 3,689,897 | |||
Non current assets held for sale | 11 | 8,739,814 | 8,739,814 | |
12,591,407 | 12,549,914 | |||
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
5
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Imperial Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 04:28:05 UTC.