Clover Pakistan : Transmission of Annual Report for the Year Ended 2022-06-30

Annual

Report

2022

CLOVER PAKISTAN LIMITED

Annual Report | 2022

Content

1	COMPANY INFORMATION	03
2	NOTICE OF ANNUAL GENERAL MEETING	04
3	NOTICE OF ANNUAL GENERAL MEETING-URDU	06
4	REVIEW REPORT BY THE CHAIRMAN	08
5	REVIEW REPORT BY THE CHAIRMAN-URDU	10
6	DIRECTORS' REPORT	12
7	DIRECTORS' REPORT-URDU	17
8	STATEMENT OF VALUE ADDED	24
9	YEARWISE FINANCIAL HIGHLIGHTS	25
10	SIX YEAR AT A GLANCE	26
12	STATEMENT OF COMPLIANCE WITH LISTED COMPANIES
	(CODE OF CORPORATE GOVERNANCE)	27
13	INDEPENDENT AUDITOR'S MODIFIED REVIEW REPORT	29
14	INDEPENDENT AUDITOR'S REPORT	32
15	STATEMENT OF FINANCIAL POSITION	37
16	STATEMENT OF PROFIT OR LOSS	38
17	STATEMENT OF COMPREHENSIVE INCOME	39
18	STATEMENT OF CHANGES IN EQUITY	40
19	STATEMENT OF CASH FLOW	41
20	NOTES TO THE FINANCIAL STATEMENTS	42
21	PATTERN OF SHAREHOLDING	79
22	PROXY FORM	82

02

Clover Pakistan Limited

Company Information

Board of Directors

Mr. Jawaid Iqbal - Chief Executive Officer & Director Mr. Shahzad Mohsin - Chairman & Director

Mr. Khawar Jamil Butt - Director Ms. Koshak Irum - Director Mr. David Cyril Paul - Director Mr. Nausherwan - Director Miss Shaista Khan - Director

Mr. Owais Ali Khan - Chief Financial Officer

Audit Committee

Ms. Koshak Irum - Chairman

Mr. Shahzad Mohsin - Member

Mr. Nausherwan - Member

Mr. David Cyril Paul - Member

Human Resource Committee

Mr. Nausherwan - Chairman

Mr. Shahzad Mohsin - Member

Ms. Koshak Irum - Member

Company Secretary

Muhammad Kashif Naimatullah

Chief Financial Officer

Mr. Owais Ali Khan

External Auditors

Grant Thornton Anjum Rahman

Chartered Accountants

Registered Office

Banglow No. 23-B Lalazar, Off: M.T. Khan Road, Karachi, Pakistan.

Tel: [phone]

Fax: [phone]

Website: www.clover.com.pk

Share Registrar

FAMCO Associates (Pvt) Limited

8-F, Next to Hotel Faran, Nursery Block-6, P.E.C.H.S Shahrah-e-Faisal, Karachi - 74000 Pakistan.

Tel: [phone]

Fax: [phone]

03

Annual Report | 2022

Notice of the 36th Annual General Meeting

Notice is hereby given that the 36th Annual General Meeting (AGM) of the shareholders of Clover Pakistan Limited (the Company) will be held on Friday, October 28, 2022, at 09:00 a.m. at Arabian Sea Country Club, Bin Qasim, Karachi to transact the following businesses:

Ordinary Business:

• To confirm the minutes of the Company's Annual General Meeting held on February 24, 2022.
• To receive, consider 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.
• To appoint auditors of the Company for the Financial Year ending June 30, 2023, and to fi¬x their remuneration.

Any Other Business:

• To transact any other business as may be placed before the meeting with the permission of the Chair.

By order of the Board

_____________________

Muhammad Kashif

Company Secretary

Date: October 07, 2022

Place: Karachi

Notes:

1. Closure of Share Transfer Books:
   The Share Transfer Books of the Company will remain closed from October 22, 2022, to October 28, 2022 (both days inclusive). Transfers received in order by our Share Registrar, M/S. FAMCO Associates Private Limited, 8-F, Near Hotel Faran, Nursery, Block-6, PECHS, Shahra-e-Faisal, Karachi, Pakistan, by the close of business on October 21, 2022, will be considered in time for attending the meeting.
2. Appointment of Proxies and Attending AGM:
3. 1. A member entitled to attend and vote at the meeting may appoint another member as their proxy who shall have such rights as respects attending, speaking and voting at the meeting as are available to a member.
   2. A blank instrument of proxy (in English and Urdu) is attached in the Annual Report. The form of proxy is also available on the Company's website.
   3. A duly completed instrument of proxy to be valid must be deposited at the registered office not less than 48 hours before the time of the meeting. Attested copies of valid CNIC or the passport of the member and the proxy shall be furnished with the Proxy Form.
   4. The instrument of proxy should be duly signed, stamped and witnessed by two persons with their names, addresses, CNIC numbers and signatures.
   5. Central Depository Company (CDC) account holders are also required to follow the guidelines as laid down in Circular No.1 dated January 26, 2000, issued by the Securities and Exchange Commission of Pakistan (SECP).
   6. In the case of a corporate entity, the Board of Directors' resolution / Power of Attorney with specimen signature of the nominee shall be submitted at the registered office not less than 48 hours before the time of the meeting.

04