Imperial : Annual Financial Statements 2023

Contents

Corporate Information	02
Vision & Mission Statement	03
Notice of the Annual General Meeting	04
Chairman's Review	09
Directors' Report to the Members	10
Statement of Compliance with Code of Corporate Governance	12
Independent Auditors' Review Report of Imperial Limited Review Report on Statement of
Compliance contained in Listed Companies (Code of corporate Governance) Regulations, 2019	13
Independent Auditors' Review Report to the members of Imperial Limited
Report on the Audit of the Financial Statements	14
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
Financial Highlights	48
Pattern of Shareholding	49
	52
Form of Proxy	53
	55

Annual Report 2023

Corporate Information

Board of Directors	Mr. Waqar Ibn Zahoor Bandey	- Chairman
	Mr. Naveed M. Sheikh	- Director/CEO
	Mr. Muhammad Tariq	- Director
	Mr. Ibrahim Naveed Sheikh	- 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. Muhmmad Tariq	- Chairman
Committee	Mr. Ibrahim Naveed Sheikh	- Member
	Mr. Shahzad ullah Khan	- Member
Chief Financial Officer	Miss. Hina Mustafa
Head of Internal Audit	Mr. Adnan Ahmad
Company Secretary	Mr. Mubashhar Asif
Financial Institutions	Soneri Bank Limited
	The Bank of Khyber
	Habib Bank Limited
	HBL Microfinance Bank Limited
	U Microfinance Bank Limited
Auditors	Ilyas Saeed & Co.
	Chartered Accountants
Legal Advisors	Mrs. Aniqua Sheikh
	Advocate
Registered Office	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
Production Facilities	Hydroponic Project
	Village Shori Manika
	Tehsil Pindi Bhattian, District Hafizabad
	Assets Classified held for Sale
	Karmanwala, Tehsil Phalia
	Distt. Mandi Bahauddin
	Ph # + 92 (546) 541-151/54
	Fax # + 92 (546) 541-162

Annual Report 2023 | 02

Vision Statement

To exploit our company's potential by diversifying into the entire range of financial and consumer products

Mission Statement

To exceed our customers' expectations in quality and delivery on one hand and maximize profit for the stakeholders of our company on the other hand by continuous cost reduction through identifying and deploying latest technologies in process and monitoring control systems

03 | Annual Report 2023

Notice of Annual General Meeting

Notice is hereby given that the 17th Annual General Meeting of the shareholders of Imperial Limited will be held on Saturday the October 28, 2023, at 10:00 a.m. at Registered Office of the Company situated at Ismail Aiwan-e-Science Building, 205 Ferozepur Road, Lahore to transact the following business:

Ordinary Business

1. To confirm the minutes of last Extraordinary General Meeting held on December 31, 2022.
2. To receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2023 together with the Directors' and Auditors' Reports thereon.
3. To appoint Auditors for the financial year 2023-2024 and to fix their remuneration.

Special Business

4. To approve transmission of Annual Audited Financial Statements to the Company's Shareholders through QR enabled code and weblink as allowed by the SECP via S.R.O. No. 389(I)/2023 dated March 21, 2023 and to consider and if deemed fit pass the following special resolution.

RESOLVED that the approval be and is hereby accorded and the Company is authorized to circulate the annual financial statements to shareholder through Quick Response (QR) enabled code and web-link instead of sending these through CD/DVD/USB, subject to the requirements of Notification No. S. R.O 389(1)/2023 of the Securities & Exchange Commission of Pakistan dated March 21, 2023".

5. To consider and approve the proposal regarding sale of freehold land, buildings on freehold land, plant and machinery and other assets of the Company located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin by passing following resolution(s) as ordinary resolution(s) with or without any modification, addition or deletion in terms of Section 183(3)(a) of the Companies Act, 2017:

RESOLVED that the consent of shareholders be and is hereby accorded to the disposal and sale of Company's assets located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin comprised of Freehold Land, Buildings on Freehold Land, Plant and Machinery, Furniture & Fixture, Equipment and other assets ("the Assets").

RESOLVED FURTHER that, as part and parcel of the foregoing consent, Board of Directors be and are hereby authorized and empowered for the Assets Sale. The Board may delegate its powers to Chief Executive Officer (CEO) or any other person on such terms and conditions they deem fit, to act on behalf of the Company in doing and performing all acts, matters, things and deeds

to implement and / or give effect to the asset sale and the	transaction contemplated by it, which shall	include, but not be limited
to:
a) conducting negotiations, obtaining quotations etc, with	interested parties in such manner and on	such terms and conditions

as are in the best interest of the Company and its shareholders and which secure the best available market price for the assets;

1. selling the Assets to any individual, firm / partnership, bank or private / public limited company or organization or to any other person and, for that purpose, negotiating with financial institution for vacation of lien/charges against assets if any, entering into agreement to sell, sale deed or any other agreement with the buyer(s) or any other person, receiving of sale consideration, executing, preparing and signing any sale deed, conveyance deed and / or transfer documents in favor of the buyer(s) or another person to effect the asset sale in favor of the buyer(s) or any other person by representing the same before all parties & authorities concerned and admitting execution thereof;
2. representing before the Sub-Registrar or any other Competent Authority and getting any sale deed or other documents registered and collecting consideration amount in respect of the Assets sale, and
3. generally performing and executing in respect of the assets all lawful deeds, agreements, acts and things as they may think fit and proper in order to implement and complete the Assets sale.

FURTHER RESOLVED that the Company be and is hereby authorized to take all actions incidental or ancillary thereto with regard to Assets sale.

FURTHER RESOLVED that the Board be and is hereby empowered to agree upon modification in these resolutions that may be directed / required by the SECP without the need of any other further approval of the shareholders.

FURTHER RESOLVED that certified copies of this resolution as present form or modified by CEO/Company Secretary be communicated to the concerned authorities and shall remain in force until notice in writing to the contrary be given.

6. Any other business with permission of the Chair.

The statement under Section 134(3) of the Companies Act, 2017 pertaining to Special Businesses is annexed with this Notice.

By Order of the Board of Directors

Company Secretary

Lahore

October 05, 2023

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