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. Muhammad Tariq | - Chairman |
Committee | Mr. Ibrahim Naveed Sheikh | - Member |
Mr. Shahzad ullah Khan | - Member | |
Chief Financial Officer | Ms. Hina Mustafa | |
Company Secretary | Mr. Mubashhar Asif | |
Financial Institutions | Soneri Bank Limited | |
The Bank of Kyhber | ||
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 |
Dear Members
Interim un-audited financial statements for the 1st Quarter period ended September 30, 2023 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. 92.790 Million against revenue of Rs. 86.730 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. 43.884 Million (2022: Rs. 49.962 Million). Your Company earned Net Profit of Rs. 30.261 Million against Net Profit of Rs. 41.563 Million last year for the same period. Earning for the quarter under review is Rs. 0.31 per share (2022: Rs. 0.42).
Funds presently available with the Company have been deployed with various Financial Instruments/Mutual Funds and are also being used for its Hydroponics Project for which erection/installation of machinery/equipment are in the process. We are hopeful that the erection will be completed within next three months. Some houses are readily available for sale in the Construction Project and delay is being occurred due to the present political and economic scenario of the country.
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.
Chairman | Chief Executive Officer |
Lahore
October 30, 2023
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT SEPTEMBER 30, 2023
September 30, | June 30, | |||
2023 | 2023 | |||
(Un-audited) | (Audited) | |||
Note | (Rupees in '000') | (Rupees in '000') | ||
EQUITY AND LIABILITIES | ||||
Share Capital And Reserves | ||||
Authorized share capital | ||||
100,000,000 (2023: 100,000,000) | ||||
Ordinary shares of Rupees 10 each | 1,000,000 | 1,000,000 | ||
Issued, subscribed and paid-up 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 | |
Revenue reserves - Unappropriated profit | 3,771,944 | 3,741,683 | ||
LIABILITIES | 10,291,140 | 10,260,879 | ||
Non-Current Liabilities | ||||
Deferred liabilities | 8 | 1,838,741 | 1,838,876 | |
Current Liabilities | ||||
Trade and other payables | 580,130 | 582,170 | ||
Contingencies and commitments | 9 | - | - | |
12,710,011 | 12,681,925 | |||
ASSETS | ||||
Non-Current Assets | ||||
Property, plant and equipment | 10 | 664,814 | 644,503 |
Current Assets
Stores, spares and loose tools
Stock in trade
Loan and advances
Trade Deposits, Prepayments and Other Receivables Accrued markup
Short term Investments
Tax refunds due from government
Cash and bank balances
204,636
878,036
162,048
23,026
29,114
611,210
224,035
1,173,278
3,305,383
204,635
864,564
156,383
22,837
19,054
680,947
216,827
1,132,361
3,297,608
Non-current assets held for sale | 11 | 8,739,814 | 8,739,814 |
12,710,011 12,681,925
The annexed notes from 1 to 15 form an integral part of these financial statements.
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
(Un-audited) | (Un-audited) | ||
September 30, | September 30, | ||
2023 | 2022 | ||
Note | (Rupees in '000') | (Rupees in '000') | |
Profit or loss - continuing operations : | |||
Income from investment | 92,790 | 86,730 | |
Gross profit | 92,790 | 86,730 | |
Administrative expenses | (48,906) | (36,768) | |
43,884 | 49,962 | ||
Other operating expenses | - | - | |
Other operating income | - | 764 | |
Profit / (Loss) from operations | 43,884 | 50,726 | |
Finance cost | (24) | (19) | |
Profit / (Loss) before taxation | 43,860 | 50,707 | |
Taxation | (5,410) | (2,740) | |
Profit / (Loss) after taxation- continuing operations | |||
38,450 | 47,967 | ||
Profit / (Loss) after taxation- discontinued operations 12 | (8,189) | (6,404) | |
Profit / (Loss) after taxation | 30,261 | 41,563 | |
Earning / (Loss) per share - basic and diluted (Rupees) | 0.31 | 0.42 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
Note
Profit / (Loss) after taxation- continuing operations
Profit / (Loss) after taxation- discontinued operations
Total comprehensive Income / (loss) for the year
The annexed notes from 1 to 15 form an integral part of these financial statements.
(Un-audited) | (Un-audited) | |
September 30, | September 30, | |
2023 | 2022 | |
(Rupees in '000') | (Rupees in '000') | |
38,450 | 47,967 | |
(8,189) | (6,404) | |
30,261 | 41,563 |
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
(Un-audited) | (Un-audited) | |||
September 30, | September 30, | |||
CASH FLOWS FROM OPERATING ACTIVITIES | 2023 | 2022 | ||
Note (Rupees in '000') | (Rupees in '000') | |||
Profit before taxation | 43,860 | 50,707 | ||
Adjustments for: |
Finance cost | 24 | |
Depreciation of property, plant and equipment | 2,966 | |
2,990 | ||
Operating profit before working capital changes | 46,850 | |
(Increase) /decrease in current assets: | ||
Stock in Trade | (13,472) | |
Loan and advances | (5,665) | |
Accrued markup | (10,060) | |
Trade Deposits, Prepayments and Other Receivables | (189) | |
(29,386) | ||
Increase / (decrease) in current liabilities: | ||
Trade and other payables | (2,040) | |
Cash generated from operations | (31,426) | |
Finance cost paid | ||
(24) | ||
Staff retirement benefits - gratuity paid | (136) | |
Income tax paid | (12,618) | |
(12,778) | ||
Net cash used in operating activities-continuing operations | 2,646 | |
Net cash used in operating activities-discontinued operations | 13.1 | (8,189) |
19
2,554
2,573
53,280
(18,822)
(440,208)
(2,920)
(497)
(462,447)
1,801
(460,646)
(19)
(1,871)
(12,713)
(14,603)
(421,969)
(6,404)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment | (452) | |
Capital Work in Process | (22,825) | |
Investment in mutual funds | 69,737 | |
Net cash generated from investing activities-continuing operations | 46,460 | |
Net cash generated from investing activities-discontinued operations | 13.2 | - |
(5,747)
(9,862)
(215,525)
(231,134)
-
CASH FLOWS FROM FINANCING ACTIVITIES
Long term finances
Net cash (used in) / generated from financing activities-continuing operations Net cash used in financing activities - discontinued Operations
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
-
-
13.3 -
40,917
1,132,361
1,173,278
-
-
-
(659,507)
2,209,925
1,550,418
The annexed notes from 1 to 15 form an integral part of these financial statements.
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
Revaluation | Revenue Reserve | ||||||
Particulars | Ordinary Share | surplus on | Unappropriated | Total Equity | |||
Capital | property, plant | profit / (loss) | |||||
and equipment | |||||||
(Rupees in '000') | |||||||
Balance as on July 01, 2022 | 990,200 | 5,528,996 | 3,627,612 | 10,146,808 | |||
Total comprehensive income: |
Profit for the period
-
-
41,563
41,563
- | - | 41,563 | 41,563 | ||||
Balance as at September 30, 2022 | 990,200 | 5,528,996 | 3,669,175 | 10,188,371 | |||
Balance as on July 01, 2023 | |||||||
990,200 | 5,528,996 | 3,741,683 | 10,260,879 | ||||
Total comprehensive income: |
Profit for the period
-
-
30,261
30,261
- | - | 30,261 | 30,261 | ||||
Balance as at September 30, 2023 | 990,200 | 5,528,996 | 3,771,944 | 10,291,140 | |||
The annexed notes from 1 to 15 form an integral part of these financial statements.
CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
-
LEGAL STATUS AND NATURE OF BUSINESS
Imperial Limited ("the Company") was incorporated in Pakistan on May 09, 2007 under the Companies Ordinance, 1984 (Now Companies Act, 2017). The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Company's registered office is situated at Ismail Aiwan-e-Science building, 205 Ferozepur road, Lahore.
The principle line of business is to carry on the business of buying, selling, holding or otherwise acquiring or investing the capital of the company in any sort of financial instruments but not to act as an investment / brokerage company.
Previously, the Company in its Annual General Meeting resolved to dispose of its land, building and plant and machinery related to sugar and distillery sector. Whole of the land, building and plant and machinery located at Mian Channu was disposed of on August 21, 2017, whereas assets and ethanol manufacturing facilities located at Tehsil Phalia, District Mandi Bahaudin are held for sale. - STATEMENT OF COMPLIANCE
2.1 These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of: - International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 ; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
- This condensed interim financial information is being submitted to the shareholders as required by the listing regulations of Pakistan Stock Exchange Limited and section 237 of the Companies Act, 2017.
- This condensed interim financial information does not include all of the information and disclosures required for full annual financial statements, and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2023.
- Comparative condensed interim balance sheet is extracted from annual audited financial statements for the year ended June 30, 2023 and comparative condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim cash flow statement are stated from un-audited condensed interim financial information for the period ended September 30, 2022.
- BASIS OF PRESENTATION, MEASUREMENT AND ESTIMATIOIN
Estimates used in the preparation of these condensed interim financial information are reasonable under the circumstances, continually evaluated and are based on historical experience. The basis of presentation and measurement adopted for the preparation of these condensed interim financial information are the same as those adopted in the preparation of the preceding annual published audited financial statements for the year ended June 30, 2023. - SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted and applied for the preparation of this condensed interim financial information are the same as those applied in the preparation of preceding annual published audited financial statements of the Company for the year ended June 30, 2023.
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Imperial Ltd. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 06:39:07 UTC.