Imperial : Transmission of Quarterly Report for the Period Ended 2022-03-31

CONTENTS

Corporate Information	3
Directors' Report to the Members	4
Condensed Interim Statement of Financial Position	5
Condensed Interim Profit or Loss Account	6
Condensed Interim Statement of Comprehensive Income	7
Condensed Interim Statement of Cash Flow	8
Condensed Interim Statement of Changes in Equity	9
Selected Explanatory Notes to the Condensed Interim Financial Information	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
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
Production Facilities	Karmanwala, Tehsil Phalia
	Distt. Mandi Bahauddin
	Ph # + 92 (546) 541-151/54
	Fax # + 92 (546) 541-162

DIRECTORS' REVIEW

Dear Members

Interim condensed financial statements for the half-year-ended March 31, 2022 are being presented in accordance with the requirements of International Accounting Standards, Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited. The interim condensed financial information has also been reviewed by the statutory auditors of the Company.

During the period under review your company earned revenue of Rs. 129.695 million against revenue of Rs. 127.859 million in the corresponding period last year against placement of funds with various financial institutions. Operating Profit for the period recorded at Rs. 74.522 million whereas this amount was Rs. 82.508 million last year in the corresponding period. The Company earned net profit after tax of Rs. 50.894 million as compared to Rs. 54.520 million for the same period last year. Earning per share for the half year recorded at Rs. 0.51 (March 31, 2021: Rs. 0.55).

In the light of shareholders approvals given in the last Annual General Meeting, the Company is vigorously searching the potential buyer for its Remaining Assets comprised of a composite sugar manufacturing facility situated at Phalia, District Mandi Bahauddin.

The Company has adopted Regular Financial Year starting from July 01 and ending on June 30 each year instead of Special Financial Year according to the Object Clause contained in Memorandum of Association of the Company. Necessary approval(s) has been accorded by the concerned Department(s). Therefore, the next Financial Statements of Company for the year ended June 30, 2022 shall be prepared for the Transitional Period of Nine Months and thereafter for the full year starting from July 01, 2022. The Company has deployed its available funds with various Financial Institutions/Mutual Funds and also are being utilized for its Hydroponics Project. First shipment pertaining to Hydroponics Project has been arrived at Port and is in the process of Clearance, remaining shipments of the Project are also following up as per schedule. Necessary arrangements of Civil Work for installation/erection of machinery of said Project is in process at Pindi Bhatian Site. 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 M. Sheikh
Chairman	Director

Lahore

May 26, 2022

Independent Auditor's Review Report

To the members of Imperial Limited

Report on Review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Imperial Limited as at 31 March 2022 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and notes to the financial statements for the half year ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review.

The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended 31 March 2022 and 31 March 2021 have not been reviewed, as we are required to review only the cumulative figures for the six-months period ended 31 March 2022.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's review report is Shahid

Mehmood.

Dated: 26 May 2022	Tariq Abdul Ghani Maqbool & Co.
Lahore	Chartered Accountants
UDIN: AR202210055zC7WisE5h

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