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
- To confirm the minutes of last Extraordinary General Meeting held on December 31, 2022.
- 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.
- 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;
- 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;
- 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
- 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
Annual Report 2023 | 04
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Disclaimer
Imperial Ltd. published this content on 08 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 October 2023 17:03:21 UTC.