Facing Challenges & Delivering in Tough Times: Annual Report 2020

Facing Challenges
& Delivering in Tough Times
Annual Report 2020

Facing Challenges
& Delivering in Tough Times
It is our company’s firm commitment to face any unforeseen and
unfortunate circumstances with strong determination and courage.
We are always prepared for any such challenges, whether it being
a short-term or long-term occurrence, nonetheless our strength
and determination remains permanent. Our resilience gives hope to
the people. They rely on our products and technology, as it guides
them to a brighter future and better tomorrow. We are consistent in
surpassing our ways, by overcoming all obstructions.
Contents
Vision and Mission 03
Values 05
Company Information 08
Notice of 55th Annual General Meeting 12
Chairman’s Review 22
Chairman’s Review (Urdu) 27
Directors’ Report 30
Directors’ Report (Urdu) 45
Statement of Compliance 48
Auditors’ Review Report to the Members on
Statement of Compliance with the Code of
Corporate Governance 52
Auditors’ Report to the Members 53
Unconsolidated Statement of Financial Position 60
Unconsolidated Statement of Profit or Loss and
Other Comprehensive Income 61
Unconsolidated Statement of Changes in Equity 62
Unconsolidated Statement of Cash Flows 63
Notes to the Unconsolidated
Financial Statements 64
Consolidated Financial Statements 117
Annual Report 2020 01

02 Annual Report 2020
Our Vision
To lead in improving the quality of human life.
Our Mission
Provide its customers with the best possible products and services in the
healthcare and consumer industry.
Ever evolving in-step with the changing market place to maintain its
leadership role.
Being responsible corporate citizen contributing to society and protecting

the environment.
Promote team spirit amongst its employees whilst maintaining their

individuality, in a culture where people are encouraged to think and strive
to achieve their true potential.
Care for its employees and shares in their dreams.
Work today for a better and secure tomorrow for all its stake holders
through innovation, new product development and sound business
practices which would grow and live beyond each one of us.

Values
Passion
• Source of energy in the workplace
• Demonstrates entrepreneurial drive
• Shows grit
Integrity
• Creates transparency
• Acts fairly & honestly
Partnership
• Collaborates selflessly
• Behaves respectfully
• Seeks to create value for IBL Group, its partners and society
Excellence
• Takes ownership of current role and beyond
• Delivers quality work
• Strives for continuous improvement

We did it!
Countering Pandemic
C OVID-19 pandemic is the cause of one the most devasting

and severe recessions in recent memory and continues
to cause unprecedented and unparalleled damage to people’s
health, jobs, well-being and every waking moment of our lives, as
the entire world tries to tackle the situation to the best of their
abilities. The spread of the virus across countries has prompted
many governments to introduce drastic measures to contain the
pandemic. Which has led to many businesses being shut down
temporarily and widespread restrictions on travel and mobility.
As the virus placed its stranglehold on the economic and social

environment of Pakistan, an ever-looming sense of dread, panic,
anxiety, and stress had enveloped the lives of every citizen of
the country. It severed the lives of common man, putting strain
on commercial activities, making their lives difficult. Adding to
the misery is the treacherous and perilous Public Health System
of Pakistan which lacks in hospitals, healthcare providers,
essential services, and personal protective equipment (PPE). The
pandemic has taken the precious lives of hundreds of doctors
and paramedics in the country and is still posing serious threat
to the strained healthcare system.
Searle was faced with the gigantic task of safety and well-being
of healthcare providers, doctors, nurses, community members,
its employees, and patients at large. Searle has taken a road
less traveled and decided to rise to the situation by initiating
a rigorous and intense drive to produce and provide not only
essential and live-saving medicines to its patients, but also PPEs,
testing kits, screening and detection tools for the healthcare
providers, employees and community members.

Company Information
Board of Directors Bankers

Mr. Adnan Asdar Ali Chairman Albaraka Bank (Pakistan) Limited
Mr. Rashid Abdulla Bank AL Habib Limited
Mr. S. Nadeem Ahmed Chief Executive Officer Bank Alfalah Limited
Mr. Zubair Razzak Palwala Bank of Punjab
Mr. Ayaz Abdulla Dubai Islamic Bank Pakistan Limited
Mr. Asad Abdulla Faysal Bank Limited
Mrs. Shaista Khaliq Rehman Habib Bank Limited
Habib Metropolitan Bank Limited
Board of Audit Committee MCB Bank Limited
Mrs. Shaista Khaliq Rehman Chairperson Meezan Bank Limited
Mr. Adnan Asdar Ali Member National Bank of Pakistan
Mr. Asad Abdulla Member Silk Bank Limited
Soneri Bank Limited
Board Of Hr & Remuneration Committee Standard Chartered Bank (Pakistan) Limited
Mrs. Shaista Khaliq Rehman Chairperson Summit Bank Limited
Mr. Adnan Asdar Ali Member Askari Bank Limited
Mr. Ayaz Abdulla Member
Mr. Asad Abdulla Member
Chief Financial Officer

Mr. Mobeen Alam
Company Secretary
Mr. Zubair Razzak Palwala
Auditors
A. F. Ferguson & Co.
Legal Advisors
Mohsin Tayebaly & Co.

Registered Office Share Registrar
One IBL Centre, 2nd Floor, Plot # 1 CDC Share Registrar Services Limited
Block 7 & 8, D.M.C.H.S, Tipu Sultan Road Head Office, CDC House, 99-B, Block ‘B’
Off Shahra-e-Faisal, Karachi S.M.C.H.S., Main Shahrah-e-Faisal
Karachi - 74400

Human Care
Uninterrupted Supply of
Medicine during Pandemic
A s the Pandemic started to wreak havoc and the

chaos began to set in, the supply of essential
services and medicine was a mounting challenge for
government and all other stakeholders. Ensuring the
availability of life saving medicines and the vital supply
line that is crucial for the continuous availability of
life saving drugs in every corner of the country was
a mammoth task for Searle. The Company used
technology and innovation to make sure that life-
saving and essential medicine remained available
across the country. Keeping all SOPs in place, Searle
Team risked their life while getting the essential
medicines accessible to the patients throughout the
testing Covid-19 times.

Notice of 55th Annual General Meeting
Notice is hereby given that the 55th Annual General Meeting (AGM) of the members of The Searle Company
Limited will be held through video link (in compliance with Circular No. 25 of 2020 issued by SECP dated August
31, 2020), on Wednesday, October 28, 2020 at 05:45 p.m. from 3rd Floor, One IBL Center, Plot No. 1, Block 7 & 8,
Tipu Sultan Road, Off Shahrah-e-Faisal, Karachi to transact the following business:
ORDINARY BUSINESS
1. To confirm the minutes of extraordinary general meeting held on May 18, 2020.
2. To receive, consider and adopt the audited financial statements for the year ended June 30, 2020 together
with the Directors’ and Independent Auditors’ reports thereon.
3. To declare and approve final cash dividend @ 25% i.e. PKR 2.50 per share of PKR 10/- each for the financial
year ended June 30, 2020, as recommended by the Board of Directors.
4. To appoint Auditors and fix their remuneration for the year ending June 30, 2021. The present Auditors, M/s.
A. F. Ferguson & Co., Chartered Accountants, retire and being eligible, offer themselves for re-appointment.
5. To elect seven (7) directors of the Company as fixed by the Board of Directors, in accordance with the
provisions of Section 159(1) of the Companies Act, 2017, for the next term of three (3) years. The names of
retiring Directors are as follows:
i. Mr. Adnan Asdar Ali v. Mr. Ayaz Abdulla

ii. Mr. Rashid Abdulla vi. Mr. Asad Abdulla
iii. Mr. S. Nadeem Ahmed vii. Mrs. Shaista Khaliq Rehman
iv. Mr. Zubair Razzak Palwala
The retiring Directors are eligible for re-election.
SPECIAL BUSINESS
6. To approve the remuneration of Executive Director(s) including the Chief Executive Officer and, if thought
appropriate, to pass with or without modification(s) the following resolutions as ordinary resolution:
“RESOLVED that the Chief Executive Officer and one full-time working director will be paid an amount not
exceeding PKR 112 million which includes allowances and other benefits as per terms of their employment
for the year ending June 30, 2021 be and is hereby approved. Further, the Chief Executive Officer and
Executive Director are entitled for free use of Company maintained transport for official and private purposes
as approved by the Board.”
7. To ratify and approve transactions conducted with Related Parties for the year ended June 30, 2020 by
passing the following special resolution with or without modification:
“RESOLVED that the transactions carried out with Related Parties as disclosed in the note 43 of the
unconsolidated financial statements for the year ended June 30, 2020 and specified in the Statement of
Material Information under section 134(3) of the Companies Act, 2017 be and are hereby ratified, approved
and confirmed.”
8. To authorize the Board of Directors of the Company to approve transactions with Related Parties for the
financial year ending June 30, 2021 by passing the following special resolution with or without modification:
“RESOLVED that the Board of Directors of the Company be and is hereby authorized to approve the
transactions to be carried out with Related Parties on case to case basis for the financial year ending June 30,
2021.
FURTHER RESOLVED that these transactions by the Board shall be deemed to have been approved by the
shareholders and shall be placed before the shareholders in the next Annual General Meeting for their formal
ratification/approval.”

OTHER BUSINESS
9. To transact any other business with the permission of the chair.
“Attached to this notice is Statement of Material Facts concerning the special business, as required
under section 134(3) of the Companies Act, 2017 and ordinary business under Section 166(3) of the
Companies Act, 2017”
By order of the Board
Zubair Razzak Palwala

Karachi: October 7, 2020 Company Secretary
NOTES:
A. Book closure
The share transfer books will remain closed from October 22, 2020 to October 28, 2020 (both days inclusive).
Transfers received in order at the office of Company’s Share Registrar, M/s. CDC Share Registrar Services
Limited (CDCSRSL), CDC House, 99 – B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal, Karachi-74400 at the
close of business on October 21, 2020 shall be considered in time for the purpose of attending the Annual
General Meeting and entitlement of cash dividend.
B. Coronavirus contingency planning for general meeting of shareholders
In accordance with SECP Circular No. 5 of 2020 dated March 17, 2020, the Company will be taking
measures for managing the annual general meeting of the Company in consonance with the Government’s
restrictions on public gatherings. Accordingly, the following information is set out below for the convenience
of the shareholders of the Company:
i) Shareholders are urged to send by email, WhatsApp or any other electronic mean or by post or courier
their comments/suggestions for the proposed agenda item of the annual general meeting. The
details are set out below:
Email address: [email protected]
WhatsApp No.: + 92 300 2700130
Cell phone No.: + 92 300 2700130
Registered Office The Searle Company Limited
Address: 2nd Floor, One IBL Center, Plot No. 1, Block 7 & 8, Tipu Sultan Road, Off
Shahra-e-Faisal, Karachi
ii) Shareholders of the Company can also attend the annual general meeting via video link to login and
participate in the proceedings of the annual general meeting through their smartphones or computer
devices from their homes or any convenient location after completing meeting attendance formalities.
Shareholders interested in attending the annual general meeting via video link are requested to have
their particulars registered at least 24 hours before the time of annual general meeting with the Company
Secretary at the following address:
Email address: [email protected]
The login facility will be opened at 4:45 p.m. on October 28, 2020 enabling the participants to join the
proceedings which will start at 5:45 p.m. sharp.
The shareholders are requested to provide the information as per the below format. The video link will be sent
to the shareholders on the email address provided in the below table:
S. No. Name of Shareholder CNIC No. Folio No. Cell No. Email address

In view of the prevailing situation shareholders are urged to provide proxies.
C. Participation in Annual General Meeting
All members are entitled to attend, speak and vote at the annual general meeting. A member may appoint a
proxy to attend, speak and vote on his/her behalf. The proxy need not be a member of the Company. Proxies
in order to be effective must be received by the Company’s Registered Office: 2nd Floor, One IBL Center, Plot
No. 1, Block 7 & 8, Tipu Sultan Road, Off Shahrah-e-Faisal, Karachi-75530 not less than 48 hours before the
meeting.
An individual beneficial owner of the shares must bring his/her original CNIC or Passport, Account and
Participant’s ID numbers to prove his / her identity. A representative of corporate members, must bring the
Board of Directors’ Resolution and/or Power of Attorney and the specimen signature of the nominee. CDC
account holders will further have to follow the guidelines as laid down in Circular No. 1 dated January 26, 2000
issued by the Securities and Exchange Commission of Pakistan.
D. Payment of Cash Dividend electronically (mandatory requirement)
In accordance with the provisions of Section 242 of the Companies Act, 2017 and Companies (Distribution of
Dividends) Regulation 2017, a listed company, is required to pay cash dividend to its shareholder only through
electronic mode directly into the bank account designated by the entitled shareholder. In this regard, The
Searle Company Limited has already sent letters and Electronic Credit Mandate Forms to the shareholders
and issued various notices requesting the shareholders to comply with the requirements of providing their
International Bank Account Number (IBAN).
Those shareholders who have still not provided their IBAN are once again requested to fill in “Electronic
Credit Mandate Form” as reproduced below and send it duly signed along with a copy of valid CNIC to their
respective CDC participant / CDC Investor account services (in case of shareholding in Book Entry Form) or to
the Company’s Share Registrar M/s. CDC Share Registrar Services Limited (CDCSRSL), CDC House, 99-B,
Block ‘B’, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi-74400 (in case of shareholding in Physical Form).
Details of Shareholder
Name of shareholder
Folio / CDS Account No.
CNIC No.
Cell number of shareholder
Landline number of shareholder, if any
Email
Details of Bank Account
Title of Bank Account
International Bank Account Number PK _______________________________________ (24 digits)

(IBAN) “Mandatory”
(Kindly provide your accurate IBAN number after consulting with your
respective bank branch since in case of any error or omission in given
IBAN, the company will not be held responsible in any manner for any
loss or delay in your cash dividend payment).
Bank’s name
Branch name and address
It is stated that the above-mentioned information is correct and in case of any change therein, I / we will
immediately intimate Participant / Share Registrar accordingly.
_____________________
Signature of shareholder

In case of non-provision of IBAN, the Company will have to withhold the cash dividend according to SECP
directives.
E. Withholding tax on Dividend
I) Pursuant to the provisions of the Finance Act 2019 effective July 1, 2019, the rate of deduction of income tax
from dividend payment under the Income Tax Ordinance, 2001 have been revised as under:
i. for filers of income tax return – 15%

ii. for non-filers of income tax return – 30%
Shareholders whose names are not entered into the Active Tax-payers List (ATL) available on the website of
FBR, despite the fact that they are filers, are advised to immediately make sure that their names are entered
in ATL, otherwise tax on their cash dividend will be deducted @ 30% instead of 15%.
II) Withholding Tax exemption from the dividend income, shall only be allowed if copy of valid tax exemption
certificate is made available to Company’s Share Registrar by the first day of book closure.
III) As per the clarification issued by FBR, withholding tax will be determined separately on “Filer/Non-filer” status
of principal shareholder as well as joint-holder(s) based on their shareholding proportions.
If the shares are not ascertainable then each account holder will be assumed to hold equal proportion of
shares and the deduction will be made accordingly. Therefore, all shareholders who hold shares jointly are
required to provide shareholding proportions of principal shareholder and joint-holder(s) in respect of shares
held by them to the Registrar and Share Transfer Agent in writing as follows:
Principal Shareholder Joint Shareholder

Shareholding Shareholding
Folio/CDS Name and Name and
Company Name Total Shares Proportion (No. Proportion (No.
Account # CNIC # CNIC #
of Shares) of Shares)
IV) The corporate shareholders having CDC accounts are required to have their NTN updated with their respective
participants, whereas corporate physical shareholders are requested to send a copy of their NTN certificate
to the Company’s Share Registrar. The shareholders while sending NTN or NTN certificates, as the case may
be, must quote the company name and their respective folio numbers.
F. Election of Directors
Any member, who seeks to contest the election of Directors, whether he/she is retiring Director or otherwise,
shall file with the Company at its registered office 2nd Floor, One IBL Centre, Block 7 & 8, D.M.C.H.S., Tipu
Sultan Road, off Shahrah-e-Faisal, Karachi not later than fourteen (14) days before the meeting, the following
documents:
i) Notice of his/ her intention to offer himself/herself for election of Directors in terms of Section 159 of the
Companies Act, 2017.
ii) His/her Folio No./CDC Investor Account No./CDC Participation ID No./Sub-Account No.
iii) Consent to act as a Director in Form-28 under Section 167 of the Companies Act, 2017.
iv) A detailed profile along with correspondence address and contact information for placement on
Company’s website as required under SECP’s SRO 1196(I)/2019 dated October 3, 2019.
v) The members who intend to contest election as Independent Directors shall submit a declaration under
clause 6(3) of the Listed Companies (Code of Corporate Governance) Regulations, 2019 that he/she
qualifies the criteria of eligibility and independence notified under Section 166 of the Companies Act,
2017 and Regulations issued thereunder and that their names are listed on the data bank referred in
Section 166(1) of the Companies Act, 2017.
vi) Detail of other Directorship(s) and office(s) held.
vii) Attested copy of valid CNIC / Passport and National Tax Number (NTN).

viii) A declaration confirming that:
a) He/she is aware of duties and powers of Directors under the relevant laws, Memorandum &
Articles of Association of the Company, the Listed Companies (Code of Corporate Governance)
Regulations, 2019 and the listing regulations of Pakistan Stock Exchange Limited;
b) He/she is not serving as a Director in more than seven (7) listed companies including this Company;
and
c) He/she is not ineligible to become a Director of a listed company under Section 153 of the
Companies Act, 2017 and any other applicable laws and regulations.
The qualification of a Director shall be holding shares in the Company of the nominal value of PKR 5,000/- in
terms of Articles 49 of the Articles of Association of the Company.
If the number of persons who offer themselves to be elected is more than the number of Directors fixed under
Section 159(1) of the Companies Act, 2017, then the Company shall provide members with the option of
e-voting or voting by postal ballot in accordance with the provisions of Companies (Postal Ballot) Regulations,
2018.
G. Request for Video conference facility
Members can also avail video conference facility at Lahore and Islamabad. In this regard, please fill the
following form and submit to registered address of the company ten days before holding of the annual general
meeting.
If the company receives consent from members holding in aggregate 10% or more shareholding residing at
a geographical location, to participate in the meeting through video conference at least 10 day prior to day of
meeting, the company will arrange a video conference facility in the city subject to availability of such facility in
that city.
I/We, _____________________________________ of _______________________ being a member of the Searle

Company Limited, holder of ______________________________________ ordinary shares as per registered
folio # __________________________ hereby opt for video conference facility at ________________________.
_______________________
Signature of Member
The Company will intimate members regarding venue of video conference facility at least five days before the
date of annual general meeting along with the complete information necessary to enable them to access the
facility.
H. Electronic transmission of financial statements and notice of annual general meeting
Members who desire to receive financial statements and notice of annual general meeting through email
are requested to send their consent on Standard Request Form available on company’s website www.
searlecompany.com in order to avail the facility. The financial statements and notice of annual general meeting
are also available on company’s website.
I. Postal Ballot/E-Voting
In accordance with the Companies (Postal Ballot) Regulations 2018, for the purpose of approval of any
agenda item, members will be allowed to exercise their vote through postal ballot i-e, by post or e-voting, in
the manner and subject to conditions contained in aforementioned regulations.

J. Change of Address
Members are requested to notify changes in their address, if any, immediately to the Company’s Share
Registrar, CDC Share Registrar Services Limited, CDC House, 99 – B, Block ‘B’, S.M.C.H.S., Main Shahra-
e-Faisal, Karachi-74400.
STATEMENT OF MATERIAL FACTS UNDER SECTION 134 (3) OF THE COMPANIES ACT, 2017
- Item 6 of the notice - approval of the remuneration of Chief Executive Officer
The approval is being sought for fixing the remuneration of Executive Director(s) including the Chief Executive
Officer of the Company in accordance with their terms and conditions of service.
None of the Directors of the Company have any, direct or indirect, interest in the above said special business,
except that mentioned therein.
- Item 7 of the notice - ratification and approval of the related party transactions
All transactions of the Company with the related parties were approved by the Board. Transactions conducted
with all related parties have to be approved by the Board of Directors duly recommended by the Audit
Committee on quarterly basis pursuant to clause 15 of the Listed Companies (Code of Corporate Governance)
Regulations, 2019. However, during the year since majority of the Company’s Directors were interested in
certain transactions due to their common directorships in the group companies, these transactions are being
placed for the approval by shareholders in the Annual General Meeting.
All transactions with related parties to be ratified have been disclosed in the note 43 to the unconsolidated
financial statements for the year ended June 30, 2020. Party-wise details of such related party transactions
are given below:
Name of Related Parties Nature of Transactions PKR ‘1000

Revenue 13,730,653
Rental Income 13,613
Salaries and wages 4,436
Purchases 718
Carriage and duties 74,017
Discounts claimed 531,429
IBL Operation (Private) Limited Rent expense 16,803
Stock claims 401,293
Internet services 414
Repair and Maintenance 807
Incentive of Field Force 19,035
Merchandise Expense 27,462
Others 8,935
Purchases 27,962
United Brand Limited Stock claims 313
Group Tax Relief 14,325
Furnitures and Fixtures purchased 31,581
IBL Frontier Market (Private) Limited
Purchase of personal protective equipment 11,934
International Franchises (Private) Limited Renovation 13,749
Income from provision Amenities 5,342
Rental Income 409
United Distribution Limited Rent expense 250
Income from provision Amenities 165
Rental Income 695
IBL-Unisys (Private) Limited
AKAR Hospital Donations 8,374

Name of Related Parties Nature of Transactions PKR ‘1000

Revenue 9,301
IBL Logistics (Private) Limited Rental Income 697
Purchases 1,559
Multinet Pakistan (Private) Limited Internet services 2,865
Hunar Foundation Donations 11,500
Trax Online Private Limited Carriage and duties 4,344
Indus Hospital Donations 10,000
Revenue 164,529
Dividend Receivables 332,000
Searle Biosciences (Private) Limited
Advance against financial assistance 115,292
Advance Refund 3,400
Revenue 317,739
Rental Income 1,204
Dividend Receivables 39,009
IBL Healthcare Limited Advance against financial assistance 8,277
Royalty Paid on Behalf of IBL Health Care
5,464
Limited
Advance against financial assistance 125,750
IBL Identity Private Limited Purchase of Property, plant and
74,060
equipment
Searle Laboratories Private Limited Advances refund 8,700
Corporate Service Charged 240,000
International Brand Limited
Computer Expense 2,643
Others 135
Group Tax Relief 137,089
United Retail (SMC-Private) Limited
Facility Management fee 252,000
Rental Income 2,814
OBS Pakistan (Private) Limited
Purchases 2,071
Others 111
Arshad Shahid Abdulla (Private) Limited Architect fee 7,604
IBL Company Limited Others 2,440
Sabaq Learning Foundation Donations 15,000
Key Management Employees Salaries and other employee benefits 66,521
Compensation Contributions to Provident Fund 3,869
The Company carries out transactions with its related parties on an arm’s length basis as per the approved
policy with respect to ‘transactions with related parties’ in the normal course of business. All transactions
entered into with related parties require the approval of the Board of Audit Committee of the Company, which
is chaired by an independent director of the Company. Upon the recommendation of the Board of Audit
Committee, such transactions are placed before the board of directors for approval.
Transactions entered into with the related parties include, but are not limited to, sale of goods, dividends paid,
(in accordance with the approval of shareholders and board where applicable) and salaries and other benefits
paid to the key management personnel.
The nature of relationship with these related parties has also been indicated in the note 43 to the unconsolidated
financial statements for the year ended June 30, 2020. The Directors are interested in the resolution only to
the extent of their common directorships in such related parties.

- Item 8 of the notice - authorize the Board of Directors to approve the related party transactions
during the year ending June 30, 2021
The Company shall be conducting transactions with its related parties during the year ending June 30, 2021
on an arm’s length basis as per the approved policy with respect to ‘transactions with related parties’ in the
normal course of business. The majority of Directors are interested in these transactions due to their common
directorship in the holding / associated companies. In order to promote transparent business practices, the
shareholders desire to authorize the Board of Directors to approve transactions with the related parties from
time-to-time on case to case basis for the year ending June 30, 2021, which transactions shall be deemed
to be approved by the Shareholders. The nature and scope of such related party transactions is explained
above. These transactions shall be placed before the shareholders in the next AGM for their formal approval/
ratification.
The Directors are interested in the resolution only to the extent of their common directorships in such related
parties.
STATEMENT UNDER SECTION 166(3) OF THE COMPANIES ACT, 2017
Pursuant to the requirements of Section 166(3) of the Companies Act, 2017, independent directors will be elected
through the process of election of directors in terms of Section 159 of the Act and they shall meet the criteria laid
down under Section 166 (2) of the Act.
No Directors have direct or indirect interest in the above said business other than as shareholders of the Company
and that they are eligible to contest the election for directorship.

Service to Humanity
Facilitating doctors to provide
their services to society safely
and securely
S earle takes pride in taking the initiative and to-date

provided 18,000 60GSM Helmet Suits, 150,000
hand sanitizers, 10,000 latex and nitrile gloves, 2,000
N95 masks and thousands of other PPEs. Searle sales
team also have steered the drive to disinfect hospitals
and clinics, provided them with thermal screening
and UV tools. In addition to that the Company took
the initiative to timely arrange first FDA approved
anti-viral drug Remdesivir that has proven successful
in reduction of Covid-19 related complications and
provided the drug to patients on no profit basis.

Chairman’s Review
For the year ended June 30, 2020
To my fellow shareholders,
Growth in sales of national companies has been higher
The financial year 2019-20 was a difficult and turbulent than the multinationals as the market is essentially a
year, not only for the pharmaceutical industry but low-cost generic market with large number of new
also for the global economic environment, the fast- generic medicines launched at higher unit price.
spreading coronavirus (COVID-19) pandemic will There are approximately 650 companies operating
leave its mark on the socioeconomic landscape of in the Pakistani pharmaceutical market, out of which
the world, as many countries, including Pakistan, less than 31 are multinational companies. The
tackles the situation to the best of their efforts and pharmaceutical industry contributes approximately
capabilities. 1% to the GDP of Pakistan annually.
In the pharmaceutical industry stockpiling and panic The growth of the pharmaceutical industry is
buying were at the forefront of COVID-19 associated dampened by high reliance of imported APIs,
dynamics prior to the lockdown measures being high volatility in exchange rates, low per capita
imposed in Q3 2020. Stockpiling was not only expenditure, and uncompetitive prices in the global
triggered by wholesalers’ concerns regarding market.
possible disruption in the pharmaceutical supply
chain but was also a reflection of a surge in patient However, Searle was able to persevere through
demand for certain pharmaceutical products. these difficult times and still managed to achieve an
impressive result, in no small part due to unwavering
Panic-buying was mainly observed for chronic efforts of the management, sharp focus on success
disease therapies, and I would like to prominently and dedications of its employees and stern
mention that Searle is one of the leading producers supervision by the board of directors. Searle was
of these medicines. We ensured timely availability able to maintain its prominence in many therapeutic
of all our medicines before, during and even after areas through its quality products and the dedication
the lockdown phase. Also, I would like to personally of its exceptional people.
praise all our employees, who continued to provide
their services during this pandemic. We have an established legacy of creating
tremendous value for all our stakeholders and we
Despite this, in financial year 2020 we observed our continue to accelerate our efforts to make a lasting
highest sales revenue PKR 16.56 billion to date, up positive impact for them and the societies in which
13.96% from previous year. We also achieved an we operate.
impressive earnings per share of PKR 11.56, and a
net profit of PKR 2.45 billion. We have also decided BUILDING OUR LEGACY TO INNOVATE
to return PKR 531 million to the shareholders in 2020 AND GROW
in the form of cash dividends.
Our achievements in 2020 capped a decade of
OVERVIEW intense transformation during which we met or
exceeded the ambitious financial commitments that
The pharmaceutical market in Pakistan is estimated we made to our shareholders. Simultaneously and
to be around $3.1 billion (PKR 425 billion), growing critically, we continued to set the stage for our future,
at a rate of 13.23% (as per IMS). The industry is strengthening Searle’s long-term ability to innovate,
dominated by local / national companies which compete and grow.
account for 69% of market share whereas
multinationals enjoy the remaining 31%. Top twenty- Also, our experienced management team has a track
five companies constitute approximately 60% of the record of navigating a relatively turbulent regulatory
market, whereas top 50 share approximately 80% of environment and has delivered a 6-year sales and
the market. earnings CAGR of 14% and 10%, respectively, while

growing its market share from only 2.7% in 2013 to is continuing to improve its processes and human
5.7% in 2020. This growth has largely been organic capabilities to meet global regulatory standards at all
(new drug introductions), which has been facilitated manufacturing facilities.
by its sustainable competitive advantages in the
form of: i) aggressively investing in its sales force; ii) As part of our continuous improvement initiatives,
nationwide distribution expertise of a related-entity Searle has also implemented a robust enterprise
within the same group (International Brands); and resource planning system (SAP), which we expect
iii) utilizing the increased healthcare expenditure will enable our Company to have increased control
mindset of the public at large due to COVID-19. over inventories, facilitate agile financial decision-
making and improve performance management.
FINANCIAL PERFORMANCE
The company is also fully cognizant of its immense
Searle’s financial performance has been outstanding responsibility towards its stakeholders during this
over the past several years and the Company’s pandemic situation. Accordingly, following priorities
performance during the year ended June 30, 2020 were set by the management to ensure that the
has continued this positive trajectory. The Company Company continues its operations smoothly during
has created tremendous value for its shareholders this unprecedented situation.
through consistent double-digit growth and
profitability. • Protecting the health and safety of our staff,
who are at front line, due to their engagement
The year ended June 30, 2020 has been an exciting in the production process and process of sales
one for Searle, building on the financial performance to customers through strict health and safety
of the previous years. I am pleased to share the policies;
following financial highlights: • Ensuring availability of our products to our
customers during the pademic; and
• Sales of the company grew to PKR 16.56 • Engaging in corporate social activities in form
billion, at a growth rate of 13.96%. donations and charities to clinics, hospitals and
• The profit from operations grew by PKR 687 the less fortunate.
million, which is around 21.11%.
• The profit after tax of the company was REVIEW ON BOARD’S PERFORMANCE
reported at PKR 2.45 billion. U/S 192 OF THE COMPANIES ACT 2017
KEY INITIATIVES The Board is committed to operate at the highest

standards of corporate governance. The work of the
Searle continues to advance its market share in Board and its Committees during the year focused on
the domestic pharmaceutical market, particularly ensuring compliance with all statutory and regulatory
in the segments of Cardiovascular, Cold & cough, requirements applicable upon the Company.
Diabetes, Infant formula, Probiotics and Antibiotics.
Moving forward, we are focusing on enhancing our There were nine meetings of the Board of Directors
share of specialty generic branded portfolios and held in year ended June 30, 2020. In addition, there
targeting differentiated products. were six meetings of the Audit Committee of the
Board.
Quality of products is a concern of paramount
importance to us; therefore, our key priority is to As required under the Listed Companies (Code
ensure continuous CGMP & Regulatory compliance of Corporate Governance) Regulations, 2017 an
while increasing our product volumes and portfolio. annual evaluation of the Board of Directors of the
In the past years, Searle has invested in new Company was carried out for the financial year
manufacturing equipment and facility upgrades and ended 30 June 2020.

I am pleased to report that the overall performance our commitments to patients, to you as shareholders
of the Board was found satisfactory, based on an and to all those we serve, both year to year and
evaluation of the following components: generation to generation.
• Corporate governance structure and I am also delighted to mention that subsequent

Compliance with regulations: The Company to the year end on 24th August 2020, the
has a well-developed and transparent corporate Company acquired OBS Pakistan (Private) Limited
governance system, with regular oversight by (OBS), engaged in manufacturing and sales of
the Board. pharmaceutical products, from Universal Ventures
• Board Composition: The Board comprises (Private) Limited (UVPL). OBS, is one of our industry’s
members with rich professional experience top private limited pharmaceutical company and is
in various domains, having strong financial & a leading producers of iron sucrose injections with
analytical abilities and independent perspectives. the brand name of Venofer. OBS is also the leading
• Strategic planning: The Board actively manufacturer of Decadron (Dexamethane), which is
engaged with the management to monitor the suggested to decrease the mortality rate in COVID-19
Company’s performance against its established patients.
strategy, goals and targets. Further, the Board
has a strategic view of how the organization will On behalf of Searle’s board of directors and
evolve over the next three to five years. leadership team, thank you for your continued
• Execution of duties: All Board members investment and support. I also thank our more than
and members of Board Committees diligently 2,300 staff members for their commitment to ethics
performed their duties by thoroughly reviewing, and to our mission. It is our shared privilege to work
discussing and approving business plans, at the leading edge of progress and for a company
financial statements and associated documents. making a positive difference in the lives of so many
• Resource management: The Board provides people every day.
appropriate direction and oversight on a timely
basis to ensure optimal utilization of resources. I would like to acknowledge and particularly thank our
CEO, Mr. Nadeem Ahmed, his executive leadership
FUTURE OUTLOOK team and commitment and leadership in steering the
Company into a new era of growth & profitability.
Searle in the near future, is poised to lead the
industry, due it’s focus on developing the Searle Lastly, I would also like to thank the Board for its hard
brand, its products and people. Looking ahead, work and commitment to the Company.
we are ready to build on our recent transformation
successes, including maintaining and improving on
our leading process development and manufacturing
capabilities, driving our innovation and expanding
our outreach in patient access and services to more
regions around the world. We will sustain the gains Adnan Asdar Ali
of the past five years through a culture of productivity Chairman
so that the time, talent and capital invested in Searle
is put to good use. We will continue to deliver on Karachi: September 28, 2020

‫یٹ‬ ‫ی ش ن�‬ ‫ی ٹ‬ ‫ٹ� ن‬
‫ڈارئ�رز یک ‪ 30‬وجن ‪ 2020‬وک متخ وہےن‬ ‫ر�ل�ی�� ز� ‪ 2017 ،‬ےک تحت رکان رضوری ےہ ‪ ،‬ینپمک ےک وبرڈ آف‬
‫اکروپر� وگرسنن) و‬ ‫� ہک لس��ڈ پ ی‬
‫مکوں ےک (وکڈ‬ ‫جی ا‬
‫واےل امیل اسل ےک ےئل اسالہن اجچن یک یئگ۔‬
‫ین‬ ‫�‬
‫ذ� اکنت ےک اطمقب اجزئے اور اجچن رپ لمتشم یھت‪:‬‬ ‫امطان شخب اپیئ یئگ وج درج ی‬ ‫م اس ارم وک بمس�رت واحض رکات وہں ہک وبرڈ یک ومجمیع اکررکدیگ‬ ‫ی‬
‫ی ٹ‬ ‫ی ش ن�‬ ‫ی ٹ‬
‫اکروپر�وگرسنناظنمیکتحتاکمرکیتےہسجیکوبرڈیکاجبن‬ ‫ا�ااہتنیئمکحتسماورافشف‬ ‫اکروپر�وگرسننارٹسرچکاورکم�پلاسنئعم و‬
‫ر�ل�ی��ز‪:‬ینپمک ی‬ ‫•‬
‫اباقدعہ رگناین یک اجیت ےہ۔‬
‫ےس ت ش‬
‫ل ت‬ ‫�وراہنرجتہبرےنھکواےلربمموںرپلمتشمےہ‪،‬سج ی‬ ‫ش‬ ‫• وبرڈیک ی‬
‫ممکحتسمامیلاورزجت ی�ایتاق� ب� ی�اورآزادہطقن‬ ‫�‪:‬وبرڈدعتمداومرےسقلعتمرھبوپر پ ی‬
‫گ ٹ‬ ‫رظن ٹوموجد ےہ۔‬
‫ااظتنمےکاسھترسرگملمع‬ ‫ی‬ ‫�‬ ‫�‬
‫• ارٹس� ی�� جکوصنمہبدنبی‪:‬وبرڈاینپاقمئرکدہتمکحیلمع‪،‬ادہافاوراٹر سےکتحتینپمکیکاکررکدیگیکرگناینےکےئل‬
‫ی‬
‫ےہ۔ زم�ی د ربٓاں وبرڈ اس تمکح یلمع رپ یھب اگنہ ٹراتھک ےہ ہک ادارہ ٓادنئہ ‪ 3‬ےس ‪ 5‬اسولں ےک دوران سک رطح اکم رکے اگ۔‬
‫ن‬ ‫مکوں ےک ربممان اےنپ رفاضئ یک ااجنم دیہ ی‬
‫وس پ ی�اےن رپ وصراحتل اک اجزئہ یل‪ ،‬ابیمہ اشمورت اور‬ ‫• رفاضئ یک ااجنم دیہ‪ :‬امتم وبرڈ ربممان اور وبرڈ ی ی‬
‫�‬
‫�۔ بن‬ ‫تحت رکےت ہ ی‬‫ن‬ ‫ق‬ ‫داتسو�زا ت یک وظنمری ےک‬ ‫ی‬ ‫وصنموبں ن‪ ،‬ام یلایت اسحابت اور کلسنم‬
‫ئ‬ ‫ی‬ ‫م� ی� ن ٹ‬ ‫ی‬
‫�اد رپ ومزوں تمس اور دہا ی�ات رفامہ رکات ےہ۔‬‫ر�ورس �جم��‪ :‬وبرڈ واسلئ ےک درتس اور ربوتق اامعتسل وک � انبےن یک وفری ی‬
‫ی‬ ‫•‬
‫ف‬ ‫لبقتسماکاجزئہ‬
‫ی ن‬ ‫ت‬ ‫ی‬
‫رق� م ‪ ،‬اس اڈنرٹسی یک رامنہیئ ےک ےئل ی�ار ےہ ‪ ،‬اس یک وہج رسل رباڈن اک رفوغ‪ ،‬اس یک ونصماعت اور اصر� رپ وصخیص وتہج رموکز رکان‬ ‫رسل لبقتسم ی ب‬
‫ت‬ ‫ک‬
‫ی‬ ‫�‬ ‫ف‬ ‫ن‬ ‫ی‬ ‫ہ‬ ‫ت‬
‫الصحوں وک‬‫م ب یا�وں رپ زم�ی د رتیق رکےن ےک ےئل ی�ار ی�‪ ،‬ومشبل امہری وشنوامن ےک لمع اور مو �چ�رگن ی‬ ‫احل ی‬
‫دبت� یک اک ی‬ ‫ےہ۔ ٓاےگ ڑبےتھ وہےئ‪ ،‬مہ اےنپ ی‬
‫ی‬ ‫ن‬ ‫ض‬
‫�أو اشلم ےہ۔ اےنپ‬ ‫م وس پ ی�اےن کت پ ی‬ ‫د�ا رھب ی‬
‫رم�وں کت راسیئ اور دخامت وک ی‬ ‫م رتہبی ےک اسھت‪ ،‬امہری دجت رطازی اور ی‬ ‫ربرقار رےنھک اور ان ی‬
‫م ربوےئ‬ ‫م اگلےئ وہےئ وتق ‪ ،‬رنہ اور رسام�ی وک رتہب ادناز ی‬ ‫رھک ےگ اتہک رسل ی‬ ‫�داواری راحجن ےس ذگہتش اپچن اسولں ےک احلص رکدہ وفادئ وک ربرقار ی‬ ‫پی‬
‫ئ‬ ‫ش‬ ‫ض‬
‫رم�وں ےک ےئل رتہب یبط وہسوتلں یک رفایمہ اور ٓاپ ےک ےئل وطبر ی�ر وہڈلرز اور ان بس ےک ےئل نج وک مہ دخامت رفامہ رکرےہ ہ ی�‬ ‫اکر ال یا� اجےکس۔ مہ ی‬
‫رھک ےگ۔‬ ‫اسل ہب اسل لسن در لسن رتہب وفادئ ےک زعم ےک لسلست وک اجری ی‬
‫ٹ�‬ ‫(رپا�و ی ٹ‬‫ئ‬
‫مل (او یب یا�) وج‬
‫�) ی ڈ‬ ‫ی‬ ‫ےھجم �ی ٹاتبےت وہےئ رسمت وہریہ ےہ ہک ‪ 24‬اتسگ ‪ 2020‬وک اس اسل نےک ااتتخم ےک دعب‪ ،‬ئینپمک ےن او یب یا� اپاتسکن‬
‫کا۔ ہى تحص ىک دھکى‬ ‫مل (�ی و وی یپ یا�) ےس احلص ی‬
‫ٹ ٹ�‬
‫�) ی ڈ‬ ‫(رپا�و ی‬
‫ی‬ ‫و�رز‬‫م رصموف ےہ اےس �ی یو�ورلس ی نچ‬ ‫افرامس یو� یک ونصماعت یک ت ی�اری اور رفوتخ ی‬ ‫ی‬
‫اھبل ےک ےبعش ںىم اپاتسکن ىک اکى اىلع تىجن ڈٹىمل افرام وىنپمکں ںىم ےس اکى ےہ اور وونىرف ىک رباڈن انم ےک اسھت آرئن وسرکوز انشکجن ىک فص اول ىک رفامہ‬
‫دننکہ ےہ۔ او ىب اسى ڈاکىڈرون (ڈاسکىم� ى�ھ�اوسن) ىھب انبات ےہ ‪ ،‬وج ‪ COVID-19‬ےک رموضىں ںىم اومات ىک رشح وک مک رکےن ىک ومزوں دوا اھجمس اجات‬
‫ےہ۔‬
‫ی ن‬ ‫ق ٹ‬ ‫یٹ‬
‫ی‬
‫�ادیت � یک اجبن ےس ‪ ،‬آپ یک لقتسم رسام�ی اکری اور اعموتن رپ ظرکش�ی ادا رکات وہں۔ م ‪ 2300‬ےس زادئ اےنپ المزم‬ ‫ی‬ ‫ڈارئ�رز اور ی‬ ‫رسل ےک وبرڈ آف‬
‫ی‬ ‫ہ‬ ‫ی‬
‫ا� ع رفس رپ اگزمن ی� اور ا� ینپمک ےک ےئل اکم رکرےہ‬ ‫اک یھب امہرے زعم اور اضہطب ےس وایگتسب ےک ےئل وکشمر وہں۔ �ی امہرا ازعاز ےہ ہک مہ رتیق ےک ی‬
‫�دا رکریہ ےہ۔‬ ‫دبت� پ ی‬
‫م تبثم ی‬ ‫زدنگوں ی‬
‫م ولوگں یک ی‬ ‫ہ ی� وج رہ روز ڑبی دعتاد ی‬
‫ٹ‬ ‫ی� ی ٹ �‬
‫م اشلم رکےن ےک دہع اور اقدئاہن‬ ‫لڈرپش ی� اور ینپمک وک رتیق و انمعف ےک ےئن دور ی‬ ‫ز� ی‬ ‫م ابوصخلص اےنپ یس ای او ‪ ،‬انجب ی‬
‫دن� ادمح‪ ،‬ان یک ا� و‬ ‫ی‬
‫ت‬
‫الصحوں اک رتعمف اور وکشمر وہں ۔‬ ‫ی‬
‫ت‬ ‫ئ‬
‫ک اینپ ذہم داری اور ی ن‬ ‫آرخ ی‬
‫رتہب� ی‬
‫الصحوں اک ااہظر ی‬
‫کا۔‬ ‫م وبرڈ اک یھب رکش�ی ادا رکان اچوہں اگ وہنجں ےن ینپمک ی‬
‫دعانن ادصر یلع ‬

‫چی ئ ی ن‬
‫رم‬ ‫�‬
‫رکایچ‪ 28 :‬ربمتس ‪2020‬‬
‫‪Annual Report 2020‬‬ ‫‪25‬‬
‫ت‬ ‫ی یٹ‬ ‫ٹ‬
‫یب‬
‫ابرتل�‬ ‫اوہنں ےن رفوتخ اور ٓادمین وک‬ ‫اور‬ ‫ےہ‬ ‫وموجد‬ ‫رجتہب‬ ‫اک‬ ‫رکےن‬ ‫اکم‬ ‫م‬‫ولری اموحل ی‬ ‫ر�‬ ‫ر‬ ‫ی‬
‫گ‬ ‫تخس‬ ‫ًاتبسن‬ ‫اپس‬ ‫ےک‬ ‫�‬‫زم�ی د �ی ہک‪ ،‬امہری رجتہب اکر ااظتنیم ی‬
‫ف‬
‫م رصف ‪ 2.7‬ی�د اھت ےس ڑبھ رک ‪ 2020‬ی‬ ‫�ر وج ‪ 2013‬ی‬ ‫ٹ ش ئ‬ ‫ف‬ ‫ف‬
‫م ‪5.7‬‬ ‫امرک ی‬
‫ف‪ 14‬ی�د اور ‪ 10‬ی�د یک ‪ 6‬اسل ےک یس اے یج آر کت اچنہپ ی�ا ےہ ‪ ،‬ہکبج اس اک ی‬
‫ئ‬
‫م یک یئگ‬‫اپ�دار اسمیتقب وفادئ یک وصرت ی‬
‫مایت (یئن ادو ی�ات ےک اعترف) ےس کلسنم ریہ ‪ ،‬سج یک اعموتن اس ےک ی‬ ‫گا ےہ۔ �ی ومن ڑبے پ ی�اےن رپ ان ی‬‫ی�د وہ ی‬
‫ن‬ ‫ب‬ ‫�‬ ‫ی‬
‫‪ )i :‬اجراحہن وطر رپ اینپ سز وفرس ی‬
‫گر ڈرٹسی ب ی�ونش یک اہمرت؛ اور‬
‫ا� واہتسب ادارہ یک کلم ی‬‫(� االوقایم رباڈنز) ےک ادنر ی‬ ‫م رسام�ی اکری؛ ‪ )ii‬ایس رگوپ ی‬
‫��ن ت‬ ‫‪ COVID-19 )iii‬یک وہج ےس وعام ی‬
‫د� اھبل ےک ارخااجت یک ذ ہ � ی� اک اامعتسل اھت۔‬ ‫م ڑبے پ ی�اےن رپ تحص یک ی‬
‫پش‬
‫ام ی‬
‫لایتاکررکدیگ‬
‫� رتف وک‬‫رسل یک ام یلایت اکررکدیگ ذگہتش یئک اسولں ےس اشدنار ریہ ےہ اور ‪ 30‬وجن ‪ 2020‬وک متخ وہےئ اسل ےک دوران ینپمک یک اکررکدیگ ےن اس تبثم ی‬
‫ش ئ‬
‫�دا یک ےہ۔‬ ‫اجری راھک ےہ۔ ینپمک ےن اےنپ ی�ر وہڈلرز ےک ےئل لقتسم ڈلب دنہےس یک ومن اور انمعف ےک ی‬
‫ذر� زربدتس دقر پ ی‬
‫م �بمس�رت دنمرہج ی‬
‫ذ� ام یلایت‬ ‫لایت اکررکدیگ یک وہج ےس اسل ‪ 30‬وجن ‪ 2020 ،‬وک متخ وہےن واال اسل رسل ےک ےئل زربدتس راہ۔ ی‬ ‫اسولں یک ام ی‬
‫�ذگہتش پ ش‬
‫� رکراہ وہں‪:‬‬ ‫جھلک�ی�اں ی‬
‫وہیئگ۔‬ ‫روےپ‬ ‫�‬‫• ینپمک یک رفوتخ ‪ 13.96‬ف ی�د یک رشح ومن رپ ‪ 16.56 ،‬ب ی ن‬
‫ف‬ ‫ی ن‬ ‫یشن�‬
‫لم روےپ اک ااضہف وہا ‪ ،‬وج ‪ 21.11‬ی�د ےک گل گھب ےہ۔‬ ‫م ‪687‬‬ ‫• ٓارپ�ز ےس احلص وہےن واےل انمعف ی‬
‫ٹ‬
‫گا۔‬ ‫ر�ارڈ ی ا‬
‫ک ی‬ ‫• ینپمک اک دعب از ی� وہےن واال انمعف ‪ 2.45‬ارب روےپ ی‬
‫ئ‬ ‫ٹ ش ئ‬
‫کل�ی�دیادقاامت‬
‫ٹ‬
‫�ر وک زم�ی د ڑباھ ریہ ےہ ‪ ،‬اخص وطر رپ ارماض بلق‪ ،‬رسدی اور اھکیسن ‪ ،‬ذ یا��ب� یط‬ ‫امرک ی‬ ‫ی ٹ‬
‫امرک ی‬ ‫ی‬
‫افرومہل ‪،‬‬
‫ش ئ‬
‫دہ‬ ‫ی‬
‫ونزا�‬ ‫‪،‬‬ ‫س‬
‫ش‬
‫ی‬ ‫اےنپ‬ ‫م‬ ‫و�‬ ‫ین‬
‫افرامس ٹ ئ‬ ‫رسل ئ اقمیم‬
‫ی‬
‫وفلوز م اےنپ �ر وک‬ ‫ی‬ ‫�رتف احلص رکےک۔ آےگ ڑبےتھ وہےئ ‪ ،‬مہ وصخیص وطر رپ رنجک رباڈنڈ وپرٹ ی‬ ‫پ‬ ‫ی‬
‫اب�وسکٹ ےک وبعشں م ی‬ ‫ی‬
‫رپواب�وسکٹ اور ا� ی‬‫ی‬
‫ہ‬
‫ڑباھےن اور ونتمع ونصماعت وک اعتمرف رکاےن رپ وتہج دے رےہ ی�۔‬
‫وفلو ی‬ ‫ج‬ ‫ہی ت‬
‫م ااضہف رکےت وہےئ‬ ‫ابثع ئےہ؛ ذٰہلا ‪ ،‬امہری کل�ی�دی ی‬
‫رت� �ی ےہ ہک مہ اینپ ونصماعت ےک مجح اور وپرٹ ی‬
‫ن‬ ‫ا� اک ق‬ ‫عمار امہرے ےئل ت‬
‫تہب‬ ‫ونصماعت اک ی‬
‫�‬ ‫ک‬
‫ی‬ ‫�‬ ‫ف‬ ‫ن‬ ‫ی‬ ‫م‬ ‫ع‬ ‫�‬ ‫ٹ‬
‫م رسام�ی‬‫لات اپ رگ�ی ڈ ی‬ ‫م‪ ،‬رسل ےن یمو �چ�رگن ےک ےئن اسز و اسامن اور وہس ی‬ ‫انب�۔ ذگہتش اسولں ی‬ ‫� ی‬ ‫ر� یولری �یل وک ی‬ ‫لقتسم یس یج یا� یپ اور ی‬
‫ت‬ ‫ٹ‬ ‫ک‬‫�‬ ‫ف‬ ‫ن‬
‫م رتہبی الات راہ ےہ۔‬ ‫الصحوں ی‬ ‫ر� یولری ی‬
‫عمارات وک وپرا رکےن ےک ےئل اےنپ لمع اور ااسنین ی‬ ‫اکری یک ےہ اور لسلسم یمو ی�چ�رگن یک امتم وہس یلات رپ اعیمل ی‬
‫�‬‫ک سج ےس ہ ی‬‫(ا� اے یپ) یھب الوگ ی ا‬ ‫ر�ورس الپگنن مٹسس ی‬ ‫ا� اعفل ارٹنرپازئ ی‬ ‫رسل ےن ی‬‫ا� زج ےک وطر رپ ف‬ ‫لقتسم وطر رپ امہری رتہبی ےک ادقاامت ےک ی‬
‫ی ت‬ ‫ی ت‬ ‫�‬
‫اونرٹن�ز رپ رٹنکول ڑباھےن‪ ،‬اسحس ام یلایت ی� نک الصح ےک وصحل اور ااظتنیم اکررکدیگ رتہب انبےن یک الصح احلص رکےکس یگ۔‬ ‫ی‬ ‫وتعق ےہ ہک امہری ینپمک‬
‫ٹ‬
‫ی‬
‫ااظتنم یک اجبن‬ ‫وہڈلرز یک اجبن اینپ ےب انپہ ذہم داری ےس یھب وپری رطح وافق ےہ۔ ایس انمتبس ےس ‪،‬‬ ‫دوران ینپمک اےنپ اس��یک نق‬ ‫اس وابیئ وصراحتل ےک ت‬
‫ئ‬ ‫یی‬ ‫ن‬ ‫ع�‬ ‫�‬
‫اکروا�اں اجری رےھک۔‬
‫ی‬ ‫گا اھت اتہک �ی � انب یا� اجےکس ہک ینپمک اس اونیھک وصراحتل ےک دوران آاسین ےس اینپ‬ ‫رت�ات اک ی� ی ا‬
‫ک ی‬ ‫ذ� ج ی‬ ‫ےس دنمرہج ی‬
‫ف‬
‫ی ن‬ ‫ت‬ ‫• اےنپےلمعیکتحصاورافحتظاکظفحتتخستحصاورافحتظیک ی ی‬
‫�داواراوراصر�وکرفوتخےکلمع‬ ‫ذر�‪،‬وجاینپرصموف� ی�یکوہجےس پ ی‬ ‫اپلوںےک ی‬
‫یق ن‬ ‫ف‬ ‫م ہ ی�؛‬‫م ایلگ فص ی‬ ‫ی‬
‫ت‬ ‫ن‬
‫� انبان؛ اور‬ ‫دسایب وک ی‬
‫ونصماعت یک ی‬ ‫اصر� کت اینپ‬‫• وابیئ رمض ےک دوران اےنپ ی‬
‫ی ٹ‬ ‫خ‬ ‫ن‬
‫ی‬
‫رسرگموں ےس اشلم وہان‬ ‫اکروپر� امسیج‬ ‫م‬ ‫�رات یک وصرت ی‬ ‫م عط�ی�ات اور ی‬ ‫کل��ک�وں ‪ ،‬ااتپسولں اور اتمرثہ ولوگں ی‬ ‫ی‬ ‫•‬
‫ٹ‬ ‫ی‬ ‫کم�پ ن�� ‬
‫ٹ‬
‫ی ز�ا�‪2017‬یک ی‬
‫ز�ردہعف‪192‬ےکتحتوبرڈیکاکررکدیگاکاجزئہ‬
‫عمار رپ اکم رکےن ےک زعم رپ اکردنب ےہ۔ اسل ےک دوران وبرڈ اور اس یک ی ی‬
‫مکوں اک اکم امتم اقونین اور ینپمک رپ اقلب االطق‬ ‫ی ٹ‬
‫اکروپر� وگرسنن ےک ایلع ق ن ی‬ ‫وبرڈ‬
‫یی‬ ‫ی یٹ‬
‫ر�ولری وضاطب رپ دلمعرٓادم وک � انبےن رپ اینپ وتہج رموکز رکان اھت۔‬
‫یٹ‬ ‫یٹ‬
‫ڈارئ�رز ےک ‪ 9‬االجس دقعنم وہےئ۔ اس ےک العوہ وبرڈ یک آڈٹ مک ےک ھچ االجس دقعنم‬ ‫‪ 30‬وجن ‪ 2020‬وک متخ وہےن واےل اسل ےک دوران وبرڈ ٓاف‬
‫وہےئ۔‬
‫‪26‬‬ ‫‪Annual Report 2020‬‬

‫ن‬ ‫ی‬ ‫چی ئ‬
‫ی‬
‫ااتتخماسل‪30‬وجن‪2020،‬‬ ‫�ماکاجزئہرباےئ‬ ‫ر‬
‫ش ئ‬
‫وہڈلرز‪،‬‬ ‫انبم یمرےزعمز ی�ر‬
‫� ن‬ ‫ت �‬ ‫خ �‬ ‫ٹ‬
‫�ز اسل اھت ‪ ،‬یکوہکن ی�زی ےس پھ�یل�ے واےل وکروان‬ ‫افرامس یو� اڈنرٹسی ہکلب اعیمل اعمیش اموحل ےک ےئل یھب ی‬
‫ا� لکشم اور اگنہہم ی‬ ‫ی‬ ‫امیل اسل ‪ 2019-20‬ہن رصف‬
‫ت‬ ‫ئ‬ ‫ن‬
‫مس دعتمد اممکل اس وصراحتل ےس‬ ‫د� اور اپاتسکن ی‬ ‫د� ےک امسیج و ااصتقدی رظنمانےم رپ اےنپ اشنن وھچڑ ی‬ ‫وارئس (‪ )COVID-19‬وابیئ رمض ےن یا‬
‫ت‬ ‫ےنٹمن ےک ےئل اینپ ی ن‬
‫الصحوں وک ربوےئ اکر ےل رک ٓاےئ۔‬ ‫رتہب� اکووشں اور ی‬
‫خ‬ ‫ٹ‬ ‫ت‬
‫م رخ�ی داری‬ ‫ذ�رہ ادنوزی اور ارفارفتی ےک ادناز ی‬ ‫م ی‬ ‫افرامس یو� اڈنرٹسی ی‬
‫ی‬ ‫م الک ڈاؤن ےک ادقاامت خےک افنذ ےس لبق‬ ‫�ری ہہس امیہ ی‬ ‫‪ 2020‬یک ی‬
‫م ہنکمم راکوٹ ےک دخےش ےک ابثع رصف‬ ‫ذ�رہ ادنوزی رصف دوااسزی یک رفایمہ ےک ےلسلس ی‬ ‫م بس ےس آےگ اھت۔ ی‬ ‫کات ن ی‬ ‫وکوِڈ ۔‪ 19‬ےس واہتسب رح ی‬
‫ض‬ ‫ٹ‬ ‫ہ‬
‫ی‬ ‫ی‬
‫افرامس یو� ونصماعت یک رم�وں یک امگن م ااضےف اک راحجن اک یھب لمع دلخ اھت۔‬ ‫ی‬ ‫ی‬
‫وھتک رفووشں یک اجبن ےس � وہیئ ہکلب ھچک‬
‫بن‬
‫ےک فص ناول‬ ‫ادو ی�ات نق‬ ‫م واحض وطر رپ �ی اتبان اچاتہ وہں ہک رسل ان‬‫م �دیھکی یئگ ‪ ،‬اور ی‬‫�ادی وطر رپ دایمئ ب ی�اری ےک العج ےک نمض ی‬ ‫ی‬ ‫م رخ�ی داری‬ ‫ارفارفتی ی‬
‫�‬ ‫ت‬
‫� انب ی�ا۔ ی�ز‪،‬‬ ‫دسایب وک ی ی‬
‫ا� ےہ۔ اور مہ ےن الک ڈاؤن رمےلح ےس ےلہپ ‪ ،‬دوران اور اس ےک دعب یھب اینپ امتم ادو ی�ات یک ربوتق ی‬ ‫م ےس ی‬ ‫ےک رپوڈ�ی ورسوں ی‬
‫ف‬ ‫ی ن‬ ‫ی‬
‫رعت� رکان اچاتہ وہں ‪ ،‬وج اس وابیئ رمض ےک دوران اینپ دخامت رفامہ رکےت رےہ۔‬ ‫المزم یک ذایت وطر رپ ی‬ ‫م اےنپ امتم‬
‫یخ‬
‫ک ‪ ،‬وج ےلھچپ اسل ےک‬ ‫ن‬ ‫ی‬ ‫ب‬
‫م مہ ےن آج کت یک اتر� شیک اینپ بس ےس ز ی�ادہ رفوتخ آدمین ‪ � 16.56‬روےپ اک اشمدہہ ی ا‬ ‫اس ےک ابووجد ‪ ،‬امیل اسل ‪ 2020‬ی‬
‫ئ‬ ‫ف‬
‫کا۔ مہ ےن ‪2020‬‬ ‫�ر یک اتمرث فنک آدمین اور ‪ 2.45‬ارب روےپ اک اخصل انمعف یھب احلص ی‬ ‫م ‪ 13.96‬ی�د ز ی�ادہ ےہ۔ مہ ےن ‪ 11.56‬روےپ یف ی‬ ‫اقمےلب ی‬
‫ئ‬ ‫ئ‬ ‫ش‬ ‫ی ن‬
‫ک ےہ۔‬‫ادا� اک یھب ی� ی ا‬‫م ی‬ ‫لم روےپ ی�ر وہڈلرز وک دقن انمعف یک وصرت ی‬ ‫م ‪531‬‬ ‫ی‬
‫ف‬ ‫�ت خ‬ ‫ٹ‬

‫اجزئہ‬
‫ی‬ ‫ی‬ ‫� روےپ ) ےہ ‪ ،‬اور وج ‪ 13.23‬ی‬ ‫ن‬ ‫ب‬
‫� ڈارل (‪ 425‬ی‬ ‫ن‬ ‫ب‬
‫رقت�ا‪ 3.1‬ی‬ ‫ن‬ ‫�‬ ‫ٹ‬ ‫ی‬
‫ےک اطمقب) یک رشح ےس ڑبھ راہ‬ ‫�د (ٓایئ ا� ا� ف‬ ‫امرک اک م�ی� نہ ی ب‬ ‫افرامس یو� ی‬ ‫ی‬ ‫اپاتسکن م‬
‫ی‬ ‫�‬‫چ‬ ‫�‬ ‫پ�‬ ‫�ن� ی ش� ن�ل �‬ ‫ف‬ ‫ٹ ش ئ‬ ‫پ‬ ‫ی‬
‫امرک ی�ر اک ‪ 69‬ی ف�د ہصح ےہ‪ ،‬ہکبج یٹلم �ز اک ہصح ابیق ‪ 31‬ی�د ےہ۔ رسِ رہفتس یک س‬ ‫مکوں اک ہبلغ ےہ وج ی‬
‫ن‬ ‫اقمیم ‪ /‬وقیم ی‬ ‫اڈنرٹسی م ف‬ ‫ےہ۔ اس‬ ‫ن‬
‫ہ‬ ‫ٹ‬ ‫پ‬ ‫ن‬ ‫ی ٹ‬
‫رقت� ‪� 80‬د ہصح ی�۔‬ ‫ی‬ ‫ی‬
‫مکاں امرک اک باً‬ ‫ی‬ ‫ی‬
‫رقت� ‪� 60‬د اور ہکبج ا ّول ‪ 50‬ی‬ ‫ی‬ ‫ی‬
‫مکاں امرک اک با‬ ‫پ ی‬
‫ق� ت‬
‫م‬‫ی‬ ‫ق� ت‬ ‫ٹ بن‬
‫ی‬ ‫�ن� ی ش� ن�ل �‬ ‫مکوں یک رفوتخ ی‬
‫ن‬
‫یکلم پ‬
‫�‬
‫ا� مک یم� ےک راحجن رپ ینبم ےہ اہجں زادئ �وں‬ ‫�ادی وطر رپ نی‬ ‫ی‬
‫ز� ےک اقمےلب م ز ی�ادہ راہ ٹےہ وچہکن امرک ی‬ ‫م ااضہف یٹلم‬ ‫ی‬
‫ٹ‬ ‫ئ‬
‫مکاں اکم رک ریہ ہ ی� ‪ ،‬نج ی‬‫م گل گھب ‪ 650‬پ ی‬ ‫امرک ی‬ ‫ی ی‬
‫م ‪ 31‬ےس یھب مک یٹلم‬ ‫گ ےہ۔ اپاتسکین افرامسو� ی ف‬ ‫ک یا‬ ‫دوا�وں یک ڑبی ٹدعتاد وک اعتمرف ی ا‬ ‫اعم ی‬ ‫ن یرپ ش نیئن ن‬
‫رقت� ‪ 1‬ی�د ہصح ڈایتل ےہ۔‬ ‫ی‬
‫افرامس یو� اڈنرٹسی اسالہن اپاتسکن ےک یج ڈی یپ م ی باً‬ ‫ی‬ ‫ہ‬
‫مکاں ی�۔‬ ‫� پ ی‬
‫ٹ‬ ‫ت‬ ‫ق‬ ‫غ‬
‫� اسمیتقب ی ی‬ ‫امرک ی‬ ‫ی ٹ‬ ‫درآدم دشہ ‪ APIs‬رپ زادئ ااصحنر‪ ،‬زر ابمدہل یک رشح ی‬
‫افرامس یو� اڈنرٹسی‬
‫ی‬ ‫� ےس‬ ‫م یر‬ ‫م ز ی�ادہ ااتر ڑچاھؤ ‪ ،‬یف سک مک رخچ ‪ ،‬اور اعیمل‬
‫یک ازفاشئ من وہیئگ ےہ۔‬
‫غ‬
‫ی ن‬ ‫ااظتنم یک ی‬
‫ی‬ ‫ی‬
‫المزم یک نگل اور وبرڈ آف‬ ‫مایب رپ وصخیص وتہج اور اس ےک‬ ‫�ر زتمزلل اکووشں‪ ،‬اک ی‬ ‫رےنہ اور‬ ‫اتمہ‪ ،‬ٹرسل ان لکشم اواقت م اثتب دقم ن ت‬
‫عماری ونصماعت اور‬ ‫م اینپ ی‬‫ماب ریہ۔ رسل العج اعمےجل ےک فلتخم وبعشں ی‬ ‫م اک ی‬ ‫� احلص رکےن ی‬ ‫ا� اتمرث نک ی ج‬ ‫ڈارئ�رز یک تخس رگناین یک وہج ےس ی‬ ‫ی‬
‫غ‬
‫ماب ریہ۔‬ ‫م اک ی‬ ‫�ر ومعمیل ولوگں یک نگل ےک ببس اینپ امن ی�اں اکررکدیگ ربرقار رےنھک ی‬ ‫اےنپ ی‬
‫ٹ‬
‫م مہ رسرگم لمع ہ ی�‬ ‫�دا رکےن یک یمراث اقمئ ےہ اور مہ ان ےک ےئل اور سج اعمرشے ی‬ ‫امہرے اپس اےنپ امتم اس��یک وہڈلرز ےک ےئل تزربدتس دقر پ ی‬
‫�‬
‫� رکےت رےتہ ہ ی�۔‬ ‫د�راپ تبثم ارثات رمبت رکےن یک وکوششں وک ی ز‬ ‫ی‬
‫ت‬ ‫ئ‬
‫دجترطازیاوررتیق یکامہرےزعمیک ی‬
‫�ر‬
‫ا� داہیئ یک لسلسم دجودہج ےک رس ےہ سج ےک دوران مہ ےن وخاشہ رکدہ ام یلایت اعمدہے وپرے یا� اجتوز رکےئگ سج‬‫م ب یا�وں اک رہسا ی‬
‫م امہری اک ش ی‬‫‪ 2020‬ی‬
‫رھک ‪ ،‬سج ی‬ ‫زنمل ےط رکان اجری ی‬ ‫ئ‬
‫م دجت‬ ‫ےک دہع مہ ےن اےنپ ی�ر وہڈلرز ےس ےئک ےھت۔ اور اسھت یہ اجچن رپھک ےک اسھت‪ ،‬مہ ےن اےنپ لبقتسم یک ی‬
‫ی ت‬ ‫ی ت‬ ‫رطازی ‪ ،‬اقمہلب رکےن اور رتیق یک رسل یک ی‬
‫وقت� یلم۔‬ ‫الصح وک‬ ‫وط� دمیت‬

Employee
Safety & Care
F or Searle, the safety of its office, factory workers

and field force staff is of paramount priority and
has taken some of most stringent steps to slow the
spread and by doing so saved countless lives. Sensing
the threat in the early stage, the Company had sent,
100% of its field force and 50% of its operation staff
home, without any layoffs or deductions and allowed
them to work from home. The Company also initiated
a prevention & awareness campaign for community
and employees, ensured availability of thermal and
RT-PCR screening, provision of WHO specified PPE,
latex and nitrile gloves, hand sanitizers, goggles, face
shields and disinfectants to slow the spread and flatten
the curve.

Directors’ Report to the Members
The Directors take pleasure in presenting the annual higher life expectancy and increased incidence of
report together with the audited financial statements chronic diseases and as well as new healthcare
of the company for the year ended June 30, 2020. risks introduced during the pandemic.
The Directors’ Report has been prepared in Despite this, the pharmaceutical industry is unable
accordance with section 227 of the Companies to achieve its full potential, due to high reliance of
Act, 2017 and Chapter XII of the Listed Companies imported APIs, fluctuation in exchange rates, low
(Code of Corporate Governance) Regulations, 2019. per capita expenditure, and low prices in terms
of global environment. Although the industry is
This report is to be submitted to the members at contributing 1% of their PBT to government for
the 55th Annual General Meeting of the Company conducting R&D, a lot can be desired on the front
to be held on October 28, 2020. of research and development.
OVERVIEW OPERATING RESULTS
COVID-19 pandemic has triggered one of the most Searle is a company that has always focused on
severe recession in nearly a century and is causing improving the lives of patients by offering them
enormous damage to people’s health, jobs and quality healthcare solutions. We have always placed
well-being. The spread of the novel corona virus the benefit of the patients and our stakeholders at
across countries has prompted many governments the forefront and we are proud of the impact of our
to introduce unprecedented measures to contain efforts.
the pandemic. This has led to many businesses
being shut down temporarily and widespread Searle has recorded a 6-year (FY14-20) CAGR
restrictions on travel and mobility. of 14% in its revenue and 10% in profit after tax.
This growth in revenue is on the back of consistent
However, COVID-19 has harnessed the integration of growth in volumes and a diversified product range
the pharmaceutical sector to the sustenance of the along with positive impact of DRAP pricing policy,
society at large and the industry is set to reap the which is now linked with annual Consumer Price
benefits from changing consumer perspectives. The Index (CPI).
industry and especially the rightly placed institutions
are taking advantage of branding and extra revenue The increased revenues have resulted in a higher
streams. The temporary suspension of outdoor market share for Searle, as during FY19 the
medical facilities including private clinics was a company had a market share of 5.3%, which has
challenge, though. With global health care spending now increased up to 6.5% as per industry sales
expected to rise at an accelerated growth rate, it value of Q1-2020, which is second highest in the
will likely present many opportunities for the sector. entire Pakistan pharmaceutical industry.
While there will be uncertainties, stakeholders can
navigate them by factoring in historic and current COVID-19 pandemic has wreaked-havoc across
drivers of change when strategizing for 2020 and the world with around 30 million cases and nearly a
beyond. million deaths recorded, with no vaccine recognized
by the World Health Organization (WHO), which can
Pharmaceutical sales in Pakistan grew at an annual provide immunity against the virus. Nevertheless,
growth rate of 13.23% worth nearly USD 3.1 billion the company has successfully entered into an
(PKR 425 billion), with more than 650 companies exclusive licensing and marketing agreement
operating in the sector, driven by new molecule with Beximco Pharmaceuticals to sell Remdesivir,
introductions and supported by underlying with the name of Bemsivir, in the local market.
demographic trends of increasing affordability, Remdesivir has proven to be a very effective tool
rising population, infrastructure investment, against the virus, as it shortened the recovery time
technological advancements, evolving care models, of patients.

During this difficult and challenging times, which EARNINGS PER SHARE
had severe repercussions on Pakistan as well as on
the global economic environment, Searle secured Basic earnings per share after taxation for the
an impressive performance during the year ended period was Rs. 11.56 (2019: Rs. 12.44). There is no
June 30, 2020. The company reported revenue of dilution effect on the basic earnings per share of
Rs. 16.56 billion, registering a growth of 14%. Profit the Company, as the Company has no convertible
after tax of the Company decreased by 7%, mainly dilutive potential ordinary shares outstanding as at
due to impact of currency devaluation. June 30, 2020.
June 30, DIVIDEND

2020 2019
(Rupees in thousand) The Board of Directors has recommended cash
Revenue 16,567,219 14,537,198 dividend of 25% for the year ended June 30, 2020.
Cost of sales (8,295,187) (9,616,862) During the previous year ended June 30, 2019, the
Gross Profit 8,272,032 4,920,336 Company declared cash dividend of 25% as well.
Operating expenses (4,844,499) (4,608,165)
Other operating expenses (261,841) (153,869) FINANCIAL STATEMENTS AND
Other income 780,277 3,099,914 AUDITORS
Profit from operations 3,945,969 3,258,216
Finance cost (641,491) (428,036) The present auditors, Messrs. A.F. Ferguson & Co.
Profit before tax 3,304,478 2,830,180 Chartered Accountants, retire and being eligible,
Income tax expense (849,401) (188,234) have offered themselves for re-appointment.
Profit after taxation 2,455,077 2,641,946
The Board of Directors endorses recommendation
The Company’s hefty organic growth was driven of the Audit Committee for their re-appointment as
by expanding doctor coverage, maturing product the Auditors of the Company for the financial year
portfolio, introduction of new brands, higher volumes, ending June 30, 2020, at a mutually agreed fee.
richer product mix, branding efforts and strengthened
demand. As well as utilizing the increased healthcare HOLDING COMPANY
expenditure mindset of the public at large due to
COVID-19. Further, tighter control over costs and International Brands Limited is the holding company
expenses contributed towards improved financial of Searle, which holds 56.60% shareholding in the
performance of the Company. Company.
SUBSIDIARIES OF THE COMPANY

Following are the subsidiary companies:
Principal place Effective
of business %age of holding
June 30, June 30,
2020 2019
Listed Company
- IBL HealthCare Limited 74.19% 74.19%
Unlisted Companies
- Searle Pharmaceuticals (Private) Limited 100.00% 100.00%
- Searle Laboratories (Private) Limited Pakistan 100.00% 100.00%
- Searle Biosciences (Private) Limited 100.00% 100.00%
- IBL Identity (Private) Limited 100.00% 100.00%
- IBL Future Technologies (Private) Limited 100.00% 100.00%
- Nextar Pharma (Private) Limited 87.20% 87.20%

PATTERN OF SHAREHOLDING We are committed to our duty towards
safeguarding the patient’s well-being, and assure
The pattern of shareholding along with categories that all operations associated with manufacture of
of shareholders as at June 30, 2020 as required medicinal products are of a standard that ensures
under section 227 of the Companies Act, 2017 and the patient’s expectations of safety and efficacy.
Listing Regulations is presented on pages 201 to
205 of the annual report 2020. CORPORATE AND SOCIAL
RESPONSIBILITY
Trading of shares by Directors, CFO, Company
Secretary etc. The Company’s shares are traded on The horizon of our duties does not end with
Pakistan Stock Exchange Limited. The Directors, the creation of wealth for our stakeholders. At
CEO, Company Secretary and CFO and executives, Searle, our aim has always been to make useful
their spouses and minor children did not carry out contributions to the economy we operate in. One
any trade in the shares of the Company. of the primary areas of focus has been creation
of employment opportunities to support a large
BUSINESS CONDUCT industrial and sales workforce.
Searle’s business practices are based on integrity, The Company operates in a socially responsible
transparency and compliance with applicable laws manner. Accordingly, the Company’s CSR program
and regulations. has a wide scope encompassing initiatives in the
areas of healthcare, education, child welfare and
Our values and expectations are more than just other social welfare activities.
words. Together they help guide us to our goal to be
one of the world’s most innovative, best performing OCCUPATIONAL HEALTH, SAFETY
and trusted healthcare companies. They shape our AND ENVIRONMENT
culture and guide our actions and decision making,
so we can maintain the trust of the people who We, at Searle, recognize the importance of safe
rely on us each and every day – our patients and and secure environment and consider it our duty
consumers. It’s up to all of us, every day, to keep to ensure that people who work for us know
Searle the kind of company we can all be proud how to work safely and without any risks to their
to be a part of. We seek to understand and meet health. The health and safety of our employees
our customers’ needs, whilst seeking continuous and visitors is a high priority for the Company.
improvement in all spheres of business operations. Therefore, hazards associated with operations are
continuously identified, assessed and managed to
We do the right thing for our patients and eliminate or reduce risks.
consumers and strive for the highest quality. We
work with our partners to improve healthcare and INFORMATION TECHNOLOGY
find new medicines and vaccines. Regardless of our
role, we understand how our work affects patients To cater the growing business needs of the
and consumers. Company, and in line with our continuous endeavors
to regularly upgrade information systems, we
PRODUCT QUALITY continued with our policy to invest more and more
in information technology. We have successfully
Consumers trust and confidence on Searle’s deployed the most powerful business management
products is our most valuable asset. We recognize system ‘SAP’ to further strengthen our business
that pharmaceutical manufacturing bears many operations.
inherent risks and that any mistake in product
design or production can be severe, even fatal,
therefore, the maintenance of quality is our utmost
priority and moral responsibility.

WEBSITE DIRECTORS’ TRAINING PROGRAM
All our stakeholders and general public can visit The directors either have already attended the
The Searle Company Limited’s website, www. directors’ training as required in previous years or
searlecompany.com, which has a dedicated meet the exemption criteria as contained in the
section for investors containing information related Listed Companies (Code of Corporate Governance)
to annual, half yearly and quarterly financial Regulations, 2019.
statements.
ADEQUACY OF INTERNAL
RELATED PARTY TRANSACTIONS FINANCIAL CONTROLS
All related party transactions, during the year In order to ensure that adequate internal controls
2020, were placed before the Audit Committee are deployed by the company for safeguarding
and the Board for their review and approval. of company’s assets, compliance with laws and
These transactions were duly approved by the regulations and reliable financial reporting, the
Audit Committee and the Board in their respective Board of Directors has outsourced the internal
meetings. All these transactions were in line with audit function to Grant Thornton Anjum Rahman,
the transfer pricing methods and the policy with Chartered Accountants who are considered suitably
related parties approved by the board previously. qualified and experienced for the purpose and are
The Company also maintains a full record of conversant with the policies and procedures of the
all such transactions, along with the terms and Company.
conditions. For further details, please refer note 43
to the financial statements. CODE OF CONDUCT
COMPLIANCE WITH THE CODE OF The Board of Directors of the Company has adopted
CORPORATE GOVERNANCE a code of conduct. All employees are informed
and aware of this and are required to observe
The stock exchange has included in their Listing these rules of conduct in relation to business and
Rules and Listed Companies Regulations issued regulations.
by the Securities & Exchange Commission of
Pakistan. The Company has adopted the code and CORPORATE AND FINANCIAL
is implementing the same in letter and spirit. REPORTING FRAMEWORK
TRADING OF SHARES BY - The financial statements, prepared by the

DIRECTORS, CFO, COMPANY management of the Company, present fairly its
SECRETARY AND EXECUTIVES ETC. state of affairs, the result of its operations, cash
flows and changes in equity.
The Company’s shares are traded on Pakistan - Proper books of accounts of the Company have
Stock Exchange Limited. The Directors, CEO, been maintained.
Company Secretary and CFO and executives, their - Appropriate accounting policies have been
spouses and minor children did not carry out any consistently applied in preparation of the
trade in the shares of the Company except the financial statements and accounting estimates
following executives: are based on reasonable and prudent judgment.
- International Accounting Standards, as
Shares Shares applicable in Pakistan, have been followed in
Name
Purchased Disposed preparation of financial statements.
Mr. Moujoodul Hassan 1,700 700 - The Company maintains a sound internal control
Mr. Fakher-e-Alam - 2,000 system which gives reasonable assurance
against any material misstatement or loss. The
internal control system is regularly reviewed.

- There are no significant doubts upon the best practices of Corporate Governance as
Company’s ability to continue as a going detailed in the listing regulations.
concern. - There has been no departure from the best
- There has been no material departure from the practices of transfer pricing.
The key operating and financial data for the six years is tabulated as follows:
2020 2019 2018 2017 2016 2015

(Re-stated)
ASSETS EMPLOYED
Property, plant and equipment 3,707,635 2,879,439 1,714,141 1,235,640 808,692 687,332
Right of use assets 121,515 - - - - -
Intangible assets 131,438 164,913 189,068 207,732 69,885 30,642
Investment properties-at cost 2,203,890 2,458,041 2,456,565 2,460,614 2,483,919 2,491,318
Long-term investments- subsidiaries 1,686,186 1,686,186 1,686,186 1,486,186 2,636,202 519,091
Long-term loans and deposits 7,754 7,666 7,548 1,791 1,949 2,044
Deferred assets - - - 443 - -
Non-current assets classified as held for sale - - - 600,278 - -
Net current assets 9,632,223 7,470,720 6,337,546 4,636,991 2,984,954 1,827,051
Total assets employed 17,490,641 14,666,965 12,391,054 10,629,675 8,985,601 5,557,478
FINANCED BY
Issued, subscribed and paid-up capital 2,124,253 2,124,253 1,847,177 1,539,314 1,227,523 858,407
Reserves and unappropriated profit 13,300,048 11,342,852 9,893,014 8,385,533 6,952,694 3,689,268
Shareholder’s equity 15,424,301 13,467,105 11,740,191 9,924,847 8,180,217 4,547,675
Surplus on revaluation of fixed assets 1,446,517 1,050,800 574,331 443,511 296,961 296,961
Long-term and deferred liabilities 619,823 149,060 76,532 261,317 508,423 712,842
Total capital employed 17,490,641 14,666,965 12,391,054 10,629,675 8,985,601 5,557,478
Turnover 16,567,219 14,537,198 12,675,110 10,753,751 9,561,490 7,582,470
Profit before tax 3,304,478 2,830,180 3,233,223 2,874,933 2,520,295 1,767,664
Profit after tax 2,455,077 2,641,946 3,049,164 2,638,745 2,089,388 1,405,413
Profit after tax as % of turnover 14.82 18.17 24.06 24.54 21.85 18.54
Profit after tax as % of capital employed 14.04 18.01 24.61 24.82 23.25 25.29
Dividends
Cash (%) 25 25 50 100 50 20
Stock (%) NIL NIL 15 30 24 20

COMPOSITION OF THE BOARD OF AUDIT COMMITTEE
DIRECTORS
The Committee comprises of three non-executive
There have been seven directors on the Board. The Directors. The Chairman of the committee is also
composition of the board as at June 30, 2020 is as an independent director.
follows:
During the year, six meetings of audit committee
Category Names were held, the attendance of which is as follows:
i Independent Director Mrs. Shaista Khaliq Rehman
Mr. Adnan Asdar Ali Name of director Meetings attended
Mr. Rashid Abdulla Mrs. Shaista Khaliq Rehman 6
Non-executive Mr. Ayaz Abdulla
ii Mr. Adnan Asdar Ali 6
Directors Mr. Asad Abdulla
Mr. Asad Abdulla 5
Mr. Syed Nadeem Ahmed
iii Executive Directors
Mr. Zubair Palwala
HUMAN RESOURCE AND
During the year, the casual vacancy created by Mr. REMUNERATION COMMITTEE
Husain Lawai was filled by Ms. Shaista Khaliq as an
independent director. The Committee comprises of four non-executive
members. The Chairman of the committee is an
No person other than those mentioned above, have independent director. During the year, no meeting
at any time during the year ended June 30, 2020 of the committee was held.
served as the director of the company.
DIRECTORS REMUNERATION
MEETINGS OF THE BOARD OF
DIRECTORS The significant features and key elements of
directors’ remuneration are as follows:
During the year, nine meetings of the Board of
Directors were held. The attendance at meetings of • Non-executive directors are only entitled to
the board members is summarized as under: receive fees in lieu of remuneration in respect
of the board and committee meetings attended
Name of Director Meetings attended by them.
Mr. Adnan Asdar Ali 9 • The board is authorized to determine the
remuneration of its Directors for attending
Mr. Rashid Abdulla 6
meetings of the board and committee.
Mrs. Shaista Khaliq Rehman 8
Mr. Syed Nadeem Ahmed 9 SUBSEQUENT EVENTS
Mr. Zubair Palwala 8
Mr. Ayaz Abdulla 9 Subsequent to the year end on 24th August 2020,
Mr. Asad Abdulla 8 the Company acquired OBS Pakistan (Private)
Limited (OBS), engaged in manufacturing and
sales of pharmaceutical products, from Universal
Ventures (Private) Limited (UVPL) - related party.
The approval of acquisition was obtained in the
Company’s Extra-Ordinary General Meeting
(EOGM) on May 18, 2020.

VALUE OF INVESTMENTS The company’s acquisition of OBS, is one of the
most instrumental purchases in pharmaceutical
The value of investment of provident fund based industry of Pakistan. It is one of Pakistan’s top
on their un-audited / audited accounts as on June private limited Pharma company in healthcare
30, 2020 and June 30, 2019 respectively was as sector and is a leading producers of iron sucrose
follows: injections with the brand name of Venofer. OBS is
also the manufacturer of Decadron (Dexamethane),
2020 2019 which is considered as the drug to decrease the
Rs ‘000 mortality rate in COVID-19 patients.
Provident Fund 708,917 554,984
Further, due to overly regulated drug pricing
mechanism, volatility in retail prices is a concern
FUTURE OUTLOOK of paramount importance for us. Delays in new
product approvals also pose key threats for the
Searle is poised to grow and increase its market industry as a whole. However, with the change in
share among its competitors and maintain its recent political scenario, we will have to wait to
organic and in-organic growth, in a relatively assess the future economic trends and modify our
turbulent regulatory environment. While also strategies accordingly. For the longer run, Searle
focusing on its product demand in international is focusing on emerging portfolios including, bio-
market, coupled with increased healthcare similars, medical devices, nutraceuticals, and
spending trend after COVID-19, which will translate genome sciences.
into greater revenues for the industry.
At Searle, we all are highly motivated and willing
Moving forward, we are focusing on enhancing the to contribute enthusiastically on continuous basis.
share of specialty generic branded portfolio and Same is the case with our partners, suppliers and
targeting differentiated products. It is also pertinent customers, for which we are thankful and expect
to mention that Searle has an organic pipeline the same zeal and zest for future contribution.
of over 200 products in different stages of the We assure, Searle will continue to work hard to
regulatory approval process and has a diversified provide long term sustainable growth to everyone
drug portfolio and strong gross profit margins. The associated with us.
company, in the local market, has over the years
strengthened in cardiovascular, cold & cough,
diabetes, infant formula, pro-biotic and antibiotics
therapeutic areas.
For and on behalf of the Board

Syed Nadeem Ahmed Zubair Palwala

Chief Executive Officer Director
Karachi: September 28, 2020

‫ق� ت‬ ‫ت ت‬
‫ہی ت‬ ‫ن‬
‫زم�ی د �ی ہک دح ےس ز ی�ادہ اباقدعیگ ےس ادو خ ی�ات یک ق�یم��وں اک � � رکےن ےک رط� یقہ اکر اور وخردہ �وں م ااتر ڑچاھؤ امہرے ےئل اخیص ا� اک ابثع‬
‫ی‬ ‫�‬‫م‬‫ی‬ ‫ی‬ ‫ع�‬
‫م ی‬
‫دبت� ےک اسھت‬ ‫سایس رظنم انےم ی‬ ‫احل ی‬ ‫م ی‬
‫ات�ر ےس ومجمیع وطر رپ اڈنرٹسی وک یھب امہ رطخہ القح ےہ۔ اتمہ ‪ ،‬ی‬ ‫ےہ۔ ونصماعت یک یئن وظنمر�ی وں ی‬
‫ن‬
‫رتم یک رضورت وہیگ۔ ی‬
‫وط�‬ ‫م ی‬ ‫� لبقتسم ےک اعمیش راحجانت اک اجزئہ یل ےک ےئل ااظتنر رکان ڑپے اگ اور ایس ےک اطمقب اینپ تمکح عمل�ی�وں ی‬ ‫‪،‬ہ ی‬
‫جن‬ ‫ٹ‬ ‫ن‬ ‫ی ئ س‬ ‫ن‬
‫ورٹاس��یکل��ز اور ی‬
‫�وم اسزسنئ اشلم‬ ‫اب�و مل�رز ‪ ،‬یبط آالت ‪ ،‬ی� ی و‬
‫وفلوز رپ وتہج رموکز رکریہ ےہ نج م ی‬ ‫�ادوں رپ ‪ ،‬رسل ارھبےت وہےئ وپرٹ ی‬ ‫الم� یع�اد ب ی‬
‫ہ ی�۔‬
‫ت‬ ‫ن‬ ‫ل ئ‬
‫�ادوں رپ وجش و رخوش ےس اانپ ہصح ڈاےنل ےک ےئل ی�ار ہ ی�۔ ایس رطح امہرے رشاتک دار‪ ،‬الپسرئز‬ ‫م مہ بس ااہتنیئ د �جم�ی ےس اور لقتسم یب‬ ‫ی‬
‫رسل ف‬
‫ی ن‬
‫اصر� یھب ایس ذجےب اک ااہظر رکےت ہ ی�‪ ،‬سج ےک ےئل مہ رکش زگار ہ ی� اور آدنئہ ےک اعتون ےک ےئل ایس وجش و ذجےب یک وتعق رکےت ہ ی�۔ مہ‬ ‫قاور‬
‫ئ‬ ‫ن‬
‫ر� ےگ۔‬ ‫اپ�دار رتیق یک رفایمہ ےک ےئل تخس دجودہج اور نگل ےس وکاشں ہ ی‬ ‫� داہین رکاےت ہ ی� ہک‪ ،‬رسل اےنپ ےس واہتسب رہ رفد وک ی‬
‫وط� دمیت اور ی‬ ‫ی ی‬
‫رباےئ اور وبرڈ یک اجبن ےس‬
‫بی‬
‫ز�ر اپل واال‬ ‫ ‬ ‫ی ی‬
‫ٹ‬ ‫سد دن� ادمح ٹ ف‬
‫چ ف‬
‫ی ر‬
‫ڈارئ�‬ ‫ ‬‫آ�‬ ‫ا� ی و‬
‫�ز� ی ر‬ ‫� ی‬ ‫ی‬
‫رکایچ‪ 28 :‬ربمتس ‪2020‬‬

‫شن یٹ‬
‫ورن�مک‬‫ر� ی‬ ‫ہ ی�ونم ی‬
‫ر�ورساور ی‬
‫ن‬ ‫یٹ‬
‫ی‬ ‫ہ‬ ‫ٹ‬ ‫ی ٹ چی ئ ی ن‬ ‫ی ٹ‬ ‫یٹ‬
‫رم آزاد ی ر‬
‫ڈارئ� وہات ےہ۔ اسل ےک دوران مک اک وکیئ االجس دقعنم � وہا۔‬ ‫ا� ی و‬
‫�ز� ربممان رپ لمتشم ےہ۔ مک اک �‬ ‫مک ‪ 4‬انن‬
‫یٹ‬
‫ڈارئ�رزاکاشمرہہ‬
‫یٹ‬
‫ذ� ہ ی�‪:‬‬ ‫صات اور کل�ی�دی انعرص بسح ی‬
‫ڈارئ�رز ےک اعموےض یک امہ وصخ ی‬
‫ف‬ ‫ٹ‬ ‫ی ی ٹ یٹ‬
‫ی‬ ‫ہ‬ ‫ی‬
‫اعموےض ےک وطر رپ � ووصل رکےن اک قح رےتھک �۔‬ ‫م ت‬‫م رشتک ےک ےلسلس ی‬ ‫مکوں ےک االجوسں ی‬
‫ڈارئ�رز یہ وبرڈ اور ی ی‬ ‫�ز�‬
‫• رصف انن ا� و‬
‫�ع� ی ن‬ ‫یٹ‬ ‫یٹ‬
‫ی‬
‫ڈارئ�رز یک اجبن ےس وبرڈ اور مک ےک االجوسں م رشتک ےک ےئل اعموےض اک � رکےن اک اجمز ےہ۔‬ ‫• وبرڈ اےنپ‬
‫دعبازاںوہےنواےلوااعقت‬
‫مل ینپمک وج دوا اسزی یک ت ی�اری اور رفوتخ ی‬ ‫ئ ٹ ٹ‬
‫رصموف ےہ اےس‬ ‫غ‬ ‫م‬ ‫�ڈ‬ ‫(رپا�و ی�) ی‬
‫ی‬ ‫‪ 2020‬وک اسل ےک ااتتخم ےک دعب ‪ ،‬ینپمک ےن ‪OBS‬اپاتسکن‬
‫‪ 24‬اتسگ ی ن‬
‫ٹ‬ ‫ٹ‬ ‫ئ‬ ‫ن‬
‫کا۔ اس وصحل یک وظنمری ‪ 18‬یئم ‪ 2020‬وک دقعنمہ ینپمک ےک ی ر‬
‫� ومعمیل اعم‬ ‫مل (‪ )UVPL‬واہتسب اپریٹ ےس احلص ی‬‫(رپا�و ی�) ی �ڈ‬
‫ی‬ ‫�ی یو�ورلس چ‬
‫و�رز‬
‫م دی یئگ۔‬‫االجس (ای او یج یا�) ی‬
‫ت‬
‫غ‬
‫رسام�اکرییکدقروق�یم�‬
‫ی‬
‫ت‬ ‫ن‬ ‫ت‬
‫رپوو�ی �ڈٹن ڈنف یک رسام�ی اکری یک دقر و ق�یم� ان ےک �ر آڈٹ دشہ ‪ /‬آڈٹ دشہ اسحابت یک ی‬
‫�اد رپ ‪ 30‬وجن ‪ 2020 ،‬اور ‪ 30‬وجن ‪ 2019 ،‬وک ی ب‬
‫ابرتل�‬ ‫ب‬ ‫ی‬
‫ذ� یھت‪:‬‬‫درج ی‬
‫‪2019‬‬ ‫‪2020‬‬
‫‪Rs ‘000‬‬
‫‪554,984‬‬ ‫‪708,917‬‬ ‫رپوو�ی �ڈٹن ڈنف‬
‫غ‬
‫ا�رظن‬
‫لبقتسمرپ ی‬
‫�ر ی‬ ‫ٹ ش ئ‬ ‫ی یٹ‬
‫ولری اموحل ی‬
‫ف‬
‫مایت ومن وک ربرقار‬ ‫ی‬
‫مایت اور �ر ان ی‬‫م ااضہف اور اس یک ان ی‬ ‫امرک ی‬ ‫م اےنپ ی‬ ‫ا� ًاتبسن ام�ی وس نک ر�‬‫مان ی‬ ‫رح�وں ےک در ی‬ ‫رسل اےنپ ی‬
‫ت‬ ‫ی ٹ‬
‫امرک ی‬ ‫ک ت�ار ےہ۔ ب ی ن‬ ‫ئ‬
‫د� اھبل ےک‬ ‫د� وہےئ ‪ ،‬اور ‪ COVID-19‬ےک دعب تحص یک ی‬ ‫م اس یک ونصماعت یک بلط رپ یھب وتہج ی‬ ‫� االوقایم‬ ‫رےنھک ی ی‬
‫م ااضےف ےک راحجن ےک اسھت لم رک ‪ ،‬وج اس اڈنرٹسی ےک ےئل ز ی�ادہ ےس ز ی�ادہ انمعف اک ابثع ےنب اگ۔‬ ‫ارخااجت ی‬
‫ت‬
‫�حس� ی ن‬
‫وفلو اک ہصح ڑباھےن اور فلتخم ونصماعت رپ وتہج رموکز ےئک وہےئ ہ ی�۔ �ی یھب اقلب � ےہ‬ ‫آےگ ڑبےتھ وہےئ ‪ ،‬مہ وصخًاص رنجک رباڈنڈ وپرٹ ی‬
‫م ونتمع ادو ی�ات اک وپرٹ ی‬ ‫مایت ونصماعت ہ ی� سج ی‬ ‫ولری وظنمری ےک لمع ےک فلتخم رمالح ی‬ ‫ی یٹ‬
‫وفلو اور‬ ‫م رسل ےک اپس ‪ 200‬ےس زادئ ان ی‬ ‫ہک ر�‬
‫ت‬ ‫ئ‬ ‫یط‬ ‫�‬‫ب‬ ‫�‬ ‫ی ٹ‬
‫ح یا�ایت اور‬‫ونزا�دہ افرومہل‪ ،‬ی‬ ‫ی‬ ‫ی‬
‫وبضمط انمعف شخب امرنج ےہ۔ اقمیم امرک م ینپمک ےن ذگہتش ربوسں م ارماض بلق‪ ،‬زنہل اور اھکیسن ‪ ،‬ذ یا� س ‪ ،‬ی‬
‫نٹ ئ‬
‫م مکحتسم ہگج انب یل ےہ۔‬ ‫اب�وکٹ ےک العج اعمےجل ی‬ ‫یا� ی‬
‫ٹ‬
‫م اپاتسکن‬ ‫د� اھبل ےک ےبعش ی‬ ‫ےہ۔ �ی تحص یک ی‬ ‫م بس ےس ز ی�ادہ اعمون رخ�ی دارین‬
‫��ج�ک ش‬
‫افرامس یو� اڈنرٹسی ی‬
‫ی‬ ‫ینپمک اک او یب یا� اک وصحل ‪ ،‬اپاتسکن یک‬
‫ی ن‬ ‫ن‬ ‫ٹ‬
‫ا� ےہ اور یو�ورف یک رباڈن انم ےک اسھت آرئن وسرکوز ا �� یک فص اول یک رفامہ دننکہ ےہ۔ او یب یا�‬ ‫م ےس ی‬ ‫مل افرام ینپمک ی‬
‫ا� ایلع یجن تی �ڈ‬ ‫یک ی‬
‫ض‬
‫م اومات یک رشح وک مک رکےن یک ومزوں دوا اھجمس اجات ےہ۔‬ ‫رم�وں ی‬ ‫(ڈ�م� ی�ھ�اوسن) یھب انبات ےہ ‪ ،‬وج ‪ COVID-19‬ےک ی‬ ‫یڈ�اڈرون ی ا‬

‫ٹ تش‬
‫وبرڈٓاف ی‬
‫ڈارئ�رزیک ی‬
‫�‬
‫تش‬ ‫یٹ‬
‫ڈارئ�ر وموجد ہ ی�۔ وبرڈ یک � ‪ 30‬وجن ‪ 2020‬ےک اطمقب دنمرہج ذ� ےہ‪:‬‬
‫ی‬ ‫ی‬ ‫م است‬‫وبرڈ ی‬
‫ک ٹ‬
‫انم‬ ‫ی��یگ�ری‬
‫خ‬ ‫یٹ‬
‫زسم اشہتسئ �ل�یق رنمح‬ ‫ڈارئ�ر‬ ‫آزاد‬ ‫‪i‬‬
‫ی ی ٹ یٹ‬
‫انجب دعانن ادصر یلع‬ ‫�ز� ڈارئ�رز‬
‫انن۔ ا� و‬ ‫‪ii‬‬
‫انجب رادش دبع اہلل‬
‫انجب ا ی�از دبع اہلل‬
‫انجب ادس دبع اہلل‬
‫سد ی‬ ‫ی ی ٹ یٹ‬
‫دن� ادمح‬ ‫انجب ی‬ ‫ڈارئ�رز‬ ‫�ز�‬
‫ا� و‬ ‫‪iii‬‬
‫انجب ب ی‬
‫ز�ر اپل واال‬
‫یٹ‬ ‫غ‬
‫ی‬ ‫ی ن‬
‫گا۔‬
‫ک ی‬‫ی‬
‫ا� آزاد ڈارئ�ر ےک وطر رپ رتحمہم اشہتسئ اخقل ےک اجبن ےس وپرا ا‬
‫سح ولایئ یک اجبن ےس وہےن وایل �ر ریمس الخء وک ی‬ ‫اسل ےک دوران ‪ ،‬انجب‬
‫یٹ یث ت‬
‫ح ےس دخامت ااجنم‬ ‫نذموکرہ ابال ارفاد ےک العوہ یسک یھب رفد ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےئ اسل ےک دوران یسک یھب وتق ینپمک ےک ڈارئ�ر یک ی‬
‫د�۔‬ ‫� ی‬‫ہی‬
‫یٹ‬
‫ڈارئ�رزےکاالجس‬ ‫وبرڈٓاف‬
‫ٹن‬ ‫یٹ‬
‫م رشتک اک الخہص درج ی‬
‫ذ� ےہ‪:‬‬ ‫ڈارئ�رز ےک ‪ 9‬االجس دقعنم وہےئ۔ وبرڈ ربممان یک م ی��گ�وں ی‬ ‫اسل ےک دوران ‪ ،‬وبرڈ آف‬
‫االجوسں ی‬ ‫ٹ‬
‫م رشتک‬ ‫ی ر‬
‫ڈارئ� ےک انم‬
‫‪9‬‬ ‫انجب دعانن ادصر یلع‬
‫‪6‬‬ ‫انجب رادش دبع اہلل‬
‫خ‬
‫‪8‬‬ ‫زسم اشہتسئ �ل�یق رنٰمح‬
‫‪9‬‬ ‫سد ی‬
‫دن� ادمح‬ ‫انجب ی‬
‫‪8‬‬ ‫انجب ب ی‬
‫‪9‬‬ ‫انجب ا ی�از دبع اہلل‬
‫‪8‬‬ ‫انجب ادس دبع اہلل‬
‫یٹ‬
‫ٓاڈٹمک‬
‫ٹ‬ ‫چی ئ ی ن‬ ‫یٹ‬ ‫ی ی ٹ یٹ‬ ‫یٹ‬
‫ڈارئ� ہ ی�۔‬
‫ا� آزاد ی ر‬
‫رم یھب ی‬ ‫ڈارئ�رز رپ لمتشم ےہ۔ مک ےک �‬ ‫�ز�‬
‫مک ‪ 3‬انن ا� و‬
‫تف‬ ‫یٹ‬
‫ذ� ہ ی�‪:‬‬
‫�ات دنمرہج ی‬ ‫م احرضی یک ی‬ ‫مک ےک ‪ 6‬االجس دقعنم وہےئ ‪ ،‬نج ی‬ ‫اسل ےک دوران ‪ ،‬آڈٹ‬
‫خ‬

‫گ ےہ۔‬
‫م وحلمظ اخرط راھک یا‬‫م اقلب االطق ہ ی� ‪ ،‬ام یلایت اسحابت یک ت ی�ارئ ی‬‫�ا ہک اپاتسکن ی‬
‫عمارات ‪ ،‬ج ی‬ ‫بی ن‬
‫� االوقایم ااکؤگنٹن ی‬ ‫•‬
‫ا� مکحتسم ارٹنل رٹنکول مٹسس ربرقار ریتھک ےہ وج یسک یھب طلغ ب ی�این یا� اصقنن ےک الخف ظفحت رفامہ رکات ےہ۔ ارٹنلن مٹسس اک اباقدعیگ ےس‬ ‫• ینپمک ی‬
‫اجزئہ یلا اجاتےہ۔‬
‫ن‬
‫الصح رپ وکیئ اہبشت ہ ی‬‫ی ت‬
‫� ہ ی�۔‬ ‫• ینپمک یک رتیق ےس اجری رےنہ یک‬
‫ت‬ ‫ش‬ ‫ن‬
‫ن‬ ‫ٹ‬
‫ج ی لس� ن� ی ل�ی�� ی �ف‬ ‫رتہب� رط� یقہ اکر ےس یعطق ارحناف ہ ی‬ ‫ی ٹ‬
‫اکروپر� وگرسنن ےک ی ن‬
‫گا ےہ۔‬ ‫م ص�یل ےس درج ی ا‬
‫ک ی‬ ‫ر� ز�‬ ‫� ہک گ و‬ ‫ک اجات ا‬ ‫� یا‬ ‫•‬
‫ن‬
‫� یک اجیت ےہ۔‬ ‫رتہب� رط� یقہ اکر ےس رو رگداین ہ ی‬
‫• رٹارفسن ےک رنوخں ےک ی ن‬
‫ت‬
‫یٹن‬
‫ٓارپ� اور ام یلایت �فص�یل درج ی‬
‫ذ� ےہ۔‬ ‫‪ 6‬اسولں ےک ےئل امہ‬
‫‪2015‬‬ ‫‪2016‬‬ ‫‪2017‬‬ ‫‪2018‬‬ ‫‪2019‬‬ ‫‪2020‬‬
‫)‪(Re-stated‬‬
‫الوگ رکدہ ااثہث اجت‬
‫ی �ئ�پم� ن ٹ‬
‫‪687,332‬‬ ‫‪808,692‬‬ ‫‪1,235,640‬‬ ‫‪1,714,141‬‬ ‫‪2,879,439‬‬ ‫‪3,707,635‬‬ ‫ا� �‬ ‫االمک‪ ،‬الپسٹن اور و‬
‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪121,515‬‬ ‫اامعتسل ااثہث اجت اک قح‬
‫غ‬
‫‪30,642‬‬ ‫‪69,885‬‬ ‫‪207,732‬‬ ‫‪189,068‬‬ ‫‪164,913‬‬ ‫‪131,438‬‬ ‫یر‬
‫� ومعمیل ااثہث اجت‬
‫ت ئ‬
‫‪2,491,318‬‬ ‫‪2,483,919‬‬ ‫‪2,460,614‬‬ ‫‪2,456,565‬‬ ‫‪2,458,041‬‬ ‫‪2,203,890‬‬ ‫اج�دادوں یم رسام�ی اکری‬
‫امل رپ ی‬ ‫ی‬
‫‪519,091‬‬ ‫‪2,636,202‬‬ ‫‪1,486,186‬‬ ‫‪1,686,186‬‬ ‫‪1,686,186‬‬ ‫‪1,686,186‬‬ ‫ی‬
‫وط� دمیت رسام�ی اکری۔ یذ� اداروں‬
‫‪2,044‬‬ ‫‪1,949‬‬ ‫‪1,791‬‬ ‫‪7,548‬‬ ‫‪7,666‬‬ ‫‪7,754‬‬ ‫ی‬
‫وط� دمیت رقےض اور ڈاپزسٹ‬
‫‪-‬‬ ‫‪-‬‬ ‫‪443‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫ی‬
‫ڈ�فرڈ ااثہث اجت‬
‫ت‬ ‫ئ‬
‫‪-‬‬ ‫‪-‬‬ ‫‪600,278‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫انن رکٹن ااثہث اجت الکس�یف� یا��ڈ رفوتخ ےک ےئل ی‬
‫دساب‬
‫‪1,827,051‬‬ ‫‪2,984,954‬‬ ‫‪4,636,991‬‬ ‫‪6,337,546‬‬ ‫‪7,470,720‬‬ ‫‪9,632,223‬‬ ‫اخصل رکٹن ااثہث اجت‬
‫‪5,557,478‬‬ ‫‪8,985,601‬‬ ‫‪10,629,675‬‬ ‫‪12,391,054‬‬ ‫‪14,666,965‬‬ ‫‪17,490,641‬‬ ‫ومجمیع ز�ی ر لمع ااثہث اجت‬
‫رسام�ی اکری اک ی‬
‫ذر�‬
‫س� ئ‬
‫‪858,407‬‬ ‫‪1,227,523‬‬ ‫‪1,539,314‬‬ ‫‪1,847,177‬‬ ‫‪2,124,253‬‬ ‫‪2,124,253‬‬ ‫اجری رکدہ‪ ،‬بسک�را�ب�ڈ اور ادا دشہ رسام�ی‬
‫غ‬ ‫�‬
‫‪3,689,268‬‬ ‫‪6,952,694‬‬ ‫‪8,385,533‬‬ ‫‪9,893,014‬‬ ‫‪11,342,852‬‬ ‫‪13,300,048‬‬ ‫� وقنمہل دشہ انمعف اجت‬ ‫ر�ی زروز اور ی ر‬
‫ٹ‬ ‫ش ئ‬
‫‪4,547,675‬‬ ‫‪8,180,217‬‬ ‫‪9,924,847‬‬ ‫‪11,740,191‬‬ ‫‪13,467,105‬‬ ‫‪15,424,301‬‬ ‫ی�ر وہڈلرز یک یا� یو�‬
‫ت‬
‫‪296,961‬‬ ‫‪296,961‬‬ ‫‪443,511‬‬ ‫‪574,331‬‬ ‫‪1,050,800‬‬ ‫‪1,446,517‬‬ ‫ڈسکف ااثہث اجت یک دوابرہ دقر و ق�یم� رپ ااضہف‬
‫غ‬
‫‪712,842‬‬ ‫‪508,423‬‬ ‫‪261,317‬‬ ‫‪76,532‬‬ ‫‪149,060‬‬ ‫‪619,823‬‬ ‫� ومعمیل دشہ ام یلایت ذےم دار ی�اں‬ ‫ی‬
‫وط� دمیت ی ر‬
‫‪5,557,478‬‬ ‫‪8,985,601‬‬ ‫‪10,629,675‬‬ ‫‪12,391,054‬‬ ‫‪14,666,965‬‬ ‫‪17,490,641‬‬ ‫ومجمیع الوگ دشہ رسام�ی‬
‫‪7,582,470‬‬ ‫‪9,561,490‬‬ ‫‪10,753,751‬‬ ‫‪12,675,110‬‬ ‫‪14,537,198‬‬ ‫‪16,567,219‬‬ ‫رٹن اوور‬
‫ٹ‬
‫ی‬
‫انمعف لبق از �‬
‫‪1,767,664‬‬ ‫‪2,520,295‬‬ ‫‪2,874,933‬‬ ‫‪3,233,223‬‬ ‫‪2,830,180‬‬ ‫‪3,304,478‬‬
‫ٹ‬
‫‪1,405,413‬‬ ‫‪2,089,388‬‬ ‫‪2,638,745‬‬ ‫‪3,049,164‬‬ ‫‪2,641,946‬‬ ‫‪2,455,077‬‬ ‫انمعف دعب از ی�‬
‫ف‬ ‫ٹ‬
‫‪18.54‬‬ ‫‪21.85‬‬ ‫‪24.54‬‬ ‫‪24.06‬‬ ‫‪18.17‬‬ ‫‪14.82‬‬ ‫انمعف دعب از ی� اطمبقب رٹن اوور اک ی�د‬
‫ف‬ ‫ٹ‬
‫‪25.29‬‬ ‫‪23.25‬‬ ‫‪24.82‬‬ ‫‪24.61‬‬ ‫‪18.01‬‬ ‫‪14.04‬‬ ‫انمعف دعب از ی� اطمبقب ز�ی ر لمع رسامےئ اک ی�د‬
‫انمعف ہمسقنم‬
‫ف‬
‫‪20‬‬ ‫‪50‬‬ ‫‪100‬‬ ‫‪50‬‬ ‫‪25‬‬ ‫‪25‬‬ ‫(�د)‬‫دقن ی‬
‫ف‬
‫‪20‬‬ ‫‪24‬‬ ‫‪30‬‬ ‫‪15‬‬ ‫‪NIL‬‬ ‫‪NIL‬‬ ‫(�د)‬‫ااٹسک ی‬

‫د�ن‬ ‫ن‬ ‫ٹ‬
‫ی‬ ‫ی‬
‫ہقلعتماپر�وںےکل ی‬
‫یٹ‬ ‫یش ن‬
‫رےھک ےئگ ےھت۔ ان‬
‫ت‬ ‫اسےنم‬ ‫ےک‬ ‫وبرڈ‬ ‫اور‬ ‫مک‬ ‫آڈٹ‬ ‫ےئل‬ ‫ےک‬ ‫وظنمری‬ ‫اور‬ ‫اجزئے‬ ‫ےک‬ ‫ان‬ ‫‪،‬‬‫رٹازنا�‬ ‫‪ 2020‬ےک دوران امتم ہقلعتم اپریٹ‬‫اسل � ش ن‬
‫ق‬ ‫ق� ت‬ ‫�‬ ‫یشن‬ ‫یٹ‬
‫رط�وں‬
‫ن‬ ‫ع�‬ ‫�‬
‫رٹازنا� یلقتنم یک یم��وں ےک ی� ےک ی‬
‫ز‬ ‫م اباضہطب وطر رپ وظنمر ی ا‬
‫ک اھت۔ �ی امتم‬ ‫رٹازنا کی��س وک آڈٹ مک اور وبرڈ ےن اےنپ ہقلعتم االجوسں ی‬
‫شن�‬ ‫رف�وں ےک اسھت ی‬‫ق‬
‫ی ز‬
‫رٹازنا� اک رشاطئ و وضاطب ےک اسھت لمکم‬ ‫ا� امتم‬‫اپل ےک اطمقب اھت۔ ینپمک ی‬ ‫ذر� وظنمر دشہ ہقلعتم ی‬‫اور اس ےس لبق وبرڈ ےک ی‬
‫تف‬
‫�ات ےک ےئل ‪ ،‬رباہ رکم ام یلات اسحابت اک وحاہل ونٹ‪ 43‬المہظح ی‬
‫رک�۔‬ ‫ی‬
‫ر�ارڈ یھب ریتھک ےہ ۔ زم�ی د ی‬
‫اکروپر�وگرسننےساطمتقب‬ ‫ی ٹ‬
‫ٹ� ن‬ ‫ن‬ ‫ن‬ ‫ٹ‬ ‫�کیس ن‬ ‫ن‬ ‫ش‬ ‫ٓاف ن� �کیس ن‬
‫�‬ ‫ٹ‬
‫وکڈ‬
‫ی�‬ ‫�‬ ‫�‬
‫مکوں ےک وقادع و وضاطب ااٹسک ا چ ج� ےن اےنپ لس��گ ی ن‬ ‫ی�‬ ‫�‬ ‫�‬
‫ور�ز یا�ڈ ا چ ج� ی ن‬‫س�یک�ی� ی‬
‫وقا� اور لس��ڈ پ ی‬
‫مکوں ےک‬ ‫مک آف اپاتسکن یک اجبن ےس اجری رکدہ پ ی‬
‫ک اجراہ ےہ۔‬‫م اشلم رکےئل ہ ی�۔ ینپمک ےن ان وضاطب وک انذف رک راھک ےہ اور ایہن وطخط اور روح ےک اطمقب ایس رپ لمع درآدم ی ا‬ ‫وضاطب ی‬
‫� ٹ غ‬ ‫ٹ‬ ‫ف‬ ‫یٹ‬
‫س ی�کر� نریاور یا�ز�یک ی��وو�رہیکاجبنےسیکاجترت۔‬
‫ی‬ ‫ا�او‪،‬ینپمک ی‬ ‫ڈارئ�رز‪،‬یس ی‬
‫ش‬
‫ی� ٹ‬ ‫ف‬ ‫ٹ‬ ‫یٹ‬ ‫مل ی‬‫یس�چ� ی� ج ٹ �‬ ‫ئ‬
‫ا� یز�وز ‪ ،‬ان یک ی‬
‫رش�‬ ‫س یر�ری‪ ،‬یس یا� او اور‬
‫ڈارئ�رز‪ ،‬یس ای او‪ ،‬ینپمک ی‬ ‫م یک اجیت ےہ۔‬‫ن‬ ‫ڈ‬ ‫ی‬ ‫�‬ ‫ا‬ ‫ااٹسک‬
‫ش‬ ‫اپاتسکن‬ ‫اجترت‬ ‫یک‬ ‫رز‬ ‫�‬ ‫ینپمک ےک ی‬
‫ی ی� ی ٹ‬ ‫م وکیئ اجترت ہ ی‬ ‫ئ‬
‫حات اور انابغل وچبں ےن ینپمک ےک ی�رز ی‬
‫� یک ےہ‪ ،‬اموساےئ درج ذ� ا�ز�وزےک‪:‬‬ ‫ی‬
‫ش ئ‬ ‫ش ئ‬
‫رفوتخ ےئک ےئگ ی�رز‬ ‫رخ�ی دے ےئگ ی�رز‬ ‫انم‬
‫‪700‬‬ ‫‪1,700‬‬ ‫انجب وموجد انسحل‬
‫‪2,000‬‬ ‫‪-‬‬ ‫انجب رخف اعمل‬
‫ب ت‬ ‫یٹ‬
‫ڈارئ�رزاک ی‬
‫رت�رپورگام‬
‫ی ٹ‬ ‫ٹ� ن‬ ‫ب ت‬ ‫یٹ‬ ‫یٹ‬
‫م درج‬‫اکروپر� وگرسنن) اضہطب ‪ 2019 ،‬ی‬ ‫م رشتک رکےکچ ہ ی� یا� لس��ڈ پ ی‬
‫مکوں (وکڈ ٓاف‬ ‫رت� رپورگام ی‬
‫ڈارئ�رز یک ی‬ ‫ڈارئ�رز ی�ا وت ےلہپ یہ ےس‬
‫عمار رپ وپرا ارتےت ہ ی�۔‬
‫رکدہ اٰینثتس ےک ی‬
‫ت‬
‫دایلخامیل قرٹنکولیکا�ل ہ� ی�‬
‫ی ن‬
‫ےک ن ٹےئل‬ ‫روپرگنٹ‬ ‫انفلشن‬ ‫دنتسم‬ ‫اور‬ ‫ٓادم‬
‫ر‬ ‫دلمع‬ ‫رپ‬ ‫وضاطب‬ ‫اور‬ ‫وقادع‬ ‫ظفحت‪،‬‬ ‫ےک‬ ‫اجت‬ ‫ااثہث‬ ‫ےک‬ ‫ینپمک‬ ‫ےس‬ ‫اجبن‬ ‫یک‬ ‫ینپمک‬ ‫ہک‬ ‫ےئل‬ ‫ےک‬ ‫انبےن‬ ‫�‬ ‫اس ارم وک ی‬
‫�ئ ن ٹ‬ ‫ن نٹ‬ ‫ٹ‬
‫�‬ ‫�‬
‫ڈارئ�رز ےن ارٹنلن ٓاڈٹ ےک اومر ب ی�روین ذراعئ ےس رگاٹن وھتر� امجن رنٰمح‪ ،‬اچررٹڈ ااکو ��س‬ ‫ومزوں دایلخ رٹنکوزل الوگ ےئک ےئگ ہ ی�‪ ،‬وبرڈ ٓاف ی‬
‫د� ہ ی� نج وک ومزوں اور الہ وہےن ےک اسھت اسھت اس دصقم ےک ےئل انمبس رجتےب ےک احلم وصتر ےئک اجےت ہ ی� اور وہ ینپمک یک ی‬ ‫ئ‬
‫اپل‬ ‫وک وسپن ی‬
‫اور رط� یقہ اکر ےس یھب وخبیب وافق ہ ی�۔‬
‫اضہطباالخق‬
‫ی ن‬
‫المزم وک اس ابرے ی‬ ‫یٹ‬
‫م االطع اور ااگیہ رفامہ رکدی ےہ اور �ی رضوری ےہ ہک‬ ‫ک ےہ۔ امتم‬‫ا� اضہطب االخق راجئ ن ی ا‬
‫ڈارئ�رز ےن ی‬ ‫ینپمک ےک وبرڈ آف‬
‫پ‬ ‫ن‬
‫وقا� رپ لمع ی�را وہں۔‬ ‫ی‬
‫وہ اکروابر اور اوصل و وضاطب ےس قلعتم اومر م ان ی‬
‫ی ٹ‬
‫اکروپر�اورام یلایتروپرگنٹ ی‬
‫رف�ورک‬
‫ٹ‬
‫م دبالؤ وک افشف ادناز‬‫ااظتنم یک اجبن ےس ت ی�ار رکدہ ام یلات اسحابت‪ ،‬اس ےک اعمالمت‪ ،‬اکروابری اومرےک اتنجئ‪ ،‬دقن اہبؤ اور یا� یو� ی‬
‫ی‬ ‫• ینپمک یک‬
‫پش‬
‫� رکےت ہ ی�۔‬ ‫م ی‬ ‫ی‬
‫بتک ربرقار یک اجیت ہ ی�۔‬ ‫• ینپمک ےک اسحابت یک اباقدعہ ت‬

‫ف‬ ‫خ‬
‫م ومزوں ااکؤگنٹن اپل�یس�ی�اں لقتسم وطر رپ الوگ وہیت ہ ی� وج انمبس اور اتحمط ی�وں رپ ینبم‬‫• ام یلایت اسحابت اور ااکٔوگنٹن ےک �� یم��نہ اجت یک ت ی�اری ی‬
‫ہ ی�۔‬
‫ف‬
‫ی ن‬ ‫رپ رصحنم ےہ ہک ‪ ،‬رہ روز ‪ ،‬رسل وک اس ونع� تی� یک ینپمک انبےئ ی‬
‫رھک ہک مہ بس وک اس اک ہصح وہےن رپ رخف وہ۔ مہ اےنپ اصر� یک رضور ی�ات وک ےنھجمس اور‬
‫م رسرگداں ہ ی�۔‬ ‫م لقتسم رتہبی یک التش ی‬ ‫م ڑجے رےتہ ہ ی� ‪ ،‬ہکبج اکروابری اکومں ےک امتم وبعشں ی‬ ‫اےس وپرا رکےن یک وکشش ی‬
‫ئ‬ ‫ف‬ ‫ض‬
‫ہ‬
‫عمار ےک ےئل وجتسج رکےت ی�۔ مہ تحص یک ی‬
‫د� اھبل وک رتہب انبےن اور یئن ی‬ ‫ن‬ ‫ی‬ ‫مہ اےنپ ی‬
‫دوا�ش اور‬ ‫رم�وں اور اصر� ےک ےئل درتس ادقاامت اورایلع ی‬
‫رکےن ےک ےئل اےنپ رشاتک داروں ےک اسھت رصموف لمع رےتہ ہ ی�۔ امہرے رکدار ےس عطق رظن ‪ ،‬مہ ےتھجمس ہ ی� ہک امہری ی‬ ‫�کیس� ن‬
‫اکو�‬ ‫و یض� التش ف‬
‫ی ن‬
‫اصر� رپ ک�یسے ارث ادناز وہات ےہ ۔‬ ‫ی‬
‫رم�وں اور‬
‫ت‬ ‫عمار‬
‫ونصماعتاک ی‬ ‫ف‬
‫ت‬ ‫�‬ ‫ٹ‬ ‫ق� ت‬ ‫ن‬
‫ی‬ ‫کل‬
‫ی‬
‫افرامس �ز یک ی�اری م یئک یفنم‬‫�‬ ‫�‬ ‫و‬ ‫ی‬ ‫ہ‬ ‫ی‬ ‫م�‬‫ی‬
‫اصر� اک رسل یک ونصماعت رپ اامتعد اور رھبوہس امہرا بس ےس ی ااثہث ےہ۔ مہ اس ارم وک � رکےت ی� ہک‬ ‫ی‬
‫عمار وک‬‫م وکیئ ومعمیل یس یھب یطلغ کلہم ٰیتح ہک رطخانک یھب وہیتکس ےہ ذٰہلا ی‬ ‫م ی�ا ت ی�اری ی‬ ‫�‬
‫ڈ�زانئ رکےن ی‬ ‫رطخات القح وہےت ہ ی� اور رپوڈٹک ی‬
‫ن ج‬
‫رت� اور االخیق ذہم داری ےہ۔‬
‫اول ی‬ ‫ربرقار رانھک امہری ی‬
‫ئ‬ ‫ت‬ ‫ق‬ ‫ض‬
‫ہ‬ ‫ن‬ ‫ی‬
‫اکروا�اں‬
‫ی‬ ‫� داہین رکےت ی� ہک دواؤں یک ونصماعت یک ی�اری ےس واہتسب امتم‬ ‫ےک ےئل اےنپ رفض ےک اپدنب ہ ی� ‪ ،‬اور �ی نق‬
‫ی‬
‫ض‬ ‫احبیل‬ ‫یک‬ ‫تحص‬ ‫یک‬ ‫وں‬ ‫رم�‬ ‫مہ ی‬
‫یی‬ ‫ی ت‬ ‫عمار یک وہں وج ی‬
‫اافد� یک وتاعقت وک � انبےئ۔‬ ‫رم� یک افحتظ اور‬ ‫ا� ی‬ ‫ا� ی‬ ‫ی‬
‫اکروپر�اورامسیجذہمداری‬ ‫ی ٹ‬
‫ن‬
‫ی‬ ‫ش‬
‫� امہرا دصقم ہ� راہ ےہ‬ ‫م‪ ،‬ہ ی‬‫� وہات ےہ۔ رسل ی‬ ‫م ااضےف ےک اسھت متخ ہ ی‬ ‫امہرے رفاضئ اک دارئہ اکر امہرے اس�ٹ�یک وہڈلرز ےک ےئل انمعف ی‬
‫بن‬ ‫یش ت‬
‫ا� ڑبی یتعنص اور‬ ‫�ادی ہبعش روزاگر ےک وماعق پ ی‬
‫�دا رکان ےہ اتہک ی‬ ‫ا� ی‬ ‫م مف�ی�د رشاتک ی‬
‫رک�۔ وتہج اک ی‬ ‫م اکم رکےت ہ ی� اس ی‬ ‫عم ی‬ ‫ہک مہ سج‬
‫رفوتخ ےس کلسنم ارفادی وقت یک اعمتن یک اجےکس۔‬
‫ی‬ ‫ی بن‬ ‫ینپمک اعمرشیت وطر رپ ذہم تداراہن ادناز ی‬

‫رسرگموں اک احلم ےہ اور‬ ‫الاد‬
‫وس ی‬ ‫م رسرگم لمع ےہ۔ اس ےک اطمقب ینپمک اک امسیج ذہم داری اک رپورگام‬
‫ی ہ��ل� ت ی ئ‬
‫د�ر امسیج و الفیح ادقاامت اشلم ہ ی�۔‬
‫�‪ ،‬وچبں یک الفح و وبہبد اور ی‬ ‫کر‪ ،‬ی‬ ‫اس نمض م ی ھ‬
‫پش‬
‫یق ن ئ‬ ‫ت‬ ‫لات‬ ‫ی‬
‫�وراہنتحص‪،‬افحتظاوراموح ی‬
‫ی‬ ‫ہ‬ ‫ہ‬
‫ا� وک � رکےت ی� اور اےس اانپ رفض ےتھجمس ی� ہک �ی � ی‬‫ی‬ ‫ہی ت‬ ‫مہ ‪ ،‬رسل ی‬
‫انب� ہک وج ولگ امہرے اسھت اکم رکےت‬ ‫وفحمظ اور رپ اامتعد اموحل یک‬
‫بغ‬ ‫م‪،‬‬
‫زارئ� یک تحص اور افحتظ ینپمک یک ی ن‬ ‫ی ن‬
‫المزم اور ی ن‬ ‫ت‬ ‫ق‬
‫اول‬ ‫ر�۔ امہرے‬‫د� ت ش خ ہ ی‬ ‫رط� ےس اکم رس ااجنم ی‬
‫�ر یسک رطخے ےک وفحمظ ی‬ ‫ہ ی� وہ اینپ تحص وک ی‬
‫�‬ ‫�‬ ‫�‬ ‫ن‬ ‫یش‬ ‫ج‬
‫آرپ�ز ےس واہتسب رطخات یک لسلسم اشندنیہ یک اجیت ےہ ‪ ،‬اور ��یص ےک دعب رطخات وک متخ رکےن یا� مک رکےن اک ااظتنم ی‬
‫کا اجات ےہ۔‬ ‫رت� ےہ۔ ذہلا ‪،‬‬
‫ی‬
‫یش ن ٹ ی ن‬
‫ش‬
‫اافنرم�اولیج‬
‫ی‬ ‫�‬ ‫ن‬ ‫ی‬
‫اافنرم مٹسس وک اپ رگ�ی ڈ رکےن یک امہری لسلسم وکوششں ےک نمض م‪،‬‬ ‫ینپمک یک شڑبیتھ وہیئ اکروابری رضور ی�ات وک وپرا رکےن اور لقتسم وطر رپ‬
‫ہ‬ ‫م ز ی�ادہ ےس ز ی�ادہ رسام�ی اکری رکےن یک اینپ ی‬ ‫ی ن ٹین‬
‫�اولیج ی‬
‫اپل اجری ترےھک وہےئ ی�۔ مہ ےن اےنپ اکروابری لمع وک زم�ی د مکحتسم رکےن ےک‬ ‫مہ اافنرم‬
‫ن‬ ‫ےئل اکروابری ااظتنم ےک بس ےس اطوتقر مٹسس ی‬
‫�ات ی ا‬
‫ک ےہ۔‬ ‫مایب ےک اسھت ی‬
‫’ا� اے یپ‘ وک اک ی‬
‫ی ب‬
‫و�اسٹئ‬
‫ٹ�‬ ‫ٹ‬
‫و� اسٹئ ‪ www.searlecompany.com‬المہظح رکےتکس ہ ی� ‪ ،‬سج رپ رسام�ی‬ ‫امہرے امتم اس��یک وہڈلرز اور وعام اانلس دی رسل ینپمک ی ڈ‬
‫مل یک ی ب‬
‫م اسالہن ‪ ،‬امششیہ اور ہس امیہ ام یلایت اسحابت ےس قلعتم ولعمامت وموجد ہ ی�۔‬‫ا� ہّصح صتخم ےہ سج ی‬‫اکروں ےک ےئل ی‬

‫یٹ‬
‫�ن� ٹ ن ٹ‬
‫ام یلایتاسحابتاورٓاڈ�رز‬
‫ن�‬ ‫ف‬ ‫یٹ‬
‫ا� ینپمک‪ ،‬اچررٹڈ ااکؤ ��س ‪ ،‬دکبسوش وہ رےہ ی� اور الہ وہےن ےک انبء رپ اوہنں ےن وخد وک دوابرہ رقتری‬
‫ہ‬ ‫آڈ�رز ‪ ،‬م�یس�رز۔ اے یا� رفوگنس ی ڈ‬ ‫وموجدہ‬
‫پش‬
‫� ی‬
‫کا۔‬ ‫ےک ےئل ی‬
‫ٹ‬ ‫یٹ‬
‫ڈارئ�ر ےن ٓاڈٹ ینپمک یک ثافسراشت رپ ‪ 30‬وجن ‪ 2020‬وک متخ وہےن واےل امیل اسل ےک ےئل ابیمہ ےط دشہ اعموےض رپ ینپمک ےک ی ر‬
‫آڈ� یک‬ ‫وبرڈ آف‬
‫یث ت‬
‫ح ےس ان یک دوابرہ رقتری یک وت��یق رکےت ہ ی�۔‬ ‫ی‬
‫وہڈلگنینپمک‬
‫ن شن‬
‫ف ش ئ‬ ‫ی‬ ‫�‬ ‫ٹ‬ ‫ی‬
‫ی‬ ‫ی‬ ‫ارٹن� رباڈنز ی ڈ‬
‫مل رسل یک وہڈلگن ینپمک ےہ ‪ ،‬وج ینپمک م ‪� 56.60‬د �ر وہڈلگن ریتھک ےہ۔‬
‫ینپمکےک یذ�ادارے‬
‫ن‬
‫ذ� ہ ی�‪:‬‬
‫مکاں درج ی‬
‫ز�رِ ااظتنم پ ی‬
‫ی‬
‫ومرث المعل‬
‫ف‬ ‫اکروابر اک رمزکی اقمم‬
‫ی�د وہڈلگن یک رمع‬
‫وجن ‪،30‬‬ ‫وجن ‪،30‬‬
‫‪2019‬‬ ‫‪2020‬‬
‫ٹ�‬
‫لس��ڈ ینپمک‬
‫ت ئ ٹ�‬
‫‪74.19%‬‬ ‫‪74.19%‬‬ ‫ٓایئ یب یا� ہ��یل�ھ یکر ی ڈ‬
‫مل‬ ‫‪-‬‬
‫غ ٹ� ن‬
‫مکاں‬‫� لس� ڈ� پ ی‬
‫یر‬
‫ئ ٹ ٹ�‬ ‫�ٹ‬
‫(رپا�و ی�) ی ڈ‬
‫مل‬ ‫ی‬ ‫رفامس �یکل �ز�‬ ‫‪ -‬رسل ی و‬
‫ئ ٹ ٹ�‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫اپاتسکن‬ ‫یٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬ ‫(رپا�و ی�) ی ڈ‬
‫مل‬ ‫ئی‬ ‫ار� ی �زر�‬ ‫‪ -‬رسل ی ئ ب‬
‫ل‬
‫ٹ ٹ�‬
‫مل‬ ‫اب�واسزسنئ ن ٹ ی‬ ‫‪ -‬رسل ی‬
‫ئ ٹ ٹ�‬ ‫ئ �ی ٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫ی‬
‫(رپا�و �) ڈ‬
‫مل‬ ‫ی‬ ‫ی‬ ‫ٓا�ڈ�‬ ‫‪ٓ -‬ایئ یب یا� ف ی‬
‫ئ ٹ ٹ�‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫ن‬ ‫ٹ‬
‫مل‬ ‫ی‬ ‫� جی‬
‫اول��ز‬ ‫‪ -‬نٓایئ یب یا� ی�ورچ ی‬
‫ئ ٹ ٹ�‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫� ٹ‬
‫مل‬ ‫ی‬ ‫‪� -‬یکس��ر افرام‬
‫ش ئ‬
‫‪87.20%‬‬ ‫‪87.20%‬‬
‫ش‬ ‫ٹ‬
‫ی�روہڈلگناکرط� یقہ شاکر‬
‫ل� ش ن‬ ‫ٹن‬ ‫ک ی��یگ ی ج ی کم�پ ن�� ی ٹ‬ ‫ش ئ‬ ‫ئ‬
‫ر� ی� ��ز�‬ ‫ا� ‪ 2017‬ےک س�یک� ن� ‪ 227‬اور لس��گ وی‬ ‫� ہک ی �ز�‬ ‫‪ 30‬وجن ‪ 2020‬ےک اطمقب ی�ر وہڈلگن اک رط� یقہ اکر ومشبل ی�ر وہڈلرز یک �ر��ز ا‬
‫پش‬
‫ک اجراہ ےہ۔‬‫� یا‬ ‫ےک تحت رضوری ےہ‪ ،‬اسالہن روپرٹ ‪ 2020‬ےک ہحفص ربمن ‪ 201‬ات ‪ 205‬رپ ی‬
‫یٹ‬ ‫ی‬ ‫�کیس�چ� نی� ج ٹ �‬ ‫ش ئ‬
‫و�رہ یک اجبن ےس ی‬
‫ی‬
‫ٹ غ‬
‫ا� او‪ ،‬ینپمک ی‬ ‫ف‬ ‫یٹ‬
‫یک اجیت ےہ۔ ڈارئ�رز‪ ،‬یس ای او‪ ،‬ینپمک‬ ‫ن‬ ‫م‬ ‫مل‬
‫ڈ‬ ‫ی‬ ‫�‬ ‫ا‬ ‫ااٹسک‬ ‫اپاتسکن‬ ‫اجترت‬ ‫یک‬ ‫رز‬ ‫�‬ ‫ری‬
‫رکس�‬ ‫ڈارئ�رز‪ ،‬یس ی‬
‫م وکیئ اجترت ہ ی‬ ‫�رز ی‬ ‫ش ئ‬ ‫ی ٹ‬ ‫ف‬ ‫یٹ‬
‫� یک ےہ۔‬ ‫حات اور انابغل وچبں ےن ینپمک ےک ی‬ ‫ا� ی�ز�وز ‪ ،‬ان یک ی‬
‫رش� ی‬ ‫رکس�ری اور یس یا� او اور‬
‫ت‬ ‫ن‬
‫اکروابریادقار‬
‫�ع‬ ‫رسل اک اکروابری رط� یقہ اکر یا�ادناری‪ ،‬افشف� تی� اور اقلب االطق ی ن‬
‫وقا� اور وضاطب یک م�یل رپ ینبم ےہ۔‬
‫ت‬ ‫رت�‪ ،‬ی ن‬‫ا� امہ دج�ی د ی ن‬ ‫ن‬
‫اقلب اامتعد ہ��یل�ھ‬
‫ف‬ ‫اور‬ ‫وایل‬ ‫اےن‬ ‫رتہب� تاکررکدیگ ی‬
‫د�‬ ‫ی‬ ‫یک‬ ‫ا‬ ‫د�‬
‫ی‬ ‫امہری ادقار اور وتاعقت ضحم وظفلں ےس ہ ی‬
‫ک ز ی�ادہ ہ ی�۔ وہ لم رک‬ ‫ئ ن‬
‫ش‬
‫ادقاامت اور ی� اسزی یک‬ ‫امہرے‬ ‫اور‬ ‫ی‬
‫�‬ ‫یک‬ ‫اقثتف‬ ‫امہری‬ ‫وہ‬ ‫۔‬‫�‬‫ی‬ ‫م دمد رکےت ہ‬ ‫ا� ےننب ےک ےئل امہرے دہف یک رامنہیئ ی‬ ‫ی‬ ‫ےس‬ ‫م‬ ‫مکوں ی‬
‫ی‬ ‫یکر پ‬
‫ف‬ ‫ض‬ ‫ن‬
‫ی ن‬ ‫رامنہیئ رکےت ہ ی�‪ ،‬ذہلا مہ ان ولوگں اک اامتعد ربرقار رھک ےتکس ہ ی� وج رہ روز مہ رپ ااصحنر رکےت ہ ی� � یع�ی امہرے ی‬
‫اصر�۔ اب �ی مہ بس‬ ‫رم�وں اور‬

‫ئ‬ ‫بش‬ ‫ن‬
‫ی‬
‫ر� غارڈ یک گ ‪ ،‬اور ہکبج ورڈل‬ ‫لم اومات ی‬ ‫ی ن‬
‫ا�‬‫� ی‬‫لم ک�یس �ز� اور مک و ی‬
‫ی ن‬
‫م ابتیہ اچم دی اور ی باً‬
‫رقت� ‪30‬‬ ‫د� ی‬
‫‪ COVID-19‬ےک وابیئ رمض ےن وپری یا‬
‫�ر۔ اس ےک ابووجد‪ ،‬ینپمک‬
‫�‬ ‫�ک‬
‫ا� او) یک رطف ےس یسک و یس� ی ن� وج وارئس ےک الخف وقت دماتعف رفامہ رکےن یک ی‬
‫وجت�ز ےک ب ی‬ ‫(ڈ� ی چ‬ ‫یش ن‬
‫آرانگزئ� ب ی و‬
‫ت‬
‫ہ��یل�ھ‬
‫ٹن‬ ‫ٹ �‬ ‫�ب�یکس‬ ‫�‬
‫کا‪ ،‬سج اک اقمیم‬ ‫ا� وصخیص السنسئ اور امرک ی��گ اک اعمدہہ ی‬ ‫افرامس��یکل�ز ےک اسھت ی‬
‫یو‬ ‫مایب ےک اسھت ر�یم�ی� یڈ� یو�ر وک رفوتخ رکےن ےک ےئل مک�و‬
‫ےن اک ی‬
‫ض‬ ‫�‬ ‫�‬‫ب‬ ‫�‬ ‫ی ٹ‬
‫رم�وں یک افش ی�ایب ےک وتق وک رصتخم رکد ی�ا۔‬ ‫م انم‪ ،‬یمس� یو�ر ےہ۔ ر�یم� یڈ� یو�ر وارئس ےک الخف تہب ومٔرث اثتب وہا ےہ ‪ ،‬یکوہکن اس ےن ی‬ ‫امرک ی‬
‫دش�ی د دابؤ ڈاال اھت‪ ،‬رسل ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےئ‬ ‫اس لکشم ی ن‬
‫اعیمل ناعمیش اموحل رپ یھب ف‬ ‫رت� وتق ےک دوران ‪ ،‬سج ےن اپاتسکن ےک اسھت اسھت‬
‫‪�14‬د ااضےف ےک اسھت احلص یک۔ ہکبج ینپمک ےک انمعف‬ ‫� روےپ یک آدمین ی‬ ‫ا� اتمرث نک اکررکدیگ داھکیئ۔ اور ینپمک ےن ‪ 16.56‬ب ی‬
‫ن‬ ‫ےک دوران ی ف‬
‫اسل ٹ‬
‫م یمک ےک ارثات ہ ی�۔‬ ‫�ادی وہج رکیسن یک دقر ی‬‫م ‪ 7‬ی�د یمک واعق وہیئ ےہ ‪ ،‬سج یک ب ی‬ ‫دعب از ی� ی‬
‫‪June 30,‬‬
‫‪2019‬‬ ‫‪2020‬‬
‫م(‬ ‫)اپاتسکین روےپ زہاروں ی‬
‫‪14,537,198‬‬ ‫‪16,567,219‬‬ ‫ٓادمین‬
‫)‪(9,616,862‬‬ ‫)‪(8,295,187‬‬ ‫رفوتخ ےک ارخااجت‬
‫‪4,920,336‬‬ ‫‪8,272,032‬‬ ‫ومجمیع ٓادمین‬
‫یٹن‬
‫)‪(4,608,165‬‬ ‫)‪(4,844,499‬‬ ‫ٓارپ� ارخااجت‬
‫یٹن‬
‫)‪(153,869‬‬ ‫)‪(261,841‬‬ ‫ٓارپ� ارخااجت‬ ‫ی ر‬
‫د�‬
‫‪3,099,914‬‬ ‫‪780,277‬‬ ‫د� ٓادمین‬ ‫ی ر‬
‫ی ش �ن‬
‫‪3,258,216‬‬ ‫‪3,945,969‬‬ ‫ٓارپ�ز ےس ٓادمین‬
‫)‪(428,036‬‬ ‫)‪(641,491‬‬ ‫ام یلایت ارخااجت‬
‫ٹ‬
‫‪2,830,180‬‬ ‫‪3,304,478‬‬ ‫ی‬
‫ٹ‬
‫)‪(188,234‬‬ ‫)‪(849,401‬‬ ‫امکن ی� ارخااجت‬
‫ٹ‬
‫‪2,641,946‬‬ ‫‪2,455,077‬‬ ‫انمعف دعب از ی�‬
‫ت‬
‫ی‬ ‫م ی‬
‫وتس‪ ،‬یئن رپوڈٹک ےک �‪ ،‬ےئن رباڈنز اک اعترف ‪ ،‬ایلع دقمار ‪ ،‬ز ی�ادہ ےس ز ی�ادہ ازجاء ےک‬ ‫مایت رتیق اک دارودمار ڈارٹک ی ج‬
‫وکر� ی‬ ‫ینپمک یک رموبط ان ی‬
‫د� اھبل ےک ارخااجت‬ ‫ی‬ ‫ی‬
‫رمبک‪ ،‬رباڈنگن یک اکووشں اور بلط م ااکحتسم رپ ےہ۔ اس ےک اسھت اسھت ‪ COVID-19‬یک وہج ےس وعام م تحص یک ی‬
‫م امہ‬‫م ااضےف یک ذ�ہ�ن� تی� اک لمع دلخ یھب اشلم ےہ۔ زم�ی د ‪ ،‬التگ اور ارخااجت رپ تخس رٹنکول ےن یھب ینپمک یک امیل اکررکدیگ وک رتہب انبےن ی‬ ‫ی‬
‫رکدار ادا ی‬
‫کا۔‬
‫ش ئ‬
‫ن‬ ‫ٹ‬
‫یف ی�رٓادمین‬
‫ی‬ ‫ہ‬ ‫ش ئ‬ ‫ن‬ ‫ی‬ ‫ش ئ‬ ‫ن‬
‫ی‬
‫�ادی آدمین یف �ر رپ یمک ےک وکیئ ارثات �‬ ‫ب‬
‫‪)14.35:2019‬۔ ینپمک یک ی‬ ‫(‬ ‫ریہ‬ ‫روےپ‬ ‫‪11.56‬‬ ‫�‬ ‫از‬ ‫دعب‬ ‫ر‬ ‫�‬ ‫�ادی آدمین یف ی‬
‫ی‬ ‫اس دمت ےک ےئل ب‬
‫ن‬ ‫ئ‬ ‫ش‬ ‫غ‬
‫� ےھت۔‬ ‫� وتمعق ہنکمم ی�رز اقب ی�ا ہ ی‬
‫ذپ�ر ی ر‬ ‫وہےئ‪ ،‬وچہکن ‪ 30‬وجن ‪ 2020 ،‬کت ینپمک ےک ی‬
‫دبت� ی‬
‫انمعفہمسقنم‬
‫ئ‬ ‫یٹ‬
‫ڈارئ�رز ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےن واےل اسل یک ‪ 25%‬ےک دقن انمعف یک افسرش یک ےہ۔‬ ‫وبرڈ آف‬
‫ف‬
‫‪ 30‬وجن ‪ 2019‬وک متخ وہےن واےل زگہتش اسل ےک دوران ‪ ،‬ینپمک ےن ‪ 25‬ی�د دقن انمعف اک االعن ی ا‬
‫ک اھت۔‬

‫ئ‬ ‫یٹ‬
‫ڈارئ�رزیکربممان یکروپرٹ‬
‫پش‬ ‫م خت ت‬ ‫یٹ‬
‫ہ‬
‫سمرت وسحمس رکرےہ ی�۔‬ ‫�‬
‫ڈارئ�رز اسالہن روپرٹ عم اسل �� مہ ‪ 30‬وجن ‪ 2020‬ےک ےئل ینپمک ےک ٓاڈٹ دشہ ام یلایت اسحابت � رکےت وہےئ ّ‬
‫ی‬
‫ی ش ن�‬ ‫ی ٹ‬ ‫ٹ� ن‬ ‫کم�پ ن�� ی ٹ‬ ‫یٹ‬
‫ر�ل�ی�� ز� ‪ 2019‬ےک ابب ‪ XII‬ےک اطمقب‬
‫(اکروپر� وگرسنن ےک اضہطب) یک و‬ ‫ا� ‪ 2017 ،‬یک دہعف ‪ 227‬اور لس� ڈ� پ ی‬
‫مکوں‬ ‫ڈارئ�رز یک روپرٹ ی ز�‬
‫ت‬
‫ی�ار یک یئگ ےہ۔‬
‫پش‬
‫� یک اجےئ یگ۔‬‫م ربمموں وک ی‬‫و� اسالہن االجس اعم ی‬ ‫�ی روپرٹ ‪ 28‬اوتکرب ‪ 2020‬وک دقعنمہ ینپمک ےک ‪ 55‬ی‬
‫اجزئہ‬
‫تحص ‪ ،‬المزوتمں اور الفح و وبہبد وک ےب دح‬ ‫ا� ااہتنیئ دش�ی د اسکد ابزاری اک رحمک ینب سج ےس ولوگں یک غ‬ ‫رکوان وارئس یک اعیمل وابیئ ب ی�اری اس دصی یک ی‬
‫� ومعمیل ادقاامت اعتمرف رکاےن رپ‬ ‫�اؤ ےن تہب اسرے اممکل یک وکحوتمں وک وابیئ رمض رپ اقوب اپےن ےک ےئل ی ر‬ ‫وکروان وارئس ےک پ ی‬ ‫اصقنن اچنہپ ےہ۔ ن ت‬
‫وس پ ی�اےن رپ اپدنب ی�اں اعدئ ہ ی�۔‬ ‫م تہب اسرے اکروابر اعریض وطر رپ دنب وہ ےکچ ہ ی� اور رفس اور لقن و رحتک رپ ی‬ ‫� ی‬ ‫کا۔ اس ےک ی ج‬ ‫آامدہ ی‬
‫ف‬ ‫ٹ‬ ‫ٹ‬
‫ی ن‬ ‫ہی ت‬
‫ا� وعض یک ےہ اور �ی اڈنرٹسی اصر� ےک‬ ‫افرامس یو� یسر ےک ڑبے پ ی�اےن رپ اامضنم یک‬ ‫ی‬ ‫ت غاتمہ ‪ COVID-19 ،‬ےن اعمرشے یک اقبء ےک ےئل‬
‫ی‬ ‫ت‬
‫�رایت ہطقن رظن تےک تحت وفادئ احلص رکےن ےک ےئل ی�ار ےہ۔ �ی اڈنرٹسی اور اخص وطر رپ حص اقمم رےنھک نواےل ادارے رباڈنگن اور ااضیف ٓادمین ےک‬ ‫ی‬
‫چ‬ ‫ت‬ ‫ن‬
‫م‬ ‫� اھت۔ اعیمل وطر قرپ تحص ےک ارخااجت ی‬
‫غ‬
‫ا� ی ج‬ ‫مس ب ی�روین یبط وہس یلات یک اعریض یلطعم ی‬ ‫داھرے ےس مس�ف�ی�د وہرےہ ہ ی�۔ ارگہچ یجن کل�ی�ک ی‬
‫ن‬ ‫ش‬ ‫ت‬
‫ل‬‫� یک وصراحتل وہیگ‪ ،‬ی ن‬ ‫�ر ی ی‬ ‫اگ۔ ارگہچ ی‬ ‫� رکے قت‬ ‫م ااضہف وتمعق ےہ‪ ،‬وج ہنکمم وطر رپ اس ےبعش ےک ےئل تہب ےس وماعق پ ی‬ ‫ی��زی ےس ومن یک رشح ی‬
‫م ی‬ ‫دبت� ےک رحماکت ی‬ ‫ٹ‬
‫� رکےک رکےتکس ہ ی�۔‬ ‫احل ی‬ ‫اس��یک وہڈلرز ‪ 2020‬اور اس ےس آےگ یک تمکح یلمع انبےت وتق اسہقب اور ی‬
‫رقت� ‪ 3.1‬ب ی ن‬ ‫ت‬ ‫ف‬ ‫ٹ‬
‫ارم� ڈارل ( اپاتسکین ‪425‬‬ ‫� ی‬ ‫امل ی اًب‬ ‫م ‪ 13.23‬ی�د ااضہف وہا سج یک ی‬ ‫م اسالہن ومن یک رشح ی‬ ‫افرامس یو� یک رفوتخ ی‬ ‫ی‬ ‫م‬ ‫اپاتسکن ی‬
‫ن‬
‫� وعالم اور اس یک اعموتن رکیت‬ ‫م ےئن امل�یک ت�ی� نول ےک اعترف ج ی‬ ‫مکاں اکم رک ریہ ہ ی� ‪ ،‬سج ی‬
‫بن‬ ‫م ‪ 650‬ےس زادئ پ ی‬ ‫ارب روےپ) ےہ ‪ ،‬اور اس ےبعش ی‬
‫ی ی ئ‬ ‫�ک� ک پ ش‬
‫دتر� کر امڈل ‪ ،‬زادئ وتمعق رمع اور‬ ‫� رتف‪ ،‬ج‬ ‫�ادی ڈاھےچن یک رسام�ی اکری ‪ � ،‬یی ی‬ ‫م ااضہف‪ ،‬ی‬ ‫ڑبیتھ وہیئ ااطتستع ےک آابد ی�ایت راحجانت‪ ،‬آابدی ی‬
‫م ااضہف اور اس ےک اسھت یہ وابیئ ارماض ےک دوران تحص وک القح ےئن اظفحتت اکر رفام ہ ی� ۔‬ ‫دایمئ ب ی�ار�ی وں ےک وااعقت ی‬
‫ی ت‬ ‫ٹ‬
‫م قاناکم ےہ ‪ ،‬سج یک ووجاہت درآدم دشہ ‪ APIs‬رپ ز ی� ٹادہ ااصحنر‪ ،‬فزر ابمدہل‬ ‫الصح احلص رکےن ی‬ ‫افرامس یو� یک تعنص اینپ وپری‬ ‫ی‬ ‫اس ےک ابووجد ‪،‬‬
‫ی‬ ‫ت‬
‫ر�۔ ارگہچ اڈنرٹسی ان ےک انمعف لبق از � اک ‪ 1‬ی�د ہّصح‬ ‫� ہی‬ ‫م ااتر ڑچاھٔو ‪ ،‬یف سک مک ارخااجت اور اعیمل اموحل ےک احلظ ےس مک ی ی‬ ‫یک رشح ی‬
‫ق‬ ‫ی ن ت قق‬ ‫ر�رچ اور ڈ�ی وٹنمپل ےک نمض ی‬ ‫وکحتم وک ی‬
‫کا اجاتکس ےہ۔‬ ‫رت�ایت احمذ رپ زم�ی د تہب ھچک احلص ی‬ ‫�ایت اور ی‬ ‫م دے ریہ ےہ‪ ،‬ل ی‬
‫یٹن‬
‫ٓارپ�اتنجئ‬
‫ض‬ ‫پش‬ ‫ت ئ‬ ‫ہ یش‬ ‫ی‬
‫رم�وں یک زدنیگ وک رتہب انبےن رپ وتہج رموکز یک ےہ۔ مہ ےن‬ ‫� رکےک ی‬ ‫عمار یک ہ��یل�ھ یکر دخامت ی‬
‫� اٰیلع ی‬ ‫ا� ا� ینپمک ےہ سج ےن‬ ‫رسل ی‬
‫یہ‬ ‫ہ ش ج‬ ‫ٹ‬ ‫ض‬
‫رت� دی ےہ اور � اینپ اکووشں ےک رمثات رپ رخف ےہ۔‬ ‫� ی‬ ‫رم�وں اور اےنپ اس��یک وہڈلرز ےک وفادئ وک ی‬ ‫ی‬
‫ف‬ ‫ٹ‬ ‫ف‬ ‫ن ئ‬
‫ی‬
‫ک ےہ۔ انمعف م اس‬ ‫ی‬ ‫ی‬
‫م یس اے یج ٓار ‪ 14‬ی�د اور انمعف دعب از � م ‪� 10‬د ااضہف ر� تارڈ ی ا‬
‫ی‬ ‫ی‬ ‫دورا�) ی‬ ‫رسل ےن ‪ 6‬اسل (امیل اسل ‪14-20‬‬
‫ی‬
‫ی‬ ‫ق�یم� ت �ع� ی ن‬ ‫ی یٹ‬ ‫ااضہف یک وہج مجح ی‬
‫م لقتسم ومن اور ونتمع ااسقم یک ونصماعت ےک اسھت ڈرگ ر�ولری ااھتریٹ ٓاف اپاتسکن یک �وں اک � رکےن یک اپل ےک‬
‫ئ‬ ‫ت‬
‫ااشر� (یس یپ آیئ) ےس کلسنم ےہ۔‬‫ی‬ ‫تبثم ارثات اشلم ہ ی�‪ ،‬وج اب اسالہن اصریف ق�یم� ےک‬
‫ف‬ ‫ٹ ش ئ‬ ‫ٹ ش ئ‬ ‫نت‬
‫ی‬ ‫ی‬ ‫ی‬
‫ےہ ‪ ،‬امیل اسل ‪ 2019‬ےک دوران ینپمک اک امرک �ر ‪� 5.3‬د اھت ‪ ،‬وج اب اسل‬ ‫ی‬ ‫ی‬ ‫ی‬ ‫ی‬
‫ٹ‬ ‫� م رسل ےک امرک �ر م ااضہف وہا ف‬ ‫ڑبیتھ وہیئ آدمین ےک ی ج‬
‫م دورسے‬ ‫افرامس یو� اڈنرٹسی ی‬ ‫ی‬ ‫م‬‫گ ےہ ‪ ،‬وج ہک اپاتسکن ی‬‫‪ 2020‬ےک ےلہپ ہہس امیہ یک اڈنرٹسی یک رفوتخ یک دقر ےک اطمقب ‪ 6.5‬ی�د کت ڑبھ یا‬
‫ربمن رپ ےہ۔‬
Corporate Social
Responsibility
B eing socially responsible and conscientious has

always been the hallmark of Searle. Known for its
successful and socially impactful CSR initiatives, the
Company decided to act quickly & meaningfully and
provided disinfectant services for hospitals and private
clinics through disinfectant solutions, UV equipment
and sanitizers. The Company also made donations to
Indus Hospital, AKAR Hospital, Hunar Foundation,
and other hospitals to combat the novel coronavirus.
In addition to this, Searle team created rigorous

drive to create awareness among masses on social
distancing, wearing face masks and hand wash using
thousands of printable and digital media tools.
Searle recognized the services of Healthcare

Professionals who have played key role in Covid-19
patients management and paid them tribute. The
tribute involves certifications and recognitions of their
services as the first line of defense against Covid-19.
Furthermore, Searle has distributed ration bags to the

affected people in the dire time of lockdown during
this pandemic amounting to Rs. 11.4 million.
Searle made a resolute pledge to continue to shoulder

the burden and play its part in awareness, prevention,
detection, and management of COVID-19 disease.
Searle and the people of Pakistan stand with the
compassionate medical fraternity and together we will
sail through this tide and will come out triumphantly
In Sha Allah.

Statement of Compliance
with Listed Companies (Code Of Corporate Governance) Regulations, 2019
for the yeart ended June 30, 2020
The company has complied with the requirements of the Regulations in the following manner:
1. The total number of directors are seven (7) as per the following:
a. Male Six
b. Female One
2. The composition of Board is as follows:
Category Names
a) Independent* Directors 1. Shaista Khaliq Rehman
b) Non-executive Directors 1. Mr. Rashid Abdulla (Non-executive director)
2. Mr. Adnan Asdar Ali (Chairman/Non-Executive Director)
3. Mr. Ayaz Abdulla (Non-Executive Director)
4. Mr. Asad Abdulla (Non-Executive Director)
c) Executive Director 1. Mr. Syed Nadeem Ahmed (CEO/Executive Director)
2. Mr. Zubair Palwala (Executive Director)
d) Female directors 1. Shaista Khaliq Rehman
* The Board does not have at least two or one-third members of the Board, whichever is higher, as independent
directors as the regulations of 2019 came into effect after Director’s election held in 2017.
3. The directors have confirmed that none of them is serving as a director on more than seven listed companies,
including this company;
4. The company has prepared a Code of Conduct and has ensured that appropriate steps have been taken to
disseminate it throughout the company along with its supporting policies and procedures;
5. The Board has developed a vision/mission statement, overall corporate strategy and significant policies of the
company. The Board has ensured that complete record of particulars of the significant policies along with their date
of approval or updating is maintained by the company;
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by
Board/ shareholders as empowered by the relevant provisions of the Act and these Regulations;
7. The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected by the
Board for this purpose. The Board has complied with the requirements of Act and the Regulations with respect to
frequency, recording and circulating minutes of meeting of the Board;
8. The Board have a formal policy and transparent procedures for remuneration of directors in accordance with the Act
and these Regulations;
9. The Directors were apprised of their duties and responsibilities from time to time. The directors either have already
attended the directors’ training as required in previous years or meet the exemption criteria as contained in the
Listed Companies (Code of Corporate Governance) Regulations, 2019.
10. The Board has approved appointment of chief financial officer, company secretary and head of internal audit,
including their remuneration and terms and conditions of employment and complied with relevant requirements of
the Regulations;
11. Chief financial officer and Chief Executive officer duly endorsed the financial statements before approval of the
board;
12. The Board has formed committees comprising of members given below:
a) Audit Committee
Ms Shaista Khaliq Rehman (Chairperson)

Mr. Adnan Asdar Ali
Mr. Asad Abdulla

b) HR and Remuneration Committee
Ms Shaista Khaliq Rehman (Chairperson)

Mr. Adnan Asdar Ali
Mr. Asad Abdulla
Mr. Ayaz Abdulla
13. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance.
14. The frequency of meetings of the committee were as per following:
a) Audit Committee: Quarterly
b) HR and Remuneration Committee: Yearly
15. The Board has outsourced the internal audit function to Grant Thornton Anjum Rahman, who are considered
suitably qualified and experienced for the purpose and are conversant with the policies and procedures of the
company;
16. The statutory auditors of the company have confirmed that they have been given a satisfactory rating under the
Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit
Oversight Board of Pakistan, that they and all their partners are in compliance with International Federation of
Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of Chartered Accountants of Pakistan
and that they and the partners of the firm involved in the audit are not a close relative (spouse, parent, dependent
and non-dependent children) of the chief executive officer, chief financial officer, head of internal audit, company
secretary or director of the company;
17. The statutory auditors or the persons associated with them have not been appointed to provide other services
except in accordance with the Act, these regulations or any other regulatory requirement and the auditors have
confirmed that they have observed IFAC guidelines in this regard;
18. We confirm that all requirements of the regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been
complied with; and
19. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 (non-
mandatory requirements) are below:
S. No Requirement Explanation Reg. No

1 The Board may constitute a separate committee, The responsibilities as prescribed for the 29
designed as the nomination committee, of such nomination committee are being taken care of at
number and class of directors, as it may deem Board level as and when needed so a separate
appropriate in its circumstances. committee is not considered to be necessary.
2 The Board may constitute the risk management The Board has not constituted a risk management 30
committee, of such number and class of committee as risk management framework is
directors, as it may deem appropriate in managed at Company’s level by the executive
its circumstances, to carry out a review of committee which is headed by the CEO and the
effectiveness of risk management procedures CEO apprises the Board accordingly.
and present a report to the Board.
On behalf of the Board
Adnan Asdar Ali Syed Nadeem Ahmed

Chairman/ Director Chief Executive Officer

Product Portfolio
Pharmaceutical range include therapeutic areas such as Cardiovascular, Respiratory Care, Gastroenterology, Pain
Management, CNS, Orthocare, Neuropsychiatry, Probiotics, Antibiotics and Nutritional Care.
EXTOR
HYDRYLLIN NUBEROL FORTE
I need you
Khansi jaye zindagi muskurai Lets educate Pakistan
SUSTAC
TRAMAL
PEDITRAL Working together for risk prevention
Excellence in Pain Management
Quality decision for loved ones
SPIROMIDE GRAVINATE SELANZ SR

Trusted companion Why to take two capules when METROZINE
More than just a diabetic
Selanz is there The Right Amoebicide

JENTIN MET
Overcome the risk ENFAGROW A+ 3
EZIUM
Make life easy with Ezium Nutrify little one to be a little pioneer
LUMARK
CANDEREL ROTEC
Low marks to epilepsy, full marks to life
Life is delicious with Canderal For a day or longer therapy
ENFAMIL A+ 1+2
METODINE METODINE DF
Special care needs special attention
The gold standard A chocolaty way to restore GI rhytm
TRAMAL PLUS
Effective analgesia withouth NSAID like effects
VITRUM DEXTOP
A to Z say milay bharpur zindagi The Fast and Continous

Independent Auditor’s Review Report to the
Members of the Searle Company Limited
Review Report on the Statement of Compliance

Contained in Listed Companies (Code of Corporate
Governance) Regulations, 2019
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of The Searle Company
Limited for the year ended June 30, 2020 in accordance with the requirements of regulation 36 of the
Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company.
Our responsibility is to review whether the Statement of Compliance reflects the status of the Company’s
compliance with the provisions of the Regulations and report if it does not and to highlight any non-compliance
with the requirements of the Regulations. A review is limited primarily to inquiries of the Company’s personnel
and review of various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the financial statements we are required to obtain an understanding of the
accounting and internal control systems sufficient to plan the audit and develop an effective audit approach.
We are not required to consider whether the Board of Directors’ statement on internal control covers all risks
and controls or to form an opinion on the effectiveness of such internal controls, the Company’s corporate
governance procedures and risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation
of the Audit Committee, place before the Board of Directors for their review and approval, its related party
transactions. We are only required and have ensured compliance of this requirement to the extent of the
approval of the related party transactions by the Board of Directors upon recommendation of the Audit
Committee.
Based on our review, nothing has come to our attention which causes us to believe that the Statement
of Compliance does not appropriately reflect the Company’s compliance, in all material respects, with the
requirements contained in the Regulations as applicable to the Company for the year ended
June 30, 2020.
A. F. Ferguson & Co
Chartered Accountants
Karachi
Dated: October 06, 2020

INDEPENDENT AUDITOR’S REPORT
To the members of The Searle Company Limited
Report on the Audit of the Unconsolidated Financial Statements
Opinion
We have audited the annexed unconsolidated financial statements of The Searle Company Limited (the
Company), which comprise the unconsolidated statement of financial position as at June 30, 2020, and the
unconsolidated statement of profit or loss and other comprehensive income, the unconsolidated statement
of changes in equity, the unconsolidated statement of cash flows for the year then ended, and notes to
the unconsolidated financial statements, including a summary of significant accounting policies and other
explanatory information, and we state that we have obtained all the information and explanations which, to
the best of our knowledge and belief, were necessary for the purposes of the audit.
In our opinion and to the best of our information and according to the explanations given to us, the
unconsolidated statement of financial position, unconsolidated statement of profit or loss and other
comprehensive income, the unconsolidated statement of changes in equity and the unconsolidated
statement of cash flows together with the notes forming part thereof conform with the accounting and
reporting standards as applicable in Pakistan and give the information required by the Companies Act,
2017 (XIX of 2017), in the manner so required and respectively give a true and fair view of the state of the
Company’s affairs as at June 30, 2020 and of the profit and other comprehensive income, the changes in
equity and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Unconsolidated Financial Statements section of our report. We are independent of the
Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the Code) and
we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the unconsolidated financial statements of the current period. These matters were addressed in
the context of our audit of the unconsolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

Following are the Key audit matters:
S. No. Key audit matters How the matter was addressed in our audit
(i) Revenue from contracts with customers
(Refer note 3.14 & 30 to the

unconsolidated financial statements)
The Company’s revenue is generated from Our audit procedures included the following:
sales of pharmaceutical and consumer
products. The Company recognized revenue - obtained an understanding of determination
of Rs. 16.57 billion from the sale of goods to of sales prices in accordance with polices
domestic as well as export customers during of Drug Regulatory Authority of Pakistan
the year ended June 30, 2020. Sales to related (DRAP);
parties represent 81.06% of total sales.
- tested on sample basis selling prices of
Revenue recognition includes determination of regulated pharmaceutical products to ensure
sales prices in accordance with the regulated compliance with DRAP pricing policies;
price regime of the government and transfer of
control of products sold to customers. Taking - obtained an understanding of and testing the
into account that revenue recognition is a design and effectiveness of controls designed
higher risk area, we considered this as a key to ensure that revenue is recognized in the
audit matter. appropriate accounting period;
- inspected contracts to obtain an

understanding of contract terms particularly
relating to timing and the customer’s
acceptance of the products and assessing
the Company’s accounting policies for
recognition of revenue with reference to the
requirements of the prevailing accounting
standards; and
- compared on sample basis, specific

revenue transactions recorded before and
after the reporting date with underlying
documentation, including the relevant sales
contracts, the customer’s acknowledgement
of acceptance to assess whether revenue
had been recognized in the appropriate
period.

(ii) Loan to subsidiary
(Refer note 15 to the unconsolidated

financial statements)
The Company has provided loan to its Our audit procedures included the following:
subsidiary – IBL Identity (Private) Limited
amounting to Rs. 3.17 billion as at 30 June - inspected loan agreement to obtain an
2020. Considering the accumulated losses of understanding of the contractual terms;
the subsidiary, the management has assessed
the recoverability of the amount of loan to - assessed classification of the loan under the
relevant category of financial asset as per
subsidiary. The management has determined prevailing accounting standards;
based on the future projections that no
impairment is required to be recognised in - obtained the management’s impairment
respect of the loan provided as sufficient cash assessment for the recoverability of the loan
flows will be generated by the subsidiary for provided to subsidiary;
repayment of the loan.
- evaluated the judgements and assumptions
The assessment of recoverability of loan to included in the cash flow;
subsidiary requires application of significant
judgement and assumptions in determining - performed sensitivity analyses on the
key assumptions used including growth
future profitability of the subsidiary. assumptions; and
In view of the materiality of the loan amount and - assessed the adequacy of disclosure made in
that the determination of the recoverability of the unconsolidated financial statements.
loan provided involved significant management
judgement, we considered this as a key audit
matter.

(iii) Litigation matters
(Refer Note 29.1 and 30.1 to the

unconsolidated financial statements)
The Company has litigation cases in respect Our audit procedures included the following:
of product pricing, income tax and sales tax
matters, which are pending at various forums • obtained and reviewed details of the pending
including Honourable High Court of Sindh, litigations and discussed the same with the
Commissioner Inland Revenue (Appeals) Company’s management;
(CIR(A)), Appellate Tribunal Inland Revenue
(ATIR) and DRAP. • reviewed correspondence of the Company
with the relevant authorities including
Matters under litigation require management judgments or orders passed by the
to make judgements and estimates in relation competent authorities/courts of law in relation
to the interpretation of laws, statutory rules, to the issues involved or matters which have
regulations, and the probability of outcome similarities with the issues involved;
and financial impact, if any, on the Company for
disclosure and recognition and measurement • obtained confirmations from the Company’s
of any provisions that may be required against external legal and tax counsels for their views
such litigation matters. on open tax assessments and legal cases;
Due to significance of amounts involved, • involved internal tax professionals to assess

inherent uncertainties with respect to the management’s conclusions on contingent
outcome of matters and use of significant tax matters and to evaluate the consistency
management judgement and estimates to of such conclusions with the views of the
assess the same including related financial management and external tax advisors
impacts, we considered litigation matters engaged by the Company; and
relating to product pricing and taxation a key
audit matter. • reviewed disclosures made in respect of
litigations in the unconsolidated financial
statements.
Information Other than the Unconsolidated and Consolidated Financial Statements and Auditor’s
Reports Thereon
Management is responsible for the other information. The other information comprises the information
included in the annual report, but does not include the unconsolidated and consolidated financial statements
and our auditor’s reports thereon.
Our opinion on the unconsolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the unconsolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the unconsolidated financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Board of Directors for the Unconsolidated Financial

Statements
Management is responsible for the preparation and fair presentation of the unconsolidated financial
statements in accordance with the accounting and reporting standards as applicable in Pakistan and the
requirements of Companies Act, 2017 (XIX of 2017) and for such internal control as management determines
is necessary to enable the preparation of unconsolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the unconsolidated financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Board of directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Unconsolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the unconsolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these unconsolidated financial statements.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the unconsolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the unconsolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the unconsolidated financial statements,
including the disclosures, and whether the unconsolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the board of directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the unconsolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Based on our audit, we further report that in our opinion:
(a) proper books of account have been kept by the Company as required by the Companies Act, 2017
(XIX of 2017);
(b) the unconsolidated statement of financial position, the unconsolidated statement of profit or loss
and other comprehensive income, the unconsolidated statement of changes in equity and the
unconsolidated statement of cash flows together with the notes thereon have been drawn up in
conformity with the Companies Act, 2017 (XIX of 2017) and are in agreement with the books of
account and returns;

(c) investments made, expenditure incurred and guarantees extended during the year were for the
purpose of the Company’s business; and
(d) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted
by the company and deposited in the Central Zakat Fund established under section 7 of that
Ordinance).
The engagement partner on the audit resulting in this independent auditor’s report is Farrukh Rehman.
A. F. Ferguson & Co
Karachi
Date: October 06, 2020

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at June 30, 2020
Note 2020 2019

-----------Rupees ‘000 -----------
ASSETS
Non-current assets
Property, plant and equipment 5 3,707,635 2,879,439
Right-of-use asset 6 121,515 -
Investment properties - at cost 7 2,203,890 2,458,041
Intangible assets 8 131,438 164,913
Long-term investments - subsidiaries 10 1,686,186 1,686,186
Long-term loans 11 358 270
Long-term deposits 12 7,396 7,396
7,858,418 7,196,245
Current assets
Inventories 13 2,632,887 2,194,650
Trade receivables 14 7,801,828 4,866,132
Loans and advances 15 4,712,052 4,516,941
Trade deposits and short-term prepayments 16 95,287 81,882
Other receivables 17 1,063,601 3,077,649
Short-term investment 18 100,000 -
Taxation - payments less provision 19 809,636 1,128,345
Tax refunds due from Government - Sales Tax 7,832 35,179
Cash and bank balances 20 299,624 204,547
17,522,747 16,105,325
Total assets 25,381,165 23,301,570
EQUITY AND LIABILITIES
EQUITY
Share capital 21 2,124,253 2,124,253
Unappropriated profit 11,388,823 9,431,627
General reserve 280,251 280,251
Share premium 1,630,974 1,630,974
Revaluation surplus on property, plant and equipment 1,446,517 1,050,800
16,870,818 14,517,905
LIABILITIES
Non-current liabilities
Deferred tax liabilities 9 50,143 93,240
Employee benefit obligations 22 54,994 55,820
Long-term borrowings 23 316,000 -
Deferred income - Government grant 24 77,141 -
Lease liability 25 121,545 -
619,823 149,060
Current liabilities
Trade and other payables 26 2,719,812 4,529,480
Short-term borrowings 27 4,974,646 3,954,776
Unpaid dividend 28 141,102 112,062
Unclaimed dividend 43,544 38,287
Current portion of lease laibility 25 11,420 -
7,890,524 8,634,605
Total liabilities 8,510,347 8,783,665
Contingencies and commitments 29
Total equity and liabilities 25,381,165 23,301,570
The annexed notes from 1 to 49 form an integral part of these unconsolidated financial statements.
Chief Executive Director Chief Financial Officer

UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Note 2020 2019

-----------Rupees ‘000 -----------
Revenue from contracts with customers 30 16,567,219 14,537,198
Cost of sales 31 (8,295,187) (9,616,862)
Gross profit 8,272,032 4,920,336
Distribution costs 32 (3,762,599) (3,698,801)
Administrative expenses 33 (1,081,900) (909,364)
Other operating expenses 34 (261,841) (153,869)
Other income 35 780,277 3,099,914
Finance cost 36 (641,491) (428,036)
Profit before income tax 3,304,478 2,830,180
Income tax expense 37 (849,401) (188,234)
Profit for the year 2, 455,077 2,641,946
Other comprehensive income / (loss):
Items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations 22 2,215 (1,129)

Surplus on revaluation of property, plant and equipment
- net of deferred tax 426,685 486,154
428,900 485,025
Total comprehensive income for the year 2,883,977 3,126,971
Basic and diluted earnings per share (Rupees) 38 11.56 12.44

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital reserves Revenue reserves

Revaluation
Share Issue of surplus on Total
Share General Unappropriated Total
capital bonus Property, reserves
premium reserve profit
shares plant &
equipment
---------------------------------------------------------Rupees ‘000---------------------------------------------------------
Balance as at July 1, 2018 1,847,177 1,630,974 - 574,331 280,251 7,981,789 10,467,345 12,314,522
Total comprehensive income for the

year ended June 30, 2019
Profit for the year ended - - - - - 2,641,946 2,641,946 2,641,946

June 30, 2019
Other comprehensive income / (loss) for - - - 486,154 - (1,129) 485,025 485,025
the year ended June 30, 2019
Transfer of incremental depreciation - - - - (9,685) - 9,685 - -
net of deferred tax
- - - 476,469 - 2,650,502 3,126,971 3,126,971
Transactions with owners
Transfer to reserve for issue of

bonus shares - - 277,076 - - (277,076) - -
Bonus shares issued during the

year in the ratio of 15 shares for
every 100 shares held 277,076 - (277,076) - - - (277,076) -
Final dividend for the year ended

June 30, 2018 @ Rs. 5 per share - - - - - (923,588) (923,588) (923,588)
Balance as at June 30, 2019 2,124,253 1,630,974 - 1,050,800 280,251 9,431,627 12,393,652 14,517,905
Total comprehensive income for the

year ended June 30, 2020
Profit for the year ended

June 30, 2020 - - - - - 2,455,077 2,455,077 2,455,077
Other comprehensive income / (loss)
for the year ended June 30, 2020 - - - 426,685 - 2,215 428,900 428,900
Transfer of incremental
depreciation - net of deferred tax - - - (30,968) - 30,968 - -
- - - 395,717 - 2,488,260 2,883,977 2,883,977
Transactions with owners
Final dividend for the year ended

June 30, 2019 @ Rs. 2.5 per share - - - - - (531,064) (531,064) (531,064)
Balance as at June 30, 2020 2,124,253 1,630,974 - 1,446,517 280,251 11,388,823 14,746,565 16,870,818
The annexed notes from 1 to 49 form an integral part of these financial statements.

UNCONSOLIDATED STATEMENT OF CASH FLOWS
Note 2020 2019

-----------Rupees ‘000 -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 39 961,062 1,454,826

Employee benefit obligations paid (7,269) (2,071)
Finance cost paid (478,745) (252,167)
Payments to workers’ welfare funds and workers’
profit participation fund (164,324) (188,940)
Income tax paid (617,690) (442,410)
Increase in long-term loans (88) (118)
Net cash (used in) / generated from operating activities (307,054) 569,120
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (236,878) (777,807)

Proceeds from disposal of property, plant and equipment 2,450 10,650
Purchase of investment properties (148,743) (55,953)
Purchase of intangible assets (10,558) (19,131)
Purchase of short-term investment (100,000) -
Net cash used in investing activities (493,729) (842,241)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (496,767) (876,381)

Net (Repayment of) / proceeds from export refinance (210,000) 210,000
Proceeds from salary refinancing 535,500 -
Current portion of long-term loan repaid - (214,285)
Payments against lease liabilities (28,868) -
Net cash used in financing activities (200,135) (880,666)
Net decrease in cash and cash equivalents (1,000,918) (1,153,787)
Cash and cash equivalents at beginning of the year (3,340,229) (2,186,442)
Cash and cash equivalents at end of the year 40 (4,341,147) (3,340,229)

NOTES TO AND FORMING PART OF THE UNCONSOLIDATED
FINANCIAL STATEMENTS
1. THE COMPANY AND ITS OPERATIONS
1.1 The Searle Company Limited (the Company) was incorporated in Pakistan as a private limited
company in October 1965. In November 1993, the Company was converted into a public limited
company. Its shares are quoted on the Pakistan Stock Exchange. The Company is principally
engaged in the manufacture of pharmaceutical and other consumer products.
International Brands Limited is the Holding Company, which holds 56.60% shareholding in the
Company.

June 30, June 30,
2020 2019
Listed Company
Unlisted Companies
Pakistan
- Searle Laboratories (Private) Limited 100.00% 100.00%
1.2 The geographical locations and addresses of the Company’s business units, including plant are as
under:
- The registered office of the Company is situated at One IBL Centre 2nd Floor, Plot No. 1, Block
7 & 8 D.M.C.H.S, Tipu Sultan Road Off Shahrah-e-Faisal, Karachi.
- The Company’s manufacturing plants are located at F-319, S.I.T.E Area, Karachi, 32 km Multan
Road, Lahore, and E-44 - 45, North Western Industrial store, Port Qasim, Karachi
The warehouses and storage facilities of the Company are situated at:
- Sana Logistics, Survey Number 53-55, Deh Gandpas, Tapo Gabopat, Kemari Town, Taluka &
District, Karachi West
- Plot No. 21-C, Sector 15/16, Gulshan-e-Mazdoor, Hub River Road, Karachi.
- Raiwind Road, Manga Mandi, Lahore.
- Kotlakpat, Plot No. 131/3, Quaid-e-Azam Industrial Estate, Gate 4, Near Fine Chowk,
Kotlakhpot, Lahore
- DHL Logistics, 26 - Km Multan Road, Opposite Maraka PTCL Exchange, Lahore
- Shabab Studio Chung, 19-KM, Multan Road, Lahore.

Notes to and forming part of the Unconsolidated Financial Statements
2. IMPACT OF COVID-19 ON THE FINANCIAL STATEMENTS
2.1 The COVID-19 pandemic (the virus) continues to evolve and impact local and global markets. The
spread of COVID-19 pandemic resulted in authorities implementing numerous measures since March
2020 to try to contain the virus, such as travel bans and restrictions, quarantines and shutdowns.
Consequently, economic conditions have been increasingly volatile. However, since provision of
pharmaceutical products fall under “essential services”, the Company continued production and
its operation despite lockdown of economic activities due to spread of COVID-19. Although impact
on Company’s sales cannot be precisely determined, the Company has sustained sales during the
period of March to June 2020.The extent of the impact of the virus on the operational and financial
performance of the Company includes the following:
- Loan of Rs. 535.50 million was obtained under the refinance scheme for payment of wages and
salaries - note 23
- Deferred Government Grant of Rs. 85.71 million was recognised in relation to loan obtained for
payment of wages and salaries at less than market rate - note 24
- Increase in trade receivables - note 14
- Decrease in rental income with respect to rent concessions given to tenants - note 35
- Decrease in discounts, rebates and allowances - note 30
- Decrease in advertisement and other marketing related expenses - note 32
- The reduction in interest rates by State Bank of Pakistan (SBP) had a positive impact in terms
of interest on borrowing for the Company. The average interest rate on running finance has
decreased from 13.44% in July 2019 to 11.51% in June 2020.
Further, there was no impairment triggering matter for non financial assets.
2.2 Due to the outbreak of the virus in Pakistan, the Company decided to import “Remdesivir” (the
drug), a broad-spectrum antiviral medication authorised for emergency use by the United States
of America (U.S) Food and Drug Administration (FDA) for the treatment of hospitalised COVID-19
patients. Consequently, the Company filed for registration of the drug with Drug Regulatory Authority
of Pakistan (DRAP) under the Drugs Act, 1976, on June 03, 2020. The Company also entered into
an agreement with Beximco Pharmaceuticals Limited, Bangladesh on June 01, 2020 for import
ofthe drug. Meanwhile, the Company received the first consignment on June 10, 2020 of the drug
under Rule 13 of the Drugs (Import and Export) Rules, 1976. DRAP approval was subsequently
received on June 20, 2020 after which further imports were made. During the year ended June 30,
2020, the Company distributed “Remidisivir” amounting to Rs.12.76 million as a Corporate Social
Responsibility (CSR) activity.
The Company also distributed personal protective equipments amounting to Rs. 17.28 million to
healthcare professionals during the peak of COVID-19 pandemic in Pakistan.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out
below:
3.1 Basis of preparation
3.1.1 Statement of compliance
These financial statements have been prepared in accordance with the accounting and reporting
standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan
comprise of:
International Financial Reporting Standards (IFRS Standards) issued by the International

-
Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants
of Pakistan as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS
Standards, the provisions of and directives issued under the Companies Act, 2017 have been
followed.
3.1.2 Use of critical accounting estimates and judgements
The preparation of financial statements in conformity with approved accounting and reporting
standards requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company’s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the unconsolidated financial statements are as follows:
a) Income tax - note 3.4

b) Revaluation of property, plant and equipment - note 3.6
c) Pricing of revenue from contracts with customers - note 3.14
d) Valuation of loan to subsidiary - note 3.18
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Management believes that the change in outcome of estimates would not have a material impact on
the amounts disclosed in the unconsolidated financial statements.
No critical judgement has been used in applying the accounting policies.

3.1.3 Changes in accounting standards, interpretations and pronouncements
Standards, interpretations and amendments to published approved accounting

a)
standards that are effective in the current year and are relevant
IFRS 16 ‘Leases’ - IFRS 16 replaces the previous lease standard: IAS 17 Leases. It will result
in almost all leases being recognised on the statement of financial position, as the distinction
between operating and finance leases is removed. Under the new standard, an asset (the right
to use the leased item) and a financial liability to pay rentals are recognised. The only exceptions
are short term and low value leases.
The impact of changes laid down by this standard is detailed in note 4.
b) Standards, interpretations and amendments to published approved accounting

standards that are effective but not relevant
The new standard, certain amendments and interpretations that are mandatory for accounting
periods beginning on or after July 1, 2019 are considered not to be relevant for the Company’s
financial statements and hence have not been detailed here.
c) Standards, interpretations and amendments to published approved accounting

standards that are not yet effective but relevant
There are certain amendments and interpretation that are mandatory for accounting period
beginning on or after July 1, 2020 but are considered not relevant for Company’s financial
statements and hence have not been detailed here.
3.2 Overall valuation policy
These unconsolidated financial statements have been prepared under the historical cost convention
except as otherwise disclosed in the accounting policy notes.
3.3 Staff retirement benefits
3.3.1 Defined benefit plan
Defined benefit plans define an amount of pension or gratuity or medical benefit that an employee
will receive on or after retirement, usually dependent on one or more factors such as age, years of
service and compensation. A defined benefit plan is a plan that is not a defined contribution plan.
The liability recognised in the unconsolidated statement of financial position in respect of defined
benefit plans is the present value of the defined benefit obligation at the end of the reporting period.
The defined benefit obligation is calculated annually by an independent actuary using the projected
unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future
cash outflows using interest rates of high-quality corporate bonds or the market rates on government
bonds. These are denominated in the currency in which the benefits will be paid, and that have terms
to maturity approximating the terms of the related benefit obligation.
The Company operates an approved unfunded gratuity scheme covering all unionised employees
with five or more years of service with the Company. The provision has been made in accordance
with actuarial valuations carried out as of June 30, 2020 using the projected unit credit method.

3.3.2 Defined contribution plan
The Company operates a recognised provident fund scheme for all employees. Equal monthly
contributions are made, both by the Company and the employees, to the fund at the rate of 10%
per annum of the basic salary. The contributions are recognised as employee benefit expense when
they are due.
3.4 Income tax
3.4.1 Current
The charge for current taxation is based on the taxable income for the year, determined in accordance
with the prevailing law for taxation on income, using prevailing tax rates after taking into account tax
credits and rebates available, if any.
3.4.2 Deferred
Deferred tax is accounted for using the liability method on all temporary differences arising
between tax base of assets and liabilities and their carrying amounts in the unconsolidated financial
statements. Deferred tax liability is generally recognised for all taxable temporary differences and
deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the deductible temporary differences, unused tax losses and tax credits can
be utilised. Deferred tax is charged or credited in the unconsolidated statement of profit or loss and
other comprehensive income, except in the case of items credited or charged to equity in which case
it is included in equity.
Deferred tax is determined using tax rates and prevailing law for taxation on income that have been
enacted or substantively enacted by the unconsolidated statement of financial position date and are
expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
3.5 Borrowings and their cost
Borrowings are initially recognised at cost being the fair value of the consideration received together
with the associated transaction cost. Subsequently, these are recognised at amortised cost using the
effective interest method. Borrowing costs are recognised as an expense in the period in which these
are incurred except to the extent of borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset. Such borrowing costs are capitalised as part of the
cost of that asset. Borrowings payable within next twelve months are classified as current liabilities.
3.6 Property, plant and equipment
These are stated at cost less accumulated depreciation / amortisation and impairment loss, if any,
except leasehold land, building on leasehold land, plant and machinery, vehicles and airconditioning
systems, which are stated at revalued amount less accumulated depreciation and impairment losses,
if any, and capital work-in-progress which is stated at cost.
Depreciation is charged to unconsolidated statement of profit or loss and other comprehensive

income applying the straight line method, whereby the depreciable amount of an asset is written off
over its estimated useful life. The revalued amount of building on leasehold land, plant and machinery,
vehicles and airconditioning systems is depreciated equally over the remaining life from the date of
valuation. Depreciation is charged on additions from the month the asset is available for use and on
disposals upto the month preceding the month of disposal.

Increases in the carrying amounts arising on revaluation of property, plant and equipment are
recognised, net of tax, in other comprehensive income and accumulated in reserves in shareholders’
equity. To the extent that the increase reverses a decrease previously recognised in unconsolidated
statement of profit or loss and other comprehensive income, the increase is first recognised in profit
or loss. Decreases that reverse previous increases of the same asset are first recognised in other
comprehensive income to the extent of the remaining surplus attributable to the asset; all other
decreases are charged to profit or loss. Each year, the difference between depreciation based on the
revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset’s
original cost, net of tax, is reclassified from the revaluation surplus on property, plant and equipment
to retained earnings. The accumulated depreciation at the date of revaluation is eliminated against
the gross carrying amount of the asset, and the net amount is restated to the revalued amount.
Gain or loss on disposal or retirement of property, plant and equipment is included in unconsolidated
statement of profit or loss and other comprehensive income.
3.7 Intangible assets
An intangible asset is recognised if it is probable that future economic benefits attributable to the
asset will flow to the Company and that the cost of such asset can be measured reliably. These are
stated at cost less accumulated amortisation and impairment, if any.
Distribution rights, brand name & logo and licenses have a finite useful life and are carried at cost less
accumulated amortisation and accumulated impairment losses, if any.
Intangible assets having infinite life are carried at cost less impairment, if any.
Amortisation is calculated using the straight line method to allocate the cost of trademarks and
licenses over the useful lives.
3.8 Investment property
The Company carries investment properties at their respective costs under the cost model in
accordance with IAS 40 - ‘Investment Property’. The fair values are determined by the independent
valuation experts and such valuations are carried out every year to determine the recoverable amount.
Assets classified under investment properties are carried at their respective cost less accumulated
depreciation and accumulated impairment losses, if any.
The Company carries investment property under work in progress at their respective costs less
accumulated impairment losses, if any. Depreciation is charged on such property after it is completed
as per IAS 40 - ‘Investment Property’.
3.9 Investments
3.9.1 Investment in subsidiary companies
Investments in subsidiary companies are initially recognised at cost. At subsequent reporting dates,
the recoverable amounts are estimated to determine the extent of impairment losses, if any, and
carrying amounts of investments are adjusted accordingly. Impairment losses are recognised as
expense. Where impairment losses subsequently reverse, the carrying amounts of the investments
are increased to the revised recoverable amounts but limited to the extent of initial cost of investments.
A reversal of impairment loss is recognised in unconsolidated profit or loss and other comprehensive
income.

3.9.2 Investment in associated companies
Associates are all entities over which the Company has significant influence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights or common directorship.
Investments in associates are initially recognised at cost. At subsequent reporting dates, the
recoverable amounts are estimated to determine the extent of impairment losses, if any, and carrying
amounts of investments are adjusted accordingly. Impairment losses are recognised as expense in
the unconsolidated statement of profit or loss and other comprehensive income.
Where impairment losses subsequently reverse, the carrying amounts of the investments are
increased to the revised recoverable amounts but limited to the extent of initial cost of investments.
A reversal of impairment loss is recognised in statement of unconsolidated statement of profit or
loss and other comprehensive income. Investment in associates are accounted for using the equity
method of accounting in the unconsolidated financial statements.
3.10 Inventories
These are valued at the lower of cost and net realisable value except goods-in-transit which are
valued at invoice value plus other charges incurred thereon. Cost signifies standard cost adjusted
by variances.
Cost of raw and packing material is determined using weighted average method and includes directly
related expenses less trade discounts. Cost of work-in-process and finished goods includes cost of
raw material, direct labour and related production overheads.
Net realisable value is determined on the basis of estimated selling price of the product in the ordinary
course of business less cost of completion and estimated cost necessary to be incurred to make
the sale.
Stores and spares are valued at lower of cost, determined using weighted average method less
provision for slow moving and obsolete stores and spares. Items in transit are valued at invoice value
plus other charges incurred thereon.
3.11 Trade and other receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless
they contain significant financing components when they are recognised at fair value. They are
subsequently measured at amortised cost using the effective interest method, less loss allowance.
Refer note 3.17 for a description of the Company’s impairment policies.
3.12 Cash and cash equivalents
Cash and cash equivalents are carried in the unconsolidated statement of financial position at cost.
For the purposes of statement of cash flows, cash and cash equivalents comprise cash, balances
with banks on current and deposit accounts and finance under mark-up arrangements.

3.13 Foreign currencies
The financial statements are presented in Pak Rupees which is the Company’s functional and
presentation currency.
Transactions in foreign currencies are converted into Pak Rupees using the exchange rates prevailing
on the dates of the transactions. All monetary assets and liabilities denominated in foreign currencies
are translated into Pak Rupees using the exchange rates prevailing on the reporting date. Exchange
differences are taken to unconsolidated profit or loss and other comprehensive income.
3.14 Revenue recognition
Revenue is recognised when control of the products has transferred, being when the products are
dispatched to the customer, and there is no unfulfilled obligation that could affect the customer’s
acceptance of the product. Revenue is recognised as follows:
- Revenue from sale of goods is recognised when control is transferred to the customers.
- Income from toll manufacturing is recognised when services are rendered.
- Dividend income, other than those from investments measured using equity method, is
recognised when the right to receive payment is established.
- Interest income and rental income is recognised on accrual basis.
No element of financing is deemed present as the sales are made with a credit term of 30-90 days,
which is consistent with the market practice.
The Transaction price for products are agreed under the contracts with customers.
Discounts are offered on the basis of contracts with customers.
3.15 Research and development cost
Research and development cost except to the extent that an intangible asset is recognised, is
charged in the year in which it is incurred. Development costs previously charged to unconsolidated
statement of profit or loss and other comprehensive income are not recognised as an asset in the
subsequent period.
3.16 Provisions
Provisions are recognised when the Company has a legal or constructive obligation as a result of
past events, and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each unconsolidated statement of financial position date and adjusted to
reflect the current best estimates.

3.17 Impairment of non-financial asset
Carrying values of assets are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. If any such indication exists, assets or cash-
generating units are tested for impairment. Cash-generating units to which goodwill is allocated
are tested for impairment annually. Where the carrying values of assets or cash-generating units
exceed the estimated recoverable amount, these are written down to their recoverable amount
and the resulting impairment is charged to unconsolidated statement of profit or loss and other
comprehensive income.
3.18 Financial Instruments - Initial recognition and subsequent measurement
Initial Recognition
All financial assets and liabilities are initially measured at cost which is the fair value of the consideration
given or received. These are subsequently measured at fair value, amortised cost or cost as the case
may be.
Classification of financial assets
The Company classifies its financial instruments in the following categories:
- at fair value through profit or loss (“FVTPL”),

- at fair value through other comprehensive income (“FVTOCI”), or
- at amortised cost.
The Company determines the classification of financial assets at initial recognition. The classification
of instruments (other than equity instruments) is driven by the Company’s business model for
managing the financial assets and their contractual cash flow characteristics.
Financial assets that meet the following conditions are subsequently measured at amortised cost:
- the financial asset is held within a business model whose objective is to hold financial assets in
order to collect contractual cash flows; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
Financial assets that meet the following conditions are subsequently measured at FVTOCI:
- the financial asset is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling the financial assets; and
By default, all other financial assets are subsequently measured at FVTPL.
Classification of financial liabilities
The Company classifies its financial liabilities in the following categories:
- at fair value through profit and loss (“FVTPL”), or


Financial liabilities are measured at amortised cost, unless they are required to be measured at
FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure
them at FVTPL.
Subsequent measurement
i) Financial assets at FVTOCI
Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus
transaction costs. Subsequently, they are measured at fair value, with gains or losses arising
from changes in fair value recognised in other comprehensive income/(loss).
ii) Financial assets and liabilities at amortised cost
Financial assets and liabilities at amortised cost are initially recognised at fair value, and
subsequently carried at amortised cost, and in the case of financial assets, less any impairment.
iii) Financial assets and liabilities at FVTPL
Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction
costs are expensed in the statement of profit or loss and other comprehensive income. Realised
and unrealised gains and losses arising from changes in the fair value of the financial assets and
liabilities held at FVTPL are included in the statement of profit or loss and other comprehensive
income in the period in which they arise.
Where management has opted to recognise a financial liability at FVTPL, any changes associated
with the Company’s own credit risk will be recognized in other comprehensive income/(loss).
Currently, there are no financial liabilities designated at FVTPL.
Impairment of financial asset
The Company recognises loss allowance for Expected Credit Loss (ECL) on financial assets measured
at amortised cost at an amount equal to life time ECLs except for the following, which are measured
at 12 months ECLs:
- bank balances for whom credit risk (the risk of default occurring over the expected life of the
financial instrument) has not increased since the inception.
- employee receivables.
- other short term loans and receivables that have not demonstrated any increase in credit risk
since inception.
Loss allowance for trade receivables are always measured at an amount equal to life time ECLs.
The Company considers afinancial asset in default when it is more than 90 days past due.
Life time ECLs are the ECLs that results from all possible defaults events over the expected life of
a financial instrument. 12 month ECLs are portion of ECL that result from default events that are
possible within 12 months after the reporting date.
ECLs are a probability weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with
the contract and cash flows that the Company expects to receive).

The gross carrying amount of a financial asset is written off when the Company has no reasonable
expectation of recovering a financial asset in its entirety or a portion thereof.
Derecognition
i) Financial assets
The Company derecognises financial assets only when the contractual rights to cash flows
from the financial assets expire or when it transfers the financial assets and substantially all the
associated risks and rewards of ownership to another entity. On derecognition of a financial
asset measured at amortised cost, the difference between the asset’s carrying value and the
sum of the consideration received and receivable is recognised in profit or loss. In addition, on
derecognition of an investment in a debt instrument classified as FVTOCI, the cumulative gain
or loss previously accumulated in the investments revaluation reserve is reclassified to profit or
loss. In contrast, on derecognition of an investment in equity instrument which the Company
has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously
accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is
transferred to statement of changes in equity.
ii) Financial liabilities
The Company derecognises financial liabilities only when its obligations under the financial
liabilities are discharged, cancelled or expired. The difference between the carrying amount of
the financial liability derecognised and the consideration paid and payable, including any non-
cash assets transferred or liabilities assumed, is recognised in the statement of profit or loss and
other comprehensive income.
3.19 Off-setting of financial assets and liabilities
Financial assets and liabilities are off-set and the net amount is reported in the statement of financial
position if the Company has a legal right to set off the transaction and also intends either to settle on
a net basis or to realise the asset and settle the liability simultaneously.
3.20 Dividend distribution
Dividend distribution to shareholders is recognised as liability in the financial statements in the period
in which the dividend is declared / approved.
3.21 Government Grants
Government grants relating to costs are deferred and recognised in the Statement of profit or loss
and other comprehensive income over the period necessary to match these with the costs that they
are intended to compensate.
3.22 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision-maker who is responsible for allocating resources and assessing
performance of the operating segments.

4. CHANGE IN ACCOUNTING POLICIES
The Company has applied the following standard for the first time for its annual reporting period
commencing July 1, 2019.
4.1 Impact of transition to IFRS 16 - Leases
The Company has adopted IFRS 16 from July 1, 2019, and has not restated comparatives for the
2019 reporting period, as permitted under the specific transitional provisions in the standard.
On initial application, the Company has elected to record right-of-use assets based on the
corresponding lease liability, adjusted by the amount of any prepaid or accrued lease payments
relating to that lease recognised in the statement of financial position immediately before July 01,
2019. Right-of-use assets and lease liabilities of Rs. 141.42 million respectively were recorded as
of July 01, 2019, with no net impact on unappropriated profit. When measuring lease liabilities, the
Company discounted lease payments using its incremental borrowing rate of 15.34% to 15.48% at
July 01, 2019.
The following summary reconciles the Company’s operating lease commitments previously
considered as land rentals at June 30, 2019 to the lease liabilities recognised on initial application of
IFRS 16 at July 1, 2019.
Rupees ‘000
Operating lease commitment as at July 01, 2019 260,398
Discounted using the lessee’s incremental borrowing rate

at the date of initial application (120,977)
Lease Liability recognised as at July 01, 2019 139,421
Of which are:
Current lease liabilities 8,556
Non-current lease liabilities 130,865
June 30, July 01,

2020 2019
--------Rupees ‘000--------
The recognised right-of-use assets relate to the
following types of assets:
Property 121,515 141,421
The change in accounting policy affected the

following items in the statement of financial
position on July 1, 2019:
Right-of-use asset increased by 141,421

Trade deposits and short-term prepayments decreased by 2,000
Lease liabilities - increased by 139,421

June 30, July 01,

2020 2019
-----------Rupees ‘000------------
following items in the profit and loss account for
the year ended June 30, 2020:
Markup expense - increased by 20,412 -

Depreciation - increased by 19,906 -
Other expenses which includes rent
expense decreased by 28,868 -
4.2 Lease liability and right-of-use asset
At inception of a contract, the Company assesses whether a contract is, or contains, a lease i.e.
it conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
From July 1, 2019 leases are recognised as a right-of-use asset and a corresponding liability at the
date at which the leased asset is available for use by the Company.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot
be readily determined, the Company’s incremental borrowing rate.
Lease payments include fixed payments, variable payment that are based on an index or a rate
amounts expected to be payable by the lessee under residual value guarantees, exercise price
of a purchase option, payments of penalties for terminating the lease, less any lease incentives
receivable. The purchase, extension and termination options are incorporated in determination of
lease term only when the Company is reasonably certain to exercise these options.
The lease liability is subsequently measured at amortised cost using the effective interest rate method.
It is remeasured when there is a change in future payments arising from a change in fixed payments
or an index or rate, Company’s estimate of the amount expected to be payable under a residual
value guarantee or its assessment of whether it will exercise a purchase, extension or termination
option. The corresponding adjustment is made to the carrying amount of the right-of-use asset, or is
recorded in profit and loss if the carrying amount of right-of-use asset is reduced to zero.
The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted
for any payments made at or before the commencement date and any incentive received, plus any
initial direct costs and estimate of costs to dismantle, remove or restore the underlying asset (if any)
or to restore the site on which it is located. The right-of-use asset is depreciated on a straight line
method over the lease term as this method most closely reflects the expected pattern of consumption
of future economic benefits. The right-of-use asset is reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The Company does not recognise right-of-use assets and lease liabilities for short term leases that
have a term of 12 months or less, leases of low-value assets and recognises associated payments
in the period in which these are incurred.

2020 2019
-----------Rupees ‘000 -----------
5. PROPERTY, PLANT AND EQUIPMENT
Operating assets - note 5.1 3,616,514 2,728,713
Capital work-in-progress - at cost - note 5.11 91,121 150,726
3,707,635 2,879,439
5.1 Operating assets:

Owned assets
Building on Air -
Leasehold Plant and
leasehold Vehicles - conditioning Total
land - notes machinery Office Furniture
land - notes notes 5.2, systems
5.2, 5.3 & - notes 5.2, equipment and fixtures
5.2, 5.3 & 5.3 & 5.4 - notes 5.2,
5.4 5.3 & 5.4
5.4 5.3 & 5.4
--------------------------------------------------------Rupees ‘000--------------------------------------------------------
Net carrying value basis
Year ended June 30, 2020

Opening net book value 1,340,640 368,234 856,250 50,986 26,071 49,101 37,431 2,728,713
Additions - notes 5.6 and 5.7 14,010 139,716 46,310 28,151 18,324 - 49,972 296,483
Transfers from investment
property - note 5.5 267,861 45,146 13,774 2,683 8,387 - 8,062 345,913
Revaluation - note 5.3 299,665 36,971 119,258 - - 12,620 2,072 470,586
Disposals - - - - - (1,058) - (1,058)
Depreciation charge - (33,896) (128,125) (23,238) (5,891) (16,913) (16,060) (224,123)
Closing net book value 1,922,176 556,171 907,467 58,582 46,891 43,750 81,477 3,616,514
Gross carrying value basis

As at June 30, 2020
Cost or revaluation 1,922,176 556,171 907,467 173,375 74,209 43,750 81,477 3,758,625
Accumulated Depreciation - - - (114,793) (27,318) - - (142,111)

Opening net book value 620,025 231,509 459,614 28,402 14,913 36,175 21,384 1,412,022
Additions 400,000 161,539 268,117 45,380 14,099 16,754 23,311 929,200
Revaluation - notes 5.2 & 5.3 320,615 - 218,371 - - 14,506 - 553,492
Disposal - - - (107) - (2,918) - (3,025)

As at June 30, 2019
Accumulated depreciation - (24,814) - (91,555) (21,427) - (7,264) (145,060)
Net book value 1,340,640 368,234 856,250 50,986 26,071 49,101 37,431 2,728,713
10%, 20% & 10%, 20% & 10%, 20% &

Depreciation rate - 5% & 20% 20% 10% & 20%
33% 33% 33%

5.2 During the year, the Company revalued its operating assets classified under leasehold land, building
on leasehold land, plant and machinery, vehicles and air-conditioning systems which resulted in re-
valuation surplus amounting to Rs. 299.67 million (2019: Rs. 320.62 million), Rs. 36.97 million (2019:
Nil), Rs.119.26 million (2019: Rs. 218.37 million), Rs. 12.62 million (2019: Rs. 14.51 million) and Rs.
2.07 million (2019: nil) respectively.
5.3 The valuation of leasehold land bearing no. 5-B, Block - 7 & 8, Delhi Mercantile Muslim Co-operative
Housing Society Limited, Karachi measuring 505 square yards, leasehold land bearing no. E-58A,
North Western Industrial Zone, Port Qasim Authority, Karachi measuring 1.522 acres and Plot No.
B-168, S.I.T.E Nooriabad, District Jamshoro ,Sindh, measuring 25 acres, was carried out by an
independent valuer M/s. Pee Dee & Associates on June 30, 2020 on the basis of present market
values for similar sized plots in the vicinity for land (level 2). The valuation of leasehold land bearing
No. F-319, situated at S.I.T.E area, Karachi measuring 5.24 acres, building on leasehold land, plant
and machinery, vehicles and air-conditioning systems was also carried out by M/s. Pee Dee &
Associates on June 30, 2020 on the basis of present market values for similar sized plots in the
vicinity for land and replacement values of similar type of buildings, plant and machinery, vehicles
and air-conditioning systems (level 2).
Forced sale value of the revalued assets as at June 30, 2020 are as follows:
2020 2019
-----------Rupees ‘000 -----------
- Leasehold land 1,412,972 974,127

- Building on leasehold land 394,142 258,080
- Plant and machinery 636,871 599,375
- Office Equipment 41,915 35,690
- Furniture and Fixtures 33,481 18,250
- Vehicles 35,000 34,370
- Air-conditioning systems 56,001 25,700
5.4 The previous valuation was carried out by an independent valuer M/s. Pee Dee & Associates Limited
on June 30, 2019.
The different levels have been defined in IFRS 13 as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices) (level 2).
- Inputs for the assets or liabilities that are not based on observable market data (i.e., unobservable
inputs e.g. estimated future cash flows) (level 3).
5.5 During the year, the Company relocated its head office to IBL One Building Centre. The Property
had been recognised as an investment property in these financial statements. Consequently, the
owner occupied portion of investment property with net book value of Rs. 345.91 million (fair value
- Rs. 593.12 million) has been reclassified to property, plant and equipment. The allocation of net
book value was made on the basis of total covered area of the investment property occupied by the
Company.

5.6 This represents mutation charges given on leasehold land amounting to Rs. 5.29 million.
Further, this also includes registration fee of Rs. 6.95 million on leasehold land situated at Nooriabad
in Company’s name, which was acquired in the prior year from wholly owned subsidiary - IBL Identity
(Private) Limited.
5.7 This includes leasehold improvements, plant and machinery, office equipments and furniture and
fixtures purchased from wholly owned subsidiary IBL Identity (Private) Limited amounting to Rs.
74.06 million.
5.8 Had there been no revaluation of leasehold land, building on leasehold land, plant and machinery,
office and equipments, furniture and fixtures, vehicles and air-conditioning systems, cost and written
down value of revalued assets would have been as follows:
Building on Air-
Leasehold Plant and
leasehold conditioning Vehicles Total
land machinery
land systems
---------------------------------------------Rupees ‘000--------------------------------------------
Cost 805,757 616,289 1,186,418 121,928 48,361 2,778,753
Accumulated depreciation - (158,574) (595,010) (44,614) (29,212) (827,410)
NBV as at June 30, 2020 805,757 457,715 591,408 77,314 19,149 1,951,343
NBV as at June 30, 2019 523,886 300,788 625,111 34,124 29,472 1,513,381
5.9 Particulars of immovable property (i.e. land and building) in the name of Company are as follows:
Location Usage Total Area

(acres)
F-319, situated at S.I.T.E area, Karachi Manufacturing 5.24

Facility
E-58-A North Western Industrial Zone, Port Qasim Land 1.52
5.10 Following item of property, plant and equipment having net book value in excess of Rs. 500,000 each
was disposed off during the year:
Description Cost Accumulated Book Sale Mode of Particulars of purchaser

Gain
depreciation value proceeds disposal
-------------------------Rupees ‘000-------------------------
Motor Vehicle 2,023 1,356 667 1,600 933 Advertisement / Mr. Manzoor Ahmed - Village Wahid Buksh Khan,
Bid Bijarani Tehsil, Tanjwani District, Kashmore.
2,023 1,356 667 1,600 933

5.11 Capital work-in-progress - at cost
Balance Transfers Balance Balance Balance

Additions Additions Transfers
as at to as at as at as at
during the during the to operating
July 1, operating June 30, July 1, June 30,
year year assets
2019 assets 2020 2018 2019
----------------------------------------------------(Rupees ‘000)----------------------------------------------------
Civil works 80,100 32,923 (75,878) 37,145 83,133 96,586 (99,619) 80,100
Plant and machinery

- note 5.11.1 63,395 76,646 (103,228) 36,813 181,661 130,225 (248,491) 63,395
143,495 109,569 (179,106) 73,958 264,794 226,811 (348,110) 143,495
Advances to suppliers 7,231 54,465 (44,533) 17,163 37,325 114,970 (145,064) 7,231
150,726 164,034 (223,639) 91,121 302,119 341,781 (493,174) 150,726
5.11.1 It represents plant and machinery that has not been commissioned yet.
2020 2019
-----------Rupees ‘000 -----------
6. RIGHT-OF-USE ASSET
Balancing at the beginning / initial recognition 141,421 -

Depreciation for the year - note 6.1 (19,906) -
Net Book value as at June 30, 2020 121,515 -
6.1 Depreciation expense on right-of-use asset has been charged to cost of sales.
2020 2019
-----------Rupees ‘000 -----------
7. INVESTMENT PROPERTIES - at cost
Operating assets - notes 7.1 & 7.2 2,145,144 2,451,842

Investment property under
work-in-progress - at cost - note 7.4 58,746 6,199
2,203,890 2,458,041

7.1 Operating assets

Owned assets
Building on Total
Leasehold Office Electrical Lifts & Furniture & Air -
Leasehold Generators
Land Equipment Equipment Elevators Fixtures conditioning
Land
----------------------------------------------------------------------Rupees ‘000 ----------------------------------------------------------------------

Opening net book value 1,915,871 326,986 12,927 68,984 22,317 18,056 28,205 58,496 2,451,842
Additions - note 7.3 9,800 18,673 12,025 6,715 - - 38,934 10,049 96,196
Transfers to property plant
and equipment - note 5.5 (267,861) (45,146) (2,683) (9,133) (2,531) (2,110) (8,387) (8,062) (345,913)
Depreciation charge - (19,636) (5,270) (9,342) (3,833) (2,686) (6,365) (9,849) (56,981)
Closing net book value 1,657,810 280,877 16,999 57,224 15,953 13,260 52,387 50,634 2,145,144

As at June 30, 2020
Cost 1,657,810 371,914 34,476 89,804 35,469 24,856 76,213 98,542 2,389,084
Accumulated depreciation - (91,037) (17,477) (32,580) (19,516) (11,596) (23,826) (47,908) (243,940)
Net book value 1,657,810 280,877 16,999 57,224 15,953 13,260 52,387 50,634 2,145,144

Additions - 12,964 2,274 34,048 - 4,131 - 775 54,192

As at June 30, 2019
Cost 1,915,871 413,333 28,021 97,599 41,200 28,872 49,593 104,415 2,678,904
Net book value 1,915,871 326,986 12,927 68,984 22,317 18,056 28,205 58,496 2,451,842
Depreciation rate - 5% 20% 10% 10% 10% 10% 10%
7.2 Leasehold land classified under investment property has been valued under the market value basis
by an independent valuer, M/s. Pee Dee & Associates. Market value of leasehold land and other
assets based on the valuation as of June 30, 2020 was Rs. 3.44 billion (2019: Rs. 3.3 billion) and
Rs. 0.825 billion (2019: Rs. 0.814 billion) respectively. Leasehold land and building on leasehold land
represent Building Centre situated at Main Shahrah-e-Faisal, Block 7 & 8, Tipu Sultan Road, Delhi
Mercantile Co-operative Housing Society having area of 5,291 square yards.
7.3 This includes furnitures and fixtures purchased from IBL Frontier Market (Private) Limited - related
party amounting to Rs. 31.58 million.

7.4 Movement in investment property under work in progress - at cost
2020 2019
-----------Rupees ‘000------------
Balance at the beginning of the year 6,199 4,438

Additions during the year 131,643 47,560
Transfers to operating assets - investment property (79,096) (45,799)
Balance at the end of the year 58,746 6,199
8. INTANGIBLE ASSETS
Operating intangible assets - note 8.1 131,438 164,913
8.1 Operating intangible assets
Product Software
Distribution Brand name
license - licenses - Total
rights and logo
note 8.1.1 note 8.1.2
------------------------------- Rupees ‘000 -------------------------------
Opening net book value - 7,916 78,137 78,860 164,913
Additions - - - 10,558 10,558
Amortisation charge - (5,000) (11,160) (27,873) (44,033)
Closing net book value - 2,916 66,977 61,545 131,438

As at June 30, 2020
Cost 76,275 74,703 111,623 160,882 423,483
Accumulated amortisation (76,275) (71,787) (44,646) (99,337) (292,045)
Net book value - 2,916 66,977 61,545 131,438

Opening net book value - 12,916 89,299 86,853 189,068
Additions - - - 19,131 19,131
Amortisation charge - (5,000) (11,162) (27,124) (43,286)
Closing net book value - 7,916 78,137 78,860 164,913

As at June 30, 2019
Cost 76,275 74,703 111,623 150,324 412,925
Accumulated amortisation (76,275) (66,787) (33,486) (71,464) (248,012)
Net book value - 7,916 78,137 78,860 164,913
Amortisation rate 10% 10% 10% 33.33%

& 20%

8.1.1 This represents license obtained for the production of product “Tramal”.
8.1.2 Software licenses include various licenses and enterprise resources planning software.
9. DEFERRED TAX (LIABILITIES) / ASSETS
Right-of-use Provision Provision for

Accelerated tax Surplus on Decelerated tax
Minimum tax asset and Lease Deferred grant for doubtful doubtful trade Total
depreciation revaluation amortisation
Liability receivables deposits
Rupees ‘000
July 1, 2019 - - (93,240) - - - - - (93,240)

Credit / (charge) to
profit or loss (166,929) 222,819 - 2,944 8,260 (19,834) 39,059 679 86,998
Charge to other
comprehensive income - - (43,901) - - - - - (43,901)
June 30, 2020 (166,929) 222,819 (137,141) 2,944 8,260 (19,834) 39,059 679 (50,143)
July 1, 2018 - - (25,902) - - - - - (25,902)

(Charge) / credit to
profit or loss - - - - - - - - -
Charge to other
comprehensive income - - (67,338) - - - - - (67,338)
June 30, 2019 - - (93,240) - - - - - (93,240)
9.1 Deferred tax liability is restricted to 88.57% (2019: nil) of the total deferred tax liability based on the
assumptions that export sales will continue to fall under Final Tax Regime and historical trend of
export and local sales ratio will continue to be the same in forseeable future.
2020 2019
-----------Rupees ‘000------------
10. LONG-TERM INVESTMENTS - SUBSIDIARIES
Subsidiary companies (at cost) - note 10.1 1,686,186 1,686,186

10.1 Subsidiary companies
2020 2019
Equity Investment Equity Investment
% held at cost % held at cost
(Rupees ‘000) (Rupees ‘000)
Listed security
IBL HealthCare Limited

40,126,241 (June 30, 2019: 40,126,241)
Ordinary shares of Rs. 10 each 74.19% 1,300,911 74.19% 1,300,911
Market price as at June 30, 2020: Rs. 77.45
(June 30, 2019: Rs. 33.50) per share
1,300,911 1,300,911
Unlisted securities
Searle Pharmaceuticals (Private) Limited

40,000 (June 30, 2019: 40,000)
Ordinary shares of Rs. 10 each 100% 400 100% 400
Break up value as at June 30, 2020: nil
(June 30, 2019: Rs. 48.52) per share
Searle Laboratories (Private) Limited

12,500,000 (June 30, 2019: 12,500,000)
Ordinary shares of Rs. 10 each 100% 125,000 100% 125,000
Break up value as at June 30, 2020: Rs. 0.60
(June 30,1 2019: Rs. 0.94) per share
Unlisted securities
Searle Biosciences (Private) Limited

1,000,000 (June 30, 2019: 1,000,000)
(June 30, 2019: Rs. 12.02) per share
IBL Identity (Private) Limited

9,500,000 (June 30, 2019: 9,500,000)
Break up value as at June 30, 2020: Nil
(June 30, 2019: Nil) per share
IBL Future Technologies (Private) Limited

20,000,000 (June 30, 2019: 20,000,000)
Ordinary shares of Rs. 10 each 100% 200,000 - 200,000
(June 30, 2019: Rs. 10) per share
385,275 385,275
1,686,186 1,686,186

10.1.1 Section 236M of the Income tax Ordinance, 2001 (inserted through Finance Act, 2014), specified that
every company, quoted on stock exchange, while issuing bonus shares shall withhold five percent
of the bonus shares to be issued. Bonus shares withheld shall only be issued to a shareholder, if the
Company collects tax equal to five percent of the value of the bonus shares issued including bonus
share withheld, determined on the basis of day-end price on the first day of closure of books. The tax
was to be collected within fifteen days of the first day of closure of books, after which the company
was required to deposit shares withheld to Central Depository Company, in favour of the Federal
Government. This section was later deleted through Finance Act, 2018.
Based on the requirement mentioned above, the Company is exposed to a tax liability of approximately
Rs. 71.8 million (2019: Rs. 71.8 million), on account of bonus shares received from IBL HealthCare
Limited from 2015 to 2018. The Company has filed a petition in respect of tax on bonus shares
in Honourable High Court of Sindh, and expects a favourable outcome, based on a legal advice.
Further, pending decision of the Honorable High Court of Sindh, IBL HealthCare Limited has withheld
1,117,379 shares (2019: 1,117,379 shares) with Central Depository Company of Pakistan Limited.
2020 2019
-----------Rupees ‘000------------
11. LONG-TERM LOANS
Secured - considered good - note 11.1 1,046 1,834

Less: Current portion - shown under
loans and advances (688) (1,564)
358 270
11.1 This represents interest-free loans for automobiles to employees other than executives, as defined in
note 42. These are secured against provident fund balances of respective employees.
2020 2019
12. LONG-TERM DEPOSITS -----------Rupees ‘000------------
Deposit against rent 7,396 7,396
13. INVENTORIES
Raw materials 1,692,248 1,198,476

Packing materials 383,576 330,251
Stores and spares 132,552 79,655
Work-in-process 133,341 96,524
Finished goods 291,170 489,744
2,632,887 2,194,650
13.1 Inventories include inventory in transit amounting to Rs. 518.18 million (2019: Rs. 487.30 million).
13.2 This includes inventory amounting to Rs. 560.80 million (2019: Rs. 625.92 million) held by third
parties.

2020 2019
-----------Rupees ‘000------------
14. TRADE RECEIVABLES
Considered good
- Export receivables, secured - note 14.5 448,334 307,294
- Due from related parties, unsecured - note 14.1 6,706,017 3,839,765
- Others, unsecured 647,477 719,073
7,801,828 4,866,132
Considered doubtful - others 151,915 152,003

Less: Provision for impairment of trade
receivables - note 14.7 (151,915) (152,003)
- -
7,801,828 4,866,132
2020 2019
-----------Rupees ‘000------------
14.1 Due from related parties, unsecured
Subsidiary companies - notes 14.2 & 14.4
- Searle Biosciences (Private) Limited 333,488 233,598
- IBL HealthCare Limited 124,190 2,414
Group companies - notes 14.3 & 14.4
- IBL Operations (Private) Limited 6,127,993 3,470,885
- IBL Logistics (Private) Limited 100,894 95,828
- United Brands Limited 11,485 29,073
- International Franchises (Private) Limited 20 20
- IBL Frontier Markets (Private) Limited 181 181
United Retail (SMC-Private) Limited - notes 14.3 & 14.4 7,766 7,766
6,706,017 3,839,765
14.2 The maximum aggregate amount outstanding at any time during the year from Searle Biosciences
(Private) Limited and IBL HealthCare Limited was Rs. 360.19 million (2019: Rs. 511.37 million) and
Rs. 291.76 million (2018: Rs. 2.41 million) respectively.
14.3 These are stated net of amount payable to IBL Operations (Private) Limited, United Brands Limited
and IBL Logistics (Private) Limited - associated companies amounting to Rs. 111.82 million (2019:
Rs. 284.97 million), Rs. 0.63 million (2019: Rs. 15.36 million) and Rs. 4.03 million (2019: Rs. 1.01
million) respectively.
The maximum aggregate amount of receivable outstanding at any time during the year are as follows
2020 2019
-----------Rupees ‘000------------
IBL Operations (Private) Limited 6,161,816 3,755,855
United Brands Limited 44,428 51,513
IBL Logistics (Private) Limited 107,691 95,828
International Franchises (Private) Limited 20 20
IBL Frontier Markets (Private) Limited 181 181
United Retail (SMC-Private) Limited 7,766 7,766

14.4 As at June 30, 2020, the age analysis of these related party receivables is as follows:
2020 2019
-----------Rupees ‘000------------
Not yet due 2,700,265 2,681,709

Past due but not yet impaired
- 1 to 30 days 1,034,036 764,239
- 30 to 90 days 2,403,472 147,810
- 90 to 180 days 476,381 5,795
- 180 to 365 days 83,516 2,404
- older than 365 days 8,347 237,808
6,706,017 3,839,765
14.5 Breakup of export receivables are as follows:
Confirmed
Country Export Sales Receivables Letter of Others
Credit
Afghanistan 1,102,266 25,762 - 25,762

Cambodia 300,608 64,871 64,871 -
Kenya 19,666 4,142 4,142 -
Laos 17,123 5,476 2,464 3,012
Maldives 2,078 - - -
Myanmar 266,449 103,604 103,604 -
Oman 39,517 - - -
Phillipines 16,153 2,074 2,074 -
Srilanka 363,895 158,873 158,873 -
Uganda 13,663 - - -
Vietnam 157,747 83,532 83,532 -
2,299,165 448,334 419,560 28,774
14.6 The Competition Commission of Pakistan (CCP) through its order dated September 13, 2007
instructed the Company to reduce terms of trade credit with IBL Operations (Private) Limited,
an associated concern, re-negotiate the offered rate of commission and conduct audit of the
transactions. The Company filed a counter case in Honorable High Court of Sindh to revert the order.
The Company, based on the opinion of its legal advisor, believes that it has a strong case and the
matter would be decided in favour of the Company.
2020 2019
-----------Rupees ‘000------------
14.7 Balance at beginning of the year 152,003 154,573

Charge / (reversal) during the year - net (88) (1,915)
Written off against provision - (655)
Balance at end of the year 151,915 152,003

2020 2019
15. LOANS AND ADVANCES – considered good -----------Rupees ‘000------------
Advances to:
- employees for business operations - notes 15.1 & 15.2 86,199 101,168
- employees against salary - notes 15.1 & 15.2 9,288 9,536
- suppliers 416,465 281,064
- against imports - note 15.3 55,351 101,898
- related party - note 15.4 972,181 975,581
1,539,484 1,469,247
Short-term loan to subsidiary - note 15.5 3,171,880 3,046,130
Current portion of long-term loans to employees - note 11 688 1,564
4,712,052 4,516,941
15.1 These advances for business operations are adjusted against submission of actual expenses.
Advances against salary are repayable on monthly basis. The maximum aggregate amount of these
advances outstanding at any time during the year was Rs. 135.52 million (2019: Rs. 124.54 million).
15.2 Advances given to employees in excess of Rs. 1 million are as follows:
Employee Amount
Rupees ‘000
Rodney Sham Kumara 7,866

Sameed Sohail 1,100
Sajjad Butt 2,681
15.3 This represents amount kept with scheduled banks in accordance with the requirement of Circular
No. 02 of 2017 of Banking Policy & Regulations Department issued by the State Bank of Pakistan,
requiring 100% cash margin on the import of specified items.
15.4 This represents advance to Searle Biosciences (Private) Limited - wholly owned subsidiary amounting
to Rs. 972.18 million (2019: Rs. 975.6 million). These advances are provided for the purpose of
financial assistance and are settled in the ordinary course of business.
The maximum aggregate amounts outstanding at any time during the year was Rs. 975.58 million
(2019: Rs. 975.58 million).
15.5 This represents interest-free loan provided to IBL Identity (Private) Limited - wholly owned subsidiary.
The maximum aggregate amount outstanding at any time during the year was Rs. 3.18 billion (2019
: Rs. 3.45 billion).
2020 2019
16. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS -----------Rupees ‘000------------
Deposits
Trade deposits 79,180 72,688
Less: Provision for doubtful deposits (2,640) (2,640)
76,540 70,048
Prepayments 18,747 11,834

95,287 81,882
2020 2019
17. OTHER RECEIVABLES -----------Rupees ‘000------------
Receivables from related parties
Due from subsidiary companies:

- IBL Healthcare Limited against:
Expenses - note 17.1 816 24,777
Royalty - note 32 12,456 -
- Searle Biosciences (Private) Limited against:
Expenses - note 17.1 - 85,682
Dividend income - note 17.5 50,000 313,696
- IBL Future Technologies (Private) Limited against:
Financial assistance - note 17.1 1,949 1,949
- Nextar Pharma (Private) Limited against expenses - 5,414
- Searle Pharmaceuticals (Private) Limited against:
Dividend income - note 17.1 - 1,982,566
65,221 2,414,084
Due from group companies note - 17.2
- IBL Operations (Private) Limited against
Markup on overdue balance - 26,642
Rental Income 14,738 1,125
- International Brands Limited against:
Expenses - 7,472
Rental income 20,795 25,538
Group relief - note 17.3 54,894 -
- International Franchises (Private) Limited against:
Expenses 13,749 -
- IBL Unisys (Private) Limited against:
Rental income 1,033 -
- IBL Logistics (Private) Limited against:
Rental income 697 -
- United Distributors Pakistan Limited against:
Rental income 574 -
110,587 61,870
Due from other related parties note - 17.2
- United Retail (SMC-Private) Limited against:
- OBS Pakistan (Private) Limited against:
Management fee - note 35.1 252,000 -
Rental Income 895 -
- The IBL Company (Private) Limited against:
Expenses 2,440 -
- Lunar Pharma (Private) Limited against:
Expenses 2,882 -
Surplus arising under retirement
benefit fund - note 17.4 5,250 5,250
Receivables from other than related parties

Others, considered good - note 17.6 350,186 386,879
1,063,601 3,077,649

17.1 These are settled in the ordinary course of business without any defined payment terms. The
maximum aggregate amount outstanding at any time during the year are as follows:
2020 2019
-----------Rupees ‘000------------
IBL Healthcare Limited 70,007 41,346

Searle Biosciences (Private) Limited 767,164 399,378
IBL Future Technologies (Private) Limited 1,949 1,949
Searle Pharmaceuticals (Private) Limited 1,982,566 2,768,951
Nextar Pharma (Private) Limited - 5,414
17.2 The maximum aggregate amount outstanding at any time during the year from group companies and
other related parties are as follows:
2020 2019
--------Rupees ‘000--------
IBL Operations (Private) Limited 33,392 27,767

International Brands Limited 75,690 33,010
The IBL Company (Private) Limited 2,440 -
International Franchises (Private) Limited 17,856 1,093
IBL Unisys (Private) Limited 1,033 -
IBL Logistics (Private) Limited 697 -
United Distributors Pakistan Limited 574 -
OBS Pakistan (Private) Limited 252,895 -
Lunar Pharma (Private) Limited 2,882 -
661,599 271,434
17.2.1 The age analysis of these related parties is as follows:
2020 2019
-----------Rupees ‘000------------
Not yet due 103,003 75,906

- 1 to 30 days 26,097 5,706
- 30 to 90 days 30,195 5,706
- 90 to 180 days 94,223 16,988
- 180 to 365 days 178,737 36,720
- older than 365 days 210,689 130,408
642,944 271,434
17.3 This represents excess amount paid in relation to group relief availed by the Company during the year
(refer note 19). The amount was paid by the Company on the basis of estimation for the purpose of
discharging liability of advance tax under section 147 of the Income Tax Ordinance, 2001.
17.4 This represents surplus on funded gratuity scheme discontinued by the Company with effect from
December 31, 2012.

17.5 This represents interim dividend declared by the Board of Directors of Searle Biosciences (Private)
Limited in their meeting held on June 30, 2020.
17.6 This includes Rs. 279.12 million claimed by the Company from Zhejiang Huahai Pharmaceuticals,
China (ZHP) relating to its product “Extor” that contains material supplied by ZHP. On July 12, 2018,
the Drug Regulatory Authority of Pakistan in response to a review triggered by the European Medicine
Agency (EMA) issued drug re-call for “Valsartan” containing products due to the presence of cancer
causing impurities. Accordingly, the Company recalled finished product “Extor” amounting to Rs.
221.95 million from the local market and Rs. 97 million from the international market. The impact of
the product recall has been set off by the claim raised by the Company against ZHP.
Further, the Company lodged claim of Rs. 881.05 million from ZHP in respect of the overall business
loss.
During the year, the Company has entered into an agreement with ZHP for settlement of the above
claims. As per the agreement, these claims will be settled against future purchases of raw material by
the Company from ZHP. These claims will be accounted for when the credit notes for the discounted
purchase price are received. Claims amounting to Rs. 39.83 million were settled during the year.
18. SHORT-TERM INVESTEMENT - AT AMORTISED COST
This represents unsecured perpetual term finance certificates which carry markup at the rate of 3
months KIBOR + 1.6% per annum.
19. TAXATION - PAYMENTS LESS PROVISION
During the year, the Company has availed group relief under section 59B of the Income Tax Ordinance,
2001 (the Ordinance). As allowed under the Ordinance, the Company has claimed taxable losses
amounting to Rs. 601.86 million surrendered by its Holding Company - International Brands Limited
and subsidiary of Holding Company - United Brands Limited. The tax impact of the above losses
amounts to Rs. 98.14 million.
2020 2019
20. CASH AND BANK BALANCES -----------Rupees ‘000------------
Cash in hand 5,510 2,737
Cheques in hand 197,976 -

Balance with banks in:
- savings accounts - note 20.1 11 11
- current accounts 96,127 201,799
299,624 204,547
20.1 These balances carry mark-up at at the rate of 5.75 % (2019: 1.08 %) per annum.

21. SHARE CAPITAL
Authorised share capital
2020 2019 2020 2019

------(Number of shares)------ -----------Rupees ‘000------------
300,000,000 300,000,000 Ordinary shares of Rs. 10 each 3,000,000 3,000,000
Issued, subscribed and paid up capital
2020 2019 2020 2019

------(Number of shares)------ -----------Rupees ‘000------------
12,553,074 12,553,074 Shares allotted for consideration 125,531 125,531

paid in cash
24,000 24,000 Shares allotted for consideration 240 240

other than cash
199,848,171 199,848,171 Shares allotted as bonus shares 1,998,482 1,998,482
212,425,245 212,425,245 2,124,253 2,124,253
22. EMPLOYEE BENEFIT OBLIGATIONS
Staff retirement gratuity - unfunded - note 22.1 54,994 55,820
22.1 Gratuity scheme - unfunded
22.1.1 General description
As stated in note 3.3.1, the Company operates unfunded gratuity scheme for eligible employees.
The scheme defines an amount of gratuity benefit that an employee will receive on retirement subject
to minimum service under the scheme. The latest actuarial valuation was carried out as at June 30,
2020 using the Project Unit Credit method.
2020 2019
-----------Rupees ‘000------------
22.1.2 Statement of financial position reconciliation
Present value of defined benefit obligation 54,994 55,820
22.1.3 Movement in the present value of defined benefit obligation
Obligation as at July 1 55,820 50,630

Current service cost 2,396 2,165
Interest cost 6,262 3,967
Benefits paid (7,269) (2,071)
Remeasurements on obligation (2,215) 1,129
Obligation as at June 30 54,994 55,820

2020 2019
-----------Rupees ‘000------------
22.1.4 Expense recognised in unconsolidated statement of
profit or loss and other comprehensive income
Current service cost (2,396) (2,165)

Interest cost (6,262) (3,967)
(8,658) (6,132)
22.1.5 Remeasurement recognised in other comprehensive

income
Experience gain or (losses) 2,215 (1,129)
22.1.6 Net recognised liability

Balance as at July 1 55,820 50,630
Expense for the year 8,658 6,132
Remeasurement loss recognised in other comprehensive income (2,215) 1,129
Balance as at June 30 54,994 55,820
2020 2019
22.1.7 Actuarial assumptions
Discount rate used for year end obligation 8.50% 12.00%

Expected rate of increase in salaries 8.50% 12.00%
Retirement age (years) 60 years 60 years
Mortality was assumed to be SLIC (2001-05) for males and females, as the case may be, but rated
down by one year.
22.1.8 The sensitivity of the defined benefit obligation to changes in the weighted average principal
assumption is:
Impact on defined benefit obligation

Change in Increase in Decrease in
assumption assumption assumption
Discount rate at 30 June 1% (3,464) 5,646

Future salary increases 1% 6,156 (3,964)
22.1.9 If longevity increases by 1 year, the resultant increase in obligation is insignificant.
22.1.10 The above sensitivity analysis are based on a change in an assumption while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions, the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied as and
when calculating the gratuity liability recognised within the unconsolidated statement of financial
position.
22.1.11 As per actuarial advice, the Company is expected to recognise a service cost of Rs. 6.91 million in
2021.

22.1.12 The weighted average service duration of employees is 8 years.
23. LONG-TERM BORROWINGS 2020 2019

-----------Rupees ‘000------------
Salary refinancing 535,500 -

Less:
Deferred grant - note 24 (85,712) -
Current portion of salary refinancing (133,875) -
Unwinding of discount - note 36 87 -
316,000 -
23.1 This represents salary financing obtained under SBP payroll refinance facility as a part of measures
for countering economic hardships faced by the businesses during COVID-19 pandemic. The
Company will pay a quarterly mark up at a discounted rate of 3% per annum, with eight equal
quarterly instalments starting from January 2021. The loan is secured by way of equitable mortgage
on land and building of the Company.
23.1.1 The facility is a sublimit of running musharikah obtained from Dubai Islamic Bank.
2020 2019
-----------Rupees ‘000------------
24. DEFERRED INCOME - GOVERNMENT GRANT
Deferred grant 85,712 -

Government grant recognised in income - note 35 (8,571) -
77,141 -
24.1 This represents the value of benefit of below-market interest rate which has been accounted for as
government grant under IAS 20 - Government grants.
2020 2019
-----------Rupees ‘000------------
25. LEASE LIABILITY
Lease liabilities under IFRS 16 132,965 -
Non Current portion 121,545 -
Current portion 11,420 -
25.1 Maturity analysis of lease liabilities
Upto 1 year 11,420 -

1 - 5 years 63,952 -
More than 5 years 57,593 -
132,965 -

25.2 Finance cost on lease liabilities for the year ended June 30, 2020 was Rs. 20.41 million. Total cash
outflow for leases was Rs. 28.87 million.
2020 2019
-----------Rupees ‘000------------
26. TRADE AND OTHER PAYABLES
Creditors - notes 26.1 & 26.2 399,804 2,531,434

Bills payable in foreign currency 481,130 708,946
Royalty payable - notes 26.3 and 32.3 21,935 23,966
Accrued liabilities 1,154,741 801,222
Payable to provident fund - note 26.4 10,946 8,619
Advance from customers - unsecured 14,029 22,415
Payable under group relief - note 26.5 1,618 -
Accrued mark-up - note 26.6 208,096 109,473
Taxes deducted at source and payable to
statutory authorities 61,678 96,147
Workers’ Profits Participation Fund - note 26.7 178,920 149,417
Workers’ Welfare Fund 72,560 16,342
Other liabilities - note 26.9 114,355 61,499
2,719,812 4,529,480
26.1 This includes amount payable to Searle Pharmaceuticals (Private) Limited - wholly owned subsidiary
amounting to Rs. 4.29 million (2019: Rs. 2,192.65 million) on account of toll manufacturing services.
This also includes payable to Searle Laboratories (Private) Limited - wholly owned subsidiary
amounting to Rs. 6.80 million (2019: Rs. 9.13 million).
26.2 The creditors also include payable to other related parties which are as follows:
2020 2019
-----------Rupees ‘000------------
IBL Unisys (Private) Limited - 2,471

MyCart Pakistan (Private) Limited - 1,325
International Brands Limited - Holding Company 89,577 44,124
89,577 47,920
26.3 This includes royalty payable to Marisant Company on behalf of IBL Healthcare Limited as per
agreement.
26.4 The investment in listed equity securities out of the provident fund is in excess of the limit prescribed
under the provisions of section 218 of the Companies Act, 2017 and the conditions specified
thereunder. However, the fund is in the process of ensuring compliance with the prescribed limits.
26.5 This represents payable to subsidiary of Holding Company - United Brands Limited (UB) against
claim of tax losses as allowed under section 59B of the Ordinance, 2001. The Company has claimed
tax loss amounting to Rs. 54.97 million surrendered by UB, the tax impact of which amounts to
Rs. 15.94 million - refer note 19.

2020 2019
-----------Rupees ‘000------------
26.6 Accrued mark-up
Accrued mark-up on:

- long-term borrowing 2,678 -
- short-term borrowing note - 26.6.1 205,418 109,473
208,096 109,473
26.6.1 This includes markup on loan obtained from employees provident fund - note 27 amounting to
Rs 9.19 million (2019: nil).
2020 2019
26.7 Workers’ Profit Participation Fund -----------Rupees ‘000------------
Balance at beginning of the year 149,417 174,379

Charge for the year - note 34 178,470 148,967
327,887 323,346
Interest on funds utilised in Company’s business - note 36 15,357 13,883

Payments made during the year (164,324) (187,812)
26.8 This includes payable to associated company - United Distributors Pakistan Limited amounting to
Rs. 0.25 million (2019: Rs. 0.167 million).
26.9 This includes payable to wholly owned subsidiary - IBL Identity (Private) Limited amounting to
Rs. 74.06 million and Rs. 3.99 million on account of purchase of property, plant and equipment and
promotional expenses incurred on behalf of Company, respectively.
2020 2019
27. SHORT-TERM BORROWINGS - secured -----------Rupees ‘000------------
Secured borrowings
Running finance under mark-up arrangements
- notes 27.1, 27.2 & 27.3 4,461,771 3,544,776
Current portion of long-term borrowings 133,875 -
Export refinance - 210,000
4,595,646 3,754,776
Unsecured borrowings
IBL Future Technologies (Private) Limited - note 27.4 200,000 200,000
Employees provident fund - note 27.5 161,000 -
Employees provident fund - OBS Pakistan
(Private) Limited - related party - note 27.6 18,000 -
4,974,646 3,954,776

27.1 The Company has entered into running finance under mark-up arrangements from various banks
amounting to Rs. 4,925 million (2019: Rs. 4,175 million) which include financing facilities obtained
under Islamic mode amounting to Rs. 4,075 million (2019: Rs. 3,525 million). The arrangements are
secured jointly by registered mortgage of Rs. 1,126.94 million (2019: Rs. 589.44 million) of immovable
property together with joint pari passu charge on all current assets of the Company to the extent of
Rs. 6,889.23 million (2019: Rs. 4,071 million) in favour of Standard Chartered Bank (Pakistan) Limited
(the lead bank).
27.2 The amount utilised under the Islamic mode of financing amounted to Rs. 3,977.03 million
(2019: Rs. 3,525 million).
27.3 The rates of mark-up ranged between 2.75% to 15.60% (2019: 2.75% to 12.7%) per annum.
27.4 This represents interest free loan which is repayable on demand.
27.5 Other than investment made from provident fund as stated in - note 26.4 the loan made to the
Company carrying markup at the rate of 15% per annum, is not in accordance with the section 218
of the Companies Act, 2017.
27.6 This represents loan obtained from employees provident fund of OBS Pakistan (Private) Limited -
related party, carrying markup at the rate of 15% per annum.
28. UNPAID DIVIDEND
This consists of unpaid dividend on account of: Amount

Rupees ‘000
- Bonus shares witheld - note 28.1 110,676

- Unavailability of bank details 30,190
- Others 236
141,102
28.1 This includes dividend on bonus shares witheld pertaining to 125 shareholders on which stay from
the Honorable High Court of Sindh has been obtained - refer note 10.1.1.
29. CONTINGENCIES AND COMMITMENTS
29.1 Contingencies
Name of the Description of the factual basis of the Principal parties Date
court, proceeding and relief sought instituted
agency or
authority
29.1.1 High Court During the year ended June 30, 2014, Sindh The Company and 2014
of Sindh Revenue Board (SRB) had imposed sales tax on toll The Federation of
manufacturing at the rate of 16% of sales value. The Pakistan
cumulative such sales tax amounts to Rs. 310.68
million. The matter has been contested in the High
Court of Sindh.

agency or
authority
29.1.2 High Court Section 5A of Income Tax Ordinance, 2001 inserted The Company and 2015
of Sindh through Section 5(3) of the Finance Act, 2015 The Federation of
requires the Company to charge income tax @ Pakistan
10% on the reserves of the Company where they
exceed an amount equivalent to the paid up capital.
The Company has filed a suit for declaration and
permanent injunction before the Court challenging
the vires of the above said section.
The Court passed an interim orders restraining the

defendants from taking any coercive action as prayed.
The case is at the stage of hearing of applications.
The charge for the tax year 2016 amounts to Rs.
283.08 million.
29.1.3 High Court The Company has challenged the levy of Sindh Sales The Company and 2016
of Sindh Tax on services of renting of immovable property Province of Sindh
which has been categorised as renting services by
the SRB.
The Company has challenged the levy on

constitutional grounds taking the stance that renting
of immovable property is not a “service” and therefore
does not fall within the competence of SRB to tax
through the Sindh Sales Tax on Services Act, 2011.
Further, the Company has also taken the stance

that the collection mechanism is ultra vires to the
Act and therefore no coercive measures can be
adopted against the Company for the collection of
the impugned levy.
The High Court of Sindh, on the basis of the

representations made, has been pleased to grant
an ad interim order to the Company restraining the
defendants from taking any coercive action against
the Company. The matter is presently pending on
hearing of the case. The cumulative amount of such
sales tax is Rs. 42.9 million.
29.1.4 High Court A suit was filed to challenge the imposition of Sales The Company and 2014
of Sindh Tax under Sales Tax Act, 1990 with respect to raw The Federation of
material being used for manufacturing pharmaceutical Pakistan
products inspite of such raw material being exempt in
view of Entry No. 105 of the Sixth schedule of the Act.

agency or
authority
The Court issued interim orders restraining the

defendants from collecting sales tax on raw material
imported by the Company. It has been further
asserted that the term “manufacture”, as stated in
Sub-section 16 of Section 2 of the Sales Tax Act,
1990, adequately covers the present activity and
exempts the Company from payment of Sales Tax on
the Packaging utilised in the manufacture of drugs/
pharmaceuticals. The case is at the stage of hearing
of applications. The cumulative impact of this levy
amounts to Rs. 31.6 million.
29.1.5 High Court of The Company has filed a petition against tax on The Company and 2015
Sindh bonus shares in the High Court of Sindh and expects The Federation of
a favourable outcome. For further detail, refer note Pakistan
10.1.1 of these unconsolidated financial statements.
29.1.6 High Court of Exemption provided to the companies falling under The Company and 2017 to
Sindh Group Relief (section 59B of Income Tax Ordinance, The Federation of 2020
2001), from tax on intercorporate dividend as Pakistan
mentioned under Clause 103A of Part I of the Second
Schedule of the Income Tax Ordinance, 2001, is not
applicable now on account of deletion of Section 59B
from the said clause, through the Finance Act, 2016.
The Company has filed petition against withholding tax

on dividend received from the subsidiary companies
in the High Court of Sindh and has obtained a stay
order against the same. The total cumulative amount
of withholding tax is Rs. 1,136.21 million.
29.1.7 The Company is in the process of filing an appeal in Supreme Court of Pakistan against imposition
of super tax for tax years 2015 to 2019 and expects a favourable outcome. For further detail, refer
note 37.1 of these unconsolidated financial statements.
29.1.8 The management, based on legal advice, is confident that the ultimate decisions in the above cases
(notes 29.1.1 to 29.1.7) will be in favour of the Company, hence no provision has been made in
respect of the aforementioned litigations.

29.2 Commitments
The facility for opening letters of credit and guarantees as at June 30, 2020 amounted to Rs. 2,105
million (2019: Rs. 2,180 million) of which the amount remaining unutilised as at year end amounted
to Rs. 1,494 million (2019: Rs. 387 million).
2020 2019
-----------Rupees ‘000------------
30. REVENUE FROM CONTRACTS WITH CUSTOMERS
Gross sales
Local sale of goods - note 30.1 15,526,476 13,918,451
Export sales 2,299,165 1,831,388
17,825,641 15,749,839
Toll manufacturing 285,000 288,635

18,110,641 16,038,474
Sales tax (61,393) (100,189)

18,049,248 15,938,285
Less:
Discounts, rebates and allowances 852,362 1,002,681
Sales returns 629,667 398,406
1,482,029 1,401,087
16,567,219 14,537,198
30.1 Consequent to Order 4480/2018 dated August 3, 2018 issued by the Honourable Supreme Court
of Pakistan, the Drug Regulatory Authority of Pakistan (DRAP) fixed maximum retail price of drugs
vide notification S.R.O 1610/2018 dated December 31, 2018. Further, DRAP vide Notification S.R.O
34(1)/2019 dated January 10, 2019 increased the maximum retail prices of drugs by nine percent
over and above the maximum retail prices as determined under hardship category during the year
2018 and fifteen percent over and above existing maximum retail prices determined under Drug
Pricing Policy, 2018 for drugs other than those specified under hardship category.
The Honorable High Court of Sindh vide Order dated January 22, 2019 has disposed off all the legal
cases of the Company against DRAP. As mandated under the orders dated August 3, 2018 and
November 14, 2018 passed by the Honourable Supreme Court of Pakistan in Human Rights Case
No. 2858 of 2006, the Company may file an appeal before the Appellate Board of DRAP as provided
under Section 9 of the Drugs Act, 1976, if the Company is dissatisfied by the prices fixed by DRAP.
Consequent to the above, the Company challenged the prices for four of its products namely,
Peditral, Gravinite, Metodine and Hydrylline set by DRAP in its Appellate Board and the Appellate
Board under its orders dated 18 June, 20 June and 25 June 2019 rejected the said application of
the Company. The Company has challenged the said orders in the Honourable High Court of Sindh
and an interim order has been passed restricting DRAP from taking any coercive action against the
Company. Exposure of the Company due to abovementioned litigation amounts to Rs. 1.27 billion
(2019: Rs. 490.56 million).

2020 2019
-----------Rupees ‘000------------
31. COST OF SALES
Raw and packing material consumed 5,565,668 4,020,639

Processing charges - note 31.1 485,052 3,380,620
Salaries, wages and benefits 714,697 456,993
Provision for staff gratuity (unfunded) 4,779 3,532
Provident fund contribution 16,489 14,683
Inventory written off - note 31.2 29,263 21,288
Carriage and duties 49,850 9,060
Fuel, water and power 207,792 138,118
Rent, rate and taxes 85,418 79,215
Canteen expenses 33,711 28,612
Stationery and supplies 53,032 27,944
Travelling 37,173 13,501
Repairs and maintenance 198,588 135,846
Security expenses 11,062 10,673
Vehicle expenses 8,286 8,615
Insurance 5,925 10,195
Legal and professional charges 19,808 9,944
Depreciation 191,872 126,455
Medical expenses 8,087 7,876
Research cost 76,990 75,605
Others 11,578 12,880
7,815,120 8,592,294
Add: Opening work-in-process 96,524 101,792

Less: Closing work-in-process (133,341) (96,524)
Cost of goods manufactured 7,778,303 8,597,562
Add: Opening inventory of finished goods 489,744 720,050

Add: Finished goods purchased 425,360 865,299
Less: Closing inventory of finished goods (291,170) (489,744)
8,402,237 9,693,167
Less: Cost of samples (107,050) (76,305)
Cost of sales 8,295,187 9,616,862

8,632,118
31.1 During the year, the Company discontinued toll manufacturing services obtained from its wholly
owned subsidiary Searle Pharmaceuticals (Private) Limited.
31.2 This amount represents expired inventory written off.

2020 2019
-----------Rupees ‘000------------
32. DISTRIBUTION COSTS
Salaries, wages and benefits 1,237,951 963,599

Advertising and promotion - note 32.1 620,503 758,694
Travelling and related 447,124 491,859
Bonus to salesmen 263,272 241,548
Samples 254,158 336,373
Stationery and printed materials 84,091 86,648
Vehicle running 68,460 61,461
Personal training and selection 94,330 108,015
Legal and professional 53,428 42,352
Services charges - note 32.2 97,696 42,466
Fees and subscription 51,099 32,617
Communication 23,964 21,504
Royalty - notes 32.3 & 32.4 1,587 43,448
Insurance 12,502 12,324
Replacement products 18,379 36,536
Security expenses 1,191 825
Others 2,540 5,750
3,762,599 3,698,801
32.1 This includes personal protective equipments purchased from IBL Frontier Market (Private) Limited -
related party, amounting to Rs. 11.93 million, which were distributed to healthcare professionals as a
part of CSR activity (refer - note 2.2).
32.2 These service charges mainly comprise of payments made to distributors for sale to institutions.
32.3 The Royalty pertains to M/s Sanofi Winthrop Industrie which is situated in France respectively. The
Company only has a relation of licensor and licensee with the entity.
32.4 The Royalty is also stated net of receivable and payable amounting to Rs. 18.28 million from subsidiary
- IBL Healthcare Limited.

2020 2019
-----------Rupees ‘000------------
33. ADMINISTRATIVE EXPENSES

Corporate services charged by Holding Company 240,000 216,000
Donation - notes 33.1, 33.2 & 33.3 144,442 104,158
Reversal of Impairment provision on trade receivables (88) (1,915)
Amortisation 44,033 43,286
Fuel, water and power - note 33.4 1,846 28,783
Insurance 37,198 20,466
Auditors’ remuneration - note 33.5 13,910 12,557
Personal training and selection 675 1,168
Others 9,228 7,736
1,081,900 909,364
33.1 Donations to a single party exceeding 10% of total donations i.e. Rs. 14.44 million are as follows:
2020 2019
-----------Rupees ‘000------------
Arts Council of Pakistan 21,625 23,200

Sabaq Learning Foundation - related party 15,000 -
33.2 During the year, the Company also donated Rs. 32.82 million to its other related parties:
2020 2019
-----------Rupees ‘000------------
The Citizen Foundation - 20,300

Indus Hospital 10,000 -
AKAR Hospital 8,374 17,167
Hunar Foundation 11,500 -
29,874 37,467

33.3 Following directors’ interest in the above related parties is limited to the extent of their involvement
as directors:
Name of Related Party Association
- The Citizen Foundation Mr. Adnan Asdar Ali and Mr. Rashid Abdulla - Directors
- Indus Hospital Mr. Adnan Asdar Ali - member of General Body
- Hunar Foundation Mr. Adnan Asdar Ali - Director
- Sabaq Learning Foundation Mr. Adnan Asdar Ali - Trustee
Moreover, the AKAR Hospital is being managed by the management of the Company.
33.3.1 The Directors or their spouse has no interest in any other donee entity.
33.4 This amount is stated net of fixed charges recovered from tenants in respect of provision of amenities.
2020 2019
33.5 Auditors’ remuneration -----------Rupees ‘000------------
Audit fee (including consolidation) 3,600 3,300

Fee for review of interim financial information
and Statement of Compliance with
Code of Corporate Governance 900 850
Taxation services 7,600 7,200
Other certifications, attestations and other services 1,420 850
Out-of-pocket expenses 390 357
13,910 12,557
34. OTHER OPERATING EXPENSES
Workers’ Profits Participation Fund - note 26.7 178,470 148,967

Central Research Fund 27,153 1,901
261,841 153,869

2020 2019
35. OTHER INCOME -----------Rupees ‘000------------
Income from financial assets - related parties

Dividend income - subsidiary companies
IBL HealthCare Limited 39,009 39,009
Searle Pharmaceuticals (Private) Limited - 2,590,906
Searle Biosciences (Private) Limited 332,000 313,696
Income from financial assets - others

Interest Income from Term Finance Certificates 14,543 -
385,552 2,943,611
Income from non-financial assets
Facility management fee - note 35.1 252,000 -
Rental income from investment property - note 35.2 91,144 132,811
Government grant - note 24.1 8,571 -
Exchange gain 19,664 -
Other rental income - note 35.3 3,492 3,837
Gain on disposal of property, plant and equipment 1,392 7,625
Scrap sales 18,370 10,498
394,633 154,771
Others 92 1,532
780,277 3,099,914
35.1 This pertains to fee charged from OBS Pakistan (Private) Limited - related party in respect of finance,
administration, human resources and other services provided by the Company, in accordance with
agreement.
2020 2019
35.2 This includes rental income from related parties, which are -----------Rupees ‘000------------
as follows:
- United Retail (SMC- Private) Limited 32,055 87,550

- International Brands Limited 13,048 10,680
- International Franchises (Private) Limited 12,651 11,840
- IBL Operations (Private) Limited 13,612 -
- IBL Logistics (Private) Limited 697 -
- IBL Healthcare Limited 1,204 -
- IBL Unisys (Private) Limited 695 -
- United Distributors Pakistan Limited 408 -
- OBS Pakistan (Private) Limited 2,814 -
77,184 110,070
35.3 This represents income from International Franchises (Private) Limited - related party for use of
operating assets of the Company.

2020 2019
-----------Rupees ‘000------------
36. FINANCE COST
Bank charges 23,933 27,342

Interest on Workers’ Profits Participation Fund - note 26.7 15,357 13,883
Interest on: -
Employees provident fund 9,196 -
(Private) Limited - related party 1,036 -
Exchange loss - 74,089
Mark-up on:
- Long-term Borrowing
Others - 12,814
Salary refinancing 2,678 -
- Short-term borrowing - note 36.1 568,792 299,908
Unwinding of discount on long-term borrowing 87 -
Interest on lease liabilities 20,412 -
641,491 428,036
36.1 The amount of mark-up paid under Islamic mode of financing amounted to Rs. 497.09 million (2019:
Rs. 287.65 million).
2020 2019
-----------Rupees ‘000------------
37. INCOME TAX EXPENSE
Current tax
For the year 854,474 188,234
Prior year charge - note 37.1 81,925 -
Deferred tax - note 9 (86,998) -
849,401 188,234
37.1 Subsequent to the year end, the petition filed by the Company against the imposition of super tax
for rehabilitation of temporarily displaced persons under section 4B of the Income Tax Ordinance,
2001 for the tax years 2015 to 2019, in the High Court of Sindh was rejected vide order dated July
21, 2020. Consequently, Company received various notices from tax authorities for recoverability of
super tax for the tax years 2015 to 2019 amounting to Rs. 485.19 million.
However, the Company has not made provision of full amount on the basis of the following contention:
- Applicability of super tax on Final Tax Regime (FTR) income.

- Taxability of dividend income in light of stay obtained from High Court of Sindh refer - note
29.1.6.
- Erroneous additions in the notices received.
Further, the Company in consultation with its legal and tax advisors is in the process of filing an appeal
against the above decision of Honorable High Court of Sindh, in the Supreme Court of Pakistan. The
Company expects a favourable outcome based on a legal advice.

2020 2019
-----------Rupees ‘000------------
37.2 Relationship between tax expense and accounting profit
Tax at applicable rate of 29% (2019: 29%) 958,299 820,752

Effect of:
- final tax regime (175,541) (782,946)
- minimum tax 96,770 163,820
- tax credit (25,054) (13,392)
- super tax - note 37.1 81,925 -
- deferred tax income (86,998) -
849,401 188,234
37.3 Current status of tax assessments
Tax Years 2009 to 2017
Deemed order under Section 120 of the Income tax Ordinance, 2001 for the above tax years were
amended, where certain expenses / benefits were disallowed which mainly includes disallowance
due to non-deduction of tax on Distributors margin, eligibility of claim made for Group Relief, finance
cost on long-term loan as not being related to business income, receipts on termination of contract,
advertisement expenses, salesman bonuses, discount given to group company, deemed interest
income on interest-free loan given to group company and other expenses meeting the criteria of
Section 21(c) of the Income Tax Ordinance, 2001 with reference to deduction of tax.
Appeals against the above orders are pending before Appellate Tribunal Inland Revenue (ATIR) except
for tax years 2008 which is decided and the tax year 2014 which is pending before Commissioner
Appeals.
Out of the above, majority of the issues have been decided in favour of the Company either by
Commissioner Appeals or by ATIR in its decision for tax year 2008. Considering this position and
in consultation with its tax advisors, the management is of the view that above issues will also be
decided in favour of the Company. The impact of the above mentioned orders pending resolution
amounts to approximately Rs. 1.09 billion.
2020 2019
-----------Rupees ‘000------------
38. BASIC AND DILUTED EARNINGS PER SHARE
Profit for the year 2,455,077 2,641,946
Weighted average number of outstanding shares at the end

of year (in thousands) 212,425 212,425
Basic and diluted earnings per share (Rupees) 11.56 12.44
38.1 Diluted earnings per share has not been presented as the Company did not have any convertible
instruments in issue as at June 30, 2020 and 2019 which would have any effect on the earnings per
share if the option to convert is exercised.

2020 2019
-----------Rupees ‘000------------
39. CASH GENERATED FROM OPERATIONS
Add / (less): Adjustments for non-cash charges and other items
Depreciation of property, plant and equipment 224,123 162,976

Depreciation of right-of-use assets 19,906 -
Depreciation of investment properties 56,981 54,477
Gain on disposal of property, plant and equipment (1,392) (7,625)
Provision for retirement benefits obligation 8,658 6,132
Government grant recognised in income (8,571) -
Unwinding of discount on long term borrowing 87 -
Reversal of provision for impairment on trade receivables (88) (1,915)
Workers Welfare Fund and Workers Profit
Participation Fund 234,688 151,968
Finance cost 592,725 340,064
Profit before working capital changes 4,496,040 3,579,543
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets

Inventories (438,237) 99,656
Trade receivables (2,935,608) (1,574,201)
Loans and advances (195,111) (189,652)
Trade deposits and short-term prepayments (13,405) (9,135)
Tax refunds due from Government - Sales Tax 27,347 (20,743)
Other receivables 2,014,048 (2,047,515)
(1,540,966) (3,741,590)
(Decrease) / Increase in current liabilities
Trade and other payables (1,994,012) 1,616,873
(3,534,978) (2,124,717)
Cash generated from operations 961,062 1,454,826
2020 2019
-----------Rupees ‘000------------
40. CASH AND CASH EQUIVALENTS
Cash and bank balances - note 20 299,624 204,547

Short-term borrowing - note 27
- Running finance under markup arrangment (4,461,771) (3,544,776)
- loan obtained from employees provident fund (161,000) -
- loan obtained from employees provident fund of
OBS Pakistan (Private) Limited - related party (18,000) -
(4,341,147) (3,340,229)

41. SEGMENT INFORMATION
Based on internal management reporting structure for the year, no reportable segments were
identified that were of continuing significance for decision making.
42. REMUNERATION OF THE CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
Chief Executive Executive Directors Executives

2020 2019 2020 2019 2020 2019
--------------------------------Rupees ‘000 --------------------------------
Managerial remuneration 25,543 23,220 13,147 11,952 188,808 152,359

Housing allowance 11,494 10,449 5,916 5,378 84,964 68,562
Utility allowance 2,554 2,322 1,315 1,195 18,881 15,236
Bonus 4,257 3,204 2,191 1,793 31,468 22,854
Retirement benefits 2,554 2,322 1,315 1,195 18,881 15,236
Others - 302 104 191 5,904 6,856
46,402 41,819 23,988 21,704 348,906 281,103
Number of persons 1 1 1 1 68 56
42.1 In addition to the above, the chief executive and some of the executives have been provided with
free use of the Company maintained cars. Further, medical expenses are reimbursed in accordance
with the Company’s policies.
42.2 During the year, the Company has paid to five non-executive directors (2019: five) an aggregate
amount of Rs. 57 thousand (2019: Rs. 32 thousand) as fee for attending board meetings.
43. TRANSACTIONS WITH RELATED PARTIES
The following transactions were carried out with related parties during the year:
Nature of relationship Nature of transactions 2020 2019

-----------Rupees ‘000------------
Holding company: - Corporate service charges 240,000 216,000

- Payment for Group tax relief 137,089 -
- Computer expense 2,643 441
- Rent income 13,048 9,557
- Income from provision of amenities 9,216 7,490
- Others 135 -
Subsidiaries: - Revenue 482,268 263,896

- Purchase of consumables - 3,991
- Outside processing charges - 3,330,278
- Short-term loan 125,750 516,902
- Dividend income 371,009 2,943,611
- Purchase of Property, plant and
equipment 74,060 -
- Royalty paid on behalf of IBL
Healthcare Limited 5,464 -


-----------Rupees ‘000------------
- Short-term borrowing - 28,100

- Advances refunded 12,100 -
- Purchase of land - 400,500
- Rent income 1,204 -
- Income from provision of amenities 586 -
- Advance against financial assistance 123,569 45,553
Associates: - Revenue 13,739,955 12,282,406

- Salaries and wages 4,436 775
- Purchases 32,310 15,627
- Carriage and duties 78,360 70,564
- Discounts claimed 531,429 768,675
- Rent expense 17,053 11,342
- Rent income 62,931 63,142
- Inventory claims 401,606 398,633
- Facility Management fee 252,000 -
- Furnitures and Fixtures purchased 31,580 -
- Purchase of personal protective 11,934 -
equipments
- Internet services 3,279 5,627
- Architect fee 7,604 3,295
- Advance against financial assistance - 1,500
- Repair and Maintenance 807 7,893
- Software Maintenance - 20,289
- Purchase of ERP software - 26,308
- Donation 44,874 38,047
- Incentives to field force staff 19,035 12,672
- Merchandise expense 27,462 140,278
- Renovation 13,749 -
- Others 11,486 -
Staff retirement benefits:

- Contributions to Provident Fund 61,419 51,704
Key management
employees
compensation: - Salaries and other employee
benefits 66,521 60,006
- Sale of goods 64 -

43.1 The status of outstanding balances with related parties as at June 30, 2020 is included in the
respective notes to the unconsolidated financial statements. These are settled in the ordinary course
of business.
43.2 Following are the related parties including associated companies with whom the Company had
entered into transactions or have arrangements / agreements in place:
Aggregate
S. No. Company name Basis of Relationship % of
shareholding
1. International Brands Limited Parent 56.60%

2. Searle Pharmaceuticals (Private) Limited Subsidiary 100%
3. Searle Biosciences (Private) Limited Subsidiary 100%
4. Searle Laboratories (Private) Limited Subsidiary 100%
5. IBL Identity (Private) Limited Subsidiary 100%
6. IBL Future Technologies (Private) Limited Subsidiary 100%
7. IBL Healthcare Limited Subsidiary 74.19%
8. Nextar Pharma (Private) Limited Subsidiary 87.20%
9. United Distributors Pakistan Limited Group Company N/A
10. International Franchises (Private) Limited Group Company N/A
11. IBL Operations (Private) Limited Group Company N/A
12. IBL Unisys (Private) Limited Group Company N/A
13. The IBL Company (Private) Limited Common Directorship N/A
14. Multinet (Private) Limited Common Directorship N/A
15. OBS Pakistan (Private) Limited Close relative of Director N/A
16. MyCart (Private) Limited Group Company N/A
17. United Brands Limited Group Company N/A
18. IBL Frontier Markets (Private) Limited Group Company N/A
19. Arshad Shahid Abdulla (Private) Limited Close relative of Director N/A
20. United Retail (SMC-Private) Limited Close relative of Director N/A
21. AKAR Hospital Managing Company N/A
22. Indus Hospital Close relative of Director N/A
23. Sabaq Learning Foundation Common Directorship N/A
44. PLANT CAPACITIES AND ACTUAL PRODUCTION
The capacity and production of the Company’s plants are indeterminable as these are multi-product
and involve varying processes of manufacture.
45. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
45.1 Financial risk factors
The Company’s activities expose it to variety of financial risks namely market risk (including interest
rate risk, currency risk and other price risk), credit risk and liquidity risk. The Company’s overall risk
management programme focuses on having cost effective funding as well as manage financial risk
to minimise earnings volatility and provide maximum return to shareholders.

45.2 Financial assets and liabilities by category and their respective maturities
2020 2019
Maturity up Maturity up
Maturity after Maturity after
to one Total to one Total
one year one year
year year
--------------------------------------------Rupees ‘000--------------------------------------------
Financial assets
Loans and receivables
Loans, advances and deposits 4,221,289 7,754 4,229,043 4,093,323 7,666 4,100,989
Trade receivables 7,801,828 - 7,801,828 4,866,132 - 4,866,132
Other receivables 1,063,601 - 1,063,601 3,077,649 - 3,077,649
Bank balances 294,114 - 294,114 201,810 - 201,810
Cash in hand 5,510 - 5,510 2,737 - 2,737
At Cost
Short-term investment - 100,000 100,000 - - -

Long-term investments - 1,686,186 1,686,186 - 1,686,186 1,686,186
13,386,342 1,793,940 15,180,282 12,241,651 1,693,852 13,935,503
Financial liabilities
Long-term borrowing 316,000 - 316,000 - - -

Trade and other payables 2,511,716 - 2,511,716 4,341,306 - 4,341,306
Borrowings 4,974,646 - 4,974,646 3,754,776 - 3,754,776
Unpaid dividend 141,102 - 141,102 112,062 - 112,062
Unclaimed dividend 43,544 - 43,544 38,287 - 38,287
7,987,008 - 7,987,008 8,246,431 - 8,246,431
On reporting date gap 5,399,334 1,793,940 7,193,274 3,995,220 1,693,852 5,689,072
Net financial (liabilities) / assets
Interest bearing (4,279,646) - (4,279,646) (3,754,776) - (3,754,776)
Non-interest bearing 9,678,980 1,793,940 11,472,920 7,749,996 1,693,852 9,443,848
a) Market Risk
(i) Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to
changes in the market interest rates. As per market practices, Company’s borrowings are
on variable interest rate exposing the Company to interest rate risk.
At June 30, 2020, the Company has variable interest bearing financial liabilities of Rs. 4.91
billion (2019: Rs. 3.75 billion), and had the interest rate varied by 200 basis points with all
the other variables held constant, profit before income tax for the year would have been
approximately Rs. 98.2 million (2019: Rs. 75 million) higher / lower, mainly as a result of
higher / lower interest expense on floating rate borrowings.

(ii) Foreign exchange risk
Foreign currency risk arises mainly where payables and receivables exist due to transactions
in foreign currencies. The Company’s exposure to exchange risk comprise mainly due to
receivable, payable and bank balance maintained in foreign currency account. At June
30, 2020, trade and other payables of Rs. 481.13 million (2019: Rs. 708.95 million), trade
receivables of Rs. 448.33 million (2019: Rs. 307.29 million) and bank balance of Rs. 0.13
million (2019: Rs. 0.13 million) are exposed to foreign currency risk.
As at June 30, 2020, if the Pakistan Rupee had weakened / strengthened by 2% against
foreign currency with all other variables held constant, profit before income tax for the year
would have been lower / higher by Rs. 0.66 million (2019: Rs. 8.02 million), as a result of
foreign exchange gains / losses on translation of foreign currencies denominated trade and
other payables, and trade receivables.
The sensitivity of foreign exchange rates looks at the outstanding foreign exchange
balances of the Company only as at the unconsolidated statement of financial position date
and assumes this is the position for a full twelve-month period. The volatility percentages
for movement in foreign exchange rates have been used due to the fact that historically
(five years) rates have moved on average basis by the mentioned percentages per annum.
(iii) Price risk
Price risk is the risk that the value of a financial instrument will fluctuate as a result of
changes in market prices, whether those changes are caused by factors specific to
individual financial instruments company, its issuer, or factors affecting all similar financial
instrument traded in the market. The Company has no investment as at June 30, 2020
which is subject to a change in market price.
b) Credit Risk
Credit risk represents the accounting loss that would be recognised at the reporting date if
counterparties failed to perform as contracted. The maximum exposure to credit risk is equal
to the carrying amount of financial assets. Out of the total financial assets of Rs. 15,180 million
(2019: Rs. 13,892 million) the financial assets exposed to credit risk amounts to Rs. 13,544
million (2019: Rs. 12,348 million). The carrying values of financial assets are as under:
2020 2019
-----------Rupees ‘000------------
Loans and advances - notes 11 & 15 4,200,458 4,125,443

Trade deposits - notes 12 & 16 83,936 77,444
Trade receivables - note 14 7,801,828 4,866,132
Other receivables - note 17 1,063,601 3,077,649
Bank balances 294,114 201,810
Short-term investment - note 18 100,000 -
13,543,937 12,348,478
Trade receivables of the Company are not exposed to significant credit risk as the major amount
is due from IBL Operations (Private) Limited - an associated company. However, the Company
has established policies and procedures for timely recovery of trade receivables. With respect
to parties other than affiliates, the Company mitigates its exposure and credit risk by applying
credit limits to its customers.

Deposits, loans, advances and other receivables are not exposed to any material credit risk as
loans and advances mainly relate to subsidiary companies amounting to Rs. 4,144.06 million
(2019: Rs. 4,021.71 million) and other receivables mainly pertains to related parties amounting
to Rs. 708.17 million (2019: Rs. 2,690.77 million).
Bank balance represent low credit risk as major balances are placed with banks having credit
ratings of A or above as assigned by PACRA or JCR-VIS.
c) Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulties in meeting obligations associated
with financial liabilities. Prudent liquidity risk management implies maintaining sufficient cash, the
availability of funding through an adequate amount of committed credit facilities and the ability
to close out market positions. The management believes that it will be able to fulfill its financial
obligations.
d) Fair values of the financial instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction in the principal (or most advantageous) market at the measurement date
under current market conditions (i.e. an exit price) regardless of whether that price is directly
observable or estimated using another valuation technique.
The carrying values of all financial assets and liabilities reflected in the financial statements
approximate their fair value.
45.3 Capital risk management
The Company’s objectives when managing capital are to safeguard company’s ability to continue as
a going concern in order to provide returns for shareholders and benefit for other stakeholders and
to maintain an optimal capital structure to reduce the cost of capital.
The Company finances its operations through equity, borrowings and management of working capital
with a view to maintain an appropriate mix between various sources of finance to minimise risk.
The debt to capital ratio are as follows:
2020 2019
-----------Rupees ‘000------------
Total borrowings 5,290,646 3,954,776

Cash and bank - note 20 (299,624) (204,547)
Net debt 4,991,022 3,750,229
Equity 16,870,818 14,517,905
Total capital 21,861,840 18,268,134
Debt to capital ratio 23% 21%

46. NUMBER OF EMPLOYEES 2020 2019
46.1 Number of employees as at June 30

Permanent 2,273 2,051
Contractual 50 47
2,323 2,098
46.2 Average number of employees during the year
Permanent 2,226 2,022

Contractual 49 51
2,275 2,073
47. CORRESPONDING FIGURES
Following corresponding figures have been reclassified, for the purpose of comparison:
Rupees ‘000
From:
- Discounts, rebates and allowances (277,000)
To:
- Local sales of goods (277,000)
48. SUBSEQUENT EVENTS
48.1 DIVIDEND
The Board of Directors of the Company in the meeting held on September 28, 2020, has approved
the following appropriation:
2020 2019
-----------Rupees ‘000------------
- Cash dividend of Rs. 2.5 (June 30, 2019: Rs. 2.5)

per share 531,063 531,063
This would be recognised in the Company’s financial statements in the year in which such dividend
and distribution are paid.
48.2 ACQUISITION OF OBS PAKISTAN (PRIVATE) LIMITED
Subsequent to the year end on August 24, 2020, the Company acquired OBS Pakistan (Private)
Limited (OBS), engaged in manufacturing and sales of pharmaceutical products, from Universal
Ventures (Private) Limited (UVPL) - related party. The approval of acquisition was obtained in the
Company’s Extra-Ordinary General Meeting (EOGM) on May 18, 2020.

The consideration for the above transaction contains the following:
Rupees in
million
Payment at the time of share transfer of UVPL 3,250

Deferred payment on a maximum period of three years 5,350
Equity injection in OBS for the purposes of setting and swapping the finance facility
availed by OBS from Habib Bank Limited (HBL), through availing a new finance
facility in the form of Musharaka Agreement from HBL itself. 7,200
15,800
48.3 NUTRITION BUSINESS
Subsequent to the year end, the Company transferred its “Nutrition” business to its wholly owned
subsidiary - IBL Identity (Private) Limited. The business relates to sales of formula milk for infants.
49. DATE OF AUTHORISATION FOR ISSUE
These financial statements were approved and authorised for issue by the Board of Directors on
September 28, 2020

Consolidated
Financial
Statements
Directors’ Report 118

Directors’ Report (Urdu) 133
Auditors’ Review Report to the Members 134
Consolidated Statement of Financial Position 139
Consolidated Statement of Profit or Loss and Other
Comprehensive Income 140
Consolidated Statement of Changes in Equity 142
Consolidated Statement of Cash Flows 143
Notes to the Consolidated Financial Statements 144

Consolidated
Directors’ Report to the Members
The Directors take pleasure in presenting the technological advancements, evolving care models,
annual report together with the audited financial higher life expectancy and increased incidence of
statements of the holding company for the year chronic diseases and as well as new healthcare
ended June 30, 2020. risks introduced during the pandemic.
The Directors’ Report has been prepared in Despite this, the pharmaceutical industry is unable
accordance with section 227 of the Companies to achieve its full potential, due to high reliance of
Act, 2017 and Chapter XII of the Listed Companies imported APIs, fluctuation in exchange rates, low
(Code of Corporate Governance) Regulations, 2019. per capita expenditure, and low prices in terms
of global environment. Although the industry is
This report is to be submitted to the members at contributing 1% of their PBT to government for
the 55th Annual General Meeting of the Company conducting R&D, a lot can be desired on the front
to be held on October 28, 2020. of research and development.
OVERVIEW OPERATING RESULTS
COVID-19 pandemic has triggered one of the most Searle is a company that has always focused on
severe recession in nearly a century and is causing improving the lives of patients by offering them
enormous damage to people’s health, jobs and quality healthcare solutions. We have always placed
well-being. The spread of the novel corona virus the benefit of the patients and our stakeholders at
across countries has prompted many governments the forefront and we are proud of the impact of our
to introduce unprecedented measures to contain efforts.
the pandemic. This has led to many businesses
being shut down temporarily and widespread Searle has recorded a 6-year (FY14-20) CAGR
restrictions on travel and mobility. of 14% in its revenue and 10% in profit after tax.
This growth in revenue is on the back of consistent
However, COVID-19 has harnessed the integration growth in volumes and a diversified product range
of the pharmaceutical sector to the sustenance of along with positive impact of DRAP pricing policy,
the society at large and the industry is set to reap which is now linked with annual Consumer Price
the benefits from changing consumer perspectives. Index (CPI).
The industry and especially the rightly placed
institutions are taking advantage of branding and The increased revenues have resulted in a higher
extra revenue streams. The temporary suspension market share for Searle, as during FY19 the holding
of outdoor medical facilities including private company had a market share of 5.3%, which has
clinics was a challenge, though. With global health now increased up to 6.5% as per industry sales
care spending expected to rise at an accelerated value of Q1-2020, which is second highest in the
growth rate, it will likely present many opportunities entire Pakistan pharmaceutical industry.
for the sector. While there will be uncertainties,
stakeholders can navigate them by factoring COVID-19 pandemic has wreaked-havoc across
in historic and current drivers of change when the world with around 30 million cases and nearly a
strategizing for 2020 and beyond. million deaths recorded, with no vaccine recognized
by the World Health Organization (WHO), which can
Pharmaceutical sales in Pakistan grew at an annual provide immunity against the virus. Nevertheless, the
growth rate of 13.23% worth nearly USD 3.1 billion holding company has successfully entered into an
(PKR 425 billion), with more than 650 companies exclusive licensing and marketing agreement with
operating in the sector, driven by new molecule Beximco Pharmaceuticals to sell Remdesivir, with
introductions and supported by underlying the name of Bemsivir, in the local market. Remdesivir
demographic trends of increasing affordability, has proven to be a very effective tool against the
rising population, infrastructure investment, virus, as it shortened the recovery time of patients.

During this difficult and challenging times, which EARNINGS PER SHARE
had severe repercussions on Pakistan as well as on
the global economic environment, Searle secured Basic earnings per share after taxation for the
an impressive performance during the year ended period was Rs. 11.77 (2019: Rs. 10.55). There is
June 30, 2020. The holding company reported no dilution effect on the basic earnings per share
revenue of PKR 20.47 billion, registering a growth of of the holding company, as the holding company
13%. Profit from operations increased to PKR 4.34 has no convertible dilutive potential ordinary shares
billion, while profit after tax of the holding company outstanding as at June 30, 2020.
increased by 12% to PKR 2.54 billion.
DIVIDEND
June 30,
2020 2019 The Board of Directors has recommended cash
(Rupees in thousand) dividend of 25% for the year ended June 30, 2020.
Revenue 20,474,842 18,062,107 During the previous year ended June 30, 2019, the
Cost of sales (10,769,089) (9,462,243) holding company declared cash dividend of 25%
Gross Profit 9,705,753 8,599,864 as well.
Operating expenses (5,606,056) (5,388,217)
Other operating expenses (261,841) (174,994) FINANCIAL STATEMENTS AND
Other income 505,957 234,445 AUDITORS
Finance cost (684,953) (438,870) The present auditors, Messrs. A.F. Ferguson & Co.
Profit before tax 3,658,860 2,832,228 Chartered Accountants, retire and being eligible,
Income tax expense (1,110,813) (566,932) have offered themselves for re-appointment.
Profit after taxation 2,548,047 2,265,296
The Board of Directors endorses recommendation
The holding company’s hefty organic growth was of the Audit Committee for their re-appointment
driven by expanding doctor coverage, maturing as the Auditors of the holding company for the
product portfolio, introduction of new brands, financial year ending June 30, 2020, at a mutually
higher volumes, richer product mix, branding efforts agreed fee.
and strengthened demand. As well as utilizing the
increased healthcare expenditure mindset of the HOLDING COMPANY
public at large due to COVID-19. Further, tighter
control over costs and expenses contributed International Brands Limited is the holding company
towards improved financial performance of the of Searle, which holds 56.60% shareholding in the
holding company. holding company.
SUBSIDIARIES OF THE HOLDING COMPANY

June 30, June 30,
2020 2019
Listed Company
Unlisted Companies
Pakistan
- Searle Laboratories (Private) Limited 100.00% 100.00%

PATTERN OF SHAREHOLDING therefore, the maintenance of quality is our utmost
priority and moral responsibility.
The pattern of shareholding along with categories
of shareholders as at June 30, 2020 as required We are committed to our duty towards
under section 227 of the Companies Act, 2017 and safeguarding the patient’s well-being, and assure
Listing Regulations is presented on pages 201 to that all operations associated with manufacture of
205 of the annual report 2020. medicinal products are of a standard that ensures
the patient’s expectations of safety and efficacy.
Trading of shares by Directors, CFO, Company
Secretary etc. The holding company’s shares are CORPORATE AND SOCIAL
traded on Pakistan Stock Exchange Limited. The RESPONSIBILITY
Directors, CEO, Company Secretary and CFO and
executives, their spouses and minor children did The horizon of our duties does not end with
not carry out any trade in the shares of the holding the creation of wealth for our stakeholders. At
company. Searle, our aim has always been to make useful
contributions to the economy we operate in. One
BUSINESS CONDUCT of the primary areas of focus has been creation
of employment opportunities to support a large
Searle’s business practices are based on integrity, industrial and sales workforce.
transparency and compliance with applicable laws
and regulations. The holding company operates in a socially
responsible manner. Accordingly, the holding
Our values and expectations are more than just company’s CSR program has a wide scope
words. Together they help guide us to our goal encompassing initiatives in the areas of healthcare,
to be one of the world’s most innovative, best education, child welfare and other social welfare
performing and trusted healthcare companies. activities.
They shape our culture and guide our actions and
decision making, so we can maintain the trust of OCCUPATIONAL HEALTH, SAFETY
the people who rely on us each and every day – AND ENVIRONMENT
our patients and consumers. It’s up to all of us,
every day, to keep Searle the kind of company We, at Searle, recognize the importance of safe
we can all be proud to be a part of. We seek to and secure environment and consider it our duty
understand and meet our customers’ needs, whilst to ensure that people who work for us know
seeking continuous improvement in all spheres of how to work safely and without any risks to their
business operations. health. The health and safety of our employees and
visitors is a high priority for the holding company.
We do the right thing for our patients and Therefore, hazards associated with operations are
consumers and strive for the highest quality. We continuously identified, assessed and managed to
work with our partners to improve healthcare and eliminate or reduce risks.
find new medicines and vaccines. Regardless
of our role, we understand how our work affects INFORMATION TECHNOLOGY
patients and consumers.
To cater the growing business needs of the holding
PRODUCT QUALITY company, and in line with our continuous endeavors
to regularly upgrade information systems, we
Consumers trust and confidence on Searle’s continued with our policy to invest more and more
products is our most valuable asset. We recognize in information technology. We have successfully
that pharmaceutical manufacturing bears many deployed the most powerful business management
inherent risks and that any mistake in product system ‘SAP’ to further strengthen our business
design or production can be severe, even fatal, operations.

WEBSITE DIRECTORS’ TRAINING PROGRAM
All our stakeholders and public can visit The Searle The directors either have already attended the
Company Limited’s website, www.searlecompany. directors’ training as required in previous years or
com, which has a dedicated section for investors meet the exemption criteria as contained in the
containing information related to annual, half yearly Listed Companies (Code of Corporate Governance)
and quarterly financial statements. Regulations, 2019.
RELATED PARTY TRANSACTIONS ADEQUACY OF INTERNAL

FINANCIAL CONTROLS
All related party transactions, during the year
2020, were placed before the Audit Committee In order to ensure that adequate internal
and the Board for their review and approval. controls are deployed by the holding company
These transactions were duly approved by the for safeguarding of holding company’s assets,
Audit Committee and the Board in their respective compliance with laws and regulations and reliable
meetings. All these transactions were in line with financial reporting, the Board of Directors has
the transfer pricing methods and the policy with outsourced the internal audit function to Grant
related parties approved by the board previously. Thornton Anjum Rahman, Chartered Accountants
The holding company also maintains a full record who are considered suitably qualified and
of all such transactions, along with the terms and experienced for the purpose and are conversant
conditions. For further details, please refer note 43 with the policies and procedures of the holding
to the financial statements. ompany.
COMPLIANCE WITH THE CODE OF CODE OF CONDUCT

CORPORATE GOVERNANCE
The Board of Directors of the holding company
The stock exchange has included in their Listing has adopted a code of conduct. All employees
Rules and Listed Companies Regulations issued by are informed and aware of this and are required
the Securities & Exchange Commission of Pakistan. to observe these rules of conduct in relation to
The holding company has adopted the code and is business and regulations.
implementing the same in letter and spirit.
CORPORATE AND FINANCIAL
TRADING OF SHARES BY REPORTING FRAMEWORK
DIRECTORS, CFO, COMPANY
SECRETARY AND EXECUTIVES ETC. - The financial statements, prepared by the
management of the holding company, present
The holding company’s shares are traded on fairly its state of affairs, the result of its
Pakistan Stock Exchange Limited. The Directors, operations, cash flows and changes in equity.
CEO, Company Secretary and CFO and executives, - Proper books of accounts of the holding
their spouses and minor children did not carry out company have been maintained.
any trade in the shares of the holding company - Appropriate accounting policies have been
except the following executives: consistently applied in preparation of the
financial statements and accounting estimates
Shares Shares are based on reasonable and prudent
Name
Purchased Disposed judgment.
Mr. Moujoodul Hassan 1,700 700 - International Accounting Standards, as
Mr. Fakher-e-Alam - 2,000 applicable in Pakistan, have been followed in
preparation of financial statements.
- The holding company maintains a sound
internal control system which gives reasonable

assurance against any material misstatement - There has been no material departure from the
or loss. The internal control system is regularly best practices of Corporate Governance as
reviewed. detailed in the listing regulations.
- There are no significant doubts upon the - There has been no departure from the best
holding company’s ability to continue as a practices of transfer pricing.
going concern.
The key operating and financial data for the six years is tabulated as follows:
2020 2019 2018 2017 2016 2015

(Re-stated)
ASSETS EMPLOYED
Property, plant and equipment 4,415,663 3,786,177 2,692,524 2,254,788 1,528,607 688,354
Right of use assets 121,515 - - - - -
Intangible assets 328,533 365,268 384,661 397,709 254,473 39,845
Investment properties-at cost 2,571,674 2,724,116 2,871,818 2,584,202 2,607,507 2,614,906
Long-term investments- subsidiaries - - - - - 187,792
Long-term loans and deposits 11,182 13,895 1,682,189 1,020,405 325,560 100,300
Deferred assets - - - 1,894 - -
Assets classified as held for sale 88,064 75,500 - - - -
Net current assets 9,055,298 6,711,339 3,897,703 3,817,731 3,956,256 2,397,902
Total assets employed 16,591,929 13,676,294 11,528,895 10,076,729 8,672,403 6,029,099
FINANCED BY
Issued, subscribed and paid-up capital 2,124,253 2,124,253 1,847,177 1,539,314 1,227,523 858,407
Reserves and unappropriated profit 11,516,719 9,514,903 8,477,432 7,335,404 6,185,481 3,842,263
Shareholder's equity 13,640,972 11,639,156 10,324,609 8,874,718 7,413,004 4,700,670
Surplus on revaluation of fixed assets 1,846,153 1,437,936 675,001 493,079 296,961 296,961
Non-controlling Interest 475,408 442,137 451,963 422,867 390,725 318,627
Long-term and deferred liabilities 629,396 157,065 77,322 286,065 571,713 712,841
Total capital employed 16,591,929 13,676,294 11,528,895 10,076,729 8,672,403 6,029,099
Turnover 20,474,842 18,062,107 16,148,468 13,309,651 11,328,239 9,048,041
Profit before tax 3,658,860 2,832,228 3,254,423 2,880,416 2,679,203 1,908,819
Profit after tax 2,548,047 2,265,296 2,716,600 2,393,075 2,058,373 1,452,391
Profit after tax as % of turnover 12.44 12.54 16.82 17.98 18.17 16.05
Profit after tax as % of capital employed 15.36 16.56 23.56 23.75 23.73 24.09
Dividends
Cash (%) 25 25 50 100 50 20
Stock (%) NIL NIL 15 30 24 20

COMPOSITION OF THE BOARD OF AUDIT COMMITTEE
DIRECTORS
The Committee comprises of three non-executive
There have been seven directors on the Board. The Directors. The Chairperson of the committee is also
composition of the board as at June 30, 2020 is as an independent director.
follows:
During the year, six meetings of audit committee
Category Names were held, the attendance of which is as follows:
i Independent Director Mrs. Shaista Khaliq Rehman
Mr. Adnan Asdar Ali Name of director Meetings attended
Non-executive Mr. Rashid Abdulla Mrs. Shaista Khaliq Rehman 6
ii
Directors Mr. Ayaz Abdulla Mr. Adnan Asdar Ali 6
Mr. Asad Abdulla
Mr. Asad Abdulla 5
Mr. Syed Nadeem Ahmed
iii Executive Directors
Mr. Zubair Palwala
HUMAN RESOURCE AND
During the year, the casual vacancy created by Mr. REMUNERATION COMMITTEE
Husain Lawai was filled by Ms. Shaista Khaliq as an
independent director. The Committee comprises of four non-executive
members. The Chairperson of the committee is an
No person other than those mentioned above, have independent director. During the year, no meeting
at any time during the year ended June 30, 2020 of the committee was held.
served as the director of the holding company.
DIRECTORS REMUNERATION
MEETINGS OF THE BOARD OF
DIRECTORS The significant features and key elements of
directors’ remuneration are as follows:
During the year, nine meetings of the Board of
Directors were held. The attendance at meetings of • Non-executive directors are only entitled to
the board members is summarized as under: receive fees in lieu of remuneration in respect
of the board and committee meetings attended
Name of Director Meetings attended by them.
Mr. Adnan Asdar Ali 9 • The board is authorized to determine the
remuneration of its Directors for attending
Mr. Rashid Abdulla 6
meetings of the board and committee.
Mrs. Shaista Khaliq Rehman 8
Mr. Syed Nadeem Ahmed 9 SUBSEQUENT EVENTS
Mr. Zubair Palwala 8
Mr. Ayaz Abdulla 9 Subsequent to the year end on 24th August 2020,
Mr. Asad Abdulla 8 the holding company acquired OBS Pakistan
(Private) Limited (OBS), engaged in manufacturing
and sales of pharmaceutical products, from
Universal Ventures (Private) Limited (UVPL) - related
party. The approval of acquisition was obtained in
the Company’s Extra-Ordinary General Meeting
(EOGM) on May 18, 2020.

VALUE OF INVESTMENTS The holding company’s acquisition of OBS,
is one of the most instrumental purchases in
The value of investment of provident fund based pharmaceutical industry of Pakistan. It is one
on their un-audited / audited accounts as on June of Pakistan’s top private limited pharmaceutical
30, 2020 and June 30, 2019 respectively was as company in healthcare sector and is a leading
follows: producers of iron sucrose injections with the brand
name of Venofer. OBS is also the manufacturer of
2020 2019 Decadron (Dexamethane), which is considered as
Rs ‘000 a drug to decrease the mortality rate in COVID-19
Provident Fund 708,917 554,984 patients.
Further, due to overly regulated drug pricing

FUTURE OUTLOOK mechanism, volatility in retail prices is a concern
of paramount importance for us. Delays in new
Searle is poised to grow and increase its market product approvals also pose key threats for the
share among its competitors and maintain its industry as a whole. However, with the change in
organic and in-organic growth, in a relatively recent political scenario, we will have to wait to
turbulent regulatory environment. While also assess the future economic trends and modify our
focusing on its product demand in international strategies accordingly. For the longer run, Searle
market, coupled with increased healthcare is focusing on emerging portfolios including, bio-
spending trend after COVID-19, which will translate similars, medical devices, nutraceuticals, and
into greater revenues for the industry. genome sciences.
Moving forward, we are focusing on enhancing the At Searle, we all are highly motivated and willing
share of specialty generic branded portfolio and to contribute enthusiastically on continuous basis.
targeting differentiated products. It is also pertinent Same is the case with our partners, suppliers and
to mention that Searle has an organic pipeline customers, for which we are thankful and expect
of over 200 products in different stages of the the same zeal and zest for future contribution.
regulatory approval process and has a diversified We assure, Searle will continue to work hard to
drug portfolio and strong gross profit margins. The provide long term sustainable growth to everyone
company, in the local market, has over the years associated with us.
strengthened in cardiovascular, cold & cough,
diabetes, infant formula, pro-biotic and antibiotics
therapeutic areas.
For and on behalf of the Board

Syed Nadeem Ahmed Zubair Palwala

Chief Executive Officer Director

‫ق� ت‬ ‫ت ت‬
‫ہی ت‬ ‫ن‬
‫زم�ی د �ی ہک دح ےس ز ی�ادہ اباقدعیگ ےس ادو خ ی�ات یک ق�یم��وں اک � � رکےن ےک رط� یقہ اکر اور وخردہ �وں م ااتر ڑچاھؤ امہرے ےئل اخیص ا� اک ابثع‬
‫ی‬ ‫�‬‫م‬‫ی‬ ‫ی‬ ‫ع�‬
‫م ی‬
‫دبت� ےک اسھت‬ ‫سایس رظنم انےم ی‬ ‫احل ی‬ ‫م ی‬
‫ات�ر ےس ومجمیع وطر رپ اڈنرٹسی وک یھب امہ رطخہ القح ےہ۔ اتمہ ‪ ،‬ی‬ ‫ےہ۔ ونصماعت یک یئن وظنمر�ی وں ی‬
‫ن‬
‫رتم یک رضورت وہیگ۔ ی‬
‫وط�‬ ‫م ی‬ ‫� لبقتسم ےک اعمیش راحجانت اک اجزئہ یل ےک ےئل ااظتنر رکان ڑپے اگ اور ایس ےک اطمقب اینپ تمکح عمل�ی�وں ی‬ ‫‪،‬ہ ی‬
‫جن‬ ‫ٹ‬ ‫ن‬ ‫ی ئ س‬ ‫ن‬
‫ورٹاس��یکل��ز اور ی‬
‫�وم اسزسنئ اشلم‬ ‫اب�و مل�رز ‪ ،‬یبط آالت ‪ ،‬ی� ی و‬
‫وفلوز رپ وتہج رموکز رکریہ ےہ نج م ی‬ ‫�ادوں رپ ‪ ،‬رسل ارھبےت وہےئ وپرٹ ی‬ ‫الم� یع�اد ب ی‬
‫ہ ی�۔‬
‫ت‬ ‫ن‬ ‫ل ئ‬
‫�ادوں رپ وجش و رخوش ےس اانپ ہصح ڈاےنل ےک ےئل ی�ار ہ ی�۔ ایس رطح امہرے رشاتک دار‪ ،‬الپسرئز‬ ‫م مہ بس ااہتنیئ د �جم�ی ےس اور لقتسم یب‬ ‫ی‬
‫رسل ف‬
‫ی ن‬
‫اصر� یھب ایس ذجےب اک ااہظر رکےت ہ ی�‪ ،‬سج ےک ےئل مہ رکش زگار ہ ی� اور آدنئہ ےک اعتون ےک ےئل ایس وجش و ذجےب یک وتعق رکےت ہ ی�۔ مہ‬ ‫قاور‬
‫ئ‬ ‫ن‬
‫ر� ےگ۔‬ ‫اپ�دار رتیق یک رفایمہ ےک ےئل تخس دجودہج اور نگل ےس وکاشں ہ ی‬ ‫� داہین رکاےت ہ ی� ہک‪ ،‬رسل اےنپ ےس واہتسب رہ رفد وک ی‬
‫وط� دمیت اور ی‬ ‫ی ی‬
‫رباےئ اور وبرڈ یک اجبن ےس‬
‫بی‬
‫ز�ر اپل واال‬ ‫ ‬ ‫ی ی‬
‫ٹ‬ ‫سد دن� ادمح ٹ ف‬
‫چ ف‬
‫ی ر‬
‫ڈارئ�‬ ‫ ‬‫آ�‬ ‫ا� ی و‬
‫�ز� ی ر‬ ‫� ی‬ ‫ی‬
‫رکایچ ‪ 28 :‬ربمتس ‪2020‬‬

‫شن یٹ‬
‫ورن�مک‬‫ر� ی‬ ‫ہ ی�ونم ی‬
‫ر�ورساور ی‬
‫ن‬ ‫یٹ‬ ‫ٹ‬ ‫ئ‬ ‫یٹ‬ ‫ی ٹ‬ ‫یٹ‬
‫ہ‬
‫ی‬ ‫�ز� ربممان رپ لمتشم ےہ۔ مک اک چ ی�ررپنس آزاد ی ر‬
‫ڈارئ� وہات ےہ۔ اسل ےک دوران مک اک وکیئ االجس دقعنم � وہا۔‬ ‫ا� ی و‬ ‫مک ‪ 4‬انن‬
‫یٹ‬
‫ڈارئ�رزاکاشمرہہ‬
‫یٹ‬
‫ذ� ہ ی�‪:‬‬ ‫صات اور کل�ی�دی انعرص بسح ی‬
‫ڈارئ�رز ےک اعموےض یک امہ وصخ ی‬
‫ف‬ ‫ٹ‬ ‫ی ی ٹ یٹ‬
‫ی‬ ‫ہ‬ ‫ی‬
‫اعموےض ےک وطر رپ � ووصل رکےن اک قح رےتھک �۔‬ ‫م ت‬‫م رشتک ےک ےلسلس ی‬ ‫مکوں ےک االجوسں ی‬
‫ڈارئ�رز یہ وبرڈ اور ی ی‬ ‫�ز�‬
‫• رصف انن ا� و‬
‫�ع� ی ن‬ ‫یٹ‬ ‫یٹ‬
‫ی‬
‫ڈارئ�رز یک اجبن ےس وبرڈ اور مک ےک االجوسں م رشتک ےک ےئل اعموےض اک � رکےن اک اجمز ےہ۔‬ ‫• وبرڈ اےنپ‬
‫دعبازاںوہےنواےلوااعقت‬
‫مل ینپمک وج دوا اسزی یک ت ی�اری اور رفوتخ ی‬ ‫ئ ٹ ٹ‬
‫رصموف‬
‫غ‬ ‫م‬ ‫�ڈ‬ ‫(رپا�و ی�) ی‬
‫ی‬ ‫اسل ےک ااتتخم ےک دعب ‪ ،‬وہڈلگن ینپمک ےن ‪OBS‬اپاتسکن‬
‫‪ 24‬اتسگ ن‪ 2020‬وک ی ن‬
‫ٹ‬ ‫ٹ‬ ‫ئ‬
‫کا۔ اس وصحل یک وظنمری ‪ 18‬یئم ‪ 2020‬وک دقعنمہ ینپمک ےک ی ر‬
‫�‬ ‫(رپا�و ی�) ی �ڈ‬
‫مل (‪ )UVPL‬واہتسب اپریٹ ےس احلص ی‬ ‫ی‬ ‫ےہ اےس �ی یو�ورلس چ‬
‫و�رز‬
‫م دی یئگ۔‬ ‫ومعمیل اعم االجس (ای او یج یا�) ی‬
‫ت‬
‫غ‬
‫رسام�اکرییکدقروق�یم�‬
‫ی‬
‫ت‬ ‫ن‬ ‫ت‬
‫رپوو�ی �ڈٹن ڈنف یک رسام�ی اکری یک دقر و ق�یم� ان ےک �ر آڈٹ دشہ ‪ /‬آڈٹ دشہ اسحابت یک ی‬
‫�اد رپ ‪ 30‬وجن ‪ 2020 ،‬اور ‪ 30‬وجن ‪ 2019 ،‬وک ی ب‬
‫ابرتل�‬ ‫ب‬ ‫ی‬
‫ذ� یھت‪:‬‬‫درج ی‬
‫‪2019‬‬ ‫‪2020‬‬
‫‪Rs ‘000‬‬
‫‪554,984‬‬ ‫‪708,917‬‬ ‫رپوو�ی �ڈٹن ڈنف‬
‫غ‬
‫ا�رظن‬
‫لبقتسمرپ ی‬
‫ٹ ش ئ‬
‫�ر ی‬ ‫ی یٹ‬
‫ولری اموحل ی‬
‫ف‬
‫مایت ومن وک ربرقار‬ ‫ی‬
‫مایت اور �ر ان ی‬
‫م ااضہف اور اس یک ان ی‬ ‫امرک ی‬ ‫م اےنپ ی‬ ‫ا� ًاتبسن ام�ی وس نک ر�‬ ‫مان ی‬ ‫رح�وں ےک در ی‬ ‫رسل اےنپ ی‬
‫ت‬ ‫ی ٹ‬
‫امرک ی‬ ‫ک ت�ار ےہ۔ ب ی ن‬‫ئ‬
‫د� اھبل ےک‬ ‫د� وہےئ ‪ ،‬اور ‪ COVID-19‬ےک دعب تحص یک ی‬ ‫م اس یک ونصماعت یک بلط رپ یھب وتہج ی‬ ‫� االوقایم‬ ‫رےنھک ی ی‬
‫م ااضےف ےک راحجن ےک اسھت لم رک ‪ ،‬وج اس اڈنرٹسی ےک ےئل ز ی�ادہ ےس ز ی�ادہ انمعف اک ابثع ےنب اگ۔‬ ‫ارخااجت ی‬
‫ت‬
‫�حس� ی ن‬
‫وفلو اک ہصح ڑباھےن اور فلتخم ونصماعت رپ وتہج رموکز ےئک وہےئ ہ ی�۔ �ی یھب اقلب � ےہ‬ ‫آےگ ڑبےتھ وہےئ ‪ ،‬مہ وصخًاص رنجک رباڈنڈ وپرٹ ی‬
‫م ونتمع ادو ی�ات اک وپرٹ ی‬ ‫مایت ونصماعت ہ ی� سج ی‬ ‫ولری وظنمری ےک لمع ےک فلتخم رمالح ی‬ ‫ی یٹ‬
‫وفلو اور‬ ‫م رسل ےک اپس ‪ 200‬ےس زادئ ان ی‬ ‫ہک ر�‬
‫ت‬ ‫ئ‬ ‫یط‬ ‫�‬ ‫ب‬ ‫�‬ ‫ی ٹ‬
‫ح یا�ایت اور‬‫ونزا�دہ افرومہل‪ ،‬ی‬ ‫ی‬ ‫ی‬
‫وبضمط انمعف شخب امرنج ےہ۔ اقمیم امرک م ینپمک ےن ذگہتش ربوسں م ارماض بلق‪ ،‬زنہل اور اھکیسن ‪ ،‬ذ یا� س ‪ ،‬ی‬
‫نٹ ئ‬
‫م مکحتسم ہگج انب یل ےہ۔‬ ‫اب�وکٹ ےک العج اعمےجل ی‬ ‫یا� ی‬
‫ٹ‬
‫م‬ ‫د� اھبل ےک ےبعش ی‬ ‫ےہ۔ �ی تحص یک ی‬ ‫م بس ےس ز ی�ادہ اعمون رخ�ی داری ن‬
‫��ج�ک ش‬
‫افرامس یو� اڈنرٹسی ی‬
‫ی‬ ‫وہڈلگن ینپمک اک او یب یا� اک وصحل ‪ ،‬اپاتسکن یک‬
‫ی ن‬ ‫ن‬ ‫ٹ‬
‫ا� ےہ اور یو�ورف یک رباڈن انم ےک اسھت آرئن وسرکوز ا �� یک فص اول یک رفامہ دننکہ ےہ۔‬ ‫م ےس ی‬ ‫مل افرام ینپمک ی‬
‫ا� ایلع یجن ی ت �ڈ‬ ‫اپاتسکن یک ی‬
‫ض‬
‫م اومات یک رشح وک مک رکےن یک ومزوں دوا اھجمس اجات ےہ۔‬ ‫(ڈ�م� ی�ھ�اوسن) یھب انبات ےہ ‪ ،‬وج ‪ COVID-19‬ےک ی‬
‫رم�وں ی‬ ‫او یب یا� یڈ�اڈرون ی ا‬

‫ٹ تش‬
‫وبرڈٓاف ی‬
‫ڈارئ�رزیک ی‬
‫�‬
‫تش‬ ‫یٹ‬
‫ڈارئ�ر وموجد ہ ی�۔ وبرڈ یک � ‪ 30‬وجن ‪ 2020‬ےک اطمقب دنمرہج ذ� ےہ‪:‬‬
‫ی‬ ‫ی‬ ‫م است‬‫وبرڈ ی‬
‫ک ٹ‬
‫انم‬ ‫ی��یگ�ری‬
‫خ‬ ‫یٹ‬
‫زسم اشہتسئ �ل�یق رنمح‬ ‫ڈارئ�ر‬ ‫آزاد‬ ‫‪i‬‬
‫ی ی ٹ یٹ‬
‫انجب دعانن ادصر یلع‬ ‫�ز� ڈارئ�رز‬
‫انن۔ ا� و‬ ‫‪ii‬‬
‫انجب رادش دبع اہلل‬
‫انجب ا ی�از دبع اہلل‬
‫انجب ادس دبع اہلل‬
‫سد ی‬ ‫ی ی ٹ یٹ‬
‫دن� ادمح‬ ‫انجب ی‬ ‫ڈارئ�رز‬ ‫�ز�‬
‫ا� و‬ ‫‪iii‬‬
‫انجب ب ی‬
‫یٹ‬ ‫غ‬
‫ی‬ ‫ی ن‬
‫گا۔‬
‫ک ی‬‫ی‬
‫ا� آزاد ڈارئ�ر ےک وطر رپ رتحمہم اشہتسئ اخقل ےک اجبن ےس وپرا ا‬
‫سح ولایئ یک اجبن ےس وہےن وایل �ر ریمس الخء وک ی‬ ‫اسل ےک دوران ‪ ،‬انجب‬
‫یٹ یث ت‬
‫ح ےس دخامت‬ ‫ڈارئ� یک ی‬
‫ر‬ ‫ذموکرہ نابال ارفاد ےک العوہ یسک یھب رفد ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےئ اسل ےک دوران یسک یھب وتق وہڈلگن ینپمک ےک‬
‫د�۔‬ ‫� ی‬ ‫ااجنم ہ ی‬
‫یٹ‬
‫ڈارئ�رزےکاالجس‬ ‫وبرڈٓاف‬
‫ٹن‬ ‫یٹ‬
‫م رشتک اک الخہص درج ی‬
‫ذ� ےہ‪:‬‬ ‫ڈارئ�رز ےک ‪ 9‬االجس دقعنم وہےئ۔ وبرڈ ربممان یک م ی��گ�وں ی‬ ‫اسل ےک دوران ‪ ،‬وبرڈ آف‬
‫‪6‬‬ ‫انجب رادش دبع اہلل‬
‫خ‬
‫‪9‬‬ ‫سد ی‬
‫دن� ادمح‬ ‫انجب ی‬
‫‪8‬‬ ‫انجب ب ی‬
‫‪9‬‬ ‫انجب ا ی�از دبع اہلل‬
‫یٹ‬
‫ٓاڈٹمک‬
‫ٹ‬ ‫ئ‬ ‫یٹ‬ ‫ی ی ٹ یٹ‬ ‫یٹ‬
‫ڈارئ� ہ ی�۔‬ ‫ڈارئ�رز رپ لمتشم ےہ۔ مک ےک چ ی�ررپنس یھب ی‬
‫ا� آزاد ی ر‬ ‫�ز�‬
‫مک ‪ 3‬انن ا� و‬
‫تف‬ ‫یٹ‬
‫ذ� ہ ی�‪:‬‬
‫�ات دنمرہج ی‬ ‫م احرضی یک ی‬ ‫مک ےک ‪ 6‬االجس دقعنم وہےئ ‪ ،‬نج ی‬ ‫اسل ےک دوران ‪ ،‬آڈٹ‬
‫خ‬

‫گ ےہ۔‬
‫م وحلمظ اخرط راھک یا‬‫م اقلب االطق ہ ی� ‪ ،‬ام یلایت اسحابت یک ت ی�ارئ ی‬‫�ا ہک اپاتسکن ی‬
‫عمارات ‪ ،‬ج ی‬ ‫بی ن‬
‫� االوقایم ااکؤگنٹن ی‬ ‫•‬
‫ا� مکحتسم ارٹنل رٹنکول مٹسس ربرقار ریتھک ےہ وج یسک یھب طلغ ب ی�این یا� اصقنن ےک الخف ظفحت رفامہ رکات ےہ۔ ارٹنلن مٹسس اک‬ ‫• وہڈلگن ینپمک ی‬
‫اباقدعیگ ےس اجزئہ یلا اجاتےہ۔‬
‫ن‬
‫الصح رپ وکیئ اہبشت ہ ی‬‫ی ت‬
‫� ہ ی�۔‬ ‫• وہڈلگن ینپمک یک رتیق ےس اجری رےنہ یک‬
‫ت‬ ‫ش‬ ‫ن‬
‫ن‬ ‫ٹ‬
‫ج ی لس� ن� ی ل�ی�� ی �ف‬ ‫رتہب� رط� یقہ اکر ےس یعطق ارحناف ہ ی‬ ‫ی ٹ‬
‫اکروپر� وگرسنن ےک ی ن‬
‫گا ےہ۔‬
‫ک ی‬‫م ص�یل ےس درج ی ا‬ ‫ر� ز�‬ ‫� ہک گ و‬ ‫ک اجات ا‬ ‫� یا‬ ‫•‬
‫ن‬
‫� یک اجیت ےہ۔‬ ‫رتہب� رط� یقہ اکر ےس رو رگداین ہ ی‬
‫• رٹارفسن ےک رنوخں ےک ی ن‬
‫ت‬
‫یٹن‬
‫ٓارپ� اور ام یلایت �فص�یل درج ی‬
‫ذ� ےہ۔‬ ‫‪ 6‬اسولں ےک ےئل امہ‬
‫‪2015‬‬ ‫‪2016‬‬ ‫‪2017‬‬ ‫‪2018‬‬ ‫‪2019‬‬ ‫‪2020‬‬
‫)‪(Re-stated‬‬
‫الوگ رکدہ ااثہث اجت‬
‫ی �ئ�پم� ن ٹ‬
‫‪688,354‬‬ ‫‪1,528,607‬‬ ‫‪2,254,788‬‬ ‫‪2,692,524‬‬ ‫‪3,786,177‬‬ ‫‪4,415,663‬‬ ‫ا� �‬ ‫االمک‪ ،‬الپسٹن اور و‬
‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪121,515‬‬ ‫اامعتسل ااثہث اجت اک قح‬
‫غ‬
‫‪39,845‬‬ ‫‪254,473‬‬ ‫‪397,709‬‬ ‫‪384,661‬‬ ‫‪365,268‬‬ ‫‪328,533‬‬ ‫یر‬
‫� ومعمیل ااثہث اجت‬
‫ت ئ‬
‫‪2,614,906‬‬ ‫‪2,607,507‬‬ ‫‪2,584,202‬‬ ‫‪2,871,818‬‬ ‫‪2,724,116‬‬ ‫‪2,571,674‬‬ ‫اج�دادوں یم رسام�ی اکری‬
‫امل رپ ی‬ ‫ی‬
‫‪187,792‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫ی‬
‫وط� دمیت رسام�ی اکری۔ یذ� اداروں‬
‫‪100,300‬‬ ‫‪325,560‬‬ ‫‪1,020,405‬‬ ‫‪1,682,189‬‬ ‫‪13,895‬‬ ‫‪11,182‬‬ ‫ی‬
‫وط� دمیت رقےض اور ڈاپزسٹ‬
‫‪-‬‬ ‫‪-‬‬ ‫‪1,894‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫ی‬
‫ڈ�فرڈ ااثہث اجت‬
‫ت‬ ‫ئ‬
‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪-‬‬ ‫‪75,500‬‬ ‫‪88,064‬‬ ‫ااثہث اجت الکس�یف� یا��ڈ رفوتخ ےک ےئل ی‬
‫دساب‬
‫‪2,397,902‬‬ ‫‪3,956,256‬‬ ‫‪3,817,731‬‬ ‫‪3,897,703‬‬ ‫‪6,711,339‬‬ ‫‪9,055,298‬‬ ‫اخصل رکٹن ااثہث اجت‬
‫‪6,029,099‬‬ ‫‪8,672,403‬‬ ‫‪10,076,729‬‬ ‫‪11,528,895‬‬ ‫‪13,676,294‬‬ ‫‪16,591,929‬‬ ‫ومجمیع ز�ی ر لمع ااثہث اجت‬
‫رسام�ی اکری اک ی‬
‫ذر�‬
‫س� ئ‬
‫‪858,407‬‬ ‫‪1,227,523‬‬ ‫‪1,539,314‬‬ ‫‪1,847,177‬‬ ‫‪2,124,253‬‬ ‫‪2,124,253‬‬ ‫اجری رکدہ‪ ،‬بسک�را�ب�ڈ اور ادا دشہ رسام�ی‬
‫غ‬ ‫�‬
‫‪3,842,263‬‬ ‫‪6,185,481‬‬ ‫‪7,335,404‬‬ ‫‪8,477,432‬‬ ‫‪9,514,903‬‬ ‫‪11,516,719‬‬ ‫� وقنمہل دشہ انمعف اجت‬ ‫ر�ی زروز اور ی ر‬
‫ٹ‬ ‫ش ئ‬
‫‪4,700,670‬‬ ‫‪7,413,004‬‬ ‫‪8,874,718‬‬ ‫‪10,324,609‬‬ ‫‪11,639,156‬‬ ‫‪13,640,972‬‬ ‫ی�ر وہڈلرز یک یا� یو�‬
‫ت‬
‫‪296,961‬‬ ‫‪296,961‬‬ ‫‪493,079‬‬ ‫‪675,001‬‬ ‫‪1,437,936‬‬ ‫‪1,846,153‬‬ ‫ڈسکف ااثہث اجت یک دوابرہ دقر و ق�یم� رپ ااضہف‬
‫‪318,627‬‬ ‫‪390,725‬‬ ‫‪422,867‬‬ ‫‪451,963‬‬ ‫‪442,137‬‬ ‫‪475,408‬‬ ‫رٹنکول ہن ےئک اجےن واال افمد‬
‫غ‬
‫‪712,841‬‬ ‫‪571,713‬‬ ‫‪286,065‬‬ ‫‪77,322‬‬ ‫‪157,065‬‬ ‫‪629,396‬‬ ‫� ومعمیل دشہ ام یلایت ذےم دار ی�اں‬ ‫ی‬
‫وط� دمیت ی ر‬
‫‪6,029,099‬‬ ‫‪8,672,403‬‬ ‫‪10,076,729‬‬ ‫‪11,528,895‬‬ ‫‪13,676,294‬‬ ‫‪16,591,929‬‬ ‫ومجمیع الوگ دشہ رسام�ی‬
‫‪9,048,041‬‬ ‫‪11,328,239‬‬ ‫‪13,309,651‬‬ ‫‪16,148,468‬‬ ‫‪18,062,107‬‬ ‫‪20,474,842‬‬ ‫رٹن اوور‬
‫ٹ‬
‫ی‬
‫‪1,908,819‬‬ ‫‪2,679,203‬‬ ‫‪2,880,416‬‬ ‫‪3,254,423‬‬ ‫‪2,832,228‬‬ ‫‪3,658,860‬‬
‫ٹ‬
‫‪1,452,391‬‬ ‫‪2,058,373‬‬ ‫‪2,393,075‬‬ ‫‪2,716,600‬‬ ‫‪2,265,296‬‬ ‫‪2,548,047‬‬ ‫انمعف دعب از ی�‬
‫ف‬ ‫ٹ‬
‫‪16.05‬‬ ‫‪18.17‬‬ ‫‪17.98‬‬ ‫‪16.82‬‬ ‫‪12.54‬‬ ‫‪12.44‬‬ ‫انمعف دعب از ی� اطمبقب رٹن اوور اک ی�د‬
‫ف‬ ‫ٹ‬
‫‪24.09‬‬ ‫‪23.73‬‬ ‫‪23.75‬‬ ‫‪23.56‬‬ ‫‪16.56‬‬ ‫‪15.36‬‬ ‫انمعف دعب از ی� اطمبقب ز�ی ر لمع رسامےئ اک ی�د‬
‫انمعف ہمسقنم‬
‫ف‬
‫‪20‬‬ ‫‪50‬‬ ‫‪100‬‬ ‫‪50‬‬ ‫‪25‬‬ ‫‪25‬‬ ‫(�د)‬‫دقن ی‬
‫ف‬
‫‪20‬‬ ‫‪24‬‬ ‫‪30‬‬ ‫‪15‬‬ ‫‪NIL‬‬ ‫‪NIL‬‬ ‫(�د)‬‫ااٹسک ی‬

‫د�ن‬ ‫ن‬ ‫ٹ‬
‫ی‬ ‫ی‬
‫ہقلعتماپر�وںےکل ی‬
‫یٹ‬ ‫یش ن‬
‫رےھک ےئگ ےھت۔ ان‬‫ت‬ ‫اسےنم‬ ‫ےک‬ ‫وبرڈ‬ ‫اور‬ ‫مک‬ ‫آڈٹ‬ ‫ےئل‬ ‫ےک‬ ‫وظنمری‬ ‫اور‬ ‫اجزئے‬ ‫ےک‬ ‫ان‬ ‫‪،‬‬‫رٹازنا�‬ ‫‪ 2020‬ےک دوران امتم ہقلعتم اپریٹ‬
‫اسل � ش ن‬
‫ق‬ ‫ق� ت‬ ‫�‬ ‫یشن‬ ‫یٹ‬
‫ن‬ ‫ع�‬ ‫�‬
‫رٹازنا� یلقتنم یک یم��وں ےک ی� ےک ی‬
‫رط�وں‬ ‫ز‬ ‫م اباضہطب وطر رپ وظنمر ی ا‬
‫ک اھت۔ �ی امتم‬ ‫رٹازنا کی��س وک آڈٹ مک اور وبرڈ ےن اےنپ ہقلعتم االجوسں ی‬
‫شن�‬ ‫رف�وں ےک اسھت ی‬‫ق‬
‫ی ز‬
‫رٹازنا� اک رشاطئ و وضاطب ےک اسھت‬ ‫ا� امتم‬ ‫اپل ےک اطمقب اھت۔ وہڈلگن ینپمک ی‬ ‫ذر� وظنمر دشہ ہقلعتم ی‬
‫اور اس ےس لبق وبرڈ ےک ی‬
‫تف‬
‫رک�۔‬‫�ات ےک ےئل ‪ ،‬رباہ رکم ام یلات اسحابت اک وحاہل ونٹ ‪ 43‬المہظح ی‬ ‫ر�ارڈ یھب ریتھک ےہ ۔ زم�ی د ی‬‫لمکم ی‬
‫اکروپر�وگرسننےساطمتقب‬ ‫ی ٹ‬
‫ٹ ن‬ ‫ن‬ ‫ن‬ ‫ٹ‬ ‫�کیس ن‬ ‫ن‬ ‫ش‬ ‫ٓاف ن �کیس ن‬‫�‬ ‫ٹ‬
‫وکڈ‬
‫ی�‬ ‫�‬ ‫�‬
‫مکوں ےک وقادع و وضاطب ااٹسک ا چ ج� ےن اےنپ لس��گ ی ن‬ ‫ی�‬ ‫�‬ ‫�‬
‫ا� ا چ ج� ی ن‬ ‫س�یک�ی� ی‬
‫وقا� اور لس��ڈ پ ی‬
‫مکوں‬ ‫مک آف اپاتسکن یک اجبن ےس اجری رکدہ پ ی‬ ‫ور�ز ی �ڈ‬
‫ک اجراہ ےہ۔‬ ‫م اشلم رکےئل ہ ی�۔ وہڈلگن ینپمک ےن ان وضاطب وک انذف رک راھک ےہ اور ایہن وطخط اور روح ےک اطمقب ایس رپ لمع درآدم ی ا‬ ‫ےک وضاطب ی‬
‫� ٹ غ‬
‫ی‬ ‫س ی ٹر�ریاور ی‬
‫ا�ز�یک ی��وو�رہیکاجبنےسیکاجترت۔‬
‫ف‬
‫ا�او‪،‬ینپمک ی‬ ‫ی‬ ‫یس‬ ‫‪،‬‬ ‫رز‬
‫یٹ‬
‫ڈارئ�‬
‫ی� ٹ‬ ‫ف‬ ‫ٹ‬ ‫یٹ‬ ‫�ک ن‬ ‫یس�� ی� ٹ‬ ‫ش‬ ‫ئ‬
‫ا� یز�وز ‪ ،‬ان یک‬ ‫س یر�ری‪ ،‬یس یا� او اور‬
‫ڈارئ�رز‪ ،‬یس ای او‪ ،‬ینپمک ی‬ ‫م یک اجیت نےہ۔‬ ‫وہڈلگن ینپمک ےک ی�رز یک اجترت اپاتسکن ااٹسک ا ش چ ج� ی �ڈ‬
‫مل ی‬
‫ی � ٹ‬ ‫م وکیئ اجترت ہ ی‬ ‫�رز ی‬‫ئ‬
‫ذ� یا� یز�وزےک‪:‬‬ ‫� یک ےہ‪ ،‬اموساےئ درج‬ ‫حات اور انابغل وچبں ےن وہڈلگن ینپمک ےک ی‬
‫رش� ی‬
‫ی‬
‫ش ئ‬ ‫ش ئ‬
‫رفوتخ ےئک ےئگ ی�رز‬ ‫رخ�ی دے ےئگ ی�رز‬ ‫انم‬
‫‪700‬‬ ‫‪1,700‬‬ ‫انجب وموجد انسحل‬
‫‪2,000‬‬ ‫‪-‬‬ ‫انجب رخف اعمل‬
‫ب ت‬ ‫یٹ‬
‫ڈارئ�رزاک ی‬
‫رت�رپورگام‬
‫ی ٹ‬ ‫ٹ ن‬ ‫ب ت‬ ‫یٹ‬ ‫یٹ‬
‫م درج‬‫اکروپر� وگرسنن) اضہطب ‪ 2019 ،‬ی‬ ‫م رشتک رکےکچ ہ ی� یا� لس��ڈ پ ی‬
‫مکوں (وکڈ ٓاف‬ ‫رت� رپورگام ی‬
‫ڈارئ�رز یک ی‬ ‫ڈارئ�رز ی�ا وت ےلہپ یہ ےس‬
‫عمار رپ وپرا ارتےت ہ ی�۔‬
‫رکدہ اٰینثتس ےک ی‬
‫ت‬
‫دایلخامیل قرٹنکولیکا�ل ہ� ی�‬
‫ی ن‬
‫اور ٹدنتسم انفلشن‬ ‫ٓادم‬
‫ر‬ ‫دلمع‬ ‫رپ‬ ‫وضاطب‬ ‫اور‬ ‫وقادع‬ ‫ظفحت‪،‬‬ ‫ےک‬ ‫اجت‬ ‫ااثہث‬ ‫ےک‬ ‫ینپمک‬ ‫وہڈلگن‬ ‫ےس‬ ‫اجبن‬ ‫یک‬ ‫ینپمک‬ ‫وہڈلگن‬ ‫ہک‬ ‫ےئل‬ ‫ےک‬ ‫انبےن‬ ‫�‬ ‫اس ارم وک ی‬
‫ن‬ ‫ٹ‬
‫ن‬
‫وھتر� امجن رنٰمح‪،‬‬ ‫روپرگنٹ ئےک ےئل ومزوں دایلخ رٹنکوزل الوگ ےئک ےئگ ہ ی�‪ ،‬وبرڈ ٓاف ی‬
‫ڈارئ�رز ےن ارٹنلن ٓاڈٹ ےک اومر ب ی�روین ذراعئ ےس رگاٹن‬
‫ئ‬ ‫� ن�� ٹ ن ٹ‬
‫ہ‬
‫د� ی� نج وک ومزوں اور الہ وہےن ےک اسھت اسھت اس دصقم ےک ےئل انمبس رجتےب ےک احلم وصتر ےئک اجےت ی� اور‬ ‫ہ‬ ‫اچررٹڈ ااکو ��س وک وسپن ی‬
‫وہ وہڈلگن ینپمک یک ی‬
‫اپل اور رط� یقہ اکر ےس یھب وخبیب وافق ہ ی�۔‬
‫اضہطباالخق‬
‫ی ن‬
‫المزم وک اس ابرے ی‬ ‫یٹ‬
‫م االطع اور ااگیہ رفامہ رکدی ےہ اور �ی‬ ‫ا� اضہطب االخق راجئ ی ا‬
‫ک نےہ۔ امتم‬ ‫ڈارئ�رز ےن ی‬ ‫وہڈلگن ینپمک ےک وبرڈ آف‬
‫پ‬ ‫ن‬ ‫ی‬
‫رضوری ےہ ہک وہ اکروابر اور اوصل و وضاطب ےس قلعتم اومر م ان ی‬
‫وقا� رپ لمع ی�را وہں۔‬
‫ی ٹ‬
‫اکروپر�اورام یلایتروپرگنٹ ی‬
‫رف�ورک‬
‫ٹ‬
‫م دبالؤ وک‬‫ااظتنم یک اجبن ےس ت ی�ار رکدہ ام یلات اسحابت‪ ،‬اس ےک اعمالمت‪ ،‬اکروابری اومرےک اتنجئ‪ ،‬دقن اہبؤ اور یا� یو� ی‬
‫ی‬ ‫• وہڈلگن ینپمک یک‬
‫پش‬
‫� رکےت ہ ی�۔‬‫م ی‬ ‫افشف ادناز ی‬
‫اباقدعہ بتک ربرقار یک اجیت ہ ی�۔‬ ‫• وہڈلگن ینپمک ےک اسحابت یک ت‬

‫ف‬ ‫خ‬
‫م ومزوں ااکؤگنٹن اپل�یس�ی�اں لقتسم وطر رپ الوگ وہیت ہ ی� وج انمبس اور اتحمط ی�وں رپ ینبم‬ ‫• ام یلایت اسحابت اور ااکٔوگنٹن ےک �� یم��نہ اجت یک ت ی�اری ی‬
‫ہ ی�۔‬
‫ف‬ ‫ض‬ ‫ن‬
‫ی ن‬ ‫رامنہیئ رکےت ہ ی�‪ ،‬ذہلا مہ ان ولوگں اک اامتعد ربرقار رھک ےتکس ہ ی� وج رہ روز مہ رپ ااصحنر رکےت ہ ی� � یع�ی امہرے ی‬
‫رم�وں فاور اصر�۔ اب �ی مہ بس‬
‫ی ن‬
‫اصر� یک رضور ی�ات وک ےنھجمس اور‬ ‫رھک ہک مہ بس وک اس اک ہصح وہےن رپ رخف وہ۔ مہ اےنپ‬ ‫رپ رصحنم ےہ ہک ‪ ،‬رہ روز ‪ ،‬رسل وک اس ونع� تی� یک ینپمک انبےئ ی‬
‫م رسرگداں ہ ی�۔‬ ‫م لقتسم رتہبی یک التش ی‬ ‫م ڑجے رےتہ ہ ی� ‪ ،‬ہکبج اکروابری اکومں ےک امتم وبعشں ی‬ ‫اےس وپرا رکےن یک وکشش ی‬
‫ئ‬ ‫ف‬ ‫ض‬
‫د� اھبل وک رتہب انبےن اور یئن ی‬ ‫ہ‬
‫عمار ےک ےئل وجتسج رکےت ی�۔ مہ تحص یک ی‬ ‫ن‬ ‫ی‬ ‫مہ اےنپ ی‬
‫دوا�ش اور‬ ‫رم�وں اور اصر� ےک ےئل درتس ادقاامت اورایلع ی‬
‫رکےن ےک ےئل اےنپ رشاتک داروں ےک اسھت رصموف لمع رےتہ ہ ی�۔ امہرے رکدار ےس عطق رظن ‪ ،‬مہ ےتھجمس ہ ی� ہک امہری ی‬ ‫�کیس� ن‬
‫اکو�‬ ‫و یض� التش ف‬
‫ی ن‬
‫اصر� رپ ک�یسے ارث ادناز وہات ےہ ۔‬ ‫ی‬
‫رم�وں اور‬
‫ت‬ ‫عمار‬
‫ونصماعتاک ی‬ ‫ف‬
‫ت‬ ‫�‬ ‫ٹ‬ ‫ق� ت‬ ‫ن‬
‫ی‬ ‫کل‬‫�‬
‫افرامس ی �ز یک ی�اری م یئک یفنم‬‫�‬ ‫یو‬ ‫ہ‬
‫� رکےت ی� ہک‬ ‫م�‬‫ی‬
‫اصر� اک رسل یک ونصماعت رپ اامتعد اور رھبوہس امہرا بس ےس ی ااثہث ےہ۔ مہ اس ارم وک ی‬ ‫ی‬
‫ت‬
‫م ی�ا ی�اری ی‬ ‫�‬
‫ڈ�زانئ رکےن ی‬
‫عمار وک‬‫م وکیئ ومعمیل یس یھب یطلغ کلہم ٰیتح ہک رطخانک یھب وہیتکس ےہ ذٰہلا ی‬ ‫رطخات القح وہےت ہ ی� اور رپوڈٹک ی‬
‫ن ج‬
‫رت� اور االخیق ذہم داری ےہ۔‬
‫اول ی‬ ‫ربرقار رانھک امہری ی‬
‫ئ‬ ‫ت‬ ‫ق‬ ‫ض‬
‫اکروا�اں‬ ‫امتم‬ ‫واہتسب‬ ‫ےس‬ ‫اری‬ ‫�‬ ‫یک‬ ‫ونصماعت‬ ‫یک‬ ‫دواؤں‬ ‫ہک‬ ‫�‬‫ی‬ ‫ہ‬ ‫رکےت‬ ‫داہین‬ ‫رم�وں یک تحص یک احبیل ےک ےئل اےنپ رفض ےک اپدنب ہ ی� ‪ ،‬اور ی ی ن‬
‫�‬ ‫مہ ی‬
‫ی‬ ‫ی‬ ‫�ی نق‬ ‫ض‬
‫یی‬ ‫ی ت‬ ‫عمار یک وہں وج ی‬
‫رم� یک افحتظ اور اافد� یک وتاعقت وک � انبےئ۔‬ ‫ا� ی‬ ‫ا� ی‬ ‫ی‬
‫ی ٹ‬
‫اکروپر�اورامسیجذہمداری‬
‫ن‬
‫ہی‬ ‫ی ہ یش‬ ‫ی‬ ‫ہ‬
‫م ااضےف ےک ناسھت متخ � وہات ےہ۔ رسل م ‪ � ،‬امہرا دصقم � راہ ےہ‬ ‫امہرے رفاضئ اک دارئہ اکر امہرے اس�ٹ�یک وہڈلرز ےک ےئل انمعف ی‬
‫م اکم رکےت ہ ی� اس ی‬ ‫عم ی‬‫یش ت‬
‫ا� ڑبی یتعنص اور‬
‫�دا رکان ےہ اتہک ی‬ ‫ا� ب ی‬
‫�ادی ہبعش روزاگر ےک وماعق پ ی‬ ‫م مف�ی�د رشاتک ی‬
‫رک�۔ وتہج اک ی‬ ‫ہک مہ سج‬
‫رفوتخ ےس کلسنم ارفادی وقت یک اعمتن یک اجےکس۔‬
‫ی ن‬
‫وس ب ی‬
‫الاد‬ ‫م رسرگم لمع ےہ۔ اس ےک اطمقب وہڈلگن ینپمک اک امسیج ذہم داری اک رپورگام‬ ‫ادناز ی ت‬
‫� ت‬
‫وہڈلگن ینپمک اعمرشیت وطر رپ ذہم داراہن‬
‫ئ‬ ‫رسرگموں اک احلم ےہ اور اس نمض ی‬
‫د�ر امسیج و الفیح ادقاامت اشلم ہ ی�۔‬ ‫م ہ�یل�ھ یکر‪ ،‬ی‬
‫�‪ ،‬وچبں یک الفح و وبہبد اور ی‬ ‫ی‬
‫پش‬
‫یق ن ئ‬ ‫ت‬ ‫لات‬ ‫ی‬
‫�وراہنتحص‪،‬افحتظاوراموح ی‬
‫ی‬ ‫ہ‬ ‫ہ‬ ‫ی‬
‫ا� وک � رکےت ی� اور اےس اانپ رفض ےتھجمس ی� ہک �ی � ی‬ ‫ہی ت‬ ‫مہ ‪ ،‬رسل ی‬
‫انب� ہک وج ولگ امہرے اسھت اکم رکےت‬ ‫وفحمظ اور رپ اامتعد اموحل یک‬
‫بغ‬ ‫م‪،‬‬
‫ی ن‬
‫المزم اور ی ن‬ ‫ت‬ ‫ق‬
‫زارئ� یک تحص اور افحتظ وہڈلگن ینپمک‬ ‫امہرے‬ ‫د� ہ ی‬
‫ر�۔ � شت� خ‬ ‫رط� ےس اکم رس ااجنم ی‬
‫�ر یسک رطخے ےک وفحمظ ی‬ ‫ہ ی� وہ اینپ تحص وک ی‬
‫�‬ ‫ن‬ ‫ش‬ ‫ن ج‬
‫آرپ�ز ےس واہتسب رطخات یک لسلسم اشندنیہ یک اجیت ےہ ‪ ،‬اور ��یص ےک دعب رطخات وک متخ رکےن یا� مک رکےن اک ااظتنم ی ا‬
‫ک اجات‬ ‫رت� ےہ۔ ذہلا ‪ ،‬ی‬
‫اول ی‬ ‫یک ی‬
‫ےہ۔‬
‫یش ن ٹ ی ن‬
‫ش‬
‫اافنرم�اولیج‬
‫وہڈلگن ینپمک یک ڑبیتھ وہیئ اکروابری رضور ی�ات وک وپرا رکےن اور لقتسم وطر رپ ی ن‬
‫اافنرم مٹسس وک اپ رگ�ی �ڈ رکےن یک امہری لسلسم وکوششں ےک نمض‬
‫ہ‬ ‫ی‬ ‫ی‬ ‫یش ن ٹ ی ن‬ ‫ی‬
‫رےھک وہےئ ی�۔ مہ ےن اےنپ اکروابری لمع وک زم�ی د مکحتسم‬ ‫م‪ ،‬مہ اافنرم �اولیج م ز ی�ادہ ےس ز ی�ادہ رسام�ی اکری رکےن یک اینپ اپل اجری‬
‫ت ن‬ ‫رکےن ےک ےئل اکروابری ااظتنم ےک بس ےس اطوتقر مٹسس ی‬
‫ک ےہ۔‬‫�ات ی ا‬‫مایب ےک اسھت ی‬
‫’ا� اے یپ‘ وک اک ی‬
‫ی ب‬
‫و�اسٹئ‬
‫ٹ‬ ‫ٹ‬
‫و� اسٹئ ‪ www.searlecompany.com‬المہظح رکےتکس ہ ی� ‪ ،‬سج رپ رسام�ی‬ ‫امہرے امتم اس��یک وہڈلرز اور وعام اانلس دی رسل ینپمک ی �ڈ‬
‫مل یک ی ب‬
‫م اسالہن ‪ ،‬امششیہ اور ہس امیہ ام یلایت اسحابت ےس قلعتم ولعمامت وموجد ہ ی�۔‬‫ا� ہّصح صتخم ےہ سج ی‬ ‫اکروں ےک ےئل ی‬

‫ف‬
‫‪ 30‬وجن ‪ 2019‬وک متخ وہےن واےل زگہتش اسل ےک دوران ‪ ،‬وہڈلگن ینپمک ےن ‪ 25‬ی�د دقن انمعف اک االعن ی ا‬
‫ک اھت۔‬
‫یٹ‬
‫�ن� ٹ ن ٹ‬
‫ٓاڈ�رز‬ ‫ام یلایتاسحابتاور‬
‫ف‬ ‫یٹ‬
‫ا� ینپمک‪ ،‬اچررٹڈ ااکؤ ��س ‪ ،‬دکبسوش وہ رےہ ی� اور الہ وہےن ےک انبء رپ اوہنں ےن وخد وک دوابرہ رقتری‬
‫ہ‬ ‫آڈ�رز ‪ ،‬م�یس�رز۔ اے یا� رفوگنس ی ن�ڈ‬ ‫وموجدہ‬
‫پش‬
‫کا۔‬‫� ی‬ ‫ےک ےئل ی‬
‫یٹ‬
‫افسراشت رپ ‪ 30‬وجن ‪ 2020‬وک متخ وہےن واےل امیل اسل ےک ےئل ابیمہ ےط دشہ اعموےض رپ وہڈلگن ینپمک ےک‬
‫ث‬ ‫یک‬ ‫ینپمک‬ ‫ٓاڈٹ‬ ‫ےن‬ ‫ر‬ ‫ڈارئ�‬ ‫وبرڈ آف‬
‫�‬ ‫ت‬ ‫ث‬ ‫ٹ‬
‫ح ےس ان یک دوابرہ رقتری یک وت �یق رکےت ہ ی�۔‬ ‫ی ر‬
‫آڈ� یک ی ی‬
‫وہڈلگنینپمک‬
‫ن شن‬
‫ف ش ئ‬ ‫ی‬ ‫ٹ‬ ‫ی‬
‫ی‬ ‫ی‬
‫مل رسل یک وہڈلگن ینپمک ےہ ‪ ،‬وج وہڈلگن ینپمک م ‪� 56.60‬د �ر وہڈلگن ریتھک ےہ۔‬ ‫ی‬
‫ارٹن� رباڈنز �ڈ‬
‫وہڈلگنینپمکےک یذ�ادارے‬
‫ن‬
‫ذ� ہ ی�‪:‬‬
‫مکاں درج ی‬
‫ز�رِ ااظتنم پ ی‬
‫ی‬
‫ومرث المعل‬
‫ف‬ ‫اکروابر اک رمزکی اقمم‬
‫ی�د وہڈلگن یک رمع‬
‫وجن ‪،30‬‬ ‫وجن ‪،30‬‬
‫‪2019‬‬ ‫‪2020‬‬
‫ٹ‬
‫ت‬ ‫لس��ڈ ینپمک‬
‫ئ ٹ‬
‫‪74.19%‬‬ ‫‪74.19%‬‬ ‫‪ٓ -‬ایئ یب یا� ہ��یل�ھ یکر ی �ڈ‬
‫مل‬
‫غ ٹ ن‬
‫اں‬ ‫مک‬
‫ی‬ ‫� لس��ڈ پ‬
‫یر‬
‫ئ ٹ ٹ‬ ‫�‬
‫�ٹ‬
‫(رپا�و ی�) ی �ڈ‬
‫مل‬ ‫ی‬ ‫رفامس یکل �ز�‬ ‫‪ -‬رسل ی و‬
‫ئ ٹ ٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫اپاتسکن‬ ‫یٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬ ‫(رپا�و ی�) ی �ڈ‬
‫مل‬ ‫ئی‬ ‫ار� ی �زر�‬ ‫‪ -‬رسل ی ئ ب‬
‫ل‬
‫ٹ ٹ‬
‫مل‬ ‫اب�واسزسنئ ن ٹ ی‬ ‫‪ -‬رسل ی‬
‫ئ ٹ ٹ‬ ‫ئ ی ٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫مل‬ ‫ی‬ ‫ٓا��ڈ�‬ ‫‪ٓ -‬ایئ یب یا� ف ی‬
‫ئ ٹ ٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫ن‬ ‫ٹ‬
‫مل‬ ‫ی‬ ‫� جی‬
‫اول��ز‬ ‫‪ -‬نٓایئ یب یا� ی�ورچ ی‬
‫ئ ٹ ٹ‬
‫‪100.00%‬‬ ‫‪100.00%‬‬
‫� ٹ‬
‫مل‬ ‫ی‬ ‫‪� -‬یکس��ر افرام‬
‫ش ئ‬
‫‪87.20%‬‬ ‫‪87.20%‬‬
‫ش‬ ‫ٹ‬
‫ی�روہڈلگناکرط� یقہ شاکر‬
‫ل� ش ن‬ ‫ٹن‬ ‫ک ی��یگ ی ج ی کم�پ ن�� ی ٹ‬ ‫ش ئ‬ ‫ئ‬
‫ر� ی� ��ز�‬ ‫ا� ‪ 2017‬ےک س�یک� ن� ‪ 227‬اور لس��گ وی‬ ‫� ہک ی �ز�‬ ‫‪ 30‬وجن ‪ 2020‬ےک اطمقب ی�ر وہڈلگن اک رط� یقہ اکر ومشبل ی�ر وہڈلرز یک �ر��ز ا‬
‫پش‬
‫� یا‬
‫ک اجراہ ےہ۔‬ ‫ےک تحت رضوری ےہ‪ ،‬اسالہن روپرٹ ‪ 2020‬ےک ہحفص ربمن ‪ 201‬ات ‪ 205‬رپ ی‬
‫یٹ‬ ‫ی‬ ‫�کیس�چ� نی� ج ٹ‬ ‫ش ئ‬
‫ی‬ ‫ی‬
‫ٹ غ‬
‫ا� او‪ ،‬ینپمک ی‬ ‫ف‬ ‫یٹ‬
‫ےہ۔ ڈارئ�رز‪ ،‬یس ای او‪ ،‬ینپمک‬ ‫ن‬ ‫اجیت‬ ‫یک‬ ‫م‬ ‫مل‬
‫�ڈ‬ ‫ی‬ ‫�‬ ‫ا‬ ‫ااٹسک‬ ‫اپاتسکن‬ ‫اجترت‬ ‫یک‬ ‫رز‬ ‫�‬ ‫ےس‬ ‫اجبن‬ ‫یک‬ ‫رہ‬
‫و�‬ ‫ری‬
‫رکس�‬ ‫ڈارئ�رز‪ ،‬یس ی‬
‫ئ‬ ‫ش‬ ‫ی ٹ‬ ‫ف‬ ‫یٹ‬
‫� یک ےہ۔‬ ‫م وکیئ اجترت ہ ی‬ ‫�رز ی‬ ‫حات اور انابغل وچبں ےن وہڈلگن ینپمک ےک ی‬ ‫ا� ی�ز�وز ‪ ،‬ان یک ی‬
‫رش� ی‬ ‫رکس�ری اور یس یا� او اور‬
‫ت‬ ‫ن‬
‫اکروابریادقار‬
‫�ع‬ ‫رسل اک اکروابری رط� یقہ اکر یا�ادناری‪ ،‬افشف� تی� اور اقلب االطق ی ن‬
‫وقا� اور وضاطب یک م�یل رپ ینبم ےہ۔‬
‫ت‬ ‫رت�‪ ،‬ی ن‬
‫ا� امہ دج�ی د ی ن‬ ‫ن‬
‫اقلب اامتعد ہ��یل�ھ‬
‫ف‬ ‫اور‬ ‫وایل‬ ‫اےن‬ ‫رتہب� تاکررکدیگ ی‬
‫د�‬ ‫ی‬ ‫یک‬ ‫ا‬ ‫د�‬
‫ی‬ ‫امہری ادقار اور وتاعقت ضحم وظفلں ےس ہ ی‬
‫ک ز ی�ادہ ہ ی�۔ وہ لم رک‬ ‫ئ ن‬
‫ش‬
‫� اور امہرے ادقاامت اور ی� اسزی یک‬ ‫م دمد رکےت ہ ی�۔ وہ امہری اقثتف یک ی‬ ‫ا� ےننب ےک ےئل امہرے دہف یک رامنہیئ ی‬‫م ےس ی‬ ‫مکوں ی‬
‫یکر پ ی‬
‫دورسے ربمن رپ ےہ۔‬
‫ئ‬ ‫بش‬ ‫ن‬
‫گ ‪ ،‬اور ہکبج ورڈل‬ ‫ر�ارڈ یک ی‬ ‫لم اومات ی‬ ‫ی ن‬
‫ا�‬
‫ی‬ ‫�‬‫لم ک�یس �ز� اور مک و ی‬
‫ی ن‬
‫‪30‬‬ ‫ا‬ ‫ً‬ ‫م ابتیہ اچم دی اور ی‬
‫رقت�‬
‫ب‬ ‫د� ی‬
‫ا‬ ‫ی‬ ‫‪ COVID-19‬ےک وابیئ رمض ےن وپری‬
‫� غ‬ ‫یش ن‬ ‫ت‬
‫�ر۔ اس ےک ابووجد‪ ،‬وہڈلگن‬ ‫وجت�ز ےک ب ی‬ ‫ک‬‫�‬
‫ا� او) یک رطف ےس یسک و یس� ی ن� وج وارئس ےک الخف وقت دماتعف رفامہ رکےن یک ی‬ ‫(ڈ� ی چ‬
‫آرانگزئ� ب ی و‬ ‫ہ��یل�ھ‬
‫ٹن‬ ‫ٹ �‬ ‫�ب�یکس‬ ‫�‬
‫کا‪ ،‬سج اک‬ ‫ا� وصخیص السنسئ اور امرک ی��گ اک اعمدہہ ی‬ ‫افرامس��یکل�ز ےک اسھت ی‬
‫یو‬ ‫مایب ےک اسھت ر�یم�ی� یڈ� یو�ر وک رفوتخ رکےن ےک ےئل مک�و‬ ‫ینپمک ےن اک ی‬
‫ض‬ ‫�‬ ‫�‬ ‫�‬‫ب‬ ‫�‬ ‫ی ٹ‬
‫رم�وں یک افش ی�ایب ےک وتق وک رصتخم رکد ی�ا۔‬ ‫م انم‪ ،‬یمس� یو�ر ےہ۔ ر یم� یڈ� یو�ر وارئس ےک الخف تہب ومٔرث اثتب وہا ےہ ‪ ،‬یکوہکن اس ےن ی‬ ‫امرک ی‬ ‫اقمیم‬
‫اس لکشم ی ن‬
‫رت� وتق ےک دوران ‪ ،‬سج ےن اپاتسکن ےک اسھت اسھت اعیمل اعمیش اموحل رپ یھب دش�ی د دابؤ ڈاال فاھت‪ ،‬رسل ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےئ‬
‫ی ش �ن‬ ‫ا� اتمرث نک اکررکدیگ داھکیئ۔ اور وہڈلگن ینپمک ےن ‪ 20.47‬ب ی ن‬
‫ز‬
‫آرپ�‬ ‫روےپ یک آدمین ‪ 13‬ی�د ااضےف ےک اسھت احلص یک۔‬ ‫ف‬ ‫�‬ ‫ٹ‬ ‫اسل ےک دوران ی‬
‫گا۔‬ ‫ن‬
‫� روےپ وہ ی‬ ‫ب‬ ‫ی‬
‫� روےپ ‪ ،‬بج ہک وہڈلگن ینپمک اک انمعف دعب از � ‪ 12‬ی�د ااضےف ےس ‪ 2.54‬ی‬ ‫ن‬ ‫ب‬
‫م ااضہف ‪ 4.34‬ی‬ ‫ےس انمعف ی‬
‫‪June 30,‬‬
‫‪2019‬‬ ‫‪2020‬‬
‫ی‬
‫)اپاتسکین روےپ زہاروں م(‬
‫‪18,062,107‬‬ ‫‪20,474,842‬‬ ‫ٓادمین‬
‫)‪(9,462,243‬‬ ‫)‪(10,769,089‬‬ ‫رفوتخ ےک ارخااجت‬
‫‪8,599,864‬‬ ‫‪9,705,753‬‬ ‫ومجمیع ٓادمین‬
‫یٹن‬
‫)‪(5,388,217‬‬ ‫)‪(5,606,056‬‬ ‫ٓارپ� ارخااجت‬
‫یٹن‬
‫)‪(174,994‬‬ ‫)‪(261,841‬‬ ‫ٓارپ� ارخااجت‬ ‫ی ر‬
‫د�‬
‫‪234,445‬‬ ‫‪505,957‬‬ ‫ی ر‬
‫د� ٓادمین‬
‫یشن�‬
‫‪3,271,098‬‬ ‫‪4,343,813‬‬ ‫ٓارپ�ز ےس ٓادمین‬
‫)‪(438,870‬‬ ‫)‪(684,953‬‬ ‫ام یلایت ارخااجت‬
‫ٹ‬
‫‪2,832,228‬‬ ‫‪3,658,860‬‬ ‫ی‬
‫ٹ‬
‫)‪(566,932‬‬ ‫)‪(1,110,813‬‬ ‫ی‬
‫امکن � ارخااجت‬
‫ٹ‬
‫‪2,265,296‬‬ ‫‪2,548,047‬‬ ‫انمعف دعب از ی�‬
‫ت‬
‫�‪ ،‬ےئن رباڈنز اک اعترف ‪ ،‬ایلع دقمار ‪ ،‬ز ی�ادہ ےس ز ی�ادہ ازجاء‬ ‫م ی‬
‫وتس‪ ،‬یئن رپوڈٹک ےک ی‬ ‫مایت رتیق اک دارودمار ڈارٹک ی ج‬
‫وکر� ی‬ ‫وہڈلگن ینپمک یک رموبط ان ی‬
‫د� اھبل ےک‬ ‫م تحص یک ی‬ ‫م ااکحتسم رپ ےہ۔ اس ےک اسھت اسھت ‪ COVID-19‬یک وہج ےس وعام ی‬ ‫ےک رمبک‪ ،‬رباڈنگن یک اکووشں اور بلط ی‬
‫ن ت‬ ‫ارخااجت ی‬
‫م ااضےف یک ذ�ہ�� ی� اک لمع دلخ یھب اشلم ےہ۔ زم�ی د ‪ ،‬التگ اور ارخااجت رپ تخس رٹنکول ےن یھب وہڈلگن ینپمک یک امیل اکررکدیگ وک رتہب‬
‫کا۔‬‫م امہ رکدار ادا ی‬ ‫انبےن ی‬
‫ش ئ‬
‫ٹ‬
‫یف ی�رٓادمین‬
‫ش ئ‬ ‫ن‬ ‫ش ئ‬ ‫ن‬
‫�ادی آدمین یف ی�ر دعب از ی� ‪ 11.77‬روےپ ریہ ( ‪)10.55:2019‬۔ وہڈلگن نینپمک یک یب‬
‫�ادی آدمین یف ی�ر رپ یمک ےک وکیئ‬ ‫دمت ےک ےئل ب ی‬‫اس ن‬
‫ش ئ‬ ‫غ‬
‫یہ‬ ‫� وہےئ‪ ،‬وچہکن ‪ 30‬وجن ‪ 2020 ،‬کت وہڈلگن ینپمک ےک ی‬ ‫ہ‬
‫ارثات ی‬
‫� وتمعق ہنکمم ی�رز اقب ی�ا � ےھت۔‬
‫ذپ�ر ی ر‬
‫دبت� ی‬
‫انمعفہمسقنم‬
‫ئ‬ ‫یٹ‬
‫ڈارئ�رز ےن ‪ 30‬وجن ‪ 2020‬وک متخ وہےن واےل اسل یک ‪ 25%‬ےک دقن انمعف یک افسرش یک ےہ۔‬ ‫وبرڈ آف‬

‫ئ‬ ‫یٹ‬
‫اامتشیلڈارئ�رزیکربممان یکروپرٹ‬
‫پش‬ ‫م خت ت‬ ‫یٹ‬
‫سمرت وسحمس رکرےہ‬ ‫ی‬ ‫�‬
‫ڈارئ�رز اسالہن روپرٹ عم اسل �� مہ ‪ 30‬وجن ‪ 2020‬ےک ےئل وہڈلگن ینپمک ےک ٓاڈٹ دشہ ام یلایت اسحابت � رکےت وہےئ ّ‬
‫ہ ی�۔‬
‫ی ش ن�‬ ‫ی ٹ‬ ‫ٹ ن‬ ‫کم�پ ن�� ی ٹ‬ ‫یٹ‬
‫ر�ل�ی�� ز� ‪ 2019‬ےک ابب ‪ XII‬ےک اطمقب‬
‫(اکروپر� وگرسنن ےک اضہطب) یک و‬ ‫ا� ‪ 2017 ،‬یک دہعف ‪ 227‬اور لس� �ڈ� پ ی‬
‫مکوں‬ ‫ڈارئ�رز یک روپرٹ ی ز�‬
‫ت‬
‫ی�ار یک یئگ ےہ۔‬
‫پش‬
‫� یک اجےئ یگ۔‬‫م ربمموں وک ی‬‫و� اسالہن االجس اعم ی‬ ‫�ی روپرٹ ‪ 28‬اوتکرب ‪ 2020‬وک دقعنمہ ینپمک ےک ‪ 55‬ی‬
‫اجزئہ‬
‫تحص ‪ ،‬المزوتمں اور الفح و وبہبد وک ےب دح‬ ‫ا� ااہتنیئ دش�ی د اسکد ابزاری اک رحمک ینب سج ےس ولوگں یک غ‬ ‫رکوان وارئس یک اعیمل وابیئ ب ی�اری اس دصی یک ی‬
‫� ومعمیل ادقاامت اعتمرف رکاےن رپ‬ ‫�اؤ ےن تہب اسرے اممکل یک وکحوتمں وک وابیئ رمض رپ اقوب اپےن ےک ےئل ی ر‬ ‫وکروان وارئس ےک پ ی‬ ‫اصقنن اچنہپ ےہ۔ ن ت‬
‫ی‬
‫م تہب اسرے اکروابر اعریض وطر رپ دنب وہ ےکچ ہ ی� اور رفس اور لقن و رحتک رپ وس پ ی�اےن رپ اپدنب ی�اں اعدئ ہ ی�۔‬ ‫� ی‬ ‫کا۔ اس ےک ی ج‬ ‫آامدہ ی‬
‫ف‬ ‫ٹ‬ ‫ٹ‬
‫ی ن‬ ‫ہی ت‬
‫اصر� ےک‬ ‫ا� وعض یک ےہ اور �ی اڈنرٹسی‬ ‫افرامس یو� یسر ےک ڑبے پ ی�اےن رپ اامضنم یک‬ ‫ی‬ ‫تغاتمہ ‪ COVID-19 ،‬ےن اعمرشے یک اقبء ےک ےئل‬
‫ی‬ ‫ت‬
‫�رایت ہطقن رظن تےک تحت وفادئ احلص رکےن ےک ےئل ی�ار ےہ۔ �ی اڈنرٹسی اور اخص وطر رپ حص اقمم رےنھک نواےل ادارے رباڈنگن اور ااضیف ٓادمین ےک‬ ‫ی‬
‫� اھت۔ اعیمل وطر قرپ تحص ےک ارخااجت ی‬ ‫ا� ی ج‬ ‫چ‬ ‫ت‬ ‫ن‬ ‫م‬
‫م‬ ‫ن‬ ‫غ‬ ‫مس ب ی�روین یبط وہس یلات یک اعریض یلطعم ی‬ ‫کل��ک ی‬ ‫تداھرے ےس س�ف�ی�د وہرےہ ہ ی�۔ ارگہچ یجن ی‬
‫ش‬
‫ل‬‫� یک وصراحتل وہیگ‪ ،‬ی ن‬ ‫�ر ی ی‬ ‫اگ۔ ارگہچ ی‬ ‫� رکے قت‬ ‫م ااضہف وتمعق ےہ‪ ،‬وج ہنکمم وطر رپ اس ےبعش ےک ےئل تہب ےس وماعق پ ی‬ ‫ی��زی ےس ومن یک رشح ی‬
‫م ی‬ ‫دبت� ےک رحماکت ی‬ ‫ٹ‬
‫� رکےک رکےتکس ہ ی�۔‬ ‫احل ی‬ ‫اس��یک وہڈلرز ‪ 2020‬اور اس ےس آےگ یک تمکح یلمع انبےت وتق اسہقب اور ی‬
‫رقت� ‪ 3.1‬ب ی ن‬ ‫ت‬ ‫ف‬ ‫ٹ‬
‫ارم� ڈارل ( اپاتسکین ‪425‬‬ ‫� ی‬ ‫امل ی اًب‬ ‫م ‪ 13.23‬ی�د ااضہف وہا سج یک ی‬ ‫م اسالہن ومن یک رشح ی‬ ‫افرامس یو� یک رفوتخ ی‬ ‫ی‬ ‫م‬ ‫اپاتسکن ی‬
‫ن‬
‫� وعالم اور اس یک اعموتن رکیت‬ ‫م ےئن امل�یک ت�ی� نول ےک اعترف ج ی‬ ‫مکاں اکم رک ریہ ہ ی� ‪ ،‬سج ی‬
‫ن‬ ‫م ‪ 650‬ےس زادئ پ ی‬ ‫ارب روےپ) ےہ ‪ ،‬اور اس ےبعش ی‬
‫ی ی ئ‬ ‫�ک� ک پ ش‬
‫دتر� کر امڈل ‪ ،‬زادئ وتمعق رمع اور‬ ‫� رتف‪ ،‬ج‬ ‫�ادی ڈاھےچن یک رسام�ی اکری ‪ � ،‬یی ی‬ ‫م ااضہف‪ ،‬ب ی‬ ‫ڑبیتھ وہیئ ااطتستع ےک آابد ی�ایت راحجانت‪ ،‬آابدی ی‬
‫م ااضہف اور اس ےک اسھت یہ وابیئ ارماض ےک دوران تحص وک القح ےئن اظفحتت اکر رفام ہ ی� ۔‬ ‫دایمئ ب ی�ار�ی وں ےک وااعقت ی‬
‫ی ت‬ ‫ٹ‬
‫م قاناکم ےہ ‪ ،‬سج یک ووجاہت درآدم دشہ ‪ APIs‬رپ ز ی� ٹادہ ااصحنر‪ ،‬فزر ابمدہل‬ ‫الصح احلص رکےن ی‬ ‫افرامس یو� یک تعنص اینپ وپری‬ ‫ی‬ ‫اس ےک ابووجد ‪،‬‬
‫ی‬ ‫ت‬
‫ر�۔ ارگہچ اڈنرٹسی ان ےک انمعف لبق از � اک ‪ 1‬ی�د ہّصح‬ ‫ہ‬
‫� ی‬ ‫ی‬
‫م ااتر ڑچاھٔو ‪ ،‬یف سک مک ارخااجت اور اعیمل اموحل ےک احلظ ےس مک ی‬ ‫یک رشح ی‬
‫ق‬ ‫ت‬
‫ی ن قق‬
‫کا اجاتکس ےہ۔‬ ‫رت�ایت احمذ رپ زم�ی د تہب ھچک احلص ی‬ ‫�ایت اور ی‬ ‫م دے ریہ ےہ‪ ،‬ل ی‬ ‫ر�رچ اور ڈ�ی وٹنمپل ےک نمض ی‬ ‫وکحتم وک ی‬
‫یٹن‬
‫ٓارپ�اتنجئ‬
‫ض‬ ‫پش‬ ‫ت ئ‬ ‫ہ یش‬ ‫ی‬
‫رم�وں یک زدنیگ وک رتہب انبےن رپ وتہج رموکز یک ےہ۔ مہ ےن‬ ‫� رکےک ی‬ ‫عمار یک ہ��یل�ھ یکر دخامت ی‬‫� اٰیلع ی‬ ‫ا� ا� ینپمک ےہ سج ےن‬ ‫رسل ی‬
‫یہ‬ ‫ہ ش ج‬ ‫ٹ‬ ‫ض‬
‫رت� دی ےہ اور � اینپ اکووشں ےک رمثات رپ رخف ےہ۔‬ ‫� ی‬ ‫رم�وں اور اےنپ اس��یک وہڈلرز ےک وفادئ وک ی‬ ‫ی‬
‫ف‬ ‫ٹ‬ ‫ف‬ ‫ن ئ‬
‫ی‬
‫ک ےہ۔ انمعف م اس‬ ‫ی‬ ‫ی‬ ‫ی‬ ‫ی‬ ‫ی‬
‫م یس اے یج ٓار ‪� 14‬د اور انمعف دعب از � م ‪� 10‬د ااضہف ر� تارڈ ی ا‬ ‫دورا�) ی‬ ‫رسل ےن ‪ 6‬اسل (امیل اسل ‪14-20‬‬
‫ی‬
‫ی‬ ‫ق�یم� ت �ع� ی ن‬ ‫ی یٹ‬ ‫ااضہف یک وہج مجح ی‬
‫م لقتسم ومن اور ونتمع ااسقم یک ونصماعت ےک اسھت ڈرگ ر�ولری ااھتریٹ ٓاف اپاتسکن یک �وں اک � رکےن یک اپل ےک‬
‫ئ‬ ‫ت‬
‫ی‬
‫ااشر� (یس یپ آیئ) ےس کلسنم ےہ۔‬ ‫تبثم ارثات اشلم ہ ی�‪ ،‬وج اب اسالہن اصریف ق�یم� ےک‬
‫ف‬ ‫ٹ ش ئ‬ ‫ٹ ش ئ‬ ‫نت‬
‫ی‬
‫� ‪� 5.3‬د اھت ‪ ،‬وج‬ ‫ی‬ ‫ی‬
‫اسل ‪ 2019‬ےک دوران وہڈلگن ینپمک اک امرک ر‬ ‫ی‬ ‫ی‬ ‫ی‬ ‫ی‬
‫ٹ‬ ‫� م رسل ےک امرک �ر م ااضہف وہا ےہ ‪ ،‬امیل ف‬ ‫ڑبیتھ وہیئ آدمین ےک ی ج‬
‫ی‬
‫افرامس یو� اڈنرٹسی م‬ ‫ی‬ ‫ی‬ ‫اب اسل ‪ 2020‬ےک ےلہپ ہہس امیہ یک اڈنرٹسی یک رفوتخ یک دقر ےک اطمقب ‪ 6.5‬ی�د کت ڑبھ یا‬
‫گ ےہ ‪ ،‬وج ہک اپاتسکن م‬
Independent Auditor’s Report to
the Members of the Searle Company Limited
Opinion
We have audited the annexed consolidated financial statements of The Searle Company Limited (the Holding
Company) and its subsidiaries (the Group), which comprise the consolidated statement of financial position
as at June 30, 2020, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year then
ended, and notes to the consolidated financial statements, including a summary of significant accounting
policies and other explanatory information.
In our opinion, consolidated financial statements give a true and fair view of the consolidated financial position
of the Group as at June 30, 2020, and of its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with the accounting and reporting standards as applicable in
Pakistan.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group
in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the Code) and we have
fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context
of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

Following are the Key audit matters:
(i) Revenue from contracts with customers
(Refer note 3.18 and 30 to the

consolidated financial statements)
The Holding Company’s revenue is generated Our audit procedures included the following:
from sales of pharmaceutical and consumer
products. The Holding Company recognized • obtained an understanding of determination
revenue of Rs. 16.57 billion from the sale of of sales prices in accordance with polices
goods to domestic as well as export customers of Drug Regulatory Authority of Pakistan
during the year ended June 30, 2020. Sales to (DRAP);
related parties represent 81.06% of total sales.
• tested on sample basis selling prices of
Revenue recognition includes determination of regulated pharmaceutical products to ensure
sales prices in accordance with the regulated compliance with DRAP pricing policies;
price regime of the government and transfer of
control of products sold to customers. Taking • obtained an understanding of and testing the
into account that revenue recognition is a design and effectiveness of controls designed
higher risk area, we considered this as a key to ensure that revenue is recognized in the
audit matter. appropriate accounting period;
• inspected contracts to obtain an

understanding of contract terms particularly
relating to timing and the customer’s
acceptance of the products and assessing
the Holding Company’s accounting policies
for recognition of revenue with reference to
the requirements of the prevailing accounting
standards; and
• compared on sample basis, specific

revenue transactions recorded before and
after the reporting date with underlying
documentation, including the relevant sales
contracts, the customer’s acknowledgement
of acceptance to assess whether revenue
had been recognized in the appropriate
period.

(ii) Litigation matters
(Refer Note 29.1 and 30.1 to the

consolidated financial statement)
The Holding Company has litigation cases Our audit procedures included the following:
in respect of product pricing, income tax
and sales tax matters, which are pending at • obtained and reviewed details of the pending
various forums including Honourable High litigations and discussed the same with the
Holding Company’s management;
Court of Sindh, Commissioner Inland Revenue
(Appeals) (CIR(A)), Appellate Tribunal Inland • reviewed correspondence of the Holding
Revenue (ATIR) and DRAP. Company with the relevant authorities
including judgments or orders passed by the
Matters under litigation require management competent authorities/courts of law in relation
to make judgements and estimates in relation to the issues involved or matters which have
to the interpretation of laws, statutory rules, similarities with the issues involved;
regulations, and the probability of outcome
and financial impact, if any, on the Holding • obtained confirmations from the Holding
Company’s external legal and tax counsels
Company for disclosure and recognition and for their views on open tax assessments and
measurement of any provisions that may be legal cases;
required against such litigation matters.
• involved internal tax professionals to assess
Due to significance of amounts involved, management’s conclusions on contingent
inherent uncertainties with respect to the tax matters and to evaluate the consistency
outcome of matters and use of significant of such conclusions with the views of the
management judgement and estimates to management and external tax advisors
engaged by the Holding Company; and
assess the same including related financial
impacts, we considered litigation matters • reviewed disclosures made in respect
relating to product pricing and taxation a key of litigations in the consolidated financial
audit matter. statements.
Information Other than the Financial Statements and Auditor’s Report Thereon
Management is responsible for the other information. The other information comprises the information
included in the annual report, but does not include the consolidated and unconsolidated financial statements
and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements
in accordance with accounting and reporting standards as applicable in Pakistan and Companies Act,
2017 and for such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Board of Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Farrukh Rehman.
A. F. Ferguson & Co
Karachi
Date: October 06, 2020

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at June 30, 2020
Note 2020 2019
---------------Rupees ‘000 ---------------
ASSETS
Non-current assets
Property, plant and equipment 5 4,415,663 3,786,177
Right-of-use asset 6 121,515 -
Investment properties - at cost 7 2,571,674 2,724,116
Intangible assets 8 328,533 365,268
Long-term loans and advances 9 358 270
Long-term deposits 10 10,824 13,624
7,448,567 6,889,455
Current assets
Inventories 11 3,428,519 2,953,902
Trade receivables 12 8,633,836 6,209,817
Loans and advances 13 2,950,401 2,944,181
Trade deposits and short-term prepayments 14 113,181 91,074
Interest accrued - 2,970
Other receivables 15 1,187,736 787,859
Short-term investment 16 100,000 -
Taxation - payments less provision 17 793,352 1,000,760
Tax refunds due from Government - Sales tax 23,757 59,527
Cash and bank balances 18 335,189 262,054
17,565,971 14,312,144
Asset classified as ‘Held for Sale’ 19 88,064 75,500
Total assets 25,102,602 21,277,099
EQUITY AND LIABILITIES

EQUITY
Share capital 20 2,124,253 2,124,253
Share premium 1,630,974 1,630,974
Unappropriated profit 9,605,494 7,603,678
General reserve 280,251 280,251
Revaluation surplus on property, plant and equipment 1,846,153 1,437,936
Attributable to owners of The Searle Company Limited - Holding Company 15,487,125 13,077,092
Non-controlling interests 475,408 442,137
15,962,533 13,519,229
LIABILITIES
Non-current liabilities
Long-term borrowings 21 320,664 4,664
Deferred tax liabilities 22 55,052 96,581
Employee benefit obligations 23 54,994 55,820
Deferred income - Government grant 24 77,141 -
Lease liability 25 121,545 -
629,396 157,065
Current liabilities
Trade and other payables 26 3,351,333 3,520,230
Borrowings 27 4,953,328 3,922,277
Unpaid dividend 28 139,707 110,667
Unclaimed dividend 54,885 47,631
Current portion of lease liability 11,420 -
8,510,673 7,600,805
Total liabilities 9,140,069 7,757,870
Contingencies and commitments 29
Total equity and liabilities 25,102,602 21,277,099
The annexed notes from 1 to 52 form an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
2020 2019
Note ---------------Rupees ‘000 ---------------
Revenue from contracts with customers 30 20,474,842 18,062,107
Cost of sales 31 (10,769,089) (9,462,243)
Gross profit 9,705,753 8,599,864
Distribution costs 32 (4,417,290) (4,284,999)
Administrative expenses 33 (1,188,766) (1,103,218)
Loss Allowance - (13,246)
Other operating expenses 34 (261,841) (161,748)
Other income 35 505,957 234,445
Finance cost 36 (684,953) (438,870)
Income tax expense 37 (1,110,813) (566,932)
Profit is attributable to:
Owners of The Searle Company Limited - Holding Company 2,499,697 2,241,258

2,548,047 2,265,296
Basic and diluted earnings per share (Rupees) 38 11.77 10.55

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
2020 2019
---------------Rupees ‘000 ---------------
Other comprehensive (loss) / income:
Items that will not be reclassified

to profit or loss
Remeasurements of post employment benefit obligations 2,215 (1,129)

Surplus on revaluation of property, plant and equipment
- net of deferred tax 439,185 772,620
441,400 771,491
Total comprehensive income for the year 2,989,447 3,036,787
Total comprehensive income is attributable to:

Owners of The Searle Company Limited - Holding Company 2,941,097 3,012,749
2,989,447 3,036,787

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the Holding Company

Capital reserves Revenue reserves
Revaluation
Issue of surplus on Non-
Share Share General Unappropri- Sub - Total
bonus property, controlling Total
capital premium reserve ated profits reserves
shares plant and interests
equipment
------------------------------------------------------Rupees ‘000------------------------------------------------------
Balance as at July 1, 2018 1,847,177 1,630,974 - 675,001 280,251 6,566,207 9,152,433 451,963 11,451,573
Total comprehensive income for the year ended

June 30, 2019
Profit for the year ended June 30, 2019 - - - - - 2,241,258 2,241,258 24,038 2,265,296
Other comprehensive income / (loss) for the year
ended June 30, 2019 - - - 772,620 - (1,129) 771,491 - 771,491
Transfer of incremental Depreciation net of
deferred tax - - - (9,685) - 9,685 - - -
- - - 762,935 - 2,249,814 3,012,749 24,038 3,036,787
Transaction with owners in their capacity as
owners
Transfer to reserve for issuance of bonus shares - - 277,076 - - (277,076) - - -
Bonus shares issued during the year in the ratio of

15 shares for every 100 shares held 277,076 - (277,076) - - - (277,076) - -
Final dividend for the year ended June 30, 2018 @

Rs. 5 per share - - - - - (923,588) (923,588) - (923,588)
Dividend pertaining to non-controlling interests - - - - - - - (15,078) (15,078)
Transaction with non-controlling interests - - - - - (11,679) (11,679) (18,786) (30,465)

277,076 - - - - (1,212,343) (1,212,343) (33,864) (969,131)
Balance as at July 1, 2019 2,124,253 1,630,974 - 1,437,936 280,251 7,603,678 10,952,839 442,137 13,519,229
Total comprehensive income for the year ended

June 30, 2020
Profit for the year ended

June 30, 2020 - - - - - 2,499,697 2,499,697 48,350 2,548,047
Other comprehensive income / (loss) for the year
ended June 30, 2020 - - - 439,185 - 2,215 441,400 - 441,400
Transfer of incremental depreciation
net of deferred tax - - - (30,968) - 30,968 - - -
- - - 408,217 - 2,532,880 2,941,097 48,350 2,989,447
Transaction with owners in their capacity as
owners
Final dividend for the year ended June 30, 2019 @

Rs. 2.5 per share - - - - - (531,064) (531,064) - (531,064)
Dividend pertaining to non-controlling interests - - - - - - - (15,079) (15,079)
Transactions with non-controlling interests

- - - - - (531,064) (531,064) (15,079) (546,143)
Balance as at June 30, 2020 2,124,253 1,630,974 - 1,846,153 280,251 9,605,494 13,362,872 475,408 15,962,533

CONSOLIDATED STATEMENT OF CASH FLOWS
2020 2019
Note -------------Rupees ‘000--------------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 39 1,321,335 (448,270)

Employee benefit obligations paid (7,269) (2,071)
Finance cost paid (570,973) (350,975)
Income taxes paid (988,835) (713,921)
Payments to workers’ welfare fund and workers’ profit
participation fund (164,324) (188,940)
Interest income received 33,570 35,022
Decrease / (Increase) in long-term deposits 2,800 11,553
Increase in long-term loans and advances (88) 1,656,742
Net cash used in from operating activities (373,784) (860)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (163,694) (383,312)

Proceeds from disposal of property, plant and equipment 2,778 16,820
Purchase of investment properties (250,452) (70,487)
Proceeds from sale of investment property 75,500 -
Purchase of intangible assets (11,171) (25,518)
Acquisition of non-controlling interest - (30,465)
Purchase of investments (100,000) -
Proceeds from redemption of investments -
at fair value through profit or loss - 56,005
Net cash used in investing activities (447,039) (436,957)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (509,850) (889,303)

(Repayment of) / Proceeds from export refinance (210,000) 210,000
Current portion of long-term loan repaid - (214,285)
Proceeds from salary refinancing 535,500 -
Payments against lease liabilities (28,868) -
Net cash used in financing activities (213,218) (893,588)
Net decrease in cash and cash equivalents (1,034,041) (1,331,405)
Cash and cash equivalents at beginning of the year (3,450,223) (2,118,818)
Cash and cash equivalents at end of the year 40 (4,484,264) (3,450,223)

NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
1. LEGAL STATUS AND OPERATIONS
1.1 The Group consists of:
Holding company - The Searle Company Limited (the ‘Holding Company’)
The Holding Company was incorporated in Pakistan as a private limited company in October 1965.
In November 1993, the Holding Company was converted into a public limited company. Its shares
are quoted on the Pakistan Stock Exchange. The Holding Company is principally engaged in the
manufacture of pharmaceutical and other consumer products.
International Brands Limited is the ultimate holding company (the ‘Ultimate Holding Company’) as it
holds 56.60% of the total paid-up share capital of the Holding Company.
The registered office of the Company is located at One IBL Centre, 2nd floor, Plot No.1, Block 7 and
8, D.M.C.H.S. Tipu Sultan Road, Off Shahra-e-faisal, Karachi.
Subsidiary companies - Companies in which the Holding Company owns over 50% of voting
rights or companies directly or indirectly controlled by the Holding Company.
Principal place %age of effective

of business holding
Listed Companies 2020 2019
- IBL HealthCare Limited (note 1.2.1) 74.19% 74.19%
Unlisted Companies
- Searle Pharmaceuticals (Private) Limited (note 1.2.2) 100.00% 100.00%
- Searle Laboratories (Private) Limited (note 1.2.3) Pakistan 100.00% 100.00%
- Searle Biosciences (Private) Limited (note 1.2.4) 100.00% 100.00%
- Nextar Pharma (Private) Limited (note 1.2.4.1) 87.20% 87.20%
- IBL Identity (Private) Limited (note 1.2.5) 100.00% 100.00%
- IBL Future Technologies (Private) Limited (note 1.2.6) 100.00% 100.00%
1.2 Subsidiary Companies
1.2.1 IBL HealthCare Limited
IBL HealthCare Limited (IBLHC) was incorporated in Pakistan as a private limited company on
July 14, 1997. In November 2008, IBLHC was converted into public limited company with its liability
limited by shares. The shares of IBLHC are quoted on the Pakistan Stock Exchange. Its principal
business activities include marketing, selling and distribution of health care products. The registered
office of the Company is located at One IBL Centre, 2nd floor, Plot No.1, Block 7 and 8, D.M.C.H.S.
Tipu Sultan Road, Off Shahra-e-faisal, Karachi.
1.2.2 Searle Pharmaceuticals (Private) Limited
Searle Pharmaceuticals (Private) Limited (SPPL) was incorporated in Pakistan on December 18, 2012
as a private limited company. It is principally engaged in the facilitation of manufacturing of
pharmaceutical products. The registered office of the Company is located at One IBL Centre, 2nd
floor, Plot No.1, Block 7 and 8, D.M.C.H.S. Tipu Sultan Road, Off Shahra-e-faisal, Karachi.

Notes to and forming part of the Consolidated Financial Statements
1.2.3 Searle Laboratories (Private) Limited
Searle Laboratories (Private) Limited (SLPL) was incorporated in Pakistan on December 26, 2012 as
a private limited company. Its principal business activities include marketing, selling and distribution
of pharmaceutical products.The registered office of the Company is located at One IBL Centre, 2nd
1.2.4 Searle Biosciences (Private) Limited
Searle Biosciences (Private) Limited (SBPL) was incorporated in Pakistan on August 17, 2013 as a
private limited company. Its principal business activities include marketing, selling and distribution of
pharmaceutical products. SBPL commenced its commercial operations from July 28, 2016. The
registered office of SBPL is located at 1st Floor, N.I.C. Building, Abbasi Shaheed Road, Karachi.
1.2.4.1 Nextar Pharma (Private) Limited
Nextar Pharma (Private) Limited (NPPL) was incorporated in Pakistan in February 2003 as a private
limited company. It’s the main objective of the Company is the business of manufacturing and trading
of pharmaceutical products. The registered office of the Company is located at One IBL Centre, 2nd
1.2.5 IBL Identity (Private) Limited
IBL Identity (Private) Limited (IBLIPL) was incorporated in Pakistan on April 23, 1986 as a private
limited company. It is principally engaged in the business of designing, manufacturing, producing,
marketing, distributing and selling textile products under the brand name ‘Tarzz’. The registered
office of the Company is located at One IBL Centre, 2nd floor, Plot No.1, Block 7 and 8, D.M.C.H.S.
Tipu Sultan Road, Off Shahra-e-faisal, Karachi.
1.2.6 IBL Future Technologies (Private) Limited
IBL Future Technologies (Private) Limited (IBLFT) was incorporated in Pakistan on June 15, 2016
as a private limited company . Its principal business activities are marketing, selling and distribution
of electronic goods. The registered office of IBLFT is located at 1st Floor, N.I.C Building, Abbasi
Shaheed Road, Karachi.
1.3 The geographical location and address of the Group business units, including plant are detailed in
note 49.
2. IMPACT OF COVID-19 ON THE FINANCIAL STATEMENTS
2.1 The COVID-19 pandemic (the virus) continues to evolve and impact local and global markets. The
spread of COVID-19 pandemic resulted in authorities implementing numerous measures since March
2020 to try to contain the virus, such as travel bans and restrictions, quarantines and shutdowns.
Consequently, economic conditions have been increasingly volatile. However, the Group continued
production and its operation despite lockdown of economic activities due to spread of COVID-19.
Although impact on Group’s sales cannot be precisely determined, the Group has sustained sales
during the period of March to June 2020. The extent of the impact of the virus on the operational and
financial performance of the Group includes the following:
- Loan of Rs. 535.50 million was obtained by the Holding Company under the refinance scheme
for payment of wages and salaries - note 21

- Deferred Government Grant of Rs. 85.71 million was recognised by the Holding Company in
relation to loan obtained for payment of wages and salaries at less than market rate - note 24
- Increase in trade receivables of the Group - note 12
- Decrease in rental income of the Group with respect to rent concessions given to tenants -
note 35
- Decrease in discounts, rebates and allowances of the Group - note 30
- Decrease in advertisement and other marketing related expenses of the Holding Company -
note 32
- The reduction in interest rates by State Bank of Pakistan (SBP) had a positive impact in terms
of interest on borrowing for the Group.
Further, there was no impairment triggering matter for non-financial assets of the Group.
2.2 Due to the outbreak of the virus in Pakistan, the Holding Company decided to import “Remdesivir”
(the drug), a broad-spectrum antiviral medication authorised for emergency use by the United States
of America (U.S) Food and Drug Administration (FDA) for the treatment of hospitalised COVID-19
patients. Consequently, the Company filed for registration of the drug with Drug Regulatory Authority
of Pakistan (DRAP) under the Drugs Act, 1976, on June 03, 2020. The Holding Company also
entered into an agreement with Beximco Pharmaceuticals Limited, Bangladesh on June 01, 2020
for import of the drug. Meanwhile, the Holding Company received the first consignment on June 10,
2020 of the drug under Rule 13 of the Drugs (Import and Export) Rules, 1976. DRAP approval was
subsequently received on June 20, 2020 after which further imports were made. During the year
ended June 30, 2020, the Holding Company distributed “Remidisivir” amounting to Rs. 12.76 million
as a Corporate Social Responsibility (CSR) activity.
The Holding Company also distributed personal protective equipments amounting to Rs. 17.28
million to healthcare professionals during the peak of COVID-19 pandemic in Pakistan.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these consolidated financial
statements are set out below.
3.1 Basis of preparation
3.1.1 Statement of Compliance
These consolidated financial statements have been prepared in accordance with the accounting and
reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in
Pakistan comprise of:
- International Financial Reporting Standards (IFRS Standards) issued by the International

Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants
of Pakistan as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS
Standards, the provisions of and directives issued under the Companies Act, 2017 have been
followed.

3.2 Use of critical accounting estimates and judgements
The preparation of consolidated financial statements in conformity with the approved accounting
and reporting standards require the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements are as follows:
a) Income tax - note 3.16

b) Revaluation of property, plant and equipment - note 3.6
c) Pricing of revenue from contracts with customers - note 3.18
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Management believes that the change in outcome of estimates would not have a material impact on
the amounts disclosed in the consolidated financial statements.
No critical judgement has been used in applying the accounting policies.
3.3 Changes in accounting standards, interpretations and pronouncements
a) Standards, interpretations and amendments to published approved accounting

standards that are effective in the current year and are relevant
IFRS 16 ‘Leases’ - IFRS 16 replaces the previous lease standard: IAS 17 Leases. It will result
in almost all leases being recognised on the statement of financial position, as the distinction
between operating and finance leases is removed. Under the new standard, an asset (the
right to use the leased item) and a financial liability to pay rentals are recognised. The only
exceptions are short term and low value leases.
The impact of changes laid down by this standard is detailed in note 4.
b) Standards, interpretations and amendments to published approved accounting

standards that are effective but not relevant
The new standard, certain amendments and interpretations that are mandatory for accounting
periods beginning on or after July 1, 2019 are considered not to be relevant for the Company’s
financial statements and hence have not been detailed here.
c) Standards, interpretations and amendments to published approved accounting

standards that are not yet effective but relevant
There are certain amendments and interpretation that are mandatory for accounting period
beginning on or after July 1, 2020 but are considered not relevant for Company’s financial
statements and hence have not been detailed here.
3.4 Overall valuation policy
These consolidated financial statements have been prepared under the historical cost convention
except as otherwise stated below in the respective accounting policy notes.

3.5 Basis of consolidation
i. Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the financial and
operating policies generally accompanying a shareholding of more than 50% of the voting
rights. The existence and effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Group controls another entity. Further,
the Group also considers whether:
- it has power to direct the relevant activities of the subsidiaries;

- is exposed to variable returns from the subsidiaries; and
- decision making power allows the Group to affects its variable returns from the
subsidiaries.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
They are derecognised from the date the control ceases. These consolidated financial
statements include The Searle Company Limited (the Holding Company) and all companies in
which it directly or indirectly controls, beneficially owns or holds more than 50% of the voting
securities or otherwise has power to elect and appoint more than 50% of its directors (the
Subsidiaries).
The Group uses the acquisition method of accounting to account for business combinations.
The consideration transferred for the acquisition of a subsidiary is the fair values of the
assets transferred, the liabilities incurred and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset or liability resulting from a
contingent consideration arrangement. Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities (including contingent liabilities) assumed in a business
combination are measured initially at their fair values at the acquisition date. On an acquisition-
by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the
non-controlling interest’s proportionate share of the acquiree’s identifiable net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the
acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the
acquisition date. Any gains or losses arising from such re-measurement are recognised in
consolidated statement of profit or loss.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred
over the proportionate net identifiable assets acquired and liabilities assumed. If this is less than
the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the
difference is recognised in consolidated statement of profit or loss.
The financial statements of the subsidiaries have been consolidated on a line by line basis.
Inter-company transactions, balances, income and expenses on transactions between group
companies are eliminated. Profits and losses (unrealised) are also eliminated. Accounting
policies of subsidiaries are consistent with the policies adopted by the Group.

ii. Transactions and non-controlling interests
The Group treats transactions with non-controlling interests that do not result in loss of control
as transactions with equity owners of the Group. The difference between fair value of any
consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are
also recorded in equity.
3.6 Property, plant and equipment
i. Owned
These are stated at cost less accumulated depreciation / amortisation and impairment loss, if
any, except leasehold land, building on leasehold land, plant and machinery, vehicles and air-
conditioning systems, which are stated at revalued amount less accumulated depreciation and
impairment losses, if any, and capital work-in-progress which is stated at cost.
Depreciation is charged to the consolidated statement of profit or loss applying the straight line
method, whereby the depreciable amount of an asset is written off over its estimated useful
life. The revalued amount of building on leasehold land, plant and machinery, vehicles and air-
conditioning systems is depreciated equally over the remaining life from the date of valuation.
Depreciation is charged on additions from the month the asset is available for use and on
disposals upto the month preceding the month of disposal.
Increases in the carrying amounts arising on revaluation of property, plant and equipment are
recognised, net of tax, in the consolidated statement of profit or loss and comprehensive
income and accumulated in reserves in shareholders’ equity. To the extent that the increase
reverses a decrease previously recognised in consolidated statement of profit or loss, the
increase is first recognised in consolidated statement of profit or loss. Decreases that reverse
previous increases of the same asset are first recognised in consolidated statement of profit
or loss and other comprehensive income to the extent of the remaining surplus attributable to
the asset; all other decreases are charged to profit or loss. Each year, the difference between
depreciation based on the revalued carrying amount of the asset charged to consolidated
statement of profit or loss and depreciation based on the asset’s original cost, net of tax, is
reclassified from the revaluation surplus on property, plant and equipment to retained earnings.
The accumulated depreciation at the date of revaluation is eliminated against the gross carrying
amount of the asset, and the net amount is restated to the revalued amount.
Disposal of asset is recognised when significant risk and rewards incidental to ownership have
been transferred to buyers. Gains and losses on disposals are determined by comparing the
proceeds with the carrying amount and are recognised within ‘Other operating expense /
income’ in the consolidated statement of profit or loss.
Gain or loss on disposal or retirement of property, plant and equipment is included in the
consolidated statement of profit or loss.
The Group reviews appropriateness of the rate of depreciation, useful life and residual value
used in the calculation of depreciation.

3.7 Intangible assets
An intangible asset is recognised if it is probable that future economic benefits attributable to the
asset will flow to the Group and that the cost of such asset can be measured reliably. These are
stated at cost less accumulated amortisation and impairment, if any.
Distribution rights, brand name & logo and licenses have a finite useful life and are carried at cost
less accumulated amortisation and accumulated impairment losses, if any.
Intangibles having infinite life are carried at cost less impairment, if any.
Amortisation is calculated using the straight line method to allocate the cost of trademarks and
licenses over the useful lives.
Goodwill represents the difference between the consideration paid, for acquiring interests in a
company and the value of the Group’s share of its net assets at the date of acquisition.
3.8 Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether
there is any indication of impairment. If such indication exists the assets’ recoverable amount is
estimated. An impairment loss is recognised wherever the carrying amount of the asset exceeds its
recoverable amount. Impairment losses are recognised in consolidated statement of profit or loss.
3.9 Investments in associates
Associates are all entities over which the Holding Company has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights or common
directorship. Investments in associates are initially recognised at cost. At subsequent reporting
dates, the recoverable amounts are estimated to determine the extent of impairment losses, if any,
and carrying amounts of investments are adjusted accordingly. Impairment losses are recognised
as expense in the consolidated statement of profit or loss. Where impairment losses subsequently
reverse, the carrying amounts of the investments are increased to the revised recoverable amounts
but limited to the extent of initial cost of investments. A reversal of impairment loss is recognised in
in the consolidated statement of profit or loss. Investment in associates are accounted for using the
equity method of accounting in the consolidated financial statements.
3.10 Investment properties
The Group carries investment properties at their respective costs under the cost model in accordance
with IAS 40 ‘Investment Property’. The fair values are determined by the independent valuation
experts and such valuations are carried out every year to determine the recoverable amount.
Asset classified as investment property is carried at its respective cost less accumulated depreciation
and accumulated impairment losses, if any.
The Group carries investment property under work-in-progress at their respective costs less
accumulated impairment losses, if any. Depreciation is charged on such property after it is completed
as per IAS 40 ‘Investment Property’.

3.11 Inventories
Inventories are valued at the lower of cost and net realisable value except goods-in-transit which are
valued at invoice value plus other charges incurred thereon. Cost signifies standard cost adjusted
by variances.
Cost of raw and packing material comprises purchase price including directly related expenses less
trade discounts. Cost of work-in-process and finished goods includes cost of raw material, direct
labour and related production overheads.
Net realisable value signifies the estimated selling price in the ordinary course of business less all
estimated costs of completion and costs necessarily to be incurred in order to make the sales.
Stores and spares are valued at lower of cost, determined using first-in-first-out method less provision
for slow moving and obsolete stores and spares. Items in transit are valued at invoice value plus
other charges incurred thereon.
3.12 Short-term deposits, prepayments, loans and advances
Short-term deposits, prepayments, loans and advances are non-derivative financial assets with fixed
and determinable payments. These are included in current assets, except those with maturities
greater than twelve months after the reporting date, which are classified as non-current assets.
Interest free loans to employees are stated at amortised cost.
3.13 Trade and other receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless
they contain significant financing components when they are recognised at fair value. They are
subsequently measured at amortised cost using the effective interest method, less loss allowance.
Refer - note 3.8 for a description of the Group’s impairment policies.
Cash and cash equivalents are carried in the statement of financial position at cost. For the purposes
of consolidated statement of cash flows, cash and cash equivalents comprise cash, balances with
banks on current and deposit accounts and finance under mark-up arrangements.
3.14 Trade and other payables
Liabilities for trade and other payables are carried at cost which is the fair value of the consideration
to be paid in the future for goods and services received.
3.15 Provisions
Provisions are recognised when the Group has a legal or constructive obligation as a result of past
events, and it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions
are reviewed at each reporting date and adjusted to reflect the current best estimates.

3.16 Income tax
i. Current
The charge for current taxation is based on the taxable income for the year, determined in
accordance with the prevailing law for taxation on income, using prevailing tax rates after taking
into account tax credits and rebates available, if any.
ii. Deferred
Deferred tax is accounted for using the liability method on all temporary differences arising
between tax base of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax liability is generally recognised for all taxable temporary
differences and deferred tax asset is recognised to the extent that it is probable that future
taxable profits will be available against which the deductible temporary differences, unused tax
losses and tax credits can be utilised. Deferred tax is charged or credited in the consolidated
statement of profit or loss, except in the case of items credited or charged to equity in which
case it is included in equity. Deferred tax is determined using tax rates and prevailing law for
taxation on income that have been enacted or substantively enacted by the reporting date and
are expected to apply when the related deferred tax asset is realised or the deferred tax liability
is settled.
3.17 Employee retirement benefits
The Group operates various post-employment schemes, including both defined contribution and
defined benefit plans.
3.17.1 Defined contribution plan
The Group operates a recognised provident fund scheme for all employees. Equal monthly
contributions are made, both by the Group and the employees, to the fund at the rate of 10% per
annum of the basic salary. The contributions are recognised as employee benefit expense when they
are due.
3.17.2 Defined benefit plan
Defined benefit plans define an amount of pension or gratuity or medical benefit that an employee
will receive on or after retirement, usually dependent on one or more factors such as age, years of
service and compensation. A defined benefit plan is a plan that is not a defined contribution plan.
The liability recognised in the unconsolidated statement of financial position in respect of defined
benefit plans is the present value of the defined benefit obligation at the end of the reporting period.
The defined benefit obligation is calculated annually by an independent actuary using the projected
unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future
cash outflows using interest rates of high-quality corporate bonds or the market rates on government
bonds. These are denominated in the currency in which the benefits will be paid, and that have terms
to maturity approximating the terms of the related benefit obligation.

The Company operates an approved unfunded gratuity scheme covering all unionised employees
with five or more years of service with the Group. The provision has been made in accordance with
actuarial valuations carried out as of June 30, 2020 using the projected unit credit method.
3.18 Revenue recognition
Revenue is recognised when control of the products has transferred, being when the products are
dispatched to the customer, and there is no unfulfilled obligation that could affect the customer’s
acceptance of the product. Revenue is recognised as follows:
- Revenue from sale of goods is recognised when control is transferred to the customers.
- Income from toll manufacturing is recognised when services are rendered.
- Dividend income, other than those from investments measured using equity method, is
recognised when the Group’s right of receipts is established.
- Interest income and rental income are recognised on accrual basis.
No element of financing is deemed present as the sales are made with a credit term of 30-90 days,
which is consistent with the market practice.
The Transaction price for products are agreed under the contract with customers.
Discounts are offered on the basis of contracts with customers.
3.19 Borrowings and their cost
Borrowings are initially recognised at cost being the fair value of the consideration received together
with the associated transaction cost. Subsequently, these are recognised at amortised cost using the
effective interest method. Borrowing costs are recognised as an expense in the period in which these
are incurred except to the extent of borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset. Such borrowing costs are capitalised as part of the
cost of that asset. Borrowings payable within next twelve months are classified as current liabilities.
3.20 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic
EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Holding
Company by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and
the weighted average number of ordinary shares outstanding for the effects of all dilutive potential
ordinary shares.
3.21 Foreign currency transactions and translation
The consolidated financial statements are presented in Pak Rupees which is the Group’s functional
and presentation currency.
Transactions in foreign currencies are converted into Pak Rupees using the exchange rates prevailing
on the dates of the transactions. All monetary assets and liabilities denominated in foreign currencies
are translated into Pak Rupees using the exchange rates prevailing on the reporting date. Exchange
differences are taken to consolidated statement of profit or loss.

3.22 Research and development costs
Research and development cost except to the extent that an intangible asset is recognised, is charged
in the year in which it is incurred. Development costs previously charged to in the consolidated
statement of profit or loss are not recognised as an asset in the subsequent period.
3.23 Operating lease
Leases in which a significant portion of the risks and rewards of ownership is retained by the lessor
are classified as operating leases. Payments made under operating leases are charged to in the
consolidated statement of profit or loss on a straight-line basis over the period of the lease.
3.24 Financial Insturments - Initial recognition and subsequent measurement
Initial Recognition
All financial assets and liabilities are initially measured at cost which is the fair value of the consideration
given or received. These are subsequently measured at fair value, amortised cost or cost as the case
may be.
Classification of financial assets
The Group classifies its financial instruments in the following categories:
- at fair value through profit or loss (“FVTPL”),

- at fair value through other comprehensive income (“FVTOCI”), or
The Group determines the classification of financial assets at initial recognition. The classification of
instruments (other than equity instruments) is driven by the Group’s business model for managing the
financial assets and their contractual cash flow characteristics.
Financial assets that meet the following conditions are subsequently measured at amortised cost:
- the financial asset is held within a business model whose objective is to hold financial assets in
order to collect contractual cash flows; and
Financial assets that meet the following conditions are subsequently measured at FVTOCI:
- the financial asset is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling the financial assets; and
By default, all other financial assets are subsequently measured at FVTPL.

Classification of financial liabilities
The Group classifies its financial liabilities in the following categories:
- at fair value through profit and loss (“FVTPL”), or

Financial liabilities are measured at amortised cost, unless they are required to be measured at
FVTPL (such as instruments held for trading or derivatives) or the Group has opted to measure them
at FVTPL.
Subsequent measurement
i) Financial assets at FVTOCI
Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus
transaction costs. Subsequently, they are measured at fair value, with gains or losses arising
from changes in fair value recognised in other comprehensive income/(loss).
ii) Financial assets and liabilities at amortised cost
Financial assets and liabilities at amortised cost are initially recognised at fair value, and
subsequently carried at amortised cost, and in the case of financial assets, less any impairment.
iii) Financial assets and liabilities at FVTPL
Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction
costs are expensed in the statement of profit or loss and other comprehensive income. Realised
and unrealised gains and losses arising from changes in the fair value of the financial assets and
liabilities held at FVTPL are included in the statement of profit or loss and other comprehensive
income in the period in which they arise.
Where management has opted to recognise a financial liability at FVTPL, any changes
associated with the Group’s own credit risk will be recognized in other comprehensive income/
(loss). Currently, there are no financial liabilities designated at FVTPL.
Impairment of financial asset
The Group recognises loss allowance for Expected Credit Loss (ECL) on financial assets measured
at amortised cost at an amount equal to life time ECLs except for the following, which are measured
at 12 months ECLs:
- bank balances for whom credit risk (the risk of default occurring over the expected life of the
financial instrument has not increased since the inception.
- employee receivables.
- other short term loans and receivables that have not demonstrated any increase in credit risk
since inception.
Loss allowance for trade receivables are always measured at an amount equal to life time ECLs.
The Group considers a financial asset in default when it is more than 90 days past due.

Life time ECLs are the ECLs that results from all possible defaults events over the expected life of
a financial instrument. 12 month ECLs are portion of ECL that result from default events that are
possible within 12 months after the reporting date.
ECLs are a probability weighted estimate of credit losses. Credit losses are measured as the present
value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with
the contract and cash flows that the Group expects to receive).
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectation of recovering a financial asset in its entirety or a portion thereof.
Derecognition
i) Financial assets
The Group derecognises financial assets only when the contractual rights to cash flows from
the financial assets expire or when it transfers the financial assets and substantially all the
associated risks and rewards of ownership to another entity. On derecognition of a financial
asset measured at amortised cost, the difference between the asset’s carrying value and the
sum of the consideration received and receivable is recognised in profit or loss. In addition, on
derecognition of an investment in a debt instrument classified as FVTOCI, the cumulative gain
or loss previously accumulated in the investments revaluation reserve is reclassified to profit
or loss. In contrast, on derecognition of an investment in equity instrument which the Group
has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously
accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is
transferred to statement of changes in equity.
ii) Financial liabilities
The Group derecognises financial liabilities only when its obligations under the financial
liabilities are discharged, cancelled or expired. The difference between the carrying amount of
the financial liability derecognised and the consideration paid and payable, including any non-
cash assets transferred or liabilities assumed, is recognised in the statement of profit or loss
and other comprehensive income.
3.25 Off-setting of financial assets and liabilities
Financial assets and liabilities are off-set and the net amount is reported in the statement of financial
position if the Group has a legal right to set off the transaction and also intends either to settle on a
net basis or to realise the asset and settle the liability simultaneously.
3.26 Dividend distribution
Dividend distribution to shareholders is recognised as liability in the consolidated financial statements

in the period in which the dividend is declared and approved.
3.27 Government Grants
Government grants relating to costs are deferred and recognised in the Statement of profit or loss
and other comprehensive income over the period necessary to match these with the costs that they
are intended to compensate.

3.28 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision-maker who is responsible for allocating resources and assessing
performance of the operating segments.
4. CHANGE IN ACCOUNTING POLICIES
The Group has applied the following standard for the first time for its annual reporting period
commencing July 1, 2019.
4.1 Impact of transition to IFRS 16 - Leases
The Group has adopted IFRS 16 from July 1, 2019, and has not restated comparatives for the 2019
reporting period, as permitted under the specific transitional provisions in the standard.
On initial application, the Group has elected to record right-of-use assets based on the corresponding
lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease
recognised in the statement of financial position immediately before July 01, 2019. Right-of-use
assets and lease liabilities of Rs. 141.42 million and Rs. 139.42 million were recorded respectively,
as of July 01, 2019, with no net impact on unappropriated profit. When measuring lease liabilities,
the Group discounted lease payments using its incremental borrowing rate of 15.34% to 15.48% at
July 01, 2019.
The following summary reconciles the Group’s operating lease commitments previously considered
as land rentals at June 30, 2019 to the lease liabilities recognised on initial application of IFRS 16 at
July 1, 2019.
Rupees ‘000
Operating lease commitment as at July 01, 2019 260,398
Discounted using the lessee’s incremental borrowing rate

at the date of initial application (120,977)
Lease Liability recognised as at July 01, 2019 139,421
Of which are:
Current lease liabilities 8,556
Non-current lease liabilities 130,865
June 30, July 01,

2020 2019
----------Rupees ‘000----------
The recognised right-of-use assets relate to the

following types of assets:
Property 121,515 141,421
following items in the statement of financial
position on July 1, 2019:
Right-of-use asset increased by 141,421

Trade deposits and short-term prepayments decreased by 2,000
Lease liabilities - increased by 139,421
June 30, July 01,

2020 2019
----------Rupees ‘000----------
following items in the profit and loss account for
the year ended June 30, 2020:
Markup expense - increased by 20,412 -

Depreciation - increased by 19,906 -
Other expenses which includes rent
expense decreased by 28,868 -
4.2 Lease liability and right-of-use asset
At inception of a contract, the Group assesses whether a contract is, or contains, a lease i.e. it conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
From July 1, 2019 leases are recognised as a right-of-use asset and a corresponding liability at the
date at which the leased asset is available for use by the Group.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot
be readily determined, the Group’s incremental borrowing rate.
Lease payments include fixed payments, variable payment that are based on an index or a rate
amounts expected to be payable by the lessee under residual value guarantees, exercise price
of a purchase option, payments of penalties for terminating the lease, less any lease incentives
receivable. The purchase, extension and termination options are incorporated in determination of
lease term only when the Group is reasonably certain to exercise these options.
The lease liability is subsequently measured at amortised cost using the effective interest rate method.
It is remeasured when there is a change in future payments arising from a change in fixed payments
or an index or rate, Group’s estimate of the amount expected to be payable under a residual value
guarantee or its assessment of whether it will exercise a purchase, extension or termination option.
The corresponding adjustment is made to the carrying amount of the right-of-use asset, or is
recorded in profit and loss if the carrying amount of right-of-use asset is reduced to zero.
The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted
for any payments made at or before the commencement date and any incentive received, plus any
initial direct costs and estimate of costs to dismantle, remove or restore the underlying asset (if any)
or to restore the site on which it is located. The right-of-use asset is depreciated on a straight line
method over the lease term as this method most closely reflects the expected pattern of consumption
of future economic benefits. The right-of-use asset is reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The Group does not recognise right-of-use assets and lease liabilities for short term leases that have
a term of 12 months or less, leases of low-value assets and recognises associated payments in the
period in which these are incurred.

2020 2019
-----------Rupees ‘000 -----------
5. PROPERTY, PLANT AND EQUIPMENT

Capital work in progress - note 5.12 218,455 739,553
4,415,663 3,786,177

OWNED ASSETS
Building on
leasehold
Leasehold Air -
land / Plant and Vehicles -
land - notes Office Furniture conditioning-
rented office machinery note 5.3, 5.4 Total
5.3, 5.4, 5.5 equipment and fixtures note 5.3, 5.4
premises - 5.3, 5.4 & 5.5 & 5.5
& 5.8 & 5.5
notes 5.3,
5.4 & 5.5
--------------------------------------------------------Rupees ‘000--------------------------------------------------------
Opening net book value 1,440,641 485,512 896,968 92,604 42,028 48,852 40,019 3,046,624
Additions - notes 5.2 & 5.7. 14,735 547,204 61,695 625 10,563 - 49,972 684,794
Transfer from investment property 267,861 45,146 13,774 2,683 8,387 - 8,062 345,913
Revaluation - notes 5.3 & 5.4 312,165 36,971 119,258 - - 12,620 2,072 483,086
Disposals - note 5.11 - - (520) - - (1,085) - (1,605)
Transfers to assets held for sale - (81,360) (35,623) (436) - - - (117,419)
Impairment loss - - (3,101) - - - - (3,101)
Depreciation charge (157) (46,831) (129,425) (25,371) (6,327) (16,913) (16,060) (241,084)

At June 30, 2020
Accumulated depreciation - - - (146,334) (31,722) - - (178,056)
Accumulated impairment - - (3,101) (1,405) (3,602) - - (8,108)
Net book value 2,035,245 986,642 923,026 70,105 54,651 43,474 84,065 4,197,208

Opening net book value 745,026 379,122 502,431 75,136 31,222 35,928 23,972 1,792,837
Additions - 162,064 272,490 53,826 15,001 16,754 23,311 543,446
Revaluation - notes 5.3 & 5.4 607,081 - 218,371 - - 14,506 - 839,958
Disposals - - (2,017) (4,350) - (2,918) - (9,285)
Transfer to investment property 88,534 - - - - - - 88,534

At June 30, 2019
Cost or revaluation 1,440,641 723,433 1,530,982 215,101 71,025 71,692 107,041 4,159,915
Accumulated depreciation - (237,921) (626,754) (121,092) (25,395) (22,840) (67,022) (1,101,024)
Accumulated impairment - - (7,260) (1,405) (3,602) - - (12,267)
Net book value 1,440,641 485,512 896,968 92,604 42,028 48,852 40,019 3,046,624
10%, 20% & 10%, 20% & 10%, 20% &

Depreciation rate - 5% & 20% 20% 10% & 20%
33% 33% 33%

5.2 This represents mutation charges given on leasehold land amounting to Rs. 5.29 million paid by
Holding Company.
5.3 During the year, the Group revalued its operating assets classified under leasehold land, building
on leasehold land, plant and machinery, vehicles and air-conditioning systems. This resulted in
revaluation surplus on leasehold land, building on leasehold land, plant and machinery, vehicles
and air-conditioning systems amounting to Rs. 312.17 million (2019: Rs. 607.08 million), Rs. 36.97
million (2019: Rs. Nil), Rs. 119.26 million (2019: Rs. 218.37 million), Rs. 12.62 million (2019: Rs.
14.51 million) and Rs. 2.07 million (2019: Rs. Nil) respectively.
5.4 The valuation of leasehold land bearing no. 5-B, Block - 7 & 8, Delhi Mercantile Muslim Co-operative
Housing Society Limited, Karachi measuring 505 square yards and leasehold land bearing no. E-58A,
North Western Industrial Zone, Port Qasim Authority, Karachi measuring 1.522 acres, was carried
out by an independent valuer M/s. Pee Dee & Associates on June 30, 2019 on the basis of present
market values for similar sized plots in the vicinity for land (level 2). The valuation of leasehold land
bearing No. F-319, situated at S.I.T.E area, Karachi measuring 5.24 acres, leasehold land bearing
no. E-58, North Western Industrial Zone, Port Qasim Authority, Karachi measuring 1.5 acres, and
leasehold land bearing No. B-168, S.I.T.E, Nooriabad, District Jamshoro, Sindh measuring 25 acres,
building on leasehold land, plant and machinery, vehicles and air-conditioning systems was carried
out by an independent valuer, M/s. Pee Dee & Associates on June 30, 2020 on the basis of present
market values for similar sized plots in the vicinity for land and replacement values of similar type of
buildings, plant and machinery, vehicles and air-conditioning systems (level 2).
Forced sale value of the revalued assets as at June 30, 2020 are as follows:
2020 2019
-----------Rupees ‘000 -----------
- Leasehold land 1,412,972 974,127

- Building on leasehold land 394,142 258,080
- Plant and machinery 636,871 599,375
- Vehicles 35,000 34,370
- Air-conditioning systems 56,001 25,700
5.5 The previous valuation was carried out by an independent valuer M/s. Pee Dee & Associates Limited
and M/s. A.J. Associates on June 30, 2019.
The different levels have been defined in IFRS 13 as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
- Inputs other than quoted prices included with in level 1 that are observable for the asset or
liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (level 2).
- Inputs for the assets or liabilities that are not based on observable market data (i.e., unobservable
inputs e.g. estimated future cash flows) (level 3).
5.6 During the year, the Holding Company relocated its head office to IBL One Building Centre. The
Property had been recognised as an investment property in these consolidated financial statements.
Consequently, the owner occupied portion of investment property with net book value of Rs. 345.91
million (fair value - Rs. 593.12 million) has been reclassified to property, plant and equipment. The
allocation of net book value was made on the basis of total covered area of the investment property
occupied by the Holding Company.

5.7 Leasehold land represents 1.5 acres of land out of which 1 acre has been registered while 0.5
acres has not yet been registered in the name of NPPL. The NPPL is in the process of getting the
remaining 0.5 acres registered in its name. Addition during the year represents payment made by
the NPPL to Port Qasim Authorities in relation to it. Further, the NPPL is also pursuing mutation of
1.5 acres in its name.
5.8 During the year, NPPL received approval for commencement of commercial production in August
2019 due to which, the factory building and the Ampoule Syringe Filling machine were transferred
from capital work in progress to operating assets.
5.9 Had there been no revaluation of leasehold land, building on leasehold land, plant and machinery,
vehicles and air-conditioning systems, cost and written down value of revalued assets would have
been as follows:
Buildings on
Leasehold leasehold land Plant and Air
Vehicles Total
land / rented office machinery conditioners
premises
-------------------------------------------------------Rupees ‘000------------------------------------------------------
Cost 1,628,503 628,767 1,290,940 102,729 52,416 3,703,355
Accumulated depreciation
/ impairment (156) (185,584) (614,523) (44,614) (29,221) (874,098)
NBV as at June 30, 2020 1,628,347 443,183 676,417 58,115 23,195 2,829,257
NBV as at June 30, 2019 292,494 377,691 659,412 35,470 27,278 1,392,345
5.10 Particulars of immovable property (i.e. land and building) in the name of the Group are as follows:
Total Area
Location Usage (acres / sqr.
yds)
F-319, situated at S.I.T.E area, Karachi Manufacturing 5.24 acres

facility
E-58-A North Western Industrial Zone, Port Qasim Land 1.52 acres
Plot no. 24/3, Block 7 & 8, D.M.C.H.S., Karachi Rented property 754 sqr yrds
Plot no. 4-A, Block 7 & 8, D.M.C.H.S., Karachi Vacant plot 1,004 sqr yrds
F/2-A-1, situated at S.I.T.E area, Karachi Vacant plot 2,226 sqr yrds
Plot no. B-168, S.I.T.E area, Nooriabad, District Jamshoro Vacant plot 25 acres
E-58 North Western Industrial Zone, Port Qasim Land 1.5 acres

5.11 The details of operating assets disposed off, having net book value in excess of Rs. 500,000 each
are as follows:
Description Cost Accumulated Book Sale Mode of Particulars of purchaser

Gain
depreciation value proceeds disposal
------------------------Rupees ‘000------------------------
Advertisement / Mr. Manzoor Ahmed - Village Wahid Buksh Khan,

Motor Vehicle 2,023 1,356 667 1,600 933
Bid Bijarani Tehsil, Tanjwani District, Kashmore.
Sewing machine 615 95 520 520 - Negotiation International Knitwear Limited - associated company
2,638 1,451 1,187 2,120 933
5.12 Capital work-in-progress - at cost
Transfers Transfers
Balance as Additions Balance as Balance as Additions Balance as
Reclassific to to
Reclassification at July 1, during the at June 30, at July 1, during the at June 30,
ation operating operating
2019 year 2020 2018 year 2019
assets assets
----------------------------------------------------(Rupees ‘000)----------------------------------------------------
Civil works 310,179 32,923 213,402 (519,359) 37,145 327,096 96,785 (113,702) 310,179
Shop fitouts - - - 42 - (42) -
Plant and machinery - note

5.12.1 422,143 76,646 (213,402) (121,240) 164,147 535,224 135,410 (248,491) 422,143
732,322 109,569 - (640,599) 201,292 862,362 232,195 (362,235) 732,322
Advances to suppliers 7,231 54,465 - (44,533) 17,163 37,325 114,970 (145,064) 7,231
739,553 164,034 - (685,132) 218,455 899,687 347,165 (507,299) 739,553
5.12.1 It represents plant and machinery that has not been commissioned yet.
2020 2019
-----------Rupees ‘000 -----------
6. RIGHT-OF-USE ASSET
Balancing at the beginning / initial recognition 141,421 -

Depreciation for the year - note 6.1 (19,906) -
Net Book value as at June 30, 2020 121,515 -
6.1 Depreciation expense on right-of-use asset has been charged to cost of sales.
2020 2019
-----------Rupees ‘000 -----------
7. INVESTMENT PROPERTIES - at cost

Investment property under work in progress - at cost - note 7.8 58,746 6,199
2,571,674 2,724,116


Owned assets
Building on
Leasehold Office Electrical Lifts & Furniture & Air-
leasehold Generators Total
land equipment equipment elevators fittings conditioning
land
-----------------------------------------------------------------Rupees ‘000 -----------------------------------------------------------------

Additions - notes 7.3,7.4 & 7.5 111,509 18,673 12,025 6,715 - - 38,934 10,049 197,905
Transfer to property,
plant and equipment (267,861) (45,146) (2,683) (9,134) (2,530) (2,110) (8,387) (8,062) (345,913)
As at June 30, 2020

Cost 2,025,594 371,909 34,475 89,803 35,469 24,856 76,212 98,541 2,756,859
Net book amount 2,025,594 280,877 16,999 57,223 15,954 13,260 52,387 50,634 2,512,928

Additions 14,534 12,964 2,274 34,048 - 4,131 - 775 68,726
Transfer from property,
plant and equipment (88,534) - - - - - - - (88,534)
Transfer to assets held for sale (75,178) - - - - - - - (75,178)
As at June 30, 2019

Cost 2,181,946 413,333 28,021 97,599 41,200 28,872 49,593 104,415 2,944,979
Net book value 2,181,946 326,986 12,927 68,984 22,317 18,056 28,205 58,496 2,717,917
Depreciation rate - 5% 20% 10% 10% 10% 10% 10%
7.2 This inlcudes investment in plots which have been rented to various tenants including IBL Identity
(Private) Limited, United Franchises (Private) Limited and Trax Online (Private) Limited (associated
companies), Espresso Coffee Houses (Private) Limited and J.B Saeed Home and Hardware in
consideration for monthly rentals.
7.3 This represents purchase cost, mutation and other registration charges for Plot 24/4, Block 7 & 8,
D.M.C.H.S, Karachi, incurred by IBL HC.
7.4 This represents amount paid as amalgamation charges in respect of Plots 24/4, 24/4-A and 24/3,
Block 7 & 8, D.M.C.H.S, Karachi, paid by IBL HC.
7.5 This includes furnitures and fixtures purchased from IBL Frontier Market (Private) Limited - related
party amounting to Rs. 31.58 million.
7.6 Leasehold land classified under investment property had been valued under the market value basis
by an independent valuer, M/s. Pee Dee & Associates. Market value of leasehold land and other
assets based on the valuation as of June 30, 2020 was Rs. 3.44 billion (2019: Rs. 3.3 billion) and
Rs. 0.825 billion (2019: Rs. 0.814 billion) respectively. Leasehold land and building on leasehold land
represent Building Centre situated at Main Shahrah-e-Faisal, Block 7 & 8, Tipu Sultan Road, Delhi
Mercantile Co-operative Housing Society having area of 5,291 square yards.

7.7 The valuations of investment properties of IBL HC have been carried out by M/s. Pee Dee &
Associates, an independent valuer engaged by the Company as at June 30, 2020. Market value of
these investment properties as at June 30, 2020 is Rs. 1.01 billion (2019: Rs. 0.795 billion).
7.8 Movement in investment properties under work-in-progress - at cost
2020 2019
-----------Rupees ‘000 -----------

Addition during the year 131,643 47,560
Transfer to operating assets - investment property (79,096) (45,799)
Balance at the end of the year 58,746 6,199
8. INTANGIBLE ASSETS
Operating intangible assets - note 8.1 328,533 356,638

Capital work-in-progress - at cost - 8,630
328,533 365,268
8.1 Operating intangibles
Product Software
Distribution Brand name Goodwill -
license - note licenses - Total
rights and logo note 8.4
8.2 note 8.3
---------------------------------------------Rupees ‘000 --------------------------------------------
Opening net book value 8,550 7,916 78,137 86,419 175,616 356,638
Additions - - - 19,801 - 19,801
Amortisation charge (1,800) (5,000) (11,160) (29,946) - (47,906)
Closing net book value 6,750 2,916 66,977 76,274 175,616 328,533

At June 30, 2020
Cost 277,475 74,703 111,623 181,247 175,616 820,664
Accumulated amortisation (258,596) (71,787) (44,646) (104,973) - (480,002)
Accumulated impairment (12,129) - - - - (12,129)
Net book value 6,750 2,916 66,977 76,274 175,616 328,533

Opening net book value - 12,916 89,299 95,375 175,616 373,206

Additions 9,000 - - 19,343 - 28,343
Amortisation charge (450) (5,000) (11,162) (28,299) - (44,911)
Closing net book value 8,550 7,916 78,137 86,419 175,616 356,638

At June 30, 2019
Cost 277,475 74,703 111,623 161,446 175,616 800,863
Accumulated amortisation (256,796) (66,787) (33,486) (75,027) - (432,096)
Accumulated impairment (12,129) - - - - (12,129)
Net book value 8,550 7,916 78,137 86,419 175,616 356,638
20% &
Amortisation rate 10% 10% 10% 33.33%

8.2 This represents license obtained for the production of product “Tramal”.
8.3 Software licenses include various licenses and enterprise resources planning software and cost of
implementation and license of SAP in collaboration with IBL Unisys (Private) Limited, an associated
company. The software has a remaining useful life of 8.5 & 9.5 years.
8.4 This represents goodwill recognised on the acquisition of the controlling interest in NPPL during the
year ended June 30, 2016.
8.5 This represents license cost of Candela inventory management system and cost of Oracle Enterprise
Resource Planning package along with consultancy services rendered in relation to implementation
and related services.
2020 2019
-----------Rupees ‘000 -----------
9. LONG-TERM LOANS AND ADVANCES
Loans - considered good

- To others - note 9.1 358 270
9.1 Others
Employees - note 9.1.1 1,046 1,834

Less: current portion employee loan (688) (1,564)
358 270
9.1.1 This represents interest-free loans for automobiles to employees other than executives, as defined in
note - 42. These are secured against provident fund balances of respective employees.
2020 2019
10. LONG TERM DEPOSITS -----------Rupees ‘000 -----------
Deposit against:
- rent - note 10.1 7,396 10,196
- utilities - note 10.2 3,428 3,428
10,824 13,624
10.1 This represents deposits by IBLIPL in respect of rented premises including factory warehouse and
retail outlets.
10.2 This represents amount deposited for electricity and gas amounting to Rs. 0.75 million (2019: Rs.
0.75 million) and Rs. 2.68 million (2019: Rs. 2.68 million) respectively. It does not carry any mark up
arrangement.

2020 2019
-----------Rupees ‘000 -----------
11. INVENTORIES
Raw materials 1,715,353 1,250,553

Packing materials 390,314 330,251
Stores and spares 137,159 79,655
Work-in-process - note 11.2 133,452 99,369
Finished goods - notes 11.2 & 11.3 1,052,241 1,194,074
3,428,519 2,953,902
11.1 Inventories includes material in transit amounting to Rs.782.821 million (2019: Rs. 748.15 million).
11.2 Work in process and finished goods includes inventories amounting to Rs. 560.8 million (2019: Nil)
held with third parties.
11.3 These are net of provision against expired / obsolete stock amounting to Rs. Nil (2019: 4.57 million).
2020 2019
12. TRADE RECEIVABLES -----------Rupees ‘000 -----------
Considered good
- Export receivables, secured - note 12.4 448,334 307,294
- Due from related parties, unsecured - note 12.1, 12.2 & 12.3 7,327,278 4,628,362
- Others, unsecured 858,224 1,274,161

8,633,836 6,209,817
Considered doubtful - others 154,099 165,454

Less: Provision for doubtful receivables (154,099) (165,454)
- -
8,633,836 6,209,817
12.1 Due from related parties, unsecured
Group companies - note 12.2

- IBL Operations (Private) Limited 7,022,659 4,312,102
- United Brands Limited 12,063 29,073
- International Franchises (Private) Limited 20 20
- Mycart (Private) Limited 135 135
- IBL Logictics (Private) Limited 100,894 95,828
- IBL Frontier Markets (Private) Limited 23,160 23,160
- United Retail (SMC-Private) Limited 168,347 168,044
7,327,278 4,628,362

12.2 The maximum aggregate amount of receivable outstanding at any time during the year are as
follows:
2020 2019
-----------Rupees ‘000 -----------
IBL Operations (Private) Limited 7,980,180 5,244,888

United Brands Limited 51,513 51,513
IBL Logistics (Private) Limited 107,691 95,828
International Franchises (Private) Limited 20 20
IBL Frontier Markets (Private) Limited 23,188 23,188
Mycart (Private) Limited 794 135
12.3 As at June 30, 2020, the age analysis of these related party receivables is as follows:
2020 2019
-----------Rupees ‘000 -----------
Not yet due 3,156,829 2,902,432

- 1 to 30 days 1,189,536 975,152
- 30 to 90 days 2,534,699 403,917
- 90 to 180 days 225,750 102,944
- 180 to 365 days 9,196 69,075
- older than 365 days 211,268 174,842
7,327,278 4,628,362
12.4 Breakup of export receivables are as follows:
Confirmed
Country Export Sales Receivables Letter of Others
Credit
Afghanistan 1,102,266 25,762 - 25,762

Cambodia 300,608 64,871 64,871 -
Kenya 19,666 4,142 4,142 -
Laos 17,123 5,476 2,464 3,012
Maldives 2,078 - - -
Myanmar 266,449 103,604 103,604 -
Oman 39,517 - - -
Phillipines 16,153 2,074 2,074 -
Srilanka 363,895 158,873 158,873 -
Uganda 13,663 - - -
Vietnam 157,747 83,532 83,532 -
2,299,165 448,334 419,560 28,774
The above receivables are from unrelated parties.

12.5 The Competition Commission of Pakistan (CCP) through its order dated September 13, 2007
instructed the Holding Company to reduce terms of trade credit with IBL Operations (Private)
Limited, an associated concern, re-negotiate the offered rate of commission and conduct audit of
the transactions. The Holding Company filed a counter case in Honorable High Court of Sindh to
revert the order. The Holding Company, based on the opinion of its legal advisor, believes that it has
a strong case and the matter would be decided in the favour of the Holding Company.
2020 2019
-----------Rupees ‘000 -----------
13. LOANS AND ADVANCES
– considered good
Advances to:
- employees for operating activities - notes 13.1 & 13.2. 89,295 107,140
- employees against salaries - notes 13.1 & 13.2. 11,879 11,527
- suppliers - note 13.1 764,992 572,062
- against purchase of land - 47,500
- against imports - note 13.3 100,539 208,640
- against LC margin 1,890 -
Other advances 5,986 -
974,581 946,869
Loans to related parties.
- Short term loan - notes 13.4, 13.5 & 13.6 1,975,132 1,946,118
- Current portion of long term loan - 49,630
1,975,132 1,995,748
Current portion long-term loans to employee - note 9.1 688 1,564
2,950,401 2,944,181
13.1 The maximum aggregate amount of these advances outstanding at any time during the year was
13.2 Advances given to employees in excess of Rs. 1 million are as follows:
Employee Amount
Rupees ‘000
Rodney Sham Kumara 7,866

Sameed Sohail 1,100
Sajjad Butt 2,681
13.3 This represents amount kept with scheduled banks in accordance with the requirement of Circular
No. 02 of 2017 of Banking Policy & Regulations Department issued by the State Bank of Pakistan,
requiring 100% cash margin on the import of specified items.

13.4 This loan is repayable within 1 year and carries mark-up at the rate of 12 months KIBOR + 2% per
annum. The said loan was approved in the extraordinary general meeting of IBLHC, held on May
18, 2016 as per the requirements of section 208 of the repealed Companies Ordinance, 1984. The
loan was converted into a long term loan for a period upto five years under an addendum to the loan
agreement dated June 29, 2019 and was approved in the annual general meeting held on October
25, 2019 in accordance with the requirements of section 199 of the Companies Act, 2017. However,
the management of IBL has expressed intention to repay the loan subsequent to the year end within
a period of three months. (refer note - 13.5.1)
13.5 This also includes loan to IBL amounting to Rs 29.01 million (2019: Rs 49.63 million) under an
agreement between the IBLHC and IBL on January 19, 2015 for a period of five years and was
approved in extraordinary general meeting held on January 14, 2015 in accordance with the
requirements of section 208 of the repealed Companies Ordinance, 1984. The rate of markup
is KIBOR + 1% per annum. The management of IBL has expressed intention to repay the loan
subsequent to year end within a period of three months.(refer note - 13.5.1)
13.5.1 The maximum aggregate amount of loan outstanding at any time during the year was Rs. 229.01
million (2019: Rs. 249.63 million).
13.6 The IBLIPL has provided financing to an associate United Retail (SMC-Private) Limited (formerly The
Home Makers (SMC-Private) Limited) for establishment of outlets at Dolmen Mall Clifton, Lucky One
mall, Karachi and Packages mall, Lahore under musharika agreement. According to the terms of the
agreement, 25% of profit and loss of the arrangement will be shared with the Company. The loan has
become repayable on demand as of April 2019 as per the agreed terms. Starting from December
31, 2019, all the above-mentioned outlets were closed and the Company transferred the entire
amount of loan to finance the establishment of the outlet located at Habitt City, a hypermarket under
construction, under a modified musharika agreement.
13.6.1 The maximum aggregate amount due from United Retail (SMC-Private) Limited at the end of any
month during the year is Rs. 1.75 billion (2019: Rs. 1.75 billion).
2020 2019
14. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS -----------Rupees ‘000 -----------
Deposits
Considered doubtful:
Less: provision for doubtful deposits (2,640) (2,640)
- -
Prepayments 21,249 15,832
113,181 91,074

2020 2019
15. OTHER RECEIVABLES -----------Rupees ‘000 -----------
Receivables from related parties

Due from group companies - note 15.1
- IBL Operations (Private) Limited against:
Mark-up on overdue balance - 26,642
Expenses 432 -
- International Brands Limited against:
Expenses - 7,472
Group Relief 54,894 -
- International Franchises Limited against:
Expenses - note 13,749 -
- Trax Online (Private) Limited against:
Expenses 385 175
- IBL Frontier Market (Private) Limited against:
Expenses 35,882 25,882
- United Distirbutors Pakisan Limited against:
Rental Income 574 -
- IBL Logistics (Private) Limited against:
Rental Income 697 -
- IBL Unisys (Private) Limited against:
Rental Income 1,033 -
Due from other related parties: - note 15.1
- United Retail (SMC-Private) Limited against:
Expenses 136,632 85,211
- The IBL Company (Private) Limited against:
Expenses 2,440 -
- Lunar Pharma (Private) Limited against:
Expenses 2,882 -
- OBS Pakistan (Private) Limited against:
Management fee 252,000 -
Expenses 895 -
- International Knitwear Limited against:
Expenses 562 -
669,551 294,777
Surplus arising under retirement benefit - fund - note 15.3 5,250 5,250
Receivables from other than related parties

Others, considered good - note 15.4 & 15.5 365,649 399,904
1,187,736 787,859

15.1 The maximum aggregate amount outstanding at any time during the year from the related parties
are as follows:
2020 2019
-----------Rupees ‘000 -----------

International Franchises Limited 17,856 7,020
Trax Online (Private) Limited 1,587 175
IBL Frontier Market (Private) Limited 41,646 25,882
United Distirbutors Pakisan Limited 574 -
IBL Logistics (Private) Limited 697 -
IBL Unisys (Private) Limited 1,033 -
United Retail (SMC-Private) Limited 436,825 -
The IBL Company (Private) Limited 2,440 -
Lunar Pharma (Private) Limited 2,882 -
OBS Pakistan (Private) Limited 252,895 -
International Knitwear Limited 562 -
868,511 94,854
15.1.1 The aging of the receivables from related parties is as follows:
Not yet due 103,003 5,508

- 1 to 30 days 26,290 5,881
- 30 to 90 days 30,388 17,315
- 90 to 180 days 94,223 36,299
- 181 to 365 days 254,529 152,132
- older than 365 days 308,404 165,570
816,837 382,705
15.2 This represents receivable by IBLIPL from United Retail (SMC-Private) Limited against various shared
expenses paid by the Company as per expense sharing agreement.
15.3 This represents surplus on funded gratuity scheme discontinued by the Holding Company with effect
from December 31, 2012.
15.4 This represents amount claimed from Nestle Health Sciences, Bausch & Lomb, Brand Plus and
Reckitt Benckiser in respect of certain claimable expenses related to trade.
15.5 This includes Rs. 279.12 million claimed by the Holding Company from Zhejiang Huahai
Pharmaceuticals, China (ZHP) relating to its product “Extor” that contains material supplied by ZHP.
On July 12, 2018, the Drug Regulatory Authority of Pakistan in response to a review triggered by
the European Medicine Agency (EMA) issued drug re-call for “Valsartan” containing products due
to the presence of cancer causing impurities. Accordingly, the Holding Company recalled finished
product “Extor” amounting to Rs. 221.95 million from the local market and Rs. 97 million from the
international market. The impact of the product recall has been set off by the claim raised by the
Holding Company against ZHP.

Further, the Holding Company lodged claim of Rs. 881.05 million from ZHP in respect of the overall
business loss.
During the year, the Holding Company has entered into an agreement with ZHP for settlement of
the above claims. As per the agreement, these claims will be settled against future purchases of
raw material by the Holding Company from ZHP. These claims will be accounted for when the credit
notes for the discounted purchase price are received. Claims amounting to Rs. 39.83 million were
settled during the year.
16. SHORT-TERM INVESTEMENT - AT AMORTISED COST
This represents unsecured perpetual term finance certificates which carry markup at the rate of 3
months KIBOR + 1.6% per annum.
17. TAXATION - PAYMENTS LESS PROVISION
During the year, the Holding Company has availed group relief under section 59B of the Income
Tax Ordinance, 2001 (the Ordinance). As allowed under the Ordinance, the Company has claimed
taxable losses amounting to Rs. 601.86 million surrendered by its Ultimate Holding Company -
International Brands Limited (IBL) and subsidiary of IBL - United Brands Limited. The tax impact of
the above losses amounts to Rs. 98.14 million.
2020 2019
-----------Rupees ‘000 -----------
18. CASH AND BANK BALANCES
Cheques in hand 201,057 -

Cash in hand 5,610 6,342
206,667 6,342
Balance with banks in:
- current accounts 128,421 252,889
- saving accounts - note 18.1 101 2,823
128,522 255,712
335,189 262,054
18.1 At June 30, 2020 the rates of mark-up on PLS accounts is 5.75% (2019: 1.08%) per annum
respectively.
2020 2019
-----------Rupees ‘000 -----------
19. ASSETS CLASSIFIED AS ‘HELD FOR SALE’
Plant and machinery 26,717 -

Office and other equipments 327 -
Shop fitouts 61,020 -
Leasehold Land - 75,178
88,064 75,178

During the year, IBLIPL has shut down its production plant and closed down all of its outlets during
the year. The IBLIPL in in the process of locating a buyer and disposing off all the related assets.
Resultantly, the above assets qualified the criteria of IFRS-5: Non-current Assets Held for Sale and
Discontinued Operations and have, therefore, been classified as assets ‘Held for Sale’. The assets
are recorded at carrying value being lower than fair value less cost to sell.
20. SHARE CAPITAL
Authorised share capital
2020 2019 2020 2019

(Number of shares) -----------Rupees ‘000 -----------
300,000,000 300,000,000 Ordinary shares of Rs. 10 each 3,000,000 3,000,000
Issued, subscribed and paid up capital
2020 2019
(Number of shares)
12,553,074 12,553,074 Shares allotted for consideration paid 125,531 125,531

in cash
24,000 24,000 Shares allotted for consideration 240 240

other than cash
199,848,171 199,848,171 Shares allotted as bonus shares 1,998,482 1,998,482
212,425,245 212,425,245 2,124,253 2,124,253
21. LONG TERM BORROWINGS - secured

Salary refinancing note -21.1 535,500 -
Less:
Deferred grant note - 24 (85,712) -
Current portion of salary refinancing (133,875) -
Unwinding of discount note - 36 87 -
Other liabilities 4,664 4,664
320,664 4,664
21.1 This represents salary financing obtained under SBP payroll refinance facility as a part of measures
for countering economic hardships faced by the businesses during COVID-19 pandemic. The
Holding Company will pay a quarterly mark up at a discounted rate of 3% per annum, with eight
equal quarterly instalments starting from January 2021. The loan is secured by way of equitable
mortgage on land and building of the Holding Company.
21.1.1 The facility is a sublimit of running musharikah obtained from Dubai Islamic Bank.

22. DEFERRED TAX ASSETS / (LIABILITIES)
Right-of-
Accelerated Decelerated Provision Provision Net effect of
Minimum Surplus on use asset Deferred
tax tax for doubtful for trade consolidation Total
tax revaluation and Lease grant
depreciation amortisation receivables deposits adjustment
Liability
-----------------------------------------------------------------Rupees ‘000-----------------------------------------------------------------
July 1, 2019 (4,909) (93,240) - - - 1,568 (96,581)
Credit / (charge) to
profit or loss (166,929) 222,819 - 2,944 8,260 (19,834) 39,059 679 (1,568) 85,430
Charge to other
comprehensive income - - (43,901) - - - - - - (43,901)
June 30, 2020 (171,838) 222,819 (137,141) 2,944 8,260 (19,834) 39,059 679 - (55,052)
July 1, 2018 (4,909) (25,902) - - - 8,783 (22,028)

(Charge) / credit to
profit or loss - - - - - (7,215) (7,215)
Charge to other
comprehensive income - (67,338) - - - - (67,338)
June 30, 2019 (4,909) (93,240) - - - 1,568 (96,581)
2020 2019
-----------Rupees ‘000 -----------
23. EMPLOYEE BENEFIT OBLIGATIONS
Staff retirement gratuity - unfunded - note 23.1 54,994 55,820
23.1 Gratuity scheme - unfunded
23.1.1 General description
As stated in note 3.17.2, the Holding Company operates unfunded gratuity scheme for eligible
employees. The scheme defines an amount of gratuity benefit that an employee will receive on
retirement subject to minimum service under the scheme. The latest actuarial valuation was carried
out as at June 30, 2020 using the Project Unit Credit method.
2020 2019
-----------Rupees ‘000 -----------
23.1.2 Consolidated statement of financial position
reconciliation
Present value of defined benefit obligation 54,994 55,820
23.1.3 Movement in the present value of defined benefit obligation
Obligation as at July 1 55,820 50,630

Current service cost 2,396 2,165
Interest cost 6,262 3,967
Remeasurement on obligation (2,215) 1,129
Obligation as at June 30 54,994 55,820

2020 2019
-----------Rupees ‘000 -----------
23.1.4 Expense recognised in the consolidated statement of profit or loss
Current service cost (2,396) (2,165)

Interest expense (6,262) (3,967)
(8,658) (6,132)
23.1.5 Remeasurement recognised in consolidated statement of other comprehensive income
Experience losses 2,215 (1,129)
23.1.6 Net recognised liability
Balance as at July 1 55,820 50,630

Expense for the year 8,658 6,132
Remeasurement loss recognised in
consolidated statement of profit and
loss and other comprehensive
income (2,215) 1,129
Balance as at June 30 54,994 55,820
23.1.7 Actuarial assumptions

Discount rate used for year end obligation 8.50% 12.00%
Expected rate of increase in salaries 8.50% 12.00%
Retirement age (years) 60 years 60 years
Mortality was assumed to be SLIC (2001-05) for males and females, as the case may be, but rated
down by one year.
23.1.8 The sensitivity of the defined benefit obligation to changes in the weighted average principal
assumption is:
Impact on defined benefit obligation

Change in Increase in Decrease in
assumption assumption assumption
- Discount rate at June 30 1% (3,464) 5,646

- Future salary increase 1% 6,156 (3,964)
23.1.9 If longevity increases by 1 year, the resultant increase in obligation is insignificant.
23.1.10 The above sensitivity analysis are based on a change in an assumption while holding all other
assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied as and when
calculating the gratuity liability recognised within the consolidated statement of financial position.

23.1.11 As per actuarial advice, the Holding Company is expected to recognise a service cost of Rs. 6.91
million in 2021.
23.1.12 The weighted average service duration of employees is 8 years.
2020 2019
-----------Rupees ‘000 -----------
24. DEFERRED INCOME - GOVERNMENT GRANT
Deferred grant 85,712 -

Government grant recognised in income - note 35 (8,571) -
77,141 -
24.1 This represents the value of benefit of below-market interest rate which has been accounted for as
government grant under IAS 20 - Government grants.
2020 2019
-----------Rupees ‘000 -----------
25. LEASE LIABILITY
Lease liabilities under IFRS 16 132,965 -

Non Current portion 121,545 -
Current portion 11,420 -
25.1 Maturity analysis of lease liabilities
Upto 1 year 11,420 -

1 - 5 years 63,952 -
More than 5 years 57,593 -
132,965 -
25.2 Finance cost on lease liabilities for the year ended June 30, 2020 was Rs. 20.41 million. Total cash
outflow for leases was Rs. 28.87 million.
2020 2019
-----------Rupees ‘000 -----------
26. TRADE AND OTHER PAYABLES
Creditors - note 26.1 901,336 1,259,513

Payable under group relief note - 26.2 1,618 -
Salaries and benefits payable 4,738 -
Bills payable in foreign currency 481,130 716,426
Royalty payable - note 32.4 21,935 23,966
Accrued liabilities 1,301,159 866,018
Payable to provident fund - notes 26.3 and 26.4. 15,215 14,717
Advance from customers - unsecured 38,634 88,603
Accrued mark-up - note 26.5 208,096 109,473
Taxes deducted at source and payable to
statutory authorities 75,959 104,163
Workers’ Profit Participation Fund - note 26.6 178,920 149,417
Advance against sale of land - 73,500
Other liabilities - note 26.7 40,375 88,434
3,351,333 3,520,230

26.1 The creditors include payable to related parties which are as follows:
2020 2019
-----------Rupees ‘000 -----------
IBL-Unisys (Private) Limited - 8,246

MyCart Pakistan (Private) Limited - 1,395
Multinet Pakistan (Private) Limited - -
158,894 100,985
26.2 This represents payable to subsidiary of Ultimate Parent Company - United Brands Limited (UB)
against claim of tax losses as allowed under section 59B of the Ordinance, 2001. The Holding
Company has claimed tax loss amounting to Rs. 54.97 million surrendered by UB, the tax impact of
which amounts to Rs. 15.94 million.
26.3 The investment in listed equity securities out of the provident fund of the Holding Company is in
excess of the limit prescribed under the provisions of section 218 of the Companies Act, 2017 and
the conditions specified thereunder. However, the fund is in the process of ensuring compliance with
the prescribed limits.
26.4 The investments in collective investment schemes, listed equity and listed debt securities out of the
provident fund of IBLHC have been made in accordance with the provision of section 218 of the
Companies Act, 2017 and the conditions specified thereunder.
2020 2019
-----------Rupees ‘000 -----------
26.5 Accrued mark-up
Accrued mark-up on:

- long-term borrowing 2,678 -
- short-term borrowing note - 26.5.1 205,418 109,473
208,096 109,473
26.5.1 This includes markup on loan obtained from employees provident fund - note 27 amounting to
Rs 9.19 million (2019: nil).
2020 2019
-----------Rupees ‘000 -----------
26.6 Workers’ Profit Participation Fund

Charge for the year - note 34 178,470 148,967
327,887 323,346
Interest on funds utilised in the Holding Company’s
business - note 36 15,357 13,883
Payments made during the year (164,324) (187,812)
26.7 This includes payable to associated company United Distributors Pakistan Limited, amounting to

2020 2019
27. BORROWINGS -----------Rupees ‘000 -----------
Secured borrowings:
Running finance under mark-up
arrangements - notes 27.1, 27.2, 27.3 & 27.4. 4,640,453 3,712,277
Export refinance - note 27.3 - 210,000
Current portion of long term borrowing 133,875 -
4,774,328 3,922,277
Unsecured borrowings:
Employees provident fund - Holding
Company - note 27.5 161,000 -
(Private) Limited - related party - note - 27.6 18,000 -
4,953,328 3,922,277
27.1 The Holding Company has entered into running finance under mark-up arrangements from
various banks amounting to Rs. 4,925 million (2019: Rs. 4,175 million) which include financing
facilities obtained under Islamic mode amounting to Rs. 4,075 million (2019: Rs. 3,525 million).
The arrangements are secured jointly by registered mortgage of Rs. 1,126.94 million (2019: Rs.
584.99 million) of immovable property together with joint pari passu charge on all current assets of
the Company to the extent of Rs. 6,889.23 million (2019: Rs. 4,071 million) in favour of Standard
Chartered Bank (Pakistan) Limited (the lead bank).
27.2 The amount utilised under the Islamic mode of financing amounted to Rs. 3,977.03 million (2019:
Rs. 3,525 million).
27.3 The rates of mark-up ranged between 2.75% to 15.60% (2019: 2.75% to 12.7%) per annum.
27.4. It further includes running finance facilities obtained by IBLHC from Soneri Bank Limited and Habib
Bank Limited amounting to Rs. 100 million each at KIBOR + 1.5% and KIBOR + 0.75% per annum
respectively (2019: KIBOR + 1.5% and KIBOR + 0.75% per annum respectively). These facilities have
been secured by way of hypothecation of first pari passu charge over present and future current
assets amounting to Rs. 267 million and Rs. 133 million respectively.
27.5. Other than investment made from provident fund as stated in - note 26.3 the loan made to the
Holding Company carrying markup at the rate of 15% per annum, is not in accordance with the
section 218 of the Companies Act, 2017.
27.6. This represents loan obtained from employees provident fund of OBS Pakistan (Private) Limited -
related party, carrying markup at the rate of 15% per annum.
28. UNPAID DIVIDEND

Amount
This consists of unpaid dividend on account of:
Rupees ‘000
- Bonus shares witheld - note 28.1 110,676

- Others 29,031
139,707
28.1 This includes dividend on bonus shares witheld pertaining to 125 shareholders on which stay from
the Honorable High Court of Sindh has been obtained.

29. CONTINGENCIES AND COMMITMENTS
29.1 Contingencies
agency or
authority
29.1.1 High Court During the year ended June 30, 2014, Sindh The Holding 2014
of Sindh Revenue Board (SRB) had imposed sales tax on toll Company and
manufacturing at the rate of 16% of sales value. The The Federation of
cumulative such sales tax amounts to Rs. 310.68 Pakistan
million. The matter has been contested in the High
Court of Sindh.
29.1.2 High Court Section 5A of Income Tax Ordinance, 2001 inserted The Holding 2015
of Sindh through Section 5(3) of the Finance Act, 2015 requires Company and
the Holding Company to charge income tax @ 10% The Federation of
on the reserves of the companies where they exceed Pakistan
an amount equivalent to the paid up capital. The
Company has filed a suit for declaration and permanent
injunction before the Court challenging the vires of the
above said section.
The Court passed ad interim orders restraining the

defendants from taking any coercive action as prayed.
The case is at the stage of hearing of applications. The
charge for the tax year 2016 amounts to Rs. 283.08
million.
29.1.3 High Court The Holding Company and IBLHC has challenged The Holding 2016
of Sindh the levy of Sindh Sales Tax on services of renting of Company, IBLHC
immovable property which has been categorised as and Province of
renting services by the SRB. Sindh
The companies have challenged the levy on

constitutional grounds taking the stance that renting
of immovable property is not a “service” and therefore
does not fall within the competence of SRB to tax
through the Sindh Sales Tax on Services Act, 2011.
Further, the companies have also taken the stance

that the collection mechanism is ultra vires to the Act
and therefore no coercive measures can be adopted
against the companies for the collection of the
impugned levy.

agency or
authority
The High Court of Sindh, on the basis of the

representations made, has been pleased to grant
an ad interim order to the companies restraining the
defendants from taking any coercive action against
the companies. The matter is presently pending on
hearing of the case. The cumulative amount of such
sales tax is Rs. 43.48 million.
29.1.4 High Court A suit was filed to challenge the imposition of Sales The Holding 2014
of Sindh Tax under Sales Tax Act, 1990 with respect to raw Company and
material being used for manufacturing pharmaceutical The Federation of
products inspite of such raw material being exempt in Pakistan
view of Entry No. 105 of the Sixth schedule of the Act.
The Court issued interim orders restraining the

defendants from collecting sales tax on raw material
imported by the Holding Company. It has been further
asserted that the term “manufacture”, as stated in
Sub-section 16 of Section 2 of the Sales Tax Act,
1990, adequately covers the present activity and
exempts the Holding Company from payment of Sales
Tax on the Packaging utilised in the manufacture of
drugs/ pharmaceuticals. The case is at the stage of
hearing of applications. The cumulative impact of this
levy amounts to Rs. 31.6 million.
29.1.5 High Court of Section 236 M of the Income Tax Ordinance, 2001 The Holding 2015
Sindh (the ‘Ordinance’), inserted through Finance Act, Company and
2014, specifies that every company, quoted on stock The Federation of
exchange, while issuing bonus shares shall withhold Pakistan
five percent of the bonus shares to be issued. Bonus
shares withheld shall only be issued to a shareholder, if
the Holding Company collects tax equal to five percent
of the value of the bonus shares issued including
bonus share withheld, determined on the basis of day-
end price on the first day of closure of books. The tax
is to be collected within fifteen days of the first day
of closure of books, after which company is required
to deposit shares withheld to Central Depository
Company, in favour of the Federal Government.

agency or
authority
Based on the requirement mentioned above, the

Holding Company is exposed to tax liability of
approximately Rs. 71.8 million (2019: Rs. 71.8
million), on account of bonus shares received from
IBLHC from 2015 onwards. The Holding Company
has filed a petition in respect of tax on bonus shares
in Honourable High Court of Sindh, and expects a
favourable outcome, based on a legal advice. Further,
pending decision of the Honourable High Court of
Sindh, IBLHC has withheld 1,117,379 shares (2019:
1,117,379 shares) with Central Depository Company
of Pakistan Limited.
29.1.6 High Court of Exemption provided to the companies falling under The Holding 2015,
Sindh Group Relief (section 59B of Income Tax Ordinance, Company and 2016 and
2001), from tax on intercorporate dividend as The Federation of 2017
mentioned under Clause 103A of Part I of the Second Pakistan
Schedule of the Income Tax Ordinance, 2001, is not
applicable now on account of deletion of Section 59B
from the said clause, through the Finance Act, 2016.
The Holding Company has filed petition against

withholding tax on dividend received from the
subsidiary companies in the High Court of Sindh and
has obtained a stay order against the same. The total
cumulative amount of withholding tax is Rs. 1,136.21
million.
29.1.7 Appellate SPPL’s declared version of return of income, for tax SPPL, 2017
Tribunal Inland years 2015 and 2016, have been rejected by the Commissioner
Revenue respective Tax Officers and the amounts deemed to Inland Revenue,
(ATlR) be assessed under the Final Tax Regime (FTR) of the CIRA and ATIR
provisions of section 169 read with section 153(1)(c) of
the Income Tax Ordinance, 2001 (the Ordinance) have
been subjected to tax under the normal provisions of
the law.
Consequently, net profit as per SPPL’s audited financial

statements have been considered as taxable income
for the respective years and tax liability at normal rate
determined along with super tax and Workers’ Welfare
Fund aggregating to Rs. 646.9 million. Appeal against
the above orders were filed before the Appellate
Tribunal Inland Revenue (ATlR) which have been
decided against SPPL vide order dated September 18,
2017 against which an appeal before the Honorable
High Court of Sindh has been filed whereas, appeal for
the tax year 2016 is pending before the ATIR.

agency or
authority
SPPL’s management has obtained a stay order from

the High Court against the recovery of demand and
expects a positive outcome. Therefore, no provision
has been made in SPPL’s financial statements.
29.1.8 Commissioner SPPL’s declared version for return of income for SPPL, ACIR and 2018
Inland tax year 2017 has been rejected by the Additional CIRA
Revenue Commissioner Inland Revenue (ACIR) and the
(Appeals) amounts deemed to be assessed under FTR of
provision of section 169 read with section 153(1)(c) of
the Ordinance has been subjected to tax under the
normal provision of the law.
Consequently, net profit as per SPPL’s audited financial

statements has been considered as taxable income and
tax liability at normal rate was determined along with
super tax aggregating to Rs. 542.41 million. An appeal
against the order of ACIR was filed with Commissioner
Inland Revenue (Appeals) which is still pending. The
management has obtained a stay order from the High
Court against the recovery of demand and expects a
positive outcome. Therefore, no provision has been
made in the financial statements.
29.1.9 Appellate The deemed assessed version of the return of income SLPL, ACIR, 2016
Tribunal Inland of SLPL for tax year 2014 was amended by the Commissioner
Revenue Additional Commissioner Inland Revenue (ACIR) vide (Appeals) and
(ATlR) the order dated January 13, 2016 under section ATIR
122(5A) of the Income Tax Ordinance, 2001 (the
‘Ordinance’). The main issue involved in the case was
due to the addition made under the section 111 of the
Ordinance and consequential effect thereof raising the
demand of Rs. 9.15 million.
SLPL filed an appeal before the Commissioner

(Appeals) against the said order whereby main issue
along with consequential effect thereof has been
decided in favour of SLPL vide appellate order dated
May 27, 2016.
The department has filed an appeal before the ATIR

against the said appellate order of the CIR(A) which
has not been fixed for hearing as yet.
29.1.10 The Holding Company is in the process of filing an appeal in Supreme Court of Pakistan against
imposition of super tax for tax years 2015 to 2019 and expects a favourable outcome. For further
detail, refer note 37.1 of these consolidated financial statements.

29.1.11 The management, based on legal / tax advices, is confident that the ultimate decisions in the above
cases (notes 29.1.1 to 29.1.10) will be in favour of the Group, hence, no provision has been made in
respect of the aforementioned litigations.
29.2 Commitments
29.2.1 The facility for opening letters of credit and guarantees for the Holding Company as at June 30, 2020
amounted to Rs. 2,105 million (2019: Rs. 2,180 million) of which the amount remaining unutilised as
at year end amounted to Rs. 1,494 million (2019: Rs. 387 million).
29.2.2 The facility for opening letter of credit and Running Musharakah for IBLHC as at June 30, 2020
amounted to Rs. 683 million (2019: Rs. 683 million) of which the amount remaining unutilised at the
end of year was Rs. 94.45 million (2019: Rs. 207.32 million).
2020 2019
30. REVENUE FROM CONTRACTS WITH CUSTOMERS -----------Rupees ‘000 -----------
Gross sales
Local sale of goods - note 30.1 20,870,166 18,906,259
Export sales 2,299,165 1,855,855
23,169,331 20,762,114
Toll manufacturing 285,000 288,635

23,454,331 21,050,749
Sales tax (234,648) (168,156)

23,219,683 20,882,593
Less:
Discounts, rebates and allowances 1,864,432 2,011,393
Sales returns 880,409 809,093
2,744,841 2,820,486
20,474,842 18,062,107
30.1 Consequent to Order 4480/2018 dated August 3, 2018 issued by the Honourable Supreme Court
of Pakistan, the Drug Regulatory Authority of Pakistan (DRAP) fixed maximum retail price of drugs
vide notification S.R.O 1610/2018 dated December 31, 2018. Further, DRAP vide Notification S.R.O
34(1)/2019 dated January 10, 2019 increased the maximum retail prices of drugs by nine percent
over and above the maximum retail prices as determined under hardship category during the year
2018 and fifteen percent over and above existing maximum retail prices determined under Drug
Pricing Policy, 2018 for drugs other than those specified under hardship category.
The Honorable High Court of Sindh vide Order dated January 22, 2019 has disposed off all the legal
cases of the Holding Company against DRAP. As mandated under the orders dated August 3, 2018
and November 14, 2018 passed by the Honourable Supreme Court of Pakistan in Human Rights
Case No. 2858 of 2006, the Holding Company may file an appeal before the Appellate Board of
DRAP as provided under Section 9 of the Drugs Act, 1976, if the Holding Company is dissatisfied by
the prices fixed by DRAP.

Consequent to the above, the Holding Company challenged the prices for four of its products namely,
Peditral, Gravinite, Metodine and Hydrylline set by DRAP in its Appellate Board and the Appellate
Board under its orders dated 18 June, 20 June and 25 June 2019 rejected the said application of
the Holding Company. The Holding Company has challenged the said orders in the Honourable High
Court of Sindh and an interim order has been passed restricting DRAP from taking any coercive
action against the Holding Company. Exposure of the Holding Company due to abovementioned
litigation amounts to Rs. 1.27 billion (2019: Rs. 490.56 million).
2020 2019
-----------Rupees ‘000 -----------
31. COST OF SALES
Raw and packing material consumed 5,609,203 4,192,334

Processing charges 485,052 472,018
Printing and processing charges 140 135,604
Inventory written off - note 31.1 20,511 15,092
Provision for slow-moving inventory 4,904 18,794
Cost of samples and promotions 742 -
Impairment of plant and machinery 3,101 -
Insurance 5,925 10,195
Research cost 76,990 75,605
Others 12,500 13,745
7,913,805 6,137,408
Add: Opening work-in-process 99,369 217,129

Less: Closing work-in-process (133,452) (99,369)
(34,083) 117,760
Cost of goods manufactured 7,879,722 6,255,168
Add: Opening inventory of finished goods 1,194,074 1,093,443

Add: Finished goods purchased 2,841,893 3,316,032
Add: Free of cost goods 26,578 73,292
Less: Closing inventory of finished goods (1,052,241) (1,194,074)
10,890,026 9,543,861
Less: Cost of samples (120,937) (81,618)
Cost of sales 10,769,089 9,462,243

31.1 This amount represents expired inventory written off.
2020 2019
-----------Rupees ‘000 -----------
32. DISTRIBUTION COSTS
Salaries, wages and benefits - note 32.1 1,537,165 1,191,244

Advertising and promotion - note 32.2 738,191 858,104
Travelling and related 505,725 535,628
Samples 254,158 336,419
Bonus to salesmen 263,272 241,548
Service charges - note 32.3 97,696 42,466
Personal training and selection 94,330 108,015
Vehicle running 89,191 68,073
Stationery and printed materials 88,470 88,714
Legal and professional 53,428 44,028
Loss on asset classified as ‘held for sale’ 29,355 -
Replacement products 18,379 36,536
Royalty - note 32.4 18,334 43,448
Insurance 14,762 12,970
Security 1,796 5,901
Amortisation 2,259 450
Provision for claims 8,752 6,196
Others 6,389 15,368
4,417,290 4,284,999
32.1 This represents salaries of shared sales staff allocated to the IBLIPL by United Retail (SMC-Private)
Limited - related party.
32.2 This includes personal protective equipments purchased from IBL Frontier Market (Private) Limited -
related party, amounting to Rs. 11.93 million, which were distributed to healthcare professionals as
a part of CSR activity refer - note 2.2.
32.3 These service charges mainly comprise of payments made to distributors for sale to institutions.
32.4 The Royalty pertains to M/s Sanofi Winthrop Industrie and M/s Marisant Company which are situated
in France and Switzerland respectively. The Holding Company only has a relation of licensor and
licensee with these entities. Futher, the royalty payable to M/s Marisant Company is payble on behalf
of IBLHC, as per agreement.

2020 2019
-----------Rupees ‘000 -----------
33. ADMINISTRATIVE EXPENSES

Corporate services charged by ultimate parent company 261,000 235,200
Donation - notes 33.3 & 33.4 144,892 107,508
Insurance 38,025 21,199
Auditors’ remuneration - note 33.2 21,860 21,403
Fuel, water and power - note 33.1 2,896 45,470
Provision / (reversal) of impairment provision on trade receivable 2,285 (1,915)
Personal training and selection 675 1,168
Others 19,248 20,756
1,188,766 1,103,218
33.1 This amount is stated net of fixed charges recovered from tenants in respect of provision of amenities.
2020 2019
-----------Rupees ‘000 -----------
33.2 Auditors’ remuneration
Audit fee 7,725 6,685

Fee for review of interim financial information
and Statement of Compliance with
Code of Corporate Governance 1,350 1,250
Taxation services 9,752 10,933
Other certifications, attestations and other services 1,670 1,150
Out-of-pocket expenses 1,363 1,385
21,860 21,403

33.3 Donations to a single party exceeding 10% of total donations i.e. Rs. 14.45 million are as follows:
2020 2019
-----------Rupees ‘000 -----------
Arts Council 21,625 23,200

Sabaq Learning Foundation - related party 15,000 -
33.4 During the year, the Holding Company also donated Rs. 29.87 million to its other related parties:
2020 2019
-----------Rupees ‘000 -----------
The Citizen Foundation - 20,300

Indus Hospital 10,000 -
AKAR Hospital 8,374 17,167
The Hunar Foundation 11,500 -
29,874 37,467
33.5 Following directors’ interest in the above related parties is limited to the extent of their involvement
as directors:
Name of Related Party Association
- The Citizen Foundation Mr. Adnan Asdar Ali and Mr. Rashid Abdulla - Directors
- Indus Hospital Mr. Adnan Asdar Ali - member of General Body
- Hunar Foundation Mr. Adnan Asdar Ali - Director
- Sabaq Learning Foundation Mr. Adnan Asdar Ali - Trustee
Moreover, the AKAR Hospital is being managed by the management of the Holding Company.
33.5.1 The Directors or their spouse has no interest in any other donee entity.
2020 2019
-----------Rupees ‘000 -----------
34. OTHER OPERATING EXPENSES
Workers’ Profit Participation Fund - note 26.6 178,470 148,967

Central Research Fund 27,153 1,901
Loss on revaluation of investments - at fair value
through profit and loss - 85
261,841 161,748

2020 2019
-----------Rupees ‘000 -----------
35. OTHER INCOME
Income from financial assets

Realised gain on investments - at fair
value through profit or loss - 308
Return on PLS accounts 29 142
Exchange gain - net 19,709 291
Interest on loans from International
Brands Limited 30,571 21,642
Dividend income - 17
Interest Income from Term Finance Certificates 14,543 -
64,852 22,400
Income from non-financial assets
Facility management fee - note 35.1 252,000 -
Gain on disposal of property,
plant and equipment - net 1,173 7,535
Rental income from investment
properties - note 35.2 109,574 153,943
Government grant - note 24.1 8,571 -
Gain on asset classified as ‘Held for Sale’ - 322
Liabilities written back 47,616 -
Other rental income - note 35.3 3,492 3,837
Scrap sales 18,584 44,874
441,010 210,511
Others
Insurance claim recovery 3 2
Others 92 1,532
95 1,534
505,957 234,445
35.1 This pertains to fee charged from OBS Pakistan (Private) Limited - related party in respect of
finance, administration, human resources and other services provided by the Holding Company, in
accordance with agreement.
2020 2019
-----------Rupees ‘000 -----------
35.2 This includes rental income from related parties, which are as follows:
- United Retail (SMC- Private) Limited 32,055 87,550

- International Brands Limited 13,048 9,560
- International Franchises (Private) Limited 12,651 11,840
- IBL Operations (Private) Limited 13,612 -
- IBL Logistics (Private) Limited 697 -
- IBL Unisys (Private) Limited 695 -
- United Distributors Pakistan Limited 408 -
- OBS Pakistan (Private) Limited 2,814 -
75,980 108,950
35.3 This represents income from International Franchises (Private) Limited - related party for use of
operating assets of the Holding Company.

2020 2019
-----------Rupees ‘000 -----------
36. FINANCE COST
Mark-up on:
- Long-term borrowing - 12,814
- Short-term borrowing - note 36.1 568,792 299,908
- Salary refinancing 2,678 -
Interest on:
Employees provident fund - Holding Company 9,196 -
(Private) Limited - related party 1,036 -
Unwinding of discount on long-term borrowing 87 -
Bank charges 67,395 36,375
Interest on Workers’ Profit Participation Fund - note 26.6 15,357 13,883
684,953 438,870
36.1 The amount of mark-up paid by Holding Company under Islamic mode of financing amounted to Rs.
497.09 million (2019: Rs. 287.65 million).
2020 2019
-----------Rupees ‘000 -----------
37. INCOME TAX EXPENSE
Current
- for the year 1,114,318 551,522
- for prior years 81,925 8,195
1,196,243 559,717
Deferred tax (income) / expense - note 22 (85,430) 7,215
1,110,813 566,932
37.1 Subsequent to the year end, the petition filed by the Holding Company against the imposition of
super tax for rehabilitation of temporarily displaced persons under section 4B of the Income Tax
Ordinance, 2001 for the tax years 2015 to 2019, in the High Court of Sindh was rejected vide
order dated July 21, 2020. Consequently, the Holding Company received various notices from tax
authorities for recoverability of super tax for the tax years 2015 to 2019 amounting to Rs. 485.19
million.
However, the Holding Company has not made provision of full amount on the basis of the following
contention:
- Applicability of super tax on Final Tax Regime (FTR) income.

- Taxability of dividend income in light of stay obtained from High Court of Sindh refer - note
29.1.10.
- Erroneous additions in the notices received.
Further, the Holding Company in consultation with its legal and tax advisors is in the process of filing
an appeal against the above decision of Honorable High Court of Sindh, in the Supreme Court of
Pakistan. The Holding Company expects a favourable outcome based on a legal advice.

2020 2019
37.2 Relationship between tax expense -----------Rupees ‘000 -----------
and accounting profit
Tax at the applicable rate of 29% (2019: 29%) 1,061,069 821,346
Effect of temporary difference - 10,366

Effect of applicability of final tax (175,541) (444,108)
Effect of applicability of minimum tax 253,765 172,197
Effect of applicability of tax credit (25,054) (13,392)
Effect of applicability of taxable loss - 13,732
Effect of consolidation adjustment 1,568 -
Effect of prior period charge 81,925 8,195
Others 79 (1,404)
Deferred Tax Income (86,998) -
Tax expense for the year 1,110,813 566,932
37.3 Current status of tax assessments
Tax Years 2009 to 2013 and 2015 to 2017 (Holding Company)
Deemed order under Section 120 of the Income tax Ordinance, 2001 for the above tax years were
amended, where certain expenses / benefits were disallowed which mainly includes disallowance
due to non-deduction of tax on Distributors margin, eligibility of claim made for Group Relief, finance
cost on long-term loan as not being related to business income, advertisement expenses, salesman
bonuses, discount given to group company, deemed interest income on interest-free loan given
to group company and other expenses meeting the criteria of Section 21(c) of the Income Tax
Ordinance, 2001 with reference to deduction of tax.
Appeals against the above orders are pending before Appellate Tribunal Inland Revenue (ATIR) except
for tax years 2008 which is decided and the tax year 2017 which is pending before Commissioner
Appeals.
Out of the above, majority of the issues have been decided in favour of the Holding Company either
by Commissioner Appeals or by ATIR in its decision for tax year 2008. Considering this position
and in consultation with its tax advisors, the management is of the view that above issues will also
be decided in favour of the Holding Company. The impact of the above mentioned orders pending
resolution amounts to approximately Rs. 862.28 million.
(Re-stated)
2020 2019
38. EARNINGS PER SHARE - BASIC AND DILUTED
Profit for the year (Rupees ‘000) 2,499,697 2,241,258
Weighted average number of outstanding

shares at the end of year (in thousands) 212,425 212,425
Basic and diluted earnings per share (Rupees) 11.77 10.55

38.1 Diluted earnings per share has not been presented as the Group did not have any convertible
instruments in issue as at June 30, 2020 and 2019 which would have any effect on the earnings per
share if the option to convert is exercised.
2020 2019
39. CASH GENERATED FROM OPERATIONS -----------Rupees ‘000 -----------
Add / (less): Adjustments for non-cash

charges and other items
Depreciation of property, plant and equipment 241,084 208,866

Depreciation of right-of-use assets 19,906 -
Depreciation of investment property 56,981 54,477
Gain on disposal of property, plant
and equipment - net (1,173) (7,535)
Provision for retirement benefits obligation 8,658 6,132
Government Grant recognised in income (8,571) -
Unwinding of discount on long term borrowing 87 -
Impairment on plant and machinery 3,101 -
Loss on asset classified as ‘held for sale’ 29,355 -
Realised loss on investments - at fair value through
profit or loss - 85
Gain on asset classified as ‘Held for Sale’ - (322)
Realised gain on investments - at
fair value through profit or loss - (308)
Workers Welfare Fund and Workers Profit
Participation Fund 234,688 151,968
Interest income (30,600) (21,784)
Finance cost 684,953 438,870
1,306,786 875,358
Profit before working capital changes 4,965,646 3,707,586
Effect on cash flow due to working capital changes
(Increase) / decrease in current assets:
Inventories (474,617) (122,670)

Trade receivables (2,424,019) (1,849,959)
Loans and advances (6,220) (2,061,014)
Trade deposits and short-term prepayments (22,107) (10,665)
Other receivables (399,877) (469,392)
Refunds due from Government - Sales tax 35,770 (37,804)
(3,291,070) (4,551,504)
Increase in current liabilities
Trade and other payables (353,241) 395,648
Cash generated from / (used in) operations 1,321,335 (448,270)

2020 2019
-----------Rupees ‘000 -----------
40. CASH AND CASH EQUIVALENTS
Cash and bank balances - note 18 335,189 262,054

Short-term borrowing - note 27
Running finance under markup arrangment (4,640,453) (3,712,277)
Loan obtained from employees provident fund
of the Holding Company. (161,000) -
Loan obtained from employees provident fund
of the OBS Pakistan (Private)
Limited - related party (18,000) -
(4,484,264) (3,450,223)
41. SEGMENT INFORMATION
Based on Holding Company’s internal management reporting structure for the year, no reportable
segments were identified that were of continuing significance for decision making.
42. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
The aggregate amounts in respect of remuneration, including all benefits, to the Chief Executive and
Directors of the Holding Company and Executives of the Group are as follows:
Chief Executive Executive Directors Executives

2020 2019 2020 2019 2020 2019
--------------------------------Rupees ‘000 --------------------------------
Managerial remuneration 25,543 23,220 13,147 11,952 221,673 203,728

Housing allowance 11,494 10,449 5,378 5,378 102,108 97,544
Utility allowance 2,554 2,322 1,195 1,195 15,585 16,638
Bonus 4,257 3,204 1,793 1,793 42,440 37,164
Retirement benefits 2,554 2,322 1,195 1,195 21,176 20,049
Others - 302 191 191 12,185 20,004
46,402 41,819 22,899 21,704 415,167 395,127
Number of persons 1 1 1 1 94 84
42.1 In addition to the above, the chief executive officer and some of the executives have been provided
with free use of the Group maintained cars. Further, medical expenses are reimbursed in accordance
with the Group’s policies.
42.2 During the year, the Holding Company has paid to five non-executive directors (2019: five) an
aggregate amount of Rs. 57 thousand (2019: Rs. 32 thousand) as fee for attending board meetings.

43. TRANSACTIONS WITH RELATED PARTIES
43.1 The following transactions were carried out with related parties during the year:

-----------Rupees ‘000 -----------
Ultimate Holding
Company: - Corporate service charges 261,000 235,200
- Interest income 30,571 21,642
- Rent income 13,048 9,557
- Dividend paid 173 1,184
- Recovery of loan 20,616 13,120
- Computer expense 2,643 -
- SAP maintenance fee 344 -
- Others 135 -
Associates: - Revenue 16,506,690 14,378,517

- Salaries and wages 4,436 775
- Purchases 32,310 15,627
- Purchase of ERP software - 26,927
- Discounts claimed 531,804 855,804
- Rental income 65,191 66,932
- Facility Management fee 252,000 -
- Furnitures and Fixtures purchased 31,580 -
- Purchase of personal protective
equipments 11,934 -
- Rent expense 17,053 7,668
- Donations 44,874 38,047
- Architect fee 7,604 3,295
- Stock claims 398,633 398,633
- Internet services 3,279 5,627
- Carriage and duties 78,360 70,564
- Repair and maintenance 807 7,893
- Payment for group tax relief 14,325 -
- Advance against financial assistance - 1,500
- SAP maintenance fee 745 20,289
- Dividend paid 1,184 1,184
- Shared cost 58,508 41,668
- Incentives to field force staff 19,035 12,672
- Merchandise expense 27,462 140,278
- Renovation 13,749 -
- Rent paid 2,150 -
- Sale of property, plant and
equipment 994 -
- Others 11,486 -


-----------Rupees ‘000 -----------
Post employment staff

benefit plans: - Contributions to Provident Fund 63,635 55,758
- Benefits paid 47,288 47,288

Key management
employees
compensation: - Salaries and other employee
benefits 65,552 60,006
- Director’s fee and conveyance 978 450
- Sale of goods 804 -
43.22 The status of outstanding balances with related parties as at June 30, 2020 is included in the
respective notes to the consolidated financial statements. These are settled in the ordinary course
of business.
43.3 Following are the related parties with whom the Group had entered into transactions or have
arrangement(s) / agreement(s) in place:
Aggregate
S. No. Company Name Basis of Association % of
Shareholding
1. International Brands Limited Ultimate Holding Company 56.60%

2. United Distributors Pakistan Limited Group Company N/A
3. International Franchises (Private) Limited Group Company N/A
4. IBL Operations (Private) Limited Group Company N/A
5. IBL Unisys (Private) Limited Group Company N/A
6. Multinet (Private) Limited Common Directorship N/A
7. MyCart (Private) Limited Group Company N/A
8. United Brands Limited Group Company N/A
9. IBL Frontier Markets (Private) Limited Group Company N/A
10. Arshad Shahid Abdulla (Private) Limited Close relative of Director N/A
11. United Retail (SMC-Private) Limited Close relative of Director N/A
12. AKAR Hospital Managing Company N/A
13. The Citizen Foundation Common Directorship N/A
14. The Hunar Foundation Common Directorship N/A
15. Sabaq Learning Foundation Common Directorship N/A
16. Indus Hospital Close relative of Director N/A
17. International Knitwear Limited Associated company N/A
18. United Franchises (SMC-Private) Limited Associated company N/A
44. PRODUCTION CAPACITY
Plant capacities and actual production
The capacity and production of the Group’s plants are indeterminable as these are multi-product and
involve varying processes of manufacture.

45. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
45.1 Financial risk factors
The Group’s activities expose it to variety of financial risks namely market risk (including interest
rate risk, currency risk and other price risk), credit risk and liquidity risk. The Group’s overall risk
management programme focuses on having cost effective funding as well as managing financial risk
to minimise earnings volatility and provide maximum return to shareholders.
45.2 Financial assets and liabilities
2020 2019
Maturity up to Maturity up to
Maturity after Maturity after
one Total one Total
one year one year
year year
--------------------------------------------Rupees ‘000--------------------------------------------
Financial assets
Loans and receivables
Loans, advances and deposits 2,277,341 11,182 2,288,523 2,447,361 13,895 2,461,256
Trade receivables 8,633,836 - 8,633,836 6,209,817 - 6,209,817
Interest accrued - - - 2,970 - 2,970
Other receivables 1,187,736 - 1,187,736 787,859 - 787,859
Short-term investment 100,000 - 100,000 - - -
Bank balances 128,522 - 128,522 255,712 - 255,712
Cash in hand 206,667 - 206,667 6,342 - 6,342
12,534,102 11,182 12,545,284 9,710,061 13,895 9,723,956
Financial liabilities
Long-term borrowing - 320,664 320,664 - 4,664 4,664

Trade and other payables 2,724,000 - 2,724,000 2,930,391 - 2,930,391
Short-term borrowings 4,953,328 - 4,953,328 3,922,277 - 3,922,277
7,677,328 320,664 7,997,992 6,852,668 4,664 6,857,332
On reporting date gap 4,856,774 (309,482) 4,547,292 2,857,393 9,231 2,866,624
Net financial (liabilities) / assets
Interest bearing (4,953,227) (320,664) (5,273,891) (3,916,484) (4,664) (3,921,148)

Non-interest bearing 9,810,001 11,182 9,821,183 6,773,877 13,895 6,787,772
(a) Market risk
(i) Interest rate risk
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will
fluctuate due to changes in the market interest rates. Financial assets and liabilities obtained
at variable rates expose the Group to cash flow interest rate risk.
At June 30, 2020, the Group has variable interest bearing financial liabilities of Rs. 4.95 billion
(2019: Rs. 3.92 billion), and had the interest rate varied by 200 basis points with all the other
variables held constant, profit before tax for the year would have been approximately Rs.
99 million (2019: Rs. 78.4 million) higher / lower, mainly as a result of lower / higher interest
expense on floating rate borrowings respectively.
(ii) Currency risk
Foreign currency risk arises mainly where payables and receivables exist due to transactions
in foreign currencies. The Group’s exposure to exchange risk comprise mainly due to
receivable, payable and bank balance in foreign currency. At June 30, 2020, trade and other
payables of Rs. 488.67 million (2019: Rs. 716.42 million), trade receivables of Rs. 448.33
million (2019: Rs. 307.29 million) and bank balance of Rs. 0.13 million (2019: Rs. 0.13
million) are exposed to foreign currency risk.
As at June 30, 2020, if the Pakistan Rupee had weakened / strengthened by 2% against
US Dollar with all other variables held constant, profit before income tax for the year would
have been lower / higher by Rs. 0.80 million (2019: Rs. 8.17 million), mainly as a result of
foreign exchange gains / losses on translation of US Dollar denominated trade and other
payables,bills payable, trade receivables and cash and bank.
The sensitivity of foreign exchange rates looks at the outstanding foreign exchange balances
of the company only as at the reporting date and assumes this is the position for a full
twelve-month period. The volatility percentages for movement in foreign exchange rates
have been used due to the fact that historically (five years) rates have moved on average
basis by the mentioned percentages per annum.
(iii) Price risk
Price risk is the risk that fair value of a financial instrument will fluctuate as a result of changes
in market prices, whether those changes are caused by factors specific to the fund or it’s
management company.
The Group limits price risk by maintaining a diversified portfolio and by continuous monitoring
of developments in open ended income funds. In addition, the Group actively monitors the
key factors that affect the open ended income funds. The maximum exposure to price risk
as at June 30, 2020 amounts to (2019: Nil).
(b) Credit risk
Credit risk represents the accounting loss that would be recognised at the reporting date if
counterparts failed to perform as contracted. The maximum exposure to credit risk is equal
to the carrying amount of financial assets. Out of the total financial assets of Rs. 12,545
million (2019: Rs. 9,723 million) the financial assets exposed to the credit risk amount to Rs.
12,314 million (2019: Rs. 9,714 million). The carrying values of financial assets are as under:
2020 2019
-----------Rupees ‘000 -----------
Loans and advances - notes 9 &13 2,185,767 2,372,389

Trade deposits - notes 10 & 14 102,756 88,866
Trade receivables - note 12 8,633,836 6,209,817
Other receivables - note 15 1,187,736 787,859
Investments - at fair value
through profit or loss 100,000 -
Bank balances 128,522 255,712
12,338,617 9,714,643

Trade receivables of the Group are not exposed to significant credit risk as the major amount
is due from IBL Operations (Private) Limited - an associated company. However, the Group
has established policies and procedures for timely recovery of trade receivables. With respect
to parties other than affiliates, the Group mitigates its exposure and credit risk by applying
credit limits to its customers. Loans and advances include Rs. 229.01 million (2019: Rs.
249.63 million) due from International Brands Limited - Ultimate Parent Company.
The fair value through profit and loss investments represent investments in open end mutual
funds. The Group manages its credit and price risk by investing in income based diversified
mutual funds.
Bank balance represent low credit risk as major balances are placed with banks having credit
ratings of A or above as assigned by PACRA or JCR-VIS.
(c) Liquidity risk
Liquidity risk reflects the Group’s inability in raising funds to meet commitments. The
management closely monitors the Group’s liquidity and cash flow position. The Group’s
approach to manage liquidity risk is to maintain sufficient level of liquidity based on expected
cash flow by holding highly liquid assets, creditor concentration and maintaining sufficient
reserve borrowing facilities.
(d) Fair values of the financial instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction in the principal (or most advantageous) market at the measurement date
under current market conditions (i.e. an exit price) regardless of whether that price is directly
observable or estimated using another valuation technique.
46. CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as
a going concern, so that it can provide adequate returns to shareholders and benefits to other
stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The Group finances its operations through equity, borrowings and management of working capital
with a view to maintain an appropriate mix between various sources of finance to minimise risk.
The debt to capital ratio is as follows:
2020 2019
-----------Rupees ‘000 -----------
Total borrowings 4,953,328 3,922,277

Cash and bank - note 18 (335,189) (262,054)
Net debt 4,618,139 3,660,223
Equity 15,962,533 13,519,229
Total capital 20,580,672 17,179,452
Debt to capital ratio 22% 21%

47. NUMBER OF EMPLOYEES 2020 2019

-----------Rupees ‘000 -----------
47.1 Number of employees as at June 30 2,766 2,465
47.2 Average number of employees during the year 2,688 2,357
48. LISTING OF SUBSIDIARY COMPANIES
Name of Subsidiary Financial year end
- IBL HealthCare Limited June 30

IBL Future Technologies (Private) Limited June 30
- Searle Pharmaceuticals (Private) Limited June 30
- Searle Laboratories (Private) Limited June 30
- Searle Biosciences (Private) Limited June 30
- IBL Identity (Private) Limited June 30
- Nextar Pharma (Private) Limited June 30
- IBL Future Technologies (Private) Limited June 30
48.1 Set out below is summarised financial information for each subsidiary that has Non-Controlling
Interests (NCI).
Name of Subsidiaries IBL HC NPPL
Percentage Holding 25.81% 12.80%

Total Assets 2,525,024 966,696
Total Liabilities 830,042 172,380
Total Comprehensive Income / (loss) 220,030 (65,937)
Allocated to NCI 56,790 (8,440)
Accumulated NCI 367,014 108,395
Cash and Cash Equivalent 20,148 418
Cash (utilised in) / generated from
- operating activities 40,438 1,035
- investing activities (10,272) (843)
- financing activities (52,093) -
Dividend paid to NCI 15,079 -

49. BUSINESS UNITS - GEOGRAPHICAL LOCATION AND ADDRESSES
Business units Addresses
Factories - F-319, S.I.T.E Area, Karachi

- 32 km Multan Road, Lahore.
- Survey 391/1 and 392/2, Sector 3, Korangi
Industrial Area, Karachi.
Warehouses and - Sana Logistics, Survey Number 53-55, Deh Gandpas, Tapo Gabopat,
storage facilities Kemari Town, Taluka & District, Karachi West
- Plot No. 21-C, Sector 15/16, Gulshan-e-Mazdoor, Hub River Road,
Karachi.
- Kotlakpat, Plot No. 131/3, Quaid-e-Azam Industrial Estate, Gate 4, Near
Fine Chowk, Kotlakhpot, Lahore
- Raiwind Road, Manga Mandi, Lahore.
- 137, Shahrah-e-Maulana, Jalaluddin Roomi, Lahore.
- Shabab Studio Chung, 19-KM, Multan Road, Lahore.
- F-2/Q, PTC Compound, S.I.T.E., Karachi.
Outlets - Zarina Mall, Lahore
50. CORRESPONDING FIGURES
Following corresponding figures having material impact were reclassified, for the purpose of
comparison:
Rupees ‘000
From:
- Discounts, rebates and allowances (277,000)
To:
- Local sales of goods (277,000)
Other reclassification made, for the purpose of better presentation and comparision, were immaterial
for these consolidated financial statements.
51. SUBSEQUENT EVENTS
51.1 The Board of Directors of the Holding Company in the meeting held on has approved the following
appropriation:
2020 2019
-----------Rupees ‘000 -----------
- Cash dividend of Rs. 2.5 (June 30, 2019: Rs. 2.5)

per share 531,063 531,063
This would be recognised in the Company’s financial statements in the year in which such dividend
and distribution are paid.
51.2 ACQUISITION OF OBS PAKISTAN (PRIVATE) LIMITED
Subsequent to the year end on August 24, 2020, the Holding Company acquired OBS Pakistan
(Private) Limited (OBS), engaged in manufacturing and sales of pharmaceutical products, from
Universal Ventures (Private) Limited (UVPL) - related party. The approval of acquisition was obtained
in the Holding Company’s Extra-Ordinary General Meeting (EOGM) on May 18, 2020.

The consideration for the above transaction contains the following:

Rupees in
million
- Payment at the time of share transfer of UVPL 3,250

- Deferred payment on a maximum period of three years 5,350
- Equity injection in OBS for the purposes of setting and swapping the
finance facility availed by OBS from Habib Bank Limited (HBL), through
availing a new finance facility in the form of Musharaka Agreement from
HBL itself. 7,200
15,800
52. DATE OF AUTHORISATION FOR ISSUE
These financial statements were approved by the Board of Directors of the Holding Company and
authorised for issue on September 28, 2020.

Pattern of Shareholding
As at June 30, 2020
No. of Shareholders Shareholdings’Slab Total Shares Held
3022 1 to 100 117,522

3283 101 to 500 955,860
1829 501 to 1000 1,407,467
3010 1001 to 5000 7,564,792
631 5001 to 10000 4,483,664
235 10001 to 15000 2,898,902
120 15001 to 20000 2,096,151
82 20001 to 25000 1,856,938
48 25001 to 30000 1,313,905
46 30001 to 35000 1,515,114
25 35001 to 40000 940,708
25 40001 to 45000 1,068,476
17 45001 to 50000 816,177
21 50001 to 55000 1,096,059
11 55001 to 60000 634,805
11 60001 to 65000 690,149
8 65001 to 70000 543,371
5 70001 to 75000 362,983
11 75001 to 80000 853,495
9 80001 to 85000 733,628
4 85001 to 90000 357,781
6 90001 to 95000 547,448
4 95001 to 100000 392,640
4 100001 to 105000 402,539
7 105001 to 110000 758,331
5 110001 to 115000 557,310
2 120001 to 125000 242,425
1 125001 to 130000 125,146
4 130001 to 135000 534,612
6 135001 to 140000 826,938
2 140001 to 145000 282,657
3 145001 to 150000 445,475
4 150001 to 155000 609,377
4 155001 to 160000 630,048
1 160001 to 165000 163,900
5 165001 to 170000 833,934
1 170001 to 175000 173,400
1 175001 to 180000 178,548
1 180001 to 185000 183,231
6 185001 to 190000 1,127,451
2 195001 to 200000 399,712
1 200001 to 205000 204,938
1 205001 to 210000 210,000
1 210001 to 215000 212,708
1 220001 to 225000 222,281
3 225001 to 230000 683,740
4 240001 to 245000 970,095
1 270001 to 275000 271,503
2 275001 to 280000 555,014
1 280001 to 285000 284,545
1 295001 to 300000 300,000

As at June 30, 2020
No. of Shareholders Shareholdings’Slab Total Shares Held
1 300001 to 305000 302,401

1 310001 to 315000 310,102
1 320001 to 325000 324,940
3 325001 to 330000 985,522
1 335001 to 340000 335,700
1 340001 to 345000 345,000
1 345001 to 350000 346,354
1 350001 to 355000 352,400
1 370001 to 375000 370,318
2 375001 to 380000 754,500
1 380001 to 385000 384,431
1 385001 to 390000 389,353
2 390001 to 395000 785,438
1 405001 to 410000 406,700
1 435001 to 440000 435,158
1 455001 to 460000 456,200
1 485001 to 490000 486,000
2 505001 to 510000 1,013,327
1 525001 to 530000 525,804
1 530001 to 535000 533,444
1 565001 to 570000 568,016
1 590001 to 595000 590,951
1 600001 to 605000 602,118
1 610001 to 615000 614,442
1 625001 to 630000 627,705
1 640001 to 645000 641,181
1 705001 to 710000 706,602
1 745001 to 750000 746,800
1 835001 to 840000 838,151
1 840001 to 845000 841,015
1 965001 to 970000 967,400
1 1000001 to 1005000 1,003,669
1 1025001 to 1030000 1,029,449
1 1040001 to 1045000 1,044,775
1 1045001 to 1050000 1,047,595
1 1105001 to 1110000 1,105,734
1 1170001 to 1175000 1,171,946
1 1245001 to 1250000 1,249,292
1 1405001 to 1410000 1,405,004
1 1530001 to 1535000 1,531,484
1 1755001 to 1760000 1,756,871
1 1930001 to 1935000 1,934,646
1 2465001 to 2470000 2,467,925
1 2515001 to 2520000 2,515,983
1 2650001 to 2655000 2,653,474
1 3755001 to 3760000 3,757,335
1 3845001 to 3850000 3,847,707
1 4620001 to 4625000 4,623,670
1 115050001 to 115055000 115,053,320
12592 212,425,245

As at June 30, 2020
Categories of Shareholders Shareholders Shares Held Percentage
Directors and their spouse(s) and minor children

ADNAN ASDAR ALI 1 3,308 0.00
RASHID ABDULLA 2 47,516 0.02
SYED NADEEM AHMED 1 3,797 0.00
ZUBAIR RAZZAK PALWALA 1 3,966 0.00
AYAZ ABDULLA 1 19,869 0.01
ASAD ABDULLA 1 34,597 0.02
SHAKILA RASHID 2 384,445 0.18
FATIMA HYDER 1 19,869 0.01
MARIUM ASAD 1 1,380 0.00
Associated companies, undertakings and related parties

INTERNATIONAL BRANDS LIMITED 3 120,239,641 56.60
ARSHAD SHAHID ABDULLA (PRIVATE) LIMITED 2 22,770 0.01
IBL OPS (PVT) LIMITED 1 58,974 0.03
IMPERIAL BRANDS (PRIVATE) LIMITED 1 26,427 0.01
INTERNATIONAL FRANCHISES (PRIVATE) LIMITED 1 51,087 0.02
UNITED BRANDS LIMITED STAFF PROVIDENT FUND 1 3,220 0.00
IBL OPERATIONS (PRIVATE) LIMITED STAFF PROVIDENT FUND 1 31,464 0.01
UNITED DISTRIBUTORS PAKISTAN LIMITED STAFF PROVIDENT FUND 1 4,700 0.00
UNITED DISTRIBUTORS PAKISTAN LTD. MANAGEMENT PROVIDENT FUND 1 8,800 0.00
TRUSTEE SEARLE PAKISTAN LIMITED PROVIDENT FUND 1 1,105,734 0.52
Executive 4 13,079 0.01
Public Sector Companies and Corporations 5 4,037,450 1.90
Banks, development finance institutions, non-banking finance

companies, insurance companies, takaful, modarabas and pension
funds 68 5,740,131 2.70
Mutual Funds
FIRST CAPITAL MUTUAL FUND LTD. 1 51,839 0.02
CDC - TRUSTEE PAKISTAN CAPITAL MARKET FUND 1 2 0.00
CDC - TRUSTEE PICIC INVESTMENT FUND 1 67,533 0.03
CDC - TRUSTEE PICIC GROWTH FUND 1 81,833 0.04
CDC - TRUSTEE ALHAMRA ISLAMIC STOCK FUND 1 2 0.00
CDC - TRUSTEE ATLAS STOCK MARKET FUND 1 706,602 0.33
CDC - TRUSTEE MEEZAN BALANCED FUND 1 178,548 0.08
CDC - TRUSTEE ALFALAH GHP VALUE FUND 1 30,427 0.01
CDC - TRUSTEE AKD INDEX TRACKER FUND 1 23,944 0.01
CDC - TRUSTEE ALHAMRA ISLAMIC ASSET ALLOCATION FUND 1 1 0.00
CDC - TRUSTEE AL MEEZAN MUTUAL FUND 1 324,940 0.15
CDC - TRUSTEE MEEZAN ISLAMIC FUND 1 2,653,474 1.25
CDC - TRUSTEE UBL STOCK ADVANTAGE FUND 1 302,401 0.14
CDC - TRUSTEE ATLAS ISLAMIC STOCK FUND 1 187,872 0.09
CDC - TRUSTEE AL-AMEEN SHARIAH STOCK FUND 1 370,318 0.17
CDC - TRUSTEE NBP STOCK FUND 1 967,400 0.46
CDC - TRUSTEE NBP BALANCED FUND 1 9,000 0.00
CDC - TRUSTEE MCB DCF INCOME FUND 1 14,500 0.01

As at June 30, 2020
CDC - TRUSTEE ALFALAH GHP ISLAMIC STOCK FUND 1 212,708 0.10

CDC - TRUSTEE HBL - STOCK FUND 1 88,848 0.04
CDC - TRUSTEE NBP ISLAMIC SARMAYA IZAFA FUND 1 65,000 0.03
CDC - TRUSTEE HBL MULTI - ASSET FUND 1 9,099 0.00
CDC - TRUSTEE ALFALAH GHP STOCK FUND 1 80,554 0.04
CDC - TRUSTEE ALFALAH GHP ALPHA FUND 1 54,600 0.03
CDC - TRUSTEE NIT-EQUITY MARKET OPPORTUNITY FUND 1 156,521 0.07
CDC - TRUSTEE ABL STOCK FUND 1 72,338 0.03
CDC - TRUSTEE FIRST HABIB STOCK FUND 1 550 0.00
CDC - TRUSTEE LAKSON EQUITY FUND 1 51,700 0.02
CDC - TRUSTEE NBP SARMAYA IZAFA FUND 1 9,415 0.00
CDC - TRUSTEE NBP MAHANA AMDANI FUND - MT 1 96,600 0.05
CDC - TRUSTEE HBL ISLAMIC STOCK FUND 1 51,397 0.02
CDC - TRUSTEE HBL EQUITY FUND 1 49,600 0.02
CDC - TRUSTEE KSE MEEZAN INDEX FUND 1 241,853 0.11
CDC-TRUSTEE FIRST HABIB ISLAMIC STOCK FUND 1 6,600 0.00
MCBFSL - TRUSTEE ABL ISLAMIC STOCK FUND 1 153 0.00
CDC - TRUSTEE UBL ASSET ALLOCATION FUND 1 27,029 0.01
CDC - TRUSTEE FIRST CAPITAL MUTUAL FUND 1 8,000 0.00
CDC - TRUSTEE AL-AMEEN ISLAMIC ASSET ALLOCATION FUND 1 74,094 0.03
CDC - TRUSTEE AWT ISLAMIC STOCK FUND 1 21,500 0.01
CDC - TRUSTEE AL-AMEEN ISLAMIC RET. SAV. FUND-EQUITY SUB FUND 1 70,451 0.03
CDC - TRUSTEE UBL RETIREMENT SAVINGS FUND - EQUITY SUB FUND 1 63,541 0.03
CDC - TRUSTEE NATIONAL INVESTMENT (UNIT) TRUST 1 4,623,670 2.18
CDC - TRUSTEE HBL ISLAMIC EQUITY FUND 1 21 0.00
CDC - TRUSTEE NAFA ISLAMIC PRINCIPAL PROTECTED FUND - II 1 600 0.00
CDC - TRUSTEE NBP ISLAMIC STOCK FUND 1 486,000 0.23
CDC - TRUSTEE NBP INCOME OPPORTUNITY FUND - MT 1 5,100 0.00
CDC - TRUSTEE AWT STOCK FUND 1 18,000 0.01
CDC - TRUSTEE NIT ISLAMIC EQUITY FUND 1 525,804 0.25
CDC - TRUSTEE NBP SAVINGS FUND - MT 1 43,100 0.02
CDC - TRUSTEE AL AMEEN ISLAMIC DEDICATED EQUITY FUND 1 10,505 0.00
CDC - TRUSTEE NBP ISLAMIC ACTIVE ALLOCATION EQUITY FUND 1 54,000 0.03
CDC - TRUSTEE HBL ISLAMIC ASSET ALLOCATION FUND 1 13,296 0.01
CDC - TRUSTEE FAYSAL MTS FUND - MT 1 406,700 0.19
CDC - TRUSTEE MEEZAN ASSET ALLOCATION FUND 1 93,017 0.04
CDC - TRUSTEE LAKSON TACTICAL FUND 1 7,200 0.00
CDC - TRUSTEE LAKSON ISLAMIC TACTICAL FUND 1 3,178 0.00
MCBFSL TRUSTEE ABL ISLAMIC DEDICATED STOCK FUND 1 12,731 0.01
CDC - TRUSTEE ALFALAH GHP ISLAMIC DEDICATED EQUITY FUND 1 33,697 0.02
CDC TRUSTEE - MEEZAN DEDICATED EQUITY FUND 1 55,055 0.03
CDC - TRUSTEE UBL DEDICATED EQUITY FUND 1 1,900 0.00
MCBFSL - TRUSTEE HBL ISLAMIC DEDICATED EQUITY FUND 1 5,100 0.00
CDC - TRUSTEE ATLAS ISLAMIC DEDICATED STOCK FUND 1 35,400 0.02
CDC - TRUSTEE FAYSAL ISLAMIC DEDICATED EQUITY FUND 1 44,500 0.02
CDC - TRUSTEE NIT ASSET ALLOCATION FUND 1 35,000 0.02

As at June 30, 2020
General Public
a. Local 12,081 37,631,956 17.72
b. Foreign 15 4,170,753 1.96
Foreign Companies 80 13,103,814 6.17
Others 251 11,660,137 5.49
Totals 12,592 212,425,245 100.00
Shareholders holding 5% or more Shares Held Percentage
* INTERNATIONAL BRANDS LIMITED 120,239,641 56.60
* This includes 5,161,394 shares which are freezed in lieu of 5% withholding tax under section 236M of the Income Tax
Ordinance, 2001. The Shareholder has filed a petition against such provision and the case is pending before the Hon’ble
High Court.

Proxy Form
The Secretary
The Searle Company Limited
2nd Floor, One IBL Centre, Plot # 1, Block 7 & 8, D.M.C.H.S, Tipu Sultan Road,
Off Shahra-e-Faisal, Karachi-75350
I/We ___________________________ son/daughter/wife/husband of_______________________,

shareholder of The Searle Company Limited, holding _____________ ordinary shares hereby
appoint _____________________ who is my ______________ [state relationship (if any) with
the proxy; required by Government regulations] and the son/daughter/wife/husband of
____________________, (holding ________ ordinary shares in the Company under Folio No.
____________) [required by Government; delete if proxy is not the Company’s shareholder] as
my/our proxy, to attend and vote for me/us and on my/our behalf at the Annual General Meeting
of the Company to be held on Wednesday, October 28, 2020 and/or any adjournment thereof.
Signed this _______ day of ______ 2020
Witness 1: [Signature should agree

with the specimen signature
Signature: registered with the Company]
Name:
CNIC #: Sign across Rs.5/-
Address: Revenue Stamp
Signature of Member(s)
Witness 2:
Signature:
Name: Shareholder’s Folio No.:
CNIC #: and/or CDC Participant I.D. No.:
Address: and Sub-Account No.:
Shareholder’s CNIC #:
Note:
1. The member is requested:
i) To affix revenue stamp of Rs.5/- at the place indicated above.
ii) To sign across the revenue stamp in the same style of signature as is registered with the
Company.
iii) To write down his/her/their folio number.
iv) Attach an attested photocopy of their valid Computerized National Identity Card/
Passport/Board Resolution and the copy of CNIC of the proxy, with this proxy form
before submission.
2. In order to be valid, this proxy must be received at the registered office of the Company at
least 48 hours before the time fixed for the meeting, duly completed in all respects.
3. CDS Shareholders or their proxies should bring their original computerized national identity
card or passport along with the Participant’s ID Number and their Account Number to
facilitate their identification. Detailed procedure is given in the notes to the notice of AGM.

The Company Secretary
The Searle Company Limited
2nd Floor, One IBL Centre, Plot # 1, Block 7 & 8,
D.M.C.H.S, Tipu Sultan Road,
Off Shahra-e-Faisal, Karachi-75350

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‫رک�(ارگوکیئےہ)رپایسک ی�‪ ،‬ج ی‬‫(رہتش ب ی�ان ی‬
‫ش ئ‬
‫ےکتحت‬ ‫ ‬ ‫ینپمکےکومعیم ی�رز ی‬
‫وفلوربمن‬ ‫ ‬ ‫احلم‬ ‫ ‬ ‫ابتب‬
‫ن‬ ‫ئ‬ ‫ش‬
‫ہ‬
‫(وکحتمیکاجبنےسالزیم‪،‬ارگرپایسکینپمکاک ی�روہڈلر ی‬
‫�ےہ)وطبر یمرے‪/‬امہرےرپایسک یمری‪/‬امہریاور یمرے‪/‬امہرےاجبنےسینپمک‬
‫یخ‬
‫رک�ےگاورووٹاکقح‬ ‫م یمری‪/‬امہریاجبنےسرشتک ی‬ ‫ےکاسالہناالجساعمدقعنمہ‪۲۸‬اوتکرب‪۲۰۲۰‬ء ی�ایسکز�ی راوتلااتر�رپوہےنواےلاالجس ی‬
‫رک�ےگ۔‬ ‫اامعتسل ی‬
‫ی‬
‫‪۲۰۲۰‬ء‬ ‫دن‬ ‫دطختسدشہاتبر� خ ‬
‫ررٹسجڈومنہندطختس‬ ‫(دطختسینپمکےکاپس‬ ‫وگاہربمن‪:1‬‬

‫ئ‬
‫اچ�)‬‫ےکاطمقبوہےن ہ ی‬ ‫دطختس‪:‬‬
‫ن‬ ‫ت‬ ‫انم‪:‬‬
‫املےکر�ی ی و‬
‫و�‬ ‫‪ 5/-‬ٹروےپ ی‬
‫یس ی ن‬
‫رک�‬‫اس��یم پ�رپدطختس ی‬ ‫ا�ٓایئیسربمن‪:‬‬
‫ہتپ‪:‬‬
‫ربمم(ربممز)ےکدطختس‬
‫وگاہربمن‪:2‬‬
‫ش ئ‬ ‫دطختس‪:‬‬
‫ی�روہڈلرزاک ی‬
‫وفلوربمن‪:‬‬
‫ٹ ن ٹ‬ ‫انم‪:‬‬
‫اور‪ /‬ی�ایسڈییساپر��یس�پ��ٓایئڈیربمن‪:‬‬ ‫ن‬
‫یس یا�ٓایئیسربمن‪:‬‬
‫اور یذ�ااکٔوٹنربمن‪:‬‬
‫ش ئ‬ ‫ہتپ‪:‬‬
‫ن‬
‫ی�روہڈلرازاکیس یا�ٓایئیسربمن‪:‬‬
‫ونٹ‪:‬‬
‫‪۱‬۔ ربممےسدروخاتسےہہک‪:‬‬
‫ن ٹ‬ ‫ت‬
‫و�اس��یم پ�اپسچں ی‬
‫رک�۔‬ ‫املاکر�ی ی و‬‫‪ )i‬ذموکرہابالاشننزدہہگجرپ‪5‬روےپ ی‬
‫ن ٹ‬
‫ہ‬
‫�اہکینپمکےکاپسررٹسجڈ ی�۔‬ ‫رک� ج ی‬
‫مدطختس ی‬ ‫و�اس��یم پ�رپایسادناز ی‬‫‪ )ii‬ر�ی ی و‬
‫ن‬
‫�درج ی‬
‫رک�۔‬ ‫ی‬
‫‪ )iii‬اانپوفلوربمن ی چ‬
‫ئ‬
‫ا�ٓایئیسیکاکیپرپایسکافرمےکاسھتکلسنمرکےکعمج ی‬
‫رکا�۔‬ ‫مکورٹازئڈوقیمانشیتخاکرڈ‪/‬اپوپسرٹ‪/‬وبرڈیکرقارداوررپایسکےکیس ی ن‬ ‫‪ )iv‬اےنپاکرٓادم پ ی‬
‫ماالجسےکےئلرقمرہوتقےسمکازمک‪۴۸‬ےٹنھگلبقرہرطحےسلمکموصرت‬ ‫‪۲‬۔ اکرٓادموہےنےکےئل�ی رضوریےہہک�ی رپایسکینپمکےکررٹسجڈٓاسف ی‬
‫ئ ئ‬
‫اج�۔‬‫رکا� ی‬‫معمج ی‬ ‫ی‬
‫ی‬ ‫�ٹ�یس�� ن ٹ‬ ‫ک‬ ‫ش ئ‬
‫ی‬
‫‪۳‬۔ یس ڈی یس �ر وہڈلرز ی�ا ان ےک رپا س� ی �ز� اےنپ الص پ ی‬
‫مکورٹازئڈ وقیم انشیتخ اکرڈ یا� اپوپسرٹ عم اپر پ � اک ٓایئ ڈی ربمن ان ےک ااکٔوٹن ربمن اینپ انشتخ م‬
‫ئ‬
‫ی‬
‫ال�لصفمرط� یقہاکراسالہناالجساعمےکونٹمدرجےہ۔‬ ‫وہستلےکےئلرمہاہ ی‬

‫ت‬
‫امل‬‫درتس ی‬
‫یکڈاک‬
‫اپسچں ی‬
‫رک�‬
‫ٹ‬
‫س یر�ری‬
‫دیینپمک ی‬
‫ٹ�‬
‫دیرسلینپمک ی ڈ‬
‫مل‬
‫نٹ‬
‫دورسیزنمل‪،‬ونٓایئیب یا� یسر‪،‬الپٹ فربمن‪،1‬‬
‫ٹ‬
‫�اطلسنروڈ‪ٓ،‬افاشرہاہِ ی�‪،‬رکایچ۔‪75350‬‬ ‫البک‪7‬اور‪ ،8‬ی پ و‬

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Facing Challenges & Delivering in Tough Times: Annual Report 2020

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Facing Challenges & Delivering in Tough Times: Annual Report 2020

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Facing Challenges

& Delivering in Tough Times

Annual Report 2020

Annual Report 2020 01

Being responsible corporate citizen contributing to society and protecting

Promote team spirit amongst its employees whilst maintaining their

Care for its employees and shares in their dreams.

Annual Report 2020 03

Annual Report 2020 05

C OVID-19 pandemic is the cause of one the most devasting

As the virus placed its stranglehold on the economic and social

06 Annual Report 2020

Board of Directors Bankers

Chief Financial Officer

08 Annual Report 2020

Annual Report 2020 09

A s the Pandemic started to wreak havoc and the

Annual Report 2020 11

i. Mr. Adnan Asdar Ali v. Mr. Ayaz Abdulla

The retiring Directors are eligible for re-election.

12 Annual Report 2020

9. To transact any other business with the permission of the chair.

Zubair Razzak Palwala

B. Coronavirus contingency planning for general meeting of shareholders

Annual Report 2020 13

C. Participation in Annual General Meeting

D. Payment of Cash Dividend electronically (mandatory requirement)

Title of Bank Account

International Bank Account Number PK _______________________________________ (24 digits)

14 Annual Report 2020

E. Withholding tax on Dividend

i. for filers of income tax return – 15%

Principal Shareholder Joint Shareholder

Annual Report 2020 15

G. Request for Video conference facility

I/We, _____________________________________ of _______________________ being a member of the Searle

H. Electronic transmission of financial statements and notice of annual general meeting

16 Annual Report 2020

- Item 6 of the notice - approval of the remuneration of Chief Executive Officer

Name of Related Parties Nature of Transactions PKR ‘1000

Annual Report 2020 17

Name of Related Parties Nature of Transactions PKR ‘1000

18 Annual Report 2020

STATEMENT UNDER SECTION 166(3) OF THE COMPANIES ACT, 2017

Annual Report 2020 19

S earle takes pride in taking the initiative and to-date

20 Annual Report 2020

22 Annual Report 2020

KEY INITIATIVES The Board is committed to operate at the highest

Annual Report 2020 23

• Corporate governance structure and I am also delighted to mention that subsequent

24 Annual Report 2020

‫دعانن ادصر یلع ‬

‫‪26‬‬ ‫‪Annual Report 2020‬‬

‫ف‬ ‫�ت خ‬ ‫ٹ‬

‫‪Annual Report 2020‬‬ ‫‪27‬‬

F or Searle, the safety of its office, factory workers

28 Annual Report 2020

OVERVIEW OPERATING RESULTS

I/We, _______________ of _ being a member of the Searle