contents · 9/30/2016 · mr. arshad anis bank of punjab mr. mufti zia ul islam dubai islamic bank...

Company Information 2

Directors’ Report to the Members 3

Directors’ Report to the Members (Urdu) 6

Condensed Interim Consolidated Financial Statements

Consolidated Balance Sheet 7

Consolidated Profit and Loss Account 8

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Cash Flows 10

Consolidated Statement of Changes in Equity 11

Notes to the Consolidated Financial Statements 12

Condensed Interim Unconsolidated Financial Statements of The Searle Company Limited

Directors’ Report to the Members 24

Directors’ Report to the Members (Urdu) 27

Balance Sheet 28

Profit & Loss Account 29

Statement of Comprehensive Income 30

Statement of Cash Flows 31

Statement of Changes in Equity 32

Notes to the Financial Statements 33

CONTENTS

COMPANY INFORMATION

Board of Directors Legal AdvisorsMr. Adnan Asdar Ali Chairman Mohsin Tayebaly & Co.Mr. Rashid AbdullaMr. Husain Lawai BankersMr. S. Nadeem Ahmed Chief Executive Officer Albaraka Bank (Pakistan) LimitedMr. Zubair Palwala Bank Al Habib Limited Mr. Ayaz Abdulla Bank Alfalah Limited Mr. Arshad Anis Bank of PunjabMr. Mufti Zia Ul Islam Dubai Islamic Bank Pakistan Limited

Faysal Bank LimitedBoard of Audit Committee Habib Bank LimitedMr. Husain Lawai Chairman Habib Metropolitan Bank LimitedMr. Ayaz Abdulla Member MCB Bank LimitedMr. Arshad Anis Member Meezan Bank Limited

National Bank of PakistanBoard of HR & Remuneration Committee Silk Bank LimitedMr. Shahid Abdulla Chairman Soneri Bank LimitedMr. Ayaz Abdulla Member Standard Chartered Bank (Pakistan) LimitedMr. Arshad Anis Member

Registered OfficeChief Financial Officer First Floor, N.I.C. Building, Abbasi Shaheed RoadMr. Mobeen Alam Off: Shahrah-e-Faisal, Karachi.

Company Secretary Share RegistrarMr. Zubair Palwala Central Depository Company of Pakistan Limited

Head Office, CDC House, 99-B, Block ‘B’Auditors S.M.C.H.S., Main Shahrah-e-FaisalA.F. Ferguson & Co. Karachi - 74400

2

DIRECTORS’ REPORT TO THE MEMBERS

We are pleased to present the financial information of your Company and its subsidiaries (the group) for the three months ended September 30, 2016. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 – ‘Interim Financial Reporting’ and the provisions of the directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provision of directives issued under the Companies Ordinance, 1984 have been followed.

OPERATING RESULTS

September 30,2016 2015(Rupees in thousand)

Revenue 3,368,743 2,718,699Gross profit 1,799,465 1,414,418Operating expenses 843,513 643,173Operating profit 955,952 771,245Profit before taxation 915,587 689,145Profit after taxation 769,611 566,898

Searle is continuously emerging stronger and is ready to embark on a new era as a resource-rich and fully integrated group of companies. Keeping the convention alive, the first quarter ended September 30, 2016 was yet again a phenomenal quarter for our stakeholders. Financial highlights are summarized below:

• Net sales of the holding Company amounted to Rs. 3,368.74 million, registering a growth of 24% over the corresponding period of last year.

• Gross profit margin of the holding company grew by 1.39% and stood at 53.42% as compared with 52.03% of the corresponding period of the prior year.

• Operating expenses as percentage of sales increased nominally by 1.38% as a result of overall market conditions.

• Operating profit, Profit before taxation and Profit after taxation of the company increased substantially by 24%, 33% and 36% respectively.

The growth was driven by expanding doctor coverage, maturing product portfolio, higher volumes, richer product mix, branding efforts and strengthened demand. Further, tighter control over costs and expenses contributed their part in the improved financial performance of the company.

EARNINGS PER SHARE

Basic earning per share after taxation was Rs. 6.38 (2015: Rs. 4.70).

There is no dilution effect on the basic earnings per share of the Company, as the Company has no convertible dilutive potential ordinary shares outstanding as at September 30, 2016.

0

6

12

20162015201420132012

0.911.97

3.10

4.70

6.38

3Quarterly Report September 2015


FUTURE OUTLOOK

The sum and substance of the existence of Searle, is based on the doctrine, ‘service of mankind’. We are functioning in full swing to make availability of adequate healthcare solutions certain, for the masses. Nationally and throughout the rapidly increasing cross border destinations, people rely on Searle, the new destination of possibilities, to help them get healthy throughout their lives.

We expect to evolve as a company with an interesting mix of high value Bio Similar and complex branded generic products with emerging Nutritional range.

We are persistently working for patients across the country and the respective markets, where we exist. Continuing our endeavors, we are developing Nutritional products and supplements and are trying to explore the possibilities for setting up a manufacturing facility in Europe and proceeding for USFDA approval for Bio Similar range. This evolution entails taking multiple initiatives, organic and inorganic, as well as higher risks. While not all these initiatives may give the desired results, we are gearing up the group companies to maximize the odds of succeeding and minimize the disruption due to failure. Adding new Markets and launching high tech products with targeted improved productivity would fairly improve our profitability.

In the long-term, Searle is targeting sustainable growth, faster than the market, both locally and internationally. Close focus on Bio Similar business will add significant high value to the patient’s life along with more profits for the shareholders.

ACKNOWLEDGEMENT

We wish to thank the customers for their faith in our products, and their continuing patronage. We also take this opportunity to thank our suppliers, bankers and distributors for providing us with their valuable support throughout the period. Finally we wish to thank our staff who remained committed to deliver towards the growth of your Company.

For and on behalf of the board

Syed Nadeem Ahmed Chief Executive Officer

KarachiOctober 27, 2016

4

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20162015201420132012

0.911.97

3.10

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6.38

6

CONDENSED INTERIM CONSOLIDATED BALANCE SHEET As at September 30, 2016

Un-audited Audited30/Sep/16 30/Jun/16

ASSETS Note --------- (Rupees in ‘000) ---------

Non-current assets

Fixed assets- Property, plant and equipment 5 1,482,336 1,437,042 - Intangible assets 6 300,107 247,961

1,782,443 1,685,003 Investment properties 2,597,465 2,607,507 Long-term investment 7 - - Long-term loans 448,552 320,534 Long-term deposits 5,026 5,026 Deferred cost 66,680 66,680

Total non-current assets 4,900,166 4,684,750

Current assetsStores and spares 1,013 1,004 Stock-in-trade 1,530,387 1,533,770 Trade debts 7 3,763,819 2,988,769 Loans and advances 1,315,085 882,701 Trade deposits and short term prepayments 165,196 186,947 Other receivables 464,023 423,627 Short term investments 106,472 99,593 Advance Tax 464,327 560,088 Cash and bank balances 8 49,170 136,001

Total current assets 7,859,492 6,812,500 Total assets 12,759,658 11,497,250

EQUITY AND LIABILITIES

Shareholders’ equityAuthorized share capital

140,000,000 (June 2016: 140,000,000) ordinary shares of Rs. 10 each 1,400,000 1,400,000

Issued, subscribed and paid-up capital 9 1,227,523 1,227,523 -General reserve 280,251 280,251 -Share premium accoount 1,630,974 1,630,974 -Unappropriated profit 5,003,185 4,243,292

Equity attributable to the Holding Company’s shareholders 8,141,933 7,382,040

Non controlling interest 404,921 395,203 Total equity 8,546,854 7,777,243

Surplus on revaluation of fixed assets 296,961 296,961

Non-current liabilitiesLong term finances - secured 428,571 486,953 Deferred liabilitiesTaxation 37,604 37,604 Gratuity - unfunded 42,687 42,247

80,291 79,851

Total non-current liabilities 508,862 566,804

Current portion of long term finances 214,286 214,286 Short-term finances 349,153 475,577 Trade and other payables 2,811,861 2,154,673 Accrued mark-up 31,681 11,706

Total current liabilities 3,406,981 2,856,242 Total liabilities 3,915,843 3,423,046

Contingencies and commitments 10Total equity and liabilities 12,759,658 11,497,250

The annexed selected notes from 1 to 17 form an integral part of this condensed interim consolidated financial information.

Rashid Abdulla Director



Quarter ended30/Sep/2016 30/Sep/2015

Note --------- (Rupees in ‘000) ---------

NET SALES 3,368,743 2,718,699

COST OF SALES 1,569,278 1,304,281

GROSS PROFIT 1,799,465 1,414,418

Selling and distribution expenses 691,236 555,283

Administrative expenses 152,277 87,890

843,513 643,173

OPERATING PROFIT 955,952 771,245

Other operating income 55,573 24,444

1,011,525 795,689 Other operating expenses

- Financial charges 26,368 40,538 - Share of loss from associate - 2,857 - Other charges 69,570 63,149

95,938 106,544

PROFIT BEFORE INCOME TAX 915,587 689,145

Income tax expense 145,976 122,247

PROFIT FOR THE PERIOD 769,611 566,898

---------- (Rupees) ----------EARNINGS PER SHARE - BASIC AND DILUTED 11 6.38 4.70


CONDENSED INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT - UN-AUDITED For the period ended September 30, 2016



8


--------- (Rupees in ‘000) ---------


Other comprehensive income

Items that may be reclassified to profit and loss account subsequently - -

Items that will not be subsequently reclassified to profit and loss account - -

- -

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 769,611 566,898

Total comprehensive income attributable to:Shareholders’ of the holding Company 759,893 543,431 Non-controlling interest 9,718 23,467

769,611 566,898


CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - UN-AUDITED For the period ended September 30, 2016





Note --------- (Rupees in ‘000) ---------CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations after working capital changes 12 850,339 1,059,012 Gratuity paid (510) - Taxes paid (50,215) (306,178)Recovery of long-term loans (128,018) (14)Advance of short-term loans (432,384) (181,514)

Net cash generated from operating activities 239,212 571,306

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipments (70,165) (38,199)(Additions to) / transfer from capital work in progress - net (967) - Purchase of intangible assets (55,426) - Expenditures incurred on investment property (1,534) (7,232)Short term investments (69,000) (35,000)Long-term investments - (50,887)Proceeds from disposal of property, plant and equipment 6,307 3,245 Proceeds from redemption of investments 63,082 25,059 (Expenses claimed) / Mark-up received from associated company - net (7,119) (15,269)

Net cash used in investing activities (134,822) (118,283)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (22) 13,494 Long-term finance paid (58,382) - Financial charges paid (6,393) (14,858)Net cash used in financing activities (64,797) (1,364)

Net increase in cash and cash equivalents 39,593 451,659

Cash and cash equivalents at the beginning of the period (339,576) (529,458)

Cash and cash equivalents at the end of the period 13 (299,983) (77,799)

(299,983) (77,799)


CONSOLIDATED STATEMENT OF CASH FLOWS - UN-AUDITED For the period ended September 30, 2016



10

Share capital

Capital Reserve

Revenue Reserve Total

reserves

Share premium account

Unapprop-riated profit

Equity attributable to the Holding Company’s

shareholders

Non controlling

interest

Share holders’ equity

Reserve for bonus

General reserve

------------------------------------------------------------- Rupees in ‘000’ -------------------------------------------------------------

Balance as at July 01, 2015 858,407 - 280,251 280,251 - 3,562,012 4,700,670 318,627 5,019,297

Total comprehensive income for the period - - - - - 543,431 543,431 23,467 566,898

Balance as at September 30, 2015 858,407 - 280,251 280,251 - 4,105,443 5,244,101 342,094 5,586,195

Balance as at July 01, 2016 1,227,523 - 280,251 280,251 1,630,974 4,243,292 7,382,040 395,203 7,777,243

Total comprehensive income for the period - - - - - 759,893 759,893 9,718 769,611

Balance as at September 30, 2016 1,227,523 - 280,251 280,251 1,630,974 5,003,185 8,141,933 404,921 8,546,854


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period ended September 30, 2016




SELECTED NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION For the period ended September 30, 2016

1 LEGAL STATUS AND OPERATIONS

The ‘Group’ consist of:

Holding company

- The Searle Company Limited (the Holding Company)

Subsidiary companies

- IBL HealthCare Limited - Searle Pharmaceuticals (Private) Limited - Searle Laboratories (Private) Limited - Searle Biosciences (Private) Limited - IBL Identity (Private) Limited {formerly Al-Abid Exports (Private)

Limited} - Nextar Pharma (Private) Limited

The Holding Company was incorporated in Pakistan as a private limited company in October 1965. In November 1993, the Holding Company was converted to a public limited company. Its shares are quoted on the Pakistan Stock Exchange. The Holding Company is principally engaged in the manufacture of pharmaceutical products and other consumer products. In addition, the Holding Company is engaged in sale of food and consumer products, and manufacture of pharmaceutical products for other companies. The registered office of the Holding Company is situated at First Floor, N.I.C. Building, Abbasi Shaheed Road, Karachi.

International Brands Limited is the ‘ultimate holding company’ as it holds 55.36% of the total paid-up share capital of the Holding Company.

2 STATEMENT OF COMPLIANCE

This condensed interim consolidated financial information of the Company for the period ended September 30, 2016 has been prepared in accordance with the requirements of the International Accounting Standard 34 – Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed.

This un-audited condensed interim consolidated financial information constitutes separate condensed interim financial statements of the Company and are being presented and submitted to the shareholders as required by Listing Regulations of Pakistan Stock Exchange and under Section 245 of the Companies Ordinance, 1984. This condensed interim consolidated financial information do not include all information and disclosures required in the financial statements and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2016.

12

3 SIGNIFICANT ACCOUNTING INFORMATION AND POLICIES

The accounting policies and method of computations adopted in the preparation of this condensed interim consolidated financial information are the same as those applied in the preparation of the financial statements for the year ended June 30, 2016.

4 ACCOUNTING ESTIMATES AND JUDGEMENTS

The estimates, judgments and associated assumptions used in the preparation of this condensed interim consolidated financial information are consistent with those applied in the preparation of the financial statements of the Company for the year ended June 30, 2016.

30/Sep/16 30/Jun/2016Note --------- (Rupees in ‘000) ---------

5 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets 5.1 888,475 812,925 Capital work in progress 593,861 624,117

1,482,336 1,437,042

5.1 Details of additions and disposals to operating assets during the period ended September 30, 2016 are as follows:

Additions at cost

Deletions at net book value

Owned assetsBuilding on Leasehold Land 14,657 - Plant and machinery 44,404 - Office and electrical equipments 10,465 (54)Air - conditioning 554 - Furniture & Fixture 85 - Vehicles - (5,385)September 30, 2016 70,165 (5,439)

June 30, 2016 203,853 (3,624)

30/Sep/16 30/Jun/20166 INTANGIBLE ASSETS --------- (Rupees in ‘000) ---------

Operating intangible assets 33,179 32,311 Capital work in progress - at cost 97,824 46,546 Goodwill 169,104 169,104

300,107 247,961




7 TRADE DEBTS

Considered good

- Secured: Export debtors 109,747 56,211

- Unsecured: Due from:

- associated companies 7.1 3,242,080 2,406,638

- others 411,992 525,920 3,654,072 2,932,558

Considered doubtful - others 2,287 2,287

Less: Provision for doubtful debts (2,287) (2,287) - -

3,763,819 2,988,769

7.1 The receivable is stated net of amounts payable aggregating Rs. 109.7 million (June 30, 2016: Rs. 615.34 million) on account of expenses claimed by the associated company.

30/Sep/16 30/Jun/2016--------- (Rupees in ‘000) ---------

8 CASH AND BANK BALANCES

Cash in hand 2,410 2,998

Cheques in hand - 10,000

Cash with banks in:

- deposit accounts 26 26

- current accounts 46,734 122,977 49,170 136,001

14

9 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL

Ordinary shares of Rs. 10 each

30/Sep/16 30/Jun/2016 30/Sep/16 30/Jun/2016 (Number of shares) ------- (Rupees in ‘000) -------

3,969,000 3,969,000 Fully paid in cash 39,690 39,690

24,000 24,000 Issued for consideration other than cash 240 240

110,175,190 110,175,190 Issued as fully bonus share 1,101,752 1,101,752

8,584,074 8,584,074 Issued as fully right share 85,841 85,841

122,752,264 122,752,264 1,227,523 1,227,523

10 CONTINGENCIES AND COMMITMENTS

There is no change in the contingencies and commitment since the last financial year ended June 30, 2016 except the following:

10.1 Contingencies

The facility for opening letters of credit (LCs) acceptances and guarantees as at September 30, 2016 amounted to Rs. 1,520 million (June 30, 2016: Rs. 1,520 million) of which the amount remaining unutilized as at period end amounted to Rs. 876 million (June 30, 2016: Rs. 751 million).

10.2 Commitments

Future rentals payable against operating lease arrangement

During the year ended June 30, 2010, the Company obtained factory building at Karachi on rent for a period of 5 years. The rent agreement was revised in December 2014.

The Company has also entered into operating lease arrangements with Myplan Pharmaceuticals (Private) Limited and S.A.Pharma, a pharmaceutical concern, respectively, for a period of 20 years. Lease includes land and building located at Lahore and plant and machinery installed in leased building.



The details of future rentals over lease period are as follows:

30/Sep/16 30/Jun/2016------- (Rupees in ‘000) -------

Not later than one year 21,625 22,683 Later than one year but not later than five years 102,326 100,944 Later than five years 218,094 223,797

342,045 347,424

30/Sep/2016 30/Sep/201511 EARNINGS PER SHARE - Basic and Diluted

Basic earnings per shareProfit for the period (Rupees in thousands) 769,611 566,898

Weighted average number of shares in thousands 120,550 120,550

Earnings per share (Rupees) 6.38 4.70

Diluted earning per share

There is no dilution effect on the basic earning per share of the Company as the Company has no such commitments.

30/Sep/16 30/Sep/2016Note ------- (Rupees in ‘000) -------

12 CASH GENERATED FROM OPERATIONS AFTER WORKING CAPITAL CHANGES

Profit before taxation 915,587 689,145

Adjustments for non-cash items and other items:

Depreciation 32,355 25,273 Amortization of intangible assets 2,902 2,810 Gain on disposal of property, plant and equipment - net (868) (2,935)

Provision for staff retirement gratuity 950 750 Negative goodwill - (6,269)Share of loss from associates - 2,857 Gain on disposal of investment (461)Unrealized gain on investments (500) (1,501)Financial charges - net 26,368 40,538 Net increase in working capital 12.1 (125,994) 308,344

850,339 1,059,012

16

13 CASH AND CASH EQUIVALENTS

Cash and bank balances 49,170 96,703 Short term finances (349,153) (174,502)

(299,983) (77,799)

14 SEGMENT INFORMATION

A segment is a distinguishable component of the Company that is engaged in business activities from which the Company earns revenues and incur expenses and its results are regularly reviewed by the Company’s Chief Operating Decision Maker to make decision about resources to be allocated to the segment and assess its performance. Further, discrete financial information is available for each segment.

Based on internal management reporting structure and products produced and sold, the Company is organised into the following three operating segments:

- Pharmaceutical- Consumer- Investment property

Management monitors the operating results of above mentioned segments separately for the purpose of making decisions about resources to be allocated and for assessing performance.

30/Sep/16 30/Sep/2015 (Rupees in ‘000)

12.1 Working capital changes

Current assetsDecrease in stores and spares (9) - (Increase)/decrease in stock-in-trade 3,383 97,186 (Increase)/decrease in trade debts (775,050) 57,372 Increase in trade deposits and short term prepayments 21,751 (29,622)(Increase)/decrease in other receivables (33,277) (50,170)

(783,202) 74,766 Current liabilitiesIncrease/(decrease) in trade and other payables 657,208 233,578 Net increase in working capital (125,994) 308,344



Segment revenue, segment result, costs, assets and liabilities for the period are as follows:

Pharmaceutical Consumer Investment Property Total30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015

---------------------------------------------------------- (Rupees in ‘000) ----------------------------------------------------------

Segment revenue 2,995,922 2,073,872 345,990 617,377 26,831 27,450 3,368,743 2,718,699

Segment result 807,995 664,841 153,338 106,404 (5,381) - 955,952 771,245

Unallocated income and expensesOther operating income 55,573 24,444 Finance cost (26,368) (40,538)Share of loss from associate - (2,857)Other charges (69,570) (63,149)Profit before taxation 915,587 689,145 Income tax expense (145,976) (122,247)Profit for the period 769,611 566,898

Depreciation 17,266 21,742 3,513 3,531 11,576 - 32,355 25,273

Pharmaceutical Consumer Investment Property Total Sep’ 30,

2016 Jun’ 30,

2016 Sep’ 30,

2016 Jun’ 30,

2016 Sep’ 30,

2016 Jun’ 30,

2016 Sep’ 30,

2016 Jun’ 30,

2016 ---------------------------------------------------------- (Rupees in ‘000) ----------------------------------------------------------

Segment assets and liabilitiesSegment assets 227,603 216,781 26,285 13,837 2,597,465 2,607,507 2,851,353 2,838,125 Unallocated assets 9,908,305 8,659,125 Total assets 12,759,658 11,497,250 Segment liabilities - - - - 642,857 642,857 642,857 642,857 Unallocated liabilities - - - - 3,272,986 2,780,189 Total Liabilities 3,915,843 3,423,046

Additions in segment assets 62,959 210,148 7,206 15,818 - 77,559 70,165 303,525 Percentage for allocation 88.93% 76.28% 10.27% 22.71% 0.80% 1.01% 100.00% 100.00%

18

14.1 Geographical segments 30/Sep/16 30/Sep/2015------- (Rupees in ‘000) -------

Net sales by region

Pakistan 3,111,117 2,468,762 South Asia 178,771 136,145 East Africa - 1,907 South East Asia 78,855 109,656 Middle East - 2,229

14.1.1 3,368,743 2,718,699

The geographical segment has been categorized using United Nation’s composition of macro geographical (continental) regions.

14.1.1The Company has presented the net sales amounts for the current and comparative prior period.

14.2 The Group’s revenue from one of the major customer represents approximately Rs. 2.57 billion (September 30, 2015: Rs. 2.12 billion) of the total revenues.

15 Transactions 30/Sep/16 30/Sep/2015------- (Rupees in ‘000) -------

(i) IBL Operations (Private) Limited - associated companySales 2,571,070 2,121,342 Sales returned 45,436 5,440

Expenses claimed by IBL Operations (Private) Limited

Carriage and duties 2,615 - Discounts 32,138 60,000 Sales promotion expenses 1,042 1,059 IT Services 52 -

Expenses claimed by the Company

Staff salaries and other expenses - 13,579 Royalty and price difference claims 7,119 10,379

(ii) International Brands Limited - holding company

Expenses claimed by International Brands Limited

Corporate service charges 18,000 18,000



30/Sep/16 30/Sep/2015------- (Rupees in ‘000) -------

(iii) International Franchises (Private) Limited (IFL) - associated companySales 9 - Rent, utility and other income 4,452 2,754 Purchase of Promotional Items - 41 Utilities expenses claimed from IFL 50 -

(iv) United Distributors Pakistan Limited (UDPL) - associated company

Expenses claimed by UDPL

Warehouse rent & expenses 198 -

(v) HABITT - associate

Rent, utility and other income 17,639 13,715 Purchase of promotional Items from Habitt - 43

(vii) The Citizens Foundation - associate

Donations - 10,000

(viii) Arshad Shahid Abdulla (Private) Limited - associated company

Architect fee 1,795 4,337

(ix) Multinet Pakistan (Private) Limited - associated company

Internet services 1,160 749

(x) MyCart (Private) Limited - associated company

Purchases 499 -

(xi) IBL Frontier Market (Private) Limited - associated company

Sales 103 -

20

30/Sep/16 30/Jun/2016------- (Rupees in ‘000) -------

(xii) Summit Bank Limited - associated company

Rent income 2,037 -

Balances

(i) Loans and advances - key management personnel

At beginning of the period/year 2,415 7,004 Given during the period/year 130 2,617 Repaid during the period/year (798) (7,206)

At the end of the period/year 1,747 2,415

(ii) Trade debts - associated company

At beginning of the period/year 2,173,678 1,855,372 Addition during the period/year 2,315,347 8,412,078 Repaid during the period/year (2,027,908) (8,093,772)

At the end of the period/year 2,461,117 2,173,678

(iii) Other receivables - associates

At beginning of the period/year 39,687 40,920 Addition during the period/year 7,119 19,199 Repaid during the period/year - (20,432)




16 DATE OF AUTHORIZATION FOR ISSUE

This condensed interim consolidated financial information was authorized for issue on October 27, 2016, by the Board of Directors of the Company.

17 General

In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’, corresponding figures in the condensed interim balance sheet comprise of balances as per the audited financial statements of the Company for the year ended June 30, 2016 and the corresponding figures in the condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows comprise of balances of comparable period as per the condensed interim financial consolidated information of the Company for the quarter ended September 30, 2015.

Figures have been rounded-off to nearest thousand rupee.



22

UnconsolidatedFinancialStatements


We are pleased to present the financial information of your Company for the three months ended September 30, 2016. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 – ‘Interim Financial Reporting’ and the provisions of the directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provision of directives issued under the Companies Ordinance, 1984 have been followed.

OPERATING RESULTS

September 30,2016 2015(Rupees in thousand)

Revenue 2,758,993 2,256,726Gross profit 1,017,830 854,922Operating expenses 695,743 584,735Operating profit 322,087 270,187Profit before taxation 828,635 589,880Profit after taxation 740,060 510,032

Searle is continuously emerging stronger and is ready to embark on a new era as a resource-rich and fully integrated pharmaceutical company. Keeping the convention alive, the first quarter ended September 30, 2016 was yet again a phenomenal quarter for our stakeholders. Financial highlights are summarized below:

• Net sales of the Company amounted to Rs. 2,758.99 million, registering a growth of 22% over the corresponding period of last year.

• Gross profit margin showed a nominal dip of 1% as a result of overall market conditions and stood at 37% as compared with 38% of the corresponding period of the prior year.

• Operating expenses as percentage of sales decreased by 1% as a result of strict monitoring and control and stood at 25% as compared to 26% in the corresponding period of the last year.

• Operating profit, Profit before taxation and Profit after taxation of the company increased substantially by 19%, 40% and 45% respectively.

The growth was driven by expanding doctor coverage, maturing product portfolio, higher volumes, richer product mix, branding efforts and strengthened demand. Further, tighter control over costs and expenses contributed their part in the improved financial performance of the company.

24

EARNINGS PER SHARE

Basic earnings per share after taxation were Rs. 6.14 (2015: Rs. 4.23).

There is no dilution effect on the basic earnings per share of the Company, as the Company has no convertible dilutive potential ordinary shares outstanding as at September 30, 2016.

FUTURE OUTLOOK

The sum and substance of the existence of Searle, is based on the doctrine, ‘service of mankind’. We are functioning in full swing to make availability of adequate healthcare solutions certain, for the masses. Nationally and throughout the rapidly increasing cross border destinations, people rely on Searle, the new destination of possibilities, to help them get healthy throughout their lives.

We expect to evolve as a company with an interesting mix of high value Bio Similar and complex branded generic products with emerging Nutritional range.

We are persistently working for patients across the country and the respective markets, where we exist. Continuing our endeavors, we are developing Nutritional products and supplements and are trying to explore the possibilities for setting up a manufacturing facility in Europe and proceeding for USFDA approval for Bio Similar range. This evolution entails taking multiple initiatives, organic and inorganic, as well as higher risks. While not all these initiatives may give the desired results, we are gearing up the Company to maximize the odds of succeeding and minimize the disruption due to failure. Adding new Markets and launching high tech products with targeted improved productivity would fairly improve our profitability.

In the long-term, Searle is targeting sustainable growth, faster than the market, both locally and internationally. Close focus on Bio Similar business will add significant high value to the patient’s life along with more profits for the shareholders. ACKNOWLEDGEMENT

We wish to thank the customers for their faith in our products, and their continuing patronage. We also take this opportunity to thank our suppliers, bankers and distributors for providing us with their valuable support throughout the period. Finally we wish to thank our staff who remained committed to deliver towards the growth of your Company.

For and on behalf of the board

0

6

12

20162015201420132012

0.73 0.942.22

4.23

6.14


KarachiOctober 27, 2016


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0

6

12

20162015201420132012

0.73 0.942.22

4.23

6.14


CONDENSED INTERIM UNCONSOLIDATED BALANCE SHEET As at September 30, 2016

Un-audited Audited30/Sep/16 30/Jun/16

ASSETS Note --------- (Rupees in ‘000) ---------

Non-current assetsFixed assets- Property, plant and equipment 5 842,454 808,692 - Intangible assets 6 123,501 69,885

965,955 878,577 Investment property 2,473,877 2,483,919 Long-term investment 7 2,837,484 2,636,202 Long-term loans 317 351 Long-term deposits 1,598 1,598

Total non-current assets 6,279,231 6,000,647

Current assetsStores and spares 1,013 1,004 Stock-in-trade 1,179,329 1,166,583 Trade debts 8 3,097,257 2,577,971 Loans and advances 1,112,633 770,147 Trade deposits and short term prepayments 159,433 130,780 Other receivables 664,896 241,022 Advance Tax 472,455 530,456 Cash and bank balances 9 28,210 87,888

Total current assets 6,715,226 5,505,851 Total assets 12,994,457 11,506,498

EQUITY AND LIABILITIESShareholders’ equityAuthorized share capital

140,000,000 (June 2016: 140,000,000) ordinary shares of Rs. 10 each 1,400,000 1,400,000

Issued, subscribed and paid-up capital 10 1,227,523 1,227,523 -General reserve 280,251 280,251 -Share premium accoount 1,630,974 1,630,974 -Unappropriated profit 5,781,529 5,041,469

Total shareholders’ equity 8,920,277 8,180,217

Surplus on revaluation of fixed assets 296,961 296,961

Non-current liabilitiesLong term finances - secured 428,571 428,571 Deferred liabilitiesTaxation 37,604 37,604 Gratuity - unfunded 42,687 42,248

80,291 79,852

Total non-current liabilities 508,862 508,423

Current portion of long term finances 214,286 214,286 Short-term finances 348,467 475,577 Trade and other payables 2,673,923 1,819,328 Accrued mark-up 31,681 11,706

Total current liabilities 3,268,357 2,520,897 Total liabilities 3,777,219 3,029,320

Contingencies and commitments 11Total equity and liabilities 12,994,457 11,506,498

The annexed selected notes from 1 to 18 form an integral part of this condensed interim financial information.



28

CONDENSED INTERIM UNCONSOLIDATED PROFIT AND LOSS ACCOUNT - UN-AUDITED For the period ended September 30, 2016


Note --------- (Rupees in ‘000) ---------

NET SALES 2,758,993 2,256,726

COST OF SALES 1,741,163 1,401,804

GROSS PROFIT 1,017,830 854,922

Selling and distribution expenses 614,982 512,805

Administrative expenses 80,761 71,930

695,743 584,735

OPERATING PROFIT 322,087 270,187

Other operating income 589,476 411,864

911,563 682,051 Other operating expenses

- Financial charges 25,594 40,293 - Other charges 57,334 51,878

82,928 92,171

PROFIT BEFORE INCOME TAX 828,635 589,880

Income tax expense 88,575 79,848


---------- (Rupees) ----------EARNINGS PER SHARE - BASIC AND DILUTED 12 6.14 4.23





CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - UN-AUDITED For the period ended September 30, 2016


--------- (Rupees in ‘000) ---------


Other comprehensive income

Items that may be reclassified to profit and loss account subsequently - -

Items that will not be subsequently reclassified to profit and loss account - -

- -

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 740,060 510,032




30

UNCONSOLIDATED STATEMENT OF CASH FLOWS - UN-AUDITED For the period ended September 30, 2016


Note --------- (Rupees in ‘000) ---------CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations after working capital changes 13 764,039 965,116 Gratuity paid (511) - Taxes paid (30,574) (297,110)Recovery of long-term loans 34 11 Advance of short-term loans (342,486) (132,673)

Net cash generated from operating activities 390,502 535,344

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipments (58,404) (32,957)Purchase of intangible assets (55,397) - Expenditures incurred on investment property (1,534) (7,232)Long-term investments 7 (201,282) (57,848)Proceeds from disposal of property,

plant and equipment 6,307 3,245

(Expenses claimed) / Mark-up received from associated company - net (7,119) (15,269)

Net cash used in investing activities (317,429) (110,061)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (22) 13,494 Financial charges paid (5,619) (14,613)Net cash used in financing activities (5,641) (1,119)

Net increase in cash and cash equivalents 67,432 424,164

Cash and cash equivalents at the beginning of the period (387,689) (559,513)

Cash and cash equivalents at the end of the period 14 (320,257) (135,349)





UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period ended September 30, 2016

Share capital

Capital Reserve

Revenue Reserve Total

reserves

Share premium account

Unapprop-riated profit

Share holders’ equity Reserve

for bonus General reserve

------------------------------------------- Rupees in ‘000’ -------------------------------------------

Balance as at July 01, 2015 858,407 - 280,251 280,251 - 3,409,017 4,547,675

Total comprehensive income for the period - - - - - 510,032 510,032

Balance as at September 30, 2015 858,407 - 280,251 280,251 - 3,919,049 5,057,707

Balance as at July 01, 2016 1,227,523 - 280,251 280,251 1,630,974 5,041,469 8,180,217

Total comprehensive income for the period - - - - - 740,060 740,060

Balance as at September 30, 2016 1,227,523 - 280,251 280,251 1,630,974 5,781,529 8,920,277




32

SELECTED NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION For the period ended September 30, 2016

1 LEGAL STATUS AND OPERATIONS

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 products and other consumer products. In addition, the Company is engaged in sale of food and consumer products, and manufacture of pharmaceutical products for other companies. The registered office of the Company is situated at First Floor, N.I.C. Building, Abbasi Shaheed Road, Karachi.

International Brands Limited is the holding company, which holds 55.36% shareholding in the Company.

The Company is the holding company of IBL HealthCare Limited and Nextar Pharma (Private) Limited due to significant representation in the board of directors of aforementioned companies having 74.19% and 70.34% shareholding respectively.

The Company owns four wholly owned subsidiaries namely Searle Pharmaceuticals (Private) Limited, Searle Laboratories (Private) Limited, Searle Biosciences (Private) Limited and IBL Identity (Private) Limited (Formerly Al-Abid Exports (Private) Limited.

2 STATEMENT OF COMPLIANCE

This condensed interim financial information of the Company for the period ended September 30, 2016 has been prepared in accordance with the requirements of the International Accounting Standard 34 – Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed.

This un-audited condensed interim financial information constitutes separate condensed interim financial statements of the Company and are being presented and submitted to the shareholders as required by Listing Regulations of Pakistan Stock Exchange and under Section 245 of the Companies Ordinance, 1984. This condensed interim financial information do not include all information and disclosures required in the financial statements and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2016.

3 SIGNIFICANT ACCOUNTING INFORMATION AND POLICIES

The accounting policies and method of computations adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended June 30, 2016.

4 ACCOUNTING ESTIMATES AND JUDGEMENTS

The estimates, judgments and associated assumptions used in the preparation of this condensed interim financial information are consistent with those applied in the preparation of the financial statements of the Company for the year ended June 30, 2016.



5 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets 5.1 815,135 781,373 Capital work in progress 27,319 27,319

842,454 808,692

5.1 Details of additions and disposals to operating assets during the period ended September 30, 2016 are as follows:

Additions at cost

Deletions at net book value

Owned assetsBuilding on Leasehold Land 3,080 - Plant and machinery 44,404 - Office and electrical equipments 10,281 (54)Air - conditioning 554 - Furniture & Fixture 85 - Vehicles - (5,385)September 30, 2016 58,404 (5,439)

June 30, 2016 160,873 (2,375)

30/Sep/2016 30/Jun/2016--------- (Rupees in ‘000) ---------

6 INTANGIBLE ASSETS

Operating intangible assets 25,677 27,459 Capital work in progress - at cost 97,824 42,426

123,501 69,885

7 LONG-TERM INVESTMENT

Quoted subsidiary - at cost - IBL HealthCare Limited 1,300,911 1,300,911

Unquoted subsidiaries - at costSearle Pharmaceuticals (Private) Limited 400 400 Searle Laboratories (Private) Limited 125,000 125,000 Searle Biosciences (Private) Limited 10,000 10,000 IBL Identity (Private) Limited (Formerly

Al-Abid Exports (Private) Limited) 49,875 49,875

Nextar Pharma (Private) Limited 600,278 600,278 785,553 785,553

Advance against issue of shares 7.1 751,020 549,738 2,837,484 2,636,202


34

7.1 This represents advance given to IBL Identity (Private) Limited (formerly Al-Abid Exports (Private) Limited) for further issue of shares.

30/Sep/2016 30/Jun/20168 TRADE DEBTS Note --------- (Rupees in ‘000) ---------

Considered good

- Secured: Export debtors 109,747 56,211

- Unsecured: Due from:

- associated companies 8.1 2,461,117 2,173,678

- subsidiary company - unsecured 114,401 1,820

- others 411,992 346,262 2,987,510 2,521,760

Considered doubtful - others 622 622

Less: Provision for doubtful debts (622) (622) - -

3,097,257 2,577,971

8.1 The receivable is stated net of amounts payable aggregating Rs. 109.7 million (June 30, 2016: Rs. 615.34 million) on account of expenses claimed by the associated company.

30/Sep/2016 30/Jun/2016--------- (Rupees in ‘000) ---------

9 CASH AND BANK BALANCES

Cash in hand 1,811 2,484

Cash with banks in:

- deposit accounts 10 9

- current accounts 26,389 85,395 28,210 87,888


10 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL

Ordinary shares of Rs. 10 each

30/Sep/2016 30/Jun/2016 30/Sep/2016 30/Jun/2016----- (Number of shares) ----- ------- (Rupees in ‘000) -------

3,969,000 3,969,000 Fully paid in cash 39,690 39,690

24,000 24,000 Issued for consideration

other than cash 240 240

110,175,190 110,175,190 Issued as fully bonus share

1,101,752 1,101,752

8,584,074 8,584,074 Issued as fully right share 85,841 85,841

122,752,264 122,752,264 1,227,523 1,227,523

11 CONTINGENCIES AND COMMITMENTS

There is no change in the contingencies and commitment since the last financial year ended June 30, 2016 except the following:

11.1 Contingencies

The facility for opening letters of credit (LCs) acceptances and guarantees as at September 30, 2016 amounted to Rs. 1,255 million (June 30, 2016: Rs. 1,255 million) of which the amount remaining unutilized as at period end amounted to Rs. 744 million (June 30, 2016: Rs. 652 million).

11.2 Commitments

Future rentals payable against operating lease arrangement

During the year ended June 30, 2010, the Company obtained factory building at Karachi on rent for a period of 5 years. The rent agreement was revised in December 2014.

The Company has also entered into operating lease arrangements with Myplan Pharmaceuticals (Private) Limited and S.A.Pharma, a pharmaceutical concern, respectively, for a period of 20 years. Lease includes land and building located at Lahore and plant and machinery installed in leased building.

The details of future rentals over lease period are as follows:

30/Sep/2016 30/Jun/2016------- (Rupees in ‘000) -------

Not later than one year 21,625 22,683 Later than one year but not later than five years 102,326 100,944 Later than five years 218,094 223,797

342,045 347,424


36

30/Sep/2016 30/Sep/2015------- (Rupees in ‘000) -------

12 EARNINGS PER SHARE - Basic and Diluted

Basic earnings per shareProfit for the period (Rupees in thousands) 740,060 510,032

Weighted average number of shares in thousands 120,550 120,550

Earnings per share (Rupees) 6.14 4.23

Diluted earning per share

There is no dilution effect on the basic earning per share of the Company as the Company has no such commitments.


13 CASH GENERATED FROM OPERATIONS AFTER WORKING CAPITAL CHANGES

Profit before taxation 828,635 589,880

Adjustments for non-cash items and other items:

Depreciation 30,780 24,825 Amortization of intangible assets 1,781 1,594 Gain on disposal of property, plant and equipment - net

(868) (2,935)

Provision for staff retirement gratuity 950 750 Financial charges - net 25,594 40,293 Net increase in working capital 13.1 (122,833) 310,709

764,039 965,116 13.1 Working capital changes

Current assetsIncrease in stores and spares (9) - (Increase)/decrease in stock-in-trade (12,746) 27,439 (Increase)/decrease in trade debts (519,286) 328,481 Increase in trade deposits and short term

prepayments (28,653) (31,896)

(Increase)/decrease in other receivables (416,755) 220,915 (977,449) 544,939

Current liabilitiesIncrease/(decrease) in trade and other payables 854,616 (234,230)Net increase in working capital (122,833) 310,709


30/Sep/2016 30/Sep/2015------- (Rupees in ‘000) -------

14 CASH AND CASH EQUIVALENTS

Cash and bank balances 28,210 24,096 Short term finances (348,467) (159,445)

(320,257) (135,349)

15 SEGMENT INFORMATION

A segment is a distinguishable component of the Company that is engaged in business activities from which the Company earns revenues and incur expenses and its results are regularly reviewed by the Company’s Chief Operating Decision Maker to make decision about resources to be allocated to the segment and assess its performance. Further, discrete financial information is available for each segment.

Based on internal management reporting structure and products produced and sold, the Company is organised into the following three operating segments:

- Pharmaceutical- Consumer- Investment property

Management monitors the operating results of above mentioned segments separately for the purpose of making decisions about resources to be allocated and for assessing performance.

Segment revenue, segment result, costs, assets and liabilities for the period are as follows:

Pharmaceutical Consumer Investment Property Total30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015 30/Sep/2016 30/Sep/2015

---------------------------------------------------------------------- (Rupees in ‘000)----------------------------------------------------------------------

Segment revenue 2,386,172 1,886,252 345,990 343,024 26,831 27,450 2,758,993 2,256,726

Segment result 230,153 171,693 97,315 106,404 (5,381) (7,910) 322,087 270,187

Unallocated income and expensesOther operating income 589,476 411,864 Finance cost (25,594) (40,293)Other charges (57,334) (51,878)Profit before taxation 828,635 589,880 Income tax expense (88,575) (79,848)Profit for the period 740,060 510,032

Depreciation 16,796 12,039 2,408 1,997 11,576 10,789 30,780 24,825


38

Pharmaceutical Consumer Investment Property TotalSep’ 30, 2016 Jun’ 30, 2016 Sep’ 30, 2016 Jun’ 30, 2016 Sep’ 30, 2016 Jun’ 30, 2016 Sep’ 30, 2016 Jun’ 30, 2016

---------------------------------------------------------------------- (Rupees in ‘000)----------------------------------------------------------------------Segment assets and liabilities

Segment assets 221,344 166,302 32,094 55,434 2,473,877 2,483,919 2,727,315 2,705,655 Unallocated assets 10,267,142 8,800,843 Total assets 12,994,457 11,506,498 Segment liabilities - - - - 642,857 642,857 642,857 642,857 Unallocated liabilities - - - - 3,134,362 2,386,463 Total Liabilities 3,777,219 3,029,320

Additions in segmentassets 51,080 137,380 7,324 50,812 - 77,559 58,404 265,751 Percentage for

allocation 86.49% 83.58% 12.54% 15.20% 0.97% 1.22% 100.00% 100.00%


15.1 Geographical segments

Net sales by region

Pakistan 2,501,367 2,006,789 South Asia 178,771 136,145 East Africa - 1,907 South East Asia 78,855 109,656 Middle East - 2,229

15.1.1 2,758,993 2,256,726

The geographical segment has been categorized using United Nation’s composition of macro geographical (continental) regions.

15.1.1The Company has presented the net sales amounts for the current and comparative prior period.

15.2 The Company’s revenue from one of the major customer represents approximately Rs. 2.34 billion (September 30, 2015: Rs. 1.89 billion) of the total revenues.


30/Sep/2016 30/Sep/2015------- (Rupees in ‘000) -------

16 Transactions

(i) IBL Operations (Private) Limited - associated companySales 2,338,088 1,889,577 Sales returned 45,436 5,440

Expenses claimed by IBL Operations (Private) Limited

Carriage and duties 2,615 - Discounts 32,138 60,000 Sales promotion expenses 1,042 1,059 IT Services 52 -

Expenses claimed by the Company

Staff salaries and other expenses - 13,579 Royalty and price difference claims 7,119 10,379

(ii) International Brands Limited - holding company

Expenses claimed by International Brands Limited

Corporate service charges 18,000 18,000

(iii) International Franchises (Private) Limited (IFL) - associated company

Sales 9 - Rent, utility and other income 4,452 2,754 Purchase of Promotional Items - 41 Utilities expenses claimed from IFL 50 -

(iv) United Distributors Pakistan Limited (UDPL) - associated company

Expenses claimed by UDPL

Warehouse rent & expenses 198 -


40

30/Sep/2016 30/Sep/2015------- (Rupees in ‘000) -------

(v) HABITT - associate

Rent, utility and other income 17,639 13,715 Purchase of promotional Items from Habitt - 43

(vi) IBL HealthCare Limited - subsidiary company

Sales 600 -

Expenses claimed by IBL HealthCare Limited

Purchases of promotional items 159 -

(vii) The Citizens Foundation - associate

Donations - 10,000

(viii) Arshad Shahid Abdulla (Private) Limited - associated company

Architect fee 1,795 4,337

(ix) Multinet Pakistan (Private) Limited - associated company

Internet services 1,160 749

(x) MyCart (Private) Limited - associated company

Purchases 499 -

(xi) IBL Frontier Market (Private) Limited - associated company

Sales 103 -

(xii) Summit Bank Limited - associated company

Rent income 2,037 -


30/Sep/2016 30/Sep/2015------- (Rupees in ‘000) -------

(xiii) Searle Pharmaceuticals (Private) Limited - subsidiary company

Purchases 634,923 510,739 Dividend income 488,700 370,000

(xiv) Searle Bio Sciences (Private) Limited - subsidiary company

Sales 139,926 - Sales returned 28,010 - Dividend income 54,000 -

30/Sep/2016 30/Jun/2016------- (Rupees in ‘000) -------

Balances

(i) Loans and advances - key management personnel

At beginning of the period/year 2,415 7,004 Given during the period/year 130 2,617 Repaid during the period/year (798) (7,206)


(ii) Trade debts - associated company

At beginning of the period/year 2,173,678 1,855,372 Addition during the period/year 2,315,347 8,412,078 Repaid during the period/year (2,027,908) (8,093,772)

At the end of the period/year 2,461,117 2,173,678


42

30/Sep/2016 30/Jun/2016------- (Rupees in ‘000) -------

(iii) Other receivables - associates

At beginning of the period/year 39,687 40,920 Addition during the period/year 7,119 19,199 Repaid during the period/year - (20,432)


(v) Creditors - subsidiary company

At beginning of the period/year 143,052 322,524 Addition during the period/year 634,923 2,092,806 Repaid during the period/year (625,194) (2,272,278)


17 DATE OF AUTHORIZATION FOR ISSUE

This condensed interim unconsolidated financial information was authorized for issue on October 27, 2016, by the Board of Directors of the Company.

18 General

In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’, corresponding figures in the condensed interim balance sheet comprise of balances as per the audited financial statements of the Company for the year ended June 30, 2016 and the corresponding figures in the condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows comprise of balances of comparable period as per the condensed interim financial information of the Company for the quarter ended September 30, 2015.

Figures have been rounded-off to nearest thousand rupee.




contents · 9/30/2016 · mr. arshad anis bank of punjab mr. mufti zia ul islam dubai islamic bank...

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