1(5)(xiv) International Accounting Statement (IAS) Bangladesh Accounting Standard (BAS)/International Financial Reporting Standard (BFRS), as applicable in Bangladesh, was followed in the preparation of the financial. Khandaker Habibuzzaman, a Fellow Chartered Secretary (FCS), is responsible for the office of the Company Secretary.
NOMINATION AND REMUNERATION POLICY
The Audit Committee serves as a subcommittee of the Board of Directors of Square Pharmaceuticals Ltd., assisting in ensuring and carrying out its oversight responsibilities. Review of quarterly and annual accounts for the company and its subsidiaries prepared for statutory purposes and recommend them to the board for consideration. Review the adequacy of the internal audit function and monitor the financial reporting process.
Assessing and making a recommendation to the Board of Directors on the appointment and remuneration of the supervisory directors. Reviewed the internal audit process and effectiveness, internal audit team findings and corrective actions. The committee has made adequate arrangements to provide a true and fair view of the business operations and financial status and has not found any significant/material deviations, inconsistencies or adverse findings/observations in the area of reporting.
NRRCC SQUARE PHARMA
EVALUATION OF PERFORMANCE
Evaluation of the Board's performance is carried out through the completion of a pre-set confidential questionnaire and/or collective feedback or other effective criteria adopted by the Board annually or at such intervals of its work, function and performance as may be deemed necessary to determine the effectiveness and to measure the contribution from the directors as well as top management in the company.
ACTIVITIES OF THE NRC CARRIED OUT DURING THE REPORTING PERIOD
- Introduction
- Definitions
- Concept of Dividend
- Types of Dividend
- Declaration of Dividend
- Factors Governing Declaration of Dividend The decision regarding dividend pay-out is a
- External Factors
- Internal Factors
- Financial Parameters for Declaring Dividend
- Utilization of Retained Earnings Subject to the provisions of the Act and other
- Parameters for Various Classes of Shares Currently, the Company has only one class of
- Circumstances Impacting Dividend Payment
- May Expect Dividend
- May Not Expect Dividend
- Disclosure
- Effective Date
- Review/Amendment
The board of directors (board) will consider the directive while determining/recommending dividends on behalf of the company. The board has the power to recommend a final dividend to the shareholders for approval at the company's general meeting. Before the dividend declaration, the Company may transfer part of its profits to the Company's reserves, which may be considered.
The Company will strive to distribute an optimal and appropriate level of profit among the shareholders in the form of dividend. There is no privilege among Equity Shareholders of the Company in respect of dividend distribution. This Dividend Distribution Policy will be disclosed in the Company's annual report and on the Company's
AAN NN NU UAALL RREEPPO ORRTT 22002211
106: Statement of Financial Position 107: Statement of Profit or Loss and Other Comprehensive Income 108: Statement of Changes in Equity 109: Statement of Cash Flows. 115: Employee Benefit Plan 123: Composition of Shareholding 134: Related Party Transaction 135: Financial Risk Management 140: Property, Plant and Equipment.
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF
SQUARE PHARMACEUTICALS LIMITED AND ITS SUBSIDIARIES
There is a risk of discrepancies between product invoicing and product shipment. As of the reporting date, the book value of the Group's tangible fixed assets is Tk. We assessed the adequacy of the disclosures that determine the basis of deferred tax liability balances.
We assessed the adequacy of the Company's disclosures indicating the basis for deferred tax liabilities and the level of judgment involved. The group's accounts as of and for the year ended June 30, 2021, were audited by another auditor who expressed an unchanged conclusion on those statements. The other information includes all information in the annual report in addition to the annual accounts and our auditor's report thereon.
SQUARE PHARMACEUTICALS LTD
CORPORATE PROFILE 1 The Group
- Address of Registered Office and Factories
- Nature of Business Reporting Entity
The Company and its subsidiaries ('the Group') operate in the pharmaceutical industry and cover cross-border markets around the world, while the Company's affiliated companies are mainly in various sectors such as yarn manufacturing, knitting, dyeing, the production of clothing, hospitals, diagnostic and pathological laboratories, etc. The Company's main activities are the manufacture and marketing of generic pharmaceutical products, basic chemical products and animal health products. The company is also involved in the marketing of pesticide products. i) Square Pharmaceuticals Kenya EPZ Ltd.
The company is registered for the production, marketing and distribution of pharmaceutical products. ii) Square Lifesciences Ltd.
Basis of Preparation of Financial Statements 1 Statement of Compliance
- Basis of Measurement
- Functional and Presentation Currency
- Going Concern
- Application of IFRSs & IASs
In preparing these consolidated financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The Company also evaluates its control over its subsidiaries and associates on an actual audit basis. The Group periodically assesses the available resources to assess whether there is a threat to continuity.
At the end of the reporting period on June 30, 2022, the Group assessed that the Group's existing resources are adequate and that the Group has no threat of going concern in the near future. The applicable IAS and IFRS for the preparation and presentation of these financial statements for the year in question are as follows:
Significant Accounting Policies
- Basis of Consolidation a) Subsidiaries
- Current versus Non-Current Classification
- Intangible Assets
- Property, Plant and Equipment in Transit
- Impairment
- Investment Property
- Foreign Currency Transactions
- Financial Assets
- Financial Liabilities
- Employee Benefits a) Short-term Benefits
- Provisions & Contingencies
- Related Party Disclosures
- Operating Income
- Other Income a) Interest Income
- Leases
- Borrowing Cost
- Income Tax Payable Current Tax
- Statement of Cash Flows
- Materiality and Aggregation
- Offsetting
- Concentration of Counterparty Risk
- Unrealized Gain/(Loss) on FVOCI Financial Assets
- Comparative Information
- Events After Reporting Period
- Consolidated Reconciliation of Net Profit with Cash Flows Generated from Operating Activities
It represents property, plant and equipment that has yet to become available for the intended use by the company at the reporting date. Any gain or loss arising from derecognition of the property is recognized in the statement of profit or loss in the period in which the property is derecognised. Any profit or loss from the insurance claim will be recognized in the financial statements after the claim settlement.
It derives mainly from changes in the market price of tradable securities. Depreciation of the plant ceased on May 23, 2022 (the date on which the fire incident occurred). Any gain or loss from an insurance claim will be recognized in the financial statements after the claim has been settled.
Associates
- Consolidated Disposal of Property, Plant and Equipment
Others
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022
STATEMENT OF CHANGE IN EQUITY FOR THE YEAR ENDED 30 JUNE 2022
STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 30 JUNE 2022
CORPORATE PROFILE 1 Company Information
- Nature of Business
- Estimates and Judgements
- Current versus Non-Current Classification
- Property, Plant and Equipment Initial Recognition and Measurement
- Property, Plant and Equipment in Transit
- Capital Work-in-Progress
- Impairment
- Investment Property
- Foreign Currency Transactions
- Financial Instruments .1 Financial Assets
- Financial Liabilities Trade and Other Payables
- Inventories
- Employee Benefits a) Short-term Benefits
- Related Party Disclosures
- Operating Income
- Other Income a) Interest Income
- Income Tax Payable Current Tax
- Earnings per Share
- Statement of Cash Flows
- Materiality and Aggregation
- Offsetting
- Concentration of Counterparty Risk
- Segment Reporting
- Unrealized Gain/(Loss) on FVOCI Financial Assets
- Research, Development and Experimental Costs
- Comparative Information
- Events After Reporting Period
- Reconciliation of Net Profit with Cash Flows Generated from Operating Activities
The company recognizes the total contribution to the fund as an expense in the income statement. The insurance premium is paid in full by the Company, and the amount is recognized in the income statement. e) The workers' profit participation fund and welfare fund. Basic earnings per per share (EPS) is derived by dividing the profit or loss attributable to the company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
Events after the reporting period that provide additional information about the Company's position at the reporting date are reflected in the financial statements. As a result of the fire incident, the Company will lose annual revenue and profit of Tk. MD), the Managing Agent of the company and each of them separately or jointly with any other person.
Appropriation during the Period
Disposal of Property, Plant and Equipment
Minimum Wages
Capital Expenditure Commitment
Claim Not Acknowledged as Debt
Un-Availed Credit Facilities
Contingent Liabilities
Related Party Transactions
- Transaction with Key Management Personnel
- Transaction with Other Related Parties
Subsidiaries
Subsidiaries of Associates
Others
- Financial Risk Management
- Liquidity Risk
- Accounting Classification and Fair Value
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they become due. Market risk is the risk that any change in market prices, such as exchange rates and interest rates, will affect the company's earnings or the value of its holdings of financial instruments. a) Currency risk. The company is exposed to currency risks on certain revenues and purchases, such as raw materials, packaging materials, spare parts and the purchase of machinery and equipment.
At the end of the year, the company has assets in foreign currency, for which exchange rate differences are calculated during the year. On the reporting date, the company did not enter into any type of derivative financial instruments to hedge against interest rate risk. As of June 30, 2022, the interest rate risk profile of the company's interest-bearing financial instruments was:. ii) Cash flow sensitivity analysis for floating rate instruments.
SQUARE
PHARMACEUTICALS KENYA EPZ LTD
The report has been prepared under the provision of section 653 of the Companies Act, 2015 of Kenya. The liability of directors in relation to this report is subject to the terms of the Companies Act, 2015 of Kenya. The company's core business is the manufacturing and marketing of generic pharmaceutical products in Kenya and most of the East African Community (EAC).
In Kenya, the manufacturing industry is prioritized as it plays an important role in the economic development of the country. It should be noted that the net profit in the previous year was the result of the fluctuation in foreign exchange rates. M/s Shariff and Associates, Certified Public Accountant (in Kenya) was appointed after the year and the auditor also expressed willingness to continue in his office and to do so in accordance with Section 159(2) of the Companies Act 2015 of Kenya.
AUDITOR’S REPORT
SHARIFF & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS (KENYA)
SQUARE PHARMACEUTICALS KENYA EPZ LTD
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2022 FOR THE YEAR ENDED JUNE 30, 2022. Approved and authorized for publication by the Board of Directors on July 15, 2022 and signed for and on behalf of the Board of Directors.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2022
LIFESCIENCES LTD
The Board of Directors are pleased to submit their report together with the audited accounts for the year ended 30 June 2022 and the auditor's report thereon pursuant to Section 184 of the Companies Act, 1994. S M Rezaur Rahman, Independent Director of Square Pharmaceuticals Ltd. holding company) represents as a nominated director in accordance with condition No. The civil works for the General Service Building are underway, the canteen has been handed over for use.
The audited financial statements together with the auditor's report for the year ended 30 June 2022 are attached hereto. Chowdhury Bhattacharjee & Co., Chartered Accountants, Auditors of the Company are retiring at this Annual General Meeting and, being eligible, have offered to be re-appointed as Auditors for the year 2022-2023. The Board of Directors also notes with gratitude the support, services and cooperation - the operation is carried out by all involved.
CHOWDHURY BHATTACHARJEE & CO
CHARTERED ACCOUNTANTS
TO THE SHAREHOLDERS’ OF SQUARE LIFESCIENCES LTD
Identify and assess the risks of material misstatement of the 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 an audit opinion. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. 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 cast significant doubt on the Company's ability to continue as a going concern may arise.
Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Evaluate the overall presentation, structure and content of the Financial Statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other things, the scope and planned timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
SQUARE LIFESCIENCES LTD
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022
The unclaimed/outstanding cash dividends for the year 1995 to 2018 have been deposited in the Capital Market Stabilization Fund (CMS) as per the instructions of the Securities and Exchange Commission of Bangladesh.
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