CONTENTS PAGE NO.

Vision and Mission statement 2

Company profile 2
Notice of Annual General Meeting 3–5
Chairperson’s Review Report 6
Directors’ Report – English 7 – 11
Directors’ Report – Urdu 12 – 15
Financial Highlights 16 – 17
Code of Conduct 18 – 19
Statement of Compliance with Code of Corporate Governance 20 – 21
Review Report 22
Auditors’ Report 23 – 27
Financial Statements 28 – 58
Pattern of Shareholding 59-60
Proxy Form 61
 VISION AND MISSION STATEMENT
VISION
Make quality food for better life.

MISSION
Product innovation with optimal quality, taste and nutrition. To create value, inspire moments and deliver
wellness.

COMPANY PROFILE
Board of Directors Mrs. Saadia Omar Chairperson
Mr. Omar Shafiq Chaudhry Chief Executive
Miss Mahnoor Chaudhry Director
Miss Mahnan Omar Director
Miss Maya Omar Director
Mrs. Shahzi Khan Director
Mr. Rafi Uz Zaman Awan Director
Audit Committee Mr. Rafi Uz Zaman Awan Chairman
Miss Mahnoor Chaudhry Member
Mrs. Saadia Omer Member
Chief Financial Officer Mr. Muhammad Shafique

Company Secretary Mr. Muhammad Zubair

Auditors Aslam Malik & Co. Chartered Accountants
Bankers Samba Bank Limited
Bank Al Habib Limited
Meezan Bank Limited
PAIR Investment Bank Limited
First Women Bank Limited
Pak Libya Investment Company (Pvt.) Limited
The Bank of Khyber

Share Registrar F.D. Registrar Services (SMC-Pvt.) Limited

17th Floor, Saima Trade Tower-A, I.I. Chundrigar Road, Karachi-74000
Ph# 9921-35478192-93, Dir# 9221-32271905-6, Fax# 9221-32621233
Legal Advisor Moazzam Ali Shah Associates

Head Office 105/A, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore

Email bunnys@brain.net.pk
Website www.bunnys.com.pk
 NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting (“AGM”) of the shareholders of Bunny’s Limited
(the “Company”) will be held on Friday, 27 October 2023 at 09:00 AM at 105/A, Quaid-e-Azam, Industrial
Estate, Kot Lakhpat, Lahore and via video-link to transact the following Business:
Ordinary Business:
1. To receive, consider and adopt the Chairperson’s Review Report, the Report of Directors and
Auditors together with Audited Annual Financial Statements for the year ended 30 June 2023;
2. To appoint Company’s auditors and to fix their remuneration. The members are hereby notified
that the Audit Committee and the Board of directors have recommended the name of retiring
auditors M/s Aslam Malik & Co., Chartered Accountants for re-appointment as auditors of the
Company

BY ORDER OF THE BOARD

Registered office
105/A, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore Muhammad Zubair
05 October, 2023 Company Secretary
Notes:
1. The Company has also arranged for attendance of the shareholders at the AGM via video link. The
AGM can be attended using smart phones/tablets/computer. To attend the meeting through video
link, member and their proxies are requested to register themselves by providing the following
information along with valid copy of Computerized National Identity Card (both sides)/ passport,
attested copy of board resolution / power of attorney (in case of corporate shareholders) through
email at bunnys@brain.net.pk by 25th of October, 2023:
Name of Member CNIC No. CDC Account Cell number Email address
No. / Folio No.

2. The member who are registered after the necessary verification shall be provided a video link by
the Company on the same email address that they email with the Company. The login facility will
remain open from start of the meeting till its proceedings are concluded.
3. The Share Transfer Books of the Company will remain closed from October 20, 2023 to October 27,
2023 (both days inclusive). Physical transfers received at M/s F.D. Registrar Services (SMC-Pvt) Ltd.,
the Company’s Share Registrar and Transfer Agent’s Office at Office # 1705, 17th Floor, Saima Trade
Tower-A, I.I. Chundrigar Road, Karachi at the close of business hours on October 19, 2023, will be
treated in time for the purposes of entitlement of shareholders to attend, speak and vote at the
AGM.
4. A member entitled to attend and vote at this meeting may appoint any other member as his/her
proxy to attend and vote instead of him/her and a proxy so appointed shall have such rights, as
respects attending, speaking and voting at the AGM as are available to the members. A Proxy must
be a member of the Company.
5. The instrument appointing a proxy and the power of attorney or other authority under which it is
signed or a notarial attested copy of the power of attorney must be deposited at the Registered
Office of the Company at least 48 hours before the time of the meeting. Proxy Forms, in English
 and Urdu languages, have been dispatched to the members along with the notice of AGM and are
also available at the website of the Company www.bunnys.com.pk

6. Members who have deposited their shares into Central Depository Company of Pakistan Limited
(“CDC”) will further have to follow the under mentioned guidelines as laid down by the Securities
and Exchange Commission of Pakistan.

A. For Attending the Meeting

a. In case of Individuals, the account holder and/or sub-account holder and their registration
details are uploaded as per the CDC Regulations, shall send valid copy of CNIC or, original
Passport as per above instructions.
b. In case of corporate entity, the Board’s resolution/power of attorney with specimen
signature of the nominee shall be provide as per above instructions.
B. For Appointing Proxies
a. In case of individuals, the account holder and/or sub-account holder and their registration
details are uploaded as per the CDC Regulations, shall submit the proxy form as per above
requirements.
b. The proxy form shall be witnessed by two persons, whose names, addresses and CNIC
numbers shall be mentioned on the form.
c. Attested copies of the CNIC or the passport of beneficial owners and the proxy shall be
furnished with the proxy form.
d. In case of corporate entity, the Board’s resolution/power of attorney with specimen
signature shall be furnished as per above instructions.

7. CNIC/IBAN for E-Dividend Payment

The provisions of Section 242 of the Companies Act, 2017, read alongside the Companies
(Distribution of Dividend) Regulations, 2017, require the listed companies that any dividend
payable in cash shall only be paid through electronic mode directly into the bank account
designated by the entitled shareholders. Accordingly, the shareholders holding physical shares
are requested to provide the Company’s Share Registrar at the address given herein above,
electronic dividend mandate on E-Dividend Form which is available on website of the Company.
In the case of shares held in CDC, the same information should be provided to the CDS
participants for updating and forwarding to the Company. In case of non-submission, all future
dividend payments may be withheld.

8. Zakat Declarations:
The members of the Company are required to submit Declaration for Zakat exemption in terms
of Zakat and Ushr Ordinance, 1980.

9. Unclaimed Dividend and Bonus Shares

Shareholders, who by any reason, could not claim their dividend or bonus shares or did not
collect their physical shares, if any, are advised to contact our Share Registrar to collect/enquire
about their unclaimed dividend or pending shares, if any.
10. Placement of Financial Statements
The Company has placed a copy of the Annual Report containing the Notice of AGM, Annual
Financial Statements for the year ended 30 June 2023 along with Auditors and Directors Reports
thereon and Chairman’s Review on the website of the Company: www.bunnys.com.pk

11. Deposit of Physical Shares into CDC Account

As per Section 72 of the Companies Act, 2017, every existing company shall replace its physical
shares with book-entry form in a manner as may be specified and from the date notified by the
Securities and Exchange Commission of Pakistan, within a period not exceeding four years from
the commencement of the Companies Act, 2017 i.e. May 31, 2017. The shareholder holding
shares in physical form are requested to please convert their shares in the book entry form. For
this purpose, the shareholders may open CDC sub-account with any of the brokers or investor's
account directly with the CDC to place their physical shares into scrip-less form. This will
facilitate them in many ways including safe custody and sale of shares, anytime they want as the
trading of physical shares is not permitted as per existing Regulations of the Pakistan Stock
Exchange limited. It also reduces the risks and costs associated with storing share certificate(s)
and replacing lost or stolen certificate(s) as well as fraudulent transfer of shares. For the
procedure of conversion of physical shares into book-entry form, you may approach our Share
Registrar at the contact information given above.
Chairperson’s message
I feel honor to report that our Company, despite facing tough business conditions, has achieved a revenue
growth of 27.25% as compared to previous year. Operating profit shown a growth of 1.24% as compared
to previous year, thanks to the proactive approach shown by your Company’s management. However, net
margin for the year under review has declined from 3.16% to 2.56% as compared to the previous year due
to unprecedented increase in fuel prices and KIBOR.

In this ever-evolving and volatile situation, both politically and economically, your management is vigilant
and is closely monitoring the business impacts in these challenging times. The management of your
Company is fully prepared to take on any proactive approach to remain competitive within the industry.

The Board reflects mix of varied backgrounds and rich experience in the field of business, banking and
finance. The Board provides strategic directions to the management and available for guidance. The Board
ensures that a competent team is in place to achieve the strategic goals and ensures compliance of all
regulatory requirements by the management. As required under the Code of Corporate Governance, the
Board evaluates its own performance through a mechanism developed by it.

The Board is ably assisted by its committees. The Audit Committee reviews the financial statements and
ensures that these fairly represent financial position and performance of the Company. It also ensures
effectiveness of internal controls. The HR Committee overviews HR policy framework and recommends
selection and compensation of the senior management team. An important role of the Committee is
succession planning.

During the year, the Company has made investments in upgradation and modernization of plant and
equipment that will ensure sustainability.

I pray to Almighty that the Company continues maintain its momentum of growth in future.

In the end I would like to acknowledge the enormous contribution and commitment of each member of
the leadership team and the employees of the company.

_________________________
Mrs. Saadia Omar
Chairperson

October 05, 2023

 BUNNY’S LIMITED
DIRECTORS REPORT TO THE SHAREHOLDERS
FOR THE YEAR ENDED JUNE 30, 2023
Dear Shareholders,
In the name of ALLAH, the most gracious and most merciful.
The Directors of the Company take pleasure in presenting the Annual Report of your Company,
together with the financial statements for the year ended June 30, 2023. In these challenging times,
it is an honour to report that despite facing tough business conditions, our company has
demonstrated resilience and adaptability, achieving commendable operating results.
The financial results of the Company for the year under review are as follow: -
OPERATING RESULTS
2023 (Rs.) 2023 (%) 2022 (Rs.) 2022 (%) (Decrease) /
Increase (%)
Revenue – net 5,686,622,639 100.00 4,468,902,597 100.00
Gross profit 1,359,731,299 23.91 990,656,666 22.17 1.74
Operating expenses 951,988,724 16.74 714,883,766 16.00 0.74
Operating profit 407,742,575 7.17 275,822,900 6.17 1.00
Financial charges 208,252,412 3.66 111,023,710 2.48 1.18
Other (operating (1,301,033) (0.02) 346,244 0.01 (0.03)
expenses) / income
Profit before taxation 198,189,130 3.49 165,145,433 3.70 (0.21)
Taxation 66,684,847 1.17 26,186,653 0.59 0.58
Profit after taxation 131,504,283 2.31 138,958,781 3.11 (0.80)
Earnings per share 1.97 2.08 (5.29)

BUISINESS REVIEW

Revenue has experienced a robust 27.25% growth compared to the previous year. However, there
has been a decline in net margin, dropping from 3.11% to 2.31% in comparison to the preceding year.
Building on trends from the past two years, this year has seen a consistent rise in input costs,
prompting management to respond by increasing output prices. While these upward price revisions
have shown gross margin improvement from the previous year, the net margin has declined due to
elevated distribution costs stemming from soaring fuel prices. Additionally, finance costs have surged
by 82% due to an unprecedented spike in KIBOR rates.

Continuous soaring inflation is coupled with an increased funding requirement for the business in
general and the Company is no exception. Company has formidable business relationships with its
vendors and bankers and trying hard to meet business needs with a proactive approach.
The management of the company remains vigilant, closely monitoring the ever-evolving economic
landscape, its associated challenges, and their impact on the business environment. Despite these
formidable challenges and uncertainties, your company is steadfastly committed to enhancing its
operational efficiency and processes, thus ensuring its competitive edge within the industry.

FUTURE OUTLOOK
Forecasting the financial performance of our Company, especially in a volatile environment like
Pakistan with political and economic unrest, is a complex task. Management believes that the
Company's performance may continue to be influenced by the political and economic stability of
Pakistan. Any improvements in these areas could have a positive impact, while continued instability
may pose challenges resulting into declining margins. Fortunately, larger part of the Company’s
output constitutes essentials like bread, buns etc. for which demand tends to be relatively stable
despite of escalating prices. However, it is evident that the general populace is grappling with the
increasingly difficult task of balancing their income with the escalating costs of daily necessities. This
challenge continues to grow with each passing day. Management recognizes that if inflation persists
at its current rate, striking the delicate equilibrium between consumer affordability and profitability
could become pivotal and exceptionally challenging.

The economic and political volatility has severely shaken investor confidence, impacting both debt
and equity markets. The persistent uncertainty stemming from these factors could potentially hinder
the Company's ability to secure capital for expansion or, in a worst-case scenario, for meeting
escalating working capital needs.

The management is aware of and keeping a keen eye on upcoming challenges of a volatile
environment and addressing it with a combination of proactive financial and risk management,
austerity, adaptability, and a keen understanding of market dynamics. By staying agile and making
informed decisions, the company can better position itself to weather economic and political
uncertainties and, when possible, capitalize on opportunities for growth.

DIVIDEND PAYMENT
The Board has decided to skip any dividend payout in this year for the reasons elaborated in the
foregoing paragraphs.

STATUTORY PAYMENTS
There is no outstanding statutory payment due on account of taxes, duties, levies and charges except
of normal and routine nature.
BUNNY’S LIMITED
Bunny's Limited stands as a stalwart within the Pakistani bakery industry, having been established in
the year 1984. With a seasoned and accomplished team comprising both its Board of Directors and
Management, the company has consistently upheld a reputation for excellence.
One pivotal factor contributing to Bunny's enduring appeal among industry leaders is its unwavering
commitment to maintain exceptionally high-quality standards. Notably, Bunny's Limited holds the
distinction of being Pakistan's inaugural baking establishment to achieve ISO certification, proudly
standing as a member of the esteemed American Institute of Baking. Furthermore, it has earned the
prestigious HACCP (Hazard Analysis and Critical Control Point) certification for its snack foods
division, reinforcing its dedication to safety and quality. To add another feather to its cap, Bunny's
Limited has also obtained ISO 22000-2005 certification, further substantiating the company's
unyielding commitment to deliver products of unrivaled quality and excellence.

The extensive list of certifications held by Bunny's Limited is a testament to its dedication to superior
quality and adherence to rigorous industry standards. These certifications include:
1. AIB International
2. TUV Austria – Food Safety System Certification 22000
3. Punjab Food Authority
4. Management Association of Pakistan
5. Pakistan Standards and Quality Control Authority
Bunny's Limited continues to set the benchmark for excellence within the bakery industry, delivering
products that not only meet but exceed the expectations of its discerning customers.

BOARD OF DIRECTORS
Total Number of Directors:
Male: 02
Female: 05
Composition of Directors:
Independent: 02
Non-Executive: 04
Executive: 01
Name Category
Mr. Muhammad Rafi Uz Zaman Awan Independent Director
Mrs. Shahzi Khan Independent Director
Mrs. Saadia Omar Non-Executive Director - Chairperson
Mrs. Mahnan Omar Non-Executive Director
Miss Mahnoor Chaudhry Non-Executive Director
Miss Maya Omar Non-Executive Director
Mr. Omer Shafiq Chaudhry Chief Executive

REMUNERATION POLICY OF THE DIRECTORS

The policy on the remuneration of Non-Executive Directors and Independent Director for attending
the Board and Committee meetings of the Company is determined by the Board from time to time.

CREDIT RATINGS
The long-term entity rating of the Company is A- and short-term entity rating have been maintained
at A-2 by VIS Credit Rating Company Limited (VIS). These ratings denote a very low expectation of
credit risk emanating from a very strong capacity for timely payment of financial commitments.

OUR PEOPLE AND TRAINING

The Company believes that our employees are most valuable asset who mobilize all resources of the
Company. We prefer to hire young and motivated professional people who give new ideas. The
Company remains committed to investing in human capital and encourages employees to attend
training session/ seminars / workshops / development courses to keep themselves fully aware with
up to date knowledge and skills for creating and sustaining a culture of high performance.
TRANSACTIONS WITH RELATED PARTIES
All related party transactions have been disclosed in the notes 33 and 34 to the financial statements
of the company.

AUDITORS
The present auditor’s M/s Aslam Malik & Co., Chartered Accountants retire and being eligible offers
themselves for re-appointment. The Board has received recommendations from its Audit Committee
for re-appointment of M/s Aslam Malik & Co., Chartered Accountants as Auditors of the Company.

COMMITTEES OF THE BOARD

1. The Board has formed committees comprising members given below:
I. Audit Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss Mahnan Omar
iii. Mrs. Saadia Omar

II. HR and Remuneration Committee:

i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss Mahnan Omar
iii. Miss Maya Omar

The terms of reference of the aforesaid committees have been formed, documented and advised to
the committee for compliance.

CORPORATE AND FINANCIAL REPORTING FRAMEWORK

The Directors of the Company are pleased to confirm that the Company has made compliance of the
provisions of the Listed Companies (Code of Corporate Governance) Regulations 2019, issued by the
Securities and Exchange Commission of Pakistan and there is no material departure from the best
practices as detailed in the listing regulations. Our statements on corporate and financial reporting
are as follows:
1. The financial statements prepared by the Management of the Company presents fairly its
state of affairs, the results of its operations, cash flow and changes in equity;
2. Proper books of accounts of the Company have been maintained;
3. Appropriate accounting policies have been consistently applied in preparation of financial
statements and accounting estimates are based on reasonable and prudent judgment;
4. International Financial Reporting Standards, as applicable in Pakistan and the requirements of
Companies Act, 2017 have been followed in preparation of the financial statements; and any
departure thereof has been adequately disclosed and explained;
5. The system of internal control is sound in design and has been effectively implemented and
monitored;
6. There are no significant doubts upon the Company’s ability to continue as a going concern;
7. There has been no material departure from the best practices of corporate governance, as
detailed in the listing regulations;
8. No trade in the shares of the Company was carried out by the Directors, CEO, CFO, Company
Secretary, Executives and their spouses and minor children except that mentioned in “Pattern
of Shareholding”.
SYSTEM OF INTERNAL FINANCIAL CONTROL
The system of internal control is sound in design and has been effectively implemented. The system
is continuously monitored by Internal Audit and through other such monitoring procedures. The
process of monitoring internal controls will continue as an ongoing process with the objective to
further strengthen the controls and bring improvements in the system. The Audit Committee
regularly reviews the Internal Audit Report and the system of internal controls.
CORPORATE SOCIAL RESPONSIBILITY
Your Company understands its corporate responsibility towards society and fulfills its obligation by
providing financial support to under privileged members of the society and its deserving employees
as well as doing philanthropy work. The Company is also contributing considerable amounts to the
National Exchequer, applying solutions for energy conservation and environment protection,
providing the highest quality products to its valued customers.
Your Company regularly donates amounts to hospitals, trusts and to various institutions constituted
for dealing with natural calamities as part of its philanthropic activities. Your Company also provide
its products at subsidized rate to hospitals like Ghulab Devi Hospital. Your Company is providing
healthy, safe, and learning work environment to its employees and sends them on training courses,
seminars, workshops and conferences both within country and abroad. It lends regular support to
the special persons by offering them jobs in various departments of the organization. It also offers
apprenticeship to fresh graduates, postgraduates and engineers, on a regular basis, to elevate their
professional and technical skills.
During the year, your Company has contributed a huge amount to the National Exchequer by way of
payment of various duties, levies and taxes.
PATTERN OF SHAREHOLDING
Pattern of shareholding is attached at the end of the financial statements.
ADDITIONAL INFORMATION
There have been no material changes since June 30, 2023 to the date of this report and the Company
has not entered into any commitment during this period, which would have an adverse impact on
the financial position of the company.

CHAIRPERSON’S REVIEW
The Directors of your Company fully endorse the Chairperson’s Review report on the performance of
the Company for the year ended June 30, 2023.
ACKNOWLEDGEMENT
The Directors are grateful to the Company’s shareholders, financial institutions and customers for
their continued cooperation, support and patronage which has enabled the Company to continue its
efforts for constant improvement. The Directors acknowledge the dedicated service, loyalty and hard
work of all the employees of the Company and hope this spirit of devotion will continue.

Lahore: October 05, 2023 CHIEF EXECUTIVE CHAIRPERSON

 

 

  

 2023 30
  
   
        2023 30 
    
        
   
 
     2022    2022   2023   2023
 
100.00 4,468,902,597 100.00 5,686,622,639  
1.74 22.17 990,656,666 23.91 1,359,731,299 

0.74 16.00 714,883,766 16.74 951,988,724 

1.00 6.17 275,822,900 7.17 407,742,575 
1.18 2.48 111,023,710 3.66 208,252,412  
 0.03) 0.01 346,244  0.02 (1,301,033)     
(0.21) 3.70 165,145,433 3.49 198,189,130 
0.58 0.59 26,186,653 1.17 66,684,847 
 0.80 3.11 138,958,781 2.31 131,504,283 
(5.29) 2.08 1.97 
   
 2.313.11        27.25
           
           

 82    KIBOR
           
  
      
        
         


        
        


        

 
            
  
                 
 
      
   
       
   
           
        


 
         
   
       

 
      
    
          
 

     1984      
 
 

   
   
 
       

          
 

 
 
        
       

      

     
 
 
   HACCP 
      2005 22000 
 
 

       

 
 

  
 
 
 AIB 1
22000    TUV 2

    3
     4
      5
    
         

  
  
02 
05 
 
02   
04  

01   

 

 
       
    
   
    
    
   
     
    
           

    
 
    A-2      VIS VIS A-    
     

    

 
 
          
            
         
       
   

 
 34 33   
     
 
 

              


        

 
 
     1
   I
     i
 ii
 iii
 II
     i
 ii
  iii
     
 
  


  2019         
         
              
           
  •1

   •2

             •3

 2017             •4

         •5

 
  •6

          •7

 "                •8

  " 
   
              
    
           
    
           
    
            
    
    

       
        
      
   
       
  
 
        
 
 
     
 
        2023 30
 
     2023 30  

 
           
   
        
   

   
 2023  05
FINANCIAL HIGHLIGHTS
For the year ended June 30,
2023 2022 2021 2020 2019
PROFITABILITY ANALYSIS

Gross profit to sales % 23.19 22.17 26.40 27.46 26.08

Profit before tax to sales % 3.49 3.70 7.20 6.43 5.80
Profit after tax to sales % 2.31 3.11 4.98 4.58 4.38
Return on capital employed % 15.54 10.60 12.93 12.55 10.70
Return on equity % 10.14 9.00 14.51 11.21 11.08
Earnings per share Rupees 1.97 2.08 2.66 2.49 2.19

FINANCIAL ANALYSIS

Current ratio times 0.94 1.02 1.18 1.40 1.26

Debt to equity ratio times 0.62 0.63 0.62 0.43 0.36
Interest coverage ratio times 1.95 2.49 4.06 2.92 3.07
Breakup value per share rupees 29.27 27.49 26.53 31.17 28.72
Inventory turnover ratio times 7.33 7.11 7.24 7.40 7.08
Debtors turnover ratio times 11.76 10.85 10.43 10.34 10.43
Fixed assets turnover ratio times 1.40 1.20 1.04 1.04 1.44

Profitability Analysis
30

25

20

15

10

0
2023 2022 2021 2020 2019

Gross profit to sales Profit before tax to sales Profit after tax to sales
Return on capital employed Return on equity Earnings per share
 Financial Analysis
4.5

3.5

2.5

1.5

0.5

0
2023 2022 2021 2020 2019

Current ratio Debt to equity ratio Interest coverage ratio

Breakup Vlaue per share

32

31

30

29

28

27

26

25

24
2023 2022 2021 2020 2019

Breakup value per share

Turnover Ratios
14

12

10

0
2023 2022 2021 2020 2019

Inventory turnover ratio Debtors turnover ratio Fixed assets turnover ratio
CODE OF CONDUCT
Bunny’s Limited (the Company) is engaged in the manufacturing of wide range of bread, cakes and snack
products with the objective to achieve sustainable growth, profitability and highest standards of safety,
occupational health and environmental care. This ensures human resource development, enhancing value
addition, implementing conservation measures and growth by up-gradation and addition of newer
generation technologies.
The Company requires all its Board Members and Employees to act within the authority conferred upon
them and in the best interests of the Company and observe all the Company’s policies and procedures as
well as relevant laws and regulations, as are applicable in individual capacity or otherwise, including but
not limited to the corporate values, business principles and the acceptable and unacceptable behavior
(hereinafter called the Company’s Code of Conduct) embodied in this document.
The Company believes that the credibility, goodwill and repute earned over the years can be maintained
through continued conviction in our corporate values of honesty, justice, integrity and respect for people.
The Company strongly promotes trust, openness, teamwork and professionalism in its entire business
activities.
• The business principles are derived from the above stated corporate values and are applied to all
facets of business through well-established procedures. These procedures define behavior
expected from each employee in the discharge of his/her responsibility.
• Bunny’s Limited recognizes following obligations, which need to be discharged with best efforts,
commitment and efficiency:
➢ Safeguarding of shareholders’ interest and a suitable return on equity.
➢ Service customers by providing products, which offer value in terms of price, quality and
safety.
➢ Respect human rights, provide congenial working environment, offer competitive terms
of employment, develop human resource and be an equal opportunity employer.
➢ Seek mutually beneficial business relationship with contractors, suppliers and investment
partners.
• The Company believes that profit is essential for business survival. It is a measure of efficiency
and the value that the customer places on products produced by the Company.
• The Company requires honesty and fairness in all aspect of its business and in its relationships
with all those with whom it does business. The direct or indirect offer, payment, soliciting and
accepting of bribe in any form is undesirable.
• The Company is fully committed to reliability and accuracy of financial statements and
transparency of transactions in accordance with established procedures and practices.
• The Company does not support any political party or contributes funds to groups having political
interests. The Company will however, promote its legitimate business interests through trade
associations.
• The Company, consistent with its commitments to sustainable developments, has a systematic
approach to the management of health, safety and environment.
• The Company is committed to observe laws of Pakistan and is fully aware of its social
responsibility. It would assist the community in activities such as education, sports, environment
preservation, training programs, skills development and employment within the parameters of its
commercial objectives.
• The Company supports free market system. It seeks to compete fairly and ethically within the
framework of applicable competition laws in the country. The Company will not stop others from
competing freely with it.
• In view of the critical importance of its business and impact on national economy, the Company
provides all relevant information about its activities to legitimate interested parties, subject to
any overriding constraints of confidentiality and cost.
• The Company requires all its board members and employees to essentially avoid conflict of
interest between private financial and/or other activities and their professional role in the
conduct of Company business.
• No board member or employee shall in any manner disclose to any person or cause disclosure of
any information or documents, official or otherwise, relating to the Company, except those
published, and unless he/she is authorized by the management.
• All papers, books, drawings, sketches, photographs, documents and similar papers containing
analysis, formulas, notes or information relating to the Company’s business affairs or operations
shall always be treated as the Company property, whether prepared by the employee or
otherwise and no employee shall be permitted to carry any of these outside business premises
unless specifically authorized to do so by the management.
• The Company’s property, funds, facilities and services must be used only for authorized purposes.
• The board members or employees of the Company specifically those coming in direct contact with
the vendors doing or seeking to do business with the Company shall not receive favors or incur
obligations. In case any contractor/supplier to have business relations with the Company happen
to be a relative of an official who is entrusted the responsibility of opening/evaluation/award of
supply/contract job or with execution or certification of material/services, he/she shall
immediately bring the fact to the notice of Managing Director who may entrust the responsibility
to another.
• Each employee shall devote his/her full time and energy exclusively to the business and interests
of the Company. In particular, no employee (including those on leave) unless otherwise permitted
by the Company, shall directly or indirectly engage in any other profession or business or enter
the services of or be employed in any capacity for any purpose whatsoever and for any part of
his/her time by any other person, government department, firm or company and/or shall not
have any private financial dealings with any other persons of firms having business relations with
the company for sale or purchase of any materials or equipment or supply of labor or for any
other purpose. Every employee shall hold himself in readiness to perform any duties required of
him by his/her superiors to the best of his/her ability.
• No board member or employee of the Company shall, directly or indirectly, deal in the shares of
the Company in any manner during the closed period, as determined and informed by the
Company.
• No board member or employee of the Company shall practice insider trading.

Without prejudice to any penal action defined in any statute, as applicable, against any kind of
non-compliances/violations, non-compliance with the Company’s Code of Conduct may expose
the person involved to disciplinary action as per Company’s rules and/or as determined by the
management or the Board of Directors of the Company, as the case may be, on case to case basis.
 Statement of Compliance with the Listed Companies
(Code of Corporate Governance) Regulations, 2019

Name of Company Bunny’s Limited

Year ending June 30, 2023
Bunny’s Limited (the “Company”) has complied with the requirement of the Regulations in the following
manner:
1. The total number of Directors are 07 as per the following:
a. Male 02
b. Female 05
2. The composition of the Board is as follows:
a. Independent Directors 02
b. Non-Executive Directors 04
c. Executive Directors 01

Name Category
Mr. Muhammad Rafi Uz Zaman Awan Independent Director
Mrs. Shahzi Khan Independent Director
Mrs. Saadia Omar Non-Executive Director - Chairperson
Miss. Mahnan Omar Non-Executive Director
Miss Mahnoor Chaudhry Non-Executive Director
Miss Maya Omar Non-Executive Director
Mr. Omar Shafiq Chaudhry Chief Executive

Best practices of corporate governance entail having an optimal number and mix of board members
with adequate skills and experience. The current Board of Directors of the Company adequately meets
this requirement. Further, existing independent directors play an effective part within the Board and
make valuable contribution. Therefore, the fraction (2.3) has not been rounded up.

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. A complete record of particulars of significant policies along with the dates on
which they were approved, updated or amended has been maintained.
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been
taken by the 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 her absence, by a Director
elected by the Board for this purpose. The Board complied with requirements of the Act and the
Regulations with respect to frequency, recording and circulating minutes of the meeting of Board.
8. The Board of Directors has a formal policy and transparent procedures for remuneration of Directors in
accordance with the Act and these Regulations.
9. The Directors were appraised of their duties and responsibilities from time to time. All of the Directors
will duly comply with the requirement of Code of Corporate Governance with respect of Directors’
Training Program and the Company is planning to arrange this program for the Directors.

10. The Board has approved appointment of CFO, Company Secretary and Head of Internal Audit, including
their remuneration and terms and conditions of appointment and complied with relevant requirements
of the Regulations.
11. CFO and CEO duly endorsed the financial statements before approval of the Board.
12. The Board has formed committees comprising members given below:
I. Audit Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss. Mahnan Omar
iii. Mrs. Saadia Omer
II. HR and Remuneration Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss. Mahnan Omar
iii. Miss Maya Omar
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 (quarterly/half yearly/ yearly) of the committee were as per following:
a) Audit Committee 4
b) HR and Remuneration Committee 5
15. The Board has set up an effective internal audit function, which is 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 requirement and the auditors
have confirmed that they have observed IFAC guidelines in this regard.
18. We confirm that all requirements of regulation 3, 6, 7, 8, 27, 32, and 36 of the Regulations have been
complied with.

For BUNNY’S LIMITED

Director
Lahore: October 05, 2023
INDEPENDENT AUDITOR’S REVIEW REPORT
To the members of Bunny’s 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 Bunny’s Limited for
the year ended June 30, 2023 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 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, 2023.
Further, we highlight below instance of non-compliance with the requirement of the Regulations as reflected
in the paragraph reference where it is stated in the statement of Compliance.
Paragraph Reference Description
9 The Company has not arranged the directors training program or obtained the exemption from
directors training program from the commission as required under clause 19 of the Regulations.

The engagement partner on the review resulting in this independent auditors' review report is Hafiz
Muhammad Ahmad Saleem.
INDEPENDENT AUDITOR’S REPORT

To the members of Bunny’s Limited

Report on the Audit of the Financial Statements

Opinion
We have audited the annexed financial statements of BUNNY’S LIMITED (the
Company), which comprise the statement of financial position as at June 30, 2023, and
the statement of profit or loss and the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows for the year then ended,
and notes to the 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 statement of financial position, statement of profit or loss and other
comprehensive income, the statement of changes in equity and the 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, 2023 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 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 financial statements of the current period. These matters
were addressed in the context of our audit of the 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

1 Revenue:
Refer notes 22 to the financial Our audit procedures, amongst others,
statements and the accounting included the following:
policy in note 3.13 to the financial
statements regarding the sale of ➢ Obtained an understanding of the
goods. processes relating to the recording of
revenue and testing the design,
The Company is engaged in the implementation and operating
manufacturing and sale of bakery effectiveness of relevant key internal
and other food products. controls over recording of revenue;

The Company recognized net ➢ Assessed the appropriateness of the

revenue of Rs. 5.687 million from Company’s accounting policies for
sale of goods to customers during recording of revenue and compliance of
the year ended June 30, 2023. the policy with International Financial
Reporting Standard 15 (IFRS 15);
We identified recognition of
revenue against the sale of goods as ➢ Compared a sample of revenue
a key audit matter because revenue transactions recorded during the year
is one of the key performance with the sales orders, sales invoices,
indicators of the Company and gives delivery orders and other relevant
rise to an inherent risk of underlying documents;
misstatement to meet expectations
or targets. ➢ Compared a sample of revenue
transactions recorded before and after
reporting period and near the year end
with relevant underlying documentation
to assess whether revenue has been
recorded in the appropriate accounting
period;

➢ Scanned for any manual journal entries

relating to sales recorded during and near
the year end which were considered to be
material or met other specific risk based
criteria for inspecting underlying
documentation; and
 ➢ Assessed the adequacy of disclosures in
the unconsolidated financial statements
to be in accordance with the applicable
accounting and reporting standards.

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 financial statements and our
auditor’s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the 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 Financial Statements

Management is responsible for the preparation and fair presentation of the 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
financial statements that are free from material misstatement, whether due to fraud or
error.

In preparing the 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 Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 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
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 financial statements,
including the disclosures, and whether the 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 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 statement of financial position, the statement of profit or loss, the statement of
comprehensive income, the statement of changes in equity and the 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) No zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).

The engagement partner on the audit resulting in this independent auditors' report is Hafiz
Muhammad Ahmad Saleem.

Place: Lahore
Date: October 5, 2023
UDIN: AR202310148qA2GrO8Qy
BUNNY'S LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2023
2023 2022 2021
Note
-------------- Rupees --------------
ASSETS Restated Restated
Non-current assets
Property, plant and equipment 4 2,406,415,112 2,353,853,140 2,324,733,299
Right of use assets 275,381,279 223,104,165 94,942,395
Intangible assets 5 42,030 52,538 65,672
Long term security deposits 13,486,538 9,065,538 8,656,946
2,695,324,959 2,586,075,381 2,428,398,312
Current assets
Stores, spares and loose tools 11,964,190 14,352,153 15,297,041
Stock-in-trade 6 590,163,027 489,166,590 362,986,413
Trade debts - unsecured 7 483,540,377 411,896,648 342,330,749
Advances, deposits and prepayments 8 273,226,612 225,228,001 173,566,857
Cash and bank balances 9 6,416,211 1,445,986 28,788,910
1,365,310,417 1,142,089,378 922,969,970

Total assets 4,060,635,376 3,728,164,759 3,351,368,282

EQUITY AND LIABILITIES

Capital and reserves
Authorized share capital
100,000,000 (2022: 100,000,000) Ordinary shares of Rs.10/- each 1,000,000,000 1,000,000,000 1,000,000,000

Issued, subscribed and paid up share capital 10 668,052,700 668,052,700 668,052,700

Share Premium 11 49,713,670 49,713,670 49,713,670
Un-appropriated profits 1,237,737,512 1,115,943,663 984,262,675
1,955,503,882 1,833,710,033 1,702,029,045
Non-current liabilities
Long term finances - secured 12 318,162,752 439,123,726 557,658,004
Deferred grant 13 30,325,311 - 4,440,855
Lease Liabilities 14 32,820,436 59,294,227 32,387,210
Long term advances - unsecured 15 9,611,323 9,630,423 9,603,123
Deferred liabilities 16 268,511,718 263,460,660 261,626,809
659,431,540 771,509,036 865,716,001
Current liabilities
Trade and other payables 17 450,096,453 400,265,368 195,303,221
Contract liability 23,380,423 19,159,960 17,695,694
Unclaimed dividend 765,699 765,699 765,699
Accrued mark-up on secured loans 18 47,026,723 29,893,478 13,462,793
Short term borrowings 19 632,162,339 385,486,283 302,719,939
Current portion of long term finances and leases - secured 204,154,859 234,281,970 213,562,710
Provision for taxation - net 20 88,113,459 53,092,932 40,113,180
1,445,699,954 1,122,945,690 783,623,236

Contingencies and commitments 21

Total equity and liabilities 4,060,635,376 3,728,164,759 3,351,368,282

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
-------------- Rupees --------------

Revenue - net 22 5,686,622,639 4,468,902,597

Cost of sales 23 (4,326,891,340) (3,478,245,931)
Gross profit 1,359,731,299 990,656,666
Operating expenses
Administrative and general 24 247,874,756 220,638,825
Selling and distribution 25 704,113,968 494,194,941
(951,988,724) (714,833,766)

Operating profit 407,742,575 275,822,900

Other operating expenses 26 (10,330,253) (10,627,937)

Other income 27 9,029,220 10,974,181
Finance cost 28 (208,252,412) (111,023,710)
(209,553,445) (110,677,466)

Profit before taxation 198,189,130 165,145,433

Taxation 29 (66,684,847) (26,186,653)

Profit after tax 131,504,283 138,958,781

Earning per share - basic & dilutive 30 1.97 2.08

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
-------------- Rupees --------------

Profit after taxation 131,504,283 138,958,781

Other comprehensive income

Items that may not be subsequently reclassified to profit or loss
Remeasurement of post employee benefit obligation (13,676,667) (10,250,413)
Impact of deferred tax 3,966,233 2,972,620
(9,710,434) (7,277,793)

Total comprehensive income for the year 121,793,849 131,680,988

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2023

Capital Reserves Revenue Reserve

Share Capital Total Equity
Particulars Note Share premium Un-appropriated
reserve profit
----------------------- Rupees -----------------------

As at June 30, 2020 - previously reported 5 513,886,690 49,713,670 1,038,048,652 1,601,649,012

Effect of prior period error - - (70,173,290) (70,173,290)
As at June 30, 2020 - Restated 513,886,690 49,713,670 967,875,362 1,531,475,722
Total comprehensive
income for the year
Profit for the year - - 177,952,713 177,952,713
Other comprehensive loss - - (7,399,390) (7,399,390)
- - 170,553,323 170,553,323
Transactions with owners
of the Company
Bonus shares issued 154,166,010 - (154,166,010) -

As at June 30, 2021 - Restated 668,052,700 49,713,670 984,262,675 1,702,029,045

Total comprehensive
income for the year
Profit for the year - - 138,958,781 138,958,781
Other comprehensive loss - - (7,277,793) (7,277,793)
- - 131,680,988 131,680,988

As at June 30, 2022 - Restated 668,052,700 49,713,670 1,115,943,663 1,833,710,033

Total comprehensive
income for the year
Profit for the year - - 131,504,283 131,504,283
Other comprehensive loss - - (9,710,434) (9,710,434)
- - 121,793,849 121,793,849

As at June 30, 2023 668,052,700 49,713,670 1,237,737,512 1,955,503,882

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
Note
-------------- Rupees --------------

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from operations 31 385,364,074 361,750,401

Finance cost paid (183,873,197) (94,593,025)

Income tax paid 20 (36,062,256) (21,948,337)
Staff gratuity paid 16.2 (19,774,741) (10,030,627)
Payment of Workers' profit participation fund 17.2 (8,239,959) (12,442,572)
Payment of Workers' welfare fund (2,387,978) (3,676,513)
Net (decrease) / increase in long term advances (19,100) 27,300
Net increase in security deposits (4,421,000) (408,592)
(254,778,231) (143,072,366)
Net cash generated from operating activities 130,585,842 218,678,035

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of Property, Plant and Equipment 4.1 (227,844,058) (264,412,628)
Proceeds from disposal of Property, Plant and Equipment 1,005,700 -
Net cash used in investing activities (226,838,358) (264,412,628)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds less repayment of long term loans 41 (138,753,693) (128,551,175)
Proceeds less repayment of lease liabilities 41 (6,699,622) 64,176,500

Net cash (used) / generated from financing activities (145,453,315) (64,374,675)

Net decrease in cash and cash equivalents (241,705,831) (110,109,268)

Cash and cash equivalents at the beginning of the year (384,040,297) (273,931,029)
Cash and cash equivalents at end of the year (625,746,128) (384,040,297)

Cash and cash equivalents comprise of the following items:

Cash and bank balances 9 6,416,211 1,445,986
Running finances from banks 19 (632,162,339) (385,486,283)
(625,746,128) (384,040,297)

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

1 STATUS AND NATURE OF BUSINESS

1.1 Bunny's Limited ("the Legal Acquiree" or "the Economic Acquirer" or "the Company") was incorporated in Pakistan as a private
limited Company on October 22, 1980 under the repealed Companies Act 1913 (now Companies Act, 2017) and was later on
converted into a Public Listed Company. The Company is principally engaged in manufacturing of bakery and other food products.
The registered office and manufacturing facility of the Company is situated at 105/A Quaid-e-Azam Industrial Estate, Kot Lakhpat,
Lahore.

2 BASIS OF PREPARATION
2.1 Basis of measurement
These financial statements have been prepared under the historical cost convention except that the Company’s liability under
defined benefit plan (gratuity) is determined on the present value of defined benefit obligations as determined by an independent
actuary.
2.2 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:
International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) 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, the provisions of and directives
issued under the Companies Act, 2017 have been followed.

2.3 Initial application of a standard, amendment or an interpretation to an existing standard.

2.3.1 Amendments to published accounting and reporting standards which are effective for the year ended June 30, 2023
There were certain amendments to accounting and reporting standards which became effective for the Company for the current
year. However, these are considered not to be relevant or to have any significant impact on the Company’s financial reporting
and, therefore, have not been disclosed in these financial statements.

2.3.2 Standard, amendments to published accounting and reporting standards and interpretations that are not yet effective and
have not been early adopted by the Company
There is a standard and certain other amendments to accounting and reporting standards that are not yet effective and are
considered either not to be relevant or to have any significant impact on the Company’s financial statements and operations and,
therefore, have not been disclosed in these financial statements.

2.4 Functional and presentation currency

These financial statements are presented in Pakistan Rupees which is Company’s functional currency.
2.5 Use of estimates and judgments
The preparation of financial statements in conformity with the accounting and reporting standards requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s
accounting policies. Estimates and judgments are continually evaluated and are based on historic experience and other factors,
including expectation of future events that are believed to be reasonable under the circumstances. In the process of applying the
Company’s accounting policies, the management has made the following estimates and judgments which are significant to the
financial statements:
Note
- assumptions and estimates used in determining the recoverable amount, residual values and useful lives
4.1
of operating fixed assets
- assumptions and estimates used in determining lease term and incremental borrowing rate of right-of-
3.11
use assets and corresponding lease liabilities.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

Note
- assumptions and estimates used in determining the useful lives and residual values of intangible assets. 5.2
- assumptions and estimates used in determining the provision for slow moving and obsolete stores,
spares and loose tools.
- assumptions and estimates used in calculating the provision for impairment for trade debts. 7
- assumptions and estimates used in determination of deferred tax. 16.1
- assumptions and estimates used for valuation of present value of defined benefit obligation. 16.2
- assumptions and estimates used in disclosure and assessment of provision for contingencies and
21
commitments.
- assumptions and estimates used in writing down items of inventories to their net realizable value 6

- assumptions and estimates used in impairment loss of Goodwill

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation
of future events that are believed to be reasonable under the circumstances.

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.1 Property, plant and equipment and depreciation
These are stated at cost less accumulated depreciation and any identified accumulated impairment loss (if any) thereon except
freehold land and capital work in progress which are stated at cost. Currently, depreciation is charged to income applying reducing
balance method at the rates given in Note 4 to write off the cost of operating fixed assets. Depreciation on additions is charged
from the date when the assets is available for use and on deletions up to the date when the assets is deleted.

The carrying values of property, plant and equipment are reviewed at each reporting date for indications that an asset may be
impaired and carrying values may not be recovered. If any such indication exists and where the carrying value exceeds the
estimated recoverable amount, the asset or cash generating unit is written down to its recoverable amount. The recoverable
amount of property, plant and equipment is the greater of fair value less cost to sell and value in use.

Maintenance and repairs are charged to statement of profit or loss as and when incurred. Major renewals and improvements are
capitalized and the assets so replaced, if any, are written off. Gains and losses on disposal of assets, if any are included in the
profit and loss amount currently.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from
its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount of the relevant
assets. These are included in profit or loss.
3.2 Intangible assets
Intangible assets are stated at cost less accumulated amortization (for finite useful life of intangible asset) and any identified
accumulated impairment losses.

Intangible assets with infinite useful life are amortized over the estimated useful life using the reducing balance method at the
rate stated in the relevant note to the financial statements. Amortization on additions to intangible assets is charged from the
date when an asset is put to use till the asset is derecognized upon disposal or when no future economic benefits are expected
from its use or disposal.
3.3 Capital work in progress

All expenditure connected with specific assets incurred during installation and construction period are carried under capital work
in progress. These are transferred to specific assets at cost less any identified accumulated impairment losses as and when assets
are available for use.

3.4 Stores, spares and loose tools

Stores, spares and loose tools except items-in-transit, are valued at lower of moving average cost or net realizable value less
allowances for obsolete and slow moving items. Items-in-transit are valued at invoice price plus other charges incurred thereon.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

3.5 Stock-in-trade
These are valued at lower of cost and net realizable value. Cost is determined according to the following basis:
Raw material - in hand FIFO basis
- in transit At cost accumulated to statement of financial
position date
Work-in-process Weighted average basis
Finished goods Weighted average basis
Cost in relation to work-in-process and finished goods represents annual average cost which consist of prime cost and appropriate
manufacturing overheads.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimated cost necessary, if
required to be incurred in order to make such sale.
3.6 Trade and other payables
Trade and other payables are recognized initially at fair value net of directly attributable cost, if any.
3.7 Borrowings and borrowing costs
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowing costs are recognized 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, if any, are capitalized as part of the cost of that asset.

3.8 Provisions
Provision is recognized when the Company has a legal and constructive obligation as a result of past event and it is probable that
outflow of resources embodying economic benefits will be required to settle the obligation and reliable estimate can be made of
the amount of obligation. Provision is reviewed at each date of statement of financial position and adjusted to reflect current best
estimate.
3.9 Dividend to ordinary shareholders
Dividend to ordinary shareholders is recognized as a deduction form accumulated profit in the statement of changes in equity and
as a liability in the Company's financial statements in the year in which the dividends are approved by the Board of Directors or
the Company's shareholders as the case may be.
3.10 Staff retirement benefits
The Company operates approved un-funded gratuity scheme for its workers who have completed the minimum qualifying period
of service as defined under the respective scheme. Provision is made annually to cover obligations under the scheme on the basis
of actuarial valuation and is charged to statement of profit or loss.
The Company's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that
employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

Calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method.
When the calculation results in a potential asset for the Company, the recognized asset is limited to the present value of economic
benefits available in the form of any future refunds from the plan or reductions in future contribution to the plan. To calculate the
present value of economic benefits, consideration is given to any applicable minimum funding requirements.
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of the asset ceiling (if, any excluding interest), are recognized immediately in OCI. The Company
determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount
rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability
(asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions
and benefit payments. Net interest expense and other expenses related to defined benefit plan is recognized in statement of
profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or
the gain or loss on curtailment is recognized immediately in statement of profit or loss. The Company recognizes gains and losses
on the settlement of a defined benefit plan when the settlement occurs.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

3.11 Leases
a) Right of Use Assets
The right-of-use asset is measured at cost, as the amount equal to initially measured lease liability adjusted for lease prepayments
made at or before the commencement date, initial direct cost incurred less any lease incentives received.

The right-of-use asset is subsequently depreciated on reducing balance method from the date of recognition to the earlier of the
end of useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of the right-of-use assets are
determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by
the impairment losses, if any, and adjusted for certain remeasurement of the lease liability.

b) Lease Liability
The lease liability was measured upon initial recognition at the present value of the future lease payments over the lease term,
discounted with the specific incremental borrowing rate.

Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. It is remeasured when
there is a change in future lease payments arising from a change in the rate, if there is a change in the Company’s estimate of the
amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will
exercise a purchase, extension or termination option.

3.12 Revenue recognition

The Company recognizes revenue when it transfers control over goods to its customers, being when the products are delivered to
the customer and there is no unfulfilled obligation that could effect the customer’s acceptance of the product. Revenue is
recognized at an amount that reflects the consideration, to which the Company expects to be entitled in exchange for transferring
of goods to its customers net of discount and sales related indirect taxes. The sales related indirect taxes are regarded as collected
on behalf of statutory authorities. The Company generates revenue by supplying products to the customers, including export
product.
i) Revenue from sales is recognized on delivery of products to the customers.
ii) Dividend income is recognized when the right to receive dividend is established.
iii) Income on bank deposits and short term investments are recognized using the effective yield method.
3.12.1 Contract assets
Contract assets arise when the Company performs its performance obligations by transferring goods to a customer before the
customer pays its consideration or before payment is due.

3.12.2 Contract liabilities

Contract liability is the obligation of the Company to transfer goods to a customer for which the Company has received
consideration. If a customer pays consideration before the Company transfers goods, a contract liability is recognized when the
payment is made. Contract liabilities are recognized as revenue when the Company performs its performance obligations under
the contract.

3.13 Cash and cash equivalents

Cash and cash equivalents comprise running finances, cash balances and call deposits with maturities of three months or less from
the acquisition date that are subject to an insignificant risk of changes in their fair value, and are used by the Company in the
management of its short-term commitments.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

3.14 Foreign currency transactions

Foreign currency transactions are recorded at the official exchange rate applicable at the transaction date. Monetary assets and
liabilities are translated into rupees using official exchange rates applicable at the statement of financial position date. All gains
and losses on settlement and transaction at year-end are recognized in the income statement.
3.15 Financial instruments

3.15.1 Recognition and initial measurement

All financial assets or financial liabilities are initially recognized when the Company becomes a party to the contractual provisions
of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured
at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A receivable
without a significant financing component is initially measured at the transaction price.

3.15.2 Classification and subsequent measurement

Financial assets

On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income
(FVOCI) and fair value through profit or loss (FVTPL).

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for
managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period
following the change in the business model.

Amortized cost

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by
impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or
loss on derecognition is recognized in profit or loss.

Financial assets measured at amortized cost comprise of long term security deposit, cash and bank balances, trade debts, deposits
and other receivables.

Debt Instrument - FVOCI

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On
derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. There are no any asset that is measured at
FVOCI in the Company.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

Equity Instrument - FVOCI

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present
subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend
clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never
reclassified to profit or loss. The Company has no equity instruments that are measured at FVOCI.

Fair value through profit or loss (FVTPL)

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL.

On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be
measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that
would otherwise arise.

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are
recognized in profit or loss. The Company has no financial asset or financial liability measured at fair value through profit or loss
(FVTPL) at year end.
Financial assets – Business model assessment:
For the purposes of the assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is
defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding
during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as
a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the
Company considers:

- contingent events that would change the amount or timing of cash flows;
- terms that may adjust the contractual coupon rate, including variable-rate features;
- prepayment and extension features; and
- terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recoursefeatures).

Financial liabilities

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are
measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign
exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

Financial liabilities comprise long term finance, lease liabilities, trade and payable, accrued mark-up on borrowing, current portion
of long term finances and lease and short term borrowing

3.15.3 Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it
transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of
ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks
and rewards of ownership and it does not retain control of the financial asset.
The Company might enter into transactions whereby it transfers assets recognized in its statement of financial position, but
retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are
not derecognized.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The
Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On
derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid
(including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

3.15.4 Trade Debts, deposits and other receivables

These are classified at amortized cost and are initially recognized when they are originated and measured at fair value of
consideration receivable. These assets are written off when there is no reasonable expectation of recovery. Actual credit loss
experience over past years is used to base the calculation of expected credit loss.

3.15.5 Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and
only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a
net basis or to realize the asset and settle the liability simultaneously.

3.15.6 Impairment

Financial assets

The Company recognizes loss allowances for ECLs on:

- financial assets measured at amortized cost;
- debt investments measured at FVOCI; and
- contract assets.
The Company measures loss allowances at an amount equal to lifetime ECLs, except other financial assets at amortized cost
excluding trade debts for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has
not increased significantly since initial recognition., which are measured at 12-month ECLs.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
date (or a shorter period if the expected life of the instrument is less than 12 months).

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost
or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience
and informed credit assessment and including forward-looking information. The Company monitors changes in credit risk by
tracking published external credit ratings.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than past due for a
reasonable period of time. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a
financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months
after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period
considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

Loss allowances for financial assets measured at amortized cost are deducted from the Gross carrying amount of the assets.

The Gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering of a
financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and
amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery
from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order
to comply with the Company’s procedures for recovery of amounts due.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

Non-financial assets
The carrying amount of the Company’s non-financial assets, other than inventories and deferred tax assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s
recoverable amount is estimated. The recoverable amount of an asset or cash generating unit is the greater of its value in use and
its fair value less cost to sell. In assessing value in use, the estimated future cash flows are discounted to their present values using
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or
cash generating unit.

An impairment loss is recognized if the carrying amount of the assets or its cash generating unit exceeds its estimated recoverable
amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash generating units are
allocated to reduce the carrying amounts of the assets in a unit on a pro rata basis. Impairment losses recognized in prior periods
are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is
reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to that extent that the asset’s carrying amount after the reversal does not exceed the carrying amount that would have been
determined, net of depreciation and amortization, if no impairment loss had been recognized.

3.16 Taxation
Current
Provision of current tax is based on taxable income for the year determined in accordance with the prevailing law for taxation of
income. The charge for current tax is calculated using prevailing tax rates or tax rates expected to apply to the profit for the year,
if, enacted. The charge for current tax also includes adjustments, where considered necessary, to provision for tax made in
previous years arising from assessments framed during the year for such years.
Deferred
Deferred tax is accounted for using the statement of financial position liability method in respect of all taxable temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all taxable temporary
differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against
which the deductible temporary differences, unused tax losses and tax credits can be utilized. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax is calculated at the rates that are expected to apply to the period when the differences reverse, based on tax rates
that have been enacted. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income tax levied by the same tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized
simultaneously.
3.17 Goodwill and its impairment
Goodwill on merger of companies is included in ‘intangible assets’. Goodwill is tested for impairment as part of the overall
balance. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses.
Impairment losses on goodwill are not reversed. The carrying values of goodwill and intangible assets are contingent on future
cash flows and there is risk if these cash flows do not meet the company's expectations that the assets will be impaired. The
impairment reviews performed by the company contained a number of significant judgments and estimates including revenue
growth, the success of new product launches, patent expiry dates, profit margins, cash conversion, terminal values and discount
rate. Changes in these assumptions might lead to a change in the carrying value of intangible assets and goodwill.

3.18 Related party transactions

All transactions involving related parties arising in the normal course of business are conducted at arm's length at normal
commercial rates on the same terms and conditions as third party transactions using valuation modes, as admissible, except in
extremely rare circumstances where, subject to the approval of the board of directors, it is in the interest of the Company to do
so.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

3.19 Government Grants

Government grants are transfers of resources to an entity by a government entity in return for compliance with certain past or
future conditions related to the entity's operating activities - e.g. a government subsidy. The definition of "government" refers to
governments, government agencies and similar bodies, whether local, national or international.

The Company recognizes government grants when there is reasonable assurance that grants will be received and the Company
will be able to comply with conditions associated with grants.
Government grants are recognized at fair value, as deferred income, when there is reasonable assurance that the grants will be
received and the Company will be able to comply with the conditions associated with the grants.

Grants that compensate the Company for expenses incurred, are recognized on a systematic basis in the income for the year in
which the related expenses are recognized. Grants that compensate for the cost of an asset are recognized in income on a
systematic basis over the expected useful life of the related asset.

A loan is initially recognized and subsequently measured in accordance with IFRS 9. IFRS 9 requires loans at below-market rates to
be initially measured at their fair value - e.g. the present value of the expected future cash flows discounted at a market-related
interest rate. The benefit that is the government grant is measured as the difference between the fair value of the loan on initial
recognition and the amount received, which is accounted for according to the nature of the grant.

3.20 Share Capital

Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax.

3.21 Earnings per share (“EPS”)

Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the year.

Diluted EPS is calculated by adjusting basic EPS by the weighted average number of ordinary shares that would be issued on
conversion of all dilutive potential ordinary shares into ordinary shares and post-tax effect of changes in profit and loss
attributable to ordinary shareholders of the Company that would result from conversion of all dilutive potential ordinary shares
into ordinary shares.

3.22 Operating segment

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Board of Directors of the Company that makes strategic decisions.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
4 PROPERTY, PLANT AND EQUIPMENT
2023 2022
Note
-------------- Rupees --------------
Operating fixed assets 4.1 2,223,599,300 1,789,355,486
Capital work in progress 4.3 182,815,812 564,497,654
Right of use assets 275,381,279 223,104,165
2,681,796,391 2,576,957,305
4.1 Operating fixed assets (Amounts in Rupees)
Owned Assets Right-of-use Assets / Lease assets
Electric
Building on freehold Plant and Furniture and Plant and Total Assets
Land - freehold installation and Office equipment Motor vehicles Total Owned Motor vehicles
land machinery fixtures machinery
appliances
Cost
Balance as at July 01, 2022 530,000,000 649,067,053 1,190,320,808 22,996,557 22,457,693 11,741,900 186,191,391 2,612,775,402 200,000,000 74,868,300 2,887,643,702
Additions during the year - 3,033,350 589,182,977 4,392,067 1,207,006 501,000 11,209,500 609,525,900 - - 609,525,900
Disposals during the year - - - - - - (2,994,500) (2,994,500) - - (2,994,500)
Transfers during the year (54,609,078) (9,158,500) (63,767,578) 54,609,078 9,158,500 -
Balance as at June 30, 2023 530,000,000 652,100,403 1,724,894,707 27,388,624 23,664,699 12,242,900 185,247,891 3,155,539,224 254,609,078 84,026,800 3,494,175,102
Balance as at July 01, 2021 530,000,000 643,666,001 1,135,134,873 18,850,557 22,062,993 11,180,900 158,085,330 2,518,980,654 50,000,000 93,495,861 2,662,476,515
Additions during the year - 5,401,052 205,185,935 4,146,000 394,700 561,000 9,478,500 225,167,187 - - 225,167,187
Disposals during the year - - - - - - - - - - -
Transfer during the year - - (150,000,000) - - - 18,627,561 (131,372,439) 150,000,000 (18,627,561) -
Balance as at June 30, 2022 530,000,000 649,067,053 1,190,320,808 22,996,557 22,457,693 11,741,900 186,191,391 2,612,775,402 200,000,000 74,868,300 2,887,643,702
Depreciation
Balance as at July 01, 2022 - 243,625,343 465,964,224 9,740,964 17,283,919 6,258,553 80,546,913 823,419,916 18,415,664 33,348,471 875,184,051
Charge for the year - 20,284,552 56,384,259 1,412,040 1,713,221 572,147 21,168,244 101,534,462 11,127,057 9,027,533 121,689,052
Depreciation on Disposals - - - - - - (1,678,579) (1,678,579) - - (1,678,579)
Transfer during the year - - - - - - 8,664,125 8,664,125 - (8,664,125) -
Balance as at June 30, 2023 - 263,909,895 522,348,483 11,153,004.00 18,997,140 6,830,700 108,700,703 931,939,924 29,542,721 33,711,879 995,194,524
Balance as at July 01, 2021 - 222,347,684 428,878,586 8,374,082 15,170,602 5,682,350 39,046,266 719,499,570 9,096,517 39,456,949 768,053,036
Charge for the year - 21,277,659 37,085,638 1,366,882 2,113,317 576,203 24,368,081 86,787,780 9,319,147 11,024,089 107,131,016
Transfer during the year - - - - - - 17,132,567 17,132,567 - (17,132,567) -
Depreciation on disposals - - - - - - - - - - -
Balance as at June 30, 2022 - 243,625,343 465,964,224 9,740,964 17,283,919 6,258,553 80,546,913 823,419,917 18,415,664 33,348,471 875,184,052
Rate of depreciation 5% 5% 10% 30% 10% 20% 5% 20%
Net book value as at June 30, 2023 530,000,000 388,190,508 1,202,546,224 16,235,620 4,667,559 5,412,200 76,547,188 2,223,599,300 225,066,357 50,314,921 2,498,980,579

Net book value as at June 30, 2022 530,000,000 405,441,710 724,356,584 13,255,593 5,173,774 5,483,347 105,644,478 1,789,355,485 181,584,336 41,519,829 2,012,459,651
2023 2022
-------------- Rupees --------------
4.2 Depreciation charged for the year has been allocated as under:
Cost of sales 89,207,908 69,049,325
Administrative and general expenses 32,481,144 38,081,691
121,689,052 107,131,016
4.3 Capital work in progress
Opening balance 564,497,654 525,252,214
Additions during the year 128,785,396 189,245,440
Transfers (Plant and machinery) (510,467,238) (150,000,000)
Closing balance 4.4 182,815,812 564,497,654
4.4 This Capital Work in Progress relates to building
4.5 Particulars of immovable property (i.e. land and building) in the name of Company are as follows:
Location / Address Usage of immovable property Total Area (In Kanal) Appro. Covered Area (In sq. ft.)
85,86,87 &105 Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore Production unit 21.4 50,510
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
-------------- Rupees --------------
5 INTANGIBLE ASSETS Restated
Goodwill on reverse merger 5.1 - -
ERP Software 5.2 42,030 52,538
42,030 52,538
5.1 Please see note 35.
5.2 ERP SOFTWARE

Cost 375,000 375,000

Accumulated amortization (332,970) (322,462)
42,030 52,538
Amortization rate 20% 20%
6 STOCK-IN-TRADE
Raw materials 348,588,621 333,851,649
Packing materials 186,567,205 125,965,965
Work-in-process 9,538,146 6,556,901
Finished goods 45,469,055 22,792,075
590,163,027 489,166,590
7 TRADE DEBTS - UNSECURED
Considered good 483,540,377 411,896,648
483,540,377 411,896,648
8 ADVANCES, DEPOSITS AND PREPAYMENTS
Advances to staff against salary-Unsecured 54,639,049 35,853,145
Advances to suppliers 214,256,442 186,282,977
Bank guarantee margin 966,597 966,597
Prepaid expenses 3,364,524 2,125,282
273,226,612 225,228,001
9 CASH AND BANK BALANCES
Cash in hand 51,674 1,248,210
Cash at bank (current accounts) 10,333,191 6,253,357
Book overdraft (3,968,654) (6,055,581)
6,416,211 1,445,986
10 ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL

2023 2022 2023 2022

Number of shares -------------- Rupees --------------

2,159,586 2,159,586 Ordinary shares of Rs.10/- each fully paid in cash. 21,595,860 21,595,860

49,229,083 49,229,083 Ordinary shares of Rs. 10/- each issued to the shareholders of 492,290,830 492,290,830
economic acquirer as per the approved scheme of arrangement
otherwise than cash.
15,416,601 15,416,601 Fully Paid Bonus shares issued during the year 154,166,010 154,166,010
66,805,270 66,805,270 668,052,700 668,052,700

10.1 The ordinary share holders are entitled to receive all distributions including dividends and other entitlements in the form of bonus and right shares,
as and when declared by the Company. All shares carry one vote per share without restriction.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
-------------- Rupees --------------
Note
11 SHARE PREMIUM
Share premium 11.1 49,713,670 49,713,670
49,713,670 49,713,670
11.1 Share Premium Reserve can be utilized by the Company only for the purposes specified in Section 81 of the Companies Act, 2017.

12 LONG TERM FINANCES - SECURED

Samba Bank Limited - SBP Salary Refinance Scheme 12.1 - 61,224,724
Samba Bank Limited - Term Finance 12.2 111,255,036 132,467,680
PAIR Investment Company Limited - Term Finance - I 12.3 29,055,565 63,888,890
PAIR Investment Company Limited - Term Finance - II 12.4 132,000,000 144,000,000
Orix Leasing Pakistan Limited - Sale And Leaseback - I 12.5 - 4,245,171
Orix Leasing Pakistan Limited - Sale And Leaseback - II 12.5 - 1,840,780
Pak Libya Holding Company (Private) Limited - SBP TERF 12.6 168,879,311 167,240,000
First Habib Modaraba- Diminishing Musharika 12.7 40,670,309 53,741,942
481,860,221 628,649,187
Less: current portion shown under current liabilities (123,914,905) (174,244,218)
Less: Deferred grant 12.1 (39,782,564) (15,281,243)
318,162,752 439,123,726

12.1 The loan has been fully paid during the year
12.2 The company has obtained this term finance facility from Samba Bank Limited for the import of plant and machinery through import Letter of
Credit. The tenor of this term finance is 5 years with 1 year grace period. This facility carries markup @ 3 month KIBOR + 2.25% payable on quarterly
basis. The principal is repayable in 16 quarterly installments with last installment payable on January, 2027. The facility is secured against first pari
passu charge on present and future fixed assets of the company and personal guarantees of sponsoring directors and chief executive of the
company.
12.3 This long term loan carries markup at the rate of 6 month KIBOR + 2.25% with a sanction limit of Rs. 150 million. The principal and markup are
payable on monthly basis after six months grace period with last installment payable in October, 2023. This facility is secured against first pari passu
charges on present and future fixed assets of the company.

12.4 The company has obtained this facility to support expansion plan by providing permanent working capital. Tenor of this facility is 6 years with 6
months grace period. The facility carries markup @ 3 month KIBOR + 2.25% payable on quarterly basis. The principal is repayable in quarterly
installments with last installment payable in March, 2027. The facility is secured against pari passu charge over present and future fixed assets of
the company and personal guarantees of the directors and chief executive of the company.

12.5 The facility has been fully paid during the year.
12.6 This facility of long term loan has been obtained for the purchase of fully automated bun and burger line under State Bank Temporary Economic
Refinance Facility (TERF). This carries markup at the rate of 5% per annum. Total tenor of the loan is 10 years including two years grace period. The
principal and markup is repayable in quarterly installments with last installment payable in July, 2030. The loan is secured against fixed assets of the
company.
Government grant amounting to Rs. 39,782,564 has been recorded during the year ended 30 June 2023 and Rs. 4,722,158 million has been
amortized during the year.
2023 2022
Loan amount 168,879,311 -
Effect of deferred grant (7,245,970) -
Net amount payable 161,633,341 -

12.7 That was sale and leaseback arrangement from First Habib Modaraba. The Sale and Leaseback does not meet the criteria of sale under IFRS-15, and
hence this arrangement was classified as Financing Arrangement under IFRS 9. This facility carries markup @ 6 month KIBOR + 2%.
BUNNY'S LIMITED
ThatFINANCIAL
NOTES TO THE was sale and leaseback arrangement from First Habib Modaraba. The Sale and Leaseback does not meet the criteria of sale under IFRS-15, and
STATEMENTS
hence
FOR THE YEAR this arrangement
ENDED was classified as Financing Arrangement under IFRS 9. This facility carries markup @ 6 month KIBOR + 2%.
JUNE 30, 2023

2023 2022
Note
-------------- Rupees --------------
13 Deferred grant
As at 01 July - 15,281,243
Received during the year 39,782,564 -
Amortization (4,722,158) (10,974,181)
35,060,406 4,307,062
Current portion (4,735,095) (4,307,062)
As at 30 June 30,325,311 -
14 LEASE LIABILITIES
The amount of future minimum lease payments along with their present value and the period during which they fall due are as under:

2023 2022
Note
-------------- Rupees --------------
Analyzed as:
Non current 32,820,436 59,294,227
Current 75,504,859 55,730,690
108,325,295 115,024,917
14.1 Maturity analysis
Year 1 75,504,859 55,730,690
Year 2 28,448,907 51,396,513
Year 3 3,573,176 6,455,389
Year 4 798,353 1,442,325
Year 5 - -
Onwards - -
108,325,295 115,024,917
14.2 The company does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the company’s treasury
function.
14.3 The Company entered into lease agreements with financial institutions to acquire vehicles. The liabilities under the lease agreements are payable
in equal monthly installments and are subject to finance charges at the rates ranging from 3 months KIBOR + 2% to 5% (June 30, 2022 : 6 months
KIBOR + 2.5% to 3.95%). The lease liabilities are secured against security deposits, post dated cheques, personal guarantee of all the directors of the
Company and also secured against financed vehicles.
2023 2022
-------------- Rupees --------------
14.4 Amounts recognized in profit and loss
Depreciation expense on right-of-use assets 20,154,590 20,343,236
Unwinding of lease liabilities 22,693,370 13,077,219
42,847,960 33,420,455
14.5 The total cash outflow for leases amount to Rs. 132.228 million from the date of inception till April, 2027.
15 LONG TERM ADVANCES - UNSECURED
From contractors against recovery of sales proceeds 9,611,323 9,630,423
9,611,323 9,630,423
16 DEFERRED LIABILITIES
Deferred taxation 16.1 196,606,273 204,970,442
Staff retirement benefits - gratuity 16.2 71,905,445 58,490,218
268,511,718 263,460,660
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
16.1 Deferred taxation -------------- Rupees --------------
Opening deferred tax liability 204,970,442 216,684,498

Deferred tax charged / (reversal) to profit or loss

Accelerated tax depreciation 43,293,033 (12,751,533)
Liabilities against assets subject to finance lease 17,103,253 18,555,728
Sales and lease back 5,555,699 7,650,051
Intangible assets (3,047) (3,808)
Unused tax losses / credits (70,422,692) (21,235,601)
Employees' retirement benefits 75,817 (956,273)
Deferred tax reversal to other comprehensive income
Employees' retirement benefits (3,966,233) (2,972,620)

(8,364,169) (11,714,056)
16.1.1 196,606,273 204,970,442
16.1.1 Deferred taxation liability

taxable temporary differences:

- accelerated tax depreciation 272,694,347 229,401,314
- liabilities against assets subject to finance lease 48,446,235 31,342,982
- intangible assets 12,189 15,236
321,152,771 260,759,532
deductible temporary differences:
- unused tax losses / credits 91,899,530 21,476,838
- Sales and Lease Back 11,794,390 17,350,089
- employees' retirement benefits 20,852,579 16,962,163
124,546,499 55,789,090
196,606,273 204,970,442
16.2 STAFF RETIREMENT BENEFITS - GRATUITY
The latest actuarial valuation of gratuity was carried out as at June 30, 2023 under the projected unit credit method as per the requirements of
approved accounting standards - International Accounting Standard 19, the details of which are as follows:

2023 2022
Note
-------------- Rupees --------------

Present value of Defined Benefits Obligations as at 30 June 71,905,445 58,490,218

The movement in defined benefit obligation is as follows:
As at 01 July 58,490,218 44,942,310

Current service cost 13,073,424 9,335,422

Interest cost 6,439,877 3,992,700
Amount recognized in profit and loss 19,513,301 13,328,122
Benefits paid (19,774,741) (10,030,627)
Actuarial losses 13,676,667 10,250,413
As at 30 June 71,905,445 58,490,218
Amount charged to profit and loss
Current service cost 13,073,424 9,335,422
Interest cost 6,439,877 3,992,700
19,513,301 13,328,122
Amount charged to Other Comprehensive Income
Actuarial losses 13,676,667 10,250,413

Reconciliation of Defined Benefits Liability

As at 01 July 58,490,218 44,942,310
Amount charged to profit and loss 19,513,301 13,328,122
Amount charged to Other Comprehensive Income 13,676,667 10,250,413
Benefits paid (19,774,741) (10,030,627)
71,905,445 58,490,218
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
-------------- Rupees --------------
16.2.1 Principal actuarial assumptions used in the actuarial valuations
Financial assumptions
Discount rate used for year end obligation 16.25% 13.25%
Expected rate of increase in salary 13.25% 10.25%
Demographic Assumptions
Mortality rate SLIC (2001-05) SLIC (2001-05)
16.2.2 Sensitivity analysis for actuarial assumptions
The calculation of defined benefit obligation is sensitive to the following assumptions. The below information summarized how the defined benefit
obligation at the end of the reporting period would have been increased/(decreased) as a result of change in respective assumptions by 100 basis
points.
Increase in Decrease in
assumptions assumptions

Discount rate 69,100,568 74,825,175

Increase in future salaries 74,824,175 69,099,719

2023 2022
Note
-------------- Rupees --------------
16.2.3 Allocation of expense to profit and loss account has been made as follows:
Cost of sales 4,325,130 2,633,204
Administrative and general 9,642,607 6,619,490
Selling and distribution 5,545,564 4,075,428
19,513,301 13,328,122
17 TRADE AND OTHER PAYABLES
Trade Creditors - unsecured 262,248,402 184,010,461
Accrued expenses 17.1 111,538,259 85,755,639
Bills payable - secured 66,289,760 119,871,331
Workers' welfare fund 45,524 2,387,978
Workers' profit participation fund 17.2 9,974,508 8,239,959
450,096,453 400,265,368
17.1 This includes salary payable to director amounting to Rs. 1.5 million (2022: 1.5 million)
17.2 Workers' (profit) participation fund
As at 01 July 8,239,959 12,442,572
Allocation for the period 9,974,508 8,239,959
18,214,467 20,682,531
Less: Payment made during the period (8,239,959) (12,442,572)
As at 30 June 9,974,508 8,239,959
18 ACCRUED MARK-UP ON SECURED LOANS
Long term finances 19,154,995 17,900,960
Short term borrowings 27,871,728 11,992,518
47,026,723 29,893,478
19 SHORT TERM BORROWINGS
Running finance 19.1 521,822,339 349,654,802
Finance Against Trust Receipt (FATR) 110,340,000 35,831,481
632,162,339 385,486,283
19.1 Running Finance facilities has been obtained form different banks to meet the working capital requirements which carries markup at the rate of 3
month KIBOR + 2.5% (2022: 3 month KIBOR plus 2.25%) and is secured against ranking and first pari passu charges on present and future current
assets of the company amounting.
19.2 These facilities are available as sub limit of letters of credit from Samba Bank Limited amounting to Rs. 85 million (2022: Rs. 50 million), carry mark
up at 3 months KIBOR plus 2.5% per annum (2022: 3 months KIBOR plus 2.25% per annum) and as sub limit of letters of credit from First Women
Bank Limited amounting to Rs. 50 million (2022: Nil), carry markup at the rate of 3 month KIBOR plus 2.25% per annum. The amount utilized as at 30
June 2023 is Rs. 60.51 million (2022: 35.83 million) and Rs. 49.83 million (2022: Nil) from Samba Bank Limited and First Women Bank Limited
respectively.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
20 PROVISION FOR TAXATION - NET 2023 2022
-------------- Rupees --------------
Opening Balance 53,092,932 40,113,180
Provision for the year 71,082,783 34,928,089
Paid during the year (36,062,256) (21,948,337)
Closing Balance 88,113,459 53,092,932

21 CONTINGENCIES AND COMMITMENTS

21.1 Letter of guarantee amounting to Rs 2.552 million (2022: Rs.2.552 million) has been issued in favor of Sui Northern Gas Pipeline Limited. There are
no other known contingencies as at balance sheet date.
21.2 There are no major commitments outstanding as at balance sheet date.
2023 2022
-------------- Rupees --------------
22 REVENUE - NET
Gross Revenue 6,212,215,629 4,927,026,470
Trade Discounts (376,512,120) (277,934,895)
Sales tax (149,080,870) (180,188,978)
5,686,622,639 4,468,902,597
22.1 Revenue has been recognized at a point in time for local sales made during the year.

22.2 During the year the Company has recognized revenue, amounting to Rs. 19.160 million out of contract liability as at 01 July 2022.
2023 2022
Note
-------------- Rupees --------------
23 COST OF SALES
Raw materials consumed
Opening Inventory 333,851,649 260,568,890
Purchases 3,088,300,802 2,512,141,939
Closing Inventory (348,588,621) (333,851,649)
3,073,563,830 2,438,859,180
Packing material consumed
Opening inventory 125,965,965 85,452,681
Purchases 464,337,730 349,764,835
Closing Inventory (186,567,205) (125,965,965)
403,736,490 309,251,551
Wages and salaries 23.1 406,047,307 341,467,571
Fuel and power 309,868,291 260,650,684
Repair and maintenance 54,460,763 48,443,612
Other indirect expenses 9,771,126 11,912,314
Insurance 5,411,799 3,846,481
Depreciation 4.2 89,207,908 69,049,325
874,767,194 735,369,987

Manufacturing cost 4,352,067,514 3,483,480,718

Work-in-process
Opening balance 6,556,901 1,575,632
Closing balance (9,538,146) (6,556,901)
(2,981,245) (4,981,269)
Finished goods
Opening balance 22,792,075 15,389,210
Purchases 482,051 7,149,347
Closing balance (45,469,055) (22,792,075)
(22,194,929) (253,518)
Cost of sales 4,326,891,340 3,478,245,931
23.1 These include staff retirement benefits amounting to Rs. 4,325,130 (2022: Rs. 2,633,204).
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
-------------- Rupees --------------
24 ADMINISTRATIVE AND GENERAL
Directors' remuneration 25,052,509 22,728,228
Salaries and benefits 24.1 86,325,229 89,866,902
Printing and stationery 8,929,951 6,254,380
Traveling and conveyance 8,873,662 2,034,630
Telephone, postage and telegram 5,725,974 5,870,601
Fee and subscription 11,637,011 9,831,145
Vehicle running, maintenance and insurance 41,091,188 17,799,718
Rent, rates and taxes 362,204 1,247,831
Insurance 4,378,360 8,257,504
Entertainment 13,488,521 10,447,893
Repair and maintenance 895,160 858,565
Charity and donation 24.2 994,599 1,584,120
Legal and professional 9,600 167,000
Auditors' remuneration 24.3 1,650,000 1,500,000
Newspaper and periodicals 15,475 120,466
Depreciation 4.2 32,481,144 38,081,691
Amortization of intangible assets 10,508 13,134
Miscellaneous expenses 5,953,661 3,975,017
247,874,756 220,638,825
24.1 These include staff retirement benefits amounting to Rs. 9,642,607 (2022: Rs. 6,619,490)
24.2 None of the directors or their spouses had any interest in the donee. No donation exceeding Rs. 1,000,000 has been paid to a single institute during
the year.
2023 2022
Note
-------------- Rupees --------------
24.3 Auditors' remuneration
Audit fee 1,150,000 1,000,000
Half year review 350,000 350,000
Others 150,000 150,000
1,650,000 1,500,000
25 SELLING AND DISTRIBUTION
Salaries and benefits 25.1 64,054,495 55,022,474
Commission and other sales incentives 224,561,579 143,779,460
Vehicle running and maintenance 385,760,696 255,544,001
Advertisement 8,981,714 27,571,815
Sales promotion expenses 20,755,485 12,277,191
704,113,968 494,194,941
25.1 These include staff retirement benefits amounting to Rs. 5,545,564 (2022: Rs. 4,075,428)
26 OTHER OPERATING EXPENSES
Workers' welfare fund 45,524 2,387,978
Workers' profit participation fund 17.2 9,974,508 8,239,959
Loss on sale of fixed assets 310,221 -
10,330,253 10,627,937
27 OTHER INCOME
Amortization of deferred grant 13 9,029,220 10,974,181
9,029,220 10,974,181
28 FINANCE COST
Mark up on:
-Long term finances 88,452,093 53,392,226
-Short term finances 91,249,643 36,972,055
Unwinding of lease liabilities 22,693,370 13,077,219
Bank charges and others 5,857,306 7,582,210
208,252,412 111,023,710
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
2023 2022
Note
-------------- Rupees --------------
29 TAXATION
Current tax expense 71,082,783 34,928,089
Deferred tax (reversal) / expense (4,397,936) (8,741,436)
66,684,847 26,186,653

30 EARNING PER SHARE - BASIC & DILUTIVE

Net profit after taxation Rupees 131,504,283 138,958,781

Weighted average number of shares outstanding during the 66,805,270 66,805,270
Numbers
year
Earning per share - basic & dilutive Rupees 1.97 2.08

31 CASH GENERATED FROM OPERATIONS

Profit before taxation 198,189,130 165,145,433
Adjustments for:
Depreciation 121,689,052 107,131,016
Finance cost 208,252,412 111,023,710
Provision for workers' profit participation fund 9,974,508 8,239,959
Provision for workers' welfare fund 45,524 2,387,978
Provision for gratuity 19,513,301 13,328,122
Amortization of deferred grant (9,029,220) (10,974,181)
Amortization of intangible assets 10,508 13,134
Loss on disposal of fixed assets 310,221 -
350,766,305 231,149,739
Operating profit before working capital changes 548,955,435 396,295,172
Changes in working capital
(Increase)/ decrease in current assets:
Stores, spares and loose tools 2,387,963 944,888
Stock-in-trade (100,996,437) (126,180,177)
Trade debts - unsecured (71,643,729) (69,565,899)
Advances, deposits and prepayments (47,998,611) (51,661,144)
Decrease in current liabilities
Trade and other payables 50,438,990 210,453,295
Contract liability 4,220,463 1,464,266
(163,591,361) (34,544,771)
Cash generated from operations 385,364,074 361,750,401

32 FINANCIAL RISK MANAGEMENT

The Company has exposure to the following risks arising from financial instruments:
- credit risk
- liquidity risk
- market risk

Risk management framework

The Company's Board of Directors ("the Board") has overall responsibility for establishment and oversight of the Company's risk management
framework. The Board is responsible for developing and monitoring the Company’s risk management policies.

The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to develop a
disciplined and constructive control environment in which all employees understand their roles and obligations. The Board of Directors reviews and
agrees upon the policies for managing each of these risks.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

The Company's audit committee oversees how management monitors compliance with the Company’s risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. Audit committee is assisted in its
oversight role by internal audit department. Internal audit department undertakes both regular and ad hoc reviews of risk management controls
and procedures, the results of which are reported to the audit committee.

32.1 Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
To manage credit risk the Company maintains procedures covering the application for credit approvals, granting and renewal of counterparty limits
and monitoring of exposures against these limits. As part of these processes the financial viability of all counterparties is regularly monitored and
assessed.

32.1.1 Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at the end of the
reporting period was as follows:
2023 2022
Note
-------------- Rupees --------------
At Amortized Cost
Advances and long term security deposit 68,125,587 44,918,683
Trade debts 483,540,377 411,896,648
Other receivable 55,605,646 36,819,742
Bank balances 10,333,191 6,253,357
617,604,801 499,888,430
32.1.2 Concentration of credit risk
The Company identifies concentrations of credit risk by reference to type of counter party. Maximum exposure to credit risk by type of counterparty
is as follows:

Customers 483,540,377 411,896,648

Banking companies 10,333,191 6,253,357
Others 123,731,233 81,738,425
617,604,801 499,888,430
32.1.3 Credit quality and impairment

Credit quality of financial assets is assessed by reference to external credit ratings, where available, or to historical information about counterparty
default rates. All counterparties, with the exception of customers, have external credit ratings determined by various credit rating agencies. Credit
quality of customers is assessed by reference to historical defaults rates and present ages.

32.1.3(a) Counterparties with external credit ratings

These include banking companies and financial institutions, which are counterparties are bank balances. These counterparties have reasonably high
credit ratings as determined by various credit rating agencies. Due to long standing business relationships with these counterparties and considering
their strong financial standing, management does not expect non-performance by these counterparties on their obligations to the Company.
Following are the credit ratings of counterparties with external credit ratings:

Rating 2023 2022

Bank Short term Long term Rating agency Rupees Rupees

Allied Bank Limited A1+ AAA PACRA 14,742 6,013,624

Bank Islamic Limited A1 A+ PACRA 46,129 46,129
Bank Al-Habib A1+ AAA PACRA 4,221,056 132,195
Metropolitan Bank Limited A-1+ AA+ PACRA 5,000 5,000
Meezan Bank Limited A1+ AAA VIS 32,075 56,409
The Bank of Khyber 14,189 -
PAIR Investment Bank Limited 6,000,000 -
10,333,191 6,253,357

Bank guarantee margin

Bank Al-Habib A1+ AAA PACRA 966,597 966,597
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023

32.1.3(b) Counterparties without external credit ratings

These include customers which are counter parties to trade debts. The Company is exposed to credit risk in respect of trade debts. The analysis of
ages of trade debts of the Company as at the reporting date is as follows:

2023 2022
Note
-------------- Rupees --------------
Past due 1 - 30 Days 193,666,146 171,225,939
Past due 31 - 60 Days 245,322,278 199,676,236
Past due 61 - 120 Days 14,867,420 11,352,092
Past due above 121 Days 29,684,533 29,642,381
483,540,377 411,896,648
Management believes that no impairment allowance is necessary in respect of trade debts past due as some receivables have been recovered
subsequent to the year end and for other receivables there are reasonable grounds to believe that the amounts will be recovered in short course of
time.

32.2 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled
by delivering cash or another financial asset, or that such obligations will have to be settled in a manner unfavorable to the Company. Prudent
liquidity risk management implies maintaining sufficient cash and marketable securities and availability of adequate funds through committed
credit facilities. The Company finances its operations through equity, borrowings and working capital with a view to maintaining an appropriate mix
between various sources of finance to minimize risk. The management aims to maintain flexibility in funding by keeping regular committed credit
lines.

32.2.1 Exposure to liquidity risk

32.2.1 (a) Contractual maturities of financial liabilities, including estimated interest payments
The following are the remaining contractual maturities at the reporting date. The amounts are grossed and undiscounted, and include estimated
interest payments and exclude the impact of netting agreements.
2023
Carrying Contractual One year One to Three to More than five
amount cash flows or less three years five years years
----------------------------------------------------------------- Rupees -----------------------------------------------------------------
Non-derivative financial liabilities
Long term finance 12 481,860,221 668,018,292 200,238,260 387,318,581 70,297,926 10,163,525
Lease liability 14 108,325,295 132,225,946 92,163,834 40,062,112 - -
Short term borrowing 19 632,162,339 632,162,339 632,162,339 - - -
Accrued mark-up 18 47,026,723 47,026,723 47,026,723 - - -
Trade and other payable 17 440,076,421 440,076,421 440,076,421 - - -
Unclaimed dividend 765,699 765,699 765,699 - - -
1,710,216,698 1,920,275,420 1,412,433,276 427,380,693 70,297,926 10,163,525

2022
Carrying Contractual One year One to Three to More than five
amount cash flows or less three years five years years
----------------------------------------------------------------- Rupees -----------------------------------------------------------------
Non-derivative financial liabilities
Long term finance 12 628,649,187 827,550,590 245,939,357 428,986,040 122,874,143 29,751,050
Lease liability 14 59,294,227 80,246,240 65,882,869 14,363,371 - -
Short term borrowing 19 385,486,283 385,486,283 385,486,283 - - -
Accrued mark-up 18 29,893,478 29,893,478 29,893,478 - - -
Trade and other payable 17 389,637,431 389,637,431 389,637,431 - - -
Unclaimed dividend 765,699 765,699 765,699 - - -
1,493,726,305 1,713,579,721 1,117,605,117 443,349,411 122,874,143 29,751,050
32.3 Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimizing return.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
32.3.1 Currency risk
The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which advances, sales and purchases and
bank balances are denominated and the respective functional currency of the Company. The functional currency of the Company is Pak Rupee. The
Company is not exposed to currency risk.
32.3.2 Interest rate risk
Interest rate risk is the risk that fair values or future cash flows of a financial instrument will fluctuate because of changes in interest rates.
Sensitivity to interest rate risk arises from mismatch of financial assets and financial liabilities that mature or re-price in a given period.
32.3.2 (a) Mark-up bearing financial instruments

The effective interest / mark-up rates for interest / mark-up bearing financial instruments are mentioned in relevant notes to the financial
statements. The Company's interest / mark-up bearing financial instruments as at the reporting date are as follows:
Financial liability
2023 2022
-------------- Rupees --------------
Fixed rate instruments 168,879,311 228,464,724
Variable rate instruments 1,053,468,544 844,964,973
1,222,347,855 1,073,429,697
32.3.2 (b) Cash flow sensitivity analysis for variable rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / (decreased) equity and profit by
amounts shown below. The analysis assumes that all other variables, in particular foreign exchange rates, remain constant.
Effect on profit before taxation
2023 2022
-------------- Rupees --------------
Increase of 100 basis points (10,534,685) (8,449,650)
Decrease of 100 basis points 10,534,685 8,449,650
32.3.2 (c) Interest rate risk management
The Company manages these mismatches through risk management strategies where significant changes in gap position can be adjusted. The
Company's borrowings are based on variable rate pricing that is mostly dependent on Karachi Inter Bank Offer Rate ("KIBOR") as indicated in
respective notes.
32.3.3 Price risk
Price risk represents the risk that the fair value or future cash flows of financial instrument will fluctuate because of changes in market prices, other
than those arising from interest rate risk or currency risk, whether those changes are caused by factors specific to the individual financial instrument
or its issuer, or factors affecting all similar financial instruments trading in market. The Company is not exposed to any price risk.
33 Capital management
The Board’s policy is to maintain an efficient capital base so as to maintain investor, creditor and market confidence and to sustain the future
development of its business. The Board of Directors monitors the return on capital employed, which the Company defines as operating income
divided by total capital employed. The Board of Directors also monitors the level of dividends to ordinary shareholders.

The Company’s objectives when managing capital are:

- to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other
- to provide an adequate return to shareholders.
The Company manages the capital structure in the context of economic conditions and the risk characteristics of the underlying assets. In order to
maintain or adjust the capital structure, the Company may, for example, adjust the amount of dividends paid to shareholders, issue new shares, or
sell assets to reduce debt.

There were no changes in the Company’s approach to capital management during the year. The Company is not subject to externally imposed
capital requirements.
2023 2022
-------------- Rupees --------------
Restated
Debt 1,187,300,386 1,118,186,206
Total Equity 1,955,503,882 1,833,710,033
Total Capital 3,142,804,268 2,951,896,239
Gearing Ratio 37.78% 37.88%
There were no changes in the Company’s approach to capital management during the year.
34 Fair value of financial instruments

34.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets
held by the Company is current bid price.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent
actual and regularly occurring market transactions on an arm's length basis.

IFRS 13, 'Fair Value Measurements' requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (level 1).

- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (level 2).
- Unobservable inputs for the asset or liability (level 3).

The following table shows the carrying amounts and fair values of financial instruments and non-financial instruments including their levels in the fair value hierarchy:

Carrying Amount Fair Value

Fair value
through other Fair value Financial Assets
comprehensive through profit at amortized Other financial
income and loss cost liabilities Total Level 1 Level 2 Level 3
On-Balance sheet financial instruments Note - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - -------------- Rupees --------------

30 June 2023

Financial assets measured at fair value - - - - - - - -

- - - - - - - -

Financial assets at amortized cost

Advances and long term security deposit - - 68,125,587 - 68,125,587 - - -

Trade debts - - 483,540,377 - 483,540,377 - - -
Other receivable - - 55,605,646 - 55,605,646 - - -
Cash and bank balances - - 6,416,211 - 6,416,211 - - -
34.2 - - 613,687,821 - 613,687,821 - - -

Financial liabilities measured at fair value - - - - - - - -

- - - - - - - -

Financial liabilities measured at amortized cost

Long term finance - - - 481,860,221 481,860,221 - - -
Lease liability - - - 108,325,295 108,325,295 - - -
Short term borrowing - - - 632,162,339 632,162,339 - - -
Accrued mark-up - - - 47,026,723 47,026,723 - - -
Trade and other payable - - - 440,076,421 440,076,421 - - -
Unclaimed dividend - - - 765,699 765,699 - - -
34.2 - - - 1,710,216,698 1,710,216,698 - - -
 Carrying Amount Fair Value
Fair value
through other Fair value Financial Assets
comprehensive through profit at amortized Other financial
income and loss cost liabilities Total Level 1 Level 2 Level 3
Note - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - -------------- Rupees --------------
On-Balance sheet financial instruments

30 June 2022

Financial assets measured at fair value - - - - - - - -

- - - - - - - -

Financial assets not measured at fair value

Long term security deposit - - 44,918,683 - 44,918,683 - - -

Trade debts - - 411,896,648 - 411,896,648 - - -
Other receivable - - 36,819,742 - 36,819,742 - - -
Cash and bank balances - - 1,445,986 - 1,445,986 - - -
34.2 - - 495,081,059 - 495,081,059 - - -

Financial liabilities measured at fair value - - - - - - -

- - - - - - - -

Financial liabilities not measured at fair value

Long term finance - - - 628,649,187 628,649,187 - - -

Lease liability - - - 59,294,227 59,294,227 - - -
Short term borrowing - - - 385,486,283 385,486,283 - - -
Accrued mark-up - - - 29,893,478 29,893,478 - - -
Trade and other payable - - - 389,637,431 389,637,431 - - -
Unclaimed dividend - - - 765,699 765,699 - - -
34.2 - - - 1,493,726,305 1,493,726,305 - - -

34.2 Fair value versus carrying amounts

The Company has not disclosed the fair values of these financial assets and liabilities as these are for short term or repriced over short term. Therefore, their carrying amounts are reasonable approximation of fair value.
35 Rectification of prior period error
In 2016 a scheme of arrangement was approved by the Honorable Lahore High Court, whereby the entire undertaking of
Bunny's Limited ("the Legal Acquiree" or "the Accounting Acquirer") including property, assets, liabilities and its rights and
obligations have been vested in Moonlite (PAK) Limited ("the Legal Acquirer" or "the Accounting Acquiree").
In consideration for the merger, Moonlite (PAK) Limited has to issue and allot 49,229,083 fully paid ordinary shares of Rs. 10
each to the registered holders of ordinary shares of Bunny's Limited in the ratio of 1 ordinary share of the Legal Acquirer for 1
ordinary share of Legal Acquiree. The merger had identified and recognized in financial statements as a transaction of
'reverse acquisition' resulting in the recognition of goodwill.
According to IFRS 03 - Business Combinations, Moonlite (PAK) Limited must meet the definition of a business for the
transaction to be accounted for as a reverse acquisition. At the time of merger, Moonlite (PAK) Limited did not have any input
or processes at the time of merger as the company neither had any tangible assets nor any production staff and hence it did
not have the capability to create output. Furthermore, the company was undergoing a liquidation process. Therefore,
Moonlite (PAK) Limited did not meet the criteria to be classified as business under IFRS 03 - Business Combination for reverse
acquisition.
The IFRIC update from the IFRS Interpretations Committee in March 2013 further explains the accounting treatment when
the Accounting Acquiree does not meet the definition of the business under IFRS 03 - Business Combination. In such cases,
the difference between the fair value of the shares deemed to have been issued by the Accounting Acquirer and the fair value
of the Accounting Acquiree's identifiable net assets represents a service received by the Accounting Acquirer and needs to be
expensed out. As a result, the difference between the fair value of the shares issued by Bunny's Limited and the fair value of
the Moonlite (PAK) Limited's identifiable net assets represents the service received by the Bunny's Limited for stock exchange
listing of it's shares, which needs to be expensed out. Consequently, the recognition of goodwill on reverse merger is
considered as error, which have now been corrected by restating the comparative figures. This correction has been applied
retrospectively as per the requirements of IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. The effect
on prior periods is tabulated below:
Restated
2022
Reported Effect of prior
Reported now
previously period error
------------- Rupees -------------
Statement of Financial Position
Intangible assets 70,225,828 (70,173,290) 52,538
Statement Of Changes In Equity
Revenue Reserve 1,186,116,953 (70,173,290) 1,115,943,663
Restated
2021
Reported Effect of prior
Reported now
previously period error
------------- Rupees -------------
Statement of Financial Position
Intangible assets 70,238,962 (70,173,290) 65,672
Statement Of Changes In Equity
Revenue Reserve 1,054,435,965 (70,173,290) 984,262,675
36 REMUNERATION OF DIRECTORS, CHIEF EXECUTIVE AND EXECUTIVES

2023
Executive Non-Executive
Chief Executive Executives
Director Director
Managerial remuneration 22,728,228 - - 70,425,660

No. of persons 1 1 6 24

2022

Executive Non-Executive
Chief Executive Executives
Director Director

Managerial remuneration 22,728,228 - - 53,857,056

No. of persons 1 1 6 22
36.1 The chief executive and executive director are provided with Company maintained cars in accordance with their terms of
employment.

36.2 No meeting fee has been paid to any director of the Company during the year (June 30, 2022: Nil).

37 TRANSACTION WITH ASSOCIATED UNDERTAKINGS

The related parties comprise associated undertakings, other related companies and key management personnel. The
Company in the normal course of business carried out transactions with related parties. Detail of transactions with key
management personnel are disclosed in Note 36. Balances of related parties if any are shown in the relevant notes. There are
no other significant related party transactions.
2023 2022
Number of Employees
38 NUMBER OF EMPLOYEES
Average number of employees during the year 724 724
Total number of employees at year end 758 758

39 OPERATING SEGMENT

The Company's chief decision maker reviews the Company's performance on single segment accordingly the financial
information has been prepared on basis of single reportable segment.

39.1 Revenue from sale of bakery and snacks items represent 85% and 15% of total revenue of the Company respectively.

39.2 All of the Company sales are local.

39.3 All assets of the Company as at 30 June 2023 are located in Pakistan.

40 PRODUCTION CAPACITY
2023 2023 2022 2022
Maximum Actual Maximum Actual
Capacity Production Capacity Production

All units in Metric Tons

- Bakery Division 13,500 12,550 13,500 12,400
- Snacks Division 1,800 915 1,800 925

40.1 Actual production in snacks division is lesser due to lower demand.

41 RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES

2023
Long term Leases Dividend Payable Total
finances

As at 01 July 628,649,187 115,024,917 765,699 744,439,803

Changes from financing activities

Repayment during the year (138,753,693) (50,766,155) - (189,519,848)
Disbursement of long term finances - - - -
Addition of new leases - 44,066,533 - 44,066,533
(138,753,693) (6,699,622) - (145,453,314)
Effect of deferred grant (8,035,273) - - (8,035,273)
As at 30 June 481,860,221 108,325,295 765,699 590,951,215
 2022
Long term Leases Dividend Payable Total
finances

As at 01 July 754,570,859 50,848,417 765,699 806,184,975

Changes from financing activities

Repayment during the year (177,379,490) (38,857,720) - (216,237,210)
Disbursement of long term finances 48,828,315 - - 48,828,315
Addition of new leases - 103,034,220 - 103,034,220
(128,551,175) 64,176,500 - (64,374,675)
Effect of deferred grant 2,629,502 - - 2,629,502
As at 30 June 628,649,187 115,024,917 765,699 744,439,802

42 EVENTS AFTER THE REPORTING PERIOD

There are no significant events after the reporting period which may require adjustment of and/or disclosure in these
financial statements.

43 DATE OF AUTHORIZATION FOR ISSUE

These financial statements have been authorized for issue by the board of directors of the Company on October, 05, 2023

44 GENERAL
The figures have been rounded off to the nearest rupee.

Chief Executive Director Chief Financial Officer

 BUNNY'S LIMITED.
Pattern Of Share Holding - Form "34"
Share Holders Statistics As At June 30, 2023
Number of Total
Shareholdings
Shareholders Shares Held

1689 Shareholding From 1 To 100 46,055

550 Shareholding From 101 To 500 117,622
120 Shareholding From 501 To 1000 107,142
217 Shareholding From 1001 To 5000 584,444
70 Shareholding From 5001 To 10000 554,789
27 Shareholding From 10001 To 15000 349,924
8 Shareholding From 15001 To 20000 140,950
16 Shareholding From 20001 To 25000 366,472
9 Shareholding From 25001 To 30000 259,000
6 Shareholding From 30001 To 35000 196,634
8 Shareholding From 35001 To 40000 314,350
5 Shareholding From 40001 To 45000 210,414
5 Shareholding From 45001 To 50000 242,854
4 Shareholding From 50001 To 55000 211,000
1 Shareholding From 55001 To 60000 58,000
8 Shareholding From 60001 To 65000 504,418
4 Shareholding From 65001 To 70000 279,868
2 Shareholding From 80001 To 85000 167,000
1 Shareholding From 90001 To 95000 91,100
2 Shareholding From 95001 To 100000 200,000
1 Shareholding From 105001 To 110000 110,000
2 Shareholding From 120001 To 125000 246,716
1 Shareholding From 125001 To 130000 127,500
1 Shareholding From 150001 To 155000 150,120
2 Shareholding From 175001 To 180000 353,592
1 Shareholding From 190001 To 195000 191,700
1 Shareholding From 195001 To 200000 200,000
1 Shareholding From 295001 To 300000 299,000
1 Shareholding From 320001 To 325000 323,000
1 Shareholding From 335001 To 340000 338,500
1 Shareholding From 380001 To 385000 381,095
1 Shareholding From 455001 To 460000 455,500
1 Shareholding From 475001 To 480000 477,000
1 Shareholding From 530001 To 535000 532,001
1 Shareholding From 575001 To 580000 579,500
1 Shareholding From 595001 To 600000 600,000
1 Shareholding From 675001 To 680000 676,500
1 Shareholding From 690001 To 695000 690,168
1 Shareholding From 695001 To 700000 697,000
1 Shareholding From 730001 To 735000 735,000
1 Shareholding From 865001 To 870000 868,500
1 Shareholding From 920001 To 925000 921,500
1 Shareholding From 995001 To 1000000 1,000,000
1 Shareholding From 1025001 To 1030000 1,026,000
 2 Shareholding From 1095001 To 1100000 2,200,000
1 Shareholding From 1190001 To 1195000 1,192,860
1 Shareholding From 1415001 To 1420000 1,418,045
1 Shareholding From 1515001 To 1520000 1,520,000
1 Shareholding From 1695001 To 1700000 1,700,000
1 Shareholding From 2720001 To 2725000 2,724,000
2 Shareholding From 3195001 To 3200000 6,399,781
1 Shareholding From 5230001 To 5235000 5,233,422
1 Shareholding From 6395001 To 6400000 6,399,780
1 Shareholding From 6445001 To 6450000 6,446,499
1 Shareholding From 6460001 To 6465000 6,463,014
1 Shareholding From 8125001 To 8130000 8,125,941
2792 66,805,270

Categories Shareholders as on June 30, 2023

S. No. Categories Shareholders Shares Held Total

1 Directors and their spouse(s) and minor children 31,391,408 46.99

Mr. Omer Shafiq Chaudhry 20,557,377

Mrs. Saadia Omar 1,217,860
Miss Mahnoor Chaudhry 6,399,780
Miss Mahnan Omar 3,199,891
Miss Maya Omar 3,250
Mr. Muhammad Rafi Uz Zaman Awan 3,250
Mr. Moazzam Iftikhar Ahmed 10,000

2 Associate Companies, Undertakings and related parties - -

3 NIT and ICP 150,120 0.22

4 Banks and Development Finance Institutions 6,446,584 9.65

5 Joint Stock Companies 7,994,378 11.97

6 Insurance Companies 16,000 0.02

7 Modarabas and Mutual Fund 3,012,563 4.51

8 Others 1,579,705 2.36

9 General Public 16,214,512 24.27

Total 66,805,270 100.00

Shareholders Holding 10% or More In The Company
Number of Shares %

Omer Shafiq Chaudhry 20,557,377 30.77

 Proxy Form
I/We ________________________________________________________ of _______________ a
member/members of Bunny’s Limited and holder of =_______________= shares as per Registered Folio
# _______________ do hereby appoint ___________________________ of _____________________
who is also member of the Company vide Registered Folio
# ________________ as my/our Proxy to attend, speak and vote for me/us and on my/our behalf at the
Annual General Meeting of the Company to be held on 27 October, 2023 at 09:00 a.m. at _________,
Lahore and at any adjournment thereof.
As witness my hand this ___________ day of __________________2023.

Witness’s Signature
Name: ________________
Address: ______________
______________________ Affix Revenue
CNIC # _______________ Stamp of Rs. 5/-

Witness’s Signature
Name: _______________
Address: _____________
_____________________
CNIC # ______________ Member’s Signature

Date:
Place: Lahore CNIC #
Note:
1. The Form of Proxy should be deposited at the Registered Office of the Company not later than 48
hours before the time for holding the meeting.