Final Annual Report 2019

2019
annual report
DELIGHTING
CUSTOMERS
Over decades, it has been the top priority at IMC to delight its
customers. Happiness and respect are our key goals and we
work hard to ensure that every customer’s experience at Toyota
is enjoyable. This is manifested in our pleasant customer service,
the availability of genuine products and the complete satisfaction
of customers’ needs.
Corporate Profile
Indus Motor Company Limited (IMC) is a joint venture between certain companies of House
of Habib of Pakistan, Toyota Motor Corporation and Toyota Tsusho Corporation of Japan.
Incorporated in 1989, the Company manufactures and markets Toyota brand vehicles
in Pakistan. These include several variants of the flagship ‘Corolla’ in the passenger car
segment, ‘Hilux’ in the light commercial vehicle segment and ‘Fortuner’ in Sports Utility
Vehicle segment.
IMC’s manufacturing facility and offices are located at a 107 acre site in Port Qasim,
Karachi. The product is delivered to end customers nationwide through a strong network
of 46 independent 3S Dealerships spread across the country.
Over 29 years, since inception, IMC has sold more than 875,000 CBU/CKD vehicles. It
has also demonstrated impressive growth in terms of volumetric increase. From a modest
beginning of 20 vehicles per day production in 1993, daily production of the Company
has now increased to 268 (with overtime) units per day in 2018-19. This has been made
possible through the development of human talent embracing the ‘Toyota Way’ of quality
and lean manufacturing.
In this period, IMC has made large scale investments in enhancing its own capacity and
in meeting customer requirements for new products. Corolla is, today, the largest selling
automotive brand model in Pakistan. This country is the highest Corolla-selling nation in
the Asia-Pacific region and also has the distinction of being # 1 in Toyota’s Asian market.
The Company has a workforce of 3,349 persons at year end. It invests heavily in training
the team members and management employees and creating a culture of high performing
and empowered teams who work seamlessly across the various processes in search of
quality and continuous improvement.
IMC employees are encouraged to pursue high standards of business ethics and safety
according to the core values of the Company; they communicate candidly by giving bad
news first and extend respect to people. Employees rate IMC high on work environment
and level of job satisfaction as per the bi-annual TMC morale survey.
IMC has played a major role in the development of the entire value chain of the local auto
industry. It is also proud to have contributed in poverty alleviation at the grass root level by
nurturing localization. This, in turn, has directly created thousands of job opportunities and
transferred technology to over 46 vendors supplying parts. The Company is also a major
tax payer and significant contributor to the Government’s exchequer.
Indus Motor Company Ltd.
Contents
Vision and Mission 08 Fun Facts & Tips for Safety 76

Core Values 10 Statement of Compliance with the
Code of Corporate Governance 84
Toyota Guiding Principles 14
Review Report to the Members 86
Toyota Motor Corporation CSR Policy 15
Auditor’s Report to the Members 87
Strategic Objectives 16
Financial Statements 92
Board of Directors 18
Pattern of Shareholding 137
Company Information 26
Ten Years Performance Indicators 140
Corporate Governance 28
Notice of Annual General Meeting 142
Organization Chart 29
Notice of Annual General Meeting (Urdu) 145
Shareholder Information 32
Directors’ Report (Urdu) 161
Operating Highlights 34
Chairman’s Review (Urdu) 163
Financial Summary 35
Form of Proxy
Vertical and Horizontal Analysis 38
Form of Proxy (Urdu)
Statement of Value Addition 40
Electronic Dividend Mandate From
Chairman’s Review 42
Electronic Dividend Mandate From (Urdu)
Directors’ Report 46
Global Vision for Those We Serve 75
BAHAWALPUR
1
MULTAN
Strengthening
1
NETWORK
IMC believes in developing networks of confidence and
dependability with its customers and partners. Sustaining and
preserving the environment is our key goal. We also endorse
and pursue localization with great diligence in an effort to stay
connected with our roots. Our expanding network of dealerships
keeps us bonded to a motivated cycle of growth and accessibility.
We make significant advances to further strengthen our hallmark
ownership culture and keep our fundamentals strong.
HEYDARBAD
KARACHI
ISLAMABAD
3
LAHORE
10
QUETTA
2
HYDERABAD
2
PESHAWAR
2
KARACHI
11
Vision & Mission
Vision
“To be the most respected and successful enterprise,
delighting customers with a wide range of products and
solutions in the automobile industry with the best people and
the best technology.”
Respect & Corporate Image
Customer Satisfaction
Production & Sales
Quality & Safety
Best Employer
Profitability
Act #
1
Action,
Commitment,
Teamwork
8
Mission
IMC’s Mission is reflected in the Company’s slogan
Action, Commitment and Teamwork to

become # 1 in Pakistan
Annual Report 2019 9

Core Values
• World class production quality

• Achieving the ultimate goal of complete customer satisfaction
• Being seen as the best employer
• Fostering the spirit of teamwork
• Inculcating ethical and honest practices
10

Gaining
TRUST
Customer satisfaction takes us to new heights. It is this
indispensable trust of customers in the Toyota Way, which keeps
us moving forward. Toyota is a name that goes hand in hand
with caring for its customers. We have never failed to satisfy our
customer’s expectations and have always facilitated them in every
aspect.
Toyota
Guiding Principles
Honor the language and

spirit of the law of every
country and region, and
undertake open and fair
business activities to be a
strong corporate citizen of
the world.
Akio Toyoda
President, Toyota Motor Corporation
Respect the culture and Dedicate our business to Create and develop
customs of every country providing clean and safe advanced technologies
and region, and contribute products and to enhancing and provide outstanding
to economic and social the quality of life everywhere products and services that
development through through all of our activities. fulfill the needs of custormers
corporate activities in their worldwide.
respective communities.
Foster a corporate culture Pursue growth through Work with business partners
that enhances both individual harmony with the global in research and manufacturing
creativity and the value of community via innovative to achieve stable, long-term
teamwork, while honoring mutual management. growth and mutual benefits,
trust and respect between labor while remaining open to new
and management. partnerships.
14
Toyota Motor Corporation

CSR Policy
Contribution toward Sustainable Development
Preamble Business Partners
We, Toyota Motor Corporation and our subsidiaries, take • We respect our business partners such as suppliers
initiative to contribute to the harmonious and sustainable and dealers and work with them through long-term
development of society to earth through all business relationships to realize mutual growth based on
activities that we carry out in each country and region, mutual trust. (Guiding Principle: 7)
based on our Guiding Principles. We comply with local,
national and international laws and regulations as well as • Whenever we seek a new business partner, we
the spirit thereof, and conduct our business operations are open to any and all candidates, regardless of
with honesty and integrity. In order to contribute to nationality or scale, and evaluate them based on their
sustainable development, we believe that management overall strengths. (Guiding Principle: 7)
interacting with its stakeholders as described below is of • We maintain fair and free competition in accordance
considerable importance, and we will endeavor to build with the letter and spirit of each country and region’s
and maintain sound relationships with our stakeholders competition laws. (Guiding Principles: 1 and 7)
through open and fair communication. We expect our
business partners to support this initiative and act in Shareholders
accordance with it.
• We strive to enhance corporate value while achieving
Customers stable and long-term growth for the benefit of our
shareholders. (Guiding Principle: 6)
• Based on our “Customer First” philosophy, we
develop and provide innovative, safe and outstanding • We provide our shareholders and investors with
high-quality products and services that meet a wide timely and fair disclosure on our operating results and
variety of customer demands to enrich the lives of financial condition. (Guiding Principles: 1 and 6)
people around the world. (Guiding Principles: 3 and 4)
Global Society / Local Communities
• We will endeavor to protect the personal information
of customers and everyone else we are engaged in Environment
business with, in accordance with the letter and spirit
of each country and region’s privacy laws. (Guiding We aim for growth that is in harmony with the environment
Principle: 1) by seeking to minimize the environmental impact of our
business operations, such as by working to reduce the
Employees effect of our vehicles and operations on climate change
and biodiversity. We strive to develop, establish, and
• We respect our employees and believe that the promote technologies that enable the environment and
success of our business is led by each individual’s economy to coexist harmoniously, and to build close
creativity and solid teamwork. We support personal and cooperative relationships with a wide spectrum of
growth for our employees. (Guiding Principle: 5) individuals and organizations involved in environmental
• We support equal employment opportunities and preservation. (Guiding Principle: 3)
diversity and inclusion for our employees. We do not
discriminate against them. (Guiding Principle: 5) Community
• We strive to provide fair working conditions and to • We implement our philosophy of respect for people
maintain a safe and healthy working environment for by honoring the culture, customs, history and laws of
all our employee. (Guiding Principle: 5) each country and region. (Guiding Principle: 2)
• We respect and honor the human rights of people • We constantly pursue safer, cleaner, and improved
involved in our business and, in particular, do not use technologies that satisfy the evolving needs of society
or tolerate any form of forced or child labor. (Guiding for sustainable mobility. (Guiding Principles: 3 and 4)
Principle: 5
• We do not tolerate bribery of or by any business
• Through communication and dialogue with our partner, government agency, or public authority,
employees, we build and share the value,”Mutual and maintain honest and fair relationships with
Trust and Mutual Responsibility,” working together for government agencies and public authorities. (Guiding
the success of our employees and the company. We Principle: 1)
recognize our employees’ right to freely associate,
or not to associate, complying with the laws of the Social contribution
countries and regions in which we operate. (Guiding
Principle: 5) • Wherever we do business, we actively promote
and engage, both individually and with partners, in
• Management of each company takes leadership social contribution activities that help strengthen
in fostering a corporate culture and implementing communities and contribute to the enrichment of
policies that promote ethical behavior. (Guiding society. (Guiding Principle: 2)
Principles: 1 and 5)

Strategic Objectives
Achieving Market
Bringing Toyota Quality
Leadership by Delivering Optimizing Cost by
Value to Customers Kaizen to Pakistan
• Following our “Customer • Fostering a Kaizen culture • Maximizing QRD (Quality,

First” philosophy in and mindset at IMC, its Reliability and Durability) by
manufacturing and Dealers and Vendors. built-in engineering.
providing high quality • Implementing Toyota • Transferring technology and
vehicles and services Production System. promoting indigenization at
that meet the needs of • Removing waste in all areas IMC and its Vendors.
Pakistani customers. and operating in the lowest • Raising the bar in all support
• Enhancing the quality and cost quartile of the industry. functions to meet Toyota
reach of our 3S Dealership Global Standards.
Network.
• Employing customer
insight and feedback for
continuous corporate
renewal, including product
development, improving
service and customer care.
16
Respecting our people Become a Good Corporate Citizen
• Treating employees as the most • Following ethical business practices

important sustainable competitive and the laws of the land.
resource. • Engaging in philanthropic and social
• Providing a continuous learning activities that contribute to the
environment that promotes enrichment of the Pakistani society,
individual creativity and especially in areas that are strategic
teamwork. to both societal and business
• Supporting equal employment needs e.g. road safety, technical
opportunities, diversity and education, environment protection,
inclusion without discrimination. etc.
• Building competitive value • Enhancing corporate value and
through mutual trust and mutual respect while achieving a stable and
responsibility between the Indus long term growth for the benefit of
Team and the Company. our shareholders.

Board of Directors
Ali S. Habib
Chairman
Ali S. Habib is the Chairman of Indus Motor Company Limited and is also
the Founding Director of the Company. He also serves as a Member on
the Board of Directors of Thal Limited, Shabbir Tiles & Ceramics Limited and
Habib Metropolitan Bank Limited.
He is a graduate in Mechanical Engineering from the University of Minnesota,

USA. He has attended the PMD Program at Harvard University.
Yuji Takarada
Director & Vice Chairman
Yuji Takarada has been appointed as a Director on the Board and Vice
Chairman of Indus Motor Company Limited with effect from January 2018.
He has been serving at Toyota Motor Corporation for over 25 years and has
worked in different capacities. He has also served as Marketing Director for
Toyota Astra Motor (TAM).
He has completed his Bachelor’s degree in Sociology from Hitotsubashi University

in Japan.
Ali Asghar Jamali

Chief Executive
Ali Asghar Jamali was appointed as Chief Executive Officer in January 2017.
He has been with the Company since October 2000 and has served in key
roles in various departments, owing to which he has acquired rich experience
in end-to-end management of company operations.
He is a Fellow of the Institute of Chartered Accountants of Pakistan and has

attended the Advanced Management Program at Harvard University and the
Accelerated Management Program at Wharton School of Business in the USA.
18
Parvez Ghias
Director
Parvez Ghias was Chief Executive of the Company from 2005 to 2016 and
continues to serve Indus Motor as Director on the Board. He is currently the
Chief Executive Officer at Habib University Foundation and Vice Chairman -
Automotive for the House of Habib. He also serves as a Director on the boards
of Dawood Hercules Corporation Limited and Shell Pakistan Limited..
Prior to joining the Company and House of Habib, he was the Vice President
and CFO at Engro Corporation (formerly Engro Chemical Pakistan Limited) and
served as Director on Engro subsidiaries. He is a Fellow of the Institute of Chartered
Accountants from England & Wales and holds a Bachelor’s Degree in Economics
and Statistics.
Azam Faruque
Independent Director
Azam Faruque was elected as a Director of the Company in October
2014. He is a Director and CEO of Cherat Cement Co. Limited, a Ghulam
Faruque Group (GFG) company. Apart from 27 years he has spent in the
cement industry and other GFG businesses, he has served as a member
on the Board of various public and private sector institutions. Currently, he
is a Director of Faruque (Pvt) Limited, Greaves Pakistan (Pvt) Limited, Unicol
Limited, International Industries Limited, Atlas Battery Limited, Habib University
Foundation and State Bank of Pakistan.
He is an Electrical Engineering and Computer Science graduate from Princeton

University, USA, and has also completed his MBA with High Honors from the
University of Chicago.

Board of Directors
Mohamedali R. Habib
Director
Mohamedali R. Habib is the Founding Director of Indus Motor Company
Limited. He has been an Executive Director of Habib Metropolitan Bank
Limited since 2004 and currently serves as the Chairman of the Board of
Directors of the Bank. He also serves as a Member on the Board of Thal Limited
and Habib Insurance Company Limited. He was appointed as Joint-President &
Division Head (Asia) & Member of General Management of Habib Bank AG Zurich
in 2011.
He has a graduate degree in Business Management – Finance from Clark University,

USA.
Imran A. Habib
Director
Imran A. Habib was appointed as Director of Indus Motor Company Limited
in February 2019. He is Senior Vice President at Habib American Bank in
New York, USA. Prior to his transfer to the United States in 2016, he served as
Senior Vice President with Habib Bank AG Zurich in the United Arab Emirates
from 2008-2016. He has a graduate degree in Business Administration from
Bryant University (2002), USA, and has attended the Program for Leadership
Development at Harvard Business School.
Tetsuya Ezumi
Director
Tetsuya Ezumi was appointed as Director of Indus Motor Company Limited
in May 2018. He has been associated with Toyota Motor Corporation from
1985 to 2017, during which time he has held various senior positions. He
joined Toyota Tsusho Corporation in 2018 and he is presently Executive Officer
of Toyota Tsusho Corporation and has served as director on the Board of various
Toyota Group companies in countries around the globe.
He is a graduate from Faculty of Law of Kagawa University, Japan.
20
Sadatoshi Kashihara
Director
Sadatoshi Kashihara was appointed as Director of Indus Motor Company
Limited in January 2017 and also serves as Director Manufacturing. He has
been with Toyota Group since 1990 and has held various senior executive
positions. He has vast experience in the areas of Production and Plant
Engineering at various Toyota plants in the world.
He is a graduate from the Miyazaki University, Japan
Susumu Matsuda
Director
Susumu Matsuda was appointed as a Director of Indus Motor Company
Limited in February 2018. Currently he is serving as the President of Toyota
Motor Asia Pacific Pte Ltd and Deputy Chief Executive Officer of Asia & China
region, Toyota. He is presently director on the Board of Directors of various
Toyota Group companies in countries around the globe.
He graduated from Kobe University, Japan.

Senior
MANAGEMENT
22

Ensuring
SATISFACTION
Toyota takes pride in ensuring that we provide customer service
with a smile. This enables us to propagate significant growth in our
brand. It boosts the advances that we have made in our strong
areas which are our hallmark ownership culture and our strong
fundamentals. It is our continued effort to strive towards perfecting
our products and assisting customers with reliable after-sales
service. We take pride in assessing and catering to our customer’s
needs and wishes.
Company Information
Bankers Factory / Registered Office

Bank Alfalah Limited Plot No. N.W.Z/1/P-1, Port Qasim Authority,
Bank Al-Habib Limited Bin Qasim, Karachi.
Citibank N.A. Phone: (PABX) (92-21) 34720041-48
Habib Bank Limited (UAN) (92-21) 111-TOYOTA (869-682)
Habib Metropolitan Bank Limited Fax: (92-21) 34720040
MCB Bank Limited Website: www.toyota-indus.com
Meezan Bank Limited
National Bank of Pakistan Chief Financial Officer
Standard Chartered Bank (Pakistan) Limited Mr. Muhammad Aqeel Loon
United Bank Limited
Company Secretary
Auditors Mr. Muhammad Arif Anzer
A.F. Ferguson & Co.
Chartered Accountants, Board Audit Committee Members
State Life Building No. 1-C, Mr. Azam Faruque (Chairman)
I.I. Chundrigar Road, Karachi. Mr. Mohamedali R. Habib
Mr. Imran A. Habib
Legal Advisors Mr. Susumu Matsuda
A.K. Brohi & Company Mr. Tetsuya Ezumi
Mansoor Ahmed Khan & Co. Mr. Parvez Ghias
Mahmud & Co. Mr. Azam Khan (Secretary)
Sayeed & Sayeed
Board Human Resource and Remuneration
Share Registrar Committee Members
CDC Share Registrar Services Limited Mr. Azam Faruque (Chairman)
CDC House, 99-B, Block “B”, Mr. Ali S. Habib
S.M.C.H.S., Main Shahrah-e-Faisal, Mr. Parvez Ghias
Karachi-74400. Mr. Ali Asghar Jamali
Tel: 0800-23275 Mr. Mohammad Ibadullah (Secretary)
UAN: 111-111-500
Email: info@cdcsrsl.com Board Ethics Committee Members
Mr. Parvez Ghias (Chairman)
Credit Rating Mr. Ali Asghar Jamali
Credit Rating Company: Mr. Imran A. Habib
VIS Credit Rating Company Limited Mr. Mohammad Ibadullah (Secretary)
Long term rating: AA+
Short term rating: A-1+
26

Corporate Governance
IMC’s Basic Approach to Corporate Governance Investment Committee
IMC has a range of long-standing in-house The Investment Committee assists the Board in
committees responsible for monitoring and fulfilling its oversight responsibility for the investment
discussing management and corporate activities from in assets of the company. It evaluates the capital
viewpoints of various stakeholders to make prompt expenditures required to be made and recommends
decisions for developing strategies, speeding up the same to the Board for approval. The Committee
operations while ensuring heightened transparency is also responsible for formulating the overall policies
and the fulfillment of social obligations. IMC has a for investment in fixed assets, subject to approval
unique corporate culture that places emphasis on by the Board, and establishing investment guidelines
problem solving and preventative measures in line in furtherance of those policies. The Committee
with Toyota Global Standards. consists of the CEO, two Directors, the CFO and
Secretary.
Basic Concept of Compliance
Marketing Technical Co-ordination Committee
IMC follows the guiding principles of Toyota and
not only complies with local laws and regulations, Marketing Technical Co-ordination Committee
but also meets social norms, corporate ethics is a management committee responsible for
and expectations of various stakeholders. IMC synchronization between the marketing and technical
undertakes open and fair corporate activities to meet departments. The committee also controls new
local standards as well as Toyota Global Standards. products or minor model specification changes and
The Audit Committee consists of four non-Executive schedules. The Committee is chaired by the CEO
Directors and one independant Director. every month and representatives from marketing
and technical departments attend the meeting.
Board Human Resource and Remuneration
Committee ACT #1 Management Committee
The Remuneration Committee is a sub-committee The ACT #1 Management Committee is responsible

of the Board. It recommends human resource for the monitoring of organizational KPIs and
management policies to the Board. It also stewardship of financial performance every
recommends selection, evaluation, compensation month. It also reviews departmental targets and
and the succession plan of the CEO and Senior accomplishments achieved during the month. In
Management employees who directly report to addition ACT #1 reviews government regulatory
the CEO. The Committee consists of three Non- affairs including macro-economic situations which
Executive Directors, one Executive Director and the results in formation of the Company’s strategy and
CEO. risk management policies. The meeting is conducted
by the CEO with representation from all departments.
Board Ethics Committee
Safety, Health and Environment Steering
The Committee has the responsibility of overseeing Committee
ethical policies and compliance by the Company.
It provides expeditious actions on disclosures of The Steering Committee meets on a monthly basis
wrongdoing. The Ethics Committee also reviews and keeps a close eye on company wide Safety,
and investigates incidents of whistle-blowing. The Health and Environment (S.H.E) statistics, KPI
Committee consists of the CEO and two Non- trends, relevant local laws compliance, promulgating
Executive Directors. drive and focus on S.H.E. right from the top; enabling
Management to have a first hand feel of S.H.E issues
Board Share Transfer Committee prevailing on the shop floor and ways to resolve them
via efficient and swift decision-making. The S.H.E
The Board Share Transfer Committee has been Steering committee, chaired by the CEO, formulates
authorized by the Board to approve transfer of the overall policies and S.H.E framework for
shares. All Share Transfer Resolutions are noted the company.
by the Board of Directors in subsequent meetings.
28
Organization Chart
Board of
Directors
Share Transfer HR &

Audit Remuneration Ethics
Committee Committee Committee Committee
CEO
Safety Health and

Investment
Internal Audit Finance Environment Steering
Committee
Committee
Marketing ACT #1
Management
Committee Committee
Customer
Administration Human Sales & Information & Corporate
Resource Marketing Technology Technical Engagement

Promoting
LOCALIZATION
We believe in keeping true to our roots and preserving our local
economy and heritage. IMC has always aspired to boost localization
and create employment opportunities for the local population.
Success in this objective has allowed us to contribute to our local
economy. We actively strive to gain maximum indigenization in
parts and processes without compromising on quality. Our goal of
localization and customer delight work in corroboration.
Shareholder Information
Factory / Registered Office

Plot No. N.W.Z./1/P-1, Port Qasim Authority
Bin Qasim, Karachi.
PABX: (92-21) 34720041-48
Fax: (92-21) 34720040
Share Registrar
CDC Share Registrar Services Limited
CDC House, 99-B, Block “B”
S.M.C.H.S., Main Shahrah-e-Faisal,
Karachi-74400.
Tel: 0800-23275
UAN: 111-111-500
Email: info@cdcsrsl.com
Annual General Meeting

The Annual General Meeting will be held at 9:00 a.m. on October 8, 2019 at the Institute of Chartered
Accountants of Pakistan, Karachi.
Shareholders as on October 1, 2019 are encouraged to participant and vote.
Any shareholder may appoint a proxy to vote on his or her behalf. Proxies must be deposited with the Company
not less than 48 hours before the Meeting.
Ownership
On June 30, 2019 there were 4,126 shareholders on record of the Company’s ordinary shares.
Dividend Payment
The proposal of the Board of Directors for dividend payment will be considered at the Annual General Meeting.
The net amount of dividend will be credited into respective account of the shareholder listed in the register of
members as on October 1, 2019. Income Tax will be deducted in accordance with the provisions of Income
Tax Ordinance, 2001.
32
Listing on Stock Exchanges

Indus Motor Company Limited equity shares are listed on the Pakistan Stock Exchange.
Stock Code
The stock code for dealer in equity shares of Indus Motor Company Limited at PSX is INDU.
INDU Vs PSX/KSE 100 (1992 - 2019)

As at June 30th
7,000 Share Prices and Volumes 2018-19
Pakistan Stock Price in Rupees Daily
Exchange Average
6,000
High Low Volume
First Quarter 1629.99 1225.00 17,991
Second Quarter 1450.00 1010.00 14,056
5,000
Third Quarter 1424.94 1156.00 20,451
Fourth Quarter 1355.00 1082.00 17,826
Relative Index
4,000 INDU
INDU
PSX/KSE 100 index
3,000
PSX 100
2,000
1,000
0
1993 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Operating Highlights
Net Revenues (Rs. in billion) Vehicle Production (Units)

2019 158.0 2019 65,346
2018 139.7 2018 62,886
Vehicle Sales (Units) Earnings Per Share (Rs.)
2019 66,211 2019 174.5
2018 64,000 2018 200.7
Year ended June 30

2019 2018
Profit after Tax Rs in billion 13.7 15.8
Vehicle Sales Units 66,211 64,000
Vehicle Production Units 65,346 62,886
Net Revenues Rs in billion 158.0 139.7
Earnings Per Share Rs 174.5 200.7
Annual Cash Dividend Per Share Rs 115.0 140.0
Shareholders’ Equity Rs in billion 40.0 36.7
Contribution to National Exchequer Rs in billion 52.3 49.0
Manpower No. of employees 3,349 3,266
34
Financial Summary
% Change Year ended June 30
2019 Vs
For The Year: 2019 2018 2017 2016 2015 2014
2018
Units sold 3% 66,211 64,000 60,586 64,584 57,387 34,470

Net revenues Rs in billion 13% 158.0 139.7 112.0 108.8 96.5 57.1
Profit before tax Rs in billion -17% 19.0 23.0 19.1 17.4 14.1 5.0
Profit after tax Rs in billion -13% 13.7 15.8 13.0 11.5 9.1 3.9
Return on equity Percentage -20% 34.2 42.9 41.7 41.5 37.9 19.4
Per Share Data:
Earnings (EPS) Rs -13% 174.5 200.7 165.4 145.7 115.9 49.3

Cash dividends Rs -18% 115 140.0 115.0 100.0 80.0 29.5
Shareholders’ equity Rs 9% 509.5 467.5 396.9 351.5 305.8 253.4
At Year-End:
Total assets Rs in billion -21% 64.8 81.9 63.9 57.5 50.4 26.1
Shareholders’ equity Rs in billion 9% 40.0 36.7 31.2 27.6 24.0 19.9
Share Performance (June 30):
Price per share Rs -15% 1,203.9 1,421.5 1,793.6 939.5 1,249.0 537.9
Market capitalization Rs in billion -15% 94.6 111.7 141.0 73.8 98.2 42.3
Net Revenues Net Income / ROE EPS / Dividend per share

EPS
Net Income
Cash Dividend Per Share (Right scale)
ROE (Right scale)
(Rs in billion) (Rs) (Rs)
(Rs in billion) (%)
158.0 15.8
160 16.0 50 250 165
139.7 13.0 13.7 45 200.7
140 145
12.8 40 200 165.4
120 112.0 11.5 174.5 125
108.8 35 145.7
100 96.5 105
9.6 9.1 30 150
115.9
80 25 85
57.1 6.4 20 100

60 65
3.9
15 49.3
40 45
3.2 10 50
20 25
5
0 0.0 0 0 5
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

Guaranteeing
QUALITY
Indus Motor Company upholds the best traditions of the Toyota
Way which has always enabled it to ensure consistency. In keeping
with its promise of quality in all its products, IMC has never
compromised on high standards in the toughest of times. Quality
is a trademark of the Toyota brand name. It is this commitment
to quality that has further sharpened our focus and enhanced
efficiency in every venture.
Vertical Analysis
2019 2018 2017 2016 2015 2014 2019 2018 2017 2016 2015 2014
STATEMENT OF FINANCIAL
POSITION ----------------------- (Rs in million) -------------------------- ---------------------- (Percentage) ------------------------
Property, plant and equipment 13,805 7,225 6,258 4,919 5,184 6,032 21.31 8.82 9.80 8.55 10.29 23.10
Intangibles 93 87 88 19 10 1 0.14 0.11 0.14 0.03 0.02 0.00
Long-term loans and advances 16 49 9 4 11 29 0.02 0.06 0.01 0.01 0.02 0.11
Long-term investments - - - 5,006 4,955 - - - - 8.70 9.83 -
Long-term deposits 11 9 9 10 10 10 0.02 0.01 0.01 0.02 0.02 0.04
Deferred taxation - 14 74 199 5 - - 0.02 0.12 0.35 0.01 -
Stores and spares 544 301 204 154 179 142 0.84 0.37 0.32 0.27 0.35 0.54
Stock-in-trade 13,560 11,151 9,318 7,785 6,150 4,469 20.93 13.61 14.59 13.53 12.20 17.12
Trade debts 2,548 1,453 759 1,132 448 1,737 3.93 1.77 1.19 1.97 0.89 6.65
Loans and advances 3,728 3,715 1,653 1,125 1,221 1,006 5.75 4.53 2.59 1.96 2.42 3.85
Short-term prepayments 32 15 21 46 19 15 0.05 0.02 0.03 0.08 0.04 0.06
Accrued return 35 120 376 513 419 87 0.05 0.15 0.59 0.89 0.83 0.33
Other receivables 3,110 556 402 191 168 176 4.80 0.68 0.63 0.33 0.33 0.67
Short-term Investments 23,402 55,031 41,488 33,697 26,257 9,121 36.12 67.17 64.95 58.57 52.10 34.93
Taxation - payment less provision 617 - - - - 1,216 0.95 - - - - 4.66
Cash and bank balances 3,282 2,201 3,221 2,738 5,365 2,068 5.07 2.69 5.04 4.76 10.65 7.92
Total Assets 64,783 81,927 63,880 57,537 50,399 26,111 100.00 100.00 100.00 100.00 100.00 100.00
Issued, subscribed and paid up capital 786 786 786 786 786 786 1.21 0.96 1.23 1.37 1.56 3.01
Reserves 39,259 35,958 30,411 26,844 23,250 19,130 60.60 43.89 47.61 46.65 46.13 73.26
Shareholders' Equity 40,045 36,744 31,197 27,630 24,036 19,916 61.81 44.85 48.84 48.02 47.69 76.27
Long Term Loan 81 - - - - - 0.13 - - - - -
Deferred taxation 425 - - - - 219 0.66 - - - - 0.84
Deferred Revenue 57 27 4 - - - 0.09 0.03 0.01 - - -
Trade, dividend and other payables 16,245 15,974 9,683 10,035 9,181 4,430 25.08 19.50 15.16 17.44 18.22 16.97
Advances from customers and dealers 7,930 27,491 22,189 19,127 16,193 1,546 12.24 33.56 34.74 33.24 32.13 5.92
Taxation - provision less payment - 1,691 807 745 990 - - 2.06 1.26 1.29 1.96 -
Total Equity and Liabilities 64,783 81,927 63,880 57,537 50,399 26,111 100.00 100.00 100.00 100.00 100.00 100.00
PROFIT AND LOSS ACCOUNT

Net Sales 157,996 139,716 111,943 108,759 96,516 57,064 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales 138,805 115,831 92,450 91,027 82,272 51,270 87.85 82.9 82.59 83.70 85.24 89.85
Gross profit 19,191 23,885 19,493 17,731 14,244 5,794 12.15 17.10 17.41 16.30 14.76 10.15
Distribution costs 1,404 1,284 1,228 1,061 996 794 0.89 0.92 1.10 0.98 1.03 1.39
Administrative expenses 1,410 1,524 1,053 931 799 635 0.89 1.09 0.94 0.86 0.83 1.11
Other operating expenses 235 194 177 144 119 52 0.15 0.14 0.16 0.13 0.12 0.09
WPPF and WWF 1,406 1,705 1,418 1,285 1,052 372 0.89 1.22 1.27 1.18 1.09 0.65
Operating income 4,307 3,901 3,593 3,164 2,907 1,113 2.73 2.79 3.21 2.91 3.01 1.95
Finance costs 67 80 69 77 52 38 0.04 0.06 0.06 0.07 0.05 0.07
Profit before taxation 18,976 22,999 19,141 17,397 14,133 5,016 12.01 16.46 17.10 16.00 14.64 8.79
Taxation 5,261 7,227 6,140 5,943 5,022 1,143 3.33 5.17 5.48 5.46 5.20 2.00
Profit after taxation 13,715 15,772 13,001 11,455 9,110 3,873 8.68 11.29 11.61 10.53 9.44 6.79
38
Horizontal Analysis
2019 vs 2018 vs 2017 vs 2016 vs 2015 vs

2019 2018 2017 2016 2015 2014
2018 2017 2016 2015 2014
STATEMENT OF FINANCIAL
POSITION ----------------- (Rs in million) -------------------- ----------------- (Percentage) -----------------
Property, plant and equipment 13,805 7,225 6,258 4,919 5,184 6,032 91.07 15.45 27.22 (5.11) (14.07)
Intangibles 93 87 88 19 10 1 6.90 (1.14) 356.17 98.32 872.70
Long-term loans and advances 16 49 9 4 11 29 (67.35) 444.44 137.22 (65.81) (62.25)
Long-term investments - - - 5,006 4,955 - - - (100.00) 1.03 100
Long-term deposits 11 9 9 10 10 10 22.22 - (9.53) 2.91 -
Deferred taxation - 14 74 199 5 - (3,135.71) (81.08) (62.74) 3,851.10 102.42
Stores and spares 544 301 204 154 179 142 80.73 47.55 32.85 (14.02) 26.08
Stock-in-trade 13,560 11,151 9,318 7,785 6,150 4,469 21.60 19.67 19.69 26.58 37.61
Trade debts 2,548 1,453 759 1,132 448 1,737 75.36 91.44 (32.93) 152.75 (74.23)
Loans and advances 3,728 3,715 1,653 1,125 1,221 1,006 0.35 124.74 46.87 (7.79) 21.33
Short-term prepayments 32 15 21 46 19 15 113.33 (28.57) (53.87) 140.60 26.62
Accrued return 35 120 376 513 419 87 (70.83) (68.09) (26.76) 22.57 379.46
Other receivables 3,110 556 402 191 168 176 459.35 38.31 110.14 14.04 (4.51)
Short-term Investments 23,402 55,031 41,488 33,697 26,257 9,121 (57.47) 32.64 23.12 28.34 187.86
Taxation - payment less provision 617 - - - - 1,216 136.49 - - - (181.41)
Cash and bank balances 3,282 2,201 3,221 2,738 5,365 2,068 49.11 (31.67) 17.66 (48.98) 159.44
Total Assets 64,783 81,927 63,880 57,537 50,399 26,111 (20.93) 28.25 11.02 14.16 93.02
Issued, subscribed and paid up capital 786 786 786 786 786 786 - - - - -
Reserves 39,259 35,958 30,411 26,844 23,250 19,130 9.18 18.24 13.29 15.46 21.54
Shareholders' Equity 40,045 36,744 31,197 27,630 24,036 19,916 8.98 17.78 12.91 14.95 20.69
Long Term Loan 81 - - - - - 100.00 - - - -
Deferred taxation 425 - - - - 219 100.00 - - - (100.00)
Deferred Revenue 57 27 4 - - - 111.11 575.00 100.00 - -
Trade, dividend and other payables 16,245 15,974 9,683 10,035 9,181 4,430 1.70 64.97 (3.51) 9.31 107.22
Advances from customers and dealers 7,930 27,491 22,189 19,127 16,193 1,546 (71.15) 23.89 16.01 18.12 947.60
Taxation - provision less payment - 1,691 807 745 990 - (100.00) 109.54 8.34 (24.78) 100.00
Total Equity and Liabilities 64,783 81,927 63,880 57,537 50,399 26,111 (20.93) 28.25 11.02 14.16 93.02
PROFIT AND LOSS ACCOUNT

Net Sales 157,996 139,716 111,943 108,759 96,516 57,064 13.08 24.81 2.93 12.68 69.14
Cost of sales 138,805 115,831 92,450 91,027 82,272 51,270 19.83 25.29 1.56 10.64 60.47
Gross profit 19,191 23,885 19,493 17,731 14,244 5,794 (19.65) 22.53 9.94 24.48 145.86
Distribution costs 1,404 1,284 1,228 1,061 996 794 9.35 4.56 15.75 6.51 25.52
Administrative expenses 1,410 1,524 1,053 931 799 635 (7.48) 44.73 13.13 16.54 25.85
Other operating expenses 235 194 177 144 119 52 21.13 9.60 23.05 20.42 129.67
WPPF and WWF 1,406 1,705 1,418 1,285 1,052 372 (17.54) 20.24 10.31 22.15 182.91
Operating income 4,307 3,901 3,593 3,164 2,907 1,113 10.41 8.57 13.54 8.86 161.09
Finance costs 67 80 69 77 52 38 (16.25) 15.94 (10.70) 48.93 35.63
Profit before taxation 18,976 22,999 19,141 17,397 14,133 5,016 (17.49) 20.16 10.02 23.10 181.72
Taxation 5,261 7,227 6,140 5,943 5,022 1,143 (27.20) 17.70 3.32 18.32 339.38
Profit after taxation 13,715 15,772 13,001 11,455 9,110 3,873 (13.04) 21.31 13.50 25.74 135.20

Statement of Value Addition
For the year ended 30 June 2019
2019 2018
Rupees in ‘000 % Rupees in ‘000 %
Wealth Generated
Gross revenue 191,383,617 97.8% 168,827,803 97.7%
Other income 4,306,662 2.2% 3,900,685 2.3%
195,690,279 100.0% 172,728,488 100.0%
Bought in material and services and other expenses 123,494,196 63.1% 103,581,088 60.0%
72,196,083 36.9% 69,147,400 40.0%
Wealth Distributed
Employees
Salaries, wages and other benefits 2,589,935 3.6% 2,852,016 4.1%
Society
Donations towards education, health and environment 229,992 0.3% 190,530 0.3%
Providers of Finance
Finance cost and Compensation on advances from 275,718 0.4% 572,406 0.8%
customers
Government
Income tax, sales tax, excise duty, customs duty, WWF and 53,264,406 73.8% 47,836,854 69.2%
WPPF
Shareholders
Dividend 9,039,000 12.5% 11,004,000 15.9%
Retained within the business for future growth

Retained earnings, depreciation and amortization 6,797,032 9.4% 6,691,594 9.7%
72,196,083 100.0% 69,147,400 100.0%
Distribution Of Wealth
12.5%
15.9%
9.4%
9.7%
3.6%
2019 0.3% 2018
0.4%
4.1%
0.3%
0.8%
73.8% 69.2%
Employees Society Providers of finance Government Shareholders

Retained within the business for future growth
40
Ali S. Habib
Chairman
Chairman’s Review
“I welcome you to this 30th Annual General Meeting of
your Company for the year ended June 30, 2019.”
42
Dear Shareholders, During the year under review there were a number of
policy changes impacting the automobile sector. The
Since the very first Corolla came off the production documented automobile industry was required not to
line in 1993, Indus Motor Company has strived to sell vehicles to non-tax filers. This restriction was then
uphold the philosophy of “Kaizen” (Continuous modified for vehicles greater than 1300cc. This was
Improvement) and practice the “Toyota Way” subsequently done away with. A 10% Federal Excise
throughout its operations. These practices, coupled Duty was introduced on only one vehicle, made in
with the support of all shareholders and customers, Pakistan, the Fortuner. This too, was immediately
have allowed us to become the most respected changed to include all vehicles upto 1700cc and
brand and achieve sustained levels of excellence above and finally in the latest budget this was
and performance. Today, we begin by thanking our reduced from 10% to 7.5% for vehicles from 2000cc
customers and shareholders for their continued and above and a fresh Federal Excise Duty of 2.5%
patronage and allegiance. and 5% was introduced on vehicles of smaller engine
capacity. These significant and frequent changes can
On the business front, world economic growth is be counter-productive to mid-term and long-term
expected to slow down, at around 2.5% to 3%, planning and significantly impact the confidence of
even this moderate pace of expansion in the global both domestic and international investors.
economy is threatened by downside risks that
can potentially create development challenges in As the new fiscal year commenced the cumulative
many parts of the world. Together with disruptive effect of these abrupt changes and the increase in
technologies there is a major upheaval in the world additional customs duties from 2% to 7%, devaluation
trade order in which nationalism, protectionism, and and Excise Duty has forced the automobile makers
the looming threat of an increased US / China Trade to make unprecedented increases in prices which
War, Brexit and multiple geo-political conflicts are together with the depressed economy has seen a
creating uncertainty on a global scale. major correction in demand.
Pakistan has entered its 13th IMF program at the end The Automobile Development Policy of 2016-
of the current fiscal year. The structural adjustments 2021 has led to multiple new investments made by
envisaged in the earlier programs were not achieved. new entrants. These new firms have a significant
During the period under review the Rupee has advantage in paying lower Customs Duties on
undergone a major correction, interest rates have imported parts; their entry into the market place,
more than doubled, energy prices have been which is experiencing a severe down turn, will be
significantly enhanced; there have been significant challenging for the entire industry comprising of
increases in the Customs Duties and Regulatory existing OEMs and new entrants. We would urge
Duties and multiple measures taken to improve the policy makers to encourage local manufacturing
documentation and increase the tax base. of parts by targeting concessions to the local parts
manufacturers rather than encouraging imports.
While we strongly support the Government’s efforts
to document the economy and increase the tax In an extremely welcome move, the Government has
base, it is important that the adjustments and new finally clamped down on the illegal and undocumented
policies be implemented in a gradual and practical imports of used vehicles. We urge the Government
manner; such an approach will allow the market to sustain these measures and compliment the
place sufficient time to prepare for and adjust to Government’s decision makers for taking this long
these changes. awaited, bold step.

The Ministry of Climate Change is championing the Being at the very forefront of the automobile industry
introduction of a new policy for Electric Vehicles. in Pakistan, Indus Motor Company has a direct
Toyota has established global leadership in numerous interest in vehicle safety and we pay special attention
technologies with the introduction, a decade ago, of to occupant safety. To this end, we pursue a number
Hybrid vehicles, Hydrogen Fuel Cell vehicles, plug- of safety-oriented initiatives such as promotion of
in Hybrids and Electric Vehicles. For a developing our Safety Mascot THUMS (Total Human Model for
country like Pakistan our focus on climate change must Safety), over digital and other platforms to educate
be considered in a broader context of basic human masses on best-in-class safety features provided in
needs starting with clean drinking water, sewage all IMC CKD variants.
disposal, health care, education and emissions from
existing vehicles on roads, both passenger cars and IMC works hand in hand with its dealers all over
commercial vehicles required for transporting of Pakistan to create and nurture clientele that has
goods throughout the country, together with industrial our trust and confidence. We believe in helping our
and power generation emissions. We have noted with dealers sell Toyota vehicles by providing them with
great concern, information in the press regarding the all the information about our products, after sales
proposed policy for Electric Vehicles which alarmingly service and genuine Toyota parts. We actively support
seeks to encourage imports of Electric Vehicles at them through continuous motivational and technical
a huge loss of revenue on custom duty and sales educational programs and trainings.
tax and without regards to localization, resulting in
out flow of Dollars, loss of jobs and many other ill- A true measure of success for any company is
effects and is being formulated in a vacuum, without to delight its customers. This is our single most
consultation from the stake holders in the industry or important goal. To achieve this, we have to provide
relevant institutions of the State such as Engineering the best-in-class quality products, pre and after
Development Board and Ministry of Industries. Such sales service and the confidence that the ownership
a process is not in the national interest. experience throughout the product lifespan is one in
which the customers can rely upon us to continue
The recently announced Federal Budget, contained a to meet all their needs. We acknowledge that the
policy statement in which luxury goods and finished year under review has been a difficult one in some
goods would attract higher Customs Duties with the aspects where multiple price changes, outside our
intention of reducing imports and allowing domestic control, were required to be taken, against significant
manufacturing sector to regain their lost market and sudden Rupee devaluation, abrupt introduction
share in the domestic market which had been eroded of Federal Excise duty and other numerous policy
over the years due to multiple inconsistent policies changes that undoubtedly have caused hardship
and poorly negotiated Free Trade Agreements (FTAs). to our customers. We will redouble our efforts to
However, its implementation has led to serious continue to endeavor to meet and exceed the trust
distortions by applying these additional Custom and confidence, for which we are very grateful, that
Duties indiscriminately on many industrial inputs, raw they have in us and in our products.
materials and intermediary products. We strongly urge
the Government to require a coordinated approach I am pleased to report that your Company’s Board of
between the tax collecting institutions (FBR) and Directors has continued to provide valuable guidance
the economic ministries so that revenue measures and oversight to ensure strong governance and to
can be applied in a strategic way that lead to both effectively provide encouragement and input to the
increased revenue, as well as, increased productivity, management throughout the year. A review of the
job creation and reduction in imports. Board’s performance and effectiveness through a
self-assessment basis has been conducted during
44
the year under review to ensure best practices are Finally, on behalf of the Board of Directors, I would
continually observed. like to express my gratitude to all the shareholders for
their continued trust and confidence in the Company.
Mr. Farhad Zulficar, one of the founding Directors and The Board and I are united in extending our thanks to
the first Managing Director of the Company retired as each member of the IMC team as we acknowledge
a member of the Board of Directors, and Mr. Imran A. their unwavering support and dedication to the
Habib was appointed to fill the casual vacancy. The Company. We are committed to maintaining our
Board duly acknowledges the valuable contribution leadership in the industry and pray to Almighty Allah
made by Mr. Zulficar and has expressed its gratitude to bless us in our endeavors going into the future.
on behalf of the Company. The Board also welcomed
Mr. Imran A. Habib as a member.
During the year under review, there were five Board

meetings, in which the Board received presentations
on the Company’s operations, challenges and
progress towards achieving objectives in line with
the Board’s vision. We are privileged to have a rich Ali S. Habib
balance of expatriates who bring Toyota’s global Chairman
knowledge to our Company and highly experienced
and respected Pakistanis who regularly provide
meaningful guidance and input on our Board. We are
particularly grateful to our Audit Committee members
who conduct an extremely detailed and diligent review
to ensure that we continue to anticipate and mitigate
risks and comply with corporate best practices.

Directors’ Report
Ali Asghar Jamali

Chief Executive
• Industry Review & Business • Human Resources

Environment
• Operations
• Company Review
• Information Technology
• Customer Relations
• Corporate Social Responsibility -
• Customer First – Parts & Service Advancing Concern Beyond Cars
• Safety, Health & Environment • Corporate Matters & Related
Disclosures
46
The Directors of Indus Motor Company Limited takes pleasure in presenting Directors’ Report, together with
the Audited Financial Statements of the Company for the year ended June 30, 2019:
FINANCIAL RESULTS, APPROPRIATIONS AND SUBSEQUENT EFFECTS
The Financial results and appropriations for the year ended June 30, 2019 are as follows:
2019 2018
(Rupees in ‘000)
Profit After Taxation 13,714,975 15,771,860
Other Comprehensive Income / (Loss) for the year 492 (6,480)
Un-appropriated Profit brought forward 273,792 12,412
13,989,259 15,777,792
Appropriations
First Interim Dividend @ 325% i.e. Rs. 32.5 per share (2018 300% i.e. Rs. 30 Per share) 2,554,500 2,358,000
Second Interim Dividend @ 250% i.e. Rs. 25 per share (2018 325% i.e. Rs. 32.5 Per share) 1,965,000 2,554,500
Third Interim Dividend @ 300% i.e. Rs. 30 per share (2018 325% i.e. Rs. 32.5 Per share) 2,358,000 2,554,500
6,877,500 7,467,000
Unappropriated Profit Carried Forward 7,111,759 8,310,792
Subsequent Effects
Proposed Final Dividend @ 275% i.e. Rs. 27.5 per share (2018: 450% i.e. Rs. 45 per share) 2,161,500 3,537,000
Transfer to General Reserves 4,500,000 4,500,000
6,661,500 8,037,000
Basic and Diluted Earnings per share 174.49 200.66
Principal Activities of the Company

Indus Motor Company Limited (the Company) was incorporated in Pakistan as a public limited company in
December 1989 and started commercial production in May 1993. The shares of the Company are quoted on
the Pakistan Stock Exchange. The company’s principal activity is the assembly, progressive manufacturing
and marketing of Toyota vehicles in Pakistan.
Financial Performance Overview

During the year ended June 30, 2019, the sales volume of CKD and CBU vehicles increased to 66,211units as
against 64,000 units sold last year.
The company has posted net sales revenue of Rs. 157.99 billion, up by 13% as compared to Rs. 139.71 billion
last year, however, profit after tax declined by 13% to 13.71 billion from Rs. 15.77 billion posted last year. The
overall revenue mainly increased due to improved volumes of Toyota Corolla, whereas, the net profit declined
mainly on account of rise in input costs due to deprecation of PKR against USD and JPY.
Contribution to National Exchequer

During the year, the Company contributed a sum of Rs. 52.30 billion to the national exchequer, which amounts
to about 1% of the total revenue collection by the Government of Pakistan during the year. Since the Company’s
incorporation in 1989, our contribution stands in excess of Rs. 418.3 billion.

Industry Review & Business Environment
Business Environment, Risk and Uncertainty has also helped the local manufacturing industry to
For sustained economic growth, macroeconomic maintain its volumes in line with 2017-18.
stability is a fundamental pre-requisite. The outgoing
fiscal year 2018-19 witnessed a muted growth of Application of 10% FED in Oct 2018 on vehicles
3.29% in comparison with 4.7% average growth in 5 above 1700cc negatively impacted on luxury vehicle
years. Pakistan managed to reduce its import bill by segment during last 9 months of FY 2018-19.
US$5.9 billion while maintaining exports of $23 billion
in 2018-19. GoP has widened FED application for all types of
passenger vehicles and has introduced three slabs
These are good signs for the economy which assure of 2.5% - 7.5%, along with increase in rates of
a promising future in the long term. We, however, additional customs duty from 2% to 7% on inputs of
expect minimal growth in 2019-20 due to rapid PKR locally manufacture vehicles.
devaluation of 34% in 2018-19. The agreement
with the IMF for US$6 billion support under the EFF The combined impact of duty increases and PKR
program will ultimately ease out stress on Pak rupee devaluation have increased cost of inputs and
devaluation and encourage other donor agencies ultimately resulted in further price increases.
to lend more money. Shrinking imports, growth
in exports and remittances coupled with the IMF The government tends to promote electric vehicles
program will help maintain foreign currency reserves and is willing to extend concessions to CBU/SKD
at an adequate level. imports. This will devastate the industry and may
initiate localization roll back, draining huge foreign
Development of 9 special economic zones will be the exchange and increase in unemployment. The
driving force for economic growth and taking the fruits policymakers have not considered common aspects
of CPEC to the lesser developed regions of Pakistan. of construction of electric vehicles and conventional
The improved law and order situation across Pakistan combustion engine vehicles. Parts like shell body,
will help raise investors’ confidence. The ground is interior trims, lighting systems, suspension systems,
set to generate positive socio-economic impact of seats, tires, rims, brakes, instrument panels, etc are
CPEC through increased collaboration among the all common in construction, being locally produced
industrial sectors of both Pakistan and China. for conventional vehicles and can be provided for
electric vehicles too.
The Auto Policy 2016-2021 is delivering its fruits as
green and brownfield projects have gradually started The current tariff structure for the manufacture of
operations. Rise in overall production capacity is these locally made parts is substantially higher in
expected to surpass market demand. A wide range comparison to tariffs proposed for electric vehicles and
of choices will be available to consumers, ensuring provided to new entrants under green or brown field
healthy competition, mostly in the SUV and economy program. Such ill-conceived policies will discourage
segments. the localization process, increase the import bill and
negatively impact the local manufacturing process.
This is the time to deepen indigenization by
encouraging local part makers to promote “Make Recommendations
in Pakistan”. The objective of new investments Government efforts for broadening the tax net are
should be directed towards job creation, technology very much appreciated. Pakistan is among the
transfer and increase in local value addition. All these top 50 largest economy with low tax-to-GDP ratio
objectives are achievable if a level playing field is and motorization level. The untapped potential can
provided and ADP 2016-21 improved for vendors as create economic stimulus with good governance
well. as a key element. For sustained growth, consumer
confidence is necessary. We urge the government to
Two supplementary budgets were introduced during introduce policies that will restore market confidence
FY 2018-2019. Policies have impacted the auto and accelerate economic activities across the board.
industry both positively and negatively. Being a
tax filer is a condition for new vehicle purchases of The foremost important element for the auto industry
1700cc and above. The enforcement of SRO 52 has is ensuring a predictable taxation regime and holding
drastically reduced used car import numbers and of government promises on a long-term basis. ADP
48
2016-2021 was introduced after several consultation There is retardation in GDP growth rate due to several
rounds held among all stakeholders, which is factors. There is a need to introduce global marketing
commendable. practices to enhance marketing activities in the auto
sector. We urge the government to revisit the double
The auto industry works with heavy investments for taxation regime on passenger cars and commercial
every new model and sustains long product lifecycles vehicles distribution system which is restricting
for payback. Abrupt changes in taxation or providing leading car assemblers to adopt a wholesale-retail
drastic incentives for specialized products adversely mechanism in order to boost marketing activities as
affects volumes and most of the time do not bring well as help in preventing the premium menace and
fruits which were intended at the introduction time. long delivery periods.
It is advised that for the auto industry, a consultative
process be ensured and major policy interventions We are confident that the government will continue to
only be introduced after the end of each policy period. work in eradicating the malpractices of under-invoicing
Under ADP 16-21, the auto industry attracted major and incorrect declarations at the import stage of auto
investment from 15-plus new entrants. Existing OEMs parts. We also expect that the government will shift
also invested and increased their capacities. Now, the load of tax collection from the private sector to
industry-wide production capacities surpass total authorized tax collecting bodies as there are many
market demand. The waiting period has decreased complexities and it is difficult to manage and increase
and vehicles are now readily available, while new the cost of doing business significantly.
products offer wider customer choices.
We urge the government to continue its support

to the industry and not encourage CBU imports,
whether for both used or electric cars.
Sales of Locally Produced Passenger Cars & LCV

300
259
250 240
No. of Vehicles '000
218 213 42 33
200 180 37 27
99 101
29 94
150 137 87
19 79
100 58 50
26 35 55
16 19
50
44 53 68 57 68 51
0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
up to 800cc 1000cc 1300cc-2000cc LCV & SUV

Company Review
Industry Review The improved plant operations also resulted in
The total industry sales of locally manufactured PC successful roll out of Fortuner, Revo and Hilux 4x2
and LCV vehicles were 240,646 units in the country Minor improvements, which were well-received by
during 2018-19 compared to 258,682 units sold the market.
last year, indicating an 7% drop in the market. The
decline in the automobile industry is attributed to The Company continues to make major investments
an overall economic slowdown, rising interest rates, and operates its manufacturing facility at full capacity.
and escalating vehicle prices on the back of the Manufacturing has continued with employee overtime
plunging Pakistani rupee against the US dollar and hours and manufacturing operations were also being
sky-rocketing inflation. The recent restriction on the undertaken on off Saturdays to meet market demand.
import of used vehicles into the country has been The total production of the Company stood at 65,346
positive for the local industry during the period. units, which shows 4% increase from 62,886 units
Approximately 36,000 used cars were imported produced in the corresponding period last year.
during the year, compared to 70,000 units last year.
The Company’s combined sales of CKD and CBU
Company Review vehicles for the year increased by 3.4%, to 66,211
Indus Motor Company Limited, as a major player units as against 64,000 units sold in the same period
in Pakistan’s automobile industry, has made last year. Accordingly, our market share stood at 22%
encouraging advances during the period, despite of locally manufactured PC and LCV vehicles for the
an economic slowdown. Building on previous year.
performances, IMC has achieved the highest ever
production record of 65,346 units and has also The Company has stood by its commitment and
increased the sales at 66,211 units, in the fiscal year has introduced various specification upgrades
ended June 2019 which reflects the customers’ in the entire lineup of vehicles, including state of
confidence in the company. the art safety features. These features include
standardization of dual SRS Airbags in all passenger
68,000 64,000
66,211 cars and commercial vehicles.
51,000 Toyota Corolla – CKD Passenger Car Segment

Toyota Corolla our flag ship model, over the years,
No. of Vehicles
34,000
64,000 66,211 became a symbol of extraordinary luxury, striking
style, and superior performance. Building upon
a legacy of customer delight, IMC introduced a
17,000
minor improvement in this period along with the
introduction of the first of its kind application, Toyota
0 Connect. The new vehicle is now equipped with
2017-18 2018-19
IMC Sales features such as Auto Door Lock, Immobilizer with
Alarm, and Toyota Connect App to further enhance
Overall, a pressing demand continued to exist the luxury experience.
this year for meeting production targets. Corolla
minor improvement was launched, along with the As an OEM provided application, Toyota Connect
introduction of Toyota Connect application. Long brings convenience and comfort to the users who can
awaited addition of XLI AT variant within the line-up monitor live vehicle location, analyze driving behavior,
was also added during the FY19. Our basic values location sharing and alerts all via their smartphones.
are based on the Spirit of “Kaizen” or Continuous
Improvement and based on this, we have taken IMC with the launch of XLI AT, further strengthened
necessary steps to eradicate bottlenecks and its Automatic transmission lineup. The product was
increase production capacity. A newly constructed well received by the market and supported IMC in
multi-billion rupee paint shop was commissioned in achieving the sales targets.
the last fiscal year resulting in increased output in
the current period. All our efforts have been directed
at reducing the delivery lead time of vehicles and
ensuring customer satisfaction.
50
100,000 94,222 95,918
80,000
42,810 39,198
No. of Vehicles
60,000
40,000
56,720
51,412
20,000
0
2017-18 2018-19
Corolla Competition Conquer the Wild – Destination Pakistan hosted
by Wajahat S. Khan.
Toyota Hilux – CKD Pickup Segment
Toyota Hilux, an icon of power and adventure, Toyota Fortuner - CKD SUV Segment
celebrated a legacy of unstoppable adventure on its Fortuner Sigma-4 has heralded an evolution to the
50th global anniversary in FY19. Hilux Revo continues CKD SUV market in Pakistan, giving customers
to be the first choice of urban buyers looking for an unprecedented power and elegance with a litany of
all-purpose vehicle. features such as an advanced, powerful and ultra-
efficient turbocharged Diesel Engine and advanced
8,000 7,470 Drive Assist features.
6,400
5,000
6,070
No. of Vehicles
5,833 3,484 4,186

4,800 4,000
No. of Vehicles
3,200 3,000
4,186 2,609
1,600
1,637 2,586 2,000
0
2017-18 2018-19 2,609
1,000
Hilux 4x2 Hilux 4x4 (incl S/C 4x4)
0
2017-18 2018-19
In FY19, we launched minor improvement model of Fortuner
Hilux lineup. In Revo addition of Rear air-conditioned
register was very well received by the customers.
The additions such as 1GD engine launched in early Fortuner Models Improvement was also launched in
2018 continued its successful image and the early 2019, building on its futuristic aesthetics, it has
response from the customer was overwhelming. been equipped with Dual Front Powered Seats as
well.
In order to educate the customers about all new
features of Hilux Revo, a marketing initiative “Conquer
the Wild – Destination Pakistan” was launched as a
digital series which consisted of 7 exciting episodes.
The series proved to be a huge success on all social
media platforms.
“Steering with the Stars”, a digital campaign to

showcase the new features of the New Fortuner

Extensive marketing activities were conducted to
establish the Fortuner as best in class CKD SUV in the
market. Experiential drives were conducted in 7 cities
of Pakistan to give hands-on experience to potential
customer for the peace of mind and power that comes
naturally while driving the Fortuner on tough terrains.
To reach a wider audience, a digital campaign called
“Steering with the Stars” was launched with a brand
new concept to showcase the new features by putting
6 celebrities behind the wheels of the New Fortuner
on a purpose built test track. The series consisted of Hiace Deluxe launched by IMC in the
6 episodes which were well received by the audience commercial segment
and performed exceedingly well on all social media
platforms. 6000
5,320 5,113
5000
4,203
Toyota Imported Vehicles-CBU Segment 4,113
Shaping a new era of mobility and strengthening its No. of Vehicles
4000
CBU product portfolio to cater customers’ diverse 3000
and evolving requirements, IMC introduced two new

2000
vehicles in this period. In September 2018, IMC
launched Toyota Rush in the compact SUV segment, 1000 185 188
912
providing customers with a stepping stone from 812
0
Sedan to SUV. Toyota Rush is a perfect fit for an 2017-18 2018-19
active and dynamic lifestyle, coupled with its versatile IMC CBU Sales Toyota Direct Sales
nature and eye-catching design. The brand new Competition
model exemplifies style, beauty and mobility providing
customers with an enhanced level of excitement. Toyota SURE
The new design comes with an exceptional ground In order to create a brand new experience of buying
clearance of 220mm for improved maneuverability, and selling used cars and delivering peace of mind
with seamlessly designed smart exterior. Toyota to customers, Toyota SURE was launched in 2014
Rush offers a Display (MID), 7-inch Audio Display, with the single aim of revolutionizing the local used
Rear Wheel Drive with an exemplary combination of car market. Since then the brand has grown to a
extravagance and practicality. network of 38 dealerships nationwide with presence
in all provinces of the country.
In order to enhance retail capability and create a

larger presence, Toyota SURE launched its flagship
Annual Certified Used Car Bazaars between October
and December 2018 spread across Karachi, Lahore
and Islamabad. The Bazaars engaged thousands of
customers who were looking for reliable (certified)
used cars or great exchange deals to upgrade their
existing vehicles.
Ending the year in style, Toyota SURE in collaboration

Toyota Rush new design exemplifies style,
with the Customer First Department, launched
beauty and mobility
Certified Care, which is free 1 year basic maintenance
In June 2019, IMC launched the Hiace Deluxe in for the certified used cars. This was an initiative taken
the commercial segment which offers a leading by IMC, which is the first time an automobile company
edge in mobility for true professionals, promising has offered such services in used cars in Pakistan.
fresh prospects for business. Hiace Deluxe boasts Toyota SURE will continue with the same zeal, offering
of unwavering quality, guaranteeing practicality and new and unique services to its customers to become
comfort for occupants on the move. a complete one window solution in the upcoming
year.
52
The aim of this program is to inspire the youth to

pursue their sporting dreams, especially those with
limited access to proper training and facilities. Indus
Motor Company is committed to supporting Saadi-
The Local Hero Athlete in fulfilling his dream of
bringing a medal for Pakistan at the Olympic Games
Tokyo 2020.
Safety Campaign
Indus Motor Company is proud to be a safety leader
Toyota launches its flagship Annual Certified in the industry by providing the Best-in class safety
Used Cars Bazaar features in all its CKD variants. Over the span of 2
years, IMC has continuously made efforts to increase
Start Your Impossible safety awareness and educate the users about the
Toyota continues its evolution as a mobility company correct usage of safety specs.
with its first-ever global marketing initiative in
celebration of Olympic and Paralympic Games Tokyo Along with NCAP (New car assessment program),
2020. ‘Start Your Impossible’ is Toyota’s global IMC also promoted its Safety Mascot THUMS
corporate initiative that aims to inspire employees, (Total Human Model for Safety) over digital and
partners and customers. In an age of accelerating other platforms to educate viewers on safety specs
technological and environmental developments, provided in all IMC CKD variants.
Toyota aims to support the creation of a more inclusive,
sustainable and mobile society in which everyone has To instill the concepts of safety into youth, IMC
the freedom to move and challenge their impossible. launched its program #BeSafetyLeaders that
educated university students about the safety
IMC rolled out the ‘Start Your Impossible’ initiative in features and gave the chance to different university
Pakistan with an internal launch event held on 29th teams’ to come forward and be the drivers of change
August 2018 in Karachi. in promoting Safety awareness among the masses.
IMC is excited to begin its journey to Olympic and

Paralympic Games Tokyo 2020 along with its local
hero athlete ‘Saadi Abbas Jalbani- a leading Karate
Player’. Saadi Abbas Jalbani will be working alongside
Indus Motor Company and the National Institute of
Karate-do Pakistan to promote Karate amongst kids
of his hometown Lyari.
Toyota’s safety leader campaign at Universities
The management panel with Ms Zainab and

Mr Saadi at the Start Your Impossible launch

Customer Relations
The 13TH TOYOTA DREAM CAR ART CONTEST • 8 to 10 years category - Palwasha Azeem from
Rahim Yar Khan (Toyota Royal Motors) for her
It has been an interesting journey for the Dream Car “Lantern Car” won the Bronze Award.
since it revved up its engine in 2011 with the 5th Toyota
Dream Car Art Contest. It all started with a moderate • 12 to 15 years category - Ibrahim Qureshy from
number of 10,500 artwork submissions from just 250 Lahore (Toyota Sahara Motors) for his “Car of
schools nationwide and since then, the one-of-its- Invisibility” won the Bronze Award.
kind artwork competition has grown exponentially
over the years. Held in 2019, the 13th Toyota Dream
Car Art Contest received a record number of 48,500
artworks (as compared to 38,000 artworks received
in 2018) from a total of 1,550 schools (1150 schools
participated in 2018) across the country, making
Pakistan the 3rd nation globally to receive the highest
number of artwork submissions. “Lantern Car” made by “Car of Invisibility” made
Palwasha Azeem by Ibrahim Ahmed Qureshi
Aimed at defining the future of mobility by encouraging
children’s creative expression, this international
contest is one of the biggest drawing competitions The World Contest saw over 950,000 artwork
globally and is organised every year by Toyota Motor submissions from 86 countries, out of which 30 top
Corporation for children less than 16 years of age. winners were chosen, two of them from Pakistan.
This is a remarkable achievement for children, the
The Royal category, a special feature of the National dealerships and IMC and is indeed a high honour for
Contest has seen active participation from children Pakistan as well. The two winners have secured the
who are differently abled. This year, the category grew grand prize and travelled to Japan to attend the
by 41% with a total of 1600 drawing submissions, Award Ceremony in August 2019 where they had the
compared with 1100 artworks received in 2018. opportunity of a lifetime to mingle, interact and make
friends with winners from other parts of the globe and
Comprising educators, painters, curators and visual also experienced world famous Japanese culture.
artists, the five-member independent Jury Panel
selected the regional and national winners and The Company hosted an Award Ceremony in Lahore
shortlisted the top 9 artworks from Pakistan to enter to celebrate the 39 winners who came from the
the World Contest in Japan. across the country. All winners were awarded with
certificates and medals for their achievements.
This year is very special as the World Contest, held in
Japan, announced two World Winners from Pakistan
in two age categories viz.
Winners of the 13th Toyota Dream Car Art Contest with Vice Chairman Indus Motor Company and Dealers
54
Customer First – Parts & Service
Here at Toyota, we believe in the Customer for Life instance, dealerships were earlier open from 9.00 am
ideology. The Customer First Department embodies to 6.00 pm but are now open from 9.00 am to 8.00
this Toyota philosophy by continually striving to pm (utilizing shift operations for selected staff).
enhance customer experience. By performing
quality checks before the delivery of the vehicle, and
providing Genuine Parts and Quality Services in after-
sales, we ensure a complete and reliable ownership
experience throughout the life-cycle of the vehicles.
Customer Service Excellence Award
IMC has won the ‘Outstanding Customer Service
Excellence Award’ in CSEA 2018. The Indus
Motor Company – Customer First Department has Let us serve you on“
participated in this program for the last 11 years and
has bagged this prestigious Gold Title for the very
first time. The program is hosted every year by the
Toyota Motor Corporation, Japan and all worldwide
Sunday
”Because TOYOTA cares for you and your comfort
Toyota affiliates including Thailand, Taiwan and
Indonesia participate in it. We all strive towards one Announcing extended evening hours at Toyota
common objective, which is providing ever-improving Dealerships to facilitate customers
customer service in order to become the most
admired automotive brand in its territory. Bearing in view the target of serving 1 million
customers, IMC launched mobile workshops to
serve customers in far-reaching areas which may fall
beyond the scope of the Toyota Dealership network.
These mobile workshops provide essential car
services to customers at their very doorstep.
Extension of Warranty Period
At Toyota, we are committed to delivering excellent
customer service by offering best aftersales products
and services for our valued customers. In keeping with
the same philosophy, IMC has recently announced
built-in warranty for 3 years and/or 100,000 km
(whichever comes first).
Receiving the Outstanding Customer Service

Excellence Gold Award in CSEA 2018

Through CSEA, IMC has improved the efficiency of
its aftersales and CR operations and has created
numerous Customer Engagement touch points for
delighting its customers.
Serving 1 Million Customers
With the changing dynamics of the automotive
industry and the thriving after sales business due Toyota’s standard warranty period
to the increasing number of cars on roads, it is of
utmost importance to give priority to customers and Toyota always works towards making continuous
treat their satisfaction as the goal. With the vision improvements (Kaizen) in its operations and services
of serving customers as per their convenience, our so that customers can enjoy being part of the Toyota
dealership networks have taken the initiatives of Family. The warranty extension program follows this
“Extended Evening Hours” and “Sunday Operations”. viewpoint by providing Toyota customers peace of
Extended Evening Hours translates to having more mind.
working hours in a day to facilitate customers, for

CS Kaizen Evolution 2018-19 Summer Campaign
Customer Satisfaction Kaizen Evolution (CSKE) is
a yearly activity to cultivate and sustain a Kaizen
(continuous improvement) culture and develop
human resources at dealerships.
This year, a total of 130+ themes were registered and

450+ dealership staff was trained with the concept
of the Toyota Way, Toyota Business Practices and
Kaizen Culture Development.
This year, to make CSKE even bigger and better,

CSKE was merged with the Quality Control Circle
(QCC) in order to take it to a global scale. Announcing Free A/C inspection at Toyota
Authorized Dealerships
The Grand Finale of the 4th CSKE 2018-19 was held
at Indus Motor Company on 13th July 2019 in which
Every year, the Customer First Department
top 16 teams selected from across Pakistan took
launches a Summer Campaign to provide all its
part and presented their year-long Kaizen activities
Toyota customers ‘free A/C Inspection’ at Toyota’s
in After Sales, Customer Relations, Sales and T-Sure.
Authorized dealerships. On a yearly basis, this
campaign reaches new heights and engages new
Three best teams have been selected which will
customers.
participate in QCC to be held in mid-August, 2019.
Collaboration with Careem
Grand Finale of the 4th CSKE 2018-19 held at

Indus Motor Company
Prepaid Periodic Maintenance

IMC strives to bring to its customers the best in market
practices to increase its customer satisfaction. In
synchronization with this philosophy, IMC launched Announcing our collaboration with Careem
its Prepaid Periodic Maintenance (PPM) in the year
2016. PPM provides our customers with a smart
and affordable method that protects them from This year, CFD collaborated with Careem to generate
fluctuating prices due to inflation. PPM is a one-stop additional CPUS via Careem Captains. Careem, in
solution; our customers pay once and then enjoy four turn, provided coupon cards for its customers as
free maintenances, cashless transactions and other giveaways.
value added services.
The campaign resulted in an increase in terms
IMC plans to continue and launch several other of customer engagement, customer footfall and
services and promotional campaigns for its eventually, additional revenue from parts and labor
customers to keep our journey of providing customer sales.
satisfaction.
56
Skills Contest within the dealerships. The survey is then used to

At Toyota, we are committed to providing the best bring about improvements at our dealerships and to
quality services at our dealerships. To motivate and increase our employee satisfaction level. Recently,
promote talent within our Toyota Family, IMC has some of our dealerships launched an in-house lunch
been organizing a Skills Contest every year. This event facility and loan facility for their staff to incorporate
is organized in two different areas i.e. Dealership feedback received from the survey.
General Service and Dealership Body & Paint on an
alternate year basis. To further enhance the satisfaction of its employees,
IMC has decided to initiate the Employee Satisfaction
Committee for the dealerships. Free schooling is
This year, IMC initiated Body & Paint Skills Contest
also provided for the children of the employees at
for the Body Technician, Paint Technician & Service
numerous dealerships.
Advisor category. A total of 119 technicians
participated in all three categories. The champions of Customer Delight Touchpoints:
the skills contest won a chance to go to the Toyota Indus Motor Company continuously endeavors
Motor Corporation, Japan and showcase their talent to create a delightful experience for its customers.
on a global platform. In view of this, IMC created certain touch points in
collaboration with its dealers in order to enhance
the customer’s experience at the dealerships. A
few of these activities which make our customers
happy to have Toyota vehicles maintained at Toyota
dealerships include lunch and refreshment facilities
at the customer lounge. Moreover, to capture the
real voice of the customers, a Happy Tree has been
placed in the lounge at every dealership for customer
feedback.
Champions of the Skills Contest at Toyota Customer Satisfaction Index 2018-19
Indus Motor Company IMC conducts Customer Satisfaction Index (CSI)
every year to measure the level of satisfaction of the
Service Advisor Capacity Building customers regarding Toyota’s services collectively. It
IMC firmly believes that its employees are one of
their greatest assets. To cultivate our employees’
skills, IMC holds a Service Advisor Capacity Building
Competition every year. Service Advisors (SA) are the
building blocks of our business as they are our front
liners who have a direct contact with our customers.
They are a reflection of customer satisfaction since it
is due to them that customers interact with the brand.
Service Advisors, especially in Toyota, need to be

confident communicators with excellent selling skills
and the ability to retain the product knowledge they
have gained. To help them gain these skills, IMC
provides relevant, yearly trainings. This year, Umair The Happy Tree placed at all Toyota
Jaliawala was invited to train the advisors and to dealerships to capture the real voice
equip them with the necessary skills and knowledge. of the customers
Dealership Employee Satisfactory Survey is to understand our customers and make continuous
IMC firmly believes that happy employees equate improvements (Kaizens) to contribute towards
to happy customers. Following this viewpoint, IMC customer delight and be in synchronization with
conducts Employee Surveys at its dealerships twice market practices to give our customers a comfortable
a year to cultivate an Employee-Centric approach experience and to hear customers’ thoughts.

IMC truly believes in serving our customers with the of accessories and visualization of the corner, three
best and our customers are top priority. To further more dealerships have been selected for expansion,
this belief, CSI helps us hear the real voice of our which is due to be completed by July 2019.
customers and helps us connect with them.
Green Dealership Status
Toyota Racing Development (TRD) Indus Motor Company strives to set a positive
environmental foot-print. Our environmental
commitment is not just manifested in the wordings
of our policies, but is also reflected in our actions.
We are at the forefront of activities that preserve
and improve our environment. Toyota Pakistan has
designed a Green Dealer Program which is a roadmap
for Toyota dealerships across Pakistan to quantifiably
reduce their energy and carbon dioxide emissions by
installing solar panels and increasing the use of LEDs
Dealerships in Pakistan have implemented Green

Toyota Racing Development inaugarated at Dealer Program and IMC ensures that its dealerships
Toyota Central Motors are in line with the global direction and maintain their
environmental KPIs.
In recent years, our local market has significantly

evolved and customers are now enthusiastic about
spending on the customization and enhancement
of cars. Aiming to give its customers a one-stop
accessories shop, Indus Motor Company has
installed Toyota Racing Development for the first time
in Pakistan. The aim of this project was to generate
an additional revenue stream by selling Genuine TRD
Accessories.
In October 2018, TRD was inaugurated at Toyota

Central Motors by Mr. Yamaoka, Group Manager of Solar panels at Toyota dealerships to reduce
TMC Production Control; Mr. Salim Godil, CEO of energy and carbon dioxide emissions
TCM; and Mr. Ali Asghar Damani, General Manager
of IMC. After success of the pilot run, IMC decided
to further expand the project and the second TRD
corner was installed at Toyota Faisalabad Motors
in April 2019. Due to the ever-increasing demand
58
Safety, Health & Environment
IMC is committed to providing a safer and healthier understood at all levels. In fiscal year 2018 a total
environment to all its employees by strictly complying of 1794 members were trained and time spent on
with all safety, health and environment rules and safety trainings was more than 10,000 man-hours.
regulations. IMC takes full care of all employees,
contractors, suppliers and all individuals in general This fiscal year new training was added for the
who might be affected by the company’s business employees and contractors performing electrical
operations. Employees at IMC work actively to work i.e. Low Voltage Electrical Training. This training
prevent accidents and injuries and make continuous has been made mandatory for individuals performing
efforts to identify, eliminate and manage all safety Electrical Works. Another improvement in safety
risks. training is the addition of new accident simulators
for Kodokan (fire safety simulator). Along with these,
At Indus Motor Company, our Safety Policy conveys real-life accident videos and past accidents from
the following simple message: other affiliates are also being displayed to the team
members to make them efficiently understand the
“SAFETY WILL ALWAYS TAKE PRECEDENCE importance of a safe and secure environment.
OVER PRODUCTION, SALES AND PROFITS”
Improving Working Environment for Employees
Safety Record IMC takes good care of all its employees and for this,
The Company recorded a Zero -Loss Work Day (LWD) a huge amount has been invested in the environment
Injury and No Fire Incident this year. This is the 3rd improvement system. This year, Air Handling Units
consecutive year in IMC with Zero - Loss Work Day (AHUs) have been installed on the entire production
(LWD). This was made possible through immediate floor to provide a comfortable working environment.
improvements and a number of measures that were Apart from this, IMC annually conducts health
taken which include continuous risk assessment, surveillance test of employees to ensure good health
job safety analysis, and awareness sessions, of all employees.
on-job hazard identification, safety and fire patrolling
by trained members including top management.
Apart from this, IMC has implemented the Safety

Plant Management Requirement (PMRs) System
throughout its plant as per the guidelines of TDEM
(Toyota Daihatsu Engineering & Manufacturing
Co., Ltd). Following the continuous improvement
philosophy of Toyota, the company is looking forward
to implementing the Global safety standards i.e.
Occupational Safety Health Management System
(OSHMS) in the coming year.
Safety Training Safety training and health surveillance tests for

The Company regularly conducts a number of general IMC employees
and special training programs for its employees. The
general safety training programs like firefighting, basic First Aid Medical Centre
safety with simulation of Stop-6 Accident Dojo and This year IMC introduced a First Aid Medical Centre
first aid are aimed at empowering every employee to providing first aid treatments to their workers when
deal with emergency situations and avoid accidents. required along with other contract workers present on
While special job training includes construction site. This First Aid Centre was setup for the treatment
safety, working at heights, machine safety, defensive of sickness and minor injuries to provide necessary
driving and process safety, only authorized members first aid, quick relief and support to shift the affected
are allowed to perform a specific job complying with person to the hospital after necessary first aid in case
the standards. an emergency. For this purpose a separate room
has been allocated along with a paramedical staff
IMC also conducts safety training for vendors, dealers available 24/7.
and contractors to ensure that the highest priority is

The First Aid Centre will not only benefit the Future Activities and Investments
employees but also the onsite contractors working
within the premises of IMC. This action shows IMC’s
Extension of Waste Water Treatment Plant (WWTP)
commitment towards its employees and their health.
IMC being a responsible corporate organization
is complying with all the relevant legal and other
Environmental Assessment System environmental requirements and laws. It is going to
The Environmental Assessment System (EAS) is the invest huge amounts on multiple projects. Treatment
Toyota system for environment management. Toyota of hazardous waste water through WWTP is one
has developed a five year action plan and sets key example of its commitment. As the production
performance indicators to achieve its targets along capacity increases and new Pre-treatment and
with the ambition to achieve Toyota’s 2050 Challenge Electro-deposition Line (PTED) is under construction,
Plant Zero CO2 emissions. The Company has made the company has set up a new Waste Water
remarkable achievement in previous years and is Treatment Plant with state-of-the-art Membrane bio
raising the bar. To achieve better results and to keep reactor (MBR)technology . The capacity of the New
affiliates motivated for environment improvement the WWTP would be twice as that of the current system.
audit criteria has been made more challenging this This New WWTP would perform both the biological
year. The Company is expanding its environment and chemical treatment.
activities to all suppliers and dealers nationwide and
focusing on ISO 14001 certifications of its business
Renewable Energy Project
partners also.
Keeping in view the Toyota Global Environmental
Challenge 2050, Plant Zero CO2 Emission is moving
Annual Environment Excellence Award 2019 (AEEA) towards a renewable source of energy. The currently
Indus Motor Company (IMC) has been awarded the installed Solar System capacity at IMC is 420 KW,
16th Annual Environment Excellence Award 2019 which supplies electricity to Manufacturing and Non-
(AEEA) at the Annual Conference on Environment & Manufacturing areas. The facility has been installed
Health held in Karachi on 9th July 2019. in the parking area, canteen, corporate and CPD
Building. Now IMC is extending its renewable energy
by the installation of a 4 MW Solar Power System
which will be completed by 2020.
The 16th Annual Environment Excellence

Award 2019 (AEEA) bagged by Indus Motor
Company Installation of a 4 MW Solar Power System at
The event was put together by the National Forum IMC
for Environment & Health (NFEH), a non-profit
organization which focused on facilitating and Safety & Environment Months
promoting environment, healthcare and educational Promoting a safety culture is an ongoing process
awareness amongst the masses in Pakistan. throughout the year. We celebrated a Safety Month
to encourage safety awareness in the team. For this
Recognized as one of the top 10 organizations year, our safety theme was Safe Work, Safe Home.
in Pakistan for leading efforts to environmental Different activities are organized for promotion of a
protection, the award won by IMC underlined the safer workplace and reiterating the commitment to
company’s vision, contribution to environmental safety. These activities include training sessions for
conservation and its extensive range of corporate employees on general safety, fire prevention, rescue
social responsibility program. and fire evacuation drills, competition between the
60
shops on hazard identification and closure of these of energy and water resources and to promote 3R
observations. (reduce, reuse, recycle) activities. Other than this tree
plantation was done inside and outside IMC and in
the Port Qasim area.
Safety training activities to promote a safety

culture
An Environment Month is celebrated every year in

June. The purpose is to create awareness and remind
people about their social responsibility towards
the environment. Beside training and awareness, it Tree plantation at IMC by Mr.
creates a competitive environment for employees Shuja Uddin Ahmed, Senior
and their families for sustainability in society through Manager Admin
increased awareness. The focus activity in this
month was to create awareness about conservation

Human Resource
IMC has continued to focus on engaging its highly Various sports competitions were held this year
skilled and diverse workforce in a wide range of including swimming, football and cricket competitions.
activities. With a spirit of continuous improvement, Not only did over 500 employees participate in these
we have striven to deliver better services to our competitions, but also several cross-departmental
employees, ensuring an ethical and safe workplace teams participated and organized these events,
in line with our values of respect and teamwork. thereby promoting a culture of teamwork.
Diversity & Inclusion

At IMC we are committed to sustaining a diverse
workforce and utilizing the intellectual capacity of all
genders, especially women. This year, our female
strength increased by almost 28%. We have keenly
listened to and understood the challenges faced by
our female employees, and are consistently open
to feedback for the betterment of our environment.
Consequently, we have enhanced the facilities at our
office for all employees.
We have continued to hire talented people from

diverse backgrounds. Our hiring philosophy is based A glimpse from our football competition
on a “zero discrimination” policy wherein everyone is
assessed entirely on the basis of merit and without
any prejudice. Developing Our People
IMC is committed to investing and developing
Employee Engagement its employees so that they are ready to steer the
At IMC, employee engagement is given paramount company to success and also to achieve their career
importance throughout the organization. This is seen goals. Our employees attended different programs
as a means to strengthening connections amongst at globally-recognized institutions such as Harvard,
employees at all levels by providing them with healthy Wharton and London Business School, besides top
and fun activities. local institutions. We have invested heavily on trainings
including in-house and international sessions for our
empolyees.
We have continued to provide our employees with

international exposure through Intra-Company
Transfers with Singapore, Thailand and Japan. This
gives them an opportunity to gain advanced skills
and knowledge that broadens the horizons of their
career.
IMC has continued to induct a large number of trainee

apprentices as part of an initiative to develop human
capital by imparting skills and giving them a chance
A fun-filled day for the ladies of IMC
to build a better future. The program is an opportunity
for the youth to learn new skills from Toyota-certified
As a way to celebrate our employees, we organize their
trainers with a chance of employment at IMC.
birthday festivities every month. These celebrations
have become a tradition at IMC where employees
come together to enjoy their special day together.
IMC firmly believes in a healthy work-life balance,
hence arranges movie shows for its employees and
their families to spend quality time together.
62
Operations
In continuous pursuit to meet the quality, productivity Asia Pacific Skill Contest
and safety standards of the Toyota World, the Hosted by Toyota Global, an annual competition for
Indus Motor Company has been working on Facility Toyota Technicians, the Asia Pacific Skill Contest
Extension, Process Automation and Future Model 2019 was held in Thailand. There were 121
introduction projects. These Projects include, but are participants in the contest belonging to 12 Toyota
not limited to the New Paint facility. Equipped with affiliated companies from 8 countries of the Asia
state-of-the-art paint robots, this New Paint shop Pacific region.
facility has an investment value of PKR 3.1 Billion and
is fully capable of supporting painting of all exterior Indus Motor’s technicians from various categories
colors. participated in the Contest and had an opportunity
to display their skills and talent on the international
platform. They bagged five medals this year. The
winners were:
Three Silver Medals: in Paints category-Ather Mirza,

Team Member, in Assembly category Yasir Ahmed,
Team Leader and in Quality category Ghadeer Abbas,
Team Member.
Two Bronze Medals: in Press category-Asif Khan,

Team Leader and in Quality category Haris Moin,
State-of-the-art paint robots at IMC Team Member.
With an aim to keep the customers satisfied and

engaged, Indus Motor Company introduces New
Vehicle Models periodically, in lieu of which the Press
Shop and Logistics Building was extended with an
investment value of PKR 2.36 Billion.
Consistent with the Japanese philosophy of

eliminating waste (muda, mura, muri) from production
processes, sophisticated and advanced robots
having an investment value of PKR 571 Million are
introduced in the Engine, Transmission and Weld
Shop. A total of 5 Engine and Transmission Process
Robots are introduced to automate the sealant This year in Asia Pacific Skill Contest IMC won
application process and a total of 18 Hemming five medals
Robots have been installed in the Weld Shop to
automate the Hemming Process. Through these
developments, the Production Facility of Indus Motor Localization
Company Ltd. has taken a step further to elevate its There is a continuing quest to nourish the local
production standard. industry in a pursuit to increase the percentage of
local parts that our vehicles comprise. The Indus
Motor Company has been constantly excelling at
achieving this objective and plans to keep doing
so in the future. The process involves not only the
localization of parts but, in many cases, search for
new suppliers and their subsequent development
so that they are able to uphold Toyota’s globally
renowned quality standards.
Advanced Robots at IMC plant

The Indus Motor Company is committed to supplier quality assurance manual (SQAM)
manufacture vehicles that meet Toyota’s globally documents conformance, tool and die maintenance
renowned quality standards. This requires a improvements, machine and equipment calibration
commitment from our suppliers to provide the same and maintenance improvements, and conformity
to us, and hence the need to reinforce built-in quality to the Japanese Obeya and Asaki concepts. The
and Toyota production systems (TPS) at their end to philosophy is to stop the defects at the occurrence
ensure defect-free products that conform to these point, rather than later in the process or at the
quality standards. defined quality gates. This is done by increasing
compliance of Toyota production system (TPS), total
In line with Toyota’s global initiative, Indus Motor productive maintenance (TPM) of machines and dies,
Company also has a supplier quality development and standardization of work chart and quality check
(SQD) section with engineers who are specifically sheets. In the initial phase, which started a year
trained to improve system coherence and suppliers’ ago, six suppliers were selected and focused, and
compliance to Toyota’s global practices. The significant improvements are already visible.
main focus lies on 5S and safety improvements,
64
Information Technology
IT Strategy driven by Value Innovation Innovator’. This achievement has a historical

IMC’s IT strategy has been engineered to cater significance as this is the first time that an entry from
stringently to its customers. As Toyota globally Pakistan has been accepted. The SAP Innovation
transforms itself from a traditional automotive Awards, now in the 6th year, received a record 233
company to a well-rounded ‘Mobility’ Company, submissions from 37 countries and 25 industries.
the potential significance and role of the Information
Technology function has increased manifold. With Key Focus Areas
so much to choose from in an era of ever-increasing
Technology Incubation Hubs and seemingly Operational Efficiency of Supply Chain and
deployable use-cases, it is important to stick to Logistics Function through S/4 HANA Optimization
basic Business fundamentals and select Technology IMC implemented the latest version of SAP S/4
solutions that enhance the customer experience. HANA in 2016. It was the first organization to have
This is why the IT strategy’s main focus at Toyota gone live with real-time data analytics capability
has been Value Innovation rather than Technology provided by the inherent SAP FIORI user interface.
Innovation. There is an inherent desire to place The IMC SAP team, in conjunction with the Supply
equal emphasis on Value and Innovation driven by chain and Support functions, has further improved
customer experience rather than mere Technology the effectiveness of SAP through meaningful
innovation which is futuristic yet adds little value to application of controls and purposeful automation.
customer needs. This year, the Imported Parts Ordering System (IPOS)
has been launched with real-time exporter calendar
IT has adopted the Agile methodology for introducing visibility. This has enabled the Production Planning
new technology solutions. The tried and tested Plan- team to accurately forecast and plan for timely arrival
Do-Check-Act (PDCA) cycles were deployed to find of imported parts and kits, thus ensuring timely
suitability of emerging technologies towards IMCs production and subsequent delivery of vehicles to
radical desire to be an intelligent enterprise. RPA, IOT customers. In addition, Warehouse Management has
and Big Data are some of the emerging Industry 4.0 been configured to effectively utilize Bin Locations
trends that IMC has adopted or performed Proof- on a FIFO basis. This will ensure better yard capacity
of-Concept with the ultimate objective of improving management and throughput from IMC.
quality, efficiency and customer experience.
Global Recognition:
Indus Motor Company has won the Global SAP
Innovation Award 2019 in the category ‘Process
The IMC SAP team celebrating the

implementation of the latest version of SAP S/4
HANA Optimization
Digitalization of After-sales Function at IMC

Dealerships
One of the key focus areas of IMC IT has been to
improve customer experience by increasing the
efficiency of the After-sales function at Dealerships.
In this regard, several important improvements
have been made to the Genesis Business Portal.
Genesis was originally launched in 2016 with the
IMC receiving the Global SAP Innovation Award main objective of automating Business interaction
2019 in the category ‘Process Innovator’ between IMC and its network of dealerships across

Pakistan. This year’s achievement includes launching need to enter their CNIC and PBO numbers as inputs
of modules such as Parts ordering, Fix-it-Right (FIR) to the IVR system.
and Repair-Support-Request (RSR) module. The
addition of these modules has significantly improved Distributor Mobile App for Streamlining Oil Business
warranty processing and spare parts ordering IMC has introduced a Distributor Mobile Application
efficiency, resulting in a higher level of customer to streamline the operation of Toyota Genuine Oil.
satisfaction. The mobile App with a simple and easy to follow
interface, makes it easy for distributors to plan and
Digital transformation of Sales Booking Process order Oil from IMC.
In an effort to reduce Sales Booking Process time,
several digitalization efforts are in progress at the Cloud Migration for Higher Availability
Dealership front. One such effort recently completed As part of its carefully-engineered Hybrid cloud
is the decentralized scanning of Sales documents at strategy, IMC has migrated several mission-critical
dealerships. The project aims at cutting down manual Business applications to Cloud. One such application
processes and to initiates real-time verification of is Genesis, which is extensively being used at
documents to ensure that our customers can get the dealerships to cater to the After-sales Business.
vehicle delivered to them as early as possible. The move to Microsoft Azure Cloud ensures highest
possible availability, integrity and confidentiality for
Predictive Maintenance through Internet-of-Things our customers.
(IOT) Technology
In an effort to improve process efficiency, IMC has Information Security and Business Continuity
taken several initiatives that focus on enhancing Planning (BCP)/Disaster Recovery Planning (DRP)
visibility and integrity of process data. Predictive The Information Security function has gained
maintenance is one of the areas where IOT is being significant prominence in the wake of ever-increasing
prototyped with the potential benefits ranging cyber threats. In order to ensure Confidentiality,
from proactive reminders of machine breakdown Integrity and Availability (CIA) of the enterprise data,
to considerable savings by avoiding spare parts there needs to be a constant focus on improving IT
obsolesce. Security policies and procedures. In the current year,
IMC reassessed and improved its BCP/DR Plan with
Move to Intelligent Enterprise by leveraging the help of a reputed Big4 firm and also performed
Robotic Process Automation (RPA) a successful DR Drill. This has provided adequate
Robotic Process Automation (RPA) is an emerging assurance to the Board and shareholders about the
technology aimed at utilizing software robots for strength of IMCs BCP/DR plan readiness. In order
repetitive and mundane tasks. One of the key benefits to improve physical security within the plant, a RFID/
of RPA is that it allows an organization to free-up its Fingerprint-based Access control mechanism has
human resource for value-added work by reallocating been deployed to ensure authorized access.
repetitive work to software robots. Several business
functions have been identified as potential candidates Future Outlook
for RPA adoption and currently proof-of-concepts is Customer delight lies at the center of IMC’s IT Strategy.
in progress. We will continue to build on the momentum that has
been achieved on the Digital Transformation front.
Improving Customer Response Time through Call Toyota Vision 2025 talks about achieving ‘4Most’ in
Center/IVR Upgrade Business and contributing to Society as ‘The Best
In order to enable Sales and Marketing, Customer First in Town’ company. IMC IT will be a key enabler for
and Customer Relations departments of IMC, with achieving this vision of being the company with Most
the end-goal of providing a delightful experience to Customers, Most Profitable, Most Competitive and
our customers, IMC IT has developed and upgraded Most Innovative.
the Call Center Interactive-Voice-response system.
With this upgrade, Customers waiting for delivery of
their vehicles can now call and get an instant update
about the delivery and invoicing status. Customers
66
Corporate Social Responsibility

Advancing Concern Beyond Cars
Social Performance: Good Corporate Citizen Climate change has a significant impact on the planet.
In consonance with its Vision, Mission, Core Values Everyone has to work together and play a part to
and the UNGC Principles, Indus Motor Company bring about real change. We remain absolutely
always aims to demonstrate responsible corporate committed to improving fuel efficiency and reducing
conduct throughout the entire spectrum of its emissions for our customers, and we continue
activities and operations. to pursue our electrification and sustainable
manufacturing strategies to do our part to help
Indus Motor Company has a rich history of community address climate change issues. We have challenged
investment that has evolved to meet the complexities ourselves to go further by setting stretch goals
and challenges of a developing society. We support to reduce climate-related impacts in our facilities
a broad range of initiatives in the areas of Education, and nationwide. The major three investments are
Health, Road Safety and Environment and Ecology summarized below:
conservation with a firm belief that these provide the
fundamental building blocks for the development of
IMC’s Contribution SOCIAL

society.
Since the formal launch of the CSR structure in 2002,

the Company has worked to develop a common
understanding and a harmonized approach to CSR
within its operations and dealership network, through DURING LAST 10 YEARS
1.11 Billion
regular assessment of the current CSR situation and
development of counter-measures.
Rs.
We believe that the success of a business and its
social responsibility goes hand in hand; hence we
strive to contribute to the advancement of society (1) Million Tree Plantation Drive: Inspired by the
and to effectively shape, help and promote its “Toyota Environmental Challenge 2050”, Indus
development. Together with our employees, we Motor determines to pave the way progressively for
are involved in many charitable community projects an environment-friendly society through a range of
in order to help meet social challenges and create dedicated year-round initiatives. Being responsible
noticeable benefits. Being an automobile company, corporate citizens we launched the Million Tree
Indus Motor has a considerable role to play in Plantation Drive in November 2018 at a small event
transformation towards a sustainable society in graced by Mr Waseem Akhtar, the Mayor of Karachi.
general and to combat climate change specifically. This CSR initiative will be sufficient to support 1%
population of our country, as one tree generally will
By collaborating with stakeholders on projects that
benefit society, IMC seeks to leverage its knowledge
and networks where these can have the greatest
positive impact. Major CSR initiatives undertaken in
2018-19 to drive social transformation comprise:
Environment & Ecology Conservation:

The environmental dilemma has become a global
concern; that is why the world is taking environment
and climate change issues seriously and trying to
cope with the adverse situation on a war footing.
Apart from deforestation, industrial operations
and products have a significant impact on the
environment. CEO, Mr. Ali Asghar Jamali, Mayor of Karachi
and directors launching the Million Tree
Plantation Drive

sequester around 23 kg of atmospheric carbon (3) Sustainable City: (5S Clean and Green Drive
dioxide. In our effort to offset and reduce CO2 2019, Phase-II): According to the World Bank’s
emissions and our targeting to achieve a net zero Karachi City Diagnostic Report, the metropolis faces
carbon footprint with respect to our production severe environmental challenges which include
facility, several measures are being taken. a high incidence of air, land, water and marine
pollution. Much of this is caused by inadequate waste
Our approach in this drive is to ensure the right management. 60pc of solid waste is not collected
selection of indigenous saplings to plant in the right and transferred to dump sites; most of the waste is
location, as well as the sincere engagement of local either left rotting or is burnt, which creates a choking
communities, so that the plants could survive and miasma that envelops the various localities.
grow to become trees. To make this drive effective,
we have partnered with WWF-Pakistan for technical Keeping these grim details in mind, Indus Motor
support and supply of quality saplings of various Co. initiated Clean-up Drive 2018 in Karachi aimed
species. This helps us in expanding our reach and at owning the cities of Pakistan through engaging
also serves as third party validation of our social NGOs, Media, Citizens and volunteer employees.
contribution. Our objective is to instill a sense of ownership,
particularly among the younger generation, to allow
them to understand the positive impact they can
make on their society. The Sustainable City drive is
still continuing in collaboration with WWF-Pakistan
targeting 200 schools in Karachi. It is aimed at
fostering a sense of civic responsibility, ownership and
unity among Karachiites to keep the city clean. The
5S principles of Toyota have also been inculcated in
the drive so that everyone aspiring to take ownership
of the overall environment can benefit by increasing
their efficiency through these concepts.
Mr Waseem Akhtar, Mayor of Karachi gracing

the launch event of the Million Tree Plantation
Drive
(2) Contribution towards construction of Diamer-

Bhasha and Mohmand Dams: The increasing
pressures of population and industrialization have
already placed greater demand on water. It is the
second basic problem of Pakistan - a country that
is gradually experiencing chronic water stress. Fresh IMC employees conducting the 5S Cleanup
water is not only vital for sustenance of life but Drive
equally essential for socio-economic development.
Therefore, building of more reservoirs and an effective Support to Wheelchair Table Tennis Player for
water management strategy are a need of the time. Tokyo 2020 Paralympic Games
Indus Motor Co. has formally launched in Pakistan
Embracing the spirit of national integrity and
the global corporate initiative of Toyota “Start Your
considering the criticality of national needs, Indus
Impossible” that aims to inspire Toyota employees,
Motor has pledged its contribution of Rs 100 million
partners and customers and connect the company’s
to release in annual tranches. During the year, IMC
core beliefs. Toyota believes that mobility goes beyond
released a total of Rs 40 million to the PM-CJ Fund
cars; it is about overcoming challenges and making
for construction of Diamer-Bhasha and Mohmand
dreams come true. The “Start Your Impossible”
Dams. Realizing the significance of the water crisis,
initiative reflects these values and highlights the
our CBA (Indus Peoples Workers Union) has also
company’s goal to provide freedom of mobility for all.
joined hands and donated a modest contribution
equivalent to 3-hour overtime of all unionized staff.
68
Indus Motor Co. pledges to support Ms Zainab Community Uplift:

Barkat, the national wheelchair table tennis player, Indus Motor Co.’s ambition is to be a good corporate
to represent Pakistan in the Tokyo 2020 Paralympic citizen in communities, especially in localities where
Games and fulfill her dream of returning as a gold it operates.
medalist. This support by IMC to her is a part of the
global ‘Start Your Impossible’ initiative that reflects
the Olympic and Paralympic spirit of encouragement, Since Inception of IMC
challenge and progress. The global initiative highlights
the company’s mission of creating a barrier-free Around 1 million people-touched
society and reinforces its values of humility, hard through Free Medical Camps
work, overcoming challenges and never giving up.
Above 1 million people-touched
through Food and Ration Distribution
Our well-articulated Community Uplifting Program

for local communities has two overarching goals
for making our neighbours happier, more balanced
and instilling a greater sense of purpose in their daily
life. The role of our Community Service in eliminating
social exclusion in adjoining localities explores various
avenues. The first goal is to take care of their health
by providing good quality nutritious cooked food
every week, edible rations hampers during Ramazan,
Ms Zainab Barkat, national organizing free weekly medical camps for OPD at
wheelchair table tennis player, three locations and free psychiatric medical camps at
aspiring Paralympic champion two locations every two months.
Habib University Foundation:

Promotion of education is a comprehensive process
for human and social transformation. The Habib
University Foundation’s portfolio revolves around
higher education, educational research and youth
development. Habib University is envisaged as a
world-class research-based undergraduate institution
aimed at responding to the pressing challenges of
the 21st century. It is the hub of Liberal Arts and
Sciences education in Pakistan, offering a truly
transformative learning experience to its students.
The university’s mission is to educate promising Toyota’s free weekly medical camp for OPD
students from all backgrounds and promote diversity and psychiatric services
in the field of research and education, developing The second goal is to marshal and focus on
them into competent and conscious members of bringing their children to school for mental and
society. Around 90% students of the university are spiritual enrichment through providing elementary
receiving some form of financial support, with some to secondary education under the program “Toyota
100+ scholarships being offered every year. – Goth Education Program” (T-GEP), which was
initiated in 2008. The first batch has passed their
At Indus Motor Co., we believe that it is our youth Matriculation exams in Grade-A1 and A, while the
which will lead the country to a brighter future and second batch successfully passed their exams and
as a good corporate citizen it is our responsibility have been promoted to higher classes and they have
to invest in them. IMC has continued donation of already started blossoming into young individuals.
a substantial amount this year and played its role IMC is determined to continue its full support for
in promoting creativity, academic freedom and the their Higher Secondary Education at private colleges,
exchange of ideas in an intellectually-stimulating etc., so that after some time, when they become
environment. professionals, they will become agents of change in

transforming the community. specific skills essential for professional growth and
development in the auto industry.
TGEP is a unique social intervention that has
significantly improved the living standards of
beneficiaries who have a most rewarding and uplifting
experience. The growth of children is phenomenal
and we truly believe that they are the ambassadors of
change. The biggest impact on their living standards
has brought a radical change in their daily life. The
fraction of dropouts and gender differentiation has
now decreased to a negligible level. Their preference
for early marriage has diluted with the expectation
of a brighter future. We believe this is a great way
to give back to the community as it will ultimately
reduce the level of poverty. Apart from this, we also TTEP training institutes offering world-class,
have had the privilege of establishing a fully functional holistic education in varying automotive
computer lab for the Government Secondary School disciplines to youth
in Razzaqabad.
Support to Health Sector

T-GEP’s
Conducted around
million
1. Support to Sindh Institute of Urology and
Transplantation
y e a r s
nurturing academic-hours
dream
Toyota - Technical Education Program

As human development is our fundamental focus,
we are developing the skills of youth, especially
young people who hail from the economically
weaker sections. The Toyota Technical Education
Program (T-TEP) was begun as a typical example of
a corporate giving initiative to which IMC contributed
training hardware for a vocational training college in
Lahore in 2000. T-TEP is a three-year automobile
diploma that provides thorough automobile training
to youth, enabling them to pursue successful careers
in the industry. For providing students a distinct
platform to hone their technical skills and contribute Dr Adibul Rizvi of SIUT with CEO Mr Ali Asghar
in strengthening Pakistan’s automotive industry, Jamali, appreciating the contribution of Indus
at present IMC runs four TTEP training institutes in Motor
Karachi, Lahore and Islamabad, offering world-class,
holistic education in varying automotive disciplines.
Indus Motor Company has released a Corporate
To date, 4,397 industry-ready technicians have been
philanthropy of 75 lakh rupees to the Sindh
trained; most of them are employed within the Toyota
Institute of Urology and Transplantation (SIUT) to
network in Pakistan. All these graduates are highly
help them become more effective because they
employable because of their skills and are also in high
have unique assets and capability in providing
demand in Middle Eastern markets.
quality treatment and transplantation to people
suffering from renal diseases.
We are pleased to enter the 10th year of the program
which has enabled the young talent of Pakistan
to undergo holistic training and gain industry-
70
Dr Adibul Rizvi of SIUT appreciated the

contribution of Indus Motor and its support for the
community at large. He assured that this support
will help propel success stories of social-impact
that SIUT is demonstrating a strong commitment
to providing state-of-the-art healthcare for the
community.
2. Support to Indus Hospital for the Extension

Plan
Health sector is one of the most challenging
sectors in Pakistan with a dire need of attention.
The hospitals are the focal point of collective
national health system for generations. Indus IMC congratulating Indus Hospital on their
Hospital is doing a commendable job to bridge the commendable work and offering a donation of
gaps in provision of healthcare to underprivileged Rs.10 million
and IMC is supporting them in this cause.
To contribute to Indus Hospital’s extension plans

and reach out to poor and needy patients, Indus
Motor Company has donated Rs.10 million.

Corporate Matters & Related Disclosures
Composition of the Board
The composition of the Board of Directors of the Company as on June 30, 2019 is as follows.
1. The total number of directors are 10 as per the following:
a) Male 10
b) Female -
2. The number of directors under respective categories are as follows:
a) Independent Director 01
b) Non-Executive Directors 06
c) Executive Directors 03
As per the Listed Companies (Code of Corporate Governance) Regulations 2017, “the Regulations”, the Board
is required to have a female director and 1/3rd independent directors, not later than the expiry of the current
term i.e. by October 31, 2020.
Board of Directors Meetings

A total of Five (05) meetings of the Board of Directors were held during the 12 months period from July 01,
2018 to June 30, 2019. Name of the directors (at any time during the year) alongwith their attendance at the
Board Meetings is as follows.
S.
Name of Directors Meetings Attended
No.
1 Mr. Ali S. Habib (Chairman) 5
2 Mr. Yuji Takarada (Vice Chairman & Director) 5
3 Mr. Ali Asghar Jamali (CEO) 4
4 Mr. Sadatoshi Kashihara 5
5 Mr. Susumu Matsuda [Mr. Tsuyoshi Haginiwa, Alternate Director] 5
Mr. Tetsuya Ezumi, [Mr. Y. Wagata, Alternate Director / Mr. K. Sotowa,
6 4
Ex. Alternate Director ]
7 Mr. Mohamedali R. Habib 4
8 Mr. Imran A. Habib / (Mr. Farhad Zulficar Ex- Director) 3
9 Mr. Azam Faruque 5
10 Mr. Parvez Ghias 5
Changes in Directors
During the year, one casual vacancy occurred on the Board. Mr. Farhad Zulficar resigned as Director with effect
from February 26, 2019 and Mr. Imran A. Habib was appointed as Director from the same date.
The Board acknowledged the valuable contributions made by the outgoing Director and welcomed the new
Director on the Board.
72
Committees of the Board which are underway and will introduce new products
The Board has formed the following Committees and in the local market. The company welcomes new
details of members are as under: competition. However, consistent Government
policies are required alongwith creating a level
1. Board Audit Committee playing field for the existing players of the industry for
1) Mr. Azam Faruque, Chairman sustainable growth.
2) Mr. Mohamedali R. Habib
3) Mr. Imran A. Habib Internal Control
4) Mr. Parvez Ghias The Company has employed an effective system
5) Mr. Susumu Matsuda of internal controls to carry on the business of the
6) Mr. Tetsuya Ezumi Company in an orderly manner, safeguard its assets
and secure the accuracy and reliability of its records.
2. Board Human Resource & Remuneration The Management supervision and reviews are an
Committee essential element of the system of internal controls.
1) Mr. Azam Faruque, Chairman The Management has delegated the function of
2) Mr. Ali S. Habib detailed examination and special review to the team
3) Mr. Yuji Takarada of internal auditors.
4) Mr. Parvez Ghias
5) Mr. Ali Asghar Jamali The Board ensures adequacy of internal control
activities either directly or through its Committees.
3. Board Ethics Committee The Board also reviews the Company’s financial
1) Mr. Parvez Ghias, Chairman operations and position at regular intervals by means
2) Mr. Ali Asghar Jamali of interim accounts, reports, profitability reviews and
3) Mr. Imran A. Habib other financial and statistical information. Analysis of
budgetary control is in place and the Board reviews
Salient features of Remuneration policy for material variances with explanations and actions
Non-Executive Directors taken thereon on periodic basis.
The Board acknowledge the valuable contributions
being made by the Non-Executive directors (including Risk management
independent director), and currently a meeting fee IMC has a formal risk management framework to
is being offered for attendance and participation at assess the risks faced in the context of the broader
each Board meeting and its Committee, while this political and macroeconomic environment. The risk
does not reflect compensation of their contributions management system identifies strategic, regulatory,
and just represents a token of appreciation. The Non- financial, operational, reputational, and sustainability
Executive directors may waive their rights to receive risks related to IMC business activities. The risks are
such remuneration for attending and participation in reviewed by the management committee along with
the above meetings. departmental objectives, targets and performance.
Appropriate strategies are developed and
Remuneration of Executive Directors implemented to minimize the impact of the identified
The Remuneration of CEO & Directors of the risks.
Company for the year ended June 30, 2019, is given
on page number 129. The Company has also formulated a risk management
structure based on the global practice followed by
Principal Risk and Uncertainties Toyota, with the aim of driving the Company strength
Company’s financial performance is exceptional growth with managing risk associated with business
over the past recent years. However, the continuous adequately.
depreciation of Pak Rupee against various currencies,
rise in inflation and international commodity prices Financial Statements
continues to be vital factors that have an impact International Financial Reporting Standards (IFRS),
on current and the future financial statements of as applicable in Pakistan and provisions of and
the Company. The increase in taxes and duties by directives issued under the Companies Act, 2017
Government result in increase in prices of products, have been followed in preparation of the financial
which will affect the volumes of the industry. statements, where provisions of and directives issued
under the Companies Act, 2017 differ from the IFRS,
Under the Automotive Development Policy 2016- the provisions of and directives issued under the
2021, many new players have planned investments Companies Act, 2017 have been followed.

The auditors of the Company, M/s. A.F. Ferguson & Moving Forward
Co., Chartered Accountants, audited the Financial Moving forward, your Company plans to secure new
Statements of the Company and have issued an and exciting products from Toyota that will further
unqualified report to the members. strengthen the existing product slate to provide a
wider choice to customers and ensure sustainable
Pattern of Shareholding growth and value creation.
The Pattern of Shareholding of the Company as on
June 30, 2019, is given on pages 137 to 138. After the formation of the newly elected government,
we anticipate that policies are to be made to overcome
Trading of Shares of the Company the economic challenges. Initiatives are also to be
During the year ended June 30, 2019, the Directors, taken to increase investments and localization.
the Executives, and their spouses and minor children
have not carried out trading of shares of the Company, Acknowledgement
other than that disclosed in pattern of shareholding. We are grateful to our customers for their continued
patronage of our products and wish to acknowledge
Material Changes and Commitments the efforts of the entire Indus team, including our
There have been no material changes and staff, vendors, dealers and all business partners for
commitments affecting the financial position of the their untiring efforts in these challenging times and
Company that have occurred between the end of the look to their continued support.
financial year of the Company to which the balance
sheet relates and the date of the report, other than We bow to the Almighty and pray for His blessings
disclosed in Financial statements, or in this report. and guidance.
Appointment of Auditors Karachi.

The existing auditors, M/s A.F. Ferguson & Co., August 27, 2019
Chartered Accountants retire and being eligible,
offer themselves for re-appointment. The Directors
endorse the recommendation of the Audit Committee
for re-appointment of A.F Ferguson & Co, as the
auditors for the year ending 2020.
Related Party Transactions

All transactions with related parties have been
executed at arm’s length and in normal course of
business, which have been disclosed in the financial
statements under relevant notes.
Key Operating and Financial Data

The Key Operating and Financial Data is mentioned
on pages 140 to 141 of the Annual Report.
Statement of Compliance with COCG

The Company has fully complied with requirements
Ali Asghar Jamali Yuji Takarada
of the Listed Companies (Code of Corporate
Chief Executive Vice Chairman
Governance) Regulations 2017. Statement to this
effect is annexed with this Report on page 84 to 85.
Chairman’s Review
The Directors of the company endorse the contents
of the Chairman’s review, dealing with the overall
performance of the Company, future outlook and
report on the performance and effectiveness of the
Board.
74
Global Vision for Those We Serve
Defining the ideal form of the company for each stakeholder and the outline for
the future it should take in order to realize the Global Vision
We aim to exceed expectations and be rewarded with a smile. We will meet challenging goals by engaging the
talent and passion of people, who believe there is always a better way as we set out in the Global Vision. That
means, we will sincerely listen to the voices of every stakeholder - customers, employees, business partners,
shareholders, and global society/local communities, and respond to those expectations. The expression
“Global Vision for Those We Serve” is our way of organizing and explaining the thoughts constituting the Global
Vision in relation to stakeholders. It is Toyota’s resolve to meet challenging goals step by step to see the smiles
and happiness of everyone including customers and beyond.
Customers Shareholders
Provide safe and reliable vehicles that inspire Ensure sustainable growth by fostering the virtuous
enthusiasm at affordable prices. Listen sincerely to circle:
customer voices and continue to reinvent ourselves o Always better cars
through sufficient information disclosure and o Enriching lives of communities
dialogue. o Stable base of business.
Employees Business Partners

Create working environments for various employees Contribute for economic development of local
to work proudly and with loyalty and confidence communities with open stance to new suppliers
in fulfilling their potential, which realize their self- and dealers and through sustainable growth based
growth. on mutually beneficial business relationships with
dealers/distributors and suppliers.
Global Society/Local Communities

Reduce environmental burdens through lifecycle
by developing various eco-friendly vehicles and
technologies and making them prevail. As a good
corporate citizen, respect the culture and customs of
every nation and contribute to social development.
Be aware of responsibilities of developing and
producing vehicles and contribute for realization of
new mobility society free from traffic accidents and
congestion.

Fun Facts & Tips for Safety
76
YOU NEVER DRIVE ALONE

Even if you are alone in the car, you’re still responsible for more lives than you
think. That’s because the safety of other road users are in your hands every time
you’re behind the wheel.
SAFETY MULTIPLIER
There’s a very simple way to enhance the effectiveness of airbags by 15 times-
WEAR YOUR SEATBELT.
S IS FOR SAFETY
Keeping your child safe during a car ride is easy as ABC. Just put your child in a
child safety seat. This can reduce the risk of fatality by 71% for infants and 54%
for toddlers aged 1 to 4 years.
AIRBAG SPEED 200MPH

The only thing that should be speeding is your airbag. Deployed
at speeds of up to 200mph in 0.2 seconds, the airbag provides
protection between you and the steering wheel, dashboard or
windshield.
AIRBAGS ENDANGER CHILDREN

Children aged 12 and under should always ride in the rear
because the explosive force used to deploy an airbag can be
fatal to young children. For the same reason, a rear-facing car
seat for infants and toddlers should not be placed in front of an
airbag.
SAVED BY A SEATBELT
100,000 - that’s the average number of people saved by seatbelts
every year.

SAFETY FEATURES TO KNOW
ISOFIX CHILD SEAT ANCHORS
ISOFIX child seat anchors allow you to fit a car seat directly into a
vehicle without using a seatbelt. It is used for the safety of children so
that child seat is installed properly on a regular basis.
VSC (VEHICLE STABILITY CONTROL)

VSC helps suppress vehicle lateral skidding when cornering or during
emergency steering maneuvers for excellent handling and stable
performance.
GOA BODY WITH REINFORCEMENT

GOA (Global Outstanding Assessment) is collision safety body
consisting of an impact absorbing body structure and high integrity
cabin. In the case of a crash, the GOA body helps in minimizing cabin
deformation.
DUAL SRS AIRBAGS

The SRS (Supplemental Restraint System) airbags inflate when the
vehicle is subjected to certain types of severe impacts that may cause
significant injury to the occupants. They work together with the seat
belts to help reduce the risk of death or serious injury. They can help
protect the head and chest of the driver and front passenger from
impact with interior components. SRS front airbags do not generally
inflate if the vehicle is involved in a side or rear collision, if it rolls over,
or if it is involved in a low-speed frontal collision.
SEATBELT: PRETENSIONER WITH

FORCE LIMITER & ELR
The pretensioners help the seatbelts to quickly restrain the occupants
by retracting the seatbelts when vehicle is subjected to certain types
of severe frontal collision. Force limiters mitigate the impact applied to
the chest, thus contributing to achieving excellent occupant restraint
performance.minimizing cabin deformation.
ABS AND EBD

Anti-lock Braking System (ABS) helps to prevent the wheels from
locking up and skidding during hard braking, allowing you to retain
steering control. Electronic Brake Distribution (EBD) ensures brake-
force is distributed optimally between all wheels for effective braking.
78
Gaining
RECOGNITION
1. Corporate Excellence Award 2018
2. Overall Most Outstanding Company in Pakistan 2018
3. Most Outstanding Company in Pakistan in Automobile and Components
Sector 2018
4. The Global SAP Innovation Award 2019
5. Business Sustainability Award 2018 in the category of multinational
companies
6. Corporate Social Responsibility Award 2019 in the category of Sustainable
Initiatives
7. Best Car of the year 2018: Toyota Corolla GLi (Consumer Choice Award)
8. Best Four-Wheel-Drive SUV of the year 2018: Toyota
9. CEO of the Year Award 2018: to Mr Ali Asghar Jamali, CEO, IMC
10. Best Leadership Award 2018: to Mr Ali Asghar Jamali, CEO, IMC
11. Annual Environment Excellence Award 2019
80

Financial
STATEMENTS
82
Statement of Compliance
with the Code of Corporate Governance
This statement is being presented to comply with the requirements of the Listed Companies (Code of
Corporate Governance) Regulations, 2017 (the Regulations) for the purpose of establishing a framework of
good governance.
The Company has complied with the requirements of the Regulations in the following manner:
1. The total number of directors are 10 as per the following:
a. Male 10
b. Female -
2. At the year ended June 30, 2019, the composition of the Board of Directors (the Board) is as follows:
Independent Director
1. Mr. Azam Faruque Director
Non-Executive Directors
2. Mr. Ali S. Habib Chairman
3. Mr. Imran A. Habib Director
4. Mr. Mohamedali R. Habib Director
5. Mr. Susumu Matsuda Director
6. Mr. Tetsuya Ezumi Director
7. Mr. Parvez Ghias Director
Executive Directors
8. Mr. Yuji Takarada Vice Chairman
9. Mr. Ali Asghar Jamali Chief Executive
10. Mr. Sadatoshi Kashihara Director
The independent director meets the criteria of independence under the Companies Act, 2017.
3. The directors have confirmed that none of them is serving as a director on more than five listed companies,
including this Company (excluding the listed subsidiaries of listed holding companies where applicable).
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 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 Companies (The Act), 2017
and the Regulations.
7. The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected
by the Board for this purpose. The Board has complied with the requirements of the Act, the Code and
the Regulations with respect to frequency, recording and circulating minutes of the meetings of the Board.
8. The Board has a formal policy and transparent procedures for remuneration of directors in accordance
with the Act, the Code and these regulations.
9. In accordance with the criteria specified in the Code, 1 director of the company has been exempted by
SECP from the requirements of Directors Training Program (DTP) as prescribed by the Code. 5 Directors
are already certified directors under DTP. All the directors are fully conversant with their duties.
84
10. During the year, there has been no change in the position and terms and conditions of employment of the
Chief Financial Officer (CFO), Company Secretary and Head of Internal Audit.
11. The CFO and Chief Executive Officer (CEO) have duly endorsed the financial statements before approval
of the Board.
12. The Board has formed Committees comprising of members given below:
Audit Committee
Mr. Azam Faruque Chairman
Mr. Imran A. Habib Member
Mr. Mohamedali R. Habib Member
Mr. Susumu Matsuda Member
Mr. Tetsuya Ezumi Member
Mr. Parvez Ghias Member
HR & Remuneration Committee
Mr. Azam Faruque Chairman
Mr. Ali S. Habib Member
Mr. Yuji Takarada Member
Mr. Ali Asghar Jamali Member
Mr. Parvez Ghias Member
13. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committees for compliance.
14. The frequency of meetings of the committees during the year was as per the following:
• Board Audit Committee Quarterly meetings

• Board HR & Remuneration Committee Half yearly meetings
15. The Board has set up an effective internal audit function for a person who is considered suitably qualified
and experienced for the purpose and is 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 (ICAP) and
registered with the Audit Oversight Board of Pakistan, that they or any of the partners of the firm, their
spouses and minor children do not hold shares of the Company and that the firm and all its partners are
in compliance with International Federation of Accountants (IFAC) guidelines on code of ethics as adopted
by the ICAP.
17. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Act, these, Regulations or any other regulatory requirement and
the auditors have confirmed that they have observed IFAC guidelines in this regard.
18. We confirm that all other requirements of the Regulations have been complied with.
Ali S. Habib
Chairman
Karachi
August 27, 2019

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF
INDUS MOTOR COMPANY LIMITED
Review Report on the Statement of Compliance contained in Listed Companies (Code of Corporate
Governance) Regulations, 2017
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2017 (the Regulations) prepared by the Board of Directors of Indus Motor Company
Limited for the year ended June 30, 2019 in accordance with the requirements of regulation 40 of the
Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company.
Our responsibility is to review whether the Statement of Compliance reflects the status of the Company’s
compliance with the provisions of the Regulations and report if it does not and to highlight any non-compliance
with the requirements of the Regulations. A review is limited primarily to inquiries of the Company’s personnel
and review of various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting
and internal control systems sufficient to plan the audit and develop an effective audit approach. We are not
required to consider whether the Board of Directors’ statement on internal control covers all risks and controls
or to form an opinion on the effectiveness of such internal controls, the Company’s corporate governance
procedures and risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation of the
Audit Committee, place before the Board of Directors for their review and approval, its related party transactions
and also ensure compliance with the requirements of section 208 of the Companies Act, 2017. 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. We have not carried
out procedures to assess and determine the Company’s process for identification of related parties and that
whether the related party transactions were undertaken at arm’s length price or not.
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, 2019.
Chartered Accountants
Dated: August 27, 2019
Karachi
86
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF INDUS
MOTOR COMPANY LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the annexed financial statements of Indus Motor Company Limited (the Company), which
comprise the statement of financial position as at June 30, 2019, and the statement of profit or loss, 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, the statement of 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, 2019 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
(i) Estimates involved in the provision for

warranty obligations (Refer note 20.4 to the
annexed financial statements)
The Company normally provides warranty on Our audit procedures included the following:
its locally manufactured vehicles to customers
• We obtained an understanding of the
and maintains a provision in this respect, which
warranty process, evaluated the design of,
amounts to Rs 1,443.982 million as at June
and performed the related tests of controls.
30, 2019. The management carries out a semi-
annual exercise to assess the reasonableness of • We evaluated the appropriateness of the
the provision for warranty obligations retained in Company’s methodology for calculating the
the financial statements. The management and charge of warranty provisions for the year
the Board of Directors of the Company consider and tested the basis for the assumptions
it as a significant estimate and the provisioning developed and used in the determination of
methodology is regularly reviewed by the Board’s the warranty provisions.
Audit Committee. In ascertaining the adequacy
of the provision, the Board takes into account • We assessed the reasonableness of the
the trend of regular warranty claims and any assumptions used in determination of the
previous incidents of recall. warranty provision and tested the validity of
the data used in the calculations.
Due to the significance of the provision balance
• We reviewed the adequacy of disclosures
and related significant estimation involved, we
made by the Company in accordance with
considered it as a key audit matter.
the applicable financial reporting framework.
88
S. No. Key Audit Matters How the matter was addressed in our audit
(ii) Capital expenditure (Refer note 3 to the

annexed financial statements)
During the current year, the Company has Our audit procedures included the following:
incurred significant capital expenditure mainly • Assessed, on a sample basis, costs
to enhance production capacity, technological capitalised during the year by comparing
upgrades and strengthen the existing product the costs capitalised with the relevant
slate of the Company, as part of extension, underlying documentation, which included
expansion, balancing and modernization purchase agreements and invoices.
activities and has been capitalized during the
year. • Assessed whether the costs capitalized met
the relevant criteria for capitalization as per
We consider the above as a key audit matter the applicable accounting and reporting
being significant transactions and events for the framework.
Company during the year.
• Evaluated management’s estimation of
economic useful lives and residual values by
considering our knowledge of the business
and practices adopted in the local industry.
• Reviewed the date of transferring capital

work-in-progress to operating fixed assets
by examining the completion certificates, on
a sample basis.
• Assessed whether the disclosures are made

in accordance with the financial reporting
framework.
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.
90
• 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) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by
the company and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
The engagement partner on the audit resulting in this independent auditor’s report is Shahbaz Akbar.
Chartered Accountants
A. F. Ferguson & Co
Dated: August 27, 2019
Karachi

Statement of Financial Position
As at June 30, 2019
Note 2019 2018

--------(Rupees in ‘000)---------
ASSETS
Non-Current Assets
Property, plant and equipment 3 13,804,509 7,224,839
Intangible assets 3 93,524 86,540
Long-term loans and advances 4 15,906 48,525
Long-term deposits 5 11,129 9,443
Deferred taxation - net 6 - 14,589
13,925,068 7,383,936
Current Assets
Stores and spares 7 544,005 301,254
Stock-in-trade 8 13,560,393 11,150,736
Trade debts - unsecured 9 2,547,915 1,453,670
Loans and advances 10 3,728,026 3,714,654
Short-term prepayments 11 31,946 14,639
Accrued return 12 34,846 120,016
Other receivables 13 3,109,549 556,284
Taxation - net 15 617,068 -
Short-term investments 14 23,402,464 55,031,103
Cash and bank balances 16 3,281,782 2,200,772
50,857,994 74,543,128
TOTAL ASSETS 64,783,062 81,927,064
EQUITY
Share Capital
Authorised capital
500,000,000 (2018: 500,000,000) ordinary shares of Rs 10 each 5,000,000 5,000,000
Issued, subscribed and paid-up capital 17 786,000 786,000

Reserves 18 39,259,309 35,958,342
40,045,309 36,744,342
LIABILITIES
Non-Current Liabilities
Long term loan 19 80,540 -
Deferred Revenue 53,690 22,711
Deferred taxation - net 6 424,690 -
558,920 22,711
Current Liabilities
Current portion of deferred revenue 3,300 3,933
Unclaimed dividend 174,538 182,437
Unpaid dividend 121,059 60,445
Trade payables, other payables and provisions 20 15,950,203 15,731,241
Advances from customers and dealers 21 7,929,733 27,491,128
Taxation - net 15 - 1,690,827
24,178,833 45,160,011
TOTAL EQUITY AND LIABILITIES 64,783,062 81,927,064
CONTINGENCIES AND COMMITMENTS 24
The annexed notes 1 to 48 form an integral part of these financial statements.
Aqeel Loon Ali Asghar Jamali Yuji Takarada

Chief Financial Officer Chief Executive Vice Chairman & Director
92
Statement of Profit and Loss

For the year ended June 30, 2019
Note 2019 2018

--------(Rupees in ‘000)---------
Net sales 25 157,996,212 139,715,429

Cost of sales 26 (138,804,538) (115,830,771)
Gross profit 19,191,674 23,884,658
Distribution expenses 27 (1,403,611) (1,283,889)

Administrative expenses 28 (1,410,033) (1,523,800)
Other operating expenses 29 (234,977) (193,620)
(3,048,621) (3,001,309)
16,143,053 20,883,349
Workers’ Profit Participation Fund and Workers’ Welfare Fund 30 (1,406,379) (1,704,557)
14,736,674 19,178,792
Other income 31 4,306,662 3,900,685
19,043,336 23,079,477
Finance cost 32 (67,407) (80,311)
Profit before taxation 18,975,929 22,999,166
Taxation 33 (5,260,954) (7,227,306)
Profit after taxation 13,714,975 15,771,860
(Rupees)
Earnings per share - basic and diluted 34 174.49 200.66


Statement of Comprehensive Income
Note 2019 2018

--------(Rupees in ‘000)---------
Other comprehensive income / (loss)
Items that will not be reclassified to profit or loss
Remeasurement gain / (loss) on net defined benefit obligation 22.4 693 (9,127)
Related deferred tax (income) / charge thereon (201) 2,647
492 (6,480)
Total comprehensive income for the year 13,715,467 15,765,380

94
Statement of Cash Flow

Note 2019 2018

---------(Rupees in ‘000)---------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (utilised in) / generated from operations 35 (6,346,782) 30,392,927

Net decrease / (increase) in long-term loans and advances 32,619 (39,157)
Net increase in long-term deposits (1,686) -
Compensation paid on advances received from customers (403,646) (400,320)
Increase in deferred revenue 30,979 18,778
Payment to Workers’ Profit Participation Fund (1,020,000) (1,205,000)
Payment to Workers’ Welfare Fund (450,978) (356,881)
Income tax paid (7,129,771) (6,281,518)
Net cash (outflow) / inflow from operating activities (15,289,265) 22,128,829
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (8,749,118) (2,947,269)
Proceeds from disposals of property, plant and equipment 68,577 74,119
Interest received on bank deposits and Term Deposit Receipts 1,583,036 1,891,973
Gain on sale of Pakistan Investment Bonds (PIBs) 308,105 287,404
Proceeds against sale / redemption of Pakistan Investment Bonds - 5,123,453
Investment in listed mutual fund units (8,238,074) (17,705,961)
Dividend income received from mutual funds 494,074 -
Proceeds from redemption of listed mutual fund units 17,242,007 8,941,825
Proceeds against maturity of Term Deposit Receipts - 7,000,000
Interest received on Market Treasury Bills 399,787 -
Investment in Market Treasury Bills - (5,749,468)
Proceeds from sale of Market Treasury Bills 1,103,183 6,540,973
Net cash inflow from investing activities 4,211,577 3,457,049
CASH FLOWS FROM FINANCING ACTIVITIES
Long term loan received 80,540 -

Dividend paid (10,361,785) (10,142,419)
Net cash outflow on financing activities (10,281,245) (10,142,419)
Net (decrease) / increase in cash and cash equivalents during

the year (21,358,933) 15,443,459
Cash and cash equivalents at beginning of the year 48,043,179 32,599,720
Cash and cash equivalents at end of the year 36 26,684,246 48,043,179


Statement of Changes In Equity
Share Capital Reserves

Capital Revenue
Issued, Total
subscribed Share General Unappro- Sub-Total
and paid-up Premium reserve priated profit
---------------------------------------- (Rupees in ‘000) ----------------------------------------
Balance at July 1, 2017 786,000 196,500 23,451,050 6,763,412 30,410,962 31,196,962
Transfer to general reserve for the year ended

June 30, 2017 appropriated subsequent to year end - - 4,000,000 (4,000,000) - -
Transactions with owners

Final dividend @ 400% for the year ended
June 30, 2017 declared subsequent to year end - - - (2,751,000) (2,751,000) (2,751,000)
1 Interim dividend for the year ended June 30,

st
2018 @ 300% - - - (2,358,000) (2,358,000) (2,358,000)
2nd Interim dividend for the year ended

June 30, 2018 @ 325% - - - (2,554,500) (2,554,500) (2,554,500)
3 Interim dividend for the year ended

rd
June 30, 2018 @ 325% - - - (2,554,500) (2,554,500) (2,554,500)
Total transactions with owners - - - (10,218,000) (10,218,000) (10,218,000)
Profit after taxation for the year - - - 15,771,860 15,771,860 15,771,860

Other comprehensive loss for the year - - - (6,480) (6,480) (6,480)
Total comprehensive income for the year

ended June 30, 2018 - - - 15,765,380 15,765,380 15,765,380
Balance at June 30, 2018 786,000 196,500 27,451,050 8,310,792 35,958,342 36,744,342
Transfer to general reserve for the year ended

June 30, 2018 appropriated subsequent to year end - - 4,500,000 (4,500,000) - -
Transactions with owners

Final dividend @ 450% for the year ended
June 30, 2018 declared subsequent to year end - - - (3,537,000) (3,537,000) (3,537,000)
1st Interim dividend for the year ended

June 30, 2019 @ 325% - - - (2,554,500) (2,554,500) (2,554,500)
2nd Interim dividend for the year ended

June 30, 2019 @ 250% - - - (1,965,000) (1,965,000) (1,965,000)
3 Interim dividend for the year ended

rd
June 30, 2019 @ 300% - - - (2,358,000) (2,358,000) (2,358,000)
Total transactions with owners - - - (10,414,500) (10,414,500) (10,414,500)
Profit after taxation for the year - - - 13,714,975 13,714,975 13,714,975

Other comprehensive income for the year - - - 492 492 492
Total comprehensive income for the year

ended June 30, 2019 - - - 13,715,467 13,715,467 13,715,467
Balance at June 30, 2019 786,000 196,500 31,951,050 7,111,759 39,259,309 40,045,309
Proposed final dividend and transfer between reserves made subsequent to the year ended June 30, 2019 are disclosed in note 45 to these

96
Notes to and Forming Part of the Financial Statements

1 GENERAL INFORMATION

Indus Motor Company Limited (the Company) was incorporated in Pakistan as a public limited company
in December 1989 and started commercial production in May 1993. The shares of the Company are
quoted on the Pakistan Stock Exchange.
The Company was formed in accordance with the terms of a Joint Venture agreement concluded
amongst certain House of Habib companies, Toyota Motor Corporation and Toyota Tsusho Corporation
for the purposes of assembling, progressive manufacturing and marketing of Toyota vehicles. The
Company also acts as the sole distributor of Toyota and Daihatsu vehicles in Pakistan and has a license
for assembling, progressive manufacturing and marketing of these vehicles in Pakistan.
The registered office and factory of the Company is situated at Plot No. NWZ/1/P-1, Port Qasim Industrial
Estate, Bin Qasim, Karachi.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation

2.1.1 Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting
standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan
comprise of:
- International Financial Reporting Standards (IFRS) 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.
2.1.2 Initial application of standards, amendments or interpretations to published approved accounting

and reporting standards
2.1.3 Standards, amendments and interpretations to approved accounting and reporting standards that
became effective during the year ended June 30, 2019
There are certain new standards, interpretations and amendments to approved accounting standards
which are mandatory for the Company’s accounting periods beginning on or after July 1, 2018 but are
considered not to be relevant or have any significant effect on the Company’s financial reporting, except
as mentioned below:

- IFRS 9 ‘Financial Instruments’ - This standard replaces guidance in IAS 39 ‘Financial Instruments:
Recognition and Measurement’. It includes requirements on the classification and measurement of
financial assets and liabilities derecognition of financial instruments, impairment of financial assets
and hedge accounting; it also includes an expected credit losses impairment model that replaces the
current incurred loss impairment model.

As a result of application of IFRS 9, investments in market treasury bills have been classified as ‘fair
value through profit or loss’ based on the business model of the Company and investments in Term
Deposit Receipts have been reclassified from ‘held to maturity’ to ‘amortised cost’. Further, based on
assessment by the management, no material change in provision for impairment of financial assets is
required in these financial statements.
- IFRS 15 ‘Revenue from contracts with customers’ - IFRS 15 replaces the previous revenue standards:
IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts, and the related interpretations on revenue
recognition.
IFRS 15 introduces a single five-step model for revenue recognition with a comprehensive framework
based on core principle that an entity should recognise revenue representing the transfer of promised
goods or services under separate performance obligations under the contract to customer at an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those
promised goods or services.
Further, IFRS 15 explains transaction price as the amount of consideration to which an entity expects to
be entitled in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties (for example, some sales taxes). The consideration promised in a
contract with a customer may include fixed amounts, variable amounts, or both.
As a result of application of IFRS 15, compensation on advances received from customers for the year
amounting to Rs 208.311 million (2018: Rs 492.095 million) that were previously classified in ‘Finance
Cost’ have now been netted off against Revenue from contract with customers.
Consequent to the adoption of above mentioned standards, changes in accounting policies have been
reflected in note 2.3.4, 2.3.6 and 2.3.16.
2.1.4 Standards, amendments and interpretations to existing accounting standards that are not yet
effective and have not been early adopted by the Company
IFRS 16 ‘Leases’ will be effective for the Company’s annual accounting period beginning July 1, 2019. It
will result in almost all leases being recognised on the statement of financial position, as the distinction
between operating and finance leases is removed. Under the new standard, an asset (the right to use
the leased item) and a financial liability to pay rentals are recognised. The only exceptions are short-
term and low-value leases. At present the Company is in the process of determining the impacts of
application of IFRS 16 on future financial statements of the Company.
There are certain other new standards and amendments to the approved accounting standards that will
be mandatory for the Company’s annual accounting periods beginning on or after July 1, 2019. However,
these standards and amendments will not have any significant impact on the financial reporting of the
Company and, therefore, have not been disclosed in these financial statements.
2.2 Basis for measurement

2.2.1 These financial statements have been prepared under the historical cost convention except that
investments classified as financial assets ‘at fair value through profit or loss’ and ‘derivative financial
instruments’ have been marked to market and certain staff retirement benefits are carried at present
value of defined benefit obligation less fair value of plan assets.
2.3 Summary of significant accounting policies

The significant accounting policies adopted in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented unless otherwise stated.
98

2.3.1 Property, plant and equipment

2.3.1.1 Property, plant and equipment - Owned

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses, if any, except capital work-in-progress which is stated at cost less accumulated
impairment losses, if any.
Depreciation is charged to the statement of profit or loss applying the straight line method, whereby
the depreciable amount of an asset is written off over its estimated useful life. The cost of leasehold
land is amortised equally over the lease period. Depreciation is charged on additions from the month
the asset is available for use and on disposals up to the month preceding the month of disposal. The
rates of depreciation are stated in note 3.2 to these financial statements.
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted, if
appropriate, at each reporting date.
Subsequent costs are included in the asset’s carrying amounts or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Company and the cost of the item can be measured reliably. Normal repairs and maintenance
are charged to the statement of profit or loss as and when incurred. All other repairs and maintenance
are charged to the statement of profit or loss during the financial period in which they are incurred.
Gains and losses on sale or retirement of property, plant and equipment are included in the statement
of profit or loss.
Capital work-in-progress
All expenditures connected with specific assets incurred during installation and construction period
are carried under capital work-in-progress. These are transferred to specific assets as and when
assets are available for use.

2.3.1.2 Intangible assets - Computer Softwares

Computer softwares are stated at cost less accumulated amortisation. Softwares’ costs are only
capitalised when it is probable that future economic benefits attributable to the softwares will flow to
the Company and the same is amortised applying the straight line method at the rates stated in note
3.2 to these financial statements.

2.3.1.3 Impairment of non-financial assets
The Company assesses at each reporting date whether there is any indication that property, plant and
equipment and intangible assets may be impaired. If any such indication exists, the carrying amounts
of such assets are reviewed to assess whether they are recorded in excess of their recoverable
amounts and where the carrying values exceed the estimated recoverable amount, the assets or cash-
generating units are written down to their recoverable amounts and the differences are recognised in
the statement of profit or loss.
2.3.2 Stores and spares
Stores and spares, except in transit are valued at cost, determined on a moving average basis. Provision
is made for any slow moving and obsolete items. Items in transit are valued at cost comprising invoice
values plus other charges incurred thereon.

2.3.3 Stock-in-trade
Stock-in-trade, except in transit, are valued at the lower of cost and net realisable value. Stock in
transit are valued at cost as accumulated upto the reporting date, comprising invoice values plus other
charges incurred thereon.
Cost of raw materials, own manufactured vehicles and trading stock is determined on a moving
average basis. Cost of work-in-process is valued at material cost.
Provision for obsolete and slow moving stock-in-trade is determined based on the management’s
assessment regarding their future usability.
Net realisable value signifies the estimated selling price in the ordinary course of business less
estimated cost of completion and the estimated costs necessary to be incurred for its sale.
2.3.4 Financial assets and liabilities

2.3.4.1 Financial assets

a) Financial assets at amortised cost
Financial assets at amortised cost are held within a business model whose objective is to hold
financial assets in order to collect contractual cash flows and the contractual terms of the financial
asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. Interest income from these financial assets, impairment losses,
foreign exchange gains and losses, and gain or loss arising on derecognition are recognised
directly in profit or loss.
b) Fair value through other comprehensive income
Financial assets at fair value through other comprehensive income are held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.
c) Fair value through profit or loss
Financial assets at fair value through profit or loss are those financial assets which are either
designated in this category or not classified in any of the other categories. A gain or loss on debt
investment that is subsequently measured at fair value through profit or loss is recognised in profit
or loss in the period in which it arises.
Financial assets are initially measured at cost, which is the fair value of the consideration given
and received respectively. These financial assets and liabilities are subsequently remeasured to
fair value, amortized cost or cost as the case may be. Any gain or loss on the recognition and
de-recognition of the financial assets and liabilities is included in the profit or loss for the period in
which it arises.

Equity instrument financial assets / mutual funds are measured at fair value at and subsequent to initial
recognition. Changes in fair value of these financial assets are normally recognised in profit or loss.
Dividends from such investments continue to be recognised in profit or loss when the Company’s right
to receive payment is established. Where an election is made to present fair value gains and losses on
equity instruments in other comprehensive income there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
100

Financial assets are derecognised when the rights to receive cash flows from the assets have expired
or have been transferred and the Company has transferred substantially all risks and rewards of
ownership. Assets or liabilities that are not contractual in nature and that are created as a result of
statutory requirements imposed by the Government are not the financial instruments of the Company.
The Company assesses on a forward looking basis the expected credit losses associated with its
financial assets carried at amortised cost and fair value through other comprehensive income. The
impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the Company applies the simplified approach, which requires expected
lifetime losses to be recognised from initial recognition of the receivables. The Company recognises in
profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is
required to adjust the loss allowance at the reporting date.
2.3.4.2 Financial Liabilities
All financial liabilities are recognised at the time when the Company becomes a party to the contractual
provisions of the instrument. Financial liabilities at amortised cost are initially measured at fair value
minus transaction costs. Financial liabilities at fair value through profit or loss are initially recognised at
fair value and transaction costs are expensed in the profit or loss.
Financial liabilities, other than those at fair value through profit or loss, are subsequently measured at
amortised cost using the effective yield method.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or
expired. Where an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange and
modification is treated as a derecognition of the original liability and the recognition of a new liability,
and the difference in respective carrying amounts is recognised in the profit or loss.

2.3.4.3 Impairment of financial assets

The Company assesses on a forward looking basis the expected credit losses associated with
its financial assets. The impairment methodology applied depends on whether there has been a
significant increase in credit risk. The Company applies the simplified approach to recognise lifetime
expected credit losses for trade and other receivables.
2.3.4.4 Off-setting of financial assets and financial liabilities
A financial asset and financial liability is off-set and the net amount is reported in the statement of
financial position when there is a legally enforceable right to set-off the transaction and also there is an
intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.3.5 Loans, advances and deposits
These are stated at cost less estimates made for any doubtful receivables based on a review of
all outstanding amounts at the reporting date. Balances considered doubtful and irrecoverable are
written off when identified.
Long term loans are initially carried at cost as the effect of carrying these balances at amortised cost
would not be material in the overall context of these financial statements.

2.3.6 Trade debts and other receivables
Trade debts and other receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing component in which case such are recognised
at fair value. The Company holds the trade debts with the objective of collecting the contractual cash
flows and therefore measures the trade debts subsequently at amortised cost using the effective
interest method. Impairment of trade debts and other receivables is described in note 2.3.4.3
2.3.7 Derivative financial instruments and hedge accounting
The Company designates derivative financial instruments as either fair value hedge or cash flow hedge.
Fair value hedge
Fair value hedge represents hedges of the fair value of recognised assets or liabilities or a firm
commitment. Changes in the fair value of derivatives that are designated and qualify as fair value
hedges are recorded in the statement of profit or loss, together with any changes in the fair value of
the hedged asset or liability that are attributable to the hedged risk. The carrying value of the hedged
item is adjusted accordingly.
Cash flow hedge
Changes in fair value of derivative hedging instruments designated as a cash flow hedge are recognised
in the statement of comprehensive income to the extent that the hedge is effective. To the extent the
hedge is ineffective, changes in fair value are recognised in the statement of profit or loss.
Amounts accumulated in equity are reclassified to the statement of profit or loss in the periods in
which the hedged item will affect the statement of profit or loss.
2.3.8 Taxation
Current
Provision for current taxation is based on taxable income at the current rates of taxation, after
considering rebates and tax credits available, if any, and taxes paid under the Final Tax Regime. The
charge for current tax also includes adjustments where necessary, relating to prior years which arise
from assessments framed / finalised during the year.
Deferred
Deferred tax is recognised using the statement of financial position liability method, on major temporary
differences at the reporting date between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes. Deferred tax assets are recognised for all deductible
temporary differences to the extent that the temporary differences will reverse in the future and taxable
income will be available against which the deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part for
the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
102

2.3.9 Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents comprise of cash in
hand, bank balances, bank deposits net of running finances and short term investments having a
contractual maturity of three months or less. The cash and cash equivalents are readily convertible to
known amounts of cash and are therefore subject to insignificant risk of changes in value.
2.3.10 Trade and other payables
Liabilities for trade and other amounts payable are carried at cost, which is the fair value of the
consideration to be paid in the future for goods and services, whether or not billed to the Company.
2.3.11 Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate of the amount can be made. Provisions are
reviewed at each reporting date and adjusted to reflect the current best estimate.
2.3.12 Warranty obligations

The Company recognises the estimated liability, on an accrual basis, to repair or replace products
under warranty at the reporting date, and recognises the estimated product warranty costs in the
statement of profit or loss when the sale is recognised.
2.3.13 Staff retirement benefits

Defined contribution plan - Provident Fund
The Company operates a recognised provident fund for its permanent employees. Equal monthly
contributions are made to the Fund by the Company and the employees in accordance with the rules
of the Fund. The Company has no further payment obligation once the contributions have been paid.
The contributions made by the Company are recognised as an employee benefit expense when they
are due.
Defined benefit / contribution plan - Pension Fund
The Company also operates an approved funded pension scheme for its permanent employees.
The employee pension is governed by two sets of Rules, ‘New Rules’ - Defined contribution plan and
‘Old Rules’ - Defined benefit plan. The New Rules are applicable to all members of the Fund with effect
from July 1, 2008. However, the Old Rules continue to apply to all persons whose employment with
the Company ceased before July 1, 2008 and who are entitled to pension from the Fund. In addition,
the Old Rules also apply to existing employees who have not opted to be governed by the New Rules.
In accordance with the New Rules an actuarial balance was determined by the actuary as at June
30, 2008 in respect of all members of the Fund who were in the service of the Company as of that
date and opted to be governed by the New Rules which was credited to the members’ individual
accounts. With effect from July 2008 the Company is required to make a fixed monthly contribution
to the Fund based on the basic salary of the employees which is credited into the individual account
of each member. The Company has no further payment obligation once these monthly contributions
have been paid to the Fund. Profit earned on the investments maintained by the Fund is also allocated
into the individual account of each member.

The pension liability recognised in the statement of financial position in respect of members governed
by the Old Rules is the present value of the defined benefit obligation at the statement of financial
position date less the fair value of plan assets attributed to these members. Contributions are made
to cover the pension obligations in respect of the members governed by the Old Rules on the basis of
actuarial recommendations.
The amount arising as a result of remeasurement is recognised in the statement of financial position
immediately, with a charge or credit to other comprehensive income in the period in which they occur.
The Projected Unit Credit Method is used for the valuation of pension liability in respect of members
governed by the Old Rules as at June 30, 2019, using significant assumptions as stated in note 22 to
these financial statements.
2.3.14 Employees’ compensated absences
The Company accounts for compensated absences on the basis of unavailed earned leave balance
of each employee at the end of the year.
2.3.15 Dividend distribution and transfer between reserves
Dividend declared and appropriations to reserves made subsequent to the reporting date are
considered non-adjusting events and are recognised in the financial statements in the year in which
they are approved.
2.3.16 Revenue recognition
Revenue is recognised when or as performance obligations are satisfied by transferring control of a

promised goods or service to a customer under contract.
Return on bank deposits, term deposit receipts and mark-up on advances to suppliers and contractors
are accounted for on an accrual basis.
Agency commission is recognised when shipments are made by the principal.
Unrealised gains / losses arising on re-measurement of investments classified as ‘financial assets at

fair value through profit or loss’ are included in the statement of profit or loss in the period in which
these arise.
Dividend income is recognised when the right to receive dividend is established.
Income on Market Treasury Bills and Pakistan Investment Bonds (PIBs) is accrued using the effective
interest rate method.
2.3.17 Foreign currency transactions and translation
Foreign currency transactions are recognised or accounted for in Pakistani Rupees using the exchange
rate prevailing on the date of the transaction. Monetary assets and liabilities in foreign currencies are
translated into Pakistani Rupees at the rates of exchange prevailing on the reporting date. Exchange
gain / loss on foreign currency translations are included in income / equity along with any related
hedge effects.
104

2.3.18 Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the Company operates. The financial statements are presented in Pakistani
Rupees, which is the Company’s functional and presentation currency.
2.3.19 Accounting estimates and judgments

The preparation of financial statements in conformity with accounting and reporting standards
as applicable in Pakistan 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 historical experience, including
expectation of future events that are believed to be reasonable under the circumstances. The areas
where various assumptions and estimates are significant to the Company’s financial statements or
where judgment was exercised in application of accounting policies are as follows:
i) Useful lives of property, plant and equipment (notes 2.3.1 and 3.2)
The Company reviews the useful lives of fixed assets on a regular basis. Any change in estimates
in future years might affect the carrying amounts of respective items of operating fixed assets with
a corresponding effect on the depreciation charge and impairment.
ii) Provision for slow moving stores and spares (notes 2.3.2 and 7)
The Company exercises judgment and makes provision for slow moving stores and spares based
on their future usability.
iii) Provision for slow moving stock-in-trade (notes 2.3.3 and 8)
The Company exercises judgment and makes provision for slow moving stock-in-trade based on
their future usability and recoverable value.
iv) Provision for doubtful debts (notes 2.3.6 and 9)
The Company makes provision for doubtful debts using the simplified approach on the basis of
changes in credit risk.
v) Classification and valuation of investments (notes 2.3.4 and 14)
The Company takes into account its intention for classification of investments as mentioned in
note 2.3.4.1 at the time of purchase. The valuation of investments is done based on the criteria
mentioned in the same note.
vi) Income taxes (notes 2.3.8 and 33)
The Company takes into account the current income tax law and the decisions taken by the
appellate authorities. Instances where the Company’s view differs from the view taken by the
Income Tax Department at the assessment stage and where the Company considers that its views
on the items of material nature is in accordance with the law, the amounts are shown as contingent
liabilities. Deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset may be utilised.

vii) Warranty obligations (notes 2.3.12 and 20.4)
The Company exercises professional judgment, based on the history of warranty claims entertained,
number of cars eligible for warranty and its internal risk assessment while making assessment in
respect of the warranty obligations.
viii) Staff retirement benefits (notes 2.3.13 and 22)
The Company has post retirement benefit obligations, which are determined through actuarial
valuations as carried out by an independent actuary using various assumptions as disclosed in
note 22 to these financial statements.
ix) Contingencies and commitments (note 24)
The Company uses assumptions and estimates in disclosure and assessment of provision for
contingencies as disclosed in note 24.
2.3.20 Segment reporting
The Company uses ‘management approach’ for segment reporting, under which segment information
is required to be presented on the same basis as that used for internal reporting purposes. Operating
segments have been determined and presented in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The Company has determined operating segments
on the basis of business activities i.e. manufacturing and trading activities. Segment assets have not
been disclosed in these financial statements as these are not reported to the chief operating decision-
maker on a regular basis.
2.3.21 Deferred revenue
Amount received on account of sale of extended warranty services against vehicles is recognised
initially as deferred revenue and credited to the statement of profit or loss in the relevant period
covered by the warranty.
Note 2019 2018

------(Rupees in ‘000)------
3 PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
Property, plant and equipment 3.1 13,804,509 7,224,839

Intangible assets 3.2 93,524 86,540
13,898,033 7,311,379
3.1 Property, plant and equipment
Tangible operating assets 3.2 13,360,788 6,933,371

Capital work-in-progress 3.6 443,721 291,468
13,804,509 7,224,839
106
3.2 The following is a statement of tangible operating assets and intangible assets:
----------------------------------------------------------------------------------------- 2019 ------------------------------------------------------------------------------------------

Intangible
Tangible assets
Total assets
Factory Other Jigs, tangible
Computers
Leasehold building on buildings on Plant and Motor Furniture Office Tools and moulds assets Computer
and related
land leasehold leasehold machinery vehicles and fixtures equipments equipments and related softwares
accessories
land land machinery
------------------------------------------------------------------------------------ (Rupees in '000) -----------------------------------------------------------------------------------
At July 1, 2018
Cost 108,662 2,151,232 492,933 12,178,952 466,335 235,367 179,750 304,221 911,338 4,068,529 21,097,319 179,480
Accumulated depreciation /
amortisation (29,852) (1,021,668) (228,316) (8,278,303) (175,887) (211,812) (122,380) (215,076) (732,721) (3,147,933) (14,163,948) (92,940)
Net book value 78,810 1,129,564 264,617 3,900,649 290,448 23,555 57,370 89,145 178,617 920,596 6,933,371 86,540
Year ended June 30, 2019

Opening net book value 78,810 1,129,564 264,617 3,900,649 290,448 23,555 57,370 89,145 178,617 920,596 6,933,371 86,540
Additions
Direct - 190 - 79,901 99,554 91 10,379 15,920 15,690 1,700 223,425 2,973
Transfers from CWIP - 1,258,697 25,675 3,863,507 7,120 55,495 59,918 7,811 111,565 2,946,650 8,336,438 34,029
Disposals / write offs

Cost - (1,963) - (47,703) (89,720) (1,403) (14,147) (7,860) (1,337) - (164,132) -
Accumulated depreciation - 1,963 - 46,801 49,621 1,403 14,042 7,558 1,337 - 122,724 -
- - - (902) (40,099) - (105) (302) - - (41,408) -
Depreciation / amortisation
charge for the year (3,610) (112,414) (39,195) (1,126,309) (86,122) (10,165) (23,352) (39,912) (63,968) (585,991) (2,091,038) (30,018)
Closing net book value 75,200 2,276,037 251,097 6,716,846 270,901 68,976 104,210 72,662 241,904 3,282,955 13,360,788 93,524
At June 30, 2019

Cost 108,662 3,408,156 518,608 16,074,657 483,289 289,550 235,900 320,092 1,037,256 7,016,879 29,493,050 216,482
amortisation (33,462) (1,132,119) (267,511) (9,357,811) (212,388) (220,574) (131,690) (247,430) (795,352) (3,733,924) (16,132,262) (122,958)
Net book value 75,200 2,276,037 251,097 6,716,846 270,901 68,976 104,210 72,662 241,904 3,282,955 13,360,788 93,524
Annual Report 2019

rate % per annum 2.38%-3.85% 10% 5% 10%-20% 20% 20% 20% 33.33% 20% 20%-25% 33.33%
107
108
----------------------------------------------------------------------------------------- 2018 ------------------------------------------------------------------------------------------
Intangible
Tangible assets
Total assets
Factory Other Jigs, tangible
Computers
Leasehold building on buildings on Plant and Motor Furniture Office Tools and moulds assets Computer
and related
land leasehold leasehold machinery vehicles and fixtures equipments equipments and related softwares
accessories
land land machinery
------------------------------------------------------------------------------------ (Rupees in '000) -----------------------------------------------------------------------------------
At July 1, 2017
Cost 108,662 1,299,785 459,459 9,777,677 415,871 227,342 161,177 249,445 831,157 4,062,228 17,592,803 148,601
amortisation (26,242) (926,539) (191,804) (7,310,424) (185,034) (201,341) (102,578) (184,821) (678,719) (2,594,462) (12,401,964) (61,084)
Net book value 82,420 373,246 267,655 2,467,253 230,837 26,001 58,599 64,624 152,438 1,467,766 5,190,839 87,517
Year ended June 30, 2018

Opening net book value 82,420 373,246 267,655 2,467,253 230,837 26,001 58,599 64,624 152,438 1,467,766 5,190,839 87,517
Additions
Direct - 1,011 400 122,000 191,821 1,870 8,314 25,440 23,734 2,653 377,243 26,481
Transfers from CWIP - 850,436 33,074 2,314,483 - 6,155 10,774 35,143 61,054 3,648 3,314,767 4,398
Disposals / write offs

Cost - - - (35,208) (141,357) - (515) (5,807) (4,607) - (187,494) -
Accumulated depreciation - - - 35,208 85,608 - 502 5,696 2,880 - 129,894 -
- - - - (55,749) - (13) (111) (1,727) - (57,600) -
charge for the year (3,610) (95,129) (36,512) (1,003,087) (76,461) (10,471) (20,304) (35,951) (56,882) (553,471) (1,891,878) (31,856)
Closing net book value 78,810 1,129,564 264,617 3,900,649 290,448 23,555 57,370 89,145 178,617 920,596 6,933,371 86,540
At June 30, 2018

Cost 108,662 2,151,232 492,933 12,178,952 466,335 235,367 179,750 304,221 911,338 4,068,529 21,097,319 179,480
amortisation (29,852) (1,021,668) (228,316) (8,278,303) (175,887) (211,812) (122,380) (215,076) (732,721) (3,147,933) (14,163,948) (92,940)
Net book value 78,810 1,129,564 264,617 3,900,649 290,448 23,555 57,370 89,145 178,617 920,596 6,933,371 86,540
rate % per annum 2.38%-3.85% 10% 5% 10%-20% 20% 20% 20% 33.33% 20% 20%-25% 33.33%

3.3 Leasehold land, on which the factory building, plant and warehouse are situated, is spread across an
area of 107.5 acres. It is located at Plot No. NWZ/1/P-1 & W2/1/1-3, Port Qasim Industrial Estate, Bin
Qasim, Karachi.
3.4 The depreciation charge for the year has been allocated as follows:
Note 2019 2018

------(Rupees in ‘000)------
Cost of sales - own manufactured 26 1,986,409 1,800,608

Distribution expenses 27 39,842 37,727
Administrative expenses 28 64,787 53,543
2,091,038 1,891,878
3.5 Particulars of tangible operating assets having a net book value exceeding Rs 500,000 disposed off
during the year are as follows:
Sale proceeds /
Accumulated Net book receivable from
Particulars Cost Gain / (loss) Mode of disposal Particulars of buyer
depreciation value sale of operating
fixed assets
---------------------------------(Rupees in '000)----------------------------------
Motor vehicles
5,399 (1,260) 4,139 5,123 984 Bidding Mr. Mohamamd Arif Khan - Karachi
2,129 (319) 1,810 2,102 292 --do-- Mr. Muhammad Muzammil - Karachi
2,129 (319) 1,810 2,079 269 --do-- Mr. Muhammad Muzammil - Karachi
3,749 (1,625) 2,124 2,955 831 --do-- Mr. Syed Yasir Ahmed - Karachi
1,919 (1,279) 640 1,838 1,198 --do-- Mr. Muhammad Muzammil - Karachi
4,956 (743) 4,213 4,100 (113) --do-- Mr. Maaz Saleem - Karachi
5,399 (1,800) 3,599 6,250 2,651 --do-- M/s. Augmentech Business Solution - Karachi
4,399 (1,466) 2,933 4,555 1,622 --do-- M/s. Toyota Central Motors - Karachi
2,129 (461) 1,668 2,150 482 --do-- M/s. Augmentech Business Solution - Karachi
2,679 (357) 2,322 2,183 (139) --do-- Mr. Muhammad Yamin - Karachi
2,379 (198) 2,181 2,450 269 --do-- M/s. Augmentech Business Solution - Karachi
1,250 (188) 1,062 1,090 28 Employee Scheme Mr. Azam Khan (Executive)
2,209 (700) 1,509 1,951 442 --do-- Mr. Muhammad Aslam (Executive)
1,391 (371) 1,020 1,224 204 --do-- Mr. Muhammad Rafique (Employee)
1,265 (148) 1,117 1,139 22 --do-- Mr. Atif Ahmed (Executive)
1,391 (394) 997 1,214 217 --do-- Mr. Rehan Ahmed Khan (Employee)
1,391 (417) 974 1,066 92 --do-- Mr. Shahab Ghouri (Employee)
1,391 (298) 1,093 1,224 131 --do-- Mr. Kashif Akhlaq (Executive)
1,528 (153) 1,375 1,463 88 --do-- Mr. Umer Farooq (Employee)
1,129 (565) 564 847 283 --do-- Mr. Kamran Khan (Executive)
1,391 (487) 904 1,172 268 --do-- Mr. Abdul Rafay (Executive)
1,391 (394) 997 1,204 207 --do-- Mr. Fahad Iftikhar (Executive)
Others
Items having
net book value
of less than Rs
500,000 each 111,139 (108,782) 2,357 21,418 19,061 Various Various
2019 164,132 (122,724) 41,408 70,797 29,389
2018 187,494 (129,894) 57,600 101,243 43,643

Note 2019 2018

------(Rupees in ‘000)------
3.6 Capital work-in-progress
Leasehold Land 3.6.1 81,000 -

Civil works 2,387 27,703
Plant, machinery, tools and equipment 351,940 256,748
Computer and related accessories 8,394 7,017
443,721 291,468
3.6.1 This represents payment made in respect of land measuring 2 acres, located at W2/9, Port Qasim
Industrial Estate, Karachi. The legal formalities for the transfer of the title of land in name of the Company
are in process and will be finalised in due course.
Note 2019 2018

------(Rupees in ‘000)------
3.7 Movement in capital work-in-progress
Opening balance 291,468 1,067,088

Additions during the year 8,522,720 2,543,545
Transferred to operating fixed assets (8,370,467) (3,319,165)
Closing balance 443,721 291,468
4 LONG-TERM LOANS AND ADVANCES
Considered good
Loans to employees - secured
Executives 4.2 31,003 37,101
Others 19,949 9,336
4.1 50,952 46,437
Advances to suppliers - unsecured - 30,000
50,952 76,437
Less: Recoverable within one year; shown under current assets
Loans due from - secured
Executives 10 21,853 19,673
Employees 10 13,193 8,239
35,046 27,912
15,906 48,525
4.1 These represent house building and personal loans granted to executives and other employees. These
are granted in accordance with the terms of their employment and are secured against their balances
with the Provident Fund. The loans are repayable over a period of 12 to 24 months. House building and
personal loans to management employees carry interest at the rate of 3.00% to 3.50% (2018: 3.00% to
3.50%) per annum. Non-management employees are entitled to personal loans which carry no interest
as per the approved loan policy.
4.2 These include loan, in excess of Rs 1 million, to a key management personnel named Mr. Muhammad
Arif. The maximum aggregate amount of such loans outstanding at the end of any month during the year
was Rs 2.380 million (2018: Rs 23.223 million).
2019 2018
5 LONG-TERM DEPOSITS ------(Rupees in ‘000)------
Deposits
Utilities 7,450 7,450
Others 3,679 1,993
11,129 9,443
110

6 DEFERRED TAXATION - net 2019 2018

------(Rupees in ‘000)------
Deferred tax liability arising on taxable temporary differences:

In respect of revaluation of derivatives and unrealised gain on mutual funds - (51,362)
Due to accelerated tax depreciation (526,033) -
Deferred tax asset arising on deductible temporary differences:

In respect of provisions for slow moving stock-in-trade, stores
and spares and other provisions 104,531 61,685
In respect of revaluation of derivatives and unrealised gain on mutual funds (3,188) -
Due to accelerated tax depreciation - 4,266
Deferred tax (liability) / asset - net (424,690) 14,589
Note 2019 2018

7 STORES AND SPARES ------(Rupees in ‘000)------
Stores 310,569 226,332

Spares 574,924 345,776
885,493 572,108
Less: Provision for slow moving stores and spares 341,488 270,854
544,005 301,254
8 STOCK-IN-TRADE
In hand
Manufacturing stock
Raw material and components 6,307,657 3,429,736
Less: Provision for slow moving stock-in-trade 38,181 60,166
8.1 6,269,476 3,369,570
Work-in-process 683,469 518,329
Finished goods (vehicles – own manufactured) 8.2 117,347 201,619

Less: Provision for slow moving stock-in-trade 1,162 258
7,069,130 4,089,260
Trading stock
Vehicles 8.2 924,741 1,364,969
814,703 1,361,966
Spare parts 8.3 486,621 448,828

Special service tools and publications 8,036 6,289
410,022 368,712
In transit
Raw material - manufacturing stock 4,903,060 5,086,106
Trading stock 363,478 244,692
13,560,393 11,150,736
8.1 This represents the net amount of raw material and components after recording write offs amounting to
Rs 6.230 million (2018: Rs 65.360 million).
8.2 These include vehicles amounting to Rs 751.826 million (2018: Rs 918.208 million) held with the
Company's authorised dealers.
8.3 This includes an amount of Rs Nil million (2018: Rs 16.909 million) representing stock-in-trade of motor oil.

2019 2018
------(Rupees in ‘000)------
9 TRADE DEBTS - UNSECURED
Considered good
Government organisations 1,562,331 825,580
Others 985,584 628,090
2,547,915 1,453,670
Considered doubtful 978 -
2,548,893 1,453,670
Less: Provision for doubtful debts (978) -
2,547,915 1,453,670
9.1 As at June 30, 2019, Rs 324.274 million (2018: Rs 112.755 million) are overdue but not impaired in
respect of trade debts. These balances relate to various customers, primarily government organisations,
for whom there is no recent history of default. The ageing analysis of these trade debts is as follows:
Note 2019 2018

------(Rupees in ‘000)------
1 to 6 months 323,978 18,340

More than 6 months 296 94,415
324,274 112,755
10 LOANS AND ADVANCES
Current portion of long-term loans and advances - considered good

Loans due from - secured
Executives 4 21,853 19,673
Employees 4 13,193 8,239
35,046 27,912
Advances – considered good
Suppliers and contractors - unsecured 155,761 52,359
Employees - unsecured 19,672 13,717
Collector of Customs - secured 10.1 1,400,860 2,196,088
Margins held with banks against imports - secured 10.2 2,116,687 1,424,578
3,692,980 3,686,742
3,728,026 3,714,654
10.1 This represents advance amount paid to the Collector of Customs in respect of the imports of stock-
in-trade. An amount of Rs 902.072 million (2018: Rs 2,159.455 million) was subsequently adjusted in
respect of imported goods received.
10.2 This represents cash held with various banks as a regulatory requirement against letters of credit
for import of items of stock-in-trade. An amount of Rs 1,645.409 million (2018: Rs 1,331.806 ) was
subsequently settled on receipt of invoices and documents relating to the imported goods at the end
of the year. This includes an amount of Rs Nil (2018: Rs 448.051 million) held with Habib Metropolitan
Bank Limited - a related party, at the end of the year.
Note 2019 2018

11 SHORT-TERM PREPAYMENTS ------(Rupees in ‘000)------
Rent 7,473 2,300

Insurance 11.1 10,560 9,026
Others 13,913 3,313
31,946 14,639
11.1 This includes an amount of Rs 1.841 million (2018: Rs 1.788 million) paid to Habib Insurance Company
Limited - a related party.
112

Note 2019 2018

12 ACCRUED RETURN ------(Rupees in ‘000)------
Accrued return on Term Deposit Receipts (TDRs)

and bank deposits 12.1 34,846 120,016
12.1 This includes an amount of Rs 12.619 million (2018: Rs 42.923 million) receivable from Habib Metropolitan
Bank Limited - a related party.
Note 2019 2018
13 OTHER RECEIVABLES ------(Rupees in ‘000)------
Considered good
Warranty claims and other receivables due from related
parties - Toyota Tsusho Corporation and its affiliates 13.1 32,204 21,003
Agency commission - receivable from a related party -
Toyota Tsusho Asia Pacific PTE. Limited 13.2 361,615 380,083
Warranty claims due from local vendors 9,260 4,352
Earnest money 42,700 61,802
Insurance claims receivable from a related party - Habib
Insurance Company Limited 13.3 53,055 28,274
Workers’ Profit Participation Fund 13.4 7,964 7,079
Receivable against sale of operating fixed assets 31,351 29,131
Sales tax refundable - net 2,548,920 -
Net unrealised gain on revaluation of foreign exchange
contracts - fair value hedge 10,994 14,013
Others 11,486 10,547
3,109,549 556,284
13.1 The maximum aggregate amount due at the end of any month during the year was Rs 65.686 million
(2018: Rs 62.063 million).
(2018: Rs 380.083 million).
(2018: Rs 40.645 million).
Note 2019 2018
------(Rupees in ‘000)------
13.4 Workers’ Profit Participation Fund
Opening balance 7,079 37,265

Allocation for the year 30 (1,019,115) (1,235,186)
(1,012,036) (1,197,921)
Amount paid during the year 1,020,000 1,205,000
Closing balance 7,964 7,079
14 SHORT-TERM INVESTMENTS
Amortised cost
Term Deposit Receipts (TDRs) 14.1 19,000,000 35,000,000
At fair value through profit or loss

Government securities - Market Treasury Bills 14.2 4,402,464 -
Listed mutual fund units 14.3 - 9,071,931
4,402,464 9,071,931
Held to maturity
Government securities - Market Treasury Bills 14.2 - 10,959,172
23,402,464 55,031,103

14.1 As at June 30, 2019, the Company holds term deposit receipts carrying profit rates ranging between
13.50% to 15% per annum (2018: 6.55% to 7.15% per annum). The term deposit receipts are due to
mature maximum by July 29, 2019. Balances in term deposit receipts include an amount of Rs 8,500
million (2018: Rs 10,000 million), held with Habib Metropolitan Bank Limited - a related party.
14.2 These securities have varying maturities ranging from August 15, 2019 to September 12, 2019. The
yield on these securities is 12.57% to 12.75% per annum (2018: 6.17% to 6.76% per annum).
14.3 These units are held with the following mutual funds:
2019 2018
------(Rupees in ‘000)------
Name of Fund
ABL Cash Fund - 1,529,310
Alfalah GHPMoney Market Fund - 406,873
ABL Government Securities Fund - 252,434
HBL Cash Fund - 1,017,354
HBL Money Market Fund - 509,386
UBL Liquidity Plus Fund - 1,278,603
NAFA Money Market Fund - 1,789,637
NAFA Government Securities Liquid Fund - 503,734
MCB Cash Management Optimizer - 1,532,655
First Habib Cash Fund - 251,945
- 9,071,931
15 TAXATION - net
The income tax assessments of the Company have been finalised by the Income Tax Department or
deemed to be assessed under section 120 of the Income Tax Ordinance, 2001 up to the year ended
June 30, 2018 (i.e TY 2018).
Note 2019 2018

16 CASH AND BANK BALANCES ------(Rupees in ‘000)------
Cash in hand 5,513 2,872
Balances held with banks in:

current accounts 338,425 323,505
deposit accounts 16.1 2,937,844 1,874,395
3,276,269 2,197,900
3,281,782 2,200,772
16.1 These include an amount of Rs 1,200.126 million (2018: Rs 1,426.653 million), held with Habib
Metropolitan Bank Limited - a related party.
17 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL
2019 2018 2019 2018

(Number of shares) ------(Rupees in ‘000)------
78,600,000 78,600,000 Ordinary shares of Rs 10 each fully paid in cash 786,000 786,000
114

17.1 Ordinary shares of the Company held by related parties as at the year end are as
follows:
2019 2018
Note (Number of shares)
Toyota Motor Corporation
Percentage of holding 25% (2018: 25.00%) 17.1.1 19,650,000 19,650,000
Toyota Tsusho Corporation
Percentage of holding 12.5% (2018: 12.50%) 17.1.2 9,825,000 9,825,000
Habib Insurance Company Limited
Percentage of holding 0.05% (2018: 0.05%) 43,015 43,015
Thal Limited
Percentage of holding 6.22%% (2018: 6.22%) 4,890,000 4,890,000
Mohamedali Habib Welfare Trust
Percentage of holding 0.01% (2018: 0.01%) 5,000 5,000
17.1.1 Toyota Motor Corporation (TMC) is incorporated in Japan. The registered address of TMC is 1 Toyota-
Cho, Toyota City, Aichi Prefecture 471-8571, Japan. TMC is primarily engaged in the production and
sale of automobiles. The President of TMC is Mr. Akio Toyoda. The latest available audited consolidated
financial statements of TMC are for the year ended March 31, 2019. The auditors have expressed an
unmodified opinion on these consolidated financial statements.
17.1.2 Toyota Tsusho Corporation (TTC) is incorporated in Japan. The registered address of TTC is 9-8, Meieki
4-Chome, Nakamura-ku, Nagoya 450-8575, Japan. TTC is primarily engaged in production and sale of
automobiles and provision of related services. The President and Chief Executive Officer of TTC is Mr.
Ichiro Kashitani. The latest available audited consolidated financial statements of TTC are for the year
ended March 31, 2019. The auditors have expressed an unmodified opinion on these consolidated
Note 2019 2018

18 RESERVES ------(Rupees in ‘000)------
Capital reserve
Share premium 18.1 196,500 196,500
Revenue reserves
General reserve
Balance brought forward 27,451,050 23,451,050
Transferred from unappropriated profit 4,500,000 4,000,000
31,951,050 27,451,050
Unappropriated profit 7,111,759 8,310,792

39,259,309 35,958,342
18.1 This reserve can be utilised by the Company only for the purposes specified in section 81 of the
Companies Act, 2017.
Note 2019 2018

19 LONG TERM LOAN ------(Rupees in ‘000)------
Loan under financing scheme 19.1 80,540 -
19.1 This represents loan obtained under the SBP financing scheme for investment in Plant and Machinery
for renewable energy projects. At the year end, the Company has drawn Rs 80.540 million and a sum of
Rs 338.460 million is further available under the scheme. The financing already made carries mark-up at
the rate of 3.25% per annum and is secured by way of hypothecation charge over plant and machinery
against which the facility is available. The loan is repayable on a quarterly basis in 40 equal installments
commencing from September 12, 2020.

2019
19.2 Following is the movement in long term financing: (Rupees in ‘000)
Opening balance as at July 1, 2018 -

Disbursements 80,540
Repayments -
Amortisation of arrangement fee -
Closing balance as at June 30 80,540
Note 2019 2018

------(Rupees in ‘000)------
20 TRADE PAYABLES, OTHER PAYABLES AND PROVISIONS
Trade creditors
Associated undertakings / related parties 190,530 293,998
Others 2,447,067 1,964,451
Bills payable to a related parties 20.1 3,034,996 3,292,331
Accrued liabilities 20.2 4,974,351 3,902,881
Royalty payable to associated undertakings / related parties 20.3 889,713 735,720
Deposits from dealers 239,550 156,550
Retention money 71,550 67,257
Workers’ Welfare Fund 439,401 503,115
Technical fee 4,081 6,075
Warranty obligations 20.4 1,443,982 1,237,520
Payable to dealers 1,242,599 963,140
Payable to customers 148,674 111,398
Mark-up on advances received from customers 13,658 208,993
Markup on Long term loan 72 -
Sales tax – net - 1,055,440
Withholding income tax payable 215,427 479,370
Payable to Pension Fund – net 20.5 9,689 9,118
Other government levies payable 584,863 743,884
15,950,203 15,731,241
20.1 This represents amounts payable to the following related parties:
Toyota Tsusho Asia Pacific PTE. Limited 3,002,907 3,284,355

Toyota Motor Asia Pacfic PTE. Limited 31,639 15
Daihatsu Motor Company Limited 450 -
Toyota Tsusho Corporation - 1,305
Toyotsu Machinery Corporation - 6,656
20.2 These include an amount of Rs 106.551 million (2018: Rs 75.985 million) payable to the related parties.
20.3 These represent interest free deposits received from dealers in accordance with the terms of the
dealership agreements. These deposits have been utilised for the purpose of the Company's business,
based on agreement with dealers.
Note 2019 2018
20.4 Warranty obligations ------(Rupees in ‘000)------
Opening balance 1,237,520 1,070,973

Charge for the year 27 297,136 263,383
1,534,656 1,334,356
Utilisation during the year (90,674) (96,836)
Closing balance 1,443,982 1,237,520
20.5 Payable to pension Fund – net
Payable to Pension Fund - Defined Benefit Plan 22.2 9,689 9,118

9,689 9,118
116

21 ADVANCES FROM CUSTOMERS AND DEALERS
These represent advances received by the Company from customers and dealers in respect of sale of
vehicles and parts.
22 DEFINED BENEFIT PLAN - Approved Pension Fund
As mentioned in note 2.3.13, the Company operates an approved pension fund for its permanent
employees who are governed under the Old Rules. The latest actuarial valuation of the Company's
pension fund, based on Projected Unit Credit Actuarial Cost Method, was carried out as at June 30,
2019. The pension fund exposes the Company to the following risks:
Mortality risks
The risk that the actual mortality rates are different. The effect depends on the beneficiaries’ service /
age distribution and the benefit.
Investment risks
The risk of the investments underperforming and not being sufficient to meet the liabilities.
Final salary risks

The risk that the final salaries at the time of cessation of service are greater than what was assumed.
Since the benefit is calculated on the basis of final salary of an employee, the amount of the benefit
increases with any increase in the final salary.
Withdrawal risks
The risk of higher or lower withdrawals than assumed. The final effect could go either way depending
on the beneficiaries’ service / age distribution and the benefits payable.
The Company has recognised the following amounts in these financial statements for its obligations
towards the respective members.
22.1 Principal actuarial assumptions 2019 2018

(% per annum)
Discount factor used 14.50 11.25
Expected rate of salary increase 13.50 10.25
Expected rate of return on plan assets 13.90 13.90
Expected rate of increase in lonwg term pension 7.50 6.25
Note 2019 2018

22.2 The amounts recognised in the statement of financial --------(Rupees in ‘000)--------
position are determined as follows:
Present value of defined benefit obligation 22.4 42,726 42,856

Fair value of plan assets 22.3 & 22.4 (33,037) (33,738)
9,689 9,118
22.3 Plan assets consist of the following:
2019 2018
Quoted Non-Quoted Quoted Non-Quoted
----------------------------- Rupees '000 --------------------------
Balances with banks - 3,192 - 4,363

Equity instruments 7,221 - 8,024 -
Debt instruments - Government - 20,030 - 20,694
Others - 2,594 - 657
7,221 25,816 8,024 25,714

22.4 The movement in the net defined benefit obligation over the year is as follows:
2019
Present
value of Fair value
defined of plan Total
benefit assets
obligation
----------------(Rupees in '000)----------------
At July 1 42,856 (33,738) 9,118

Current service cost 2,935 - 2,935
Interest expense / (income) 4,966 (3,993) 973
50,757 (37,731) 13,026
Remeasurements:
Loss on plan assets, excluding amounts
included in interest expense - 6,786 6,786
Gain from change in financial assumptions (7,479) - (7,479)
(7,479) 6,786 (693)
43,278 (30,945) 12,333
Contribution - (2,644) (2,644)
Benefit payments (552) 552 -
At June 30 42,726 (33,037) 9,689
2018
Present
value of Fair value
defined of plan Total
benefit assets
obligation
----------------(Rupees in '000)----------------
At July 1 31,355 (27,873) 3,482

Current service cost 1,936 - 1,936
Interest expense / (income) 3,377 (3,875) (498)
36,668 (31,748) 4,920
Remeasurements:
Return on plan assets, excluding amounts
included in interest expense - 2,387 2,387
Gain from change in financial assumptions 6,740 - 6,740
6,740 2,387 9,127
43,408 (29,361) 14,047
Contribution - (4,929) (4,929)
Benefit payments (552) 552 -
At June 30 42,856 (33,738) 9,118
2019 2018
------(Rupees in ‘000)------
22.5 Charge for defined benefit plan recognised in the
statement of profit or loss
Current service cost 2,935 1,936

Net interest expense / (income) 973 (498)
3,908 1,438
118

22.6 The sensitivities of the net defined benefit obligation to changes in the weighted principal assumptions
are as under:
Amount of net defined benefit
obligation
Change in Increase in Decrease in
assumption assumption assumption
--------(Rupees in '000)--------
Discount rate 1% 36,567 50,346

Long term salary increases 1% 45,973 39,760
Pension increase rate 1% 46,876 39,134
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions
constant. When calculating the sensitivity of the net defined benefit obligation to significant actuarial
assumptions the same method (present value of the defined benefit obligation calculated with the
projected unit credit method at the end of the reporting period) has been applied as when calculating
the pension liability recognised within the statement of financial position.
22.7 The weighted average duration of the net defined benefit obligation is 15.29 years.
22.8 Expected maturity analysis of undiscounted net defined benefit obligation for the pension fund is as
follows:
Less than Between Between Over 4

At June 30, 2019 Total
a year 1-2 years 2-4 years years
--------------------------------- Rupees '000 ---------------------------------
Pension 644 727 1,914 15,868 19,153
22.9 The expected return on plan assets is determined by considering the expected long-term returns
available on the assets underlying the current investment policy. Expected yield on fixed interest
investments are based on gross redemption yield as at the statement of financial position date.
Expected returns on equity are based on long-term real rates experienced in the stock market.
22.10 The expected charge for the defined benefit plan for the year ending June 30, 2020 is Rs 4.160
million.
22.11 The charge for the year in respect of pension amounts to Rs 36.789 million (2018: Rs 36.227 million),
which includes Rs 32.881 million (2018: Rs 34.789 million) in respect of members covered under New
Rules and Rs 3.908 million (2018: Rs 1.438 million) in respect of members covered under Old Rules.
23 SHORT-TERM RUNNING FINANCES
As at June 30, 2019, the Company has unutilised short-term running finance facilities under mark-up
arrangements aggregating Rs 3,500 million (2018: Rs 3,550 million) available from various commercial
banks carrying mark-up rates based on 1 month KIBOR as benchmark rate plus 25 basis points
(2018: 1 month KIBOR plus 25 basis points). The above facilities include an amount of Rs 300 million
(2018: Rs 300 million) available from Habib Metropolitan Bank Limited - a related party.
The Company also has facilities for opening letters of credit and bank guarantees under mark-up
arrangements as at June 30, 2019 amounting to Rs 48,650 million (2018: Rs 43,900 million) from
various commercial banks, including Rs 9,500 million (2018: Rs 9,500 million) available from Habib
Metropolitan Bank Limited - a related party. The unutilised balance as at June 30, 2019 is Rs 22,329
million (2018: Rs 25,216 million).
The above mentioned short-term running finance facilities and bank guarantees are secured by pari
passu hypothecation charge on movable assets and receivables of the Company.

24 CONTINGENCIES AND COMMITMENTS
Contingencies
24.1 The Company, during the years 2005-2006 and 2006-2007, received demand notices from the
Collector of Customs, claiming short recovery of Rs 480.311 million in aggregate on account of
customs duty amounting to Rs 305.426 million and sales tax amounting to Rs 174.885 million on
royalty payment to the Joint Venture Partner, Toyota Motor Corporation. The demand had been
raised based on the view that royalty value should be included as part of imported CKD kits which
is opposed to the view of the Company based on factual position that the royalty pertains to locally
deleted parts.
During year ended June 30, 2008, the Customs, Excise and Sales Tax Appellate Tribunal (the Appellate
Tribunal) decided the case in the Company's favour and accordingly, the demand to the extent of
Rs 370.373 million (customs duty of Rs 235.775 million and sales tax of Rs 134.598 million) had
been reversed. During the year ended June 30, 2010, an appeal was filed by the Custom Authorities
before the Sindh High Court against the decision the Appellate Tribunal, which is pending. Appeals
are pending before the Collector of Customs Appeal for Rs 69.651 million and before the Appellate
Tribunal for Rs 40.287 million.
During year ended June 30, 2018, the Company received a show cause notice from the Collector
of Customs, claiming short recovery of Rs 2,232.149 million (custom duty of Rs 1,135.778 million,
sales tax of Rs 795.319 million and income tax of Rs 301.052 million) on royalty payment to the Joint
Venture Partner, Toyota Motor Corporation. The Company has filed a petition against the same before
the Sindh High Court, which is pending for hearing.
In respect of pending appeals at various appellate forums, a similar favourable decision as made by
the Appellate Tribunal in the past is expected as the facts are common and involve identical question
of law. Therefore, no provision has been made by the Company in these financial statements against
the above mentioned claims as the management is confident that the matters will be decided in
favour of the Company.
24.2 During the year ended June 30, 2017, the Company received an Assessment Order from the Punjab
Revenue Authority, claiming that the Company was required to pay sales tax on franchise services
provided in the province of Punjab, as per the Second Schedule of the Punjab Sales Tax on Services
Act, 2012. The order further stated that the Company was required to pay Punjab Sales Tax amounting
to Rs 461.716 million along with penalty amounting to Rs 111.918 million relating to the period from
April 2013 to December 2016.
During the year ended June 30, 2018, the Company received show cause notices from the Punjab
Revenue Authority for recovery of Punjab Sales Tax amounting to Rs 77.698 million for the period
from January 2017 to June 2017. Based on legal advice and merits of the case, the Company has
obtained stay orders against the demands and expects a favourable outcome. Hence, no provision
has been made in these financial statements.
24.3 During the year, the Company received various notices from Government of Pakistan Model
Customs Collectorate of Appraisement (East) Custom House, claiming that the Company availed
self-assessment facility for clearing 9 units of Toyota Hiace Ambulances imported vide numerous
shipments under HS code 87.02, whereas the ambulances should have been classified under HS
code 87.03 and advised the Company to pay the short-levied amount of Custom Duty and Federal
Excise Duty collectively amounting to Rs 204.839 million. The management of the Company, based
on the advice of its legal counsel, expects a favourable outcome. Hence no provision has been made
in these financial statements.
120

24.4 As at June 30, 2019, the claims not acknowledged as debts by the Company, other than those
separately disclosed above, amount to Rs 1,437.109 million (2018: Rs 1,137.611 million).
Note 2019 2018

------(Rupees in ‘000)------
Cases filed by the dealers - 300,000

Cases filed by government authorities 519,879 485,016
Others 917,230 352,595
24.4.1 1,437,109 1,137,611
24.4.1 The above cases represent legal proceedings initiated against the Company by various parties
therefore pending adjudication in various courts and legal forums of Pakistan since many years. A
few cases have been added during the current year. The management of the Company is of the view
that the Company has a strong position in these cases and these cases will be decided in the favour.
Hence, no provision has been recorded in respect of these cases in these financial statements.
24.5 Commitments 2019 2018

------(Rupees in ‘000)------
24.5.1 Outstanding bank guarantees 18,141,215 13,234,038
Outstanding bank guarantees include an amount of Rs 6,080.385 million (2018: Rs 5,287.496 million)
in respect of bank guarantees from Habib Metropolitan Bank Limited - a related party.
24.5.2 Commitments in respect of capital expenditure as at June 30, 2019 amounted to Rs 5,517.255
million (2018: Rs 3,028.016 million).
24.5.3 Commitments in respect of letters of credit, other than for capital expenditure, amounted to
Rs 4,559.860 million (2018: Rs 3,244.144 million). The above letters of credit include an amount of
Rs Nil (2018: Rs 1,411.699 million) availed from Habib Metropolitan Bank Limited - a related party.
24.5.4 Commitments in respect of land rent and maintenance charges against leasehold land from Port
Qasim Authority as at June 30, 2019 amounted to Rs 199.228 million (2018: Rs 205.443 million).
Year 2019 2018

------(Rupees in ‘000)------
2019-2020 - 6,215
2020-2021 6,525 6,525
2021-2022 6,852 6,852
2022-2023 7,194 7,194
2023-2024 7,553 7,553
2024 onwards 171,104 171,104
199,228 205,443

25 OPERATING RESULTS
Manufacturing Trading Total

Note 2019 2018 2019 2018 2019 2018
----------------------------------------------- (Rupees in '000) -----------------------------------------------
Revenue from contract

with customers 25.1 179,590,445 158,491,245 11,793,172 10,336,558 191,383,617 168,827,803
Sales tax (26,084,198) (22,729,667) (1,319,938) (1,161,204) (27,404,136) (23,890,871)
Federal excise duty (903,873) - - - (903,873) -
25.2 152,602,374 135,761,578 10,473,234 9,175,354 163,075,608 144,936,932
Commission (3,896,367) (3,983,232) (457,343) (327,097) (4,353,710) (4,310,329)
Discounts (9,278) (8,516) (508,097) (410,563) (517,375) (419,079)
Compensation on advances
from customers (208,311) (492,095) - - (208,311) (492,095)
Net sales 148,488,418 131,277,735 9,507,794 8,437,694 157,996,212 139,715,429
Cost of sales 26 (131,850,814) (110,061,113) (6,953,724) (5,769,658) (138,804,538) (115,830,771)
Gross profit 16,637,604 21,216,622 2,554,070 2,668,036 19,191,674 23,884,658
Distribution expenses 27 1,248,668 1,143,656 154,943 140,233 1,403,611 1,283,889
Administrative expenses 28 1,325,181 1,432,098 84,852 91,702 1,410,033 1,523,800
(2,573,849) (2,575,754) (239,795) (231,935) (2,813,644) (2,807,689)
14,063,755 18,640,868 2,314,275 2,436,101 16,378,030 21,076,969
Other operating expenses 29 (220,837) (181,968) (14,140) (11,652) (234,977) (193,620)
Workers' Profit Participation
Fund and Workers' Welfare Fund 30 (1,406,379) (1,704,557) - - (1,406,379) (1,704,557)
12,436,539 16,754,343 2,300,135 2,424,449 14,736,674 19,178,792
Other income 31 4,306,662 3,900,685
19,043,336 23,079,477
Finance cost 32 (67,407) (80,311)
25.1 This includes an amount of Rs 7.974 million ( 2018: Rs. Nil ) in respect of export sales of auto parts.
25.2 The gross sales, net of sales tax, for 'Trading' segment include an amount of Rs 1,813.044 million
(2018: Rs 1,409.185 million) in respect of sales of motor oil.
25.3 Other operating expenses, administrative expenses and distribution expenses (excluding warranty
claims, pre-delivery inspection and service charges, development expenditure, transportation and
running royalty), are allocated between manufacturing and trading activities on the basis of net sales.
Warranty claims, pre-delivery inspection and service charges, development expenditure, Workers' Profit
Participation Fund and Workers' Welfare Fund are allocated to manufacturing activity. Under Selling
expenses, Running royalty and transportation charges are allocated to trading activity.
122

Note 2019 2018

------(Rupees in ‘000)------
26 COST OF SALES
Raw materials and vendor parts consumed

Opening stock 8,515,842 7,500,220
Purchases 123,648,690 101,424,363
Closing stock 8 (11,210,717) (8,515,842)
120,953,815 100,408,741
Stores and spares consumed 1,886,361 1,449,886

Salaries, wages and other benefits 26.1 & 26.2 1,796,938 1,881,184
Rent, rates and taxes 16,218 4,366
Repairs and maintenance 443,235 562,585
Depreciation 3.4 1,986,409 1,800,608
Legal and professional 2,540 2,717
Travelling 30,048 28,523
Transportation 9,893 8,647
Insurance 42,558 33,552
Vehicle running 21,381 17,881
Communication 4,082 4,219
Printing, stationery and office supplies 3,550 3,049
Subscription 2,274 729
Fuel and power 565,843 447,968
Running royalty 26.3 3,343,967 2,634,003
Supervisor fee 155,344 39,663
Technical fee 8,964 35,130
Staff catering, transport and uniforms 563,828 442,824
(Reversal) / provision for slow moving stock-in-trade (21,081) 3,299
Provision for slow moving stores and spares 70,634 21,603
Others 44,881 12,621
10,977,867 9,435,057
131,931,682 109,843,798
Add: Opening work-in-process 518,329 516,783
Less: Closing work-in-process 8 683,469 518,329
131,766,542 109,842,252
Opening stock of finished goods - own manufactured 201,619 420,480
Closing stock of finished goods - own manufactured 8 (117,347) (201,619)
Cost of sales - own manufactured 131,850,814 110,061,113
Opening stock of finished goods - trading 2,064,778 1,014,483

Finished goods purchased 6,566,557 6,807,503
Closing stock of finished goods - trading 8 (1,782,876) (2,064,778)
Provision for slow moving stock-in-trade 105,265 12,450
Cost of sales - trading 6,953,724 5,769,658
138,804,538 115,830,771
26.1 These include an amount of Rs 39.786 million (2018: Rs 34.390 million) in respect of charge against
provident fund and Rs 24.923 million (2018: Rs 22.752 million) in respect of charge against pension
fund.
26.2 The investments by the provident fund in collective investment schemes, listed equity and debts
securities have been made in accordance with the conditions specified in section 218 of the Companies
Act, 2017 and rules specified thereunder.

26.3 This includes royalty paid to the following parties:
Relationship
Name Address with the 2019 2018
Company
------(Rupees in ‘000)------
Toyota Motor 1 Toyota-Cho, Toyota City, Aichi Associate 2,860,130 1,700,862

Corporation Prefecture 471-8571, Japan"
Toyota Daihatsu 99 Moo 5, T. Ban-Ragad, A. ,

Engineering & Bank-bo Samutprakran, 105060, Group company 10,726 9,702
Manufacturing Kingdom of Thailand"
Company Limited
Note 2019 2018

27 DISTRIBUTION EXPENSES ------(Rupees in ‘000)------
Salaries, wages and other benefits 27.1 & 26.2 267,436 289,837
Depreciation 3.4 39,842 37,727
Advertising and sales promotion 478,948 436,415
Staff training 14,639 10,201
Staff transport and canteen 28,119 21,527
Subscription 193 362
Warranty claims 20.4 297,136 263,383
Pre-delivery inspection and service charges 67,208 52,878
Development expenditure 23,169 17,789
Utilities 61 120
Transportation 69,564 61,069
Running royalty 27.2 30,239 27,322
Provision for doubtful debts 9 978 -
Late delivery charges 12,905 -
Others 4,415 3,021
1,403,611 1,283,889
provident fund and Rs 1.538 million (2018: Rs 5.504 million) in respect of charge against pension fund.
27.2 This includes royalty paid to the following parties:

Relationship
Name Address with the 2019 2018
Company ------(Rupees in ‘000)------
Toyota Motor 1 Toyota-Cho, Toyota City, Aichi Associate 26,496 18,842

Corporation Prefecture 471-8571, Japan
124

Note 2019 2018

------(Rupees in ‘000)------
28 ADMINISTRATIVE EXPENSES
Salaries, wages and other benefits 28.1 & 26.2 525,561 680,995
Insurance 41,213 40,408
Depreciation 3.4 64,787 53,543
Amortisation 3.2 30,018 31,856
Legal and professional 196,160 230,200
Director's fee 1,500 1,125
Staff training 207,883 151,901
Staff transport and canteen 43,425 49,297
Security 43,739 39,722
Subscription 34,920 5,234
Utilities 421 329
Share registrar and related expenses 9,426 8,875
Others 19,963 35,504
1,410,033 1,523,800
provident fund and Rs 10.328 million (2018: Rs 7.971 million) in respect of charge against pension fund.
Note 2019 2018

29 OTHER OPERATING EXPENSES ------(Rupees in ‘000)------
Auditors’ remuneration 29.1 4,985 3,090

Donations 29.2 229,992 190,530
234,977 193,620
29.1 Auditors’ remuneration
Audit fee 1,725 1,575

Interim review and other certifications 1,586 868
Others 29.1.1 1,134 -
Out-of-pocket expenses 540 647
4,985 3,090
29.1.1 This represents services relating to business process improvement.
29.2 Donations
29.2.1 Donations in which a Director or his spouse is interested are as follows:
Name of Interest in Name of Donee 2019 2018

Director(s) Donee ----------(Rupees in ‘000)----------
1. Mr Ali S. Habib Trustee Mohamedali Habib Welfare Trust 3,500 3,000

2. Mr Ali S. Habib and
Mr Mohammedali R. Habib Trustee Habib Education Trust 1,500 7,944
3. Mr Ali S. Habib,
Mr Mohammedali R. Habib
and Mr Parvez Ghias Director Habib University Foundation 95,000 90,500

29.2.2 The names of donees, other than those disclosed above, to whom the donation amount during
the current year exceeds Rs 500,000 are The Citizen Foundation, Indus Hospital, Toyota Citizen
Foundation (Toyota Goth Education Program), Sindh Institute of Urology & Transplantation (SIUT),
Ghulaman-e-Abbas Education & Medical Trust, Thar Foundation, Shaukat Khanum Cancer Hospital,
WWF Pakistan and The Supreme Court of Pakistan and The Prime Minister of Pakistan Diamer-
Bhasha and Mohmand Dams Fund.
Note 2019 2018

--------(Rupees in ‘000)--------
30 WORKERS' PROFIT PARTICIPATION FUND AND WORKERS'
WELFARE FUND
Workers’ Welfare Fund 387,264 469,371

Workers’ Profit Participation Fund 13.4 1,019,115 1,235,186
1,406,379 1,704,557
31 OTHER INCOME
Income from financial assets

Return on bank deposits 1,497,866 1,897,142
Interest income on Market Treasury Bills 399,787 745,430
Amortisation income on Market Treasury Bills - 116,764
Interest income on Pakistan Investment Bonds (PIBs) - 26,214
Gain on sale of Pakistan Investment Bonds (PIBs) 308,105 60,422
Net gain against investments in listed mutual fund units 426,076 125,255
Gain on sale of investments in Market Treasury Bills 986,418 -
Unrealised gain on revaluation of listed mutual fund units - 182,540
Income from other than financial assets

Agency commission, net of commission expense
of Rs 5.036 million (2018: Rs 55.030 million) 138,858 262,371
Exchange gain on agency commission and exports 82,055 30,333
Gain on disposal of operating fixed assets 3.5 29,389 43,643
Liabilities no longer payable written back 209,592 78,734
Freight and other charges income - net of expenses 184,116 297,050
Certification income 45,692 34,893
Realised exchange loss - net (3,853) (344)
Others 2,561 238
4,306,662 3,900,685
2019 2018
--------(Rupees in ‘000)--------
32 FINANCE COST
Interest on long term loan facility 72 -

Bank charges 67,335 80,311
67,407 80,311
126

Note 2019 2018

--------(Rupees in ‘000)--------
33 TAXATION
Current - for the year 4,856,528 7,182,319

- for prior years (34,652) (17,042)
4,821,876 7,165,277
Deferred - for the year 439,078 62,029

33.1 5,260,954 7,227,306
33.1 Relationship between income tax expense and accounting profit
Tax at the applicable tax rate of 29% (2018: 30%) 5,503,019 6,899,750
Tax effect of permanent differences and super tax 452,965 807,343
Tax effect of income taxable at lower rates and tax credit on
plant and machinery (507,791) (239,401)
Tax effect of income assessed under final tax regime (152,587) (227,653)
Tax effect of change in tax rate for future periods - 4,309
Prior years' reversal (34,652) (17,042)
5,260,954 7,227,306
33.2 Management assessment of sufficiency of provision for income taxes
In the opinion of the management, sufficient tax provision has been made in these financial statements.
Comparisons of tax provision as per the financial statements viz-a-viz tax assessments for the last three
years is as follows:
2018 2017 2016
----------------(Rupees in '000)-----------------
Tax assessed as per the most recent tax assessment 6,420,549 5,469,376 5,612,810
Provision in accounts for income tax 7,147,667 6,119,915 6,073,923
The Company has made provisions for taxation in its financial statements based on applicable tax
laws and decisions of appellate authorities on similar matters. Provisions in respect of super tax and
other matters have been made in the respective years, against which petitions have been filed by the
Company before the Sindh High Court.
34 EARNINGS PER SHARE
34.1 Basic
Basic earnings per share has been computed by dividing the profit for the year after taxation by the
weighted average number of shares outstanding during the year.
2019 2018
------(Rupees in ‘000)------
(Number of shares)
Weighted average number of ordinary shares outstanding
during the year 78,600,000 78,600,000
(Rupees)
Basic earnings per share 174.49 200.66
34.2 Diluted
There are no potential dilutive ordinary shares outstanding as at June 30, 2019 and 2018.

Note 2019 2018

------(Rupees in ‘000)------
35 CASH (UTILISED IN) / GENERATED FROM OPERATIONS
Adjustment for non-cash charges and other items:

Depreciation 3.2 2,091,038 1,891,878
Amortisation 3.2 30,018 31,856
Provision for doubtful debts 9 978 -
Provision for slow moving stores and spares 7 70,634 21,603
Provision for slow moving stock-in-trade 8 84,184 15,749
Gain on disposal of operating fixed assets 3.5 (29,389) (43,643)
Gain on sale of Pakistan Investment Bonds (PIBs) 31 (308,105) (60,422)
Net gain against investments in listed mutual fund units 31 (426,076) (125,255)
Gain on sale of investments in Market Treasury Bills 31 (986,418) -
Unrealised gain on revaluation of listed mutual fund units 31 - (182,540)
Net unrealised gain on revaluation of foreign exchange
contracts - fair value hedge 13 3,019 3,225
Return on bank deposits 31 (1,497,866) (1,897,142)
Interest income on Pakistan Investment Bonds (PIBs) 31 - (26,214)
Interest income on Market Treasury Bills 31 (399,787) (745,430)
Amortisation income on Market Treasury Bills 31 - (116,764)
Charge in respect of Workers’ Profit Participation Fund 30 1,019,115 1,235,186
Charge in respect of Workers’ Welfare Fund 30 387,264 469,371
Compensation on advances received from customers 25 208,311 492,095
Interest on Long term loan 32 72 -
Working capital changes 35.1 (25,569,703) 6,430,208
(6,346,782) 30,392,927
35.1 Working capital changes
(Increase) / decrease in current assets

Stores and spares (313,385) (119,028)
Stock-in-trade (2,493,841) (1,848,602)
Trade debts (1,095,223) (694,798)
Loans and advances (13,372) (2,061,748)
Short-term prepayments (17,307) 6,200
Other receivables (2,553,179) (160,267)
(6,486,307) (4,878,243)
(Decrease) / increase in current liabilities
Current portion of deferred revenue (633) 3,933
Trade payables, other payables and provisions 478,632 6,002,271
Advances from customers and dealers (19,561,395) 5,302,247
(19,083,396) 11,308,451
(25,569,703) 6,430,208
36 CASH AND CASH EQUIVALENTS
Cash and cash equivalents included in the statement of cash flows comprise of the following:
Note 2019 2018

------(Rupees in ‘000)------
Cash and bank balances 16 3,281,782 2,200,772

Term Deposit Receipts (TDRs) 14 19,000,000 35,000,000
Government securities - Market Treasury Bills 14 4,402,464 10,842,407
26,684,246 48,043,179
128

37 REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
2019 2018
Chief Chief
Directors Executives Directors Executives
Executive Executive
------------------------------ (Rupees in '000) ------------------------------
Managerial remuneration * 54,842 19,574 352,918 42,046 11,438 274,966

Retirement benefits 3,485 - 25,580 3,059 - 20,696
Medical expenses 303 - - 211 - -
58,630 19,574 378,498 45,316 11,438 295,662
Number of persons 1 2 57 1 2 49
* This includes bonus, house rent, utilities and other allowances.
37.1 The Chief Executive, directors and some executives have been provided free use of Company maintained
cars, residential telephones and club facilities.
37.2 During the year, an amount of Rs 1.5 million (2018: Rs 1.125 million) has been paid to a non-executive
director, as fee for attending board and other meetings.
38 TRANSACTIONS AND BALANCES WITH ASSOCIATED UNDERTAKINGS / RELATED PARTIES
The associated undertakings / related parties comprise of associated companies, staff retirement funds
and key management personnel. The Company considers its Chief Executive Officer, Chief Financial
Officer, Company secretary and directors as key management personnel.Transactions carried out
with associated undertakings / related parties during the year, not disclosed elsewhere in the financial
statements are as follows:
2019 2018
With associated undertakings / related parties: ------(Rupees in ‘000)------
Sales 423,117 213,068

Purchases 86,425,128 63,842,123
Insurance premium 98,047 76,118
Agency commission 143,894 317,402
Running royalty 3,156,136 2,577,372
Rent expense 1,304 1,244
Return on bank deposits and TDRs 641,196 729,901
Proceeds from disposal of operating fixed assets / insurance claim 550 4,324
Supervisor fee 155,344 39,663
Bank charges 46,551 58,908
LC charges 5,593 7,963
With key management personnel:

Salaries and benefits 97,094 86,553
Post employment benefits 5,181 5,364
Sale of operating fixed assets - 1,410
38.1 Contribution to and accruals in respect of staff retirement benefits are made in accordance with actuarial
valuations / terms of contribution plan as disclosed in the respective notes to these financial statements.
38.2 The status of outstanding balances with associated undertakings / related parties as at June 30, 2019
are included in the respective notes to the financial statements.

38.3 The names of related parties (other than those that have been specifically disclosed elsewhere in these
financial statements) with whom the Company has entered into transactions or had agreements /
arrangements in place during the year are as follows:
Basis of relationship
Percentage of
Common directorship Name Particulars of Common director(s)
shareholding (%)
Dawood Hercules
Corporation Limited Nil Mr Parvez Ghias
Shell Pakistan Limited Nil Mr Parvez Ghias
Shabbir Tiles & Ceramics Limited Nil Mr Ali S. Habib
Cherat Cement Company Limited Nil Mr Azam Faruque
Thal Limited 6.22% Mr Ali S. Habib and Mr Mohamedali R. Habib
Habib Insurance Company Limited 0.05% Mr Mohamedali R. Habib
Habib Metro Pakistan
(Private) Limited Nil Mr Ali S. Habib
Mohamedali Habib Welfare Trust 0.01% Mr Ali S. Habib being trustee
Habib Education Trust Nil Mr Ali S. Habib and Mr Mohamedali R
Habib being trustees
Habib University Foundation Nil Mr Ali S. Habib, Mr Mohamedali R.
Habib and Mr Parvez Ghias
Habib Metropolitan Bank Limited Nil Mr Ali S. Habib and Mr Mohamedali R. Habib
Percentage of
Group companies Name Relationship with the Company
shareholding (%)
Toyota Tsusho Corporation 12.50% Associated Company

Toyota Motor Corporation 25.00% Associated Company
Toyota Motor Asia Pacific
PTE. Limited Nil Subsidiary of Toyota Motor Corporation
Toyota Tsusho (Thailand)
Company Limited Nil Subsidiary of Toyota Tsusho Corporation
Toyotsu Machinery
Corporation Nil Subsidiary of Toyota Tsusho Corporation
Toyota Daihatsu Engineering &
Manufacturing Company Limited Nil Subsidiary of Toyota Motor Corporation
Toyota Tsusho Asia Pacific
PTE. Limited Nil Subsidiary of Toyota Tsusho Corporation
Daihatsu Motor Company Limited Nil Subsidiary of Toyota Motor Corporation
Hinopak Motors Limited Nil Subsidiary of Toyota Tsusho Corporation
130

2019 2018
39 PLANT CAPACITY AND PRODUCTION Number of units
Capacity based on double shift basis 66,000 54,800

Production 65,346 62,886
The Company has been operating on a double shift basis from March 2003 based on market demand.
The capacity has been calculated based on average normal working hours in a year, whereas actual
production may vary in response to market demand.
2019 2018
(Number of staff)
40 NUMBER OF EMPLOYEES
Total number of employees as at June 30 3,349 3,266
Total number of factory employees as at June 30 2,889 2,795
Average number of employees during the year 3,314 3,034
Average number of factory employees during the year 2,853 2,585
41 FINANCIAL INSTRUMENTS BY CATEGORY
---------------As at June 30, 2019---------------

Fair value
Amortised
through profit Total
cost
or loss
----------------(Rupees in ‘000)-----------------
Financial assets
Loans and advances 50,952 - 50,952
Long-term deposits 11,129 - 11,129
Trade debts - unsecured 2,547,915 - 2,547,915
Accrued return 34,846 - 34,846
Other receivables 552,665 - 552,665
Investments 19,000,000 4,402,464 23,402,464
Cash and bank balances 3,281,782 - 3,281,782
25,479,289 4,402,464 29,881,753
------As at June 30, 2019------

Financial
liabilities at
Total
amortised
cost
--------(Rupees in ‘000)--------
Financial liabilities
Long term loan 80,540 80,540
Trade payables, other payables and provisions 13,266,530 13,266,530
13,642,667 13,642,667

---------------As at June 30, 2018---------------

Fair value
Amortised
through profit Total
cost
or loss
----------------(Rupees in ‘000)-----------------
Financial assets
Loans and advances 60,154 - 60,154
Long-term deposits 9,443 - 9,443
Trade debts 1,453,670 - 1,453,670
Accrued return 120,016 - 120,016
Other receivables 549,205 - 549,205
Investments 45,959,172 9,071,931 55,031,103
Cash and bank balances 2,200,772 - 2,200,772
50,352,432 9,071,931 59,424,363
------As at June 30, 2018------

Financial
liabilities at
Total
amortised
cost
Trade payables, other payables and provisions 11,711,912 11,711,912
11,954,794 11,954,794
42 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's activities expose it to certain financial risks. Such financial risks emanate from various factors
that include, but are not limited to market risk, credit risk and liquidity risk.
The Company currently finances its operations through equity and management of working capital with a
view to maintain an appropriate mix between various sources of finance to minimise risk. The Company's risk
management policies and objectives are as follows:
42.1 Credit risk exposure and concentration of credit risk
Credit risk represents the risk of a loss if the counter party fails to discharge its obligation and causes
the other party to incur a financial loss. The Company attempts to control credit risk by monitoring credit
exposures, limiting transactions with specific counterparties and continually assessing the creditworthiness
of counterparties.
Concentration of credit risk arises when a number of counterparties are engaged in similar business activities
or have similar economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentration of credit risk indicates the
relative sensitivity of the Company's performance to developments affecting a particular industry.
Credit risk arises from derivative financial instruments, investments (except for the investments in Government
securities) and balances with banks and financial institutions, as well as credit exposures to customers,
employees including trade debts, other receivables and committed transactions with the group companies.
Out of the total financial assets of Rs 29,881.753 million (2018: Rs 59,424.363 million), the financial assets
which are subject to credit risk amounted to Rs 25,473.776 million (2018: Rs 48,462.319 million), including
trade receivables from government agencies.
Out of the total trade debts amounting to Rs 2,548.893 million (2018: Rs 1,453.670 million), an amount of
Rs 985.584 million (2018: Rs 825.580 million) relates to direct customers.
132

Out of the total bank balance and TDRs of Rs 22,276.269 million million (2018: Rs 37,197.900 million)
placed with banks, amounts aggregating to Rs 21,730.928 million (2018: Rs 37,186.551 million) have
been placed with banks having credit rating of AA+ and above, whereas the remaining amounts are placed
with banks having long term minimum credit rating of AA.
Due to the Company’s long standing business relationships with its counterparties and after giving due
consideration to their strong financial standing, management does not expect non–performance by these
counter parties on their obligations to the Company.
For trade debts, internal risk assessment process determines the credit quality of each customer, taking
into account their financial position, past experience and other factors. Individual risk limits are set based
on internal or external ratings in accordance with limits set by the management. The utilisation of credit
limits is regularly monitored. Accordingly, the management believes that the credit risk is minimal and in the
opinion of the management, the Company is not exposed to major concentration of credit risk.
42.2 Liquidity risk
Liquidity risk is the risk that the Company will be unable to meet its funding requirements. To guard against
this risk, the Company has diversified funding sources and assets are managed with liquidity in mind,
maintaining a healthy balance of cash and cash equivalents. The maturity profile of trade debts is monitored
to ensure adequate liquidity is maintained. The management forecasts the liquidity of the Company on the
basis of expected cash outflows considering the level of liquid assets necessary to meet such outflows.
The maturity profile of the Company's liability based on contractual maturities is disclosed in note 42.3.2
to these financial statements.
42.3 Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises of three types of risks: currency risk, interest rate risk
and other price risk.
42.3.1 Currency risk
Foreign currency risk arises mainly where receivables and payables exist due to transactions entered into
in foreign currencies. The Company manages its exposure against foreign currency risk by entering into
foreign exchange contracts where considered necessary.
Foreign currency risk arises mainly where receivables and payables exist due to transactions entered into in
foreign currencies. The Company primarily has foreign currency exposures in US Dollars (USD), Japanese
Yen (JPY), Thai Bhat (THB) and Singapore Dollars (SGD). The net foreign currency exposure at June 30,
2019 is USD 13.556 million (2018: USD 6.103 million), JPY 993.303 million (2018: JPY 1,383.229 million),
THB 5.092 million (2018: THB 6.481 million) and SGD 0.167 million (2018: SGD Nil).

42.3.2 Interest rate risk
Interest / mark-up rate risk is the risk that the value of a financial instrument will fluctuate due to changes
in the market interest / mark-up rates. Sensitivity to interest / mark-up rate risk arises from mismatches
of financial assets and financial liabilities that mature or reprice in a given period. The Company manages
these mismatches through risk management strategies where significant changes in gap position can be
adjusted. The Company is exposed to interest / mark-up rate risk in respect of the following:
------------------------------------------------------------------------2019------------------------------------------------------------------------
Effective Interest / mark-up bearing Non-interest / mark-up bearing Total
interest /
mark-up Maturity upto Maturity after Maturity upto Maturity after June 30,
Sub-total Sub-total
rate one year one year one year one year 2019
% ----------------------------------------------------- (Rupees in '000) ----------------------------------------------------

On statement of financial
position financial instruments
Financial assets
Loans and advances 3.00-3.50 27,328 15,906 43,234 7,718 - 7,718 50,952
Long-term deposits - - - - - 11,129 11,129 11,129
Trade debts - - - - 2,547,915 - 2,547,915 2,547,915
Accrued return - - - - 34,846 - 34,846 34,846
Other receivables - - - - 552,665 - 552,665 552,665
Investments 12.30-15 23,402,464 - 23,402,464 - - - 23,402,464
Cash and bank balances 10.25-11.25 2,937,844 - 2,937,844 343,938 - 343,938 3,281,782
26,367,636 15,906 26,383,542 3,487,082 11,129 3,498,211 29,881,753
Long term loan 3.25 - 80,612 80,612 - - 80,612
Unclaimed dividend - - - - 174,538 - 174,538 174,538
Unpaid dividend - - - - 121,059 - 121,059 121,059
Trade payables, other payables and
provisions - - - - 13,266,530 13,266,530 13,266,530
- - - - 13,562,127 - 13,562,127 13,642,739
------------------------------------------------------------------------2018------------------------------------------------------------------------
Effective Interest / mark-up bearing Non-interest / mark-up bearing Total
interest /
mark-up Maturity upto Maturity after Maturity upto Maturity after June 30,
Sub-total Sub-total
rate one year one year one year one year 2018
% ----------------------------------------------------- (Rupees in '000) ----------------------------------------------------
On statement of financial
position financial instruments
Financial assets
Loans and advances 3.00-3.50 21,819 18,525 40,344 19,810 - 19,810 60,154
Long-term deposits - - - - - 9,443 9,443 9,443
Trade debts - - - - 1,453,670 - 1,453,670 1,453,670
Accrued return - - - - 120,016 - 120,016 120,016
Other receivables - - - - 549,205 - 549,205 549,205
Investments 6.17-7.15 55,031,103 - 55,031,103 - - - 55,031,103
Cash and bank balances 2.40-6.05 1,874,395 - 1,874,395 326,377 - 326,377 2,200,772
56,927,317 18,525 56,945,842 3,879,939 9,443 3,889,382 59,424,363
Unclaimed dividend - - - - 182,437 - 182,437 182,437
Unpaid dividend - - - - 60,445 - 60,445 60,445
Trade payables, other payables and
provisions - - - - 11,711,912 - 11,711,912 11,711,912
- - - - 11,954,794 - 11,954,794 11,954,794
134

a) Sensitivity analysis of variable rate instruments
As at June 30, 2019, the Company holds market treasury bills which are classified as financial assets
at fair value through profit or loss' exposing the Company to fair value interest rate risk. In case of 100
basis points increase / decrease in rates announced by the Financial Markets Association of Pakistan
for market treasury bills and with all other variables held constant, the net profit before tax for the year
of the Company would have been lower / higher by Rs 44.025 millon.
b) Sensitivity analysis of fixed rate instruments
Fixed rate instruments comprise of TDRs, balances with banks and loans to employees. The income
from these financial assets are substantially independent of changes in market interest rates except for
changes, if any, as a result of fluctuation in respective fair values. The Company's income from these
financial assets does not have any fair value impact.
42.3.3 Price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as
a result 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 traded in the market.
42.3.4 Fair value of financial instruments
Fair value is the amount for which an asset could be exchanged, or liability settled, between
knowledgeable willing parties in an arm's length transaction. Consequently, differences can arise
between carrying values and the fair value estimates.
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.
Financial assets which are traded in an open market are revalued at the market prices prevailing on
the reporting date. The estimated fair value of all other financial assets and liabilities is considered
not significantly different from their carrying values as the items are either short term in nature or
periodically repriced.
International Financial Reporting Standard 7, 'Financial Instruments: Disclosure' 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 (level 1);
- inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (i.e., current market prices) or indirectly (i.e., derived from current market prices) (level
2); and
- inputs for the asset or liability that are not based on observable market data (unobservable inputs)
(level 3).
The level in the fair value hierarchy within which the fair value measurement of a financial instrument is
categorised in its entirety shall be determined on the basis of the lowest level input that is significant
to the fair value measurement of that financial instrument.

-------- As at June 30, 2019 ------- -------- As at June 30, 2018 --------
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
---------------------------------- Rupees in '000 ---------------------------------
Financial assets 'at fair value
through profit or loss'
- Listed mutual fund units - - - 9,071,931 - -
- Government securities - Market Treasury Bills - 4,402,464 - - - -
- Derivative financial instruments - - 10,994 - - 14,013
43 CAPITAL RISK MANAGEMENT
The Company's objectives when managing capital are to safeguard the Company's ability to continue
as a going concern in order to provide returns for shareholders and benefits for other stakeholders and
to maintain an optimal capital structure to reduce the cost of capital. The Company is currently financing
its operations primarily through equity and working capital. The Company has no material gearing risk
in the current year nor any in the prior year.
44 SUMMARY OF SIGNIFICANT TRANSACTIONS AND EVENTS DURING THE CURRENT YEAR
a) During the year, the Company has made significant capitalisations in buildings and plant and
machinery on the completion of multiple projects. Further, the Company also has ongoing projects in
its plan for which the Company has entered into significant capital commitments.
b) The Company imports significant portion of raw materials, trading stock and spare parts in foreign
currency. Consequently, the Company's financial performance including gross profit margin has been
significantly affected on account of significant devaluation of functional currency to foreign currency
by approximately 36%.
45 NON-ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE
The Board of Directors in its meeting held on August 27, 2019 has proposed a cash dividend in respect
of the year ended June 30, 2019 of Rs 27.5 (2018: cash dividend of Rs 45) per share. This is in addition
to the interim cash dividend of Rs 87.5 (2018: Rs 95) per share resulting in a total dividend for the year
of 115 (2018: Rs 140) per share. The Directors have also announced appropriation of Rs 4,500 million
(2018: Rs 4500 million) to general reserve. These appropriations will be approved in the forthcoming
Annual General Meeting. The financial statements for the year ended June 30, 2019 do not include the
effect of these appropriations which will be accounted for in the financial statements for the year ending
June 30, 2020.
46 GENERAL
Figures in these financial statements have been rounded off to the nearest thousand Rupees.
47 CORRESPONDING FIGURES
Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of
better presentation and comparison.
48 DATE OF AUTHORISATION
These financial statements were authorised for issue on August 27, 2019 by the Board of Directors of
the Company.

136
Pattern of Shareholding
As of June 30, 2019
Number of Shareholders Shareholdings’Slab Total Shares Held
1,003 1 to 100 48,298

2,262 101 to 500 1,000,065
309 501 to 1000 274,681
354 1001 to 5000 841,834
64 5001 to 10000 473,853
28 10001 to 15000 336,558
13 15001 to 20000 235,306
7 20001 to 25000 157,164
13 25001 to 30000 368,708
4 30001 to 35000 132,353
11 35001 to 40000 414,970
5 40001 to 45000 205,674
3 45001 to 50000 143,800
3 50001 to 55000 158,518
2 55001 to 60000 110,555
1 60001 to 65000 63,020
2 65001 to 70000 136,410
1 75001 to 80000 79,532
1 85001 to 90000 87,280
3 95001 to 100000 293,070
1 105001 to 110000 105,415
1 110001 to 115000 113,480
2 115001 to 120000 235,200
1 120001 to 125000 121,560
1 125001 to 130000 130,000
1 130001 to 135000 135,000
1 140001 to 145000 141,740
1 145001 to 150000 150,000
1 160001 to 165000 162,040
1 175001 to 180000 179,800
1 180001 to 185000 181,000
1 240001 to 245000 243,750
4 255001 to 260000 1,032,667
2 270001 to 275000 545,801
1 275001 to 280000 276,660
1 295001 to 300000 298,640
1 305001 to 310000 307,560
1 365001 to 370000 366,346
1 380001 to 385000 383,750
1 385001 to 390000 385,740
2 430001 to 435000 867,387
1 550001 to 555000 552,685
1 595001 to 600000 600,000
1 655001 to 660000 657,360
1 700001 to 705000 704,460
1 1080001 to 1085000 1,084,910
1 1325001 to 1330000 1,327,670
1 4890000 to 4890000 4,890,000
1 9825001 to 9825000 9,825,000
1 19650001 to 19650000 19,650,000
1 27382730 to 27382730 27,382,730
4,126 78,600,000

Pattern of Shareholding
As of June 30, 2019
Category
Category
Number of Wise No. of
NO. Categories of Shareholders Wise Shares Percentage
Shares Held Folios / CDC
held
Accounts
1 Directors and their spouse(s) and

minor children
ALI S. HABIB 135,000 8 307,882 0.39%
MOHAMEDALI R. HABIB 130,000
ALI ASGHAR JAMALI 38,000
AZAM FARUQUE 500
PARVEZ GHIAS 501
IMRAN A. HABIB 1,000
AISHA ZEBA GHIAS 280
MUNIZEH ALI HABIB 2,601
2 Associated Companies, undertakings and related parties
THAL LIMITED 4,890,000 3 4,938,015 6.28%
HABIB INSURANCE COMPANY LIMITED 43,015
MOHAMEDALI HABIB WELFARE TRUST 5,000
3 Executives 9 4,259 0.01%
4 Public Sector Companies and Corporations 4 561,873 0.71%
5 Banks, development finance institutions, non-banking
finance companies, insurance companies, takaful,
modarabas and pension funds 16 627,592 0.80%
6 Mutual Funds
CDC - TRUSTEE ALFALAH GHP VALUE FUND 90 13 549,285 0.70%
CDC - TRUSTEE AKD INDEX TRACKER FUND 3,069
CDC - TRUSTEE NAFA STOCK FUND 19,270
CDC - TRUSTEE NBP BALANCED FUND 1,220
CDC - TRUSTEE NIT-EQUITY MARKET OPPORTUNITY FUND 51,720
CDC - TRUSTEE NBP SARMAYA IZAFA FUND 1,330
CDC - TRUSTEE NATIONAL INVESTMENT (UNIT) TRUST 366,346
CDC - TRUSTEE PIML VALUE EQUITY FUND 3,960
CDC - TRUSTEE NIT ISLAMIC EQUITY FUND 97,870
CDC - TRUSTEE HBL MULTI - ASSET FUND 1,300
CDC - TRUSTEE ALFALAH GHP STOCK FUND 60
CDC - TRUSTEE ALFALAH GHP ALPHA FUND 50
CDC - TRUSTEE FIRST CAPITAL MUTUAL FUND 3,000
7 Foreign Investors / Companies 72 63,398,109 80.66%
Holding 5% or more voting interest
OVERSEAS PAKISTAN INVESTORS AG 27,382,730
TOYOTA MOTOR CORPORATION 19,650,000
TOYOTA TSUSHO CORPORATION 9,825,000
8 General Public
a. Local 4,627,439 3,459 4,890,649 6.22%
b. Foreign 263,210 442
9 OTHERS 100 3,322,336 4.23%
TOTAL 4,126 78,600,000 100.00%
Detail of trading of shares by Executives / Directors and their spouse during the period from
July 1, 2019 to June 30, 2019.
Name of Executive / Director No. of Shares purchased

Mrs. Munizeh Ali Habib W/o Mr. Ali S. Habib 2,000
138

Ten Years Performance Indicators
Financial Summary 2019 2018 2017 2016
Income Statement
Net revenue Rs in ‘000 157,996,212 139,715,429 111,942,544 108,758,668
Gross profit Rs in ‘000 19,191,674 23,884,658 19,492,589 17,731,299
Profit before taxation Rs in ‘000 18,975,929 22,999,166 19,140,767 17,397,446
Profit after taxation Rs in ‘000 13,714,975 15,771,860 13,001,265 11,454,940
Dividends Rs in ‘000 9,039,000 11,004,000 9,039,000 7,860,000
Balance Sheet
Share capital Rs in ‘000 786,000 786,000 786,000 786,000
Reserves Rs in ‘000 39,259,309 35,958,342 30,410,962 26,843,609
Fixed Assets Rs in ‘000 13,898,033 7,311,379 6,345,444 4,938,277
Net current assets Rs in ‘000 26,679,161 29,383,117 24,762,671 17,473,164
Long term liabilities Rs in ‘000 558,920 22,711 3,933 -
Investor Information
Gross profit ratio % age 12.15 17.10 17.66 16.30
Net profit ratio % age 8.68 11.29 11.61 10.53
Earnings per share Rs 174.49 200.66 165.41 145.74
Inventory turnover Times 11 11 11 13
Debt collection period Days 5 3 3 3
Average fixed assets turnover Times 14.90 22.89 19.90 21.47
Breakup value per share Rs 509.48 467.49 396.91 351.52
Market price per share
- as on June 30 Rs 1,203.92 1,421.46 1,793.60 939.54
- High value during the period Rs 1,589.90 1,980.00 2,110.00 1,313.00
- Low value during the period Rs 1,030.62 1,300.00 935.00 884.75
Price earning ratio Times 6.90 7.08 10.84 6.45
Dividend per share Rs 115.00 140.00 115.00 100.00
Dividend yield % age 9.55 9.85 6.41 10.64
Dividend payout % age 65.91 69.77 69.52 68.62
Dividend cover Times 1.52 1.43 1.44 1.46
Return on equity % age 34.25 42.92 41.67 41.46
Debt to equity Ratio 0:1 0:1 0:1 0:1
Current ratio Ratio 2.1:1 1.63:1 1.76:1 1.58 : 1
Other Information
Units sold Nos. 66,211 64,000 60,586 64,584
Units Produced Nos. 65,346 62,886 59,945 64,096
Manpower Nos. 3,349 3,266 2,849 2,765
Contribution to National Exchequer Rs in ‘000 52,307,841 48,843,141 38,959,490 37,325,754
140
2015 2014 2013 2012 2011 2010
96,516,322 57,063,622 63,829,075 76,962,642 61,702,677 60,093,139

14,244,230 5,793,582 5,857,037 6,561,854 4,089,135 4,856,514
14,132,569 5,016,497 4,969,775 6,312,267 4,011,455 5,242,539
9,110,251 3,873,452 3,357,545 4,302,715 2,743,384 3,443,403
6,288,000 2,318,700 1,965,000 2,515,200 1,179,000 1,179,000
786,000 786,000 786,000 786,000 786,000 786,000

23,249,520 19,129,652 16,907,291 16,227,858 13,333,648 11,801,615
5,193,477 6,033,264 2,742,140 3,472,906 4,225,710 3,324,333
13,861,221 14,062,278 14,775,801 13,693,056 10,326,779 9,566,387
- - - - - -
14.76 10.15 9.18 8.53 6.63 8.08

9.44 6.79 5.26 5.59 4.45 5.73
115.91 49.28 42.72 54.74 34.90 43.81
15 8 8 11 11 12
4 10 8 7 9 10
17.19 13.01 18.32 19.99 16.34 16.56
305.80 253.38 225.11 216.46 179.64 160.15
1,249.00 537.92 311.00 245.08 220.00 262.38

1,320.00 549.00 364.60 305.00 309.73 278.00
520.00 300.00 237.00 187.00 205.51 107.10
10.78 10.92 7.28 4.48 6.30 5.99
80.00 29.50 25.00 32.00 15.00 15.00
6.41 5.48 8.04 13.06 6.82 5.72
69.02 59.86 58.52 58.46 42.98 34.24
1.45 1.67 1.71 1.71 2.33 2.92
37.90 19.45 18.98 25.29 19.43 27.36
0:1 0:1 0:1 0:1 0:1 0:1
1.53 : 1 3.35 : 1 2.99 : 1 2.32 : 1 1.84 : 1 1.67 : 1
57,387 34,470 38,517 55,060 50,943 52,063

56,888 33,012 37,405 54,917 50,759 50,557
2,322 2,091 2,225 2,292 2,187 1,948
32,076,453 19,261,559 21,267,303 24,725,706 22,043,581 20,332,421

Notice of Annual General Meeting
Notice is hereby given that the 30th Annual General Meeting of INDUS MOTOR COMPANY LIMITED will be
held on Tuesday, October 8, 2019 at 9:00 a.m. at the Institute of Chartered Accountants of Pakistan situated
at Chartered Accountants Avenue, Clifton, Karachi, to transact the following business:
A) ORDINARY BUSINESS
1. To receive, consider and adopt the Annual Audited Financial statements of the Company for the year
ended June 30, 2019, together with the Report of the Directors and Auditors thereon.
2. To approve cash dividend (2018-2019) on the ordinary shares of the Company. The directors have
recommended a Final Cash dividend at 275% i.e. Rs 27.50 per share. This is in addition to the
combined Interim Dividend of 875% i.e. Rs. 87.5 per share already paid. The total dividend for 2018-
2019 will thus amount to 1150% i.e. Rs. 115 per share.
3. To appoint auditors and fix their remuneration for the year ending June 30, 2020. The present auditors
M/s. A.F. Ferguson & Co., Chartered Accountants, retire and being eligible have offered themselves
for re-appointment.
4. To present any other business with the permission of the Chairman.
B) SPECIAL BUSINESS
5. To obtain consent from the members of the Company in terms of Notification No. S.R.O. 470(1)/2016
dated May 31, 2016 issued by Securities of Exchange Commission of Pakistan for the transmission of
annual audited accounts, notice of the general meetings and other information contained therein of the
Company either through CD or DVD or USB instead of transmitting the same in hard copies.
STATEMENT UNDER SECTION 134(3) OF THE COMPANIES ACT, 2017 REGARDING

THE SPECIAL BUSINESS
This statement sets out the material facts concerning the special business, given in agenda item No. 5 of
the notice, intended to be transacted at the Annual General Meeting.
Item # 5 of the Notice

The Directors of the Company have recommended that the members of the Company be provided
the option to receive annual balance sheet, profit & loss account, auditor’s report and directors’ report
etc. (“annual audited accounts”) through CD/DVD/USB at their registered address and to accordingly
implement the Securities and Exchange Commission of Pakistan’s directive communicated through
Notification No. SRO 470(I) 2016 dated 31st May 2016.
Accordingly the Board of Directors of the Company has recommended that the following ordinary
resolutions be passed at the Annual General Meeting convened for Tuesday, October 8, 2019:
“RESOLVED that the consent and approval of the members of the Company be and is hereby
accorded for transmission of annual reports including annual audited accounts, auditor’s report
and director’s report, notices of annual general meetings and other information contained therein
of the Company to the members for future years through CD/DVD/USB instead of transmitting
the same in hard copies.
FURTHER RESOLVED that the Chief Executive Officer or the Company Secretary of the Company
be and is hereby authorized to do all acts, deeds and things, take or cause to be taken all necessary
actions to comply with all legal formalities and requirements and the file necessary documents as
may be necessary or incidental for the purposes of implementing this resolution.”
By order of the Board
Karachi. Muhammad Arif Anzer

August 27, 2019 Company Secretary
142
NOTES:
1. Closure of Share Transfer Books
The Share Transfer Books of the Company will be closed from October 02, 2019 to October 08, 2019 (both days inclusive) for
the purpose of the Annual General Meeting and payment of the final dividend. Transfer requests received by CDC Share Registrar
Services Limited, CDC House, 99-B, Block “B”, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi-74400. Tel: 0800-23275, UAN: 111-
111-500, Email: info@cdcsrsl.com at the close of business on October 01, 2019 will be treated in time for the purpose of determining
above entitlement to the transferees for payment of final dividend and to attend the Annual General Meeting.
2. Proxy
A member entitled to attend and vote at this General Meeting is entitled to appoint a Proxy to attend, speak and vote in his place
at the Meeting. Instrument appointing a proxy must be deposited at the Registered Office of the Company at least forty eight hours
before the time of the meeting.
To facilitate identification for right to attend the Annual General Meeting, Shareholder whose holdings are on the Central Depository
System (CDS) or his Proxy should authenticate his identity by showing his original CNIC or original Passport at the time of attending
the meeting; along with the Participant’s Identity Number and Shareholder’s account number allocated by the Central Depository
Company.
In case of corporate entity, the Board of Directors’ resolution / power of attorney with specimen signature of the nominee shall be
produced at the time of the meeting.
3. Change of Address
The Shareholders are requested to promptly notify change in their address, if any, to the Company’s Share Registrar.
4. Submission of copies of CNIC not provided earlier

Individual Shareholders are once again reminded to submit a copy of their valid CNIC, if not provided earlier to the Company’s Share
Registrar, Central Depository Company of Pakistan Limited. In case of non-availability of a valid copy of the Shareholders’ CNIC in the
records of the Company, the company shall withhold the Dividend under the provisions of Section 243 of the Companies Act 2017.
5. Withholding Tax on Dividend

Currently, the deduction of withholding tax on the amount of dividend paid by the companies under section 150 of the Income Tax
Ordinance, 2001, is as under:
(a) For persons appearing in Active Tax Payer List (ATL): 15%
(b) For persons not appearing in Active Tax Payer List (ATL): 30%
Shareholders who have filled their return are advised to make sure that their names are entered into latest Active Tax Payers List (ATL)
provided on the website of FBR at the time of dividend payment, otherwise they shall be treated as persons not appearing in ATL and
tax on their cash dividend will be deducted at the rate of 30% instead of 15%.
6. Withholding tax on Dividend in case of Joint Account Holders

In order to enable the Company to follow the directives of the regulators to determine shareholding ratio of the Joint Account
Holder(s) (where shareholding has not been determined by the Principal shareholder) for deduction of withholding tax on dividend
of the Company, shareholders are requested to please furnish the shareholding ratio details of themselves as Principal shareholder
and their Joint Holders, to the Company’s Share Registrar, enabling the Company to compute withholding tax of each shareholder
accordingly. The required information must reach the Company’s Share Registrar by October 01, 2019, otherwise each shareholder
will be assumed to have equal proportion of shares and the tax will be deducted accordingly.
7. Payment of Cash Dividend Electronically (E-mandate)

In accordance with the provisions of section 242 of the Companies Act, 2017 and Companies (Distribution of Dividend) Regulations,
2017, it is mandatory that dividend payable in cash shall only be paid through electronic mode directly into the bank account
designated by the entitled shareholder. Notice in this regard has already been published earlier in newspapers as per Regulations.
All shareholders are once again requested to provide details of their bank mandate specifying: (i) title of account, (ii) account number,
(iii) IBAN number (iv) bank name and (v) branch name, code & address; to Company’s Share Registrar. Shareholders who hold shares
with Participants / Central Depository Company of Pakistan (CDC) are advised to provide the mandate to the concerned Broker /
CDC.
8. Distribution of Annual Report through Email (Optional)

Pursuant to the provision of section 223(6) of the Companies Act, 2017, the companies are permitted to circulate their annual financial
statements, along with auditor’s report, directors’ review report etc. (“Annual Report”) and the notice of annual general meeting
(“Notice”), to its shareholders by email. Shareholders of the Company who wish to receive the Company’s Annual Report and Notices
of annual general meeting by email are requested to provide the completed Electronic Communication Consent Form (available on
the Company’s website), to the Company’s Share Registrar.
9. Consent for the Facility of video-link

Pursuant to the provisions of the Companies Act 2017, the company may on the demand of members at least 7 days before the
general meeting, residing in a city, who hold at least 10% of the total paid up capital of the Company, provide the facility of video- link
to such members enabling them to participate in its annual general meeting. If you wish to take benefit of this facility, please fill the
form available on the Company’s Website and submit it to the Company at its registered address at least 10 days prior to the date
of the meeting.
The Company will intimate members the venue of the video conference facility, if required criteria have been fulfilled, at least 7 days
before the date of general meeting along with complete information necessary to enable them to access such facility.

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Notes
Form of Proxy
Thirtieth Annual General Meeting
I/We,__________________________________________________________________________________
of ____________________________________________________________________________________
being a member(s) of INDUS MOTOR COMPANY LIMITED, holder of _________________________
ordinary shares, as per Folio No. / CDC Participant ID & A/c No. ______________ hereby appoint
Mr./Mrs./Ms.__________________________________________________Folio No. / CDC Participant
ID & A/c No. __________________ of ___________________________________, as my /our proxy
in my/ our absence to attend and vote for me/ us and on my/our behalf at the Thirtieth Annual
General Meeting of the Company to be held on October 08, 2019 and / or any adjournment thereof.
Signed under my / our hand this _____________ day of _________ 2019.
Affix revenue
stamp of
Rs 5/- -------------------------------------
Signature
(Sign should agree with specimen
Signed in the presence of:
registered with the Company)
Witness 1 Witness 2
Signature __________________________ Signature ___________________________
Name __________________________ Name ___________________________
CNIC / Passport No. __________________________ CNIC / Passport No. ___________________________
Address __________________________ Address ___________________________
NOTES
1. This proxy form duly completed and signed, must be received at the office of the Company’s Share
Registrar, not less than 48 hours before the time of holding the meeting.
2. he Company, except
that a corporation may appoint a person who is not a member.
3. If a member appoints more than one proxy and more than one instrument of proxy are deposited
by a member with the Company, all such instruments of proxy shall be rendered invalid.
For CDC Account Holders/ Corporate Entities:
In addition to the above the following requirements have to be met:
i) The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers
shall be mentioned on the form.
ii) Attested copies of CNIC or the passport of the beneficial owners and the proxy shall be furnished
with the proxy form.
iii) The proxy shall produce his original CNIC or original passport at the time of meeting.
iv) In case of corporate entity, the Board of Directors’ resolution / power of attorney with specimen
signature shall be submitted (unless it has been provided earlier) alongwith proxy form to the
Company.
AFFIX
CORRECT
To:
POSTAGE M/s. CDC Share Registrar Services Limited
CDC House, 99-B, Block “B”, S.M.C.H.S., Main
Shahrah-e-Faisal, Karachi-74400.
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‫‪AFFIX‬‬
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‫‪POSTAGE‬‬
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‫”‪Size= 6.4764” X 9.7441‬‬
Electronic Dividend Mandate Form
Indus Motor Company Limited
In accordance with the provisions of section 242 of the Companies Act, 2017, and Companies (Distribution
of Dividend) Regulations, 2017, it is mandatory that dividend payable in cash shall only be paid through
electronic mode directly into the bank account designated by the entitled shareholder.
Shareholders are requested to send the attached Form duly filled and signed, along with attested copy
of their CNIC to the Company’s Share Registrar, M/s. CDC Share Registrar Services Ltd., CDC House,
99-B, Block-B, SMCHS, Main Shahrah-e-Faisal, Karachi. CDC shareholders are requested to submit their
Dividend Mandate Form and attested copy of CNIC directly to their broker (participant)/CDC.
I hereby communicate to receive my future dividends directly in my Bank account as detailed below:
Name of shareholder :--------------------------------------------------------------------------
Folio Number/CDC Account No. : ----------------------------of Indus Motor Company Limited.
Contact number of shareholder : --------------------------------------------------------------------------
Title of Account : --------------------------------------------------------------------------
IBAN (*) : --------------------------------------------------------------------------
Name of Bank : --------------------------------------------------------------------------
Bank branch : --------------------------------------------------------------------------
Mailing Address of Branch : --------------------------------------------------------------------------
CNIC No. (attach attested copy) : --------------------------------------------------------------------------
NTN (in case of corporate entity) : --------------------------------------------------------------------------
It is stated that the above particulars given by me are correct and to the best of my knowledge; I shall keep
the Company informed in case of any changes in the said particulars in future.
Shareholder’s Signature Date
NOTES:
* Please provide complete IBAN (International Bank Account Number), after checking with your
concerned Bank branch to enable electronic credit directly into your bank account.
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____________________ ____________________
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TOYOTA JHELUM MOTORS
Postal Address: G.T Road, Opposite PTC
Factory, Jhelum, Punjab
E-mail: info@toyotajhelum.com
Contact No: (0544) 275467
TOYOTA QUETTA MOTORS

Postal Address: Toyota Quetta Motors,
Airport Road Quetta, Quetta, Pakistan
E-mail: info@toyotaquettamotors.com
Contact No: (081) 2301805

Final Annual Report 2019

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Final Annual Report 2019

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2019

Vision and Mission 08 Fun Facts & Tips for Safety 76

Respect & Corporate Image

Production & Sales

Quality & Safety

Action, Commitment and Teamwork to

Annual Report 2019 9

• World class production quality

Annual Report 2019 11

Honor the language and

Toyota Motor Corporation

Preamble Business Partners

Annual Report 2019 15

• Following our “Customer • Fostering a Kaizen culture • Maximizing QRD (Quality,

Respecting our people Become a Good Corporate Citizen

• Treating employees as the most • Following ethical business practices

Annual Report 2019 17

He is a graduate in Mechanical Engineering from the University of Minnesota,

He has completed his Bachelor’s degree in Sociology from Hitotsubashi University

Ali Asghar Jamali

He is a Fellow of the Institute of Chartered Accountants of Pakistan and has

He is an Electrical Engineering and Computer Science graduate from Princeton

Annual Report 2019 19

He has a graduate degree in Business Management – Finance from Clark University,

He is a graduate from Faculty of Law of Kagawa University, Japan.

He is a graduate from the Miyazaki University, Japan

He graduated from Kobe University, Japan.

Annual Report 2019 21

Annual Report 2019 23

Bankers Factory / Registered Office

Annual Report 2019 27

IMC’s Basic Approach to Corporate Governance Investment Committee

The Remuneration Committee is a sub-committee The ACT #1 Management Committee is responsible

Share Transfer HR &

Safety Health and

Annual Report 2019 29

Factory / Registered Office

Annual General Meeting

Shareholders as on October 1, 2019 are encouraged to participant and vote.

Listing on Stock Exchanges

INDU Vs PSX/KSE 100 (1992 - 2019)

Annual Report 2019 33

Net Revenues (Rs. in billion) Vehicle Production (Units)

Year ended June 30

Units sold 3% 66,211 64,000 60,586 64,584 57,387 34,470

Per Share Data:

Earnings (EPS) Rs -13% 174.5 200.7 165.4 145.7 115.9 49.3

Share Performance (June 30):

Net Revenues Net Income / ROE EPS / Dividend per share

57.1 6.4 20 100

Annual Report 2019 35

PROFIT AND LOSS ACCOUNT

2019 vs 2018 vs 2017 vs 2016 vs 2015 vs

PROFIT AND LOSS ACCOUNT

Annual Report 2019 39

72,196,083 36.9% 69,147,400 40.0%

Retained within the business for future growth

72,196,083 100.0% 69,147,400 100.0%

Employees Society Providers of finance Government Shareholders