Balance Sheet (rupees in 000)

2019 2018
Non - current assets
Property, plant and equipment 4486584 4558190
Intangible assets 52326 33701
Investment in subsidiary 10 10
Long term loans 72031 28396
Long term deposits 49876 69853
4575999 4661754
Current assets
Stores and spares 205913 161393
Stock-in-trade 604481 406146
Trade debts 838909 674550
Loans and advances 27488 18543
Deposits and prepayments 201223 130279
Other receivables 196172 136443
Taxation - net 393785 363350
Cash and bank balances 19099 144780
2407070 2035484
Total assets 7063069 6697230

Equity and liabilities 39834 23459

Share capital and reserves 322348 260783

40,000,000 (2018: 40,000,000) Ordinary shares of Rs. 10 each 400000 400000

Issued, subscribed and paid-up capital
32,550,336 (2018: 25,038,720) Ordinary shares of Rs. 10 each 325503 250387

General reserves 1725250 1579262

Unappropriated profit 294836 271181
Capital reserves 192356 174247
Surplus on revaluation of property, plant and equipment 1, 798,150 1668150

Non-current liabilities
Long term deposits 193516 184818
Lease liabilities 29530 19421
Deferred liabilities 282803 317812
505049 502630
Current liabilities
Trade and other payables 1059883 1024246
Short term borrowings 1330865 978568
Un-claimed dividend 20145 22814
Current portion of lease liabilities 2588 3499
Current maturity of long term financing 220971 270000
2413481 2295620
Total equity and liabilities 7063069 6697230
 Total Liability
2019 2018 2017
2918530 2798250 3119920

Total Assets
2019 2018 2017
7063069 6697230 5087282

Inventory
2019 2018 2017
604481 406146 264728
 Horizontal Analysis
2017 2017
Non - current assets
2948292 Property, plant and equipment
12471 Intangible assets
10 Investment in subsidiary
97631 Long term loans
89853 Long term deposits
3030626
Current assets
117768 Stores and spares
264728 Stock-in-trade
666736 Trade debts
22159 Loans and advances
93887 Deposits and prepayments
139863 Other receivables
317276 Taxation - net
434239 Cash and bank balances
2056656
5087282 Total assets
B
13298 Equity and liabilities a
250,387 Share capital and reserves s
e
400000 40,000,000 (2018: 40,000,000) Ordinary shares of Rs. 10 each
Issued, subscribed and paid-up capital Y
132933 32,550,336 (2018: 25,038,720) Ordinary shares of Rs. 10 each e
a
1,475,338 General reserves r
241,637 Unappropriated profit
167,362 Capital reserves
1636430 Surplus on revaluation of property, plant and equipment

Non-current liabilities
270000 Long term deposits
186384 Lease liabilities
356990 Deferred liabilities
813374
Current liabilities
1181846 Trade and other payables
739700 Short term borrowings
12438 Un-claimed dividend
12688 Current portion of lease liabilities
385000 Current maturity of long term financing
2306546
5,087,282 Total equity and liabilities
 Vertical Analysis
2017
Non - current assets
Property, plant and equipment 57.95%
Intangible assets 0.25%
Investment in subsidiary 0.00%
Long term loans 1.92%
Long term deposits 1.77%
59.57%
Current assets
Stores and spares 2.31%
Stock-in-trade 5.20%
Trade debts 13.11%
Loans and advances 0.44%
Deposits and prepayments 1.85%
Other receivables 2.75%
Taxation - net 6.24%
Cash and bank balances 8.54%
40.43%
Total assets 100.00%

Equity and liabilities 0.26%

Share capital and reserves 4.92%

40,000,000 (2018: 40,000,000) Ordinary shares of Rs. 10 each 7.86%

Issued, subscribed and paid-up capital 0.00%
32,550,336 (2018: 25,038,720) Ordinary shares of Rs. 10 each 2.61%

General reserves 29.00%

Unappropriated profit 4.75%
Capital reserves 3.29%
Surplus on revaluation of property, plant and equipment 32.17%

Non-current liabilities
Long term deposits 5.31%
Lease liabilities 3.66%
Deferred liabilities 7.02%
15.99%
Current liabilities
Trade and other payables 23.23%
Short term borrowings 14.54%
Un-claimed dividend 0.24%
Current portion of lease liabilities 0.25%
Current maturity of long term financing 7.57%
45.34%
Total equity and liabilities 100.00%
 2018 2019

54.60% -1.57%
170.23% 55.27%
0.00% 0.00%
-70.91% 153.67%
-22.26% -28.60%
53.82% -1.84%

37.04% 27.58%
53.42% 48.83%
1.17% 24.37%
-16.32% 48.24%
38.76% 54.46%
-2.45% 43.78%
14.52% 8.38%
-66.66% -86.81%
-1.03% 18.26%
31.65% 5.46%

76.41% 69.80%
4.15% 23.61%

0.00% 0.00%

88.36% 30.00%

7.04% 9.24%
12.23% 8.72%
4.11% 10%
1.94% 0.08%

-31.55% 4.71%
-89.58% 52.05%
-10.97% -11.02%
-38.20% 0.48%

-13.34% 3.48%
32.29% 36.00%
83.42% -11.70%
-72.42% -26.04%
-29.87% -18.16%
-0.47% 5.13%
31.65% 5.46%
 2018 2019

68.06% 63.52%
0.50% 0.74%
0.00% 0.00%
0.42% 1.02%
1.04% 0.71%
69.61% 64.79%

2.41% 2.92%
6.06% 8.56%
10.07% 11.88%
0.28% 0.39%
1.95% 2.85%
2.04% 2.78%
5.43% 5.58%
2.16% 0.27%
30.39% 34.08%
100.00% 100.00%

0.35% 0.56%
3.89% 4.56%

5.97% 5.66%
0.00% 0.00%
3.74% 4.61%

23.58% 24.43%
4.05% 4.17%
2.60% 2.72%
24.91% 25.45%

2.76% 2.74%
0.29% 0.42%
4.75% 4.00%
7.51% 7.15%

15.29% 15.01%
14.61% 18.84%
0.34% 0.29%
0.05% 0.04%
4.03% 3.13%
34.28% 34.17%
100.00% 100.00%
Years Current Assets Current Liabilities
2017 2056656 2306546
2018 2035484 2295620
2019 2407070 2413481
Current Assets
Current Ratio
2500000
2400000
2306546 2295620
2300000 88.67%
2200000
2100000 2056656 2035484
2000000
1900000 89.17%
1800000
2017 2018

Year Current Assets Current Liabilities

2017 2056656 2306546
2018 2035484 2295620
2019 2407070 2413481

Quick Ratio
8000000

7000000 2413481
2407070
6000000

18
5000000 2295620
2035484
4000000 1629338

3000000
2306546
2056656
1791928
2000000

1000000
2018
2017
0 2019
Year Current Assets Current Liabilities Current Assets -In

Row 24 Row 25 Row 26

 Share Holder Equity ( Total Assets - Total Liabilities)

Total Assets
2019 2018 2017
7063069 6697230 5087282
18847581

Year Total Debt Share Holder Equity

2017 3119920 1967362
2018 2798250 3898980
2019 2918530 4144539

Debt to Equity Rati o 2017-2019

4500000
4000000
3500000
3898980

3000000
2500000
2000000
1967362
1500000 3119920
2798250
1000000
500000
0
2017 1 158.58% 2018 2 71.77% 2019

Year Total Debt Share Holder Equity Debt To Equity Ratio

Year Total Debt Total Assets

2017 3119920 5087282
2018 2798250 6697230
2019 2918530 7063069

Debt to total assets

8000000
70
7000000 61% 6697230

6000000
5087282 42%
41%
5000000

4000000
3119920 2918530
3000000 2798250

2000000

1000000

0
2017 2018 2019
 3119920 2918530
3000000 2798250

2000000

1000000

0
2017 2018 2019

Year Total Debt Share Holder Equity

2017 3119920 1967362
2018 2798250 3898980
2019 2918530 4144539

Debt to Total CAPITALIZATION

20000000
7063069
18000000
16000000
14000000
6697230
12000000
10000000 2018
8000000
2019 5087282
6000000 4
4000000
2000000 2017
0
Year Total Debt + Share Holder Equity Dep

Year EBT Interest Expense

2017 396,879 926843
2018 538,531 828593
2019 340,021 762013
1,000,000 70%
926843 828593 65%
900,000
60%
800,000 762013
45%
700,000 50%

600,000
538,531 40%
43%
500,000
396,879 30%
400,000
340,021
300,000 20%
200,000
10%
100,000

0 0%
2017 2018 2019
300,000 20%
200,000
10%
100,000

0 0%
2017 2018 2019

Year Net Credit Sales Receiveables

2017 40516525 2256250
2018 30668428 2825968
2019 30136165 2208031

Receiveable Turnover Ratio

45000000 40516525

40000000
30668428 30136165
35000000

30000000

25000000

20000000

15000000

10000000 2208031
2825968
2256250
5000000
2017 17.96 2018 10.85 2019 13.65
0
1 2 3

Year 365 Days Receivable Turnover

2017 365 17.96
2018 365 10.85
2019 365 13.65

Average Collection Period.

400
365 365 365
350

300

250

200

150

100
33.63 26.74
20.33
50 10.85 13.65
17.96
0
2017 2018 2019

Year Annual Net Credit Purchases Accounts Payable

 2017 35143197 3351230
2018 22837318 2549428
2019 17282711 1437417

Payable turnover ratio

40000000

35000000
35143197
30000000

25000000

20000000 22837318

15000000 17282711

10000000
2549428
5000000 3351230
1437417
0
2017 2018
Year 2019 Annual Net Credit Purchases Accounts Payable 10.49
Payable turn
8.96over 12.02
ratio

Year 365 Days Payable Turnover Ratio

2017 365 10.49
2018 365 8.96
2019 365 12.02

Payable Turn Over Indays.

Payable Turnover Ratio Payable turn over in days
100%
90%
80% 34.81 40.75 30.36
70%
60%
50%
40%
30% 10.49 12.02
8.96
20%
10%
0%
2017 2018 2019

Year Cost of Goods Sold Inventory

2017 3420925 264728
2018 3750528 406146
2019 3600834 604481

Inventory Turn over Rati o.

4000000
3750528 3600834
3500000

3000000
 Inventory Turn over Rati o.
4000000
3750528 3600834
3500000

3000000

2500000
3420925

2000000
604481
1500000

1000000
5.96
406146 264728
2019 9.23
500000 12.92
2017 2018
0
Year Cost of Goods Sold Inventory Inventory Turn Over Ratio.

Year 365 Days Inventory Turnover Ratio

2017 365 12.92
2018 365 9.23
2019 365 5.96

Inventory Turnover in days

2100
12.92 39.5 61.3
2080
28.2
2060
2019 5.96
2040 2017 9.23 2018

2020

2000

1980
1 2 3

Year Inventory Turnover Ratio Inventory turn over in days

Year Net Sales Total Assets

2017 4412652 5087282
2018 4860059 6697230
2019 4666590 7063069

Total Asset Turn Over Rtaio.

8000000 100%
87% 7063069 90%
7000000 6697230
73% 80%
66%
6000000
 Total Asset Turn Over Rtaio.
8000000 100%
87% 7063069 90%
7000000 6697230
73% 80%
66%
6000000
70%
4412652 5087282 4860059
5000000
60%
4666590
4000000 50%

40%
3000000
30%
2000000
20%
1000000
10%
2017 2018 2019
0 0%
1 2 3

Year Net Sales Gross Profit

2017 4412652 991727
2018 4860059 1109531
2019 4666590 1065756

Gross Profit Margin Ratio

16000000
4666590
14000000

12000000

10000000 4860059

8000000

6000000
1065756
4000000 4412652 1109531
22.84
2000000 22.47 2
991727
0
Net Sales Gross Profit Gross Profit Margin

Year Net Sales Net Profit After Taxes

2017 4412652 240033
2018 4860059 398695
2019 4666590 300585

Net Profit Margin

Net Sales Net Profit After Taxes Net Profit Margin
6000000 9%
4860059 8%
5000000 4412652 4666590
8% 6% 7%
4000000 6%
 Net Profit Margin
Net Sales Net Profit After Taxes Net Profit Margin
6000000 9%
4860059 8%
5000000 4412652 4666590
8% 6% 7%
4000000 6%
5% 5%
3000000
4%
2000000 3%
2%
1000000 398695
240033 300585 1%
0 0%
2017 2018 2019

Year Total Assets Net Profit After Taxes

2017 5087282 240033
2018 6697230 398695
2019 7063069 300585

Return On investment
8000000 7%
7063069
7000000 6697230 6%

6000000
6% 5%
5087282 4%
5000000 5%
4%
4000000
3%
3000000
2%
2000000

1000000 1%
240033 398695 300585
2017 2018 2019
0 0%
1 2 3

Year Total Assets Net Profit After Taxes Return On investment

Year Share Holder Equity Net Profit After Taxes

2017 1967362 240033
2018 3898980 398695
2019 4144539 300585

Return on Equity
4500000 14%
4144539
4000000 3898980
10% 12%
3500000 12%
10%
3000000
8%
 Return on Equity
4500000 14%
4144539
4000000 3898980
10% 12%
3500000 12%
10%
3000000
2500000 8%
1967362
2000000 7% 6%
1500000
4%
1000000
398695 2%
500000 240033 300585
0 0%
2017 2018 2019
 Current Ratio
89.17%
88.67%
99.73%
Current Assets Current Liabilities Current Ratio
Current Ratio
2413481 102.00%
2407070 100.00%
2295620 98.00%
88.67% 99.73% 96.00%
94.00%
92.00%
2035484 90.00%
88.00%
86.00%
84.00%
82.00%
2018 2019

Invenories. Current Assets -Inventories Quick Ratio

264728 1791928 78%
406146 1629338 71%
604481 1802589 75%

Quick Ratio

2413481

1802589
2295620

1629338

2306546
1791928
78%
71%
75%
Current Liabilities Current Assets -Inventories Quick Ratio

Row 24 Row 25 Row 26

Equity ( Total Assets - Total Liabilities)

Total Liability
2019 2018 2017
2918530 2798250 3119920
8836700

Debt To Equity Ratio

158.58%
71.77%
70.42%

Equity Rati o 2017-2019

4144539
3898980

2798250 2918530

2018 2 71.77% 2019 3 70.42%

Debt Share Holder Equity Debt To Equity Ratio

Debt to total Assets.

61%
42%
41%

t to total assets
70%
7063069
6697230 60%

42% 50%
41%
40%

2918530 30%
2798250
20%

10%

0%
2018 2019
 2918530 30%
2798250
20%

10%

0%
2018 2019

Total Debt + Share Holder Equity Dept to Total Capitalization.

5087282 61%
6697230 42%
7063069 41%

Total CAPITALIZATION
7063069

6697230
41%

5087282
42%
61%

Total Debt + Share Holder Equity Dept to Total Capitalization.

Interest Coverage ratio

43%
65%
45%
70%
3 65%

60%
762013
45%
50%

40%

30%
340,021

20%

10%

0%
2019
 20%

10%

0%
2019

Receiveable Turnover Ratio.

17.96
10.85
13.65

30136165

2825968 2208031

85 2019 13.65
3

Average Collection Period.

20.33
33.63
26.74

n Period.

365

26.74
13.65

2019

Payable turn over ratio

 10.49
8.96
12.02

ver ratio

2549428
3351230
1437417

Accounts Payable 10.49

Payable turn
8.96over 12.02
ratio

Payable turn over in days

34.81
40.75
30.36

Indays.
able turn over in days

40.75 30.36

12.02

2019

Inventory Turn Over Ratio.

12.92
9.23
5.96

ver Rati o.
34
ver Rati o.
34

604481

5.96
46 264728
12.92 9.23

Inventory Inventory Turn Over Ratio.

Inventory turn over in days

28.2
39.5
61.3

39.5 61.3

2019 5.96
.23 2018

2 3

Inventory turn over in days

Total Asset Turn Over Rtaio.

87%
73%
66%

Over Rtaio.
100%

7063069 90%
6697230
80%
66%
 Over Rtaio.
100%

7063069 90%
6697230
80%
66%
70%

60%
4666590
50%

40%

30%

20%

10%
2019
0%
3

Gross Profit Margin Ratio

22.47
22.83
22.84

fit Margin Ratio

1065756
1109531
22.84
22.47 22.83

Gross Profit Gross Profit Margin Ratio

Net Profit Margin

5%
8%
6%

argin
Taxes Net Profit Margin
9%
9 8%
4666590
8% 6% 7%
6%
argin
Taxes Net Profit Margin
9%
9 8%
4666590
8% 6% 7%
6%
5%
4%
3%
2%
398695 300585 1%
0%
2018 2019

Return On investment
5%
6%
4%

ment
7%
7063069
6%

5%
4%
4%

3%

2%

1%
95 300585
2019
0%
3

xes Return On investment

Return on Equity
12%
10%
7%

uity
14%
4144539
0% 12%

10%

8%
uity
14%
4144539
0% 12%

10%

8%

7% 6%

4%

695 2%
300585
0%
2019
102.00%
100.00%
98.00%
96.00%
94.00%
92.00%
90.00%
88.00%
86.00%
84.00%
82.00%
 Income Statement V
For three years 2017,2018,2019
(Rupees in Thousand) Gross Sales
2017 2018 2019 Trade discount and Sales tax
Gross Sales 4995079 5483981 5255189
Trade discount and Sales tax -582427 -623922 -588599
Net Sales 4412652 4860059 4666590 Cost of sales
Gross Profit
Cost of sales -3420925 -3750528 -3600834
Gross Profit 991727 1109531 1065756 Distribution and marketing e
Administrative expenses
Distribution and marketing expenses -285079 -207554 -253805 Other Operating Expenses
Administrative expenses -235669 -207487 -223943
Other Operating Expenses -63813 -55429 -45454 Operating Profit before othe
-583561 -470470 -523202 Other Income
Operating Profit before other income 408166 639061 542554 Operating profit
Other Income 27232 15789 27375
Operating profit 435398 654850 569929 Financing Costs
Profit before taxation
Financing Costs -95377 -116319 -173050
Profit before taxation 340021 538531 396879
Profit fot the year
Taxation -99988 -139836 -96294
Profit fot the year 240033 398695 300585

Horizontal Analysis
2017 2018 2019
Gross Sales 9.79% -4.17%
Trade discount and Sales tax -0.83% 0.64%
Net Sales 8.96% -3.53%

Cost of sales -6.60% 2.73%

Gross Profit 2.36% -0.80%
B
a
Distribution and marketing expenses 1.55% -0.84%
s 0.56% -0.30%
Administrative expenses
e 0.17% 0.18%
Other Operating Expenses
2.26% -0.96%
Operating Profit before other income
Y 4.62% -1.76%
Other Income e -0.23% 0.21%
Operating profit a 4.39% -1.55%
r
Financing Costs -0.42% -1.03%
 a
r

Profit before taxation 3.97% -2.58%

Taxation -0.80% 0.79%

Profit fot the year 3.18% -1.79%
 Vertical Analysis
2017 2018 2019
Gross Sales 100.00% 100.00% 100.00%
Trade discount and Sales tax -11.66% -11.38% -11.20%
Net Sales 88.34% 88.62% 88.80%

Cost of sales -68.49% -68.39% -68.52%

Gross Profit 19.85% 20.23% 20.28%

Distribution and marketing expenses -5.71% -3.78% -4.83%

Administrative expenses -4.72% -3.78% -4.26%
Other Operating Expenses -1.28% -1.01% -0.86%
-11.68% -8.58% -9.96%
Operating Profit before other income 8.17% 11.65% 10.32%
Other Income 0.55% 0.29% 0.52%
Operating profit 8.72% 11.94% 10.85%

Financing Costs -1.91% -2.12% -3.29%

Profit before taxation 6.81% 9.82% 7.55%

Taxation -2.00% -2.55% -1.83%

Profit fot the year 4.81% 7.27% 5.72%