COMPARATIVE STATEMENT OF FINANCIAL CONDITION (TRADING / INDUSTRIAL CONCERNS)

NAME: XYZ Location : Location : Lahore

Amount In "Million" Currency: Pk.Rs Auditor: KPMG TASEER HADI & CO
Audited/Unaudited Specify: Audited Audited Audited Audited Audited
Unqualified. Qualified Explain On Page 4 Unconsolidated Unconsolidated UnConsolidated
Date (Day. Month. Year) 30.09.2017 30.09.2018 30.09.2019 30.09.2020
Description Key Amount Key Amount Key Amount Key Amount Key

FINANCIAL SUMMARY

NET SALES 157,016,930.000 132,363,138.000 105,846,314.000 121,354,758.000

NET INCOME 16,003,289.000 21,092,657.000 18,133,347.000 16,871,223.000
Net Income/Net Sales % 10.19% 15.94% 17.13% 13.90%
WORKING CAPITAL (23,087,489.000) (382,877.000) 11,725,203.000 6,752,167.000
Current Ratio 0.72 0.99 1.24 1.14
Days Trade Debtors (Incl. Bills Discounted) 9 8 10 43
Days Trade Creditors (CGS Basis) 144 108 154 168
Days Stocks (CGS Basis) 54 56 38 56
TANGIBLE NET WORTH 39,765,448.000 41,785,399.000 41,565,923.000 38,208,457.000
Leverage (Total Liab./Tan. Net Worth) 2.52 2.05 - 2.04 2.19

BALANCE SHEET

ASSETS
1 Cash 2,834,098.000 1,266,722.000 3,611,441.000 3,413,473.000 -5.5%
2 Biological assets - - - -
3 Trade Debtors (Incl. Bills Discounted) 3,772,128.000 3,069,812.000 2,906,353.000 14,174,520.000 387.7%
4 Stocks 16,868,436.000 13,489,961.000 7,533,174.000 12,477,638.000 65.6%
5 stores & Spares 6,495,230.000 6,426,976.000 6,410,785.000 5,301,092.000 -17.3%
6 advance deposit prepayments and other receivables 20,196,632.000 14,933,463.000 13,507,817.000 15,009,324.000 11.1%
7 short term investments 9,668,016.000 15,237,752.000 26,762,992.000 5,511,544 -79.4%
8 TOTAL CURRENT ASSETS 59,834,540.000 54,424,686.000 60,732,562.000 55,887,591.000 -8.0%
9 Net Fixed Assets (Proerty, Plant & Equip) 77,879,522.000 73,031,490.000 65,734,124.000 65,924,426.000 0.3%
10 Inv. And Adv. Subs And Affiliates - - - - #DIV/0!
11 Capital Work in Progress - - - - #DIV/0!
12 Long term deposits & Advances 206,531.000 60,798.000 81,872.000 163,791.000 100.1%
13 Investment Properties & bio assets 2,204,759.000 - - - #DIV/0!
14 Intangibles 5,287,980.000 5,301,409.000 5,164,817.000 5,071,003.000 -1.8%
15 TOTAL NON-CURRENT ASSETS 85,578,792.000 78,393,697.000 70,980,813.000 71,159,220.000 0.3%
16 TOTAL ASSETS 145,413,332.000 132,818,383.000 131,713,375.000 127,046,811.000 -3.5%
LIABILITIES
17 Short Term Debt-Banks (Incl.Bills Disc) 7,826,110.000 4,117,658.000 425,120.000 1,985,910.000 367.1%
18 Trade Creditors 45,156,293.000 26,026,519.000 30,218,988.000 37,685,215.000 24.7%
19 Accruals, Exp. Payable & Other Liab. 1,000,000.000 5,200,000.000 1,000,000.000 - -100.0%
20 Prov. For Taxation 4,511,651.000 1,361,183.000 - - #DIV/0!
21 Accrued interest 520,010.000 262,571.000 263,054.000 587,866.000 123.5%
22 Unclaimed Dividend 49,211.000 49,471.000 57,320.000 60,046.000
23 Long Term Debt-Current Portion 23,858,754.000 17,790,161.000 17,042,877.000 8,816,387.000 -48.3%
24 TOTAL CURRENT LIABILITIES 82,922,029.000 54,807,563.000 49,007,359.000 49,135,424.000 0.3%
25 Long Term Senior Debt 5,841,898.000 11,459,534.000 13,514,080.000 22,192,098.000 64.2%
26 Redeemable Capital,secured, Govt Grant 890,939.000 925,494.000 - - #DIV/0!
27 Long Term Subordinated Debt 2,315,163.000 6,363,848.000 10,510,379.000 - -100.0%
28 Deffered Taxation 8,154,634.000 11,942,999.000 11,677,783.000 12,182,426.000 4.3%
29 Staff Retirement Benefits - - - -
30 Deffered Liabilities 235,241.000 232,137.000 273,034.000 257,403.000 -5.7%
31 TOTAL NON-CURRENT LIABILITIES 17,437,875.000 30,924,012.000 35,975,276.000 34,631,927.000 -3.7%
32 TOTAL LIABILITIES 100,359,904.000 85,731,575.000 84,982,635.000 83,767,351.000 -1.4%
NET WORTH
33 Preference Shares - - -
34 Ordinary Shares/Owner's Equity 13,352,993.000 13,352,993.000 13,352,993.000 13,352,993.000 0.0%
35 General Reserves 3,284,910.000 3,295,038.000 3,334,493.000 3,328,265.000 -0.2%
36 Non controlling interest - - #DIV/0!
37 Other Reserve - -
38 Retained Earnings (P & L Account) 28,415,525.000 30,438,777.000 30,043,254.000 26,598,202.000
39 Surplus on Revaluation of Fixed Assets
40 TOTAL NET WORTH 45,053,428.000 47,086,808.000 46,730,740.000 43,279,460.000 -7.4%
41 TOTAL LIAB. & NET WORTH 145,413,332.000 132,818,383.000 131,713,375.000 127,046,811.000 -3.5%
42 Contingent Liabilities (Excl. Bills Disc) - - - -
43 - - - -
CHECK 1 1 1 1
 (2) Page 3/4 Page 3/4
NAME: 0 Lahore

Amount: in (Million) Date 30.09.2017 30.09.2018 30.09.2019 30.09.2020

Currency :Pk.Rs No.Of Months 12 % 12 % 12 % 12 %
DESCRIPTION Key Amount Sales Amount Sales Amount Sales Amount Sales

INCOME STATEMENT

44 NET SALES / REVENUE 14.7% 157,016,930.000 100% 132,363,138.000 100% 105,846,314.000 100% 121,354,758 100%
45 Cost of Goods Sold / Revenue 14.3% 114,169,791.000 73% 88,288,978.000 67% 71,591,626.000 68% 81,814,870 67%
46 Selling And Distribution Expenses -3.8% 12,102,580.000 8% 10,413,432.000 8% 10,375,397.000 10% 9,984,536 8%
47
48 OPERATING PROFIT 23.8% 30,744,559.000 20% 33,660,728.000 25% 23,879,291.000 23% 29,555,352.000 24%
49 Depriciation #DIV/0! - -
50 Other Non-Cash Charges - 0% - 0% 0% 0%
51 - -
52 Other Income 14.9% 2,325,361.000 1% 1,790,398.000 1% 3,788,499.000 4% 4,351,782 4%
53 - -
54 Other Expense/W.P.P.F 38.5% 3,363,473.000 28% 3,400,984.000 33% 1,894,116.000 18% 2,622,661 26%
55
56 Markup Expense/ Interst Exp #DIV/0! - 0% 0% - 0% 0%
57 Financial Lease Expenses 2,621,808.000 1.7% 1,602,197.000 1.2% 3,236,285.000 3.1% 3,886,870 3.2%
58 Associated company losses -100.0% 522,936.000 0.00 557,700.000 0.00 1,238,912.000 0.01 - -
59 - - - -
60 Profit Before Tax 28.6% 26,561,703.000 17% 29,890,245.000 23% 21,298,477.000 20% 27,397,603.000 23%
61 Prov. for Taxation 232.6% 10,558,414.000 7% 8,797,588.000 7% 3,165,130.000 3% 10,526,380 9%
62 Extra-ordinary Income - - - -
63 Extra-ordinary Charges - - - -
64 NET INCOME -7.0% 16,003,289.000 10% 21,092,657.000 15.9% 18,133,347.000 17.1% 16,871,223.000 13.9%

BALANCE SHEET RECONCILIATIONS

NET WORTH
65 OPENING NET WORTH - 45,053,428.000 47,086,808.000 46,730,740.000
66 Plus Net Income 16,003,289.000 21,092,657.000 18,133,347.000 16,871,223.000
67 Increase in Paid-up Capital 13,352,993.000 - - -
68 Other Specify Equity 15,697,146.000 (19,059,277.000) (18,489,415.000) (20,322,503.000)
69 Surplus on Revaluation of Fixed Assets - - - -
70 TOTAL ADDITIONS 45,053,428.000 2,033,380.000 (356,068.000) (3,451,280.000)
71 Less: Dividends Declared/Drawings - - - -
72 Other : - - - -
73
74 TOTAL DEDUCTIONS - - - -
75 Increase (Decrease) Net Worth 45,053,428.000 2,033,380.000 (356,068.000) (3,451,280.000)
76 ENDING NET WORTH 45,053,428.000 47,086,808.000 46,730,740.000 43,279,460.000
CHECK - - - -
FIXED ASSETS
77 Opening Net Fixed Assets - 77,879,522.000 73,031,490.000 65,734,124.000
78 Less: Depreciation For Period - - - -
79 Sub-Total - 77,879,522.000 73,031,490.000 65,734,124.000
80 Ending Net Fixed Assets 77,879,522.000 73,031,490.000 65,734,124.000 65,924,426.000
80A Reval N/ Write Down During Period - - - -
80B Sub-Total 77,879,522.000 73,031,490.000 65,734,124.000 65,924,426.000
81 Capital Expend (Net of Sale Of Assets) 77,879,522.000 (4,848,032.000) (7,297,366.000) 190,302.000
82 Plus: Sale of Assets - - - -
83 Gross Capital Expenditures 77,879,522.000 (4,848,032.000) (7,297,366.000) 190,302.000

ANALYTICAL AND COMPARATIVE RATIOS

DESCRIPTION Key
OPERATING RATIOS
84 Net Sales Growth Rate - % #DIV/0! -15.70% -20.03% 14.65%
85 Net Income/Net Sales - % 10.19% 15.94% 17.13% 13.90%
86 Net Income/Tang. Net Worth - % 35.52% 44.80% 38.80% 38.98%
87 Net Fixed Assets / Net Sales % 49.60% 55.18% 62.10% 54.32%
LIQUIDITY RATIOS
88 Current Ratio 0.72 0.99 1.24 1.14
89 Quick Assets Ratio 0.5 0.7 1.1 0.9
90 Days Trade Debtors (Inc. Bills Discounted) 9 8 10 43
90A Days Trade Creditors (CGS Basis) 144 108 154 168
91 Days Stocks (CGS Basis) 54 56 38 56
LEVERAGE RATIOS
92 Leverage (Total Liab/Tang. Net. Worth) 2.23 1.82 1.82 1.94
93 L.T Leverage(LT.Debt/Tang. Net Worth) 0.13 0.24 0.29 0.51
 (3) Page 4/4 Page 4/4

COMPARATIVE STATEMENT OF FINANCIAL CONDITION

OPERATING / NON- OPERATING CASH GENERATION STATEMENT

Name: 0 Lahore
Amount: in (Million) Date 30.09.2017 30.09.2018 30.09.2019 30.09.2020
Currency: :Pk. Rs. No.Of Months 12 12 12 12
DESCRIPTIION Key Amount Amount Amount Amount
NET OPERATING CASH GENERATION
94 Net Income 16,003,289.000 21,092,657.000 18,133,347.000 16,871,223.000
95 Depreciation - - - -
96 Other Non-Cash Charges - - - -
97 GROSS OPERATING FUND GENERATION 16,003,289.000 21,092,657.000 18,133,347.000 16,871,223.000
98 Less: Operating Cash Needs
99 Inc/(Dec) Reo. Cash - - - -
100 Inc/(Dec) Net Trade Debtors (Inc.B/Dis) 3,772,128.00 (702,316.00) (163,459.00) 11,268,167.00
101 Inc./(Dec) Stocks 16,868,436.00 (3,378,475.00) (5,956,787.00) 4,944,464.00
102 Inc./(Dec) Prepaid Expenses 9,668,016.00 5,569,736.00 11,525,240.00 (21,251,448.00)
103 Inc./(Dec) Stores and Spares 6,495,230.00 (68,254.00) (16,191.00) (1,109,693.00)
104 Inc./(Dec) other receivables 20,196,632.00 (5,263,169.00) (1,425,646.00) 1,501,507.00
105
106 TOTAL OPERATING NEEDS 57,000,442.00 (3,842,478.00) 3,963,157.00 (4,647,003.00)
107 Plus: Operating Cash Sources
108 Inc./(Dec) Trade Creditors 45,156,293.00 (19,129,774.00) 4,192,469.00 7,466,227.00
109 Inc./(Dec) Accruals 1,000,000.00 4,200,000.00 (4,200,000.00) (1,000,000.00)
110 Inc./(Dec) Prov. For Taxes 4,511,651.00 (3,150,468.00) (1,361,183.00) -
111 49,211.00 260.00 7,849.00 2,726.00
112
113
114 TOTAL OPERATING SOURCES 50,717,155.00 (18,079,982.00) (1,360,865.00) 6,468,953.00
115 NET OPERATING CASH GENERATION 9,720,002.00 6,855,153.00 12,809,325.00 27,987,179.00
NON-OPERATING CASH NEEDS
116 Less: Non-Operating Cash Needs
117 Capital Expenditures 77,879,522.00 (4,848,032.00) (7,297,366.00) 190,302.00
118 Dividends Paid /Drawings (520,010.00) 257,439.00 (483.00) (324,812.00)
119 Dec. in Long Term Debt (If Positive) 0 0 0 10,058,851.00
120 Dec. in Short Term Debt (And Bills Dis) (If Positive) 0 3,708,452.00 3,692,538.00 0
121 Inv. And Adv. Subs. And Affil. - - - -
122 Long Term Deposit 206,531.00 (145,733.00) 21,074.00 81,919.00
123 2,204,759.00 (2,204,759.00) - -
124 Intangible 5,287,980.00 13,429.00 (136,592.00) (93,814.00)
125 TOTAL NON-OPERATING NEEDS 85,058,782.000 (3,219,204.000) (3,720,829.000) 9,912,446.000
NON-OPERATING CASH SOURCES
126 Plus: Non-Operating Cash Sources
127 Inc. In Paid-up Capital 13,352,993.00 - - -
128 Inc. in Long Term Debt (If Positive) 32,906,754.00 3,632,283.00 4,528,299.00 0
129 Inc. in Short Term Debt (And Bills Dis) (If Positive) 7,826,110.00 0 0 1,560,790.00
130 Sale of Assets - - - -
131 Liabilities against leased assets 8,154,634.00 3,788,365.00 (265,216.00) 504,643.00
132 - - - -
133 Other Specify - Equity 15,697,146.00 (19,059,277.00) (18,489,415.00) (20,322,503.00)
134 Deffered Liabilities 235,241.00 (3,104.00) 40,897.00 (15,631.00)
135 TOTAL NON-OPERATING SOURCES 78,172,878.00 (11,641,733.00) (14,185,435.00) (18,272,701.00)
NET INC./(DEC.) IN CASH &
MARKETABLE SECURITIES. 2,834,098.000 (1,567,376.000) 2,344,719.000 (197,968.000)
136
If Difference - - - -
Actual 2834098.00 -1567376.00 2344719.00 -197968.00
No Manual Entry Required / Blocked Cells For Interim Financials, Days to be Changed Accordingly
 short spread Page 1/4

XYZ
Financial Highlights
KPMG TASEER HADI & CO
Financials for the year ended Trend Analysis Vertical Analysis
30.09.2017 30.09.2018 30.09.2019 30.09.2020
Audited Audited Audited Audited 2018 2019 2020 2018 2019 2020
Profit & Loss A/C
Sales 157,016,930.000 132,363,138.000 105,846,314.000 121,354,758.000 -16% -20% 15% 100% 100% 100%
COGS 114,169,791.000 88,288,978.000 71,591,626.000 81,814,870.000 -23% -19% 14% 67% 68% 67%
Gross Profit 42,847,139.000 44,074,160.000 34,254,688.000 39,539,888.000 3% -22% 15% 33.3% 32.4% 32.6%
Selling & Admin Expenses 12,102,580.000 10,413,432.000 10,375,397.000 9,984,536.000 -14% 0% -4% 7.9% 9.8% 8.2%
Depriciation - - - - #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0%
EBIT 26,561,703.000 29,890,245.000 21,298,477.000 27,397,603.000 13% -29% 29% 22.6% 20.1% 22.6%
Interest/Financial charges - - - - #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0%
Net Profit after Tax 16,003,289.000 21,092,657.000 18,133,347.000 16,871,223.000 32% -14% -7% 15.9% 17.1% 13.9%

Balance Sheet
Total Current Assets 59,834,540.000 54,424,686.000 60,732,562.000 55,887,591.000 -9% 12% -8% 41% 46% 44%
Total Current Liabilities 82,922,029.000 54,807,563.000 49,007,359.000 49,135,424.000 -34% -11% 0% 41% 37% 39%
Net Working Capital (23,087,489.000) (382,877.000) 11,725,203.000 6,752,167.000 -98% -3162% -42% 0% 9% 5%
Short termBank Borrowings 7,826,110.000 4,117,658.000 425,120.000 1,985,910.000 -47% -90% 367% 3% 0% 2%
Current Portion of L.T.D 23,858,754.000 17,790,161.000 17,042,877.000 8,816,387.000 -25% -4% -48% 13% 13% 7%
Total Long Term Debts 6,968,078.000 12,617,165.000 13,787,114.000 22,449,501.000 81% 9% 63% 9% 10% 18%
Total Fixed Assets 77,879,522.000 73,031,490.000 65,734,124.000 65,924,426.000 -6% -10% 0% 55% 50% 52%
Total Liabilities(S.T & L.T) 100,359,904.000 85,731,575.000 84,982,635.000 83,767,351.000 -15% -1% -1% 65% 65% 66%
Equity 45,053,428.000 47,086,808.000 46,730,740.000 43,279,460.000 5% -1% -7% 35% 35% 34%
Balance Sheet Footing 145,413,332.000 132,818,383.000 131,713,375.000 127,046,811.000 -9% -1% -4% 100% 100% 100%
Important Ratios
Current Ratio 0.72 0.99 1.24 1.14
Current Ratio (SBP) 1.01 1.47 1.90 1.39 N/A N/A N/A N/A N/A N/A
Debt (LT) to Equity ratio 0.41 0.39 0.40 0.42 N/A N/A N/A N/A N/A N/A
Leverage 2.23 1.82 1.82 1.94 N/A N/A N/A N/A N/A N/A
Return on Equity 35.5% 44.8% 39% 39% N/A N/A N/A N/A N/A N/A
Interest Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt Service coverage (EBIT) 1.1132896126931 1.6801559581164 1.2496996252452 3.10757717418711
Debt Service coverage (EBITDA) 1.113 1.6801559581164 1.2496996252452 3.10757717418711
Days Stock 54 56 38 56 N/A N/A N/A N/A N/A N/A
Days Debtors 9 8 10 43 N/A N/A N/A N/A N/A N/A
Days Creditors 144 108 154 168 N/A N/A N/A N/A N/A N/A
Operating Cycle 63 64 48 98 N/A N/A N/A N/A N/A N/A
Working Capital Requirement* 21690106.0922746 17,370,203.92 10875587.0087033 24722771.6077765

SALES NET PROFIT AFTER TAX

160,000,000.000 25,000,000.000
140,000,000.000 20,000,000.000
120,000,000.000 15,000,000.000
100,000,000.000 10,000,000.000
80,000,000.000 Row 9 5,000,000.000 Row 16
60,000,000.000 -
40,000,000.000 1
20,000,000.000 2
-
3
1 2 3 4 4

NET WORKING CAPITAL BANK BORROWINGS

15,000,000.000
10,000,000.000 8,000,000.000
5,000,000.000 6,000,000.000
-
4,000,000.000
(5,000,000.000)
Row 21 Row 22
(10,000,000.000) 2,000,000.000
(15,000,000.000) -
(20,000,000.000)
1
(25,000,000.000) 2
1 2
3
3 4 4

* For Interim Financials, No. Days to be Changed accordingly