Sharif Feed Mills (Pvt.

) Limited
NOTES TO THE PROJECTIONS
1 - OPERATING FIXED ASSESTS - Tangible

COST DEPRICIATION
Cost As On Addition Disposal/ Cost As On Rate As On For The As On W.D.V.
PARTICULARS 1-Jul-09 During the Period Adjustments 30-Jun-10 (%) 1-Jul-09 Period On Disposal 30-Jun-10 30-Jun-10

COMPANY OWNED
FREEHOLD LAND 22,721,807 - - 22,721,807 - - 22,721,807
BUILDING ON FREE HOLD LAND - -
MILLS 142,001,445 3,862,569 - 145,864,014 10 26,449,160 11,941,485 - 38,390,645 107,473,369
PLANT & MACHINERY - FREEHOLD 94,737,592 39,109,537 - 133,847,129 10 21,447,441 11,239,969 - 32,687,410 101,159,719
LEASEHOLD 9,500,000 - 9,500,000 10 1,805,000 769,500 - 2,574,500 6,925,500
FIRE FIGHTING EQUIPMENT - - - - - - - -
OFFICE EQUIPMENT 2,947,927 - - 2,947,927 10 443,261 250,467 - 693,728 2,254,199
COMPUTER & SOFTWARES 892,627 - - 892,627 30 398,373 148,276 - 546,649 345,978
FURNITURE AND FIXTURE 242,200 - - 242,200 10 53,519 18,868 - 72,387 169,813
VEHICLES 52,056,397 1,325,599 - 53,381,996 20 9,653,463 8,745,707 - 18,399,170 34,982,826

325,099,995 44,297,705 - 369,397,700 60,250,217 33,114,272 - 93,364,489 276,033,211

30-Jun-10

RUPEES

COST OF SALES 90.00% 29,802,845.00

ADMINISTRATION 10.00% 3,311,427.00
33,114,272.00

31
COST DEPRICIATION
Cost As On Addition Disposal/ Cost As On Rate As On For The As On W.D.V.
PARTICULARS 1-Jul-10 During the Period Adjustments 1-Jul-11 (%) 1-Jul-10 Period On Disposal 1-Jul-11 1-Jul-11

COMPANY OWNED
FREEHOLD LAND 22,721,807 - - 22,721,807 - - 22,721,807
BUILDING ON FREE HOLD LAND - -
MILLS 145,864,014 - - 145,864,014 10 38,390,645 10,747,337 - 49,137,982 96,726,032
PLANT & MACHINERY - FREEHOLD 133,847,129 - - 133,847,129 10 32,687,410 10,115,972 - 42,803,382 91,043,747
LEASEHOLD 9,500,000 - 9,500,000 10 2,574,500 692,550 - 3,267,050 6,232,950
FIRE FIGHTING EQUIPMENT - - - - 10 - - - - -
OFFICE EQUIPMENT 2,947,927 - - 2,947,927 10 693,728 225,420 - 919,148 2,028,779
COMPUTER & SOFTWARES 892,627 - - 892,627 30 546,649 103,793 - 650,442 242,185
FURNITURE AND FIXTURE 242,200 - - 242,200 10 72,387 16,981 - 89,368 152,832
VEHICLES 53,381,996 - - 53,381,996 20 18,399,170 6,996,565 - 25,395,735 27,986,261

369,397,700 - - 369,397,700 93,364,489 28,898,618 - 122,263,107 247,134,593

2008 RUPEES 369,397,700 - - 369,397,700 93,364,489 28,898,618 - 122,263,107 247,134,593

2011

RUPEES

COST OF SALES 90.00% 26,008,756.00

ADMINISTRATION 10.00% 2,889,862.00
28,898,618.00

32
COST DEPRICIATION
Cost As On Addition Disposal/ Cost As On Rate As On For The As On W.D.V.
PARTICULARS 1-Jul-11 During the Period Adjustments 30-Jun-12 (%) 2-Jul-11 Period On Disposal 30-Jun-12 30-Jun-12

COMPANY OWNED
FREEHOLD LAND 22,721,807 - - 22,721,807 - - 22,721,807
BUILDING ON FREE HOLD LAND - -
MILLS 145,864,014 - - 145,864,014 10 49,137,982 9,672,603 - 58,810,585 87,053,429
PLANT & MACHINERY - FREEHOLD 133,847,129 - - 133,847,129 10 42,803,382 9,104,375 - 51,907,757 81,939,372
LEASEHOLD 9,500,000 - 9,500,000 10 3,267,050 623,295 - 3,890,345 5,609,655
FIRE FIGHTING EQUIPMENT - - - - 10 - - - - -
OFFICE EQUIPMENT 2,947,927 - - 2,947,927 10 919,148 202,878 - 1,122,026 1,825,901
COMPUTER & SOFTWARES 892,627 - - 892,627 30 650,442 72,656 - 723,098 169,529
FURNITURE AND FIXTURE 242,200 - - 242,200 10 89,368 15,283 - 104,651 137,549
VEHICLES 53,381,996 - - 53,381,996 20 25,395,735 5,597,252 - 30,992,987 22,389,009

369,397,700 - - 369,397,700 122,263,107 25,288,342 - 147,551,449 221,846,251

2009 RUPEES 369,397,700 - - 369,397,700 122,263,107 25,288,342 - 147,551,449 221,846,251

2008

RUPEES

COST OF SALES 90.00% 22,759,508.00

ADMINISTRATION 10.00% 2,528,834.00
25,288,342.00

33
COST DEPRICIATION
Cost As On Addition Disposal/ Cost As On Rate As On For The As On W.D.V.
PARTICULARS 1-Jul-12 During the Period Adjustments 30-Jun-13 (%) 1-Jul-12 Period On Disposal 30-Jun-13 30-Jun-13

COMPANY OWNED
FREEHOLD LAND 22,721,807 - - 22,721,807 - - 22,721,807
BUILDING ON FREE HOLD LAND - -
MILLS 145,864,014 - - 145,864,014 10 58,810,585 8,705,343 - 67,515,928 78,348,086
PLANT & MACHINERY - FREEHOLD 133,847,129 - - 133,847,129 10 51,907,757 8,193,937 - 60,101,694 73,745,435
LEASEHOLD 9,500,000 - 9,500,000 10 3,890,345 560,966 - 4,451,311 5,048,689
FIRE FIGHTING EQUIPMENT - - - - 10 - - - - -
OFFICE EQUIPMENT 2,947,927 - - 2,947,927 10 1,122,026 182,590 - 1,304,616 1,643,311
COMPUTER & SOFTWARES 892,627 - - 892,627 30 723,098 50,859 - 773,957 118,670
FURNITURE AND FIXTURE 242,200 - - 242,200 10 104,651 13,755 - 118,406 123,794
VEHICLES 53,381,996 - - 53,381,996 20 30,992,987 4,477,802 - 35,470,789 17,911,207

369,397,700 - - 369,397,700 147,551,449 22,185,252 - 169,736,701 199,660,999

2010 RUPEES 369,397,700 - - 369,397,700 147,551,449 22,185,252 - 169,736,701 199,660,999

2009

RUPEES

COST OF SALES 90.00% 19,966,727.00

ADMINISTRATION 10.00% 2,218,525.00
22,185,252.00

34
COST DEPRICIATION
Cost As On Addition Disposal/ Cost As On Rate As On For The As On W.D.V.
PARTICULARS 1-Jul-13 During the Period Adjustments 30-Jun-14 (%) 1-Jul-13 Period On Disposal 30-Jun-14 30-Jun-14

COMPANY OWNED
FREEHOLD LAND 22,721,807 - - 22,721,807 - - 22,721,807
BUILDING ON FREE HOLD LAND - -
MILLS 145,864,014 - - 145,864,014 10 67,515,928 7,834,809 - 75,350,737 70,513,277
PLANT & MACHINERY - FREEHOLD 133,847,129 - - 133,847,129 10 60,101,694 7,374,544 - 67,476,238 66,370,891
LEASEHOLD 9,500,000 - 9,500,000 10 4,451,311 504,869 - 4,956,180 4,543,820
FIRE FIGHTING EQUIPMENT - - - - 10 - - - - -
OFFICE EQUIPMENT 2,947,927 - - 2,947,927 10 1,304,616 164,331 - 1,468,947 1,478,980
COMPUTER & SOFTWARES 892,627 - - 892,627 30 773,957 35,601 - 809,558 83,069
FURNITURE AND FIXTURE 242,200 - - 242,200 10 118,406 12,379 - 130,785 111,415
VEHICLES 53,381,996 - - 53,381,996 20 35,470,789 3,582,241 - 39,053,030 14,328,966

369,397,700 - - 369,397,700 169,736,701 19,508,774 - 189,245,475 180,152,225

2011 RUPEES 369,397,700 - - 369,397,700 169,736,701 19,508,774 - 189,245,475 180,152,225

 Sharif Feed Mills (Pvt.) Limited
PROJECTED CASH FLOW STATEMENT
For the year ended 30th June

Description 2010 2011 2012 2013

Rs. Rs. Rs. Rs.

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation 63,728,773 16,590,100 32,748,220 52,942,814

Adjustment for
Depriciation 33,114,272 24,951,960 22,082,606 19,577,474
Provision for gratuity 536,108 932,916 1,007,549 1,088,153
Payment of tax (3,005,547) - - -
Provision for Bad Debts - - - -
Loss/(Profit) on disposal of assets - - - -
Financial charges 30,314,900 24,211,830 14,426,633

Operating profit/(loss) before change in working

capital 94,373,606 72,789,876 80,050,205 88,035,074

Changes in working capital

(Increase)/decrease in current assets
Store,spares and loose tools (4,208,929) - - -
Stock in trade (307,817,029) (44,820,664) (49,302,731) (54,233,004)
Trade debtors (54,273,516) 109,496,113 (9,629,871) (10,592,858)
Advances,deposits and prepayments & (38,735,329)
Other receivables (554,777) (692,754) (679,530)
Incease/(Decrease)in current liabilities
Short Term Borrowings - - -
Creditors,accrued and other liabilities 194,879,006 (436,451,823) 2,344,237 2,618,566

(210,155,797) (372,331,151) (57,281,119) (62,886,826)

Cash generated/(used) from operations (115,782,191) (299,541,275) 22,769,086 25,148,248

(30,314,900) (24,211,830) (14,426,633)

(6,360,274) (6,917,474) (6,917,474)
- (36,675,174) (31,129,304) (21,344,107)

NET CASH FLOW FROM OPERATING ACTIVITIES (115,782,191) (336,216,449) (8,360,218) 3,804,141

CASH FLOW FROM INVESTING ACTIVITIES

Proceeds from disposal of assets - - - -
Long Term Deposits (336,000) - - -

Fixed capital expenditures (44,297,705) - - -

NET CASH GENERATED /(USED) IN INVESTING ACTIVITIES (44,633,705) - - -

CASH FLOW FROM FINANCING ACTIVITIES

Increase in Share Capital & Reserves 100,000,000 - - -

Director's Loan (100,000,000) - - -
Liabilites Against Assets Subject to Finance Lease 13,138,811
Due to Associate under taking 4,949,768
Long Term Loan (26,266,506) (15,463,742) (17,953,338) (21,348,293)
Short Term Borrowing 170,987,085

NET CASH GENERATED IN FINANCING ACTIVITIES 162,809,158 (15,463,742) (17,953,338) (21,348,293)

NET INCREASE/(DECREASE) IN CASH AND

CASH EQUILENTS 2,393,262 (351,680,192) (26,313,556) (17,544,152)

CASH AND CASH EQUILENTS AT THE

BEGINNING OF THE YEAR 60,034,789 62,428,051 (289,252,141) (315,565,697)

CASH AND CASH EQUILENTS AT THE

END OF THE YEAR 62,428,051 (289,252,141) (315,565,697) (333,109,849)
 Sharif Feed Mills (Pvt.) Limited
NOTES TO THE PROJECTIONS (PROFIT & LOSS ACCOUNT)

2010 2011 2012 2013

Description
Rs. Rs. Rs. Rs.
13-
Capacity in TPH 40 40 40 40
Working Days 300 300 300 300
Capacity Achieved 59.95% 63.00% 70.00% 85.00%

Production per month (No. of bags) 143,879 151,200 168,000 204,000

Annual Production (No. of bags) 1,726,544 1,814,400 2,016,000 2,448,000

Selling Commission 11.56% 12.00% 12.00% 12.00%

SALES

Gross Sales 2,226,908,043 2,776,032,000 3,084,480,000 3,745,440,000

Less Selling Commission 257,392,829 333,123,840 370,137,600 449,452,800

1,969,515,214 2,442,908,160 2,714,342,400 3,295,987,200

 Sharif Feed Mills (Pvt.) Limited
NOTES TO THE PROJECTIONS (PROFIT & LOSS ACCOUNT)

2010 2011 2012 2013

Description
Rs. Rs. Rs. Rs.
14- COST OF SALES

Raw Materials
Cost of Materials Consumed 1,746,292,388 2,082,024,000 2,313,360,000 2,809,080,000

Other Direct / Indirect Cost

Salaries Wages & Benefits 15,481,338 17,029,472 18,732,419 20,605,661
Fuel & Power 36,963,389 38,844,288 43,160,320 52,408,960

Stores & Spares 5% - - -

Insurance 5% - - -
Repair & Maintanence 5% 3,245,362 3,569,898 3,926,888 4,319,577
Other Manufacturing Overheads 5% 11,156,683 12,272,351 13,499,586 14,849,545
Bad Debts Expense 1%
Depriciation 29,802,845 22,456,764 19,874,345 18,598,600
Cost of Goods Manufactured 1,842,942,005 2,176,196,774 2,412,553,559 2,919,862,343

Add Opening Stock Finished Goods 2,743,400 8,284,500 2,743,400 2,743,400

Less Closing Stock Finished Goods 8,284,500 2,743,400 2,743,400 2,743,400
Cost Of Goods Sold 1,837,400,905 2,181,737,874 2,412,553,559 2,919,862,343
 Sharif Feed Mills (Pvt.) Limited
NOTES TO THE PROJECTIONS (PROFIT & LOSS ACCOUNT)

2010 2011 2012 2013

Description
Rs. Rs. Rs. Rs.

15 ADMINISTRATIVE EXPENSES
Salaries Wages & Benefits 7,142,499 7,856,749 8,642,424 9,506,666
Rent, Rates & Taxes 10% - - - -
Printing & Stationery 10% - - - -
Postage & Telephone 10% - - - -
Utilities 10% - - - -
Repair & Maint. 10% 2,807,208 3,087,929 3,396,722 3,736,394
Vehicle Running & Maint. 10% 956,255 1,051,881 1,157,069 1,272,775
Legal & Professional 10% 1,026,708 1,129,379 1,242,317 1,366,548
Depriciation 3,311,427 2,495,196 2,208,261 978,874
Other 10% 763,863 840,249 924,274 1,016,701
16,007,960 16,461,382 17,571,066 17,877,959
16- SELLING EXPENSES

Sales Staff Salary 4,249,093 4,674,002 5,141,403 5,655,543

Postage Stationery 21 68,908 75,799 83,379 91,717
Vehicle Running & Maint. 10% 1,442,039 1,586,243 1,744,867 1,919,354
Other 10% 1,073,757 1,181,133 1,299,246 1,429,171

6,833,797 7,517,177 8,268,894 9,095,784

17- FINANCIAL CHARGES
Mark-up on:
Long Term Loan 8,789,656 10,631,475 7,106,982 2,944,031
Short Term Borrowings Lease assets 30,440,703 16,660,000 15,130,000 9,860,000
Finance Charges on Leased Vehicle 4,928,519 637,993 0 -
Bank Charges & Commission 10% 1,384,901 1,523,391 1,675,730 1,843,303

45,543,779 29,452,859 23,912,712 14,647,334

 Sharif Feed Mills (Pvt.) Limited
PROJECTED PROFIT & LOSS ACCOUNT
For the year ended 30th June

2010 2011 2012 2013

Description
Note Rs. Rs. Rs. Rs.

SALES 13 ### 1,969,515,214### 2,442,908,160### 2,714,342,400### 3,295,987,200

COST OF SALES 14 ### 1,837,400,905### 2,181,737,874### 2,412,553,559### 2,919,862,343
GROSS PROFIT/(LOSS) ### 132,114,309### 261,170,286### 301,788,841### 376,124,857

OPERATING EXPENSES
Administrative 15 ### 16,007,960### 9,544,005### 9,961,950### 9,507,932
Selling 16 ### 6,833,797### 7,234,446### 7,957,890### 8,753,680
### 22,841,757### 16,778,451### 17,919,840### 18,261,612
OPERATING PROFIT/(LOSS) ### 109,272,552### 244,391,835### 283,869,001### 357,863,245

FINANCIAL CHARGES 17 ### 45,543,779### 30,314,900### 24,211,830### 14,426,633

OTHER CHARGES 26 ### - ### - ### - ### -
### 45,543,779### 30,314,900### 24,211,830### 14,426,633

PROFIT/(LOSS) BEFORE TAX ### 63,728,773### 214,076,935### 259,657,171### 343,436,612

TAXATION ### 12,648,893### 83,148,708### 144,926,670### 214,405,150

PROFIT/(LOSS) AFTER TAX 51,079,880 130,928,227 114,730,501 129,031,462

UNAPPROPRIATED PROFIT/(LOSS)
B/ FORWARD (27,589,078) 23,490,802 154,419,029 269,149,530

PROFIT/(LOSS) AVAILABLE FOR

APPROPRIATION 23,490,802 154,419,029 269,149,530 398,180,992
 Sharif Feed Mills (Pvt.) Limited
PROJECTED BALANCE SHEET
As At 30th June

2010 2011 2012 2013

Description Note Page #
Rs. Rs. Rs. Rs.

OPERATING FIXED ASSETS 1 276,033,211 228,990,847 206,908,241 187,330,767

276,033,211 228,990,847 206,908,241 187,330,767

LONG TERM DEPOSITS 2 15,621,750 15,621,750 15,621,750 15,621,750

CURRENT ASSETS
Stores Spares and Loose Tools 4 13,628,627 8,711,916 8,711,916 8,711,916
Stock in Trade 5 697,256,501 766,153,701 841,940,621 925,306,233
Trade Debtors 6 205,794,821 96,298,708 105,928,579 116,521,437
Advances, Deposits and Prepayments
and Other Receivables 7 55,306,239 60,836,863 66,920,549 73,612,604
Cash and Bank Balances 61,302,511 (261,791,326) (289,424,255) (309,392,493)
1,033,288,699 670,209,862 734,077,410 814,759,697

1,324,943,660 914,822,459 956,607,401 1,017,712,214

SHARE CAPITAL AND RESERVE

Authorised
20,000,000 Ordinary Shares of Rs.10/- each 200,000,000 200,000,000 200,000,000 200,000,000

ISSUED, SUBSCRIBED AND PAID UP CAPITAL

20,000,000 Ordinary Shares of Rs. 10/- each 200,000,000 200,000,000 200,000,000 200,000,000
Director's Loan 178,695,727 178,695,727 178,695,727 178,695,727
Un-appropriated profit/(loss) 26,237,294
### (58,205,920)
### (32,375,174)
### 13,650,165
404,933,021 320,489,807 346,320,553 392,345,892

LONG TERM LOAN 8 23,368,085 4,762,990 (17,043,362) -

Liabilies against assets subject to finance lease 48,920,180 45,220,479 40,963,033 36,906,384
Deferred Liabilities
Staff gratuity 9 2,633,784 3,566,700 4,574,249 5,662,402

CURRENT LIABILITIES
Short term borrowings 10 344,609,334 344,609,334 344,609,334 344,609,334
Current Maturity of Long Term Loan 11 21,806,352 18,605,095 21,806,352 -
Creditors, Accrued and other liabilities 12 469,306,961 32,855,138 35,199,375 37,817,941
Provision for taxation 9,365,943 6,917,474 6,917,474 6,917,474
845,088,590 402,987,041 408,532,535 389,344,749

1,324,943,660 777,027,017
### 783,347,007
### 824,259,427
 Sharif Feed Mills (Pvt.) Limited
NOTES TO THE PROJECTIONS (BALANCE SHEET)

Description 2010 2011 2012 2013 2014

Rs. Rs. Rs. Rs. Rs.

2- LONG TERM DEPOSITS

Security Deposits 15,621,750 15,621,750 15,621,750 15,621,750
###
15,621,750 15,621,750 15,621,750 15,621,750

4- STORES, SPARES & LOOSE TOOLS

Stores, Spares & Loose Tools (120 Days Stock) 13,628,627 8,711,916 8,711,916 8,711,916
13,628,627 8,711,916 8,711,916 8,711,916

5- STOCK IN TRADE
RAW MATERIAL 688,972,001 757,869,201 833,656,121 917,021,733
FINISHED GOODS 8,284,500 8,284,500 8,284,500 8,284,500
697,256,501 766,153,701 841,940,621 925,306,233

6- TRADE DEBTORS
Debtors Considered Good 205,794,821 96,298,708 105,928,579 116,521,437
Provision for Bad Debts - - - -
205,794,821 96,298,708 105,928,579 116,521,437
Less: Provision - - - -
205,794,821 96,298,708 105,928,579 116,521,437

7- ADVANCES, DEPOSITS AND PREPAYMENTS

ADVANCES - CONSIDERED GOOD
SUPPLIERS - -
SHORT TERM PREPAYMENTS 10% 55,306,239 60,836,863 66,920,549 73,612,604
55,306,239 60,836,863 66,920,549 73,612,604

8- LONG TERM LOAN

Opening Balance 45,174,437 23,368,085 4,762,990 (17,043,362)

Current Maturity 21,806,352 18,605,095 21,806,352 22,977,239

23,368,085 4,762,990 (17,043,362) (40,020,601)

9- Gratuity

Opening Balance 1,407,951 2,633,784 3,566,700 4,574,249

Add: Provision 1,225,833 932,916 1,007,549 1,088,153

2,633,784 3,566,700 4,574,249 5,662,402

10- SHORT TERM BORROWING

Secured - Under markup arrangements
 Sharif Feed Mills (Pvt.) Limited
NOTES TO THE PROJECTIONS (BALANCE SHEET)

Description 2010 2011 2012 2013 2014

Rs. Rs. Rs. Rs. Rs.
344,609,334 344,609,334 344,609,334 344,609,334
- - - -
344,609,334 344,609,334 344,609,334 344,609,334

11- CURRENT PORTION OF LONG TERM LOAN

21,806,352 18,605,095 21,806,352 -
21,806,352 18,605,095 21,806,352 -

12- CREDITORS, ACCRUED AND OTHER LIABILITIES

Creditors 444,504,201 26,027,998 27,689,521 29,557,101
Accrued Expenses 24,802,760 6,827,140 7,509,854 8,260,840

469,306,961 32,855,138 35,199,375 37,817,941