2017 % 2016 % 2015

sales 101812 33.1 76516 -9.5 84549

cost of sales -92159 33.2 -69167 -5.3 -73061
Distribution cost -2804 39.9 -2004 3 -1946
Administrative expenses -1600 309 -1540 25.1 -1231
other operating expenses -414 24 -334 -48.9 -653
other income 865 -16.8 1040 -1.7 1058

property, plant and equipment 8,800,002 6,672,057 4,510,789

loose tools(not added) 17,498 19,564 19,310
Stock-in-trade 23,946,058 16,288,608 13,084,447
Trade debts 211,358 1,205,269 1,561,823
Cash and bank balances 9,189,552 8,548,293 15,006,007
% 2014 % 2013 % 2012 %

57.5 53665 5.1 51061 -12.8 58531 11

47.7 -49481 -3.5 -47819 -14.9 -56186 10.5
160.9 -746 33.2 -560 56.4 -358 35.1
11.7 -1102 14.9 -959 11.6 -859 16.7
233.2 -196 12 -175 57.7 -111 3.7
107.5 510 -40.9 863 74.7 494 -20.3

4,790,506 4,892,675
20,668 21,790
14,976,001 10,726,457
1,352,310 983,273
1,841,384 1,964,359
 2017

sales 101,811,611
cost of sales (92,159,039)
gross profit 9,652,573

distribtuion and selling costs (2,804,256)

administrative expenses (1,599,815)
other expenses (413,997)
other income 864,711
finance costs (68,088)
(4,021,445)

5,631,128
share of loss of equity accounted investee (11,914)
profit before taxation 5,619,214

taxation (1,793,393)

profit after taxation 3,825,821

Dividend 1,530,328
Additional to RE 2,295,493
2018(1st pass) 2018(2nd pass)
(In Thousand)

113,051,613 113,051,613
(105,466,804) (105,466,804)
7,584,809 7,584,809

(3,215,921) (3,215,921)
(1,834,668) (1,834,668)
(413,997) (413,997)
864,711 864,711
(68,088) (76,678)
(4,667,963) (4,676,553)

2,916,846 2,908,256
(11,914) (11,914)
2,904,932 2,896,342

(926,673) (923,933)

1,978,259 1,972,409

791,303 788,964
1,186,955 1,183,445
 2017 2018(1st Pass)
(In Thousand)

ASSETS
NON-CURRENT
Property, plant 8,800,002 9,580,317
Intangible assets 185,333 185,333
Long-term investments 208,086 208,086
Long-term loans 2,361 2,361
Long-term deposits, 327,319 327,319
Long-term installment 144,779 144,779
Deferred taxation 236,500 236,500
9,904,380 10,684,695

CURRENT ASSETS
Stores, spares 114,789 127,462
Stock-in-trade 23,946,058 26,589,703
Trade debts 211,358 234,692
Loans and advances 37,481 37,481
Trade deposits 965,722 965,722
Current portion 320,996 320,996
Accrued profit 28,699 28,699
Other receivables 147,775 147,775
Taxation - net 4,899,972 4,899,972
Sales tax and 1,143,685 1,143,685
Cash and bank 9,189,552 10,204,079
41,006,087 44,700,266
TOTAL ASSETS 50,910,467 55,384,961

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised share capital

150,000,000 (2016: 150,000,000) ordinary shares 1,500,000 1,500,000

Issued, subscribed and paid-up share capital 822,999 822,999

Reserves 28,726,717 29,913,672
29,549,716 30,736,671
CURRENT LIABILITIES
Trade and other payables 11,391,952 12,649,624
Advances from customers 5,331,948 5,920,595
Security deposits 4,600,552 4,600,552
Provision for custom duties and sales tax 36,299 40,306
 21,360,751 23,211,077

TOTAL EQUITY AND LIABILITIES 50,910,467 53,947,748

2018(2nd Pass)

9,580,317
185,333
208,086
2,361
327,319
144,779
236,500
10,684,695

127,462
26,589,703
234,692
37,481
965,722
320,996
28,699
147,775
4,899,972
1,143,685
10,204,079
44,700,266
55,384,961

1,500,000

822,999
29,910,162
30,733,161

14,086,837
5,920,595
4,600,552
40,306
24,648,290

55,381,451
Sales
COGS
Tax Rate
Selling expense
Admintrative expense
Tax Rate

PPE

Stores, spares
Stock-in-trade
Trade debts
Cash and bank
Trade and other payables
Advances from customers
Provision for custom duties and sales tax

AFN

additonal finance cost

total finance cost in 2nd pass
total reserves of 2nd pass

2nd Pass AFN

 ASSUMPTIONS
Formula Calculations Reason

Avg trend*(3/4) 14.68*(3/4) Stated by spokesperson

Avg trend +4 11.44+3 Stated by spokesperson
Previous tax / EBT (1793393/5619214) % method
(Previous value/Sales) * New sales % method
(Previous value/Sales) * New sales % method
(Tax amount/ Previous Ebt) *New Ebt % method

(Operating fixed assets/sales of 2017)*sales of 2018 9580317

plus work in progress

(Previous value/Sales) * New sales 127462

(Previous value/Sales) * New sales 26589703
(Previous value/Sales) * New sales 234692
(Previous value/Sales) * New sales 10204079
(Previous value/Sales) * New sales 12649624
(Previous value/Sales) * New sales 5920595
(Previous value/Sales) * New sales 40306

55384961-53947748 1437213

(Previous value/trade payable)* new trade payable 8590

8590+68088 76678
28726717+1183445 29910162

55384961-55381451 3510