Exhibit 3

Statement of Financial Position

Sefam (Private) Limited

Balance sheet as at June 30 2015
Note 2015 2014
Rupees Rupees
Assets
Non Current Assets
Property, plant and equipment 4 1,445,092,333 1,061,122,531
Advances against capital expenditure - 8,186,383
Intangible Assets 5 70,912,490 80,460,197
Long term deposits 138,286,621 122,021,733
Due from associated undertaking 6 61,848,166 58,852,166
Current Assets
Stock in trade 7 2,181,058,756 1,711,121,566
Short term investments 60,000,000 27,548,833
Trade Debts 8 6,719,502 9,554,623
Advances-Considered good 9 720,111,345 648,820,968
Balances with statutory authorities 10 168,235,292 95,584,834
Mark up receivables 11 103,457 1,524,612
Prepayments and other receivables 12 277,587,265 235,340,678
Cash and bank balances 13 330,798,354 249,580,130
3,744,613,971 2,979,076,244
5,460,753,581 4,309,719,254
Equity And Liabilities
Share Capital and Reserves
Share Capital 14 685,500,000 685,500,000
Unappropriated Profit 1,436,009,912 1,539,972,085
Total Equity 2,121,509,912 2,225,472,085
Non Current Liabilities
Long term loan -unsecured 15 15,621,585 10,621,585
Deferred Taxation 16 117,918,401 92,088,059
Long term Deposits 106,566,256 105,440,041
Deferred gain 17 251,838 191,490
Liabilities against assets subject to finance lease 18 68,268,247 45,751,047
Current Liabilities
Short term borrowings 19 1,990,424,532 906,304,720
Current portion of lease liabilities 18 57,959,995 45,222,320
Trade and other payables 20 948,418,187 862,989,325
Mark up Payable on short term bank borrowings 33,814,628 15,638,582
3,030,617,342 1,830,154,947
Contingencies and Commitments 21 - -
5,460,753,581 4,309,719,254

Page 8 of 28

Exhibit 3(a)

Statement of Financial Position 2011 to 2015

Balance sheet as of June 30, 2015 2014

Assets Rupees Rupees
Non Current Assets
Property, plant and equipment 1,445,092,333 26% 1,061,122,531
Advances against capital expenditure - 0% 8,186,383
Intangible Assets 70,912,490 1% 80,460,197
Long term deposits 138,286,621 3% 122,021,733
Due from associated undertaking 61,848,166 1% 58,852,166
Total Non Current Assets 1,716,139,610 31% 1,330,643,010
Current Assets
Stock in trade 2,181,058,756 40% 1,711,121,566
Short term investments 60,000,000 1% 27,548,833
Trade Debts 6,719,502 0% 9,554,623
Advances-Considered good 720,111,345 13% 648,820,968
Balances with statutory authorities 168,235,292 3% 95,584,834
Mark up receivables 103,457 0% 1,524,612
Prepayments and other receivables 277,587,265 5% 235,340,678
Cash and bank balances 330,798,354 6% 249,580,130
Total Current Assets 3,744,613,971 69% 2,979,076,244
Total Assets 5,460,753,581 100% 4,309,719,254
Share Capital and Reserves
Share Capital 685,500,000 13% 685,500,000
Unappropriated Profit 1,436,009,912 26% 1,539,972,085
Total Equity 2,121,509,912 39% 2,225,472,085
Non Current Liabilities
Long term loan -unsecured 15,621,585 0% 10,621,585
Deferred Taxation 117,918,401 2% 92,088,059
Long term Deposits 106,566,256 2% 105,440,041
Deferred gain 251,838 0% 191,490
Liabilities against assets
subject to finance lease 68,268,247 1% 45,751,047
308,626,327 6% 254,092,222
Current Liabilities
Short term borrowings 1,990,424,532 36% 906,304,720
Current portion of lease liabilities 57,959,995 1% 45,222,320
Trade and other payables 948,418,187 17% 862,989,325
Mark up Payable on short
term bank borrowings 33,814,628 1% 15,638,582
3,030,617,342 55% 1,830,154,947
Contingencies and Commitments - - -
5,460,753,581 100% 4,309,719,254

Page 9 of 28
Exhibit 4

Income Statement

Sefam (Private) Limited

Profit and Loss Account
For the year ended June 30, 2015
2015 2014
Rupees Rupees
Note
Sales 22 9,072,607,917 8,279,805,417
Cost of sales 23 5,877,235,408 5,419,919,126
Gross profit 3,195,372,509 2,859,886,291
Operating Expenses
Distribution Cost 24 2,356,626,710 1,792,770,971
Administrative and General 25 709,658,151 617,115,861
3,066,284,861 2,409,886,832
Operating profits 129,087,648 449,999,459
Other operating charges 26 643,076 29,846,220
Finance cost 27 136,981,993 54,260,175
137,625,069 84,106,395
-8,537,421 365,893,064
Other operating income 28 20,755,864 39,944,649
Profit before taxation 12,218,443 405,837,713
Taxation 29 116,180,617 221,153,732
Profit after taxation -103,962,174 184,683,981
Earnings per share 30 -1.52 2.69

Page 10 of 28

Exhibit 4(a)

Income Statement Data 2011 to 2015

Sefam (Private) Limited
Statement of earnings data
For the year ended June 30 2015 2014 2013
Rupees Rupees Rupees
Sales 9,072,607,917 8,279,805,417 6,924,176,005
Cost of sales -5,877,235,408 -5,419,919,126 -4,561,994,853
Gross profit 3,195,372,509 2,859,886,291 2,362,181,152
Operating Expenses
Distribution Cost 2,356,626,710 1,792,770,971 1,442,320,017
Administrative and General 709,658,151 617,115,861 523,269,597
3,066,284,861 2,409,886,832 1,965,589,614
Operating Profit 129,087,648 449,999,459 396,591,538
Other operating charges 643,076 29,846,220 27,476,527
Finance Cost 136,981,993 54,260,175 45,038,707
137,625,069 84,106,395 72,515,234
-8,537,421 365,893,064 324,076,304
Other operating income 20,755,864 39,944,649 61,567,678
Profit before taxation 12,218,444 405,837,713 385,643,982
Taxation 116,180,617 221,153,732 109,694,721
Profit after taxation -103,962,173 184,683,981 275,949,261
Earnings per share -1.52 2.69 6.53

Page 11 of 28

Exhibit 5

Statement of Changes in Equity

Sefam (Private) Limited

Statement of Changes in Equity
For the year ended June 30, 2015

Share Unappropriated
Capital Profit Total
Balance as at July 01, 2013 442,500,000 1,355,288,104 1,797,788,104
Total comprehensive income for the year 184,683,981 184,683,981
Issue of share capital 243,000,000 243,000,000
Balance as at June 30, 2014 685,500,000 1,539,972,085 2,225,472,085
Total comprehensive income for the year -103,962,173 -103,962,173
Issue of share capital - - -
Balance as at June 30, 2015 685,500,000 1,436,009,912 2,121,509,912

Page 12 of 28

Exhibit 6

Statement of Cash Flows

Sefam (Private) Limited

Cash Flow Statement
For the year ended June 30, 2015
2015 2014
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 12,218,444 405,837,713
Adjustment for non cash charges / non operating items:
Depreciation on property, plant and equipment 4.1.1 134,000,532 104,944,460
Amortization on intangible assets 17,078,723 20,021,141
Gain on sale of operating fixed assets -1,537,364 -10,920,198
Deferred gain -198,090 -510,286
Loss on sale and lease back of fixed assets 1,732,500 -
Other operating charges 643,076 29,846,220
Finance cost 136,981,993 54,260,175
288,701,370 197,641,512
Operating profit before working capital changes 300,919,814 603,479,225
Cash flows from working capital changes
Decrease/(Increase) in current assets
Stock in trade -469,937,190 -288,667,755
Trade debts 2,835,121 -1,609,169
Advances-Considered good -71,290,377 -380,114,883
Prepayments, mark up and other receivables -40,825,432 -88,798,700
Balances with statutory authorities - sales tax -20,081,165 -21,945,017
Increase/(Decrease) in current liabilities
Trade and other payables 114,506,546 236,941,827
Net cash used in working capital -484,792,497 -544,193,697
Cash generated from operations -183,872,683 59,285,528
Less:
Taxes paid -142,919,568 -139,091,187
Other operating charges paid -29,720,759 -20,656,025
Finance cost paid -118,805,947 -48,234,897
-291,446,274 -207,982,109
Net cash generated from operating activities -475,318,957 -148,696,581

Page 13 of 28

Exhibit 6 continued…

Sefam (Private) Limited

Cash Flow Statement
For the year ended June 30, 2015
2015 2014
Rupees Rupees
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure (including capital work in progress) -462,766,591 -305,751,817
Advance against capital expenditures 8,186,383 -8,186,383
Short term investments -32,451,167 -27,548,833
Increase in intangible assets -7,531,016 -18,688,511
Increase in long term deposits -16,264,888 -62,706,845
Receipt of loan due from associated undertaking -2,996,000 614,444
Proceeds from sale and lease back 12,363,500 -
Proceeds from sale of fixed assets 10,233,579 32,825,494
Net cash used in investing activities -491,226,200 -389,442,451
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term loan 4,999,999 -60,000,000
Issuance of share capital - 243,000,000
Proceeds from long term deposits 1,126,215 24,188,557
Repayment of lease liability -42,482,645 -48,102,817
Proceeds from short term borrowings 994,924,213 243,851,840
Net Cash generated from financing activities 958,567,782 402,937,580
Net(decrease) /increase in cash and cash equivalents -7,977,375 -135,201,452
Cash and cash equivalents at beginning of the year -139,355,694 -4,154,242
Cash and cash equivalents at end of the year 34 -147,333,069 -139,355,694

Page 14 of 28
 2013 2012 2011
Rupees Rupees Rupees

25% 804,362,373 26% 677,824,849 26% 521,286,079 27%

0% - 0% - 0% - 0%
2% 81,792,827 3% 196,568 0% 187,000 0%
3% 59,314,888 2% 46,024,907 2% 25,791,766 1%
1% 59,466,610 2% 63,442,757 2% 79,664,527 4%
31% 1,004,936,698 32% 787,489,081 30% 626,929,372 33%

40% 1,422,453,811 46% 1,255,671,951 48% 970,170,380 50%

1% - 0% - 0% - 0%
0% 30,600,404 1% 46,907,845 2% 6,869,067 0%
15% 268,706,085 9% 210,496,079 8% 153,367,822 8%
2% 70,434,805 2% 94,803,752 4% 35,860,004 2%
0% 1,584,633 0% 5,746,895 0% 10,203,572 1%
5% 123,827,007 4% 95,514,481 4% 37,740,403 2%
6% 179,495,321 6% 135,018,596 5% 87,799,693 5%
69% 2,097,102,066 68% 1,844,159,599 70% 1,302,010,941 67%
100% 3,102,038,764 100% 2,631,648,680 100% 1,928,940,313 100%

16% 442,500,000 14% 442,500,000 17% 315,490,000 16%

36% 1,355,288,104 44% 1,079,338,843 41% 860,167,522 45%
52% 1,797,788,104 58% 1,521,838,843 58% 1,175,657,522 61%

0% 70,621,584 2% 1,169,306 0% - 0%
2% - 0% - 0% - 0%
2% 81,251,484 3% 66,312,484 3% 58,480,484 3%
0% 701,776 0% 1,857,497 0% 2,853,285 0%

1% 29,349,337 1% 33,909,272 1% 13,453,195 1%

6% 181,924,181 6% 103,248,559 4% 74,786,964 4%

21% 457,166,619 15% 315,865,772 12% 248,312,526 13%

1% 31,868,750 1% 25,692,901 1% 8,864,368 0%
20% 623,677,806 20% 660,969,125 25% 418,751,396 22%

0% 9,613,304 0% 4,033,480 0% 2,567,537 0%

42% 1,122,326,479 36% 1,006,561,278 38% 678,495,827 35%
- - - - - - -
100% 3,102,038,764 100% 2,631,648,680 100% 1,928,940,313 100%
 2012 2011
Rupees Rupees
5,656,151,022 4,412,147,134
-3,854,194,909 -3,046,748,118
1,801,956,113 1,365,399,016

1,088,330,243 734,404,110
404,099,891 276,933,966
1,492,430,134 1,011,338,076
309,525,979 354,060,940
21,772,347 24,729,463
 15,704,065 22,534,671
37,476,412 47,264,134
272,049,567 306,796,806
33,449,166 34,448,581
305,498,733 341,245,387
86,327,412 111,572,481
219,171,321 229,672,906
6.72 8.82
Statement of Financial Position 2011 to 2015

Balance sheet as of June 30, 2015 2014

Assets Rupees Rupees
Non Current Assets
Property, plant and equipment 1,445,092,333 1,061,122,531
Advances against capital expenditure - 8,186,383
Intangible Assets 70,912,490 80,460,197
Long term deposits 138,286,621 122,021,733
Due from associated undertaking 61,848,166 58,852,166
Total Non Current Assets 1,716,139,610 1,330,643,010
Current Assets
Stock in trade 2,181,058,756 1,711,121,566
Short term investments 60,000,000 27,548,833
Trade Debts 6,719,502 9,554,623
Advances-Considered good 720,111,345 648,820,968
Balances with statutory authorities 168,235,292 95,584,834
Mark up receivables 103,457 1,524,612
Prepayments and other receivables 277,587,265 235,340,678
Cash and bank balances 330,798,354 249,580,130
Total Current Assets 3,744,613,971 2,979,076,244
Total Assets 5,460,753,581 4,309,719,254
Share Capital and Reserves
Share Capital 685,500,000 685,500,000
Unappropriated Profit 1,436,009,912 1,539,972,085
Total Equity 2,121,509,912 2,225,472,085
Non Current Liabilities
Long term loan -unsecured 15,621,585 10,621,585
Deferred Taxation 117,918,401 92,088,059
Long term Deposits 106,566,256 105,440,041
Deferred gain 251,838 191,490
Liabilities against assets
subject to finance lease 68,268,247 45,751,047
308,626,327 254,092,222
Current Liabilities
Short term borrowings 1,990,424,532 906,304,720
Current portion of lease liabilities 57,959,995 45,222,320
Trade and other payables 948,418,187 862,989,325
Mark up Payable on short term bank borrowings 33,814,628 15,638,582
3,030,617,342 1,830,154,947
Contingencies and Commitments - -
Total Liabilities 5,460,753,581 4,309,719,254
 2013 2012 2011
Rupees Rupees Rupees

804,362,373 677,824,849 521,286,079

81,792,827 196,568 187,000

59,314,888 46,024,907 25,791,766
59,466,610 63,442,757 79,664,527
1,004,936,698 787,489,081 626,929,372

1,422,453,811 1,255,671,951 970,170,380

- - -
30,600,404 46,907,845 6,869,067
268,706,085 210,496,079 153,367,822
70,434,805 94,803,752 35,860,004
1,584,633 5,746,895 10,203,572
123,827,007 95,514,481 37,740,403
179,495,321 135,018,596 87,799,693
2,097,102,066 1,844,159,599 1,302,010,941
3,102,038,764 2,631,648,680 1,928,940,313

442,500,000 442,500,000 315,490,000

1,355,288,104 1,079,338,843 860,167,522
1,797,788,104 1,521,838,843 1,175,657,522

70,621,584 1,169,306 -
- - -
81,251,484 66,312,484 58,480,484
701,776 1,857,497 2,853,285

29,349,337 33,909,272 13,453,195

181,924,181 103,248,559 74,786,964

457,166,619 315,865,772 248,312,526

31,868,750 25,692,901 8,864,368
623,677,806 660,969,125 418,751,396
9,613,304 4,033,480 2,567,537
1,122,326,479 1,006,561,278 678,495,827
- - -
3,102,038,764 2,631,648,680 1,928,940,313
Income Statement Data 2011 to 2015
For the year ended June 30 2015 2014 2013
Rupees Rupees Rupees
Sales 9,072,607,917 8,279,805,417 6,924,176,005
Cost of sales (5,877,235,408) (5,419,919,126) (4,561,994,853)
Gross profit 3,195,372,509 2,859,886,291 2,362,181,152
Operating Expenses
Distribution Cost 2,356,626,710 1,792,770,971 1,442,320,017
Administrative and General 709,658,151 617,115,861 523,269,597
3,066,284,861 2,409,886,832 1,965,589,614
Operating Profit 129,087,648 449,999,459 396,591,538
Other operating charges 643,076 29,846,220 27,476,527
Finance Cost 136,981,993 54,260,175 45,038,707
137,625,069 84,106,395 72,515,234
(8,537,421) 365,893,064 324,076,304
Other operating income 20,755,864 39,944,649 61,567,678
Profit before taxation 12,218,444 405,837,713 385,643,982
Taxation 116,180,617 221,153,732 109,694,721
Profit after taxation (103,962,173) 184,683,981 275,949,261
Earnings per share (1.52) 2.69 6.53
 2012 2011
Rupees Rupees
5,656,151,022 4,412,147,134
(3,854,194,909) (3,046,748,118)
1,801,956,113 1,365,399,016

1,088,330,243 734,404,110
404,099,891 276,933,966
1,492,430,134 1,011,338,076
309,525,979 354,060,940
21,772,347 24,729,463
15,704,065 22,534,671
37,476,412 47,264,134
272,049,567 306,796,806
33,449,166 34,448,581
305,498,733 341,245,387
86,327,412 111,572,481
219,171,321 229,672,906
6.72 8.82
 VERTICAL A
Balance sheet as of June 30, 2015
Assets Rupees
Non Current Assets
Property, plant and equipment 1,445,092,333 26.46%
Advances against capital expenditure -
Intangible Assets 70,912,490 1.30%
Long term deposits 138,286,621 2.53%
Due from associated undertaking 61,848,166 1.13%
Total Non Current Assets 1,716,139,610 31.43%
Current Assets
Stock in trade 2,181,058,756 39.94%
Short term investments 60,000,000
Trade Debts 6,719,502 0.12%
Advances-Considered good 720,111,345 13.19%
Balances with statutory authorities 168,235,292 3.08%
Mark up receivables 103,457 0.00%
Prepayments and other receivables 277,587,265 5.08%
Cash and bank balances 330,798,354 6.06%
Total Current Assets 3,744,613,971 68.57%
Total Assets 5,460,753,581 100.00%
Share Capital and Reserves
Share Capital 685,500,000 12.55%
Unappropriated Profit 1,436,009,912 26.30%
Total Equity 2,121,509,912 38.85%
Non Current Liabilities
Long term loan -unsecured 15,621,585 0.29%
Deferred Taxation 117,918,401 2.16%
Long term Deposits 106,566,256 1.95%
Deferred gain 251,838 0.00%
Liabilities against assets
subject to finance lease 68,268,247 1.25%
308,626,327 5.65%
Current Liabilities
Short term borrowings 1,990,424,532 36.45%
Current portion of lease liabilities 57,959,995 1.06%
Trade and other payables 948,418,187 17.37%
Mark up Payable on short term bank borrowings 33,814,628 0.62%
3,030,617,342 55.50%
Contingencies and Commitments
Total Liabilities 5,460,753,581 100.00%
 VERTICAL ANALYSIS
2014 2013 2012
Rupees Rupees Rupees

1,061,122,531 24.62% 804,362,373 25.93% 677,824,849 25.76%

8,186,383 0.19%
80,460,197 1.87% 81,792,827 2.64% 196,568 0.01%
122,021,733 2.83% 59,314,888 1.91% 46,024,907 1.75%
58,852,166 1.37% 59,466,610 1.92% 63,442,757 2.41%
1,330,643,010 30.88% 1,004,936,698 32.40% 787,489,081 29.92%

1,711,121,566 39.70% 1,422,453,811 45.86% 1,255,671,951 47.71%

27,548,833
9,554,623 0.22% 30,600,404 0.99% 46,907,845 1.78%
648,820,968 15.05% 268,706,085 8.66% 210,496,079 8.00%
95,584,834 2.22% 70,434,805 2.27% 94,803,752 3.60%
1,524,612 0.04% 1,584,633 0.05% 5,746,895 0.22%
235,340,678 5.46% 123,827,007 3.99% 95,514,481 3.63%
249,580,130 5.79% 179,495,321 5.79% 135,018,596 5.13%
2,979,076,244 69.12% 2,097,102,066 67.60% 1,844,159,599 70.08%
4,309,719,254 100.00% 3,102,038,764 100.00% 2,631,648,680 100.00%

685,500,000 15.91% 442,500,000 14.26% 442,500,000 16.81%

1,539,972,085 35.73% 1,355,288,104 43.69% 1,079,338,843 41.01%
2,225,472,085 51.64% 1,797,788,104 57.96% 1,521,838,843 57.83%

10,621,585 0.25% 70,621,584 2.28% 1,169,306 0.04%

92,088,059 2.14%
105,440,041 2.45% 81,251,484 2.62% 66,312,484 2.52%
191,490 0.00% 701,776 0.02% 1,857,497 0.07%

45,751,047 1.06% 29,349,337 0.95% 33,909,272 1.29%

254,092,222 5.90% 181,924,181 5.86% 103,248,559 3.92%

906,304,720 21.03% 457,166,619 14.74% 315,865,772 12.00%

45,222,320 1.05% 31,868,750 1.03% 25,692,901 0.98%
862,989,325 20.02% 623,677,806 20.11% 660,969,125 25.12%
15,638,582 0.36% 9,613,304 0.31% 4,033,480 0.15%
1,830,154,947 42.47% 1,122,326,479 36.18% 1,006,561,278 38.25%

4,309,719,254 100.00% 3,102,038,764 100.00% 2,631,648,680 100.00%

 2011 Balance sheet as of June 30,
Rupees Assets
Non Current Assets
521,286,079 27.02% Property, plant and equipment
Advances against capital expenditure
187,000 0.01% Intangible Assets
25,791,766 1.34% Long term deposits
79,664,527 4.13% Due from associated undertaking
626,929,372 32.50% Total Non Current Assets
Current Assets
970,170,380 50.30% Stock in trade
Short term investments
6,869,067 0.36% Trade Debts
153,367,822 7.95% Advances-Considered good
35,860,004 1.86% Balances with statutory authorities
10,203,572 0.53% Mark up receivables
37,740,403 1.96% Prepayments and other receivables
87,799,693 4.55% Cash and bank balances
1,302,010,941 67.50% Total Current Assets
1,928,940,313 100.00% Total Assets
Share Capital and Reserves
315,490,000 16.36% Share Capital
860,167,522 44.59% Unappropriated Profit
1,175,657,522 60.95% Total Equity
Non Current Liabilities
Long term loan -unsecured
Deferred Taxation
58,480,484 3.03% Long term Deposits
2,853,285 0.15% Deferred gain
Liabilities against assets
13,453,195 0.70% subject to finance lease
74,786,964 3.88%
Current Liabilities
248,312,526 12.87% Short term borrowings
8,864,368 0.46% Current portion of lease liabilities
418,751,396 21.71% Trade and other payables
2,567,537 0.13% Mark up Payable on short term bank borrowings
678,495,827 35.17%
Contingencies and Commitments
1,928,940,313 100.00% Total Liabilities
 HORIZONTAL ANALYSIS
2015 2014 2013
Rupees Rupees Rupees

1,445,092,333 36.19% 1,061,122,531 31.92% 804,362,373 18.67%

8,186,383
70,912,490 -11.87% 80,460,197 -1.63% 81,792,827 41510.45%
138,286,621 13.33% 122,021,733 105.72% 59,314,888 28.88%
61,848,166 5.09% 58,852,166 -1.03% 59,466,610 -6.27%
1,716,139,610 28.97% 1,330,643,010 32.41% 1,004,936,698 27.61%

2,181,058,756 27.46% 1,711,121,566 20.29% 1,422,453,811 13.28%

60,000,000 117.80% 27,548,833
6,719,502 -29.67% 9,554,623 -68.78% 30,600,404 -34.76%
720,111,345 10.99% 648,820,968 141.46% 268,706,085 27.65%
168,235,292 76.01% 95,584,834 35.71% 70,434,805 -25.70%
103,457 -93.21% 1,524,612 -3.79% 1,584,633 -72.43%
277,587,265 17.95% 235,340,678 90.06% 123,827,007 29.64%
330,798,354 32.54% 249,580,130 39.05% 179,495,321 32.94%
3,744,613,971 25.70% 2,979,076,244 42.06% 2,097,102,066 13.72%
5,460,753,581 26.71% 4,309,719,254 38.93% 3,102,038,764 17.87%

685,500,000 0.00% 685,500,000 54.92% 442,500,000 0.00%

1,436,009,912 -6.75% 1,539,972,085 13.63% 1,355,288,104 25.57%
2,121,509,912 -4.67% 2,225,472,085 23.79% 1,797,788,104 18.13%

15,621,585 47.07% 10,621,585 -84.96% 70,621,584 5939.62%

117,918,401 28.05% 92,088,059
106,566,256 1.07% 105,440,041 29.77% 81,251,484 22.53%
251,838 31.51% 191,490 -72.71% 701,776 -62.22%

68,268,247 49.22% 45,751,047 55.88% 29,349,337 -13.45%

308,626,327 21.46% 254,092,222 39.67% 181,924,181 76.20%

1,990,424,532 119.62% 906,304,720 98.24% 457,166,619 44.73%

57,959,995 28.17% 45,222,320 41.90% 31,868,750 24.04%
948,418,187 9.90% 862,989,325 38.37% 623,677,806 -5.64%
33,814,628 116.23% 15,638,582 62.68% 9,613,304 138.34%
3,030,617,342 65.59% 1,830,154,947 63.07% 1,122,326,479 11.50%

5,460,753,581 26.71% 4,309,719,254 38.93% 3,102,038,764 17.87%

 2012 2,011
Rupees Rupees

677,824,849 30.03% 521,286,079

196,568 0.00% 187,000

46,024,907 2.00% 25,791,766
63,442,757 2.00% 79,664,527
787,489,081 30.00% 626,929,372

1,255,671,951 48.00% 970,170,380

46,907,845 2.00% 6,869,067

210,496,079 8.00% 153,367,822
94,803,752 4.00% 35,860,004
5,746,895 0.00% 10,203,572
95,514,481 4.00% 37,740,403
135,018,596 5.00% 87,799,693
1,844,159,599 70.00% 1,302,010,941
2,631,648,680 100.00% 1,928,940,313

442,500,000 17.00% 315,490,000

1,079,338,843 41.00% 860,167,522
1,521,838,843 58.00% 1,175,657,522

1,169,306

66,312,484 3.00% 58,480,484

1,857,497 0.00% 2,853,285

33,909,272 1.00% 13,453,195

103,248,559 4.00% 74,786,964

315,865,772 12.00% 248,312,526

25,692,901 1.00% 8,864,368
660,969,125 25.00% 418,751,396
4,033,480 0.00% 2,567,537
1,006,561,278 38.00% 678,495,827

2,631,648,680 100.00% 1,928,940,313

 VERTICAL ANALYSIS
For the year ended June 30 2015 2014
Rupees Rupees
Sales 9,072,607,917 100.00% 8,279,805,417
Cost of sales (5,877,235,408) -64.78% (5,419,919,126)
Gross profit 3,195,372,509 35.22% 2,859,886,291
Operating Expenses
Distribution Cost 2,356,626,710 25.98% 1,792,770,971
Administrative and General 709,658,151 7.82% 617,115,861
3,066,284,861 33.80% 2,409,886,832
Operating Profit 129,087,648 1.42% 449,999,459
Other operating charges 643,076 0.01% 29,846,220
Finance Cost 136,981,993 1.51% 54,260,175
137,625,069 1.52% 84,106,395
(8,537,421) -0.09% 365,893,064
Other operating income 20,755,864 0.23% 39,944,649
Profit before taxation 12,218,444 0.13% 405,837,713
Taxation 116,180,617 1.28% 221,153,732
Profit after taxation (103,962,173) -1.15% 184,683,981
Earnings per share (1.52) 2.69
ERTICAL ANALYSIS
2013 2012 2011
Rupees Rupees Rupees
100.00% 6,924,176,005 100.00% 5,656,151,022 100.00% 4,412,147,134 100.00%
-65.46% (4,561,994,853) -65.89% (3,854,194,909) -68.14% (3,046,748,118) -69.05%
34.54% 2,362,181,152 34.11% 1,801,956,113 31.86% 1,365,399,016 30.95%

21.65% 1,442,320,017 20.83% 1,088,330,243 19.24% 734,404,110 16.65%

7.45% 523,269,597 7.56% 404,099,891 7.14% 276,933,966 6.28%
29.11% 1,965,589,614 28.39% 1,492,430,134 26.39% 1,011,338,076 22.92%
5.43% 396,591,538 5.73% 309,525,979 5.47% 354,060,940 8.02%
0.36% 27,476,527 0.40% 21,772,347 0.38% 24,729,463 0.56%
0.66% 45,038,707 0.65% 15,704,065 0.28% 22,534,671 0.51%
1.02% 72,515,234 1.05% 37,476,412 0.66% 47,264,134 1.07%
4.42% 324,076,304 4.68% 272,049,567 4.81% 306,796,806 6.95%
0.48% 61,567,678 0.89% 33,449,166 0.59% 34,448,581 0.78%
4.90% 385,643,982 5.57% 305,498,733 5.40% 341,245,387 7.73%
2.67% 109,694,721 1.58% 86,327,412 1.53% 111,572,481 2.53%
2.23% 275,949,261 3.99% 219,171,321 3.87% 229,672,906 5.21%
6.53 6.72 8.82
 HORIZONTAL ANALYSIS
For the year ended June 30 2015
Rupees
Sales 9,072,607,917 9.58%
Cost of sales (5,877,235,408) 8.44%
Gross profit 3,195,372,509 11.73%
Operating Expenses
Distribution Cost 2,356,626,710 31.45%
Administrative and General 709,658,151 15.00%
3,066,284,861 27.24%
Operating Profit 129,087,648 -71.31%
Other operating charges 643,076 -97.85%
Finance Cost 136,981,993 152.45%
137,625,069 63.63%
(8,537,421) -102.33%
Other operating income 20,755,864 -48.04%
Profit before taxation 12,218,444 -96.99%
Taxation 116,180,617 -47.47%
Profit after taxation (103,962,173) -156.29%
Earnings per share (1.52) -156.51%
ORIZONTAL ANALYSIS
2014 2013 2012
Rupees Rupees Rupees
8,279,805,417 19.58% 6,924,176,005 22.42% 5,656,151,022 28.19%
(5,419,919,126) 18.81% (4,561,994,853) 18.36% (3,854,194,909) 26.50%
2,859,886,291 21.07% 2,362,181,152 31.09% 1,801,956,113 31.97%

1,792,770,971 24.30% 1,442,320,017 32.53% 1,088,330,243 48.19%

617,115,861 17.93% 523,269,597 29.49% 404,099,891 45.92%
2,409,886,832 22.60% 1,965,589,614 31.70% 1,492,430,134 47.57%
449,999,459 13.47% 396,591,538 28.13% 309,525,979 -12.58%
29,846,220 8.62% 27,476,527 26.20% 21,772,347 -11.96%
54,260,175 20.47% 45,038,707 186.80% 15,704,065 -30.31%
84,106,395 15.98% 72,515,234 93.50% 37,476,412 -20.71%
365,893,064 12.90% 324,076,304 19.12% 272,049,567 -11.33%
39,944,649 -35.12% 61,567,678 84.06% 33,449,166 -2.90%
405,837,713 5.24% 385,643,982 26.23% 305,498,733 -10.48%
221,153,732 101.61% 109,694,721 27.07% 86,327,412 -22.63%
184,683,981 -33.07% 275,949,261 25.91% 219,171,321 -4.57%
2.69 -58.81% 6.53 -2.83% 6.72 -23.81%
 2011
Rupees
4,412,147,134
(3,046,748,118)
1,365,399,016

734,404,110
276,933,966
1,011,338,076
354,060,940
24,729,463
22,534,671
47,264,134
306,796,806
34,448,581
341,245,387
111,572,481
229,672,906
8.82
Statement of Cash Flows
Cash Flow Statement
For the year ended June 30, 2015
2015 2014
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 12,218,444 405,837,713
Adjustment for non cash charges / non operating items:
Depreciation on property, plant and equipment 4.1.1 134,000,532 104,944,460
Amortization on intangible assets 17,078,723 20,021,141
Gain on sale of operating fixed assets -1,537,364 -10,920,198
Deferred gain -198,090 -510,286
Loss on sale and lease back of fixed assets 1,732,500 -
Other operating charges 643,076 29,846,220
Finance cost 136,981,993 54,260,175
288,701,370 197,641,512
Operating profit before working capital changes 300,919,814 603,479,225
Cash flows from working capital changes
Decrease/(Increase) in current assets
Stock in trade -469,937,190 -288,667,755
Trade debts 2,835,121 -1,609,169
Advances-Considered good -71,290,377 -380,114,883
Prepayments, mark up and other receivables -40,825,432 -88,798,700
Balances with statutory authorities - sales tax -20,081,165 -21,945,017
Increase/(Decrease) in current liabilities
Trade and other payables 114,506,546 236,941,827
Net cash used in working capital -484,792,497 -544,193,697
Cash generated from operations -183,872,683 59,285,528
Less:
Taxes paid -142,919,568 -139,091,187
Other operating charges paid -29,720,759 -20,656,025
Finance cost paid -118,805,947 -48,234,897
-291,446,274 -207,982,109
Net cash generated from operating activities -475,318,957 -148,696,581

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure (including capital work in progress) -462,766,591 -305,751,817
Advance against capital expenditures 8,186,383 -8,186,383
Short term investments -32,451,167 -27,548,833
Increase in intangible assets -7,531,016 -18,688,511
Increase in long term deposits -16,264,888 -62,706,845
Receipt of loan due from associated undertaking -2,996,000 614,444
Proceeds from sale and lease back 12,363,500 -
Proceeds from sale of fixed assets 10,233,579 32,825,494
Net cash used in investing activities -491,226,200 -389,442,451
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term loan 4,999,999 -60,000,000
Issuance of share capital - 243,000,000
Proceeds from long term deposits 1,126,215 24,188,557
Repayment of lease liability -42,482,645 -48,102,817
Proceeds from short term borrowings 994,924,213 243,851,840
Net Cash generated from financing activities 958,567,782 402,937,580
Net(decrease) /increase in cash and cash equivalents -7,977,375 -135,201,452
Cash and cash equivalents at beginning of the year -139,355,694 -4,154,242
Cash and cash equivalents at end of the year 34 -147,333,069 -139,355,694