Additional Data

2021
Net Working Capital (CA -CL) 1027357
Average NWC 986426
Operating Assets 1,616,026
Operating Liabilities 240350
Net Operating Assets 1,375,676
Average NOA 1148252.5
Total Inventory = Stock in Trade + Stores, Spare parts 381475
Average Inventory 417197.5
Average Receivables 186583.5
Average Total Assets 1892209
Average Equity 1607775

Share Outstanding 133343

Market Stock Price (closing date) 67.4
Market Value of Equity 8987318.2
Lease payments
Loan repayments (current portion of long term debt)
0.0147275854077986
Cash to Curren Assets Ratio 0.0679164894346269
Cash to Current Liabilities Ratio 157201
Free Cash Flow
Cash Flow Adequacy Ratio
Cash Reinvestment Ratio
1,375,676
Net Financial Obligation (NFO) -2994
Net Financial Expense (NFE) 114.20%
LEV 71.42%
Net Borrowing Cost NBC
Spread 6.26%
ROE computed -0.26%
NFR 12.33%
RNOA 15.89%
ROCE 20.36%

Additional Information for Income Statement

Dividend Per Share

Depreciation 889
Ammortization
EBIT 141568
EBITDA 142,457
NOPAT 182450
RNOA
 2020 2019 2018 2017
945495 871665 806365 899489
908580 839015 852927
1,037,824 1,217,054 1,280,347 1,067,078
116995 132335 136301 176569
920,829 1,084,719 1,144,046 890,509
1002774 1114382.5 1017278 445254.5
452920 575945 586643 574804
514432.5 581294 580723.5 287402
126364.5 154879.5 130676.5 86564
1491104.5 1468193 1461258 1399131
1291336.5 1278504.5 1255038 1213229

133343 133343 133343 133343

79.99 69.69 75.03 110.25
10666107 9292674 10004725 14701066

0.0555756 0.0442877 0.032472 0.025418

0.4292287 0.3118476 0.204883 0.149959
224628 172461 145959 129428

920,829 1,084,719 1,144,046 890,509

-853 -260 -372 -412
113.31% 129.58% 126.63% 73.40%
77.65% 87.16% 81.06% 36.70%

1.47% 5.59% 6.99% 10.41%

-0.09% -0.02% -0.04% -0.09%
2.36% 8.43% 10.59% 38.68%
2.84% 10.45% 12.55% 48.98%
3.98% 15.32% 18.22% 52.80%

850 808 789 770

23695 93955 107742 172209

24,545 94,763 108,531 172,979
28470 116398 127695 218076
Company Name
Industry

Financial Ratios

Liquidity Ratios Current Ratio

Quick Ratio
Inventory TO
Days Sales in Inventory
Receivables TO
Days Sales in Receivables
Receivables collection period
Days to sell inventory
Days Purchases in Accounts Payable
Accounts Payable Turnover

Profitability Ratios Return on Sales

Gross Profit Margin
Operating Profit Margin
EBITDA to Sales
Return on Assets (ROA)
Return on Equity (ROE)
Return on net operating Assets (RNOA)

Solvency Ratios Liabilities to Equity ratio

Total Leverage
Times Interest Earned

Asset Utilization & Efficiency Ratios Sales to Asset ratio (turnover)

Sales to Avg NWC
Sales to Fixed Assets turnover

Market Value Ratios Earnings per share

Price Earning Ratio
Dividend Yield
Market to Book Value
 Formula 2021 2020 2019 2018

CA / CL 4.61 7.72 7.04 6.31

(CA - Inventories)/CL 3.27 4.50 3.05 2.45
CGS / Avg Inventory -3.52 -1.69 -2.54 -3.07
Inventories/ (CGS/360) 10.21914626 17.807509624 13.640428805 12.15607
Net Sales / Average Account Receivables 8.814014468 7.53512406927 12.26917786 12.1434
Accounts Rec./(Sales/360) 60.49 42.81 32.70 31.66
360/( Average receivable turnover) 40.8440446 47.7762538069 29.341819323 29.64573
360/ Inventory turnover -102.35 -212.42 -141.84 -117.32
Accounts Payable/ (CGS/360) -64.97 -52.95 -33.62 -29.80
CGS/ Avg Accounts Payable -21.59 191.80 326.86 74.89

NI / Sales 6.39% 2.07% 4.50% 4.66%

GP / Sales 15.43% 12.86% 15.48% 14.34%
EBT / Sales 8.99% 2.60% 5.92% 5.72%
EBITDA / Sales 3.55% 29.00% 25.25% 22.87%
(NI+ Interest Expense (1-Tax Rate)) / Avg TA 46874 34134 4354 45.34
NI / Avg Equity 3.92% 0.98% 3.72% 4.65%
NOPAT / Avg NOA 8.02% 1.89% 7.90% 8.73%

TL / Equity 0.18 0.17 0.14 0.15

Total Debt / EBITDA 0.186232514 0.11651684544 0 0
EBIT / Interest Expense -13.27 -112.52 -59.04 -223.47

Sales / TA 0.69 0.61 1.08 1.29

Sales / Avg NWC 1.532886815 0.96544138256 1.821293731 2.334724
Sales / Fixed Assets 1.66 2.20 3.53 3.80

NI/ no. of shares 0.755090256 0.141889713 0.5363011182 0.65837

Stock Price / EPS 105.9475995 338.361386364 159.40671594 170.7399
Dividend Per share / Stock Price 0 0 0 0
Stock Price / Book Value per Share 8 4.801 8.549 11.241
 2017 Average

5.90 6.32
2.77 3.21
-2.50 -2.66
16.3068488 14.03
10.3398641 10.22
22.48 38.03
34.8167052 36.48
-143.97 -143.58
-51.48 -46.56
-43.72 105.65

8.24% 0.05
19.49% 0.16
11.23% 0.07
30.97% 0.22
3423.00 17766.07
6.89% 0.04
14.94% 0.08

0.18 0.16
0 0.06
-344.72 -150.60

1.05 0.94
1.70502363 1.67
4.18 3.07

0.94749631 0.61
128.760396 180.64
0 0.00
12.2 8.96
 Company Name Balochistan Wheels Limited
Industry Motor

Balance Sheet (Rupees in thousand) 2021

Assets 950,050
Non-Current Assets
Property, Plant and Equipment 950,050
Long-term loans & Advances 6,176
Long-Term deposits 7,709

Total Non-Current Assets 963,935

Current Assets
Stores, spare parts and loose tools 37804
Stock-in-Trade 343671
Trade Debts 264625
Loans and Advances 32004
Short term deposits and prepayments 556
Taxation-net 32690
other Receivables 29986
Short term Investments 550573
Tax refunds due from the government 595
Cash and Bank Balances 19320

Total Current Assets 1311824

Total Assets 2,275,759
Liabilities and Equity

Share Capital & Reserves Issued, subscribed and paid up share capital 133343
Revenue Reserves 1249035

Surplus/Deficit on revaluation of operating fixed assets 538518

Total Equity 1920896

Non-Current Liabilities Liabilities against subject to finance lease 23477

Long term loan 10418
Long term deposits 1405
Long term government grant 91
GIDC payable 1311
Deferred Taxation 33694
 Total Non current Liabilities 70396
Trade and other Payables 240350
Current Liabilities Unclaimed dividend 6065
Current portion of Non current liabilities 35582
GIDC payable 581
Provisiom for warranty 1889
Sales tax payable-Net 0
Taxation-Net
Total Current Liabilities 284467
Total Liabilities 354863
Total Equity and Liabilities 2275759

Avg Equity 2568223

NOA 2275758
Avg Account receivables 178672.5
2020 2019 2018 2017 2016

414,291 449,581 494,967 367,269 305,947

3,826 3,415 3,855 4,275 3,719
4,418 4,607 5,777 5,063 4,140

422,535 457,603 504,599 376,607 313,806

39345 50840 54455 55,930 46522

413575 525105 532188 518,874 468685
108542 144187 165572 95,781 77347
16331 15914 24805 32,592 29276
1709 2347 2049 1,694 2869
103518 129302 141608 77553 0
7010 431 928 2,894 1962
333906 102827 5516 261671 354064
1826 0 0 8554 0
60362 44994 31116 27,530 44051

1086124 1015947 958237 1,083,073 1024776

1,508,659 1,473,550 1,462,836 1,459,680 1,338,582

133343 133343 133343 133343 133343

1161311 1154676 1135647 1107742 1052030

1294654 1288019 1268990 1241085 1185373

6330 989 5306 4958 0

30849 0 0 0 0
982 2010 1710 874 646
1923 0 0 0 0
0 0 0 0 0
33293 38250 34958 29179 19976
 73377 41249 41974 35011 20622
116995 125289 133499 176569 120079
5913 6846 5281
16908 3747 5257 2948 3412

813 1354 5033 4067 3445

0 7046 2802 0 2287
3364
140629 144282 151872 183584 132587
214006 185531 193846 218595 153209
1508660 1473550 1462836 1459680 1338582

1938663.5 1922514 1889532.5 1833771.5 1185373

1508658 1473549 1462835 1459679 1338581
121142 129394 155034 148324 60039.5
Company Name
Industry

Income Statement (Rupees in thousand) 2021 2020

Net Sales 1574822 912820

Cost of Sales -1331759 -795406
Gross Profit 243063 117414

Distribution Cost -51477 -35424

Administrative Expenses -91246 -82148
Other Expenses -10496 -1784
Finance Cost -4216 -2353

Other Income 55940 27990

Profit/Loss Before Taxation (EBT) 141568 23695

Taxation -40882 -4775

Profit/Loss After Taxation (NI after Tax) 100686 18920

-153219 -119356
0.822310539 236770
Profit from operation 55940.82231 264760

Nopat 182450 28470

Int Tax
2019 2018 2017 2016

1587558 1882640 1533650 1471558

-1341776 -1612676 -1234745 -1098211
245782 269964 298905 373347

-44945 -60116 -49401 -37980

-92595 -92075 -86344 -82285
-12541 -8284 -14977 -20758
-6791 -1927 -1378 -827

5045 180 25404 21505

93955 107742 172209 253002

-22443 -19953 -45867 -99730

71512 87789 126342 153272

-150081 -160475 -150722 -141023

395863 430439 449627 514370
400908 430619 475031 535875

116398 127695 218076 352732

Cash Flow From Operating Activities 2021 2020 2019
Cash Generated from operations 148874 211903 181315
Finance cost paid -2638 -692 0
Long term loans and advances -2350 -411 440
Staff retirement benefits paid -20199 -6882 -11899
Income tax paid 27472 16051 -6845
Long term deposits -3762 618 1470
Long term investment

Net cash generated from operating activities 147397 220587 164481

Cash flow generated from investing activities

Fixed capital expenditure -9804 -4041 -7980

Proceeds from disposal of property, plant and equipment 39340 1546 6133
Profit received on saving account and treasury bill 35259 20744 1546
Short term investment made durig the year -1724462 -754524 -163217
Short term investment redeemed during the year 1507794 523926 63461
Dividend received 356 161 260
Net cash used in investing activities -151517 -212188 -99797

Cash flow generated from financing activities

Liabilities against assets subject to finance leases-net -7700 -8215 -5827
Finance cost paid -9374 0 -6541
Dividends paid -19848 -27602 -38438
Loan Received 42786

Net cash used in financing activities -36922 6969 -50806

Net increase/decrease in cash and cash equivalents -41042 15368 13878

Cash and cash equivalents at beginning of the year 60362 44994 31116
Cash and cash equivalents at end of the year 19320 60362 44994
2018 2017 2016
57950 154586 247394
0 0
420 -556 -721
-8921 -7809 -2178
-78230 -117581 -46938
122 -1531 2171
1739

-28659 27109 201467

-174618 -102319 -32749

1850 3445 2765
5516 17527 10175
-264526 0
515812 99368 -349698
372 412 102
84406 18433 -369405

2657 5330 -2516

-1927 -1366 -828
-52891 -66027 -39680

-52161 -62063 -43024

3586 -16521 -210962

27530 44051 255013
31116 27530 44051
Student Name
Company Name
Industry

Financial highlights of Cash Flow Statement (Rupees in thousand) 2021

Net Cash generated/(used in) from operating activities 147397

Net Cash generated /(used in) from investing activities -151517
Net Cash generated /(used in) from financing activities -36922

Net Increase / (decrease) in cash and cash equivalents -41042

Cash and Cash Equivalents at the beginning of the year 60362

Cash and Cash Equivalents at the end of the Year 19320

2020 2019 2018 2017 2016

220587 164481 -28659 27109 201467

-212188 -99797 84406 18433 -369405
6969 -50806 -52161 -62063 -43024

15368 13878 3586 -16521 -210962

44994 31116 27530 44051 255013

60362 44994 31116 27530 44051

 Balance Sheet (Rupees in thousand)
Assets
Non-Current Assets
Property, Plant and Equipment
Long-term loans & Advances
Long-Term deposits

Total Non-Current Assets

Current Assets
Stores, spare parts and loose tools
Stock-in-Trade
Trade Debts
Loans and Advances
Short term deposits and prepayments
Taxation-net
other Receivables
Short term Investments
Tax refunds due from the government
Cash and Bank Balances

Total Current Assets

Total Assets
Liabilities and Equity

Share Capital & ReservesIssued, subscribed and paid up share capita

Revenue Reserves

Surplus/Deficit on revaluation of operating

Total Equity

Non-Current Liabilities Liabilities against subject to finance lease

Long term loan
Long term deposits
Long term government grant
GIDC payable
Deferred Taxation
Total Non current Liabilities
Trade and other Payables
Current Liabilities Unclaimed dividend
Current portion of Non current liabilities
GIDC payable
Provisiom for warranty
Sales tax payable-Net
Taxation-Net
Total Current Liabilities

Total Equity and Liabilities

VERTICAL ANALYSIS

2021 2020 2019 2018 2017

2,275,759 1,508,659 1,473,550 1,462,836 1,459,680
Non-Current Assets
41.75% 27.46% 30.51% 33.84% 25.16%
0.27% 0.25% 0.23% 0.26% 0.29%
0.34% 0.29% 0.31% 0.39% 0.35%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
42.36% 28.01% 31.05% 34.49% 25.80%
0.00% 0.00% 0.00% 0.00% 0.00% Current Assets
1.66% 2.61% 3.45% 3.72% 3.83%
15.10% 27.41% 35.64% 36.38% 35.55%
11.63% 7.19% 9.79% 11.32% 6.56%
1.41% 1.08% 1.08% 1.70% 2.23%
0.02% 0.11% 0.16% 0.14% 0.12%
1.44% 6.86% 8.77% 9.68% 5.31%
1.32% 0.46% 0.03% 0.06% 0.20%
24.19% 22.13% 6.98% 0.38% 17.93%
0.03% 0.12% 0.00% 0.00% 0.59%
0.85% 4.00% 3.05% 2.13% 1.89%
0.00% 0.00% 0.00% 0.00% 0.00%
57.64% 71.99% 68.95% 65.51% 74.20%
100.00% 100.00% 100.00% 100.00% 100.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
5.86% 8.84% 9.05% 9.12% 9.14% Share Capital & Reserves
54.88% 76.98% 78.36% 77.63% 75.89%
0.00% 0.00% 0.00% 0.00% 0.00%
23.66% 0.00% 0.00% 0.00% 0.00%
84.41% 85.81% 87.41% 86.75% 85.02%
0.00% 0.00% 0.00% 0.00% 0.00%
1.03% 0.42% 0.07% 0.36% 0.34% Non-Current Liabilities
0.46% 2.04% 0.00% 0.00% 0.00%
0.06% 0.07% 0.14% 0.12% 0.06%
0.00% 0.13% 0.00% 0.00% 0.00%
0.06% 0.00% 0.00% 0.00% 0.00%
1.48% 2.21% 2.60% 2.39% 2.00%
3.09% 4.86% 2.80% 2.87% 2.40%
10.56% 7.75% 8.50% 9.13% 12.10%
0.27% 0.39% 0.46% 0.36% 0.00% Current Liabilities
1.56% 1.12% 0.25% 0.36% 0.20%
 0.03% 0.00% 0.00% 0.00% 0.00%
0.08% 0.05% 0.09% 0.34% 0.28%
0.00% 0.00% 0.48% 0.19% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
12.50% 9.32% 9.79% 10.38% 12.58%
0.00% 0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00%
 Balance Sheet (Rupees in thousand) 2021 2020 2019 2018 2017
Assets

Property, Plant and Equipment 950,050 414,291 449,581 494,967 367,269

Long-term loans & Advances 6,176 3,826 3,415 3,855 4,275
Long-Term deposits 7,709 4,418 4,607 5,777 5,063

Total Non-Current Assets 963,935 422,535 457,603 504,599 376,607

Stores, spare parts and loose tools 37804 39345 50840 54455 55,930
Stock-in-Trade 343671 413575 525105 532188 518,874
Trade Debts 264625 108542 144187 165572 95,781
Loans and Advances 32004 16331 15914 24805 32,592
Short term deposits and prepayments 556 1709 2347 2049 1,694
Taxation-net 32690 103518 129302 141608 77553
other Receivables 29986 7010 431 928 2,894
Short term Investments 550573 333906 102827 5516 261671
Tax refunds due from the government 595 1826 0 0 8554
Cash and Bank Balances 19320 60362 44994 31116 27,530

Total Current Assets 1311824 1086124 1015947 958237 1,083,073

Total Assets 2,275,759 1,508,659 1,473,550 1,462,836 1,459,680
Liabilities and Equity

Issued, subscribed and paid up share capita 133343 133343 133343 133343 133343
Revenue Reserves 1249035 1161311 1154676 1135647 1107742

Surplus/Deficit on revaluation of operating 538518

Total Equity 1920896 1294654 1288019 1268990 1241085

Liabilities against subject to finance lease 23477 6330 989 5306 4958
Long term loan 10418 30849 0 0 0
Long term deposits 1405 982 2010 1710 874
Long term government grant 91 1923 0 0 0
GIDC payable 1311 0 0 0 0
Deferred Taxation 33694 33293 38250 34958 29179
Total Non current Liabilities 70396 73377 41249 41974 35011
Trade and other Payables 240350 116995 125289 133499 176569
Unclaimed dividend 6065 5913 6846 5281
Current portion of Non current liabilities 35582 16908 3747 5257 2948
GIDC payable 581
Provisiom for warranty 1889 813 1354 5033 4067
Sales tax payable-Net 0 0 7046 2802 0
Taxation-Net
Total Current Liabilities 284467 140629 144282 151872 183584

Total Equity and Liabilities 2275759 1508660 1473550 1462836 1459680

 Income Statement (Rupees in thousand) 2021 2020 2019

Net Sales 1574822 912820 1587558

Cost of Sales -84.57% -87.14% -84.52%
Gross Profit 15.43% 12.86% 15.48%
0.00% 0.00% 0.00%
Distribution Cost -3.27% -3.88% -2.83%
Administrative Expenses -5.79% -9.00% -5.83%
Other Expenses -0.67% -0.20% -0.79%
Finance Cost -0.27% -0.26% -0.43%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Other Income 3.55% 3.07% 0.32%
Profit/Loss Before Taxation (EBT) 8.99% 2.60% 5.92%
0.00% 0.00% 0.00%
Taxation -2.60% -0.52% -1.41%
0.00% 0.00% 0.00%
Profit/Loss After Taxation (NI after Tax) 6.39% 2.07% 4.50%
2018 2017 Income Statement (Rupees in thousand) 2021 2020 2019

1882640 1533650 Net Sales 1574822 912820 1587558

-85.66% -80.51% Cost of Sales -1331759 -795406 -1341776
14.34% 19.49% Gross Profit 243063 117414 245782
0.00% 0.00%
-3.19% -3.22% Distribution Cost -51477 -35424 -44945
-4.89% -5.63% Administrative Expenses -91246 -82148 -92595
-0.44% -0.98% Other Expenses -10496 -1784 -12541
-0.10% -0.09% Finance Cost -4216 -2353 -6791
0.00% 0.00%
0.00% 0.00%
0.01% 1.66% Other Income 55940 27990 5045
5.72% 11.23% Profit/Loss Before Taxation (EBT) 141568 23695 93955
0.00% 0.00%
-1.06% -2.99% Taxation -40882 -4775 -22443
0.00% 0.00%
4.66% 8.24% Profit/Loss After Taxation (NI after Tax) 100686 18920 71512
2018 2017

1882640 1533650
-1612676 -1234745
269964 298905

-60116 -49401
-92075 -86344
-8284 -14977
-1927 -1378

180 25404
107742 172209

-19953 -45867

87789 126342
Cash Flow From Operating Activities
Cash Generated from operations
Finance cost paid
Long term loans and advances
Staff retirement benefits paid
Income tax paid
Long term deposits
Long term investment

Net cash generated from operating activities

Cash flow generated from investing activities

Fixed capital expenditure

Proceeds from disposal of property, plant and equipment
Profit received on saving account and treasury bill
Short term investment made durig the year
Short term investment redeemed during the year
Dividend received
Net cash used in investing activities

Cash flow generated from financing activities

Liabilities against assets subject to finance leases-net
Finance cost paid
Dividends paid
Loan Received

Net cash used in financing activities

Net increase/decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
 VERTICAL ANALYSIS

2021 2020 2019 2018 2017

-362.74% 1378.86% 1306.49% 1616.01% -935.69%
6.43% -4.50% 0.00% 0.00% 0.00%
5.73% -2.67% 3.17% 11.71% 3.37%
49.22% -44.78% -85.74% -248.77% 47.27%
-66.94% 104.44% -49.32% -2181.54% 711.71%
9.17% 4.02% 10.59% 3.40% 9.27%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
-359.14% 1435.37% 1185.19% -799.19% -164.09%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
23.89% -26.29% -57.50% -4869.44% 619.33%
-95.85% 10.06% 44.19% 51.59% -20.85%
-85.91% 134.98% 11.14% 153.82% -106.09%
4201.70% -4909.71% -1176.08% -7376.63% 0.00%
-3673.78% 3409.20% 457.28% 14384.05% -601.46%
-0.87% 1.05% 1.87% 10.37% -2.49%
369.18% -1380.71% -719.10% 2353.76% -111.57%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
18.76% -53.46% -41.99% 74.09% -32.26%
22.84% 0.00% -47.13% -53.74% 8.27%
48.36% -179.61% -276.97% -1474.93% 399.65%
0.00% 278.41% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
89.96% 45.35% -366.09% -1454.57% 375.66%
0.00% 0.00% 0.00% 0.00% 0.00%
100.00% 100.00% 100.00% 100.00% 100.00%
-147.07% 292.78% 224.21% 767.71% -266.64%
-47.07% 392.78% 324.21% 867.71% -166.64%
Cash Flow From Operating Activities 2021 2020 2019 2018 2017
Cash Generated from operations 148874 211903 181315 57950 154586
Finance cost paid -2638 -692 0 0 0
Long term loans and advances -2350 -411 440 420 -556
Staff retirement benefits paid -20199 -6882 -11899 -8921 -7809
Income tax paid 27472 16051 -6845 -78230 -117581
Long term deposits -3762 618 1470 122 -1531
Long term investment

Net cash generated from operating activities 147397 220587 164481 -28659 27109

Cash flow generated from investing activities

Fixed capital expenditure -9804 -4041 -7980 -174618 -102319

Proceeds from disposal of property, plant and equip 39340 1546 6133 1850 3445
Profit received on saving account and treasury bill 35259 20744 1546 5516 17527
Short term investment made durig the year -1724462 -754524 -163217 -264526 0
Short term investment redeemed during the year 1507794 523926 63461 515812 99368
Dividend received 356 161 260 372 412
Net cash used in investing activities -151517 -212188 -99797 84406 18433

Cash flow generated from financing activities

Liabilities against assets subject to finance leases-net -7700 -8215 -5827 2657 5330
Finance cost paid -9374 0 -6541 -1927 -1366
Dividends paid -19848 -27602 -38438 -52891 -66027
Loan Received 42786

Net cash used in financing activities -36922 6969 -50806 -52161 -62063

Net increase/decrease in cash and cash equivalents -41042 15368 13878 3586 -16521
Cash and cash equivalents at beginning of the year 60362 44994 31116 27530 44051
Cash and cash equivalents at end of the year 19320 60362 44994 31116 27530
 Company Name
Industry

Balance Sheet (Rupees in thousand) 2021

Assets
Non-Current Assets
Property, Plant and Equipment 950,050
Long-term loans & Advances 6,176
Long-Term deposits 7,709

Total Non-Current Assets 963,935

Current Assets
Stores, spare parts and loose tools 37804
Stock-in-Trade 343671
Trade Debts 264625
Loans and Advances 32004
Short term deposits and prepayments 556
Taxation-net 32690
other Receivables 29986
Short term Investments 550573
Tax refunds due from the government 595
Cash and Bank Balances 19320

Total Current Assets 1311824

Total Assets 2,275,759
Liabilities and Equity

Share Capital & Reserve Issued, subscribed and paid up share capital 133343
Revenue Reserves 1249035

Surplus/Deficit on revaluation of operating fixed assets 538518

Total Equity 1920896

Non-Current Liabilities Liabilities against subject to finance lease 23477

Long term loan 10418
Long term deposits 1405
Long term government grant 91
GIDC payable 1311
Deferred Taxation 33694
Total Non current Liabilities 70396
Trade and other Payables 240350
Current Liabilities Unclaimed dividend 6065
Current portion of Non current liabilities 35582
GIDC payable 581
Provisiom for warranty 1889
Sales tax payable-Net 0
Taxation-Net
Total Current Liabilities 284467
Total Liabilities 354863
Total Equity and Liabilities 2275759
 HORIZONTAL ANALYSIS

2020 2019 2018 2017 2016 2021 2020 2019 2018

414,291 449,581 494,967 367,269 305,947 129.32% -7.85% -9.17% 34.77%

3,826 3,415 3,855 4,275 3,719 61.42% 12.04% -11.41% -9.82%
4,418 4,607 5,777 5,063 4,140 74.49% -4.10% -20.25% 14.10%

422,535 457,603 504,599 376,607 313,806 128.13% -7.66% -9.31% 33.99%

39345 50840 54455 55,930 46522 -3.92% -22.61% -6.64% -2.64%

413575 525105 532188 518,874 468685 -16.90% -21.24% -1.33% 2.57%
108542 144187 165572 95,781 77347 143.80% -24.72% -12.92% 72.87%
16331 15914 24805 32,592 29276 95.97% 2.62% -35.84% -23.89%
1709 2347 2049 1,694 2869 -67.47% -27.18% 14.54% 20.96%
103518 129302 141608 77553 0 -68.42% -19.94% -8.69% 82.60%
7010 431 928 2,894 1962 327.76% 1526.45% -53.56% -67.93%
333906 102827 5516 261671 354064 64.89% 224.73% 1764.16% -97.89%
1826 0 0 8554 0 -67.42% -100.00%
60362 44994 31116 27,530 44051 -67.99% 34.16% 44.60% 13.03%

1086124 1015947 958237 1,083,073 1024776 20.78% 6.91% 6.02% -11.53%

1,508,659 1,473,550 1,462,836 1,459,680 1,338,582 50.85% 2.38% 0.73% 0.22%

133343 133343 133343 133343 133343 0.00% 0.00% 0.00% 0.00%

1161311 1154676 1135647 1107742 1052030 7.55% 0.57% 1.68% 2.52%

1294654 1288019 1268990 1241085 1185373 48.37% 0.52% 1.50% 2.25%

6330 989 5306 4958 0 270.88% 540.04% -81.36% 7.02%

30849 0 0 0 0 -66.23%
982 2010 1710 874 646 43.08% -51.14% 17.54% 95.65%
1923 0 0 0 0 -95.27%
0 0 0 0 0
33293 38250 34958 29179 19976 1.20% -12.96% 9.42% 19.81%
73377 41249 41974 35011 20622 -4.06% 77.89% -1.73% 19.89%
116995 125289 133499 176569 120079 105.44% -6.62% -6.15% -24.39%
5913 6846 5281 2.57% -13.63% 29.63%
16908 3747 5257 2948 3412 110.44% 351.24% -28.72% 78.32%
 813 1354 5033 4067 3445 132.35% -39.96% -73.10% 23.75%
0 7046 2802 0 2287 -100.00% 151.46%
3364
140629 144282 151872 183584 132587 102.28% -2.53% -5.00% -17.27%
214006 185531 193846 218595 153209 65.82% 15.35% -4.29% -11.32%
1508660 1473550 1462836 1459680 1338582 50.85% 2.38% 0.73% 0.22%
2017

20.04%
14.95%
22.29%

20.01%

20.22%
10.71%
23.83%
11.33%
-40.96%

47.50%
-26.09%

-37.50%

5.69%
9.05%

0.00%
5.30%

4.70%

35.29%

46.07%
69.77%
47.04%

-13.60%
 18.06%
-100.00%
-100.00%
38.46%
42.68%
9.05%
 Income Statement (Rupees in thousand) 2021 2020 2019

Net Sales 1574822 912820 1587558

Cost of Sales -1331759 -795406 -1341776
Gross Profit 243063 117414 245782

Distribution Cost -51477 -35424 -44945

Administrative Expenses -91246 -82148 -92595
Other Expenses -10496 -1784 -12541
Finance Cost -4216 -2353 -6791

Other Income 55940 27990 5045

Profit/Loss Before Taxation (EBT) 141568 23695 93955

Taxation -40882 -4775 -22443

Profit/Loss After Taxation (NI after Tax) 100686 18920 71512

 HORIZONTAL ANALYSIS

2018 2017 2016 2021 2020 2019 2018 2017

1882640 1533650 1471558 72.52% -42.50% -15.67% 22.76% 4.22%

-1612676 -1234745 -1098211 67.43% -40.72% -16.80% 30.61% 12.43%
269964 298905 373347 107.01% -52.23% -8.96% -9.68% -19.94%

-60116 -49401 -37980 45.32% -21.18% -25.24% 21.69% 30.07%

-92075 -86344 -82285 11.08% -11.28% 0.56% 6.64% 4.93%
-8284 -14977 -20758 488.34% -85.77% 51.39% -44.69% -27.85%
-1927 -1378 -827 79.18% -65.35% 252.41% 39.84% 66.63%

180 25404 21505 99.86% 454.81% 2702.78% -99.29% 18.13%

107742 172209 253002 497.46% -74.78% -12.80% -37.44% -31.93%

-19953 -45867 -99730 756.17% -78.72% 12.48% -56.50% -54.01%

87789 126342 153272 432.17% -73.54% -18.54% -30.51% -17.57%

Cash Flow From Operating Activities 2021 2020
Cash Generated from operations 148874 211903
Finance cost paid -2638 -692
Long term loans and advances -2350 -411
Staff retirement benefits paid -20199 -6882
Income tax paid 27472 16051
Long term deposits -3762 618
Long term investment

Net cash generated from operating activities 147397 220587

Cash flow generated from investing activities

Fixed capital expenditure -9804 -4041

Proceeds from disposal of property, plant and equipment 39340 1546
Profit received on saving account and treasury bill 35259 20744
Short term investment made durig the year -1724462 -754524
Short term investment redeemed during the year 1507794 523926
Dividend received 356 161
Net cash used in investing activities -151517 -212188

Cash flow generated from financing activities

Liabilities against assets subject to finance leases-net -7700 -8215
Finance cost paid -9374 0
Dividends paid -19848 -27602
Loan Received 42786

Net cash used in financing activities -36922 6969

Net increase/decrease in cash and cash equivalents -41042 15368

Cash and cash equivalents at beginning of the year 60362 44994
Cash and cash equivalents at end of the year 19320 60362
 HORIZONTAL ANALYSIS

2019 2018 2017 2016 2021 2020 2019 2018 2017

181315 57950 154586 247394 -29.74% 16.87% 212.88% -62.51% -37.51%
0 0 0 281.21%
440 420 -556 -721 471.78% -193.41% 4.76% -175.54% -22.88%
-11899 -8921 -7809 -2178 193.50% -42.16% 33.38% 14.24% 258.54%
-6845 -78230 -117581 -46938 71.15% -334.49% -91.25% -33.47% 150.50%
1470 122 -1531 2171 -708.74% -57.96% 1104.92% -107.97% -170.52%
1739 0.00%

164481 -28659 27109 201467 -33.18% 34.11% -673.92% -205.72% -86.54%

-7980 -174618 -102319 -32749 142.61% -49.36% -95.43% 70.66% 212.43%

6133 1850 3445 2765 2444.63% -74.79% 231.51% -46.30% 24.59%
1546 5516 17527 10175 69.97% 1241.79% -71.97% -68.53% 72.26%
-163217 -264526 0 128.55% 362.28% -38.30%
63461 515812 99368 -349698 187.79% 725.59% -87.70% 419.09% -128.42%
260 372 412 102 121.12% -38.08% -30.11% -9.71% 303.92%
-99797 84406 18433 -369405 -28.59% 112.62% -218.23% 357.91% -104.99%

-5827 2657 5330 -2516 -6.27% 40.98% -319.31% -50.15% -311.84%

-6541 -1927 -1366 -828 -100.00% 239.44% 41.07% 64.98%
-38438 -52891 -66027 -39680 -28.09% -28.19% -27.33% -19.89% 66.40%
-100.00%

-50806 -52161 -62063 -43024 -629.80% -113.72% -2.60% -15.95% 44.25%

13878 3586 -16521 -210962 -367.06% 10.74% 287.01% -121.71% -92.17%

31116 27530 44051 255013 34.16% 44.60% 13.03% -37.50% -82.73%
44994 31116 27530 44051 -67.99% 34.16% 44.60% 13.03% -37.50%
Total Assets
Trade Debt
Stock In Trade
Property, Plant and Equipment
Short Term Investments
Long Term Investments
Total Liabilities
Long Term Financing
Short Term Financing
Equity
Sales
COS
Total Operating Expenses
NI

Trend Percent 2021

Total Assets 50.85%
Trade Debt 143.80%
Stock In Trade -16.90%
Property, Plant and Equipment 129.32%
Short Term Investments 64.89%
Long Term Investments 61.42%
Total Liabilities 65.82%
Long Term Financing -66.23%
Short Term Financing
Equity 48.37%
Sales 72.52%
COS 67.43%
Total Operating Expenses 544.73%
NI 432.17%
 Percentage Change
462.04%
503.37%
-257.84%
545.20%
-348.66%
310.84%
54.22%
#DIV/0!
#DIV/0!
929.19%
1618.76%
442.38%
7513.91%
-2559.68%

2020 2019 2018 2017

2.38% 0.73% 0.22% 9.05%
-24.72% -12.92% 72.87% 23.83%
-21.24% -1.33% 2.57% 10.71%
-7.85% -9.17% 34.77% 20.04%
224.73% 1764.16% -97.89% -26.09%
12.04% -11.41% -9.82% 14.95%
15.35% -4.29% -11.32% 42.68%
0.00% 0.00% 0.00% 0.00%

0.52% 1.50% 2.25% 4.70%

-42.50% -15.67% 22.76% 4.22%
-40.72% -16.80% 30.61% 12.43%
-118.24% 26.72% -16.36% 7.15%
-73.54% -18.54% -30.51% -17.57%