Balance Sheet

As at June 30, 2017

Equity and liabilities

Share capital and reserves
Authorized capital
62,500,000 ordinary shares of Rs. 10/- each
Issued, subscribed and paid up share capital
Accumulated profit
Total equity
Surplus on revaluation of property,
plant and equipment
Liabilities
Non-current
Long term financing
Deferred liabilities
Total non-current liabilities
Current
Trade and other payables
Accrued mark-up
Short term borrowings
Current portion of long term borrowings
Total current liabilities
Contingencies and commitments
Total liabilities
Total equity and liabilities
Assets
Non-current
Property, plant and equipment
Capital work in progress
Long term deposits
Total non-current assets
Current
Stores, spare parts and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits, prepayments and balances
with statutory authorities
Other receivables
Investments
Cash and bank balances
Total current assets
Total assets
CHIEF EXECUTIVE
2016-2017
Note 2017

(Rupees)

625,000,000
6 594,287,290
468,969,188
1,063,256,478

7 333,572,878

8 544,321,882

10 225,127,401
769,449,283
11 366,562,914
12 15,838,713
13 981,619,285
9 199,697,028

14 1,563,717,940
-
2,333,167,223
3,729,996,579

15 1,995,529,987
16 9,701,776
17
19,287,201
2,024,518,964
134,868,942

18 904,898,922
19 350,241,847
20 33,280,476
21 196,855,013

22 33,763,606
23 1,680,189
24 49,888,620
 1,705,477,615
The annexed notes 1 to 43 form an integral part of these financial statements. 3,729,996,579
 2016

(Rupees) Cash Flow Statement

For the year ended June 30, 2017
625,000,000 Cash flows from operating activities
594,287,290 Cash generated from operations
369,712,295 Finance cost paid
963,999,585 Taxes paid
Staff retirement benefits - gratuity paid
364,246,726 Net cash flow from operating activities
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
570,446,790 Purchase of property, plant and equipment
Long term deposits
231,621,837 Dividend income
802,068,627 Net cash flow from investing activities
387,537,976 Cash flows from financing activities
14,321,758 Short term borrowings - net
710,417,398 Long term financing - net
176,352,671 Net cash flow from financing activities
Net (decrease)/increase in cash and cash equivalents
1,288,629,803 Cash and cash equivalents at beginning of the year
- Cash and cash equivalents at end of the year
2,090,698,430 mansaid
3,418,944,741 CHIEF EXECUTIVE

1,797,515,632

-
7,822,686
1,805,338,318
112,258,545

775,086,565
446,750,654
35,357,461
150,680,773

27,088,511
1,598,895
64,785,019
 1,613,606,423
3,418,944,741
DIRECTOR
Note
34

The annexed notes 1 to 43 form an integral part of these financial statements.

 2017 2016
(Rupees) (Rupees)
340,471,252 311,465,503
-79,294,337 -116,575,467
-61,595,679 -42,173,331
-13,075,116 -9,977,950
186,506,120 142,738,755
16,765,812 982,800

-437,109,521 -104,023,420
-11,464,515 50,000
65,326 55,728
-431,742,898 -102,934,892
271,201,887 105,519,957

-40,861,508 -117,715,356
230,340,379 -12,195,399
-14,896,399 27,608,464
64,785,019 37,176,555
49,888,620 64,785,019
Bab
DIRECTOR 24
Zephyr Textiles Limited
Ratio name
ROA
ROE
GP
NP
Total asset turnover
Current asset turnover
Trade Reciviable
Inventory turnover
Trade payable turnover
Current ratio
Quick ratio
Cash ratio
Trade reciviable turnover time
Inventoey turnover time
Trade payable turnover time
Debt asset ratio
Debt equity ratio
Financial leverage ratio
Finance cost coverage
Finance fixed covrage
Cash return on asset
Cashflow to turnover ratio
return on shareholders' equity
operating profit margin
EBIT
return on ordinary shareholders' equi
ppe turnover ratio
cash conversion cycle
Preference dividend coverage
cash return on shareholders' equity
cashflow to operating profit
Dividend cash coverage
reinvestment coverage
Debt repayment coverage
Investing & financing coverage
Earning per share
Dividend per share
Price; earning ratio
Dividend payout ratio
ordinary dividend coverage
market to book value ratio
Avg collection turnover
Total
 formula
Profit after tax /average total asset
profit after tax/average equity
gross profit/turnover
profit after tax/turnover
turnover/ avg total asset
turnover/avg current asset
turnover/ avg trade receivable
cost of sale / avg inventory
purchases / avg tade payable
current asset / current liabilities
current asset - inventory / current liabilities
cash/ current liabilities
Avg trade recivable/turnover*360/1
Avg inventory/ cost of sale*360/1
Avg trade payable/purchases *360/1
Total debt / total asset
Total debt/ total equity
Avg total asset / Avg total equity
EBIT / finance cost
EBIT+ lease payment / finance cost+lease payment
CFO / Avg total asset
CFO / turnover
profit after tax- non controlling interest/ avg shareholder' equity
operating profit/ sale
operating profit+ investment income/ sale
profit after tax- non controlling interest- ps dividend/ avg ordinary shareholder' equity
sale/ avg ppe
TR turnover time+ INV turnover time- TP turnover time
profit after tax- non controlling interest / preference dividend
cfo / avg shareholders' equity
cfo / operating profit
cfo+dividend paid/ dividend paid
cfo/ cash paid for long term asset
CFO / cash paid for long term debt repayment
CFO / cashflow from investing & financing coverage
net income available to common shareholders / no. of outstanding share
ordinary share dividend/ no. of odinary share
market price per share/ EPS
ordinary share dividend/ attributable earnings
attributable earnings/ ordinary dividends
market capitalisation of odinary share/ book vale of o.shareholders' equity
Account receviable / daily credit sale
 2016 2017 2018 2019
0.0313063086 0.0104362313 0.01407175 0.02834083121
0.0313063086 0.01036312 0.01287532 0.023463283
0.4120515799 0.27493358 0.286429764 0.386348856
0.0844177043 0.057643986 0.038755489 0.06874368
0.2819582234 0.226472346 0.1484560375 0.183957838
1.2018916494 1.1988914694 0.0313063086 0.0288678694
0.248747707 0.22874546707 0.1763063086 0.10874546707
4.5616096027 5.561638766347 6.8120515799 5.5616387567347
9.1233441287 11.1576478931287 13.08447677043 11.1576478931287
1.2521877263 1.17937554937436 2.2819582234 1.177678637436
1.2521877263 1.17408376433 2.2018916494 1.17865678433
0.6483405281 0.4682664678341 0.1458747707 0.47654678341
0.59709798 0.3794579458 0.1216096027 0.3794579458
63.637658964 70.78837466364 72.1233441287 71.788786364
3.4521913321 6.7839487637 8.2521877263 6.7876547637
0.2819582234 0.218646858 0.1521877263 0.29877658
0.378654477 0.27597348654477 0.12383405281 0.275989765477
0.016678547 0.013698263 0.0110879798 0.0178675263
8.276539826 11.3793743826 13.637658964 11.3797866773826
0.035265722 0.035265722 0.0241913321 0.035897878722
6.4739865235 8.344345235 10.2819582234 8.347865235
0.215798364 0.16863454434 0.118654477 0.168348764434
2.048434455 4.6755445744 6.016678547 4.6786554744
0.056732864 0.035676577 0.026539826 0.038976577
4.892648264 6.356832345 7.035265722 6.358976345
1.537936754 1.358744678 2.4739865235 1.3909844678
0.83976453 0.8397646653 0.215798364 0.8398786746653
0.168462345 0.127445776 0.048434455 0.12908976776
3.258443524 6.6686333654 7.056732864 6.668876767654
0.22118845354 0.17678845783 0.152648264 0.1767975783
0.3626658334 0.2768347674 0.137936754 0.279758674
3.67296483634 4.3699876733 6.83976453 4.369875833
0.833933225 0.6332467755 0.468462345 0.639865895
0.37655553882 0.2964386645 0.158443524 0.296858885
1.572976483 1.2567544473 2.22118845354 1.256896573
0.017543765656735 0.0115675557 0.01026658334 0.018678757
0.266565483 0.186446655 0.14296483634 0.18678655675
0.4499264535 0.4499264535 0.333933225 0.44987857535
0.01346376723 0.0113454554 0.01055553882 0.0113767564554
0.0267547887 0.0224567786 1.0112976483 0.022478576
2.5673983654 5.23654784563 6.017543765635 5.236896863
 0.0362865457 0.032567544 0.02684574 0.03878667544
125.715825427587 2169.95976956017 2188.48645569411 2171.95144245311
 2020 Total
0.0122942104 0.09644933151
0.01335291 0.0913609416
0.498763785 1.8585275649
0.084377533 0.3339383923
0.265455634 1.1063000789
0.011876586 3.48657630921
0.13876086 0.90130580974
3.842225799 26.3391645046817
8.08447677043 27.2404703144217
0.2819582234 6.17315835991036
0.2018916494 6.00871157376
0.5558747707 2.2949033207441
0.556096027 2.0337195013
60.1233441287 338.46150824904
3.2521877263 28.5281703121
0.3521877263 1.303757114
0.33383405281 1.38828583464177
0.0165879798 0.0759202959
9.3453452323 54.0187050822826
0.0441913321 0.174811986922
6.2819582234 39.7301134403
0.218654477 0.890090626774
3.016678547 20.4359915978
0.047927833 0.205853677
5.873468353 30.517191029
0.573867353 7.3355197763
0.93784773 3.6730539639653
0.26748737 0.74091971376
5.78378853 29.436475051054
0.017438733 0.74486148667
0.163657834 1.2208538628
3.74367353 22.99626640264
0.837347853 3.4128560935
0.134385353 1.26268196532
0.2479835872 6.55579954404
0.01987349783 0.077930159526735
0.193477353 0.97624088409
0.563787834 2.24745254135
0.01793476343 0.0646762813354
0.037953784 1.1209415756
4.9738535 24.032240339665
 0.047397753 0.18188425814
2142.0155267285 Total
For the year ended June 30, 2017
Sales net
Cost of sales

Gross profit
Distribution cost
Administrative expenses
Other operating expenses
Operating profit
Other operating income
Operating profit before finance cost
Finance cost
Profit before tax
Taxation
Profit after taxation
Earnings per share:
Basic and diluted earnings per share
massail
CHIEF EXECUTIVE
Profit and Loss Account
Note 2017
25 (Rupees)
26 3,749,393,276
-3,319,299,874
430,093,402
27 -92,383,868
28 -65,160,589
29 -63,317,955
30 209,230,990
2,351,217
211,582,207
31 -121,824,536
89,757,671
32 -20,830,564
68,927,107
33 1.16
The annexed notes 1 to 43 form an integral part of these financial statements.
 2016
(Rupees) For the year ended June 30, 2017
3,932,856,870
-3,535,642,318
397,214,552
-73,891,128
-63,487,124 Balance as at July 01, 2015
-12,079,769
247,756,531 Total comprehensive income for the year
10,906,772 Transfer of surplus on revaluation on disposal
258,663,303 of property, plant & equipment
-126,333,632 Prior year adjustments
132,329,671 Current year incremental depreciation - net of tax
-25,295,132 Balance as at June 30, 2016
107,034,539 Balance as at July 1, 2016
1.8 Total comprehensive income for the year
Transfer of surplus on revaluation on disposal
of property, plant & equipment
DIRECTOR 22 Current year incremental depreciation - net of tax
Zephyr Textiles Limited Balance as at June 30, 2017
mussaid
CHIEF EXECUTIVE
25 Annual Report 2017
Statement of Changes in Equity
Share

capital

(Rupees)
594,287,290
-

-
-

-
594,287,290
594,287,290
-

-
-
594,287,290
The annexed notes 1 to 43 form an integral part of these financial statements.
Accumulated
Total
profit/(loss)
equity
(Rupees) (Rupees)
847,584,037 253,296,747
104,254,177
104,254,177
259,315 259,315

(14,354,385) (14,354,385)
26,256,441 26,256,441
963,999,585 369,712,295
369,712,295 963,999,585
68,583,045 68,583,045
6,891,292 6,891,292
23,782,556 23,782,556

468,969,188 1,063,256,478
Babe
DIRECTOR
As at June 30, 2019

Equity and liabilities

Share capital and reserves
Authorized capital
62,500,000 ordinary shares of Rs. 10/- each
Issued, subscribed and paid up share capital
Accumulated profit
Surplus on revaluation of property,
plant and equipment
Total equity
Liabilities
Non-current
Long term financing
Deferred liabilities
Total non-current liabilities
Current
Trade and other payables
Contract liabilities
Accrued mark-up
Short term borrowings
Unclaimed Dividend
Current portion of long term borrowings
Total current liabilities
Contingencies and commitments
Total liabilities
Total equity and liabilities
Assets
Non-current
Property, plant and equipment
Capital work in progress
Long term deposits
Total non-current assets
Current
Stores, spare parts and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits, prepayments and balances
with statutory authorities
Other receivables
Short Term Investments
Cash and bank balances
Total current assets
Total assets
massaid
CHIEF EXECUTIVE
Statement of Financial Position
Note

10

11

12
13

14

15
16
17

18
19
20
21

22
23
24
The annexed notes 1 to 44 form an integral part of these financial statements.

CHIEF FINANCIAL OFFICER

 2019 2018

(Rupees) ( Rupees)

625,000,000 625,000,000
594,287,290 594,287,290
707,091,348 595,210,555

326,024,212 351,241,048
1,627,402,850 1,540,738,893

304,818,570 416,224,442
241,097,866 242,572,800
545,916,436 658,797,242
558,646,213 629,504,390

24,686,460 20,784,431
22,815,205 21,672,114
1,250,018,577 1,171,196,746
659,831 425,102
167,010,393 164,905,244
2,023,836,679 2,008,488,027
- -
2,569,753,115 2,667,285,269
4,197,155,965 4,208,024,162

1,909,707,867 1,981,435,617

31,075,383
22,458,501 22,498,601
1,963,241,751 2,003,934,218
109,799,001 103,588,222

914,618,433 1,069,576,465
712,461,961 658,604,786
100,498,346 35,965,460
213,159,166 188,742,833

126,766,078 117,887,501
989,516 734,124
55,621,713 28,990,553
2,233,914,214 2,204,089,944
4,197,155,965 4,208,024,162

DIRECTOR
Statement of Profit and Loss Account
For the year ended June 30, 2019
###
( Rupees )
##
( Rupees )
Sales - net
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other operating expenses
Operating profit
Other income
Operating profit before finance cost
Finance cost
Profit before tax
Taxation
Profit after taxation
Earnings per share:
Basic and diluted earnings per share
The annexed notes 1 to 44 form an integral part of these financial statements.

CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR

 2019 2018

25 5,091,139,422 4,252,317,435
26 -4,567,395,382 -3,786,845,880
52,374,404 465,471,555
27 -140,236,463 -101,313,764
28 -85,004,774 -68,678,670
29 -9,814,443 -11,720,841
288,688,360 283,758,280
30 4,321,159 3,410,433
293,009,519 287, 168,713
31 -144,362,515 (157 ,956,372)
148,647,004 129,212,341
32 -30,808,535 -26,037,516
117,838,469 103,174,825

33 1.98 1.74
Statement of Cash Flows
For the year ended June 30, 2019

( Rupees )
2018 2019
( Rupees )
Cash flows from operating activities
Cash generated from operations
Finance cost paid Taxes paid
Staff retirement benefits - gratuity paid
Net cash flow from operating activities
34 421,086,815
-129932105
-43,507,358
-22153125
225494227
250839742
(101,685 ,178)
-32756788
-13438734
102959042
Cash flows from investing activities
Proceeds from sale of property,
plant and equipment
Purchase of property, plant and equipment Long term deposits
Purchase of short term investments _ net
Dividend _ net
Net cash flow from investing activities
Cash flows from financing activities
2,852,210 438,000
(131,216,944) (87,751, 195)
40,100 (3,211,400)
(255,392) 1,207,847
(29,459,866) 110,715
(158,039,892) (89,206,033)
Short term borrowings - net
Long term financing - net
78821831
-119645006
177077461
-211728538
Net cash flow from financing activities (40,823, 175) (34,651,077)
Net (decrease)/ increase in cash and
cash equivalents 26,631,160
Cash and cash equivalents at beginning of the year 28,990,553
Cash and cash equivalents at end of the year 55,621,713
2019
Statement of Changes in Equity
For the year ended June 30, 2019
Share capital

( Rupees )
Balance as at July 01, 2017 (restarted) 594,287,290
Total comprehensive income for the year.
Current year incremental depreciation - net of tax
Balance as at June 30, 2018 594,287,290
Balance as at July 1, 2018 594,287,290
Total comprehensive income for the year
Transfer of surplus on revalution on disposal of property, plant & equipment
Final dividend at Rs. 0.5 per ordinary share
Current year incremental depreciation - net of tax
Balance as at June 30, 2019 594,287,290
Accumulated Revaluation Total equity
profit/(loss) surplus
( Rupees ) ( Rupees ) ( Rupees )
468,969, 188 333,572,878 1,396,829,356
103,464,503 40,445,034 143,909,537
22,776,864 -22,776,864
595,210 ,555 351,241,048 1,540,738,893
595,210,555 351,241,048 1,540,738,893
116,378,322 116,378,322
-1,583,181 1,583,181
-29,714,365 -29,714,365
26,800,017 -26,800,017
707,091,348 326,024,212 1,627,402,850
Statement of Financial Position
As at June 30, 2020

( Rupees )

( Rupees )
Restated
#
(Rupees) Restated
Note
Equity and liabilities
Share capital and reserves
Authorized capital
62,500,000 ordinary shares of Rs. 10/- each
Issued , subscribed and paid up share capital
Accumulated profit
Surplus on revaluation of property, plant and equipment
Total equity
Liabilities
Non-CUITent
Long term financing
Deferred liabilities
Total non-current liabilities
Current
Trade and other payables
Contract liabilities
Accrued mark-up
Short term borrowings
Unclaimed dividend
Current portion of long term borrowings
Total current liabilities
Contingencies and commitments
Total liabilities
Total equity and liabilities
Assets
Non-CUITent
Property, plant and equipment
Capital work in progress
Long term deposits
Total non-current assets
Current
Stores, spare parts and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits, prepayments and balances with statutory authorities
Other receivables
Short term investments
Cash and bank balances
Total current assets
Total assets
###
Note 2020 2019
###

625,000,000 625,000,000
5 594,287,290 594,287 ,290
716,441,820 666,742,622
6 302,531,787 326 ,024 ,212
1,613,260,897 1,587,054,124

1 350,037,080 304 ,818,570

9 254,374,295 241,097 ,866
604,411,375 545,916 ,436

10 818,277,585 558,646,213
28,947,258 24 ,686,460
11 24,103,436 22,815,205
12 1,320,186,209 1,250,018,577
4,859,107 659,831
8 65,476,939 167,010,393
2,261,850,534 2 ,023,836,679
13
2,866,261,909 2 ,569,753, 115
4,479,522,806 4,156,807,239

14 1,903,439,609 1,909,707,867
15 63,318,407 31,075 ,383
16 22,465,301 22,458,501
1,989,223,317 1,963,241,751

139,817,517 109,799 ,001

17 1,103,928,987 914,618,433
18 708,870,453 712 ,461,961
19 76,737,771 100,498 ,346
20 246,051,354 213, 159, 166
21 80,032,166 86,417 ,352
22 63,075,961 989,516
23 71,785,280 55,621,713
2,490,299,489 2,193,565,488
4,479,522,806 4 , 156,807,239
 2018

625,000,000
594,287 ,290
554,861,829
351,241,048
1,500,390,167

416 ,224 ,442

242 ,572,800
658,797,242

642,004 ,390
20 ,784 ,431
21,672,114
1,158,696,746
425, 102
164,905,244
2,008,488 ,027

2,667 ,285 ,269

4,167,675,436

1,981,435 ,617

22,498,601
2,003,934 ,218

103,588,222
1,069,576,465
658,604 ,786
35,965 ,460
188,742 ,833
77,538,775
734, 124
28,990,553
2, 163,741,218
4, 167,675,436
Statement of Profit or Loss
For the year ended June 30, 2020
###
( Rupees )
### Note
( Rupees )
Note
Sales - net 24
Cost of sales 25
Gross profit
Distribution cost 26
Administrative expenses 27
Other operating expenses 28
Operating profit
Other income 29
Operating profit before finance cost
Finance cost 30
Profit before tax
Taxation 31
Profit after taxation
Earnings per share:
Basic and diluted earnings per share 32
 2020 2019

4,326,054,617 5,091,139,422
-3,924,323,333 (4 ,567,395,382)
401,731,284 523,744,040
-131,307,995 -140,236,463
-84,465,508 (85 ,004,774)
-22,398,498 -9,814,443
163,559,283 288 ,688,360
34,452,195 4 ,321, 159
198,011,478 293,009 ,519
-121,619,841 -144,362,515
76,391,637 148,647,004
-21,319,441 (30 ,808,535)
55,072,196 117,838,469

0.93 1.98
Statement of Cash Flows
For the year ended June 30, 2020
Cash flows from operating activities
Cash generated from operations
Finance cost paid
Taxes paid
Staff retirement benefits - gratuity paid
Net
Cashcash
flowsflow from
from operating
investing activities
activities
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Long term deposits
Purchase of short term investments - net
Dividend - net
Net cash flow from investing activities
Cash flows from financing activities
Short term borrowings - net
Long term financing - net
Net cash flow from financing activities
Net (decrease)/ increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
 2020 2019
Note ( Rupees ) ( Rupees )

33 474370956 421086815
-110026864 -129932105
-45636206 -43507358
-12111159 (22, 153,125)
306596727 225494227
4641541 2852210
-214834872 -131216944
-6800 40100
-61453398 -255392
-24745563 -29459866
-296399092 -158039892

70167632 78821831
-64201700 -119645006
5965932 (40,823, 175)
16163567 26631160
55621713 28990553
71785280 55621713
Statement of Changes in Equity
For the year ended June 30, 2020
Share capital

( Rupees )

Balance as at July 01, 2018 as previously reported Effect of error (note no. 1.3) 594,287,290
Balance as at July 01, 2018 - restated 594,287,290
Total comprehensive income for the year
Transfer of surplus on revalution on disposal of property, plant & equipment
Final dividend at Rs. 0.5 per ordinary share
Current year incremental depreciation - net of tax
Balance as at June 30, 2019 - restated 594,287 ,290
Balance as at July 1, 2019 - restated 594,287,290
Total comprehensive income for the year
Transfer of surplus on revalution on disposal of property, plant & equipment
Final dividend at Rs. 0.5 per ordinary share
Current year incremental depreciation - net of tax
Balance as at June 30, 2020 594,287,290
Accumulated Revaluation Total equity
profit/(loss) surplus
( Rupees ) ( Rupees ) ( Rupees )
595,210,555 1,540,738,893
{40,348,726) 351,241,048 {40,348,726)
554,861,829 351,241,048 1,500,390, 167
116,378,322 116,378,322
{1,583,181) 1,583,181
{29,714,365) {29,714,365)
26,800,017 {26,800,017)
666,742,622 326,024,212 1,587,054, 124
666,742,622 326,024,212 1,587,054,124
55,921,138 55,921,138
-884,283 884,283
-29,714,365 -29,714,365
24,376,708 -24,376,708
716,441,820 302,531,787 1,613,260,897