ASSUMPTIONS

METHOD: PERCENTAGE OF SALES METHOD

INCOME STATEMENT

1
2
3
4
5
6
7
8
9
10
11
12

BALANCE SHEET

4
 ASSUMPTIONS
METHOD: PERCENTAGE OF SALES METHOD

INCOME STATEMENT
By whatever percentage sales is expected to change cost of goods sold, general and admin expenses and
expenses will also change by same percentage
Other than WPPF, WWF and Donations Other expenses will remain constant
Other than Income on bank deposits Other Income will remain constant
Finance cost remains constant
Tax rates remain constant
Preferred dividend remains constant
For common dividends Dividend payout ratio remains constant
Sales tax and excise duty are calculated as % of local gross sales and this % is expected to remain consta
Local sales units are expected to increase/decrease by
Export sales units are expected to increase/decrease by
Local selling price are expected to increase/decrease by
Export prices are expected to increase/decrease by

BALANCE SHEET
By whatever % Sales is expected to increase, Operating current assets increase by same %. All other curr
will remain constant
By whatever % Sales is expected to increase, Operating current liabilities increase by same %. All other cu
liabilities will remain constant, all long term liabilities will remain constant
In the Stockholder's equity section all items remain constant except retined earnings that increases by the
addition to retained earnings from the forecasted income statement
Operating fixed assets will only increase If the company's production is full or over capacity by same % as
sales. In case of undercapacity production Operating fixed assets will remain same
-15%
-10%
8%
8%
 BALANCE SHEET
PKR in 000's ACTUAL
FY-2015 FY-2016 FY-2017
Assets
Non-Current Assets
Property, plant and equipment 4,510,789 6,672,057 8,800,002
Intangible assets 83,288 72,619 185,333
Rights-of-use assets - - -
Long-term investments - - 208,086
Long-term loans 9,609 1,160 2,361
Long-term deposits, prepayments
and other receivables 24,768 258,103 327,319
Long-term installment sales
receivables 113,627 96,033 144,779
Deferred taxation-net 194,500 233,750 236,500
Total Non Current Assets 4,936,581 7,333,722 9,904,380

Current Assets
Stock, spares and loose tools 98,801 111,006 114,789
Stock-in-trade 13,084,447 16,288,608 23,946,058
Trade debts 1,561,823 1,205,269 211,358
Current portion of long term
installments sales receivables 347,976 291,254 320,996
Loans and advances
Trade deposits & short term 197,712 163,019 37,481
prepayments 70,862 77,129 965,722
Accrued profit on bank accounts /
deposits 193,429 120,761 28,699
Other receivables 86,666 167,306 147,775
Sales tax and excise duty adjustable 277,801 1,651,301 1,143,685
Taxation-net 1,589,882 1,894,297 4,899,972
Cash and Bank Balances 15,006,007 8,548,293 9,189,552
Total Current Assets 32,515,406 30,518,243 41,006,087

Total Assets 37,451,987 37,851,965 50,910,467

Equity and Liabilities

Equity
Authorised Capital 1,500,000 1,500,000 1,500,000

Issued, subscribed and paid up

capital 822,999 822,999 822,999
Reserves (capital + revenue) 23,856,239 25,393,908 28,726,717
Total Equity 24,679,238 26,216,907 29,549,716

Non Current Liabilities

Payable against purchase of asset - - -
Security deposits - - -
Lease liabilities - - -
Total Non-Current Liabilities - - -
Current Liabilities
Trade and other payables 6,441,748 6,300,123 11,391,952
Lease liabilities - - -
Short term finance - - -
Accrued markup on short term
borrowings - - -
Advances from customers 4,226,341 1,625,472 5,331,948
Security deposits 2,068,361 3,673,164 4,600,552
Provision for custom duties and sales
tax 36,299 36,299 36,299
Unclaimed dividend - - -
Total Current Liabilities 12,772,749 11,635,058 21,360,751

Total Liabilities 12,772,749 11,635,058 21,360,751

Total Equity and Liabilities 37,451,987 37,851,965 50,910,467

AFN (Additional Funds Needed) - - -

50% of AFN
NCE SHEET
TUAL UNDERCAPACITY
FY-2018 FY-2019 FY-2020-F-1 FY-2020-F-2

15,654,827 15,685,850 15,685,850 15,685,850

113,297 345,419 345,419 345,419
- 144,959 144,959 144,959
329,274 325,925 325,925 325,925
4,203 3,500 3,500 3,500

456,208 378,019 378,019 378,019

118,318 271,873 271,873 271,873

1,151,888 2,359,062 2,359,062 2,359,062
17,828,015 19,514,607 19,514,607 19,514,607

146,878 260,424 229,173 229,173

29,397,056 37,516,571 33,014,582 33,014,582
237,538 690,658 607,779 607,779

549,627 799,036 799,036 799,036

40,627 55,390 55,390 55,390
1,357,271 279,304 279,304 279,304

- - - -
268,622 348,919 348,919 348,919
4,369,996 7,700,937 7,700,937 7,700,937
5,798,056 7,226,470 7,226,470 7,226,470
1,516,163 3,267,510 2,875,409 2,875,409
43,681,834 58,145,219 53,136,999 53,136,999

61,509,849 77,659,826 72,651,606 72,651,606

1,500,000 5,000,000 5,000,000 5,000,000

822,999 822,999 822,999 2,946,197

28,409,866 25,127,887 17,668,594 17,362,854
29,232,865 25,950,886 18,491,593 20,309,051

- 163,357 163,357 163,357

215,730 236,130 236,130 236,130
- 116,192 116,192 116,192
215,730 515,679 515,679 515,679
14,409,566 12,723,689 11,197,287 11,197,287
- 31,757 31,757 31,757
11,310,497 32,411,037 32,411,037 32,411,037

- - - -
2,276,078 1,497,117 1,317,463 1,317,463
4,006,519 3,927,506 3,927,506 3,927,506

36,299 582,826 512,887 512,887

22,295 19,329 2,123,198
32,061,254 51,193,261 49,397,937 51,521,136

32,276,984 51,708,940 49,913,616 52,036,815

61,509,849 77,659,826 68,405,210 72,861,545

- - - 4,246,397 209,938
- 2,123,198 104,969
 INCOME STATEMENT
ACTUAL
PARTICULARS FY-2015 FY-2016

Local Sale Units 133,867 109,935

Local Selling Price 765 853
Local Sales Revenue 102,436,861 93,825,276
Export Sale Units 85 65
Export Selling Price 765 853
Export Sales Revenue 64,783 55,722
Total Gross Revenue 102,501,644 93,880,998
Less: Sales tax 14,764,210 13,465,087
Less: Federal Excise Duty - -
Less: Discounts 32,788 234,834
Less: Sales commission to dealers 3,155,889 3,665,037
Less: Mark-up on discounting of
financial assets - -
Less: Free service - -
Add: Extended warranty income - -

Sales 84,548,757 76,516,040

Cost of sales 73,061,309 69,167,463
Gross profit 11,487,448 7,348,577
Distribution costs 1,945,832 2,004,285
Administrative expenses 1,230,819 1,539,590
Operating Profit 8,310,797 3,804,702
Other Income 1,058,426 1,039,851
Other expenses 655,981 336,598
Reversal of impairment losses 0 0
EBIT 8,713,242 4,507,955
Finance costs 30,840 95,775
Share of loss of equity 0 0
EBT 8,682,402 4,412,180
Taxation 2,842,500 1,642,601
EAT 5,839,902 2,769,579
Less: Preferred Dividends - -
Earnings Available for Common
Shareholders (EACS) 5,839,902 2,769,579
Common Dividends 1,234,498 452,649
Addition to Retained Earnings 4,605,404 2,316,930

Sales tax % 0.14 0.14

Sales tax % Rounded Off 0.14 0.14
Federal Excise Duty %
Federal Excise Duty % Rounded
Off
Discounts % 0.00 0.00
Discounts % Rounded Off
Sales Commission to discounts % 0.03 0.04
Sales Commission to dealers %
Rounded Off
Mark-up on discounting of financial
assets %
Mark-up on discounting of financial
assets % Rounded Off
Free service %
Free service % Rounded Off
Extended warranty income %
Extended warranty income %
Rounded Off
Discounts % 0.000 0.003
Discounts % Rounded Off - 0.003
Sales Growth % - 0.10
Sales Growth % Rounded Off
Taxation % 0.33 0.37
Taxation % Rounded Off 0.30 0.37
Dividend Payout Ratio Rounded 0.21 0.16
Off 0.20 0.16
INCOME STATEMENT
ACTUAL UNDERCAPACITY
FY-2017 FY-2018 FY-2019 FY-2020-F-1

132,479 140,231 113,222 96,238

948 1,057 1,294 1,398
125,620,894 148,154,359 146,520,218 134,505,560
69 82 48 43
948 1,057 1,294 1,398
64435 86157 62287 60,378
125,685,329 148,240,516 146,582,505 134,565,938
18,116,400 21,303,547 21,242,492 18,830,778
- - 1,254,102 6,725,278
473,342 1,094,607 1,899,161 1,345,659
5,283,976 5,988,464 5,334,195 5,382,638

- - 103,408 134,566
- - 208,259 134,566
- - 7,125 6,728

101,811,611 119,853,898 116,548,013 102,019,181

92,159,038 112,809,033 114,563,486 100,815,868
9,652,573 7,044,865 1,984,527 1,203,313
2,804,256 2,706,853 2,539,251 2,234,541
1,599,815 2,301,080 2,550,663 2,244,583
5,248,502 2,036,932 - 3,105,387 - 3,275,811
864,711 565,943 222,504 419,983
417,199 157,768 4,090 233,135
0 0 22,588 -
5,696,014 2,445,107 - 2,864,385 - 3,088,963
68,088 362,523 2,087,752 2,087,752
11,914 3,212 3,349 3,349
5,616,012 2,079,372 - 4,955,486 - 5,180,064
1,793,393 784,828 2,031,259 1,036,013
3,822,619 1,294,544 - 2,924,227 - 6,216,077
- - - -

3,822,619 1,294,544 - 2,924,227 - 6,216,077

1,530,777 260,068 - 1,243,215
2,291,842 1,034,476 - 2,924,227 - 7,459,293

0.14 0.14 0.14 0.14

0.14 0.14 0.14 0.14
0.009 0.05
 0.009 0.05
0.00 0.01 0.01 0.01
0.01
0.04 0.04 0.04 0.04

0.04

0.001 0.001

0.001
0.001 0.001
0.001
0.00005 0.00005

0.00005
0.004 0.007 0.013 0.005
0.004 0.007 0.013 0.005
0.33 0.18 - 0.03 - 0.12
- 0.12
0.32 0.38 - 0.41 0.20
0.30 0.38 - 0.41 0.20
0.40 0.20 - 0.20
0.40 0.20 - 0.20
UNDERCAPACITY
FY-2020-F-2

96,238
1,398
134,505,560
43
1,398
60,378
134,565,938
18,830,778
6,725,278
1,345,659
5,382,638

134,566
134,566
6,728

102,019,181
100,815,868
1,203,313
2,234,541
2,244,583
- 3,275,811
419,983
233,135
-
- 3,088,963
2,300,072
3,349
- 5,392,384
1,078,477
- 6,470,861
-

- 6,470,861
1,294,172
- 7,765,033

0.14
0.14
0.05
 0.05
0.01
0.01
0.04

0.04

0.001

0.001
0.001
0.001
0.00005

0.00005
0.005
0.005
- 0.12
- 0.12
0.20
0.20
0.20
0.20
 NOTES

PARTICULARS FY-2015 FY-2016

Other Operating Expenses

Auditor's remuneration
Audit fee 1,350 1,500
Fee for half-yearly review 425 450
Fee for CCG review 100 110
Fee for special certifications 857 878
Out of pocket expenses 37 118
Sindh sales tax
2,769 3,056

WPPF and WWF

Workers' Profit Participation Fund 466,876 237,442
Workers' Welfare Fund 185,500 96,100
Workers’ Welfare Fund - Prior year charge - -
Donations 836 -
Auditor's remuneration 2,769 3,056
655,981 336,598

Workers' Welfare Fund % 0.02 0.03

Workers' Welfare Fund % Rounded Off 0.02 0.03
Workers' Profit Participation Fund % 0.06 0.06
Workers' Profit Participation Fund % Rounded Off 0.06 0.06
Donations % 0.0001
Donations % Rounded Off

Other Income
Income from financial assets
Profit on bank accounts 906,523 853,974
Commission income
Finance income on installment sales 91,421 61,274

Income from non financial assets

Gain on disposal of fixed assets 10,804 45,836
Extended warranty income 20,662
Scrap sales 17,795 15,987
Miscellaneous income 31,883 42,118
1,058,426 1,039,851

Return on Bank Deposits % 0.06 0.10

Return on Bank Deposits % Rounded Off 0.06 0.10
Trade payables, other payables and provisions

Creditors 1,160,016 1,353,778

Bills payable 1,845,483 1,142,642
Accrued liabilities 1,442,023 1,446,937
Royalties and technical fee payable to the Holding Compa 601,798 593,254
Mark-up on waiting for delivery of vehicles 3,679
Payable to dealers 439,186 618,732
Accrued makup on Short term borrowing
Retention money 3,421 3,628
Deposits from employees against purchase of vehicles 84,939 51,603
Payable to gratuity fund 55,117 61,902
Un-earned income - extended warranty 102,902 101,636
Payable against purchase of asset - -
Provision for unexpired free service and warranty 84,753 67,862
Provision for Sindh Infrastructure Development Cess 270,377 487,481
Others 139,545 238,858
6,229,560 6,171,992

PLANT CAPACITY AND PRODUCTION FY-19 FY-20 F-1

Capacity based on double shift basis 150,000

Actual production 44,000

PROPERTY PLANT & EQUIPMENT

Operating fixed assets 15,033,621 15,033,621

Capital work-in-process 652,229 652,229
Total Property Plant & Equipment 15,685,850 15,685,850
NOTES

FY-2017 FY-2018 FY-2019 FY-2020 F-1 FY-2020 F-2

1,500 1,500 1,500 1,500 1,500

450 450 450 450 450
110 110 110 110 110
1,000 940 940 940 940
204 247 465
419 317 277
3,683 3,564 3,742 3,000 3,000

301,660 111,856 - 163,791 163,791

111,856 42,348 - 65,516 65,516
- - 348 - -
- - - 86 86
3,683 3,564 3,742 3,742 3,742
417,199 157,768 4,090 233,135 233,135

0.02 0.02 - 0.00 0.02 0.02

0.02 0.02 - 0.02 0.02
0.06 0.05 - 0.05 0.05
0.06 0.06 - 0.05 0.05
- 0.00003 0.00003
0.00003 0.00003

695,180 368,411 74,024 287,541 287,541

500 3,000 3,000 3,000 3,000
42,242 24,757 11,904 11,904 11,904

14,258 49,158 16,038 - -

50,833 30,960 0 - -
11,717 16,758 20,950 20,950 20,950
49,981 72,899 96,588 96,588 96,588
864,711 565,943 222,504 419,983 419,983

0.08 0.24 0.02 0.10 0.10

0.08 0.24 0.02 0.10 0.10
 1,991,718 2,215,730 1,598,600 1,406,768 1,406,768
3,755,163 4,009,536 3,320,134 2,921,718 2,921,718
2,075,261 2,320,592 2,362,717 2,079,191 2,079,191
908,110 2,330,492 1,421,584 1,250,994 1,250,994
3,679 3,676 3,676 3,676 3,676
1,082,129 1,063,283 292,821 257,682 257,682
131,026 614,940 541,147 541,147
6,818 2,520 5,226 4,599 4,599
48,452 7,592 182 160 160
94,920 190,583 324,764 285,792 285,792
81,784 84,594 118,292 104,097 104,097
- 290,494 455,637 400,961 400,961
87,197 84,778 70,662 62,183 62,183
790,783 1,202,266 1,613,229 1,419,642 1,419,642
335,510 425,907 521,225 458,678 458,678
11,261,524 14,363,069 12,723,689 11,197,287 11,197,287

FY-20 F-2

15,033,621
652,229
15,685,850