BALANCE SHEET

ASSETS
Non-Current Assets
Fixed Assets
Property Plant and Equipment
Intangible Assets
Long term investments
Long term loans
Long term deposits
Total Non-Current Assets
Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Other receivables
Taxation-net
Cash and bank balances
Total Current assets
Total assets
EQUITIES AND LIABILITIES
Share capital and reserves
Reserves
Share capital
Total Equities
Non Current Liabilities
Long term financings
Lease liabilities
Long term security deposits
Government grant
Deferred taxation
Total Non Current Liabilities
Current Liabilities
Trade and other payables
Contract liabilities
Accrued markup
Short term borrowings
Current maturity of long term financings
Current portion of lease liabilities
Current portion of government grant
Taxation-net
Unpaid dividend
Total Current Liabilities
Total Equity and Liability

PROFIT AND LOSS STATEMENT

Net turnover
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other expenses
Other income
Operating profit
Finance cost
Profit before taxes
Taxation
Current
Prior
Deffered
Net profit

STATEMENT OF CASH FLOWS

Profit Before Taxation

Adjustments for:
Depreciation on operating property, plant and equipment
Depreciation - right-of-use assets
Amortisation
Gain on disposals of operating property, plant and equipment
Gain on short-term investments at fair value through profit or loss
Interest income on financial asset at amortised cost
Gratuity expense
Finance costs
Exchange gain
Share of profit from joint ventures
Dividend income
Sub-Total
Total
(Increase) / decrease in current assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Other receivables
Sub-Total
Total
Increase / (decrease) in current liabilities
Trade and other payables
Contract liabilities
Cash generated from operations
Income tax paid
Long-term loans and deposits - net
Gratuity paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment
Additions to intangible assets
Disposal of investment in joint venture - MHPL
Proceed from disposals of operating property, plant and equipment
Dividend received
Short-term investments - net
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term financings - net
Lease rentals paid
Dividend paid
Finance costs paid - net
Net cash used in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents as at the beginning of the year
Cash and cash equivalents as at the end of the year
Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3
2023 2022 2021
Rs in '000 % % Rs in '000 % % Rs in '000

28,934,966 4.96 73.62 27,568,302 7.73 71.41 25,590,839

30,153 104.36 0.08 14,755 -8.99 0.04 16,213
408,134 -15.25 1.04 481,559 -27.14 1.25 660,950
59,364 -12.46 0.15 67,811 -10.12 0.18 75,446
4,676 -34.52 0.01 7,141 85.92 0.02 3,841
29,437,293 4.61 74.90 28,139,568 6.80 72.89 26,347,289

6,219,768 -16.76 15.83 7,472,016 78.57 19.36 4,184,247

2,279,774 146.18 5.80 926,075 -7.91 2.40 1,005,590
903,240 69.15 2.30 533,973 31.02 1.38 407,548
72,695 -75.16 0.18 292,691 54.13 0.76 189,899
5,267 -65.95 0.01 15,469 -38.55 0.04 25,174
6,196 38.09 0.02 4,487 -97.73 0.01 198,060
217,940 131.52 0.55 94,133 -94.45 0.24 1,695,693
160,113 -85.79 0.41 1,126,474 704.50 2.92 140,022
9,864,993 -5.74 25.10 10,465,318 33.38 27.11 7,846,233
39,302,286 1.81 100.00 38,604,886 12.90 100.00 34,193,522

18,936,068 23.17 48.18 15,373,372 32.00 39.82 11,646,602

1,942,950 0.00 4.94 1,942,950 0.00 5.03 1,942,950
20,879,018 20.57 53.12 17,316,322 27.42 44.86 13,589,552

6,374,690 -35.73 16.22 9,918,167 -21.44 25.69 12,624,315

39,214 257.43 0.10 10,971 -48.75 0.03 21,408
29,025 2.02 0.07 28,450 1.23 0.07 28,105
935,890 -1.35 2.38 948,684 1035.62 2.46 83,539
2,875,087 437.35 7.32 535,045 -6.72 1.39 573,593
10,253,906 -10.38 26.09 11,441,317 -14.17 29.64 13,330,960

2,879,035 0.04 7.33 2,877,773 27.06 7.45 2,264,938

208,393 -14.57 0.53 243,921 27.44 0.63 191,403
438,173 0.65 1.11 435,350 42.55 1.13 305,412
1,573,345 -49.83 4.00 3,135,925 80.08 8.12 1,741,387
 2,943,476 -3.11 7.49 3,037,906 14.77 7.87 2,646,955
13,549 29.80 0.03 10,438 -28.78 0.03 14,655
11,260 -43.57 0.03 19,953 -1.68 0.05 20,294
74,984 0.73 0.19 74,441 30.32 0.19 57,123
27,147 135.24 0.07 11,540 -62.58 0.03 30,843
8,169,362 -17.04 20.79 9,847,247 35.39 25.51 7,273,010
39,302,286 1.81 100.00 38,604,886 12.90 100.00 34,193,522

Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3

2023 2022 2021
Rs in '000 % % Rs in '000 % % Rs in '000
37,386,186 16.52 100.00 32,085,361 27.29 100.00 25,206,811
27,249,373 17.79 72.89 23,134,576 25.20 72.10 18,478,508
10,136,813 13.25 27.11 8,950,785 33.03 27.90 6,728,303
606,436 14.58 1.62 529,254 23.29 1.65 429,264
436,116 24.91 1.17 349,141 19.89 1.09 291,220
362,027 31.51 0.97 275,286 9.53 0.86 251,324
453,965 16.25 1.21 390,495 272.25 1.22 104,900
9,186,199 12.20 24.57 8,187,599 39.69 25.52 5,861,395
1,914,170 40.86 5.12 1,358,874 -10.85 4.24 1,524,177
7,272,029 6.49 19.45 6,828,725 57.44 21.28 4,337,218
0.00
522,365 -65.71 1.40 1,523,528 638.87 4.75 206,196
8,981 -98.84 0.02 774,049 2.41
2,336,751 3008.08 6.25 75,183 -91.88 0.23 925,966
4,403,932 -1.17 11.78 4,455,965 39.03 13.89 3,205,056

Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3

2023 2022 2021
Rs in '000 % % Rs in '000 % % Rs in '000
7,272,029 6.49 6,828,725 57.44 4,337,218

1,601,838 -0.93 44.86 1,616,884 -3.00 55.46 1,666,835

16,816 19.40 0.47 14,084 4.22 0.48 13,514
2,739 9.17 0.08 2,509 -3.28 0.09 2,594
-5,452 -28.69 -0.15 -7,646 50.96 -0.26 -5,065
-22,045 105.28 -0.62 -10,739 -61.60 -0.37 -27,963
-8,716 -9.48 -0.24 -9,629 3.76 -0.33 -9,280
86,492 102.89 2.42 42,630 1.46
1,914,170 40.86 53.61 1,358,874 -10.85 46.61 1,524,177
-112 314.81 0.00 -27 -100.46 0.00 5,925
-7,060 -90.71 -0.20 -76,026 245145.16 -2.61 -31
-8,119 -48.00 -0.23 -15,613 127.26 -0.54 -6,870
3,570,551 22.48 100.00 2,915,301 -7.86 100.00 3,163,836
10,842,580 11.27 9,744,026 29.90 7,501,054
 1,252,248 -138.09 -516.97 -3,287,769 687.35 96.98 -417,573
-1,353,699 -1802.44 558.85 79,515 -284.40 -2.35 -43,120
-369,267 192.08 152.45 -126,425 18.26 3.73 -106,900
219,996 -314.02 -90.82 -102,792 -28.14 3.03 -143,044
10,202 5.12 -4.21 9,705 -209.48 -0.29 -8,865
-1,709 -104.54 0.71 37,624 -1240.47 -1.11 -3,299
-242,229 -92.85 100.00 -3,390,142 369.03 100.00 -722,801
10,600,351 66.83 6,353,884 -6.26 217.95 6,778,253

33,370 -92.08 0.31 421,541 -4.71 6.17 442,372

-35,528 -167.65 14.67 52,518 -958.14 0.77 -6,120
10,598,193 55.22 6,827,943 -5.36 100.00 7,214,505
-655,153 -5.87 -6.63 -696,017 94.91 -11.40 -357,100
20,203 41.19 0.20 14,309 -57.44 0.23 33,623
-84,420 111.05 -0.85 -40,000 -0.66
9,878,823 61.78 100.00 6,106,235 -11.39 100.00 6,891,028

-2,795,819 -21.25 104.16 -3,550,080 84.60 101.24 -1,923,082

-18,137 1625.69 0.68 -1,051 -26.81 0.03 -1,436
82,800 -3.08 0.00
16,740 -8.75 -0.62 18,345 48.82 -0.52 12,327
8,119 -48.00 -0.30 15,613 127.26 -0.45 6,870
22,045 105.28 -0.82 10,739 -61.60 -0.31 27,963
-2,684,252 -23.45 100.00 -3,506,434 86.77 100.00 -1,877,358

-3,659,394 152.30 55.46 -1,450,393 -27.76 48.22 -2,007,727

-20,505 17.08 0.31 -17,514 10.74 0.58 -15,815
-858,178 250.49 13.01 -244,854 26.00 8.14 -194,323
-2,060,275 59.08 31.22 -1,295,126 -26.89 43.06 -1,771,487
-6,598,352 119.37 100.00 -3,007,887 -24.60 100.00 -3,989,352
596,219 -246.10 -408,086 -139.84 1,024,318
-2,009,451 25.48 -1,601,365 -39.01 -2,625,683
-1,413,232 -29.67 -2,009,451 25.48 -1,601,365
\
BALANCE SHEET

ASSETS
Non-Current Assets
Property,plant and equipment
Intangible asset
Investments
Long term deposits
Total Non-Current Assets
Current Assets
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Investments
Contract assets
Loans, advances, deposits, prepayments and other receivables
Income tax receivable
Cash and bank balances
Total Current Assets
Total Assets
EQUITIES AND LIABILITIES
Share Capital and Reserves
Issued, subscribed and paid up share capital 438,119,118 (2022: 438,119,118) ordinary shares of Rs 10 each
Non-controlling intrest
Other reserves
Revenue reserve: Un-appropriated profits
Total equity
NON-CURRENT LIABILITIES
Long term finances from financial institutions - secured
Deferred government grant
Long term deposits
Employee benefits obligations
Deferred taxation
Total Non-Current Liabilities
CURRENT LIABILITIES
Trade and other payables
Short term borrowings from financial institutions - secured
Accrued markup
Loan from related parties- unsecured
Current portion of non-current liabilities
Unclaimed dividend
Provision for taxation
Total Current Liabilities
Total Liabilities and Equities

PROFIT AND LOSS STATEMENT

Revenue
Cost of sales
Gross profit
Administrative expenses
Selling and distribution expenses
Net impairment loss on financial assets
Other expenses
Other income
Finance cost
Profit before taxation
Taxation
(Loss)/profit for the year

STATEMENT OF CASH FLOWS

Cash Flows from Operating Activities

Cash generated from operations
Finance cost paid
Retirement and other benefits paid
Income tax paid
Long term deposits - net
Net cash inflow/(outflow) from operating activities
Cash Flows from Investing Activities
Payments for property, plant and equipment and intangible asset
Proceeds from disposal of property, plant and equipment
Long term loans, advances and deposits - net
Investment in equity instruments
Recovery of loan to related party
Interest received
Dividends received
Net cash (outflow)/inflow from investing activities
Cash Flows from Financing Activities
Proceeds from long term finances
Repayment of long term finances
Dividend paid
Net cash outflow from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the year
Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3
2023 2022 2023
Rs in '000 % % Rs in '000 % % Rs in '000

82,245,650 -0.67 61.05 82,803,860 -6.53 60.63 88,584,507

10,152 -41.38 0.01 17,319 -98.03 0.01 877,563
13,366,360 3.89 9.92 12,866,145 -6.22 9.42 13,718,917
64,426 4.71 0.05 61,526 -0.95 0.05 62,114
95,686,588 -0.07 71.03 95,748,850 -7.26 70.11 103,243,101

13,852,005 -17.62 10.28 16,813,883 28.32 12.31 13,102,583

8,873,170 48.34 6.59 5,981,515 62.42 4.38 3,682,698
1,193,440 -18.70 0.89 1,467,862 -42.90 1.07 2,570,837
9,270,898 -6.94 6.88 9,962,421 -23.05 7.30 12,946,812
0.00 0.00 113,862
926,047 -35.27 0.69 1,430,613 9.26 1.05 1,309,418
4,236,134 -10.74 3.14 4,746,066 -9.31 3.48 5,233,271
674,972 64.31 0.50 410,803 -78.36 0.30 1,898,726
39,026,666 -4.38 28.97 40,813,163 -0.11 29.89 40,858,207
134,713,254 -1.35 100.00 136,562,013 -5.23 100.00 144,101,308

4,381,191 0.00 3.25 4,381,191 0.00 3.21 4,381,191

0.00 0.00 2,182,351
22,592,167 -6.79 16.77 24,238,624 -19.80 17.75 30,223,348
37,218,919 -9.88 27.63 41,298,287 5.65 30.24 39,089,297
64,192,277 -8.19 47.65 69,918,102 -7.85 51.20 75,876,187

9,663,619 -31.79 7.17 14,168,229 -28.52 10.37 19,821,227

278,753 -38.15 0.21 450,684 -32.19 0.33 664,636
439,697 56.38 0.33 281,177 13.84 0.21 246,992
849,515 19.21 0.63 712,640 34.26 0.52 530,803
10,613,603 114.76 7.88 4,942,150 30.59 3.62 3,784,340
21,845,187 6.28 16.22 20,554,880 -17.94 15.05 25,047,998

13,783,299 9.46 10.23 12,591,709 -14.62 9.22 14,747,002

25,494,293 1.13 18.92 25,210,506 20.40 18.46 20,939,726
1,739,547 96.95 1.29 883,229 59.58 0.65 553,468
0.00 214,000
 7,588,857 3.48 5.63 7,333,985 10.21 5.37 6,654,320
34,704 0.56 0.03 34,512 2.97 0.03 33,517
35,090 0.00 0.03 35,090 0.00 0.03 35,090
48,675,790 5.61 36.13 46,089,031 6.74 33.75 43,177,123
134,713,254 -1.35 100.00 136,562,013 -5.23 100.00 144,101,308

Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3

2023 2022 2021
Rs in '000 % % Rs in '000 % % Rs in '000
64,983,821 11.96 100.00 58,043,863 28.68 100.00 45,107,690
55,428,046 16.41 85.30 47,615,551 28.57 82.03 37,035,798
9,555,775 -8.37 14.70 10,428,312 29.19 17.97 8,071,892
879,356 17.08 1.35 751,052 16.12 1.29 646,762
1,818,028 3.96 2.80 1,748,859 -10.32 3.01 1,950,056
104,094 1057.89 0.16 8,990 -91.41 0.02 104,703
96,461 -90.75 0.15 1,042,803 151.69 1.80 414,315
3,246,999 19.62 5.00 2,714,340 7.42 4.68 2,526,818
6,742,292 88.80 10.38 3,571,187 22.26 6.15 2,920,875
3,162,543 -47.46 4.87 6,019,761 26.16 10.37 4,771,405
6,798,519 123.08 10.46 3,047,629 190.21 5.25 1,050,132
-3,635,976 -222.34 -5.60 2,972,132 -20.13 5.12 3,721,273

Amount Horizontal Vertical Amount2 Horizontal2 Vertical2 Amount3

2023 2022 2021
Rs in '000 % % Rs in '000 % % Rs in '000

13,397,298 1322.42 205.98 941,866 -91.01 -23.95 10,472,429

-5,998,599 87.71 -92.23 -3,195,727 2.25 81.26 -3,125,381
-127,441 17.17 -1.96 -108,762 45.46 2.77 -74,770
-925,544 -42.30 -14.23 -1,604,041 45.27 40.79 -1,104,143
158,520 363.71 2.44 34,185 -592.22 -0.87 -6,945
6,504,234 -265.40 100.00 -3,932,479 -163.83 100.00 6,161,190

-3,418,069 96.49 195.64 -1,739,551 -65.80 -119.01 -5,087,104

206,392 107.24 -11.81 99,592 57.54 6.81 63,218
-2,900 -27.73 0.17 -4,013 -952.02 -0.27 471
-1,007,500 57.67 0.00 -201,230
0.00 765,000 52.34
3,551 -90.63 -0.20 37,882 -41.72 2.59 65,004
2,471,374 7.32 -141.45 2,302,736 4.79 157.54 2,197,481
-1,747,152 -219.53 100.00 1,461,646 -149.34 100.00 -2,962,160
 2,038,739 25.04 -41.75 1,630,445 -81.53 -33.51 8,826,457
-6,484,381 7.03 132.78 -6,058,277 -6.09 124.53 -6,451,284
-437,927 0.18 8.97 -437,124 136501.25 8.99 -320
-4,883,569 0.38 100.00 -4,864,956 -304.85 100.00 2,374,853
-126,487 -98.28 -7,335,789 -231.61 5,573,883
-24,799,703 41.26 -17,555,677 -24.16 -23,148,133
106,869 16.46 91,763 394.07 18,573
-24,819,321 0.08 -24,799,703 41.26 -17,555,677
Ratios
PROFITABILITY RATIOS
Gross Profit Ratio
Net Profit to Sales
EBITDA
EBITDA to Sales
Return on Equity
Shareholders' funds
Return on shareholders funds

LIQUIDITY RATIOS
Current Ratio
Quick Ratio

CAPITAL STRUCTURE
Interest Cover Ratio
Financial leverage

ACTIVITY RATIOS
Fixed Assets Turnover
Total Assets Turnover
Inventory Turnover
Inventory Turnover Days
Debtor Turnover
Debtor Turnover Days
Creditor Turnover
Creditor Turnover Days
Operating cycle
Formula Rate 2023

Gross profit / Total revenue % 27.11%

Net profit / Total Revenue % 11.78%
Operating profit / (loss) - depreciation and amortization Rs 10,804,853
EBITDA/Total revenue % 28.90%
Net income / Shareholder's equity % 21.09%
Total Shareholders equity / Total assets % 53%
PAT/Total Shareholders equity % 21%

Current assets / Current liabilities times 1.21

Current assets - Inventories / Current liabilities times 0.93

EBIT/Finance cost times 5

Total debt / shareholders' equity times 0.88

Revenue / Operating assets times 1.2920763757

Revenue / Total assets times 0.95
Cost of goods sold / Average inventory times 16.999780401
365 / Inventory turnover days 21.47
Total sales / Average accounts receivable times 13
365 / debtor turnover days 28.08
Raw and packing materials / Average accounts payable times 9
365 / creditor turnover days 40.555555556
Inventory turnover days + Debtor turnover days - Creditor turnover days days 8.99
2022 2023 DG 2022 DG

27.90% 14.70%
13.89% -6%
9818567.00 13,841,796 13,527,909
30.60% 21% 23%
25.73% -6% 4%
45% 48% 51%
26% -6% 4%

1.06 0.80 0.89

0.97 0.62 0.76

6.03 1.47 2.69

1.23 1.10 0.95

1.16 0.79 0.70

0.83 0.48 0.43
23.95 8.42 7.06
15.24 140.00 160.00
68.16 48.84 28.74
5.36 7.47 12.70
15.00
11.00
9.59 60 80