Name

Reg No
subject
submitted to
 Raja Mashab
FA20-bba-113
Corporate Finance
Dr Usman Ayub
SHARE CAPITAL AND RESERVES
Authorized share capital

Issued share capital subscribed and paid up capital

Capital Reserve
surplus on revaluation of property, plant and equipment
Accumulated Profit
Share deposit money
Share Premium
Revaluation reserve
Retained earnings
Total Equity

liabilities
Non Current Liability
Reedemable captial
Long term finances

Lease liabilities
Warranty obligations
Deferred taxation
Deferred Income

Current liability
Trade and other payables
Unclaimed dividend
Accrued interest/markup/profit
Short term borrowings
Current maturity of non-current liabilities

TOTAL LIABILITIES

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES

ASSETS

NON-CURRENT ASSETS
Advances for capital expenditure
Property, plant and equipment
Intangible assets
Long term investments
Long term deposits
Long term advances

CURRENT ASSETS

Stores, spares and loose tools

Stock in trade
Trade debts
Due against construction work in progress - unsecured, considered good
Short term advances
Short term deposits and prepayments
Other receivables - unsecured, considered good
Short term investments
Advance income tax/Income tax refundable
Cash and bank balances

TOTAL ASSETS
 2018 2019 2020

6,000,000 6,000,000 6,000,000

5,426,392 5,426,392 5,426,392

4,279,947 4,279,947 -
6,579,049 6,023,632 -
13,994,307 14,958,172 -
- - -
- - 4,279,947
- - 5,723,151
- - 16,285,232
30,279,695 30,688,143 31,714,722

- - -
2,646,032 2,162,154 5,627,441

59,778 137,386 155,148

- 159,536 142,273
3,087,822 3,116,986 2,338,798
36,781 34,942 50,027
5,830,413 5,611,004 8,313,687

922,850 1,203,624 1,543,791

18,650 15,052 14,456
390,172 488,912 372,446
12,843,848 10,955,490 10,605,608
1,814,311 2,348,957 2,228,633

15,989,831 15,012,035 14,764,934

21,820,244 20,623,039 23,078,621

52,099,939 51,311,182 54,793,343

- - -
21,957,015 22,939,060 24,119,420
313,352 306,332 297,730
6,985 5,763 10,653
365,957 360,180 463,652
1,109,094 1,230,805 615,576
23,752,403 24,842,140 25,507,031

859,145 848,347 862,124

10,786,157 7,793,568 9,499,264
10,181,739 9,317,613 10,436,154
1,535,735 1,697,509 1,066,852
1,039,505 1,683,654 2,637,536
1,105,179 1,891,598 1,114,164
360,962 401,854 366,789
22,071 21,596 31,881
1,985,785 2,299,396 2,719,270
471,258 513,907 552,278
28,347,536 26,469,042 29,286,312

52,099,939 51,311,182 54,793,343

 2021 2022 2023 2024(0 %increase)

11,000,000 11,000,000 11,000,000 11,000,000

5,426,392 9,009,697 9,009,697 9,009,697

- - - -
- - - -
- - - -
1,790,000 - - -
4,279,947 5,610,856 5,610,856
5,353,956 4,785,124 5,737,289
18,176,520 19,552,222 21,067,369
35,026,815 38,957,899 41,425,211

1,500,000 - -
5,305,591 3,480,659 1,660,209

94,574 72,004 34,437

270,138 191,224 148,939
2,517,474 3,262,446 4,900,647
31,535 29,958 28,460
9,719,312 7,036,291 6,772,692

1,499,776 1,452,174 3,230,047

10,785 10,680 10,668
348,163 630,816 640,000
10,498,852 15,559,787 12,326,010
2,709,462 3,766,983 1,953,237

15,067,038 21,420,440 18,159,962

24,786,350 28,456,731 24,932,654

59,813,165 67,414,630 66,357,865

- 33,288 64,367
23,828,045 25,548,369 28,163,993
290,980 286,154 282,299
13,505 10,944 19,268
487,964 508,053 614,919
987,714 986,245 602,921
25,608,208 27,373,053 29,747,767

870,240 857,065 885,477

10,464,973 13,825,440 11,687,276
13,966,249 15,681,038 14,312,984
797,701 787,864 615,301
2,795,698 3,087,358 3,395,068
1,324,480 1,407,512 1,451,640
295,897 293,767 219,718
33,382 18,118 32,439
3,076,940 3,287,334 3,226,079
579,397 796,081 784,116
34,204,957 40,041,577 36,610,098

59,813,165 67,414,630 66,357,865

2024(5% increase) 2025(10% increase) 2026

11,000,000 11,000,000 11,000,000

9009697 9009697 9009697

- - -
- - -
- - -
- - -
5891398.8 6480538.68 7452619.482
6024153.45 6626568.795 7620554.11425
22120737.45 24332811.195 27982732.87425
43045986.7 46449615.67 52065603.4705

- - -
1743219.45 1917541.395 2205172.60425

36158.85 39774.735 45740.94525

156385.95 172024.545 197828.22675
5145679.35 5660247.285 6509284.37775
29883 32871.3 37801.995
7111326.6 7822459.26 8995828.149

3391549.35 3730704.285 4290309.92775

11201.4 12321.54 14169.771
672000 739200 850080
12942310.5 14236541.55 16372022.7825
2050898.85 2255988.735 2594387.04525

19067960.1 20974756.11 24120969.5265

26179286.7 28797215.37 33116797.6755

69225273.4 75246831.04 85182401.146

67585.35 74343.885 85495.46775

 29572192.65 32529411.915 37408823.70225

296413.95 326055.345 374963.64675

20231.4 22254.54 25592.721

645664.95 710231.445 816766.16175

633067.05 696373.755 800829.81825

31235155.35 34358670.885 39512471.51775

929750.85 1022725.935 1176134.82525

12271639.8 13498803.78 15523624.347
15028633.2 16531496.52 19011220.998
646066.05 710672.655 817273.55325
3564821.4 3921303.54 4509499.071
1524222 1676644.2 1928140.83
230703.9 253774.29 291840.4335
34060.95 37467.045 43087.10175
3387382.95 3726121.245 4285039.43175
823321.8 905653.98 1041502.077
38440602.9 42284663.19 48627362.6685

69675758.25 76643334.075 88139834.18625

450484.849999994 1396503.03500001 2957433.04025002

 2027 2028

11,000,000 11,000,000

9009697 9009697
- -
- -
- -
- -
8943143.3784 11178929.223
9144664.9371 11430831.171375
33579279.4491 41974099.311375
60676784.7646 73593556.70575

- -
2646207.1251 3307758.906375

54889.1343 68611.417875
237393.8721 296742.340125
7811141.2533 9763926.566625
45362.394 5670299.25
10794993.7788 19107338.481

5148371.9133 6435464.891625
17003.7252 21254.6565
1020096 1275120
19646427.339 24558034.17375
3113264.4543 3891580.567875

28945163.4318 36181454.28975

39740157.2106 55288792.77075

100416941.9752 128882349.4765

102594.5613 128243.201625
 44890588.4427 56113235.553375
449956.3761 562445.470125
30711.2652 38389.0815
980119.3941 1225149.242625
960995.7819 1201244.727375
47414965.8213 59268707.276625

1411361.7903 1764202.237875
18628349.2164 23285436.5205
22813465.1976 28516831.497
980728.2639 1225910.329875
5411398.8852 6764248.6065
2313768.996 2892211.245
350208.5202 437760.65025
51704.5221 64630.652625
5142047.3181 6427559.147625
1249802.4924 1562253.1155
58352835.2022 72941044.00275

105767801.0235 132209751.27938

5350859.04830001 3327401.802875
 Revenue

Sales tax, excise duty and discounts

Net revenue

Cost of sales

Gross profit

Other income

selling and Distribution cost

Administrative and general expenses

Other expenses

Operating prot

Finance cost

Share of loss of associate

Profit before taxation

Taxation
Profit after taxation
 2018 2019 2020

38,990,247 37,621,269 37,988,168

10,544,936 9,721,351 9,189,150

28,445,311 27,899,918 28,799,018

-21,448,040 21,326,893 22,397,517

6,997,271 6,573,025 6,401,501

17,977 33,887 36,099

-2,207,445 1,956,380 2,346,473

-1,081,326 1,229,762 1,457,070

-63,376 56,872 51,283
-3,352,147 3,243,014 3,854,826
3,663,101 3,363,898 2,546,675

-2,103,343 2,480,088 2,198,358

1,559,758 883,810 348,317
-2,456 2,806 2203
1,557,302 881,004 346,114

185,833 2411 132091

1,371,469 878,593 214,023
 2021 2022

55,367,475 66,028,240

12,480,111 13,642,062

42,887,364 52,386,178

33,819,712 42,084,692

9,067,652 10,301,486

38,595 78,252

2,779,561 2,982,017

1,725,363 1,990,558
205,915 210,424
4,710,839 5,182,999
4,356,813 5,196,739

2,173,765 2,173,765
2,183,048 3,022,974
909 386
2,182,139 3,022,588

615,302 1,280,686
1,566,837 1,741,902
cost of Sales

Distribution Cost

administration Expenses

other Operating Expenses

financial cost
 (0 % increase sales )
2023 2024

48,324,005 48324005.00

9,638,893 9,638,893

38,685,112 38685112.00

27,581,482 27,581,482

11,103,630 11,103,630

103,888 103,888

1,842,938 1,842,938

2,074,792 2,074,792
252,729 252,729
4,170,459 4,170,459
7,037,059 7,037,059

3,648,653 3,648,653
3,388,406 3,388,406
183 183
3,388,223 3,388,223

1,978,736 1,978,736
1,409,487 1,409,487
FC 0.4
VC 0.6

FC 0.3
VC 0.7

FC 0.2
VC 0.8

FC 0.9
VC 0.1

FC 0.1
VC 0.9
(5% Icrease sales) (10 % increase sales )
2025 2026

50740205.25 55814225.775

10120837.65 11132921.415

40619367.6 44681304.36

28960556.1 31856611.71

11,658,812 12824692.65

109082.4 119990.64

1935084.9 2128593.39

2178531.6 2396384.76
265365.45 291901.995
4,378,982 4816880.145
7,388,912 8127803.145

3831085.65 4214194.215
3,557,826 3,913,609
192.15 211.365
3,557,634 3,913,398

2077672.8 2285440.08
1,479,961 1,627,957

2023 Fc
3855557.2 3855557.2
5783335.8 6072502.59

552881.4
1290056.6 1354559.43

414958.4
1659833.6 1742825.28

227456.1
25272.9 26536.545

364865.3
3283787.7 3447977.085
increase sales 15% increase the sales 20%
2027 2028

66977070.93 80372485.116

12802859.62725 15363431.5527

54174211.30275 65009053.5633

36635103.4665 43962124.1598

17539107.83625 21,046,929

137989.236 165587.0832

2447882.3985 2937458.8782

2755842.474 3307010.9688
335687.29425 402824.7531
5539412.16675 6647294.6001
12137684.9055 14,565,222

4846323.34725 5815588.0167
7,291,362 8,749,634
243.06975 291.6837
7,291,118 8,749,342

2628256.092 3153907.3104
4,662,862 5,595,435

Tc 2024
9928059.79 4048335.06
6072502.59

580525.47
1907440.83 1354559.43

435706.32
2157783.68 1742825.28

238828.905
26536.545

3812842.385 383108.565
3447977.085
increase with 5%
2024

50740205.25

10120837.65

40619367.6

28960556.1 cost of sales 1

11658811.5

109082.4

1935084.9 selling and distribtions 2

2178531.6
265365.45 other expense 4
4378981.95 administartions expense 3
7388911.95

3831085.65 finance cost 5

3,557,826
405.3
3,557,421

2077672.8
1,479,748

2029

Fc 2025
 11584222.44
6376127.7195 17376333.66

580525.47
1422287.4015 1354559.43

875796.39
1829966.544 3503185.56

238828.905
250770.35025 26536.545

383108.565
3620375.93925 3447977.085
Fc 2026 Fc
 19113967.026
19113967.026 12742644.684 31856611.71

1490015.373
1935084.9 638578.017 2128593.39

3853504.116
4378981.95 963376.029 4816880.145

29190.1995
265365.45 262711.7955 291901.995

3792774.7935
3831085.65 421419.4215 4214194.215
2027 Fc
21981062.0799
14654041.3866 36635103.4665

1713517.67895
734364.71955 2447882.3985

4431529.7334
1107882.43335 5539412.16675

302118.564825
33568.729425 335687.29425

484632.334725
4361691.012525 4846323.34725
 2018
Revenue 38990247

Sales tax, excise duty and discounts 10544936

Net revenue 28445311

Cost of sales -17900375

Gross profit 10544936

Other income 17977

selling and Distribution cost -2207445

Administrative and general expenses -1081326

Other expenses -63376
-3352147
Operating prot 7210766

Finance cost -2103343

5107423
Share of loss of associate -2456
Profit before taxation 5104967

Taxation 185833
Profit after taxation 4919134

Retained Earnings
 2019 2020 2021
37621269 37988168 55367475

9721351 9189150 12480111

27899918 28799018 42887364

21326893 22397517 33819712

6573025 6401501 9067652

33887 36099 38595

1956380 2346473 2779561

1229762 1457070 1725363

56872 51283 205915
3243014 3854826 4710839
3363898 2546675 4356813

2480088 2198358 2173765

883810 348317 2183048
2806 2203 909
881004 346114 2182139

2411 132091 615302

878593 214023 1566837
 2018 2019
SHARE CAPITAL AND RESERVES
Authorized share capital 6000000 6000000

Issued share capital subscribed and pai 5426392 5426392

Capital Reserve 4279947 4279947
surplus on revaluation of property, pl 6579049 6023632
Accumulated Profit 13994307 14958172
Share deposit money - -
Share Premium - -
Revaluation reserve - -
Retained earnings - -
Total Equity 30279695 30688143

liabilities
Non Current Liability
Reedemable captial - -
Long term finances 2646032 2162154

Lease liabilities 59778 137386

Warranty obligations - 159536
Deferred taxation 3087822 3116986
Deferred Income 36781 34942
5830413 5611004
Current liability
Trade and other payables 922850 1203624
Unclaimed dividend 18650 15052
Accrued interest/markup/profit 390172 488912
Short term borrowings 12843848 10955490
Current maturity of non-current liabiliti 1814311 2348957

15989831 15012035

TOTAL LIABILITIES 21820244 20623039

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 52099939 51311182

ASSETS

NON-CURRENT ASSETS
Advances for capital expenditure - -
Property, plant and equipment 21957015 22939060
Intangible assets 313352 306332
Long term investments 6985 5763
Long term deposits 365957 360180
Long term advances 1109094 1230805
23752403 24842140

CURRENT ASSETS

Stores, spares and loose tools 859145 848347

Stock in trade 10786157 7793568
Trade debts 10181739 9317613
Due against construction work in progr 1535735 1697509
Short term advances 1039505 1683654
Short term deposits and prepayments 1105179 1891598
Other receivables - unsecured, conside 360962 401854
Short term investments 22071 21596
Advance income tax/Income tax refund 1985785 2299396
Cash and bank balances 471258 513907
28347536 26469042

TOTAL ASSETS 52099939 51311182

 0% increase 10% increase
2022 2023 2024 2025
66028240 48324005 48324005 53156405.5

13642062 9638893 9638893 10602782.3

52386178 38685112 38685112 42553623.2

42084692 27581482 27581482 30339630.2

10301486 11103630 11103630 12213993

78252 103888 103888 114276.8

2982017 1842938 1842938 2027231.8

1990558 2074792 2074792 2282271.2

210424 252729 252729 278001.9
5182999 4170459 4170459 4587504.9
5196739 7037059 7037059 7740764.9

2173765 3648653 3648653 4013518.3

3022974 3388406 3388406 3727246.6
386 183 183 201.3
3022588 3388223 3388223 3727045.3

1280686 1978736 1978736 2176609.6

1741902 1409487 1409487 1550435.7

775217.85 852739.635
 2020 2021 2022 2023

6000000 11000000 11000000 11000000

5426392 5426392 9009697 9009697

- - - -
- - - -
- - - -
- 1790000 - -
4279947 4279947 5610856 5610856
5723151 5353956 4785124 5737289
16285232 18176520 19552222 21067369
31714722 35026815 38957899 41425211

- 1500000 - -
5627441 5305591 3480659 1660209

155148 94574 72004 34437

142273 270138 191224 148939
2338798 2517474 3262446 4900647
50027 31535 29958 28460
8313687 9719312 7036291 6772692

1543791 1499776 1452174 3230047

14456 10785 10680 10668
372446 348163 630816 640000
10605608 10498852 15559787 12326010
2228633 2709462 3766983 1953237

14764934 15067038 21420440 18159962

23078621 24786350 28456731 24932654

54793343 59813165 67414630 66357865

- - 33288 64367
24119420 23828045 25548369 28163993
297730 290980 286154 282299
10653 13505 10944 19268
463652 487964 508053 614919
615576 987714 986245 602921
25507031 25608208 27373053 29747767

862124 870240 857065 885477

9499264 10464973 13825440 11687276
10436154 13966249 15681038 14312984
1066852 797701 787864 615301
2637536 2795698 3087358 3395068
1114164 1324480 1407512 1451640
366789 295897 293767 219718
31881 33382 18118 32439
2719270 3076940 3287334 3226079
552278 579397 796081 784116
29286312 34204957 40041577 36610098

54793343 59813165 67414630 66357865

2023
 15% increase 20 % increase
2026 2027
61129866.325 73355839.59

12193199.645 14631839.574

48936666.68 58724000.016

34890574.73 41868689.676

14046091.95 16855310.34

131418.32 157701.984

2331316.57 2797579.884

2624611.88 3149534.256
319702.185 383642.622
5275630.635 6330756.762
8901879.635 10682255.562

4615546.045 5538655.254
4286333.59 5143600.308
231.495 277.794
4286102.095 5143322.514

2503101.04 3003721.248
1783001.055 2139601.266

980650.580250002 1176780.6963
2024(0 %increase) 2024(5% increase)

11000000 11000000

9009697 9009697
- -
- -
- -
- -
5610856 5891398.8
5737289 6024153.45
21842586.85 21881230.51
53200428.85 53806479.76

- -
1660209 1743219.45

34437 36158.85
148939 156385.95
4900647 5145679.35
28460 29883
6772692 7111326.6

3230047 3391549.35
10668 11201.4
640000 672000
12326010 12942310.5
1953237 2050898.85

18159962 19067960.1

24932654 26179286.7

78133082.85 79985766.46

64367 67585.35
 28163993 29572192.65
282299 296413.95
19268 20231.4
614919 645664.95
602921 633067.05
29747767 31235155.35

885477 929750.85
11687276 12271639.8
14312984 15028633.2
615301 646066.05
3395068 3564821.4
1451640 1524222
219718 230703.9
32439 34060.95
3226079 3387382.95
784116 823321.8
36610098 38440602.9

66357865 69675758.25

-11775217.85 -10310008.21
3317893.25
IFN IFN

Prjoected Sales
0 % increase
5 % increase
10 % increase
15 % increase
20 % increase
25 % increase
 25% increase 5% increase
2028 2024
91694799.4875 50740205.25

18289799.4675 10120837.65

73405000.02 40619367.6

52335862.095 28960556.1

21069137.925 11658811.5

197127.48 109082.4

3496974.855 1935084.9

3936917.82 2178531.6
479553.2775 265365.45
7913445.9525 4378981.95
13352819.4525 7388911.95

6923319.0675 3831085.65
6429500.38500001 3557826.3
347.2425 405.3
6429153.14250001 3557421

3754651.56 2077672.8
2674501.58250001 1479748.2

1470975.870375 813861.51
2025(10% increase) 2026(15 % increase)

11000000 11000000

9009697 9009697
- -
- -
- -
- -
6480538.68 7452619.482
6626568.795 7620554.11425
21920108.635 22048019.58025
55036913.11 52065603.4705

- -
1917541.395 2205172.60425

39774.735 45740.94525
172024.545 197828.22675
5660247.285 6509284.37775
32871.3 37801.995
7822459.26 8995828.149

3730704.285 4290309.92775
12321.54 14169.771
739200 850080
14236541.55 16372022.7825
2255988.735 2594387.04525

20974756.11 24120969.5265

28797215.37 33116797.6755

83834128.48 85182401.146

74343.885 85495.46775
 32529411.915 37408823.70225
326055.345 374963.64675
22254.54 25592.721
710231.445 816766.16175
696373.755 800829.81825
34358670.885 39512471.51775

1022725.935 1176134.82525
13498803.78 15523624.347
16531496.52 19011220.998
710672.655 817273.55325
3921303.54 4509499.071
1676644.2 1928140.83
253774.29 291840.4335
37467.045 43087.10175
3726121.245 4285039.43175
905653.98 1041502.077
42284663.19 48627362.6685

76643334.075 88139834.18625

-7190794.40499999 2957433.04025002
10285469.075 21781969.18625
IFN EFN

Increase Assests Required Additions To RE

 0 11775217.85
3317893.25 -10310008.21
10285469.075 -7190794.40499999
21781969.18625 2957433.04025002
39409936.0235 5350859.04830001
65851886.279375 11763156.243875
2027(20 % increase ) 2028(25 %)

11000000 11000000

9009697 9009697
- -
- -
- -
- -
8943143.3784 11178929.223
9144664.9371 11430831.171375
22244149.6963 22538344.870375
60676784.7646 65157802.26475

- -
2646207.1251 3307758.906375

54889.1343 68611.417875
237393.8721 296742.340125
7811141.2533 9763926.566625
45362.394 5670299.25
10794993.7788 19107338.481

5148371.9133 6435464.891625
17003.7252 21254.6565
1020096 1275120
19646427.339 24558034.17375
3113264.4543 3891580.567875

28945163.4318 36181454.28975

39740157.2106 55288792.77075

100416941.9752 120446595.0355

102594.5613 128243.201625
 44890588.4427 56113235.553375
449956.3761 562445.470125
30711.2652 38389.0815
980119.3941 1225149.242625
960995.7819 1201244.727375
47414965.8213 59268707.276625

1411361.7903 1764202.237875
18628349.2164 23285436.5205
22813465.1976 28516831.497
980728.2639 1225910.329875
5411398.8852 6764248.6065
2313768.996 2892211.245
350208.5202 437760.65025
51704.5221 64630.652625
5142047.3181 6427559.147625
1249802.4924 1562253.1155
58352835.2022 72941044.00275

105767801.0235 132209751.279375

5350859.04830001 11763156.243875
39409936.0235 65851886.279375
EFN EFN

EFN
 -11775217.85
-6992114.96000001
3094674.67000003
18824536.146
34059076.9752
54088730.0355