Balance Sheet

Amounts i
Particulars 2014 2015

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 684,798,311 696,321,121
Intangible Assets 2,247,136 2,254,228
Biological Assets 9,341,334 8,795,333
Long term Recieveables 1,974,780 1,974,780
698,361,561 709,345,462
CURRENT ASSETS
Stores and spares 19,457,038 29,549,570
Stock-in-trade 405,756,555 313,067,277
Trade debts 96,601,581 109,963,834
Loans and advances, prepayments and other receivables 147,086,354 38,909,504
Income tax recoverable - 153,965,507
Cash and bank balances 34,314,031 13,216,209
703,215,559 658,671,901
TOTAL ASSETS 1,401,577,120 1,368,017,363

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorised Capital 20,000,000 20,000,000
Issued subscribed paid up capital 78,750,000 78,750,000
Reserves 9,635,878 9,635,878
Unappropriate Profit 490,527,386 484,201,186
TOTAL EQUITY 578,913,264 572,587,064
NON-CURRENT LIABILITIES
Deffered taxation - 52,492,282
Deferred Liabilities 157,033,057 105,277,960
Long term finance secured 149,333,333 106,666,665
306,366,390 264,436,907
CURRENT LIABILITIES
Current portion of long-term finance 10,666,667 42,666,668
Short term running finance 331,973,482 376,641,761
Creditors, accrued and other liabilities 164,653,092 105,114,723
Accrued finance cost on short term running finance 9,004,225 6,620,240
516,297,466 531,043,392
TOTAL LIABILITIES 822,663,856 795,480,299
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES 1,401,577,120 1,368,067,363
 Ratio Analysis
2014 2015
Liquidity
Current ratio 1.36 1.24
Quick (acid-test) ratio 0.58 0.65
Other liquidity ratios
Cash ratio 0.07 0.02
Net working capital to total assets 0.13 0.09
Interval measures 1,623.83 3,233.96
Asset Utilization Ratios
Inventory Turnover 3.51 4.13
Days' sale in inventory 104 88
Receivable turnover 20 15
Days' sales in receivables 18 24
Net working capital turnover 12.31 22.82
Fixed asset turnover 2.79 2.40
Total asset turnover 1.39 1.24
Long-term solvency, or financial leverage, ratios
Total debt ratio 0.59 0.58
Debt-equity ratio 1.42 1.39
Equity multiplier 2.42 2.39
Long- term debt ratio 0.21 0.16
Times interest earned ratio 4.10 1.53
Cash coverage ratio
Profitability ratio
Profit margin 0.0552 0.0160
Return on assets (ROA) 0.0767 0.0198
Return on equity (ROE) 0.1856 0.0473
Market value ratios
Price-earning ratio 0.7328 2.9091
PEG ratio
Price-sales ratio
Market to book ratio
Tobin's Q ratio
Enterprise vale- EBITDA
Balance Sheet
Amounts in Rupees
2016 2017 2018 2019 2020

668,991,855 769340633.25 884741728.2375 1017452987.473 1170070935.594

2,076,700 2388205 2746435.75 3158401.1125 3632161.279375
8,205,000 9435750 10851112.5 12478779.375 14350596.28125
1,974,780 2270997 2611646.55 3003393.5325 3453902.562375
681,248,335 783,435,585 900,950,923 1,036,093,561 1,191,507,596

26,879,437 30911352.55 35548055.4325 40880263.74738 47012303.30948

376,429,996 432894495.4 497828669.71 572502970.1665 658378415.6915
119,516,939 137444479.85 158061151.8275 181770324.6016 209035873.2919
30,636,203 35231633.45 40516378.4675 46593835.23763 53582910.52327
160,602,743 184693154.45 212397127.6175 244256696.7601 280895201.2741
19,686,493 22639466.95 26035386.9925 29940695.04138 34431799.29758
733,751,811 843,814,583 970,386,770 1,115,944,786 1,283,336,503
1,415,000,146 1,627,250,168 1,871,337,693 2,152,038,347 2,474,844,099

200,000,000 230000000 264500000 304175000 349801250

78,750,000 90562500 104146875 119768906.25 137734242.1875
9,635,878 11081259.7 12743448.655 14654965.95325 16853210.84624
452,535,627 520415971.05 598478366.7075 688250121.7136 791487639.9707
540,921,505 622,059,731 715,368,690 822,673,994 946,075,093

53,890,464 61974033.6 71270138.64 81960659.436 94254758.3514

95,129,885 109399367.75 125809272.9125 144680663.8494 166382763.4268
- - - - -
149,020,349 171,373,401 197,079,412 226,641,323 260,637,522

106,666,665 122666664.75 141066664.4625 162226664.1319 186560663.7517

486,101,770 559017035.5 642869590.825 739300029.4488 850195033.8661
126,610,548 145602130.2 167442449.73 192558817.1895 221442639.7679
5,679,309 6531205.35 7510886.1525 8637519.075375 9933146.936681
725,058,292 833,817,036 958,889,591 1,102,723,030 1,268,131,484
874,078,641 1,005,190,437 1,155,969,003 1,329,364,353 1,528,769,006

1,415,000,146 1,627,250,168 1,871,337,693 2,152,038,347 2,474,844,099

o Analysis
2016 2017 2018 2019 2020

1.01 1.01 1.01 1.01 1.01

0.49 0.49 0.49 0.49 0.49

0.03 0.03 0.03 0.03 0.03

0.01 0.01 0.01 0.01 0.01
5,949.76 5,949.76 5,949.76 5,949.76 5,949.76

3.42 3.42 3.42 3.42 3.42

107 107 107 107 107
14 14 14 14 14
26 26 26 26 26
37.31 37.31 37.31 37.31 37.31
2.47 2.47 2.47 2.47 2.47
1.19 1.19 1.19 1.19 1.19

0.62 0.62 0.62 0.62 0.62

1.62 1.62 1.62 1.62 1.62
2.62 2.62 2.62 2.62 2.62
- - - - -
1.05 1.05 1.05 1.05 1.05

(0.0072) (0.0072) (0.0072) (0.0072) (0.0072)

(0.0086) (0.0086) (0.0086) (0.0086) (0.0086)
(0.0224) (0.0224) (0.0224) (0.0224) (0.0224)

(6.5038) (5.6555) (4.9178) (4.2763) (3.7186)

 Statement of Comprehensive Income
Amounts in Rupees
Particulars 2014 2015 2016 2017
Profit for the period 107,464,622 27,069,910 (12,108,364) (13,924,619)
Items that will not be reclassified to profit or
loss
Remeasurement of retirement benefit (1,221,639) 5,978,890 130,305 149,851
Items that may be reclassified subsquently to
profit or loss
Total comprehensive income for the year 106,242,983 33,048,800 (11,978,059) (13,774,768)
sive Income
ts in Rupees
2018 2019 2020
(16,013,311) (18,415,308) (21,177,604)

172,328 198,178 227,904

(15,840,983) (18,217,130) (20,949,700)

 Profit and Loss Account
Amounts in Rupees
Particulars 2,014 2,015 2,016
Sales 1,945,126,430 1,696,332,638 1,679,461,946
Cost of sales (1,423,776,984) (1,292,628,532) (1,286,380,012)
Gross profit 521,349,446 403,704,106 393,081,934
Administrative expenses (95,153,037) (103,015,226) (103,908,093)
Distribution and marketing expenses (275,836,084) (240,215,552) (261,060,067)
Other operating expenses (9,397,863) (2,998,690) (2,167,460)
Other operating income 17,104,796 16,866,190 19,067,139
Profit from operations 158,067,258 74,340,828 45,013,453
Finance cost (38,590,614) (48,485,951) (42,919,936)
Profit before tax 119,476,644 25,854,877 2,093,517
Taxation (12,012,022) 1,215,033 (14,201,881)
(Loss) / profit for the year 107,464,622 27,069,910 (12,108,364)
(Loss) /earnings per share-basic and dilute 13.65 3.44 (1.54)
1,945,126,430
s Account
Amounts in Rupees
2,017 2,018 2,019 2,020
1,931,381,238 2,221,088,424 2,554,251,687 2,937,389,440
(1,479,337,014) (1,701,237,566) (1,956,423,201) (2,249,886,681)
452,044,224 519,850,858 597,828,486 687,502,759
(119,494,307) (137,418,453) (158,031,221) (181,735,904)
(300,219,077) (345,251,939) (397,039,729) (456,595,689)
(2,492,579) (2,866,466) (3,296,436) (3,790,901)
21,927,210 25,216,291 28,998,735 33,348,545
51,765,471 59,530,292 68,459,835 78,728,811
(49,357,926) (56,761,615) (65,275,858) (75,067,236)
2,407,545 2,768,676 3,183,978 3,661,574
(16,332,163) (18,781,988) (21,599,286) (24,839,179)
(13,924,619) (16,013,311) (18,415,308) (21,177,604)
(1.77) (2.03) (2.34) (2.69)
 Statement of Cashflow
Amount in Rup
Particulars 2,014 2,015 2,016
Cash flow from operating activities
Cash generated from operation 75,683,606 143,876,211 86,427,999
Finance cost paid (31,071,532) (50,869,936) (43,860,867)
Net income tax paid (60,878,383) (26,103,584) (22,238,420)
Retirement benefits paid (5,496,243) (10,324,394) (25,060,565)
Net cash generated from/used in operating
activities (21,762,552) 56,578,297 (4,731,853)
Cash flows from investing activities
Fixed capital expenditure (337,548,934) (77,236,162) (42,523,562)
Purchase of intangible assets (1,606,150) (489,130) (277,950)
Purchase of Biological assets (1,236,440) (50,150) -
Net increase in long term security deposits (1,224,780) - -
Proceeds from sale of Biological assets 2,625,700 1,994,700 213,350
Prooceeds from sale of property plant and
equipment 9,592,326 4,291,727 4,535,828
Net cash used in investing activities (329,398,278) (71,489,015) (38,052,334)
Cashflows from financing activities
Dividend paid (47,196,454) (40,188,716) (19,459,020)
Long term loans(repaid)/acquired 160,000,000 (10,666,667) (42,666,668)
Net cash (used in)/generated from financing
activities 112,803,546 (50,855,383) (62,125,688)
Net (decrease) in cash and cash equivalents (238,357,284) (65,766,101) (102,989,725)
Cash and cash equivalents at the beginning of the
year (59,302,167) (297,659,451) (363,425,552)
Cash and cash equivalents at end of each year (297,659,451) (363,425,552) (466,415,277)
of Cashflow
Amount in Rupees
2,017 2,018 2,019 2,020

99,392,199 114,301,029 131,446,183 151,163,110

(50,439,997) (58,005,997) (66,706,896) (76,712,931)
(25,574,183) (29,410,310) (33,821,857) (38,895,136)
(28,819,650) (33,142,597) (38,113,987) (43,831,085)

(5,441,631) (6,257,876) (7,196,557) (8,276,040)

(48,902,096) (56,237,411) (64,673,022) (74,373,976)

(319,643) (367,589) (422,727) (486,136)
- - - -
- - - -
245,353 282,155 324,479 373,150

5,216,202 5,998,633 6,898,427 7,933,192

(43,760,184) (50,324,212) (57,872,843) (66,553,770)

(22,377,873) (25,734,554) (29,594,737) (34,033,948)

(49,066,668) (56,426,668) (64,890,669) (74,624,269)

(71,444,541) (82,161,222) (94,485,406) (108,658,217)

(102,989,725) (102,989,725) (102,989,725) (102,989,725)

(363,425,552) (363,425,552) (363,425,552) (363,425,552)

(466,415,277) (466,415,277) (466,415,277) (466,415,277)