Pak Electron Limited

BALANCE SHEET - Vertical Analysis

(Rupee in m

2016
EQUITY & LIABILITIES

Equity
Issued Share Capital 5,426
Share Premium -
Revaluation Reserve 4,279
Retained Earnings 11,134
20,840

Advance Against Issue Of Ordinary Shares -

Revaluation Of Property ,Palnt & Equipments 4,670

Non-Current Liabilities
Redeemable Capital - Secured 3,151
Long Term Finance 1,406
Lease Liabilities 46
Warranty Obligations -
Deffered Taxation 2,326
Deffered Income 40
6,971

Current Liabilities
Trade & Other Payables 915
Unclaimed Dividend -
Accured Interest/Markup 159
Short Term Borrowings 4,981
Current Maturity Of Non-Current Liablities 1,788
7,844
14,815

Total Equity & Liabilities 40,326

ASSETS

Non-Current Assets
Property,Plant & Equipments 16,442
Intangible Assets 323
Long Term Investments 26
Long Term Deposits 266
Long Term Advances 1,008
18,067

Current Assets
Stores,Spares & Loose Tools 812
Stock In Trade 7,845
Trade Debtors 8,433
Contruction Work In Progress 1,127
Short Term Advances 954
Short Terms Deposits & Prepayments 1,258
Other Receivables 480
Short Term Investments 23
Advance Income Tax 769
Cash & Bank Balances 552
22,259

Total Assets 40,326

 (Rupee in million)

2017 2018 2019 2020 2016 2017 2018 2019

5,426 5,426 5,426 5,426 13.46% 12.36% 10.41% 12.67%

4,279 4,279 4,279 4,279 0.00% 9.74% 8.21% 9.99%
4,274 6,579 6,023 5,723 10.61% 9.73% 12.63% 14.06%
13,020 13,994 7,277 16,285 27.61% 29.65% 26.86% 16.99%
27,000 30,279 23,007 31,714 51.68% 61.48% 58.12% 53.72%

- - - - 0.00% 0.00% 0.00% 0.00%

- - - - 11.58% 0.00% 0.00% 0.00%

68 - - - 7.81% 0.15% 0.00% 0.00%

3,958 2,646 2,162 5,627 3.49% 9.01% 5.08% 5.05%
22 59 137 155 0.11% 0.05% 0.11% 0.32%
- - 120 142 0.00% 0.00% 0.00% 0.28%
2,413 3,087 2,484 2,338 5.77% 5.49% 5.93% 5.80%
38 36 34 50 0.10% 0.09% 0.07% 0.08%
6,501 5,830 4,938 8,313 17.29% 14.80% 11.19% 11.53%

960 922 1,074 1,543 2.27% 2.19% 1.77% 2.51%

12 18 15 14 0.00% 0.03% 0.03% 0.04%
165 390 488 372 0.39% 0.38% 0.75% 1.14%
7,227 12,843 10,955 10,605 12.35% 16.46% 24.65% 25.58%
2,027 1,814 2,348 2,228 4.43% 4.62% 3.48% 5.48%
10,413 15,989 14,882 14,764 19.45% 23.71% 30.69% 34.75%
16,915 21,820 19,821 23,078 36.74% 38.52% 41.88% 46.28%

43,916 52,099 42,829 54,793 100.00% 100.00% 100.00% 100.00%

17,405 21,957 22,939 24,119 40.77% 39.63% 42.14% 53.56%

 315 313 306 297 0.80% 0.72% 0.60% 0.71%
8 7 5 10 0.06% 0.02% 0.01% 0.01%
371 365 360 463 0.66% 0.84% 0.70% 0.84%
796 1,109 - 615 2.50% 1.81% 2.13% 0.00%
18,898 23,752 23,611 25,507 44.80% 43.03% 45.59% 55.13%

746 859 848 862 2.01% 1.70% 1.65% 1.98%

8,149 10,786 7,789 9,499 19.45% 18.56% 20.70% 18.19%
10,727 9,558 2,490 10,436 20.91% 24.43% 18.35% 5.81%
1,393 1,535 1,697 1,066 2.79% 3.17% 2.95% 3.96%
845 1,663 1,094 2,637 2.37% 1.92% 3.19% 2.55%
1,109 1,105 1,891 1,114 3.12% 2.53% 2.12% 4.42%
311 360 401 366 1.19% 0.71% 0.69% 0.94%
21 22 21 31 0.06% 0.05% 0.04% 0.05%
1,227 1,985 2,603 2,719 1.91% 2.79% 3.81% 6.08%
484 471 379 552 1.37% 1.10% 0.90% 0.88%
25,017 28,347 19,218 29,286 55.20% 56.97% 54.41% 44.87%

43,916 52,099 42,829 54,793 100.00% 100.00% 100.00% 100.00%

2020

9.90%
7.81%
10.44%
29.72%
57.88%

0.00%

0.00%

0.00%
10.27%
0.28%
0.26%
4.27%
0.09%
15.17%

2.82%
0.03%
0.68%
19.35%
4.07%
26.95%
42.12%

100.00%

44.02%
 0.54%
0.02%
0.84%
1.12%
46.55%

1.57%
17.34%
19.05%
1.95%
4.81%
2.03%
0.67%
0.06%
4.96%
1.01%
53.45%

100.00%
Waves Singer Pakistan Limited
PROFIT & LOSS STATEMENT - Vertical Analysis

(Rupee in million)

2016 2017 2018

Sales - net 26,834 31,000 28,445

Cost Of Sale (18,550) (21,883) (21,448)
Gross Profit 8,284 9,117 6,997

Distribution Expenses (1,627) (2,683) (2,207)

Administrative Expenses (884) (1,118) (1,073)
Other Operating Expenses (193) (176) (71)
Other Income 37 17 17
(2,667)
### (3,960)
### (3,334)
###
Operating Profit 5,617 5,157 3,663

Finance Cost (1,496) (1,546) (2,103)

4,121 3,611 1,560

Share Of Loss Of Association 0 5 2
Profit Before Taxation 4,121 3,606 1,558
Taxation (449) (295) (185)
Profit After Taxation 3,672
### 3,311
### 1,373
###
pee in million)

2019 2020 2016 2017 2018 2019 2020

27,889 28,799 100.00% 100.00% 100.00% 100.00% 100.00%

(21,326) (22,397) 69.13% 70.59% 75.40% 76.47% 77.77%
6,563 6,402 30.87% 29.41% 24.60% 23.53% 22.23%

(1,956) (2,346) 6.06% 8.65% 7.76% 7.01% 8.15%

(1,229) (1,483) 3.29% 3.61% 3.77% 4.41% 5.15%
(56) (51) 0.72% 0.57% 0.25% 0.20% 0.18%
33 36 0.14% 0.05% 0.06% 0.12% 0.13%
(3,208)
### (3,844) 9.94%
### 12.77%
### 11.72%
### 11.50%
### 13.35%
3,355 2,558 20.93% 16.64% 12.88% 12.03% 8.88%

(2,480) (2,198) 5.58% 4.99% 7.39% 8.89% 7.63%

875 360 15.36% 11.65% 5.48% 3.14% 1.25%

2 2 0.00% 0.02% 0.01% 0.01% 0.01%
873 358 15.36% 11.63% 5.48% 3.13% 1.24%
(2) (132) 1.67% 0.95% 0.65% 0.01% 0.46%
871
### 226 13.68%
### 10.68%
### 4.83%
### 3.12%
### 0.78%
Waves Singer Pakistan Limited
BALANCE SHEET - Vertical Analysis
(Rupee in million)

EQUITY AND LIABILITIES 2017 2018 2019 2020 2017 2018 2019

EQUITY
Issued Share Capital 454 1,631 1,876 1,876 3.47% 11.09% 10.92%
Share To Be Issued Persuant To Amalgamation 964 - - - 7.36% 0.00% 0.00%
Share Premium 5,038 4,825 4,581 4,581 38.47% 32.81% 26.68%
Revaluation Reserve 5 5 5 5 0.04% 0.03% 0.03%
Revaluation Of Property - 117 362 338 0.00% 0.80% 2.11%
Retained Earnings 1,601 1,809 1,515 1,660 12.23% 12.30% 8.82%
8,062 8,387 8,339 8,460 61.57% 57.03% 48.56%

LIABILITIES
Non-Current Liabilities
Long Term Finance 568 732 1,417 2,006 4.34% 4.98% 8.25%
Lease Liabilities 38 42 437 264 0.29% 0.29% 2.54%
Employee Retirement Benefits - 61 41 38 0.00% 0.41% 0.24%
Warranty Obligations 54 - - - 0.41% 0.00% 0.00%
Deffered Taxation 246 270 280 296 1.88% 1.84% 1.63%
Deffered Income 12 20 15 20 0.09% 0.14% 0.09%
919 1,127 2,191 2,628 7.02% 7.66% 12.76%

Current Liabilities
Trade & Other Payables 1,192 1,789 1,864 1,685 9.10% 12.16% 10.85%
Unclaimed Dividend - 1 1 1 0.00% 0.01% 0.01%
Accured Interest/Markup 73 97 216 178 0.56% 0.66% 1.26%
Short Term Borrowings 2,748 2,995 4,113 3,954 20.99% 20.36% 23.95%
Loan From Sponsors - - - 380 0.00% 0.00% 0.00%
Current Portion Of Long Term Loans 81 311 448 577 0.62% 2.11% 2.61%
Current Portion Of Liab Against Assets Subject 17 - - - 0.13% 0.00% 0.00%
Current Portion Of Deffered Income 3 - - - 0.02% 0.00% 0.00%
4,114 5,193 6,642 6,775 31.42% 35.31% 38.68%

Total Equity & Liabilities 13,095### 14,707 17,172 17,863 100.00% 100.00% 100.00%

ASSETS

Non-Current Assets
Property,Plant & Equipments 4,681 4,754 5,704 5,571 35.75% 32.32% 33.22%
Intangible Assets 2,993 2,965 2,946 2,917 22.86% 20.16% 17.16%
Employee Retirement Benefits - 9 3 - 0.00% 0.06% 0.02%
Long Term Investments - - - - 0.00% 0.00% 0.00%
Trade Debts - - 12 39 0.00% 0.00% 0.07%
Long Term Deposits 27 23 26 20 0.21% 0.16% 0.15%
Long Term Advances - - - - 0.00% 0.00% 0.00%
7,701 7,751 8,691 8,547 58.81% 52.70% 50.61%

Current Assets
Stores,Spares & Loose Tools 22 31 37 33 0.17% 0.21% 0.22%
Stock In Trade 2,592 3,099 3,653 2,963 19.79% 21.07% 21.27%
Trade Debtors 2,155 3,246 4,246 5,884 16.46% 22.07% 24.73%
Contruction Work In Progress - - - - 0.00% 0.00% 0.00%
Short Term Advances - - - 0.00% 0.00% 0.00%
Short Terms Deposits & Prepayments 102 149 145 105 0.78% 1.01% 0.84%
Other Receivables - - - - 0.00% 0.00% 0.00%
Short Term Investments - - - - 0.00% 0.00% 0.00%
Advance Income Tax 345 334 236 187 2.63% 2.27% 1.37%
Cash & Bank Balances 291 105 163 143 2.22% 0.71% 0.95%
5,507 6,964 8,480 9,315 42.05% 47.35% 49.38%

Total Assets 13,095 14,707 17,172 17,863 100.00% 100.00% 100.00%

 2020

10.50%
0.00%
25.64%
0.03%
1.89%
9.29%
47.36%

11.23%
1.48%
0.21%
0.00%
1.66%
0.11%
14.71%

9.43%
0.01%
1.00%
22.13%
2.13%
3.23%
0.00%
0.00%
37.93%

100.00%

31.19%
16.33%
0.00%
0.00%
0.22%
0.11%
0.00%
47.85%

0.18%
16.59%
32.94%
0.00%
0.00%
0.59%
0.00%
0.00%
1.05%
0.80%
52.15%

100.00%
Waves Singer Pakistan Limited
PROFIT & LOSS STATEMENT - Vertical Analysis

(Rupee in million)

2017 2018 2019 2020

Sales - net 3,685 8,516 9,483 8,525

Cost of Sale (2,588) (6,238) (6,854) (6,681)
Gross Profit 1,097 2,278 2,629 1,844

Distribution Expenses (712) (1,045) (927) (920)

Administrative Expenses (192) (377) (475) (461)
Other Operating Expenses (122) (108) (85) (42)
Other Income 498 37 157 465
(528) (1,493) (1,330) (958)
Operating Profit 569 785 1,299 886

Earned Carrying Charges 79 157 191 262

Finance Cost 296 430 867 879
(216) (272) (676) (616)

Profit before Taxation 353 513 623 270

Taxation (23) (128) (243) (141)
Profit After Taxation 330 385 380 129
 2017 2018 2019 2020

100.00% 100.00% 100.00% 100.00%

70.23% 73.25% 72.28% 78.37%
29.77% 26.75% 27.72% 21.63%

19.32% 12.27% 9.78% 10.79%

5.21% 4.43% 5.01% 5.41%
3.31% 1.27% 0.90% 0.49%
13.51% 0.43% 1.66% 5.45%
14.33% 17.53% 14.03% 11.24%
15.44% 9.22% 13.70% 10.39%

2.14% 1.84% 2.01% 3.07%

8.03% 5.05% 9.14% 10.31%
5.86% 3.19% 7.13% 7.23%

9.58% 6.02% 6.57% 3.17%

0.62% 1.50% 2.56% 1.65%
8.96% 4.52% 4.01% 1.51%
 Current Ratio
Current Asset/Current liabilities
WSPL
Current Assets
2019
8,480

Current ratio 1.28

PEL
Current Assets
2019

19,218
Current ratio 1.29

Acid test Ratio

Current Assets-Inventory/Current liabilities

WSPL Current Asset-Inventory

2019

4,827
Acid test ratio 0.73

PEL
Current Asset-Inventory
2019

11,429
Acid test ratio 0.77
 Current Liabilities Current Assets Current Liabilities
2019 2020 2020
6,642 9,315 6,775

1.28 1.37

Current Liabilities Current Assets Current Liabilities

2019 2020 2020

14,883 29,286 14,765

1.29 1.98

Current Liabilities Current Asset-Inventory Current Liabilities

2019 2020 2020

6642 6,352 6775

0.73 0.94

Current Liabilities Current Asset-Inventory Current Liabilities

2019 2020 2020

14,883 19,787 14,765

0.77 1.34