Income Statement

Particulars 2022
Net Sales 275,505,778

Raw materials and vendor parts consumed 226,248,294

Operating Expense
Stores and spares consumed 2,626,107
Salaries, wages and other benefits 2,759,993
Rent, rates and taxes 6,390
Repairs and maintenance 384,331
Depreciation 3,171,192
Legal and professional 2,407
Travelling 24,828
Transportation 11,719
Insurance 61,918
Vehicle running 33,103
Communication 4,383
Printing, stationery and office supplies 5,768
Subscription 3,526
Fuel and power 862,596
Running royalty 4,259,257
Supervisor fee 24,979
Technical fee 25,645
Staff catering, transport and uniforms 740,643
(Reversal) / provision for slow moving stock-in-trade -12,791
Provision for slow moving stores and spares 56,184
Others 8,600
Total Operating Expense 15,060,778
Total Expense 241,309,072
Work in Process -861,832
240,447,240
Finished Goods 6,132,460
246,579,700
Closed Stocks 10,521,597
Cost of sales 257,101,297

Gross Profit 18,404,481

Distribution expenses -2,124,200

Administrative expenses -2,218,655
Other operating expenses -186,370
-4,529,225
EBIT 13,875,256
Workers’ Profit Participation Fund and Workers’ Welfare Fund -1,244,092
Other income 12,935,711
Finance cost -114,299
11,577,320
EBT 25,452,576
Taxation -9,650,728

EAT 15,801,848
me Statement
2021 2020 2019 2018
179,161,727 86,167,016 157,996,212 139,715,429

151,657,191 66,049,227 120,953,815 100,408,741

1,925,873 953,154 1,886,361 1,449,886

1,962,119 1,585,105 1,796,938 1,881,184
6,086 10,929 16,218 4,366
306,310 328,279 443,235 562,585
2,961,259 2,687,413 1,986,409 1,800,608
1,334 421 2,540 2,717
12,314 19,592 30,048 28,523
8,538 5,853 9,893 8,647
60,416 45,472 42,558 33,552
20,013 18,555 21,381 17,881
4,589 3,928 4,082 4,219
2,956 3,112 3,550 3,049
3,560 3,016 2,274 729
565,338 407,865 565,843 447,968
2,667,789 1,485,663 3,343,967 2,634,003
547 95,328 155,344 39,663
7,574 8,350 8,964 35,130
594,969 304,909 563,828 442,824
7,207 36,564 -21,081 3,299
37,220 277,678 70,634 21,603
19,355 35,556 44,881 12,621
11,175,366 8,316,742 10,977,867 9,435,057
162,832,557 74,365,969 131,931,682 109,843,798
-243,767 -286,829 -165,140 -1,546
162,588,790 74,079,140 131,766,542 109,842,252
-5,749,981 -338,491 84,272 218,861
156,838,809 73,740,649 131,850,814 110,061,113
5,668,208 4,975,508 6,953,724 5,769,658
162,507,017 78,716,157 138,804,538 115,830,771

16,654,710 7,450,859 19,191,674 23,884,658

-1,618,863 -1,468,603 -1,403,611 -1,283,889

-1,464,888 -1,385,099 -1,410,033 -1,523,800
-76,342 -196,999 -234,977 -193,620
-3,160,093 -3,050,701 -3,048,621 -3,001,309
13,494,617 4,400,158 16,143,053 20,883,349
 -740,193 -231,934 -1,406,379 -1,704,557
5,579,339 3,204,872 4,306,662 3,900,685
-133,570 -85,737 -67,407 -80,311
4,705,576 2,887,201 2,832,876 2,115,817
18,200,193 7,287,359 18,975,929 22,999,166
-5,370,601 -2,205,332 -5,260,954 -7,227,306

12,829,592 5,082,027 13,714,975 15,771,860

 Balance Sheet
Particulars 2022 2021 2020 2019
Assets
Fixed Assets
Property, plant and equipment 15,040,490 15,769,862 16,501,642 13,804,509
Intangible assets 145,092 39,784 72,550 93,524
Long-term loans and advances 15,983 16,857 12,639 15,906
Long-term deposits 10,020 10,020 10,020 11,129
Long-term investments 7,794,310 3,127,175 - -
Deferred taxation - net 827,869 230,553 64,491 -

Total Fixed Assets 23,833,764 19,194,251 16,661,342 13,925,068

Liabilities
Non Current Liabilities
Long term loan 279,878 589,837 459,361 80,540
Deferred Revenue 959 - 3,799 53,690
Deferred Government grant - 6,023 19,965 -
Gas Infrastructure Development Cess Payable - 149,573 - -
Deferred taxation - net - - - 424,690

Total Fixed Liabilities 280,837 745,433 483,125 558,920

Equity
Authorised capital 5,000,000 5,000,000 5,000,000 5,000,000
Issued, subscribed and paid-up capital 786,000 786,000 786,000 786,000
Reserves 53,225,076 47,415,465 40,383,391 39,259,309

Total Equity 54,011,076 48,201,465 41,169,391 40,045,309

 2018

7,224,839
86,540
48,525
9,443
-
14,589

7,383,936

-
22,711
-
-
-

22,711

5,000,000
786,000
35,958,342

36,744,342
 Cash Flow Statement
Particulars 2022
Revenue from contracts with customers 275,505,778

Raw materials and vendor parts consumed 226,248,294

Operating Expense
Stores and spares consumed 2,626,107
Salaries, wages and other benefits 2,759,993
Rent, rates and taxes 6,390
Repairs and maintenance 384,331
Depreciation 3,171,192
Legal and professional 2,407
Travelling 24,828
Transportation 11,719
Insurance 61,918
Vehicle running 33,103
Communication 4,383
Printing, stationery and office supplies 5,768
Subscription 3,526
Fuel and power 862,596
Running royalty 4,259,257
Supervisor fee 24,979
Technical fee 25,645
Staff catering, transport and uniforms 740,643
(Reversal) / provision for slow moving stock-in-trade -12,791
Provision for slow moving stores and spares 56,184
Others 8,600
Total Operating Expense 15,060,778
Total Expense 241,309,072
Work in Process -861,832
240,447,240
Finished Goods 6,132,460
246,579,700
Closed Stocks 10,521,597
Cost of sales 257,101,297

Gross Profit 18,404,481

Distribution expenses -2,124,200

Administrative expenses -2,218,655
Other operating expenses -186,370
-4,529,225
EBIT 13,875,256
Workers’ Profit Participation Fund and Workers’ Welfare Fund -1,244,092
Other income 12,935,711
Finance cost -114,299
11,577,320
EBT 25,452,576
Taxation -9,650,728

EAT 15,801,848

Add Depreciation & Ammortization

Depreciation on Cost of Sales 3,171,192
Depreciation on Distribution Expenses 73,962
Depreciation on Administrative Expenses 99,681
Total Depreciation 3,344,835
Ammortization on Administrative Expense 35,339
Total Depreciation & Ammortization 3,380,174

Operating Cash Flow 19,182,022

tatement
2021 2020 2019 2018
179,161,727 86,167,016 157,996,212 139,715,429

151,657,191 66,049,227 120,953,815 100,408,741

1,925,873 953,154 1,886,361 1,449,886

1,962,119 1,585,105 1,796,938 1,881,184
6,086 10,929 16,218 4,366
306,310 328,279 443,235 562,585
2,961,259 2,687,413 1,986,409 1,800,608
1,334 421 2,540 2,717
12,314 19,592 30,048 28,523
8,538 5,853 9,893 8,647
60,416 45,472 42,558 33,552
20,013 18,555 21,381 17,881
4,589 3,928 4,082 4,219
2,956 3,112 3,550 3,049
3,560 3,016 2,274 729
565,338 407,865 565,843 447,968
2,667,789 1,485,663 3,343,967 2,634,003
547 95,328 155,344 39,663
7,574 8,350 8,964 35,130
594,969 304,909 563,828 442,824
7,207 36,564 -21,081 3,299
37,220 277,678 70,634 21,603
19,355 35,556 44,881 12,621
11,175,366 8,316,742 10,977,867 9,435,057
162,832,557 74,365,969 131,931,682 109,843,798
-243,767 -286,829 -165,140 -1,546
162,588,790 74,079,140 131,766,542 109,842,252
-5,749,981 -338,491 84,272 218,861
156,838,809 73,740,649 131,850,814 110,061,113
5,668,208 4,975,508 6,953,724 5,769,658
162,507,017 78,716,157 138,804,538 115,830,771

16,654,710 7,450,859 19,191,674 23,884,658

-1,618,863 -1,468,603 -1,403,611 -1,283,889

-1,464,888 -1,385,099 -1,410,033 -1,523,800
-76,342 -196,999 -234,977 -193,620
-3,160,093 -3,050,701 -3,048,621 -3,001,309
13,494,617 4,400,158 16,143,053 20,883,349
 -740,193 -231,934 -1,406,379 -1,704,557
5,579,339 3,204,872 4,306,662 3,900,685
-133,570 -85,737 -67,407 -80,311
4,705,576 2,887,201 2,832,876 2,115,817
18,200,193 7,287,359 18,975,929 22,999,166
-5,370,601 -2,205,332 -5,260,954 -7,227,306

12829592 5082027 13,714,975 15,771,860

2,961,259 2,687,413 1,986,409 1,800,608

48,855 42,413 39,842 37,727
75,699 73,799 64,787 53,543
3,085,813 2,803,625 2,091,038 1,891,878
37,315 35,557 30,018 31,856
3,123,128 2,839,182 2,121,056 1,923,734

15,952,720 7,921,209 15,836,031 17,695,594

 Weighted Average Cost of Capital
Particulars Amount Ratio Rate WACC
Loan 539,797 0.10 11.80% 1%
Equity 5,000,000 0.90 10% 9%
Total 5,539,797 1.00 9.84%

NPV Disco
Years Cashflow Present Value Years
Year 0 (5,539,797) (5,539,797) Year 0
Year 1 19,182,022 17,463,293 Year 1
Year 2 15,952,720 13,222,034 Year 2
Year 3 7,921,209 5,977,048 Year 3
Year 4 15,836,031 10,878,609 Year 4
Year 5 17,695,594 11,066,847 Year 5
NPV: Inflow - Outflow 53,068,034 Discounted Payback:

IRR MIRR
Years Cashflow Years Cashflow
Year 0 (5,539,797) Year 0 (5,539,797)
Year 1 19,182,022 Year 1 19,182,022
Year 2 15,952,720 Year 2 15,952,720
Year 3 7,921,209 Year 3 7,921,209
Year 4 15,836,031 Year 4 15,836,031
Year 5 17,695,594 Year 5 17,695,594
IRR 326.327% MIRR 76.059%
 Discounted Payback Payback Period
Cashflow Present Value D.C.C.F Years Cashflow C.C.F
(5,539,797) (5,539,797) (5,539,797) Year 0 (5,539,797) (5,539,797)
19,182,022 17,463,293 11,923,496 Year 1 19,182,022 13,642,225
15,952,720 13,222,034 25,145,530 Year 2 15,952,720 29,594,945
7,921,209 5,977,048 31,122,577 Year 3 7,921,209 37,516,154
15,836,031 10,878,609 42,001,186 Year 4 15,836,031 53,352,185
17,695,594 11,066,847 53,068,034 Year 5 17,695,594 71,047,779
Discounted Payback: 0+(5,539,797/17,463,293) (0.32) P.P: 0+(5,539,797/17,463,293)
eriod
C.C.F
(5,539,797)
13,642,225
29,594,945
37,516,154
53,352,185
71,047,779
(0.29)
 Liabilities & Equity
Long Term Liabilities
Bank Loan 539,797
Total Liabilities 539,797
Equity
Equity by Owner 5,000,000
Total Equity 5,000,000

Start Up Cost
Expenses
SHORT-TERM INVESTMENTS 140,932,118
Pakistan Investment Bonds (PIBs)
Term Deposit Receipts (TDRs)
Market Treasury Bills (T-Bills)
Listed Mutual Fund Units
Funds 677,096,840
ABL Cash Fund
Alfalah GHP Money Market Fund
Al Meezan Rozana Amdani Fund
Atlas Money Market Fund
First Habib Cash Fund
HBL Cash Fund
Lakson Money Market Fund
MCB Cash Management Optimizer
Pakistan Cash Management Fund
NBP Money Market Fund
NIT Money Market Fund
UBL Liquidity Plus Fund

Start-Up Assets
Purchase of property, plant and equipment and intangible assets
Total Start-Up Assets 2,827,583
 4,210,889
50,800,000
66,873,169
19,048,060

220,954,326
20,358,617
40,214,911
1,976,722
14,904,670
19,758,414
4,974,317
19,805,902
4,978,874
252,563,004
51,865,068
24,742,015

2,827,583
 Items

Discount factor used

Expected rate of salary increase
Expected rate of return on plan assets
Expected rate of increase in long term pension
Loans to employees - Executives
Loans to employees - Employees
Depriciation and Ammortization
Leasehold land
Factory Building on Leasehold land
Other Building on Leasehold land
Plant and
machinery
Motor
vehicles
Furniture
and fixtures
Office equipment
Computers and related accessories
Tools and equipment
Computer software
Jigs, moulds and related machinery
Loan Repayment
Lease Installments
Interest Rate
Rate of Return on Equity
Tax Rate
 Assumptions (Per annum)

13.75%
12.75%
13.75%
6.75%
32215
14734

2.38%-9.23%
10%
5%
10%-20%
20%
20%
20%
33%
20%
33%
20% - 25%
Quarterly basis in 40 equal installments
Monthly at the end of the month
11.8% - 20%
10%
29%