BALANCE SHEET

Bata Pakistan Limited 2016 2017 2018

(Ru
pees
in
NON-CURRENT ASSETS ’000)
Property Plant and Equipment 1,420,757 1,511,909 1,643,028
Intangible Assets 2,079 1,713 578
Long Term Investments 45,000 45,000 45,008
Long Term Deposits and prepayments 31,588 35,557 34,061
1,499,424 1,594,179 1,722,675
CURRENT ASSETS
Stores and spares 248 – –
Stock in trade 2,901,903 3,482,354 3,970,853
Trade debts- Unsecured 1,336,061 1,563,433 2,167,114
Advances- Unsecured 24,752 421,577 84,860
Trade deposits and short term prepayments 51,871 74,386 209,872
Other receivables 602,969 732,685 641,802
Interest accrued 1,790 1,751 752
Short term invesment 1,600,000 550,000 –
Tax refunds due from government 508,597 493,823 350,161
Cash and bank balance 556,941 610,138 1,545,032
7,585,132 7,930,147 8,970,446
TOTAL ASSETS 9,084,556 9,524,326 10,693,121

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capitak 100,000 100,000 100,000
Issued subscribed and paid up capital 75,600 75,600 75,600
Reserves
Capital Reserves 483 483 483
Revenue Reserves 6,586,511 7,050,641 7,415,244
6,586,994 7,051,124 7,415,727
6,662,594 7,126,724 7,491,327
NON-CURRENT LIABILITIES
long term deposits 45,000 45,000 24,171
Deferred Liability- Employee benefits 72,150 76,030 81,421
Deferred Taxation 40,480 40,799 44,339
157,630 161,829 149,931
CURRENT LIABILITIES
Trade and other payables 1,656,060 1,599,036 2,312,920
Short term borrowings – – –
Provision for taxation 608,272 595,017 691,073
Unclaimed Dividend 41,720 47,870
2,264,332 2,235,773 3,051,863
                    
    
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES 9,084,556 9,524,326 10,693,121

STATEMENT OF COMPREHENSIVE INCOME

Sales 15,082,171 15,496,810 16,795,231

Cost of Sales 8,888,245 8,875,974 (9,269,358)
29
Gross Profit 6,193,926 6,620,836 7,525,873
Distribution Cost 3,030,729 3,312,220 (3,951,287)
30
Administrative Expenses 959,975 979,398 (1,101,934)
31
Other Expenses 170,103 176,513 (210,615)
32
4,160,807
Other Income 107,461 67,453 33
45,903
Operating Profit 2,140,580 2,220,158 2,307,940
Finance Cost 39,935 -39,888 (42,038)
34
Profit Before Taxation 2,100,645 2,180,270 2,265,902
Taxation 658,629 655,804 (764,493)
35
Profit After Taxation 1,442,016 1,524,466 1,501,409
Items that will not be reclassified to profit or loss - (1,936)
Remeasurement of net defined benefit liability - net (2,806)
of tax
Items that may be reclassified subsequently to profit or - - –
Total other comprehensive loss for the year -1,936 (2,806)
Other Comprehensive Income (not to be reclassified to profit and loss)
Remeasurement adjustments - employee benefits (net of tax) 986 23
Total Comprehensive Income for the Year 1,443,002 1,522,530 1,498,603
Earnings Per Share - Basic and Diluted 190.74 201.65 198.6
37
market value 3169.867 2262.456 1486.38
Book value 881.3 942.69 990.92
dividend 125 140 150

CASH FLOW
STATEMENT

Profit before taxation 2,180,270 2,265,902

Adjustment to reconcile profit before tax to net 2,100,645
cash flows:
Depreciation of property, plant & equipment 204,835 207,249 226,862
Amortization of intangible assets 2,321 1,822 1,135
Provision for gratuity 8,469 6,024 6,857
Loss on disposal of property, plant and equipment 9,082 8,394 11,613

Income from short term investments (57,591) (31,641) (8,368)

Income from long term investments (2,782) (2,557) (2,828)
Exchange loss 4,107 7,987 24,724
Interest / markup costs 7,645 6,150
Early payment discount on supplier invoices (9,785) (4,968)
Reversal of provision) / provision for doubtful trade 417 (165)
debts - net
(Reversal) / provision for slow moving and obsolete (1,023) 5,070 (1,928)
stock (net)
Provision for obsolescence of raw material - net 4,900 2,015
Reversal of provision for obsolescence of stores and (2,437) (2,793)
spares - net
Finance cost 5,644
Income from discounting of supplier invoices (19,292)
Provision for trade debts and advances (net) 4,114
Provision for obsolescence - stores & spare parts 2,128
160,012 203,088 258,306
Operating profit before working capital changes 2,260,657 2,383,358 2,524,208

Working capital adjustments:

(Increase) / decrease in current assets:
Stores and spare parts (2,033) 2,685 2,793
Stock in trade 66,319 (590,421) (488,586)
Trade debts - unsecured (552,407) (227,991) (603,516)
Advances - unsecured 18,875 (407,672) 336,717
Trade Deposits, short term prepayments 17,200 (22,515) (135,486)
Other receivables 536 (4,045) (16,686)
Tax refunds due from governement 14,774 143,662
(451,510) (1,235,185) (761,102)
Increase / (Decrease) in current liabilities
Trade and other payables 259,783 (24,043) 673,299
Cash generated from operations 2,068,930 1,124,130 2,436,405
Interest / markup costs paid (7,645) (6,150)
Finance costs paid (5,644)
Tax paid (734,475) (782,646) (556,237)
Gratuity paid (3,773) (4,796) (5,363)
Interest income received 60,876 (795,087) (567,750)
Decrease / (increase) in long term deposits and
prepayments (683,016) (3,969) 1,496
Decrease in long term prepayments 3,526
Increase in long term deposits –
Net cash generated from operating activities CASH 1,389,440 325,074 1,870,151
FLOWS FROM INVESTING ACTIVITIES

Purchase of operating fixed assets (125,806) (270,714) (286,004)

Increase in Capital work in progress (40,787) (44,830) (92,469)
Purchase of intangible assets (140) (1,456) –
Proceeds from sale of property, plant and equipment 2,740 8,749 8,879

Increase in long term investments – – (8)

Interest income received 34,237 12,195
Net cash used in investing activities (163,993) (274,014) (357,407)
CASH FLOWS FROM FINANCING
ACTIVITIES
Dividends paid (823,840) (1,047,863) (1,127,850)
Net cash used in financing activities (823,840) (1,047,863) (1,127,850)
NET INCREASE IN CASH AND CASH 401,607 (996,803) 384,894
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT 1,755,334 2,156,941 1,160,138
BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT END OF 2,156,941 1,160,138 1,545,032
THE YEAR
Financial Ratios
Bata Pakistan Limited 2016 2017 2018

(Ru
pees
in
’000)

Liquidity Ratios
Current Ratios 3.34983209 3.54693746 3,051,863
Quick Ratios 2.06826075 1.98937593 1.63821017
Cash Ratio 0.95257277 0.51889794 0.50625864
Debt Ratio
Debt to Asset Ratio 0.26660213 0.25173456 0.29942558
Long Term debt ratio 0.01735143 0.01699112 0.01402126
Short Term debt ratio 0.24925071 0.23474343 0.28540433
Debt to Equity Ratio 0.36351637 0.33642414 0.42740011
Time Interest Earned ratio 53.6016026 -55.6597974 -54.9012798
Profitability Ratios
Gros Profit margin ratio 0.41067867 0.42723864 0.44809583
Operating profit ratios 0.14192784 0.14326548 0.13741639
Net profit margin 0.09567601 0.09824796 0.08922789
Return on Assets 0.15884122 0.15985698 0.14014645
Return on capital employed 0.21157692 0.20889332 0.19611993
Return on Equity 0.21658261 0.21363673 0.20004507
Market Ratios
Price Earning Ratios 16.6187847 11.2197173 7.48429003
Marekt Book Ratio 3.596808 2.4 1.5
Dividend Ratio 0.655342 0.694272 0.755287
Dividend Yield 0.039434 0.06188 0.100916
Growth Ratios
Sales growth Ratio - 0.027492 0.083786
Asset growth ratio - 0.048409 0.122717
Retention Ratio 0.344658 0.305728 0.244713
Growthd 0.072922 0.063864 0.047993
 Service Industries limited
For year ended Dec 31, 2016
Balance sheet

BALANCE SHEET
Service Industries Limited 2016 2017 2018

(Rupees
in ’000)

NON-CURRENT ASSETS
Property Plant and Equipment 4,745,935 5,957,312 6,946,303
Intangible Assets 2,720 929 2,562
Long Term Investments 373,855 521,663 549,917
Long term Loans 15,431 17,762 20,450
Long Term Deposits 77,956 99,393 95,010
5,215,897 6,597,059 7,614,242

CURRENT ASSETS
Stores, spares and loose tools 100,205 122,467 159,415
Stock in trade 2,729,738 3,917,187 4,044,171
Trade debts 2,483,211 2,797,402 3,300,338
Loan and Advances 293,228 295,456 463,549
Trade deposits and prepayments 85,769 131,883 93,469
Other receivables 75,699 55,496 74,259
Tax refunds due from government 1,384,345 1,888,736 2,317,919
Short term invesment 103,745
Cash and cash equivalents 224,887 79,184 53,761
7,480,827 9,287,811 10,506,881

TOTAL ASSETS 12,696,724 15,884,870 18121123

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

1,000,000 1000000 1000000
Authorized share capital
100,000,000 (2015: 20,000,000) ordinary shares of
Rs 10/- each
Paid up share capital 120,288 120,288 120,288
Reserves 4,263,652 4626473 5395877
4,383,940 4746761 5516165

NON-CURRENT LIABILITIES
long term Financing 998,021 2,431,930 2,617,155
long term deposits 5,268 5,258 3,243
Deferred liabilities 390,792 536,410 521,628
1,394,081 2,973,598 3,142,026
 Service Industries limited
For year ended Dec 31, 2016
Balance sheet
CURRENT LIABILITIES
Trade and other payables 3,259,466 2,901,932 2,739,985
uncashed dividend warrants 27,774 32,002
Interest and markup accrued 44,362 108,065 146,917
Short term borrowings 3,242,870 4,520,732 5,633,361
Current portion of long term financing 223,058 451,642 699,725
Provision for taxation 148,947 154,366 210,942
6,918,703 8,164,511 9,462,932
8,312,784 11,138,109 12,604,958
12,696,724 15,884,870 18,121,123

INCOME STATEMENT
Service Industries Limited

Sales - net 18,984,428 20,898,174 23,908,934

Cost of sales 15,208,729 17,335,541 19747583
Gross profit 3,775,699 3562633 4161351
Operating expenses
Distribution cost 973,590 1,300,341 1,523,334
Administrative expenses 983,413 1,084,215 1,129,694
Other operating expenses 212,552 152,290 140,299
2,169,555 2,536,846 2793327
Operating profit before other income 1,606,144 1,025,787 1368024
Other income 99,996 357,867 433751
Operating profit 1,706,140 1,383,654 1801775
Finance cost 236,845 341,885 588940
Profit before taxation 146,295 1,041,769 1212835
Taxation 223,808 144,954 143,978
Profit after taxation 1,245,487 896,815 1,068,857
Earnings per share - basic and diluted (Rupees) 104 74.56
Profit after taxation 1,245,487 896,815 1068857
Other comprehensive income Items that
may reclassify to profit and loss account
(Loss) / gain on Investments - net of tax -32,224 -7,550
Add: Adjustment for amount transferred to profit a 8,800 -40,436 -
Items that may not reclassify to profit and loss account
Actuarial gain / (loss) on defined benefit plans - ne -1570
Actuarial gain / (loss) on defined benefit plans - net 9306 40,326 -27,269
16,536 -112,986 -34,819
Total comprehensive income for the year 1,262,023 783829 1034038
book value 364.45 394.62 366.86
 Service Industries limited
For year ended Dec 31, 2016
Balance sheet
Market value 1,036.19 1,232.04 793.07
Dividend 40 32 30
EPS 103.54 74.56 71.09

CASHFLOW STATEMENT
Service Industries Limited

Cash flow from operating activities

Cash generated from operations 1,270,401 -178,768 1,232,172
Finance cost paid -245,469 -278,183 -550,088
Ijarah rentals paid -70,041 -72,940 -68,700
Income tax paid -330,237 -335,830 -276,074
Staff retirement benefits paid -14,987 -33,282 -10,735
W.W.F (Paid) / Received 2,872 -6,492
W.P.P.F paid -146,963 -56,000 -65,000
Net cash generated from operating activities 462,704 -952,131 255,083
Cash flow from investing activities
Dividend from associated company 10,446 24,106 28,124
Other investment- equity –
Capital expenditure -1,797,336 (1,704,908) (1,600,636)
Addition in intangible assets – (2,812)
Proceeds from sale of property 26,748 6,672 2,057
Investment in subsidiary company -125,681 (93,000) -
investement in associated companies -480
Proceeds from sale of long term investments 101,709
short term investment -103,745 103,745 -
Long term loans- net -8,348 (2,331) (2,688)
Long term investment (29,600) 7,550
Long term deposits- net -25,804 (21,437) 4,383
Net cash used in investing activities -1,922,491 (1,716,753) (1,564,022)
Cash flow from financing activities
Short term borrowings- net 1,580,510 1,277,862 1,112,629
Long term financing 118,059 1,662,493 433,308
dividends paid -475,344 (417,164) (260,406)
Long term deposits 1,603 (10) (2,015)
Net cash generated from / (used in) financing activ 1,244,828 2,523,181 1,283,516
-234,959 (145,703) (25,423)
Net (decrease) / increase in cash and cash
equivalents
459,846 224,887 79,184
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year 224,887 79,184 53,761
 Service Industries limited
For year ended Dec 31, 2016
Balance sheet

Financial Ratios
Service Industries Limited 2016 2017 2018

(Rupee
s in
’000)

Liquidity Ratios
Current Ratios 1.081247 1.13758326 1.11032
Quick Ratios 0.686702 0.65780106 0.68295
Cash Ratio 0.032504 0.00969856 0
Debt Ratio
Debt to Asset Ratio 0.267275 0.45074601 0.412651
Long Term debt ratio 0.109798 0.18719687 0.17339
Short Term debt ratio 0.54492 15,884,870 0.522205
Debt to Equity Ratio 1.89619 2.34646509 2.285094
Time Interest Earned ratio 0 0 0
Profitability Ratios
Gros Profit margin ratio 0.198884 0.1704758 0.17405
Operating profit ratios 0.08987 0.06620933 0.07536
Net profit margin 0.066477 0.03750706 0.043249
Return on Assets 0.099398 0.04934438 0.057063
Return on capital employed 0.218418 0.10152753 0.119429
Return on Equity 0.287874 0.16512923 0.187456
Market Ratios
Price Earning Ratios 10.00763 16.5241416 11.15586
Marekt Book Ratio 2.843161 3.12209214 2.161778
Dividend Ratio 0.386324 0.42918455 0.422
Dividend Yield 0.038603 0.02597318 0.037828
Growth Ratios
Sales growth Ratio - 0.10080609 0.144068

Asset growth ratio - 0.25109989 0.140779

Retention Ratio 0.613676 0.57081545 0.578

Growths 0.134038 0.05795348 0.06903
BALANCE SHEET
Lather Up Limited 2016 2017 2018

(Rupees in ’000)

NON-CURRENT ASSETS
Property Plant and Equipment 17830492 17,867,298 3,951,543

CURRENT ASSETS
Stock in
Trade tradeconsidered good
debts- 4791138 101,096,159 95,415,855
Advances, deposits, prepayments and other receivables 16432254 10,660,241 39,856,480
Cash and bank balance 5464943 2,522,986 36,337,561
109783542 114,279,386 ###

TOTAL ASSETS 127514035 132,146,684 175,561,439

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital
6,000,000 (June 30, 2017: 6,000,000) ordinary shares of Rs. 1 60,000,000 60,000,000 60,000,000

Issued , subscribed and paid up capital 60,000,000 60,000,000 60,000,000

General Reserves 1369212 1,369,610 1,369,610
accumulated Gain/ (Loss) -15591508 -2,245,787 44,111,329
45777704 59,123,823 105,480,939

Deffered Liability- staff gratuity 3517577 3,169,256 2,323,354

CURRENT LIABILITIES
Short term borrowings- secured 21830000 19,500,664 40,800,000
Loan from directors 104546 129,856 2,015,356
Trade and other payables 54595399 46,376,523 21,707,296
Accrued Markup 150000 156,272 186,986
Unclaimed Dividend 0 2,613,991 2,613,991
Provision for taxation 1338808 1,076,299 433,517
78318753 69,853,605 67,757,146
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES 127614035 132,146,684 175,561,439

INCOME STATEMENT
Leather Up Limited
Sales - net 127716522 133,215,713 51,697,926
Cost of sales -98000518 (101,861,314) (50,201,059)
Gross profit 29715006 31,354,399 1,496,867
Operating expenses
Administrative expenses -6378054 (4,922,325) (4,774,759)
Distribution cost -7864141 (8,702,954) (3,266,911)
-14232195 (13,625,279) (8,041,670)
Operating profit / (loss) 15482812 17,729,120 (6,544,803)
Finance cost -1961261 (1,763,259) (1,298,626)
Other income/(loss) 6143 (69,615) 57,243,338
Other operatng expenses -1258362 (1,519,526) (3,734,443)
-3213481 (3,352,400) 52,210,269
Profit before taxation 12269331 14,376,720 45,665,466
Taxation -1338808 (1,076,299) (433,517)
Profit after taxation 10930523 13,300,421 45,231,949
Earnings per share - basic and diluted 103.54 74.56 71.09
dividend 40 32 30.00
Market Value 1,036.19 1,232.04 793.07
Book Value 364.45 394.62 366.86

CASHFLOW STATEMENT
Leather up Limited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 12269931 14,376,720 45,665,466

Adjustments for non cash and other items

Depreciation 348549 350,328 324,235
Provisioin for gratuity 518120 447,376 279,265
Gain on sale of land non depreciable assets - (58,302,480)
Finance cost 1961261 1,763,259 1,298,626
2827830 2,560,963 (56,400,354)
Operating cashflows before working capital changes 15097261 16,937,683 (10,734,888)
Changes in working capital (Increase) / decrease in current assets
Stock in trade -24290039 (18,000,953) 5,680,304
Trade debtsdeposit, prepayments and other recievable -2677060 4,791,140 -
Advances,
Increase / (decrease) in current liabilities -14456706 5,526,708 (1,053)
Trade and other payables 19068591 (5,904,884) (24,669,227)
Loan from directors -1609673 25,310 1,885,500
-13974887 (13,562,679) (17,104,476)
Cash (used in) / generated from operations 1122374 3,375,004 (27,839,364)
Taxes paid -992908 (1,407,115) (551,485)
Finance cost paid 1973343 (1,756,987) (1,267,912)
Net cash (used in) / generated from operating activities 1843875 210,902 (29,658,761)
CASH FLOWS FROM INVESTING ACTIVITIES
Addition to property, plant and equipment -180000 (387,135) (106,000)
                       -   42,280,000
    
Receipt against sale of lease hold land
Net cash from/(used in) investing activities -180000 (387,135) 42,174,000
Net cashflow from financing activities
- (436,389)                        -  
    
Dividend paid
- (436,389) -
Net increase / (decrease) in cash and cash equivalents -2023875 (612,622) 12,515,239
Cash and cash equivalents at the beginning of the period -14341182 (16,365,057) (16,977,678)
Cash and cash equivalents at the end of the period -16365057 (16,977,679) (4,462,439)
Cash and cash equivalents comprise the following
Cash and bank balance 5464943 2,522,986 36,337,561
Short term borrowing -21830000 (19,500,664) (40,800,000)
-16365075 (16,977,678) (4,462,439)
Financial Ratios
Leather Up Limited 2016 2017 2018

(Rupees
in ’000)

Liquidity Ratios
Current Ratios 1.40175294 1.63598408 2.53272025
Quick Ratios 1.56696694 0.18872651 1.12451668
Cash Ratio -0.2089547 -0.2430466 -0.0658593
Debt Ratio
Debt to Asset Ratio 0.64178293 0.55258943 0.39917934
Long Term debt ratio 0.02758581 0.02398286 0.01323385
Short Term debt ratio 0.61419712 0.52860657 0.38594549
Debt to Equity Ratio 1.78768972 1.23508355 0.66439018
Time Interest Earned ratio 0 0 0
Profitability Ratios
Gros Profit margin ratio 0.23266376 0.23536562 0.0289541
Operating profit ratios 0.12122795 0.1330858 -0.126597
Net profit margin 0.08558425 0.09984123 0.87492773
Return on Assets 0.08572016 0.10064892 0.25764171
Return on capital employed 0.08565298 0.10064892 0.25764171
Return on Equity 0.23877395 0.22495874 0.42881633
Market Ratios
Price Earning Ratios 10.0076299 16.5241416 11.1558588
Marekt Book Ratio 2.84316093 3.12209214 2.16177834
Dividend Ratio 0.38632413 0.42918455 0.42200028
Dividend Yield 0.03860296 0.02597318 0.03782768
Growth Ratios
Sales growth Ratio - 0.04305779 -0.6119232
Asset growth ratio - 0.0363305 0.32853458
Retention Ratio 0.61367587 0.57081545 0.57799972
Growth 0.05256317 0.05745196 0.14891683