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Assesment of Working Capital Requirements
Assesment of Working Capital Requirements
March 31' 06 March 31' 07 March 31' 08 March 31' 09 March 31' 10 March 31' 11 March 31' 12
Last year's Current Year Following Following Following Following Following
Audited Estimated Year-Projec. Year-Projec. Year-Projec. Year-Projec. Year-Projec.
1 2 3 4 5 6 7
1. Gross sales - (i) Domestic sales 303.97 350.00 425.00 530.00 675.00 875.00 1,150.00
(ii) Export sales - - - - - - -
(iii) Other Revenue Income - - - - - - -
Add other revenue income
Total 303.97 350.00 425.00 530.00 675.00 875.00 1,150.00
Less excise duty - - - - - - -
3. Net sales(item 1 - item 2) 303.97 350.00 425.00 530.00 675.00 875.00 1,150.00
4. % age rise (+) or fall (-) in net sales as compared to
previous year (annualised) 0.00% 15.14% 21.43% 24.71% 27.36% 29.63% 31.43%
5. Cost of sales
i) Raw materials(including stores & spares and 267.44 301.00 365.50 455.80 580.50 752.50 989.00
other items used in the process of manufacture
(a) Imported - - - - - - -
(b) Indigenous - - - - - - -
ii) Other spares - - - - - - -
(a) Imported - - - - - - -
(b) Indigenous - - - - - - -
iii)Power and fuel 13.70 15.75 19.13 23.85 30.38 39.38 51.75
iv) Direct labour(Factory wages & salary) 4.99 7.00 8.50 10.60 13.50 17.50 23.00
v) Other mfg. expenses 10.61 14.00 29.75 37.10 47.25 61.25 80.50
Vi) job Work charges - - - - - - -
vi) Depreciation 0.83 0.83 1.90 1.90 1.90 1.90 1.90
vii) SUB-TOTAL (i to vi) 297.57 338.58 424.78 529.25 673.53 872.53 1,146.15
viii) Add:Opening stocks-in-process 103.61 100.38 101.50 127.50 159.00 202.50 262.50
Sub-total 401.18 438.96 526.28 656.75 832.53 1,075.03 1,408.65
ix) Deduct:Closing stocks-in-process 100.38 101.50 127.50 159.00 202.50 262.50 345.00
x) Cost of Production 300.80 337.46 398.78 497.75 630.03 812.53 1,063.65
xi) Add : Opening stock of Fini.goods - - - - - - -
Sub-total 300.80 337.46 398.78 497.75 630.03 812.53 1,063.65
xii) Deduct closing stock of fini.goods - - - - - - -
xiii) SUB-TOTAL (Total cost of sales) 300.80 337.46 398.78 497.75 630.03 812.53 1,063.65
Gross Profit 3.17 12.54 26.23 32.25 44.98 62.47 86.35
6. Selling, general & adm. expenses 0.21 3.50 6.38 8.48 11.48 15.75 23.00
7. SUB-TOTAL (5+6) 301.01 340.96 405.15 506.23 641.50 828.28 1,086.65
8. Operating profit before interest(3-7) 2.96 9.04 19.85 23.77 33.50 46.72 63.35
9. Interest 0.79 1.38 5.76 5.76 5.76 5.76 5.76
10.Operating profit after interest(8-9) 2.17 7.66 14.09 18.01 27.74 40.96 57.59
11. (i) Add other non-operating income
(a) Export Incentives
(b) Trading sales (Exports) - - - - - - -
(c) Trading stock (net) - - - - - - -
(d) Other Income - 0.02 0.02 0.04 0.06 0.06 0.32
Sub-total (income) - 0.02 0.02 0.04 0.06 0.06 0.32
(ii) Deduct other non-operating exp.
(a) Pre. Expenses (w.off) 0.38 0.38 0.38 - - - -
(b) Loss on sale of fixed assets - - - - - - -
(c) Loss in investment - - - - - - -
(d) Bad debts written off - - - - - - -
Sub-total(expenses) 0.38 0.38 0.38 - - - -
(iii) Net of other non-operating income/expenses (0.38) (0.36) (0.36) 0.04 0.06 0.06 0.32
12. Profit before tax/loss {10+11(iii)} 1.79 7.30 13.73 18.05 27.80 41.02 57.91
13. Provision for taxes 0.35 1.11 3.28 4.73 8.01 12.46 18.15
Provision for deffered tax 0.25 0.35 0.45 0.55 0.65 0.75 0.85
FBT 0.11 0.12 0.14 0.16 0.20 0.26 0.39
14. Net profit/loss (12-13) 1.08 5.72 9.86 12.61 18.94 27.55 38.91
15. (a) Dividend & Dividend Tax - - - - - - -
(b) Rate 0% 10% 0% 0% 0% 0% 0%
16. Retained profit (14-15) 1.08 5.72 9.86 12.61 18.94 27.55 38.91
17. Retained profit/Net profit (% age) 100% 100% 100% 100% 100% 100% 100%
FORM - III
ANALYSIS OF BALANCE SHEET (Rs.in lacs)
18. Total Outside Liabilities(item 10 +17) 238.90 249.05 297.76 352.08 433.50 531.28 694.25
NET WORTH
19.Share Capital 11.89 15.00 20.00 25.00 25.00 25.00 25.00
20.General reserve 2.29 4.78 10.50 20.36 32.97 51.91 79.46
21. Reserve for deffered tax liability - - - - - - -
22.Other reserves(excluding provisions) - - - - - - -
23.Surplus(+) or deficit(-) in P&L account 1.08 5.72 9.86 12.61 18.94 27.55 38.91
23(a).Others - Share Premium - - - - - - -
23(b). Deferred tax 0.40 0.60 0.80 1.00 1.20 1.40 1.60
24. NET WORTH 15.66 26.10 41.16 58.97 78.11 105.86 144.97
25. TOTAL LIABILITIES 254.56 275.15 338.92 411.05 511.61 637.14 839.22
FORM - III (Continued)
ANALYSIS OF BALANCE SHEET (Rs.in lacs)
0.00 As per Balance sheet as at
ASSETS March 31' 06 March 31' 07 March 31' 08 March 31' 09 March 31' 10 March 31' 11 March 31' 12
Last year's Current Year Following Following Following Following Following
Audited Estimated Year-Projec. Year-Projec. Year-Projec. Year-Projec. Year-Projec.
CURRENT ASSETS (2) (3) (4) (4) (4) (4) (4)
26.Cash and bank balances 0.90 0.01 0.70 0.85 1.10 2.10 2.50
27.Investments(other than long term investments) - - - - - - -
(i) Government & other Trustee securities - - - - - - -
(ii)Fixed deposits with bank & Others 2.42 2.03 2.30 2.30 4.30 4.30 4.75
28.(i) Receivables other than defered & export 130.13 128.29 160.50 197.00 250.00 313.04 455.34
( including bills purchased and dicounted by banks) -
(ii)Export receivables(incld bills purchased & dis.by bank) - - - - - - -
29.Instalments of deferred receivables(due within 1 yr.) - - - - - - -
30.Inventory: 100.38 101.50 127.50 159.00 202.50 262.50 345.00
(i) Raw materials(including stores & other items - - - - - - -
used in the process of manufacture)
a)Imported - - - - - - -
b)Indigenous - - - - - - -
(ii) Works-in-process 100.38 101.50 127.50 159.00 202.50 262.50 345.00
(iii)Finished goods - - - - - - -
(iv) Other consumable spares - - - - - - -
a)Imported - - - - - - -
b)Indigenous - - - - - - -
31.Advances to suppliers of raw materials & stores/spares - 0.55 1.42 0.80 2.51 2.80 5.00
32.Advance payment of taxes - 0.27 0.40 0.40 0.40 0.50 0.70
33.Other current assets - - - - - - -
- stock of traded goods - - - - - - -
- Others 0.78 0.50 0.50 0.50 0.50 1.50 3.57
34. TOTAL CURRENT ASSETS(total of 26 to 33) 234.61 233.15 293.32 360.85 461.31 586.74 816.86
FIXED ASSETS
35.Gross Block(land & building,machinery,work-in-process) 21.29 46.29 51.29 56.29 58.29 60.29 62.29
36.Depreciation to date 1.34 4.29 6.19 8.09 9.99 11.89 13.79
37. NET BLOCK (35-36) 19.95 42.00 45.10 48.20 48.30 48.40 48.50
OTHER NON-CURRENT ASSETS
38.Investments/book debts/adv./deposits which are not - - 0.50 2.00 2.00 2.00 3.86
Current Assets
(i) a)Investments in subsidiary companies/affiliates - - - - - - -
b)Others - - 0.50 2.00 2.00 2.00 3.86
(ii)Advances to suppliers of capital goods & contractors - - - - - - -
(iii)Defferred receivables - - - - - - -
(iv)Others-Debtors >6 months - - - - - - -
-Security deposit - - - - - - -
-Loans & advances for others - - - - - - -
39.Non-consumables stores & spares
40.Other non-current assets incl.dues from directors - - - - - - -
41. TOTAL OTHER NON-CURR.ASSETS - - 0.50 2.00 2.00 2.00 3.86
42.Intangible assets(patents, goodwill, prelim. exp.
bad/doubtful expenses not provided for, etc.) - - - - - - -
43. TOTAL ASSETS (34+37+41+42) 254.56 275.15 338.92 411.05 511.61 637.14 869.22
- - (0.00) (0.00) (0.00) (0.00) (30.00)
44. TANGIBLE NET WORTH (24-42) 15.66 26.10 41.16 58.97 78.11 105.86 144.97
45. NET WORKING CAPITAL(17+24)-(37+41+42) 55.13 75.41 93.27 117.88 138.32 172.37 259.82
46. Current Ratio 1.50 1.76 1.83 1.92 1.82 1.81 1.87
47. Total Outside Liabilities/ Tangible Net Worth 15.26 9.54 7.23 5.97 5.55 5.02 4.79
48. Total Term Liabilities/Tangible Net Worth 3.79 3.50 2.37 1.85 1.41 1.10 0.95
FORM - IV
Comparative statement of Current assets & Current Liabilities
1. SOURCES
a) Net profit (after tax) 1.08 5.72 9.86 12.61 18.94 27.55 38.91
b) Depreciation 0.83 0.83 1.90 1.90 1.90 1.90 1.90
c) Increase in capital
d) Increase in term liabilities,including public deposits 56.98 31.89 6.40 11.40 1.40 6.40 20.30
e) Decrease in : i ) Fixed assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ii) Other non-current assets 0.07 0.00 0.00 0.00 0.00 0.00 0.00
f) Others 0.89 4.72 5.20 5.20 0.20 0.20 0.20
g) TOTAL 59.85 43.16 23.36 31.11 22.44 36.05 61.31
2. USES
a) Net loss
b) Decrease in term liabilities,including public deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00
c) Increase in : i ) Fixed asset 12.41 25.00 5.00 5.00 2.00 2.00 2.00
ii ) Depreciation adjustment 2.39 -2.12 0.00 0.00 0.00 0.00 0.00
iii) Other non-current assets 0.00 0.00 0.50 1.50 0.00 0.00 1.86
d) Dividend payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00
e) Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00
f) TOTAL 14.80 22.88 5.50 6.50 2.00 2.00 3.86
3. Long term surplus / deficit 45.05 20.28 17.86 24.61 20.44 34.05 57.45
4. Increase / Decrease in current assets* 82.55 1.05 27.69 31.03 45.46 61.39 85.30
(as per details given below)
5. Increase / Decrease in current liabilities 153.66 (24.07) 27.30 27.92 65.02 71.38 112.67
other then bank borrowings
6. Increase / Decrease in working capital gap (71.11) 25.12 0.39 3.11 (19.56) (9.99) (27.37)
7. Net surplus(+) / deficit(-) 116.16 (4.84) 17.48 21.50 40.00 44.04 84.82
8. Increase / Decrease in Bank borrowings 8.81 2.33 15.00 15.00 15.00 20.00 30.00
INCREASE / DECREASE IN NET SALES 256.99 46.03 75.00 105.00 145.00 200.00 275.00
*Break-up of (4) 124.97 (2.51) 32.48 36.50 55.00 64.04 114.82
i ) Increase / decrease in Raw materials (5.10) - - - - - -
ii ) Increase / decrease in Stock -in-process 93.58 1.12 26.00 31.50 43.50 60.00 82.50
iii ) Increase / decrease in Finished goods (3.44) - - - - - -
iv) Increase / decrease in Receivables (a) Domestic - - - - - - -
(b) Export (1.55) - - - - - -
v ) Increase / decrease in Stores & spares - - - - - - -
vi) Increase / decrease in Other current assets (0.94) (0.07) 1.69 (0.47) 1.96 1.39 2.80
Total 82.55 1.05 27.69 31.03 45.46 61.39 85.30
COMPUTATION OF DSCR FOR TERM-LOAN
B.Repayment
TL Repayment 0.00 3.00 3.00 3.00 3.00 3.00
Sub-Total 0.00 3.00 3.00 3.00 3.00 3.00
Interest 0.25 2.86 2.56 2.26 1.96 1.66
Total (B) 0.25 5.86 5.56 5.26 4.96 4.66
Year-2007-2008
[Rs.in lacs]
Months Op.Bal. Install Intt. Total Closing
Apr-07 30.00 0.25 0.25 0.50 29.75
May-07 29.75 0.25 0.25 0.50 29.50
June-07 29.50 0.25 0.25 0.50 29.25
July-07 29.25 0.25 0.24 0.49 29.00
Aug-07 29.00 0.25 0.24 0.49 28.75
Sep-07 28.75 0.25 0.24 0.49 28.50
Oct-07 28.50 0.25 0.24 0.49 28.25
Nov-07 28.25 0.25 0.24 0.49 28.00
Dec-07 28.00 0.25 0.23 0.48 27.75
Jan-08 27.75 0.25 0.23 0.48 27.50
Feb-08 27.50 0.25 0.23 0.48 27.25
Mar-08 27.25 0.25 0.23 0.48 27.00 24.00
Year-2009-2010
[Rs.in lacs]
Months Op.Bal. Install Intt. Total Closing
Apr-09 24.00 0.25 0.20 0.45 23.75
May-09 23.75 0.25 0.20 0.45 23.50
Jun-09 23.50 0.25 0.20 0.45 23.25
July-09 23.25 0.25 0.19 0.44 23.00
Aug-09 23.00 0.25 0.19 0.44 22.75
Sep-09 22.75 0.25 0.19 0.44 22.50
Oct-09 22.50 0.25 0.19 0.44 22.25
Nov-09 22.25 0.25 0.19 0.44 22.00
Dec-09 22.00 0.25 0.18 0.43 21.75
Jan-10 21.75 0.25 0.18 0.43 21.50
Feb-10 21.50 0.25 0.18 0.43 21.25
Mar-10 21.25 0.25 0.18 0.43 21.00 18.00
Year-2011-2012
[Rs.in lacs]
Months Op.Bal. Install Intt. Total Closing
Year-2013-2014
[Rs.in lacs]
Months Op.Bal. Install Intt. Total Closing
Apr-13 12.00 0.25 0.10 0.35 11.75
May-13 11.75 0.25 0.10 0.35 11.50
Jun-13 11.50 0.25 0.10 0.35 11.25
July-13 11.25 0.25 0.09 0.34 11.00
Aug-13 11.00 0.25 0.09 0.34 10.75
Sep-13 10.75 0.25 0.09 0.34 10.50
Oct-13 10.50 0.25 0.09 0.34 10.25
Nov-13 10.25 0.25 0.09 0.34 10.00
Dec-13 10.00 0.25 0.08 0.33 9.75
Jan-14 9.75 0.25 0.08 0.33 9.50
Feb-14 9.50 0.25 0.08 0.33 9.25
Mar-14 9.25 0.25 0.08 0.33 9.00 6.00
Year-2015-2016
[Rs.in lacs]
Months Op.Bal. Install Intt. Total Closing
Apr-15 6.00 0.25 0.05 0.30 5.75
May-15 5.75 0.25 0.05 0.30 5.50
Jun-15 5.50 0.25 0.05 0.30 5.25
July-15 5.25 0.25 0.04 0.29 5.00
Aug-15 5.00 0.25 0.04 0.29 4.75
Sep-15 4.75 0.25 0.04 0.29 4.50
Oct-15 4.50 0.25 0.04 0.29 4.25
Nov-15 4.25 0.25 0.04 0.29 4.00
Dec-16 4.00 0.25 0.03 0.28 3.75
Jan-16 3.75 0.25 0.03 0.28 3.50
Feb-16 3.50 0.25 0.03 0.28 3.25
Mar-16 3.25 0.25 0.03 0.28 3.00 0.00
PARTICULARS March 31' 06 March 31' 07 March 31' 08 March 31' 09 March 31' 10 March 31' 11 March 31' 12
Last year's Current Year Following Following Following Following Following
Audited Estimated Year-Projec. Year-Projec. Year-Projec. Year-Projec. Year-Projec.
Net Sales 303.97 350.00 425.00 530.00 675.00 875.00 1,150.00
PBT 1.79 7.30 13.73 18.05 27.80 41.02 57.91
PAT 1.08 5.72 9.86 12.61 18.94 27.55 38.91
PAT/N.Sales (%) 0.36 1.63 2.32 2.38 2.81 3.15 3.38
Paidup Capital 11.89 15.00 20.00 25.00 25.00 25.00 25.00
TNW 15.66 26.10 41.16 58.97 78.11 105.86 144.97
TOL/TNW 15.26 9.54 7.23 5.97 5.55 5.02 4.79
CR 1.50 1.76 1.83 1.92 1.82 1.81 1.87
PBT/TTA(%) 0.70 2.65 4.05 4.39 5.43 6.44 6.66
N.Sales/TTA (times) 1.19 1.27 1.25 1.29 1.32 1.37 1.32
Optg. Exp/N.Sales (%) 99.29 97.81 96.68 96.60 95.89 95.32 94.99
BB/TTA (%) 8.91 9.09 11.80 13.38 13.68 14.13 13.81
Inv+Rec/N.Sales (Days) 276.79 239.64 247.34 245.17 244.69 240.08 254.02
TTA 254.56 275.15 338.92 411.05 511.61 637.14 869.22
Optg.Exp 301.80 342.34 410.91 511.99 647.26 834.04 1,092.41
Inv+Rec 230.51 229.79 288.00 356.00 452.50 575.54 800.34
BB 22.67 25.00 40.00 55.00 70.00 90.00 120.00
ASSESSMENT OF WORKING CAPITAL REQUIREMENTS UNDER PBS METHOD
Particulars March 31' 06 March 31' 07 March 31' 08 March 31' 09 March 31' 10 March 31' 11 March 31' 12
Total Current Assets 234.61 233.15 293.32 360.85 461.31 586.74 816.86
Other Current Liabilities 156.81 132.74 160.05 187.97 252.99 324.37 437.04
Working Capital Gap 77.80 100.41 133.27 172.88 208.32 262.37 379.82
NWC(Actual/Proj) 55.13 75.41 93.27 117.88 138.32 172.37 259.82
ABF 22.67 25.00 40.00 55.00 70.00 90.00 120.00
NWC/TCA (%) 23.50 32.34 31.80 32.67 29.98 29.38 31.81
OCL/TCA (%) 66.84 56.94 54.56 52.09 54.84 55.28 53.50
S.Creditors/TCA (%) 18.05 16.78 14.95 15.16 15.10 14.11 14.53
ABF/TCA (%) 9.66 10.72 13.64 15.24 15.17 15.34 14.69
Inventories/N.Sales (Days) 75.52 105.85 109.50 109.50 109.50 109.50 109.50
Receivables/G.Sales (Days) 156.26 133.79 137.84 135.67 135.19 130.58 144.52
S.Crs/Purchases (Days) 57.80 47.45 43.80 43.80 43.80 40.15 43.80
PBDIT/Intt (Times) 4.80 7.15 3.78 4.46 6.15 8.44 11.33
PAT/N.Sales (%) 0.36 1.63 2.32 2.38 2.81 3.15 3.38
ROCE (%) 1.49 3.59 6.42 6.24 6.92 7.63 7.51
N.Sales 303.97 350.00 425.00 530.00 675.00 875.00 1150.00
G.Sales 303.97 350.00 425.00 530.00 675.00 875.00 1150.00
Receivables 130.13 128.29 160.50 197.00 250.00 313.04 455.34
Inventory 100.38 101.50 127.50 159.00 202.50 262.50 345.00
Purchases 267.44 301.00 365.50 455.80 580.50 752.50 989.00
S.Creditors 42.35 39.13 43.86 54.70 69.66 82.78 118.68
PBDIT 3.79 9.87 21.75 25.67 35.40 48.62 65.25
Interest 0.79 1.38 5.76 5.76 5.76 5.76 5.76
TTA 254.56 275.15 338.92 411.05 511.61 637.14 869.22
Cash Accruals 1.91 6.55 11.76 14.51 20.84 29.45 40.81
PBT/NS (%) 0.59 2.09 3.23 3.41 4.12 4.69 5.04
BREAK EVEN SALES
Variable Expenses
Raw Material 34.17 54.22 73.60 75.55
Power & Fuel 0.19 0.22 0.40 0.50
Direct Labour 45% 0.11 0.19 0.36 0.50
Other Manufacturing Exp. 0.95 1.13 1.87 2.30
Selling Gene.Administrative 50% 1.73 2.40 2.65 2.90
FINANCIAL PROPOSAL
Diff between SIP in P& L and in Balance sheet 0.00 0.00 0.00 0.00 0.00
Diff between FG in P& L and in Balance sheet 0.00 0.00 0.00 0.00 0.00
Diff between Dep in P& L and in Balance sheet 2.39 (2.12) 0.00 0.00
Diff between P& L Balane & Inc in Retained Earnings (0.89) (4.72) (5.20) (5.20)
March 31' 10March 31' 11March 31' 12
Following Following Following
Year-Projec. Year-Projec. Year-Projec.
0.00 0.00 30.00