Assesment of Working Capital Requirements

Form - II : Opearting Statement (Rs.in Lacs)

As per Profit & Loss Account actuals / estimates for the year ended / ending
March 31' -- March 31' --
M.P.TYRES PRIVATE LIMITED
Actual. Actual.
(1) (2)
1. Gross sales - (i) Domestic sales 122.40 171.36
(ii) Export sales - -
(iii) Other Income - -
Add other revenue income - -
Total 122.40 171.36
2. Less excise duty - -
Deduct other items - -
3. Net sales(item 1 - item 2) 122.40 171.36
4. % age rise (+) or fall (-) in net sales as compared to
previous year (annualised) NA 40.00%
5. Cost of sales
i) Raw materials(including stores & spares and 20.71 25.88
other items used in the process of manufacture
(a) Imported -
(b) Indigenous 20.71 25.88
ii) Other spares 0.90 1.27
(a) Imported - -
(b) Indigenous - -
iii)Power and fuel 1.08 1.51
iv) Direct labour(Factory wages & salary) 6.73 7.06
v) Other mfg. expenses 2.70 2.70
vi) Depreciation 22.68 22.68
vii) SUB-TOTAL (i to vi) 54.80 61.10
viii) Add:Opening stocks-in-process - 0.39
Sub-total 54.80 61.49
ix) Deduct:Closing stocks-in-process 0.39 0.50
x) Cost of Production 54.41 60.99
xi) Add : Opening stock of Finished goods - 2.23
Sub-total 54.41 63.22
xii) Deduct closing stock of Finished goods 2.23 2.67
xiii) SUB-TOTAL (Total cost of sales) 52.18 60.55
Gross Profit 70.22 110.81
6. Selling, general & adm. expenses 15.05 15.50
7. SUB-TOTAL (5+6) 67.23 76.05
8. Operating profit before interest(3-7) 55.17 95.31
9. Interest 19.83 19.27
10.Operating profit after interest(8-9) 35.34 76.04
11. (i) Add other non-operating income
(a) Interest / Discount Received - -
(b) Miscellaneous Income - -
(c) Income from sale of Dolochar
(d) Previous Year Adjustments - -
Sub-total (income) - -
 (ii) Deduct other non-operating exp.
(a)Amount written off - -
(b)Other Miscellaneous Expenses - -
(c) Loss on sale of assets - -
Sub-total(expenses) - -
(iii) Net of other non-operating income/expenses - -
12. Profit before tax/loss {10+11(iii)} 35.34 76.04
13. Provision for taxes 0.88 17.19
14. Net profit/loss (12-13) 34.46 58.85
15. (a)Equity dividend paid - amt ( already paid + b.s.prov.) - -
(b) Dividend Rate 0% 0%
16. Retained profit (14-15) 34.46 58.85
17. Retained profit/Net profit (% age) 100% 100%

FORM - III
ANALYSIS OF BALANCE SHEET (AMOUNT IN : Rs. in Lacs)
M.P.TYRES PRIVATE LIMITED As per Balance sheet as at
LIABILITIES March 31' -- March 31' --

actual actual
CURRENT LIABILITIES (1) #VALUE!
1.Short-term borrowings from banks(incld.bills purchased
discounted & excess borrwoing placed on repayment basis)
(i) From applicant bank CCSDL - -
(ii) From applicant banks C/C - -
(iii) (of which BP & BD) - -
Sub total (A) - -
2. Short term borrowings from others - -
3. Sundry creditor (Trade) - -
4. Advance payments from customers/dep. from dealers - -
5. Provision for taxation - -
6. Creditors for capital goods - -
7. Other statutory liabilities (due within one year) - -
8. Deposits/Instalments of term loans/DPGs/Debentures, etc. - -
(due within one year)
9. Other current liabilities & provisions (due in 1yr.) - -
(Specify major items)
a. Creditors for Services & Exps. - -
b. Other Current Liabilities & provisions - -
c. Other Current Liabilities (Chq Issu but not Presented) - -
Other Current Liabilities [Sub-total (B)] - -
10. Total Current Liabilities( total of 1 to 9 excl 1(iii)) - -
TERM LIABILITIES
11.Debentures (not maturing within 1 yr.) - -
12.Prefrence shares(redeemable after1yr.) - -
13.Term loans(excld instalments payable within 1 yr.) - -
14.Deferred Payment Credit excluding instt.due within 1 yr.) - -
15.Unsecured Loans (repayable after 1 yr.) - -
16.Other term liabilities(Advances from Customers) - -
17. TOTAL TERM LIABILITIES - -
17(a). Inter Unit Balance - -
18. Total Outside Liabilities(item 10 +17) - -
NET WORTH
19.Ordinary share capital - -
20.General Reserve - -
21. Deposit from Directors & Shareholders - -
22.Other reserves(excluding provisions) - -
23.Surplus(+) or deficit(-) in P&L account - -
23(a).Others - Share Premium - -
23(b). Investment Allowance Reserve - -
24. NET WORTH - -
25. TOTAL LIABILITIES - -
FORM - III (Continued)
ANALYSIS OF BALANCE SHEET (AMOUNT IN : Rs.in lacs)
M.P.TYRES PRIVATE LIMITED As per Balance sheet as at
ASSETS March 31' -- March 31' --

Actual Actual
CURRENT ASSETS (1) #VALUE!
26.Cash and bank balances - -
27.Investments(other than long term investments) - -
(i) Fixed Deposits( LC,BG,Margin ) - -
(ii)Other Fixed deposits with bank - -
28.(i) Receivables other than defered & export - -
( 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: - -
(i) Raw materials(including stores & other items - -
used in the process of manufacture)
a)Imported - -
b)Indigenous - -
(ii) Stocks-in-process - -
(iii)Finished goods - -
(iv) Other consumable spares - -
a)Imported
b)Indigenous - -
31.Advances to suppliers of raw materials - -
32.Advance payment of taxes - -
33.Other current assets - -
- Deposits - -
- Others ( ) - -
34. TOTAL CURRENT ASSETS(total of 26 to 33) - -
FIXED ASSETS
35.Gross Block(land & building,machinery,work-in-process) - -
36.Depreciation to date - -
37. NET BLOCK (35-36) - -
OTHER NON-CURRENT ASSETS
38.Investments/book debts/adv./deposits which are not - -
Current Assets
(i) a)Investments in subsidiary companies/affiliates - -
b)Others (amount enmarked for future expansion) - -
(ii)Advances to suppliers of capital goods & contractors - -
(iii)Inter unit A/c. - -
(iv)Others-Debtors >6 months - -
-Security deposit - -
-Any other Non-Current deposits - -
39.Non-consumables stores & spares - -
40.Other non-current assets incl.dues from directors - -
41. TOTAL OTHER NON-CURR.ASSETS - -
42.Intangible assets(patents, goodwill, prelim. exp. - -
bad/doubtful expenses not provided for, etc.) - -
43. TOTAL ASSETS (34+37+41+42) - -
44. TANGIBLE NET WORTH (24-42) - -
45. NET WORKING CAPITAL(17+24)-(37+41+42) : - -
46. Current Ratio - -
47. Total Outside Liabilities/ Tangible Net Worth - -
48. Total Term Liabilities/Tangible Net Worth - -

0 0
rements

ded / ending
March 31' -- March 31' --
Following
Actual Year-Projec.
(3) (4)
195.84 195.84
- -
- -
- -
195.84 195.84
- -
- -
195.84 195.84

14.29% 0.00%

29.29 28.99

29.29 28.99
1.45 1.45
- -
- -
1.73 1.73
7.79 8.18
2.70 2.70
22.68 22.68
65.64 65.73
0.50 0.57
66.14 66.30
0.57 0.57
65.57 65.73
2.67 2.95
68.24 68.68
2.95 3.00
65.29 65.68
130.55 130.16
16.48 17.00
81.77 82.68
114.07 113.16
15.72 11.97
98.35 101.19

- -
- -

- -
- -
 - -
- -
- -
- -
- -
98.35 101.19
26.97 30.13
71.38 71.06
- -
12% 12%
71.38 71.06
100% 100%

Lacs)
As per Balance sheet as at
March 31' -- March 31' --
Following
Actual Year-Projec.
#VALUE! #VALUE!

- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

- -

- -
- -
- -
- -
- -

- -
- -
- -
- -
- -
- -
- -
- -
 - -

- -
- -
- -
- -
- -
- -
- -
- -
- -

lacs)
As per Balance sheet as at
March 31' -- March 31' --
Following
Actual Year-Projec.
#VALUE! #VALUE!
- -
- -
- -
- -
- -
- -
- -
- -
2.95 3.00
- -

- -
- -
- -
2.95 3.00
- -
- -
- -
- -
-
- -
- -
- -
2.95 3.00

- -
- -
- -

- -

- -
- -
 - -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2.95 3.00
- -
2.95 3.00
- -
- -
- -

2.95 3
 FORM - IV
Comparative statement of Current assets & Current Liabilities ( Amount in lacs )
M.P.TYRES PRIVATE LIMITED As per Balance sheet as at
I. CURRENT ASSETS March 31' --
Norms
actual
(1)
1.Raw materials including stores & other items used in
the process of manufacturing
(a) Imported : Amount
: Month's consumption
(b) Indigenous : Amount 1.27
: Month's consumption (0.74)
2. Other consumable spares, excldg. those included in(1) above
(a) Imported : Amount -
: Month's consumption -
(b) Indigenous : Amount -
: Month's consumption -
3. Stocks-in-process : Amount 0.39
: Month's cost of production (0.09)
4. Finished goods : Amount 2.23
: Month's cost of Sales (0.51)
5. Receivables other than export & defered receivables
( Incldg. bills purchased & discounted by bank)
: Amount 0
: Month's Domestic Sales( includg. defered payment sales) -
6. Export receivables(incldg. bills purchased & disc.)
: Amount 0
: Month's export Sales -
7. Advance to suppliers of materials & stores/spares,consumables 0
: Month's consumption -
8. Other current assets includg. cash & bank balances & defered Total 61.54
receivables due within one year(speciy major items)
: Cash & bank balances 60.66
: Investment except long-term investment of def. receivales 0
: Others 0.88
9. TOTAL CURRENT ASSETS 65.43
II. CURRENT LIABILITIES
(Other than bank borrowing for working capital)

10. Creditors for purchase of raw materials,stores & consumable

spares : Amount 0.90
: Month's purchase (0.50)
11. Advance from customers -
12. Statutory liabilities -
13. Other current liabilities-specify major items
a) S T borrowings-others -
b) Dividend payable -
c) Instalments of TL, DPS & public deposits -
d) Other current liabilities & provisions -
14. TOTAL 1.78
FORM - V
Computation of Assessed Bank Finance for Working Capital (Rs.in Lacs)
As per Balance sheet as at
March 31' -- March 31' --
M.P.TYRES PRIVATE LIMITED
Actual Actual
(1) #VALUE!
ASSESSED BANK FINANCE
1. Total current assets 65.43 130.19
2. Other current laibilities(other than bank borrowing) 1.78 18.46
3. Working capital gap 63.65 111.73
4. Net working capital 63.65 111.73
5. Assessed Bank Finance 0 0
6. NWC to Total Current Assets % 97.27953538132 85.820723557877
7. Bank Finance to TCA % 0 0
8. Sundry Creditors to TCA % 1.3755158184 0.97549735
9. Other Current Liability to Total Current assets % 1.3449488002 13.203779092
10. Inventory to Net Sales ( Days ) 12 8
11. Receivables to Gross Sales ( Days ) - -
12. Sundry Creditors to Purchases ( Days ) 15 17
FORM - VI FUND FLOW STATEMENT (Rs.in lacs)
As per Balance sheet as at
March 31' 03 March 31' 04
M.P.TYRES PRIVATE LIMITED
Actual Actual
(1) #VALUE!

1. SOURCES
a) Net profit (after tax) 34.46 58.85
b) Depreciation 22.68 22.68
c) Increase in capital 56.87 0
d) Increase in term liabilities,including public deposits 183.78 0
e) Decrease in : i ) Fixed assets 0 0
ii) Other non-current assets 0 0
f) Others 0 0
g) TOTAL 297.79 81.53
2. USES
a) Net loss
b) Decrease in term liabilities,including public deposits 0 29.34
c) Increase in : i ) Fixed asset 223.95 0
ii ) Depreciation adjustment 0 0
iii) Other non-current assets 10.2 4.08
d) Dividend payment 0 0
e) Others 0 0
f) TOTAL 234.15 33.42
3. Long term surplus / deficit 63.64 48.11
4. Increase / Decrease in current assets* 65.43 64.76
(as per details given below)
5. Increase / Decrease in current liabilities 1.78 16.68
 other then bank borrowings
6. Increase / Decrease in working capital gap 63.65 48.08
7. Net surplus(+) / deficit(-) (0.01) 0.03
8. Increase / Decrease in Bank borrowings - -
INCREASE / DECREASE IN NET SALES 122.4 48.96
*Break-up of (4) (0.01) 0.03
i ) Increase / decrease in Raw materials 1.27 0.50
ii ) Increase / decrease in Stock -in-process 0.39 0.11
iii ) Increase / decrease in Finished goods 2.23 0.44
iv) Increase / decrease in Receivables (a) Domestic - -
(b) Export - -
v ) Increase / decrease in Stores & spares - -
vi) Increase / decrease in Other current assets 61.54 63.71
65.43 64.76
mount in lacs )
As per Balance sheet as at
March 31' -- March 31' --
Prev.
actual actual
(2) (3)

- -
- -
1.77 2.03
(0.62) (0.83)

- -
- -
- -
- -
0.50 0.57
(0.10) (0.10)
2.67 2.95
(0.53) (0.54)

0 0
- -

0 0
- -
0 0
- -
125.25 188.16

108.06 161.19
0 0
17.19 26.97
130.19 193.71

1.27 1.45
(0.56) (0.57)
- -
- -

- -
- -
- -
- -
 18.46 28.42

l (Rs.in Lacs)
As per Balance sheet as at
March 31' -- March 31' --
Following
Actual Year-Projec.
#VALUE! #VALUE!

193.71 249.72
28.42 31.58
165.29 218.14
165.29 218.14
0 0
85.328583965722 87.3538362966523
0 0
0.7485416344 0.5806503283678
13.9228743999 12.06551337498
10 10
- -
17 17

As per Balance sheet as at

March 31' 05 March 31' 06
Following
Prov. Year-Projec.
#VALUE! #VALUE!

71.38 71.06
22.68 22.68
0 0
0 0
0 0
0 0
0 0
94.06 93.74

31.66 34.07
0 0
0 0
2.04 0
6.82 6.82
0 0
40.52 40.89
53.54 52.85
63.52 56.01

9.96 3.16
53.56 52.85
(0.02) -
- -
24.48 0
(0.02) -
0.26 -
0.07 -
0.28 0.05
- -
- -
- -
62.91 55.96
63.52 56.01
 Assesment of Working Capital Requirements
Financial Indicators
March 31' -- March 31' -- March 31' --
M.P.TYRES PRIVATE LIMITED
Actual Actual Actual
(1) (2) (3)
1. Net Sales 122.4 171.36 195.84
1.a. Operating Profit 55.17 95.31 114.07
2. Profit Before Tax 35.34 76.04 98.35
2.a. PBT / Net sales( % ) 28.87 44.37 50.22
3. Profit After Tax 34.46 58.85 71.38
4. Paid Up Capital 56.87 56.87 56.87
4.a. Cash Accruals 57.14 81.53 87.24
5. Tangible Net Worth 91.33 150.18 214.74
6. Total Outside Liability 185.56 172.9 151.2
7. TOL / TNW 2.03175298 1.1512851 0.70410729
7.a. Adjusted TNW 91.33 150.18 214.74
7.b. TOL / Adj. TNW 2.03175298 1.1512851 0.70410729
8. Total Current Assets 65.43 130.19 193.71
8.a. Total Tangible Assets Err:502 Err:502 Err:502
9. PBT / TTA ( % ) Err:502 Err:502 Err:502
10. Operating Expenses 67.23 76.05 81.77
11. Operating Expenses / Net Sales ( % ) 54.93% 44.38% 41.75%
12. Cost Of Sales / Net sales ( % ) 42.63% 35.33% 33.34%
13. Depretiation 22.68 22.68 22.68
14. Interest 19.83 19.27 15.72
15. Net Working Capital 63.65 111.73 165.29
17. Inventory + Receivables 3.89 4.94 5.55
18. Assessed Bank Finance 0 0 0
19. PBDIT 77.85 117.99 136.75
20. PBDIT / Intt. 3.9258698940999 6.122989102231 8.699109414758
21. PBDIT / TTA Err:502 Err:502 Err:502
22. Purchases 22.88 27.65 31
23. Sundry Creditors 0.9 1.27 1.45
24. TOL / TNW 2.0317529836855 1.151285124517 0.70410729254
25. CA /CL 36.758427 7.052546 6.81597467
26. Bank Finance / TCA ( % ) - - -
27. Gross Sales / Total Current Assets 1.87 1.32 1.01
28. Operating Profit / Net Sales ( % ) 45.07 55.62 58.25
29. Operating Profit / TTA ( % ) 19.92 29.50 31.17
30. Operating Profit / TNW ( % ) 60.41 63.46 53.12
31. Operating Profit / Gross Fixed Assets( % ) 24.63 42.56 50.94
EFFICIENCY RATIOS
1. Net Sales to TTA ( times) Err:502 Err:502 Err:502
2.PBT to TTA ( % ) Err:502 Err:502 Err:502
3. Operating costs to sales ( % ) 54.93 44.38 41.75
4. Bank Finance to TCA ( % ) - - -
5. Inventory +Receivables to net sales ( 12 8 10

A. Assessed Bank Finance 0 0 0

B. CA /CL 36.758427 7.052546 6.81597467
C. TOL / TNW 2.03175298 1.1512851 0.70410729
D. PBDIT / Intt. 3.92586989 6.1229891 8.69910941
E. Net Profit / Net Sales ( % ) 28.15 34.34 36.45
F. (PBDIT / TTA) ROCE Err:502 Err:502 Err:502
G. (Inventory + Receivable)/Net Sales ( 12 8 10
F. PBDIT / N. Sales 63.602941176 68.85504202 69.82741013
s

March 31' --
Following
Year-Projec.
(4)
195.84
113.16
101.19
51.67
71.06
56.87
86.92
278.98
120.29
0.4311779
278.98
0.4311779
249.72
Err:502
Err:502
82.68
42.22%
33.54%
22.68
11.97
218.14
5.6
0
135.84
11.3483709273
Err:502
30.44
1.45
0.43117786221
7.9075364
-
0.78
57.78
28.34
40.56
50.53

Err:502
Err:502
 42.22
-
10

0
7.9075364
0.4311779
11.348371
36.28
Err:502
10
69.3627451
 March 31' -- March 31' -- March 31' -- March 31' --
Cross Checks Yr .Before Last year's Current Year Following
Last-Prov. Audited Estimates Year-Projec.
Difference in Balance Sheet 0.01 (0.02) 0.00 0.00

Diff between SIP in P& L and in Balance shee 0.00 0.00 0.00 0.00

Diff between FG in P& L and in Balance shee 0.00 0.00 0.00 0.00

Diff between Depre. in P& L and in Balance sheet 0.00 0.00 0.00

Diff between P& L Balane & Inc in Retained Earnings 34.46 58.85 64.56