ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

FORM II - OPERATING STATEMENT (CONSOLIDATED)

(Rs. In Crore)
Name: Satyadeeptha Pharmaceuticals Ltd

Previous Year Last Year Current Year Next Year Next Year Next Year Next Year Next Year Next Year Next Year
Aud Aud Aud Aud Est Proj Proj Proj Proj Proj
Year Ended/Ending on March 31 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
No.of months 12 12 12 12 12 12 12 12 12 12
1. Gross Sales
i. Domestic Sales 201.91 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
ii. Job Work receipts 0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 202.73 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
2. Less Excise duty / GST
3. Net Sales (1 - 2) 202.73 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
4. % age rise (+) or fall (-) in net sales
as compared to previous year (annualised) 80.64% -14.96% 19.14% -50.76% 147.18% 77.62% 8.30% 8.43% 8.55% 8.66%
5. Cost of Sales
i. Raw materials (including stores and
other items used in the process of
manufacture) 141.67 131.70 141.48 72.77 177.50 314.83 340.61 368.98 400.20 434.53
a. Imported
b. Indigenous 141.67 131.70 141.48 71.65 177.50 314.83 340.61 368.98 400.20 434.53
ii. Stores & spares
a. Imported
b. Indigenous
iii. Power and Fuel 8.26 5.17 5.36 2.94 3.53 8.68 9.42 10.23 11.12 12.10
iv. Direct Labour (Factory wages & salaries) 6.04 7.62 8.49 6.91 8.98 11.03 11.58 12.16 12.77 13.41
v. Other direct expenses 7.63 10.97 12.37 7.62 17.50 35.50 37.71 40.06 43.54 47.37
vi. Depreciation 3.76 5.58 5.98 5.97 7.86 11.01 12.51 14.01 15.51 17.01
vii. Sub-total (i to vi) 167.36 161.04 173.68 96.21 215.37 381.05 411.83 445.44 483.14 524.42

viii. Add: Opening Work-in-progress 36.15 23.70 28.61 21.96 26.00 22.67 24.30 26.01 27.81 29.71
Sub-total (vii + viii) 203.51 184.74 202.29 118.17 241.37 403.72 436.13 471.45 510.95 554.13
ix. Deduct: Closing Work-in-progress 23.70 28.61 21.96 26.00 22.67 24.30 26.01 27.81 29.71 31.69
x. Cost of Production 179.81 156.13 180.33 92.17 218.70 379.42 410.12 443.64 481.24 522.44
xi. Add: Opening Stock of finished goods 0.33 2.94 8.16 7.54 9.85 10.37 11.41 12.55 13.80 15.18
Sub-total (x + xi) 180.14 159.07 188.49 99.71 228.55 389.79 421.53 456.19 495.04 537.62
xii. Deduct: Closing Stock of finished goods 2.94 8.16 7.54 9.85 10.37 11.41 12.55 13.80 15.18 16.70
xiii. Sub-total 177.20 150.91 180.95 89.86 218.18 378.38 408.98 442.39 479.86 520.92

6. Selling, general and administrative expenses 4.17 5.02 5.68 4.58 5.96 10.29 12.20 14.49 15.36 16.53
7. Sub-total (5 + 6) (Total Cost of Sales) 181.37 155.93 186.63 94.44 224.14 388.67 421.18 456.88 495.22 537.45
8. Operating Profit before Interest (3 - 7) 21.36 16.48 18.78 6.70 25.86 55.38 59.71 64.54 70.79 77.60
9. Finance Cost 6.39 6.00 6.28 6.18 8.48 7.74 6.83 5.97 5.35 5.23
Interest on Working Capital & Bank Charges 3.05 2.24 2.49 2.38 2.85 2.85 2.85 2.85 2.85 2.85
Interest on Term Loans & Bill Discounting 3.35 3.76 3.79 3.80 5.62 4.89 3.98 3.12 2.50 2.37
10. Operating Profit after Interest (8 - 9) 14.97 10.48 12.50 0.52 17.38 47.64 52.88 58.57 65.44 72.37
11. i. Add: Other non-operating Income
a. Miscellaneous Income 0.05 0.05 0.07 0.05 0.05 0.05 0.05 0.05 0.05 0.05
b. Surplus Power Generation Income 0.08
c. Foreign Exchange Gain 1.56
d. Interest on Deposits 0.10 0.21 0.16 0.10 0.35 0.35 0.35 0.35 0.35 0.35
Sub-total (Income) 0.15 0.26 1.87 0.15 0.40 0.40 0.40 0.40 0.40 0.40
ii. Deduct: Other non-operating expenses
a. Misc Expenditure Written Off
b. Bad Debts Written Off
c. Foreign Exchange Loss 0.99
d. Others 0.10 0.00 0.02 0.10 0.10 0.10 0.10 0.10 0.10
Sub-total (Expenses) 1.09 0.00 0.02 0.00 0.10 0.10 0.10 0.10 0.10 0.10
iii. Net of other non-operating income /
expenses [net of 11(i) & 11(ii)] -0.94 0.26 1.85 0.15 0.30 0.30 0.30 0.30 0.30 0.30
12. Profit before tax/loss [10 + 11(iii)] 14.03 10.74 14.35 0.67 17.68 47.94 53.18 58.87 65.74 72.67
13. a Provision for taxes 3.86 0.15 2.64 0.00 4.42 11.99 13.30 14.72 16.44 18.17
b. Deferred Tax asset - / liability + 0.56 3.06 0.58 0.51 0.71 1.92 2.13 2.35 2.63 2.91
14. Net Profit / Loss (12 -13) 9.61 7.53 11.13 0.16 12.55 34.04 37.76 41.80 46.68 51.60
15. a. Equity dividend paid-amount
(Already paid + B.S. provision) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b. Dividend Rate (% age)
16. Retained Profit (14 - 15) 9.61 7.53 11.13 0.16 12.55 34.04 37.76 41.80 46.68 51.60
17. Retained Profit / Net Profit (% age) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
 FORM III - ANALYSIS OF BALANCE SHEET
LIABILITIES

Name: 0.00
(Rs. In Crore)
Previous Year Last Year Current Year Next Year Next Year Next Year Next Year Next Year Next Year Next Year
Aud Aud Aud Aud Est Proj Proj Proj Proj Proj
Year Ended/Ending on March 31 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
No.of months 12 12 12 12 12 12 12 12 12 12
CURRENT LIABILITIES
1. Short-term borrowing from banks (including
bills purchased, discounted & excess
borrowing placed on repayment basis)
i. From applicant banks 15.57 14.73 15.09 19.59 20.00 20.00 20.00 20.00 20.00 20.00
ii. From other banks 6.27 8.63 7.46 9.00 16.00 16.00 16.00 16.00 16.00 16.00
iii. (of which BP & BD)
Sub-total [i + ii] (A) 21.84 23.36 22.55 28.59 36.00 36.00 36.00 36.00 36.00 36.00
2. Short term borrowings from others
3. Sundry Creditors (Trade) 36.22 30.45 51.77 50.88 53.26 59.41 62.57 73.41 79.33 85.84
4. Advance payments from customers /
deposits from dealers
5. Provision for taxation 3.86 0.15 2.64 4.42 11.99 13.30 14.72 16.44 18.17
6. Dividend payable
7. Other statutory liabilities (due within 1 year) 0.90 2.49 6.32 8.15
8. Deposits / instalments of term loans /
DPGs / debentures etc. (due within 1 year) 5.16 4.18 6.92 8.77 11.64 11.99 11.04 3.66 0.67 0.00
9. Other current liabilities & provisions
(due within 1 year) - specify major items 9.77 10.57 0.46 1.33 5.00 5.00 5.00 5.00 5.00 5.00
a. Others
b. Creditors for expenses 9.52 9.34 0.46 1.33 3.00 3.00 3.00 3.00 3.00 3.00
c. Outstanding Liabilities 0.95 1.23 0.00 0.00 2.00 2.00 2.00 2.00 2.00 2.00
d. Sales tax deferrment payable in 1 years
Sub total [2 to 9] (B) 55.90 47.83 68.11 69.13 74.32 88.39 91.91 96.79 101.43 109.01
10. Total current liabilities [A + B] 77.74 71.19 90.66 97.72 110.32 124.39 127.91 132.79 137.43 145.01
TERM LIABILITIES
11. Creditors for Capex 1.17 1.27 10.50 0.50 0.50
12. Preference Shares (redeemable after 1 year)
13. Term loans (excluding instalments
payable within 1 year) 21.60 18.17 23.29 23.80 27.10 15.11 1.81 0.60 -0.07 0.00
14. Deferred Payment Credits (excluding
instalments due within 1 year)
15. Unsecured Loans 1.76 1.76 1.76 4.48 4.48 1.00 1.00 1.00 1.00 1.00
16. (a) Other Term liabilities 1.07 1.24 1.75 1.94 1.83 0.90 0.90 0.90 0.90 0.90
(b) Deferred tax liability 5.70 8.77 9.35 9.86 10.57 12.49 14.62 16.97 19.60 17.52
17. Total Term Liabilities [11 to 16] 31.30 31.21 36.15 40.08 54.48 30.00 18.82 19.47 21.43 19.42
18. Total Outside Liabilities [10 + 17] 109.04 102.40 126.81 137.80 164.80 154.39 146.73 152.26 158.86 164.43

NET WORTH
19. Ordinary Share Capital 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88
20. Capital reserve 0.60 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59
b) Capital Grant 0.88 0.83 0.79 0.75 0.68 0.64 0.59 0.55 0.50 0.55
21. Revaluation Reserve
22. Share application money 0.00
23. Securities Premium 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20
24. Surplus (+) or deficit (-) in Profit & Loss a/c 52.41 59.96 71.09 71.25 83.80 117.84 155.60 197.40 244.08 295.68
25. Others
a. Unsecured loans from promoters
24. Net Worth 60.97 68.46 79.55 79.67 92.15 126.15 163.86 205.62 252.25 303.90
25. TOTAL LIABILITIES [18 + 24] 170.01 170.86 206.36 217.47 256.95 280.54 310.60 357.88 411.11 468.33

FORM III - ANALYSIS OF BALANCE SHEET (Continued)

ASSETS
Name: Satyadeeptha Pharmaceuticals Ltd

CURRENT ASSETS
26. Cash and Bank Balances 2.24 3.30 2.80 2.43 2.78 3.02 3.26 3.49 3.60 3.80
27. Investments (other than long term)
i. Govt. and other trustee securities
ii. Fixed Deposits with banks 0.00 0.00
28. i. Receivables other than deferred &
exports (incldg. bills purchased and
discounted by banks) 31.55 23.08 44.17 47.10 75.25 84.22 99.45 105.42 111.99 119.22
ii. Export receivables (incldg. bills
purchased/discounted by banks)
29. Instalments of deferred receivables
(due within 1 year)
30. Inventory: 47.48 56.57 61.79 67.78 64.55 73.52 79.94 91.07 101.23 110.80
i. Raw materials (including stores and
other items used in the process of
manufacture) 20.84 19.80 32.29 31.93 31.51 37.81 41.38 49.45 56.34 62.41
a. Imported
b. Indigenous 20.84 19.80 32.29 31.93 31.51 37.81 41.38 49.45 56.34 62.41
ii. Stocks-in-process 23.70 28.61 21.96 26.00 22.67 24.30 26.01 27.81 29.71 31.69
iii. Finished goods 2.94 8.16 7.54 9.85 10.37 11.41 12.55 13.80 15.18 16.70
iv. Stores & spares 0.00
a. Imported
b. Indigenous
31. Advances to suppliers of raw materials
and stores/spares
32. Advance payment of taxes (net of provisions) 2.50 0.45 1.80
33. Other current assets (specify major items) 2.91 4.40 3.91 2.19 5.46 4.87 4.97 4.97 4.97 4.90
a. TDS & TCS 0.03 0.04 0.08 0.09 0.20 0.20 0.20 0.20 0.20 0.20
b. Loans & advances 2.81 4.18 3.41 2.09 4.90 4.00 3.50 3.50 3.50 3.50
c. Balance with excise, VAT, GST & Others 0.04 0.01 0.34 0.01 0.00 0.00 0.00 0.00 0.00 0.00
d. Others 0.04 0.17 0.08 0.36 0.67 1.27 1.27 1.27 1.20
34. Total Current Assets (26 to 33) 86.68 87.80 114.47 119.50 148.04 165.63 187.62 204.95 221.79 238.72
FIXED ASSETS
35 Gross Block (land, building, machinery,
work-in-progress) 109.07 114.38 129.14 138.21 156.21 162.21 180.79 224.74 276.64 333.94
36 Depreciation to date 26.43 32.01 37.97 43.94 51.80 62.80 75.31 89.31 104.82 121.83
37 Net Block (35 - 36) 82.64 82.37 91.17 94.27 104.41 99.41 105.48 135.43 171.82 212.11
OTHER NON-CURRENT ASSETS
38 Investments/book debts/advances/deposits
which are not current assets 0.69 0.69 0.72 3.70 4.50 15.50 17.50 17.50 17.50 17.50
i. a. Investments in subsidiary
companies / affiliates 10.00 12.00 12.00 12.00 12.00
ii. Advances to suppliers of capital goods
and contractors 0.00 2.67 3.00 4.00 4.00 4.00 4.00 4.00
iii. Deferred receivables (maturity
exceeding 1 year)
iv. Others 0.69 0.69 0.72 1.03 1.50 1.50 1.50 1.50 1.50 1.50
a. Loans & advance to group co's
b. Receivables over 6 months
c. Deposits 0.69 0.69 0.72 1.03 1.50 1.50 1.50 1.50 1.50 1.50
39 Non-consumable stores and spares
40 Other non-current assets including
dues from directors
41 Total Other Non-current Assets (38 to 40) 0.69 0.69 0.72 3.70 4.50 15.50 17.50 17.50 17.50 17.50
42 Intangible Assets (patents, good will,
prelim.expenses, bad / doubtful debts not
provided for, etc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
43 Total Assets (34+37+41+42) 170.01 170.86 206.36 217.47 256.95 280.54 310.60 357.88 411.11 468.33
44 Tangible Net Worth (24 - 42) 60.97 68.46 79.55 79.67 92.15 126.15 163.86 205.62 252.25 303.90
45 Net Working Capital (34 - 10) 14.10 20.79 30.73 30.55 49.36 53.23 70.75 75.82 85.03 93.71

46 Current Ratio (34 / 10) 1.11 1.23 1.26 1.22 1.34 1.33 1.47 1.54 1.61 1.65
47 Total OUTSIDE Liabilities / Tangible
Net Worth (18 / 44) 1.79 1.50 1.59 1.73 1.79 1.22 0.90 0.74 0.63 0.54
48 Total TERM Liabilities / Tangible
Net Worth (17 / 44) 0.51 0.46 0.45 0.50 0.59 0.24 0.11 0.09 0.08 0.06

ADDITIONAL INFORMATION
A. Arrears of depreciation NA NA NA NA NA NA NA NA NA NA
B. Contingent Liabilities:
i. Arrears of cumulative dividends NA NA NA NA NA NA NA NA NA NA
ii. Gratuity liability not provided for NA NA NA NA NA NA NA NA NA NA
iii. Disputed excise / customs /
tax liabilities NA NA NA NA NA NA NA NA NA NA
iv. Other liabilities not provided for NA NA NA NA NA NA NA NA NA NA
 FORM IV
COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
Name: Satyadeeptha Pharmaceuticals Ltd
Previous Year Last Year Current Year Next Year Next Year Next Year Next Year Next Year Next Year Next Year
Aud Aud Aud Aud Est Proj Proj Proj Proj Proj
Year Ended/Ending on March 31 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28

A. CURRENT ASSETS
1. Raw materials (incl. stores & other items
used in the process of manufacture)
a. Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Month's Consumption
b. Indigenous 20.84 19.80 32.29 31.93 31.51 37.81 41.38 49.45 56.34 62.41
Month's Consumption 1.77 1.80 2.74 5.35 2.13 1.44 1.46 1.61 1.69 1.72
2. Other Consumable spares, excluding
those included in 1 above
a. Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Month's Consumption
b. Indigenous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Month's Consumption
3. Stock-in-process 23.70 28.61 21.96 26.00 22.67 24.30 26.01 27.81 29.71 31.69
Month's cost of production 1.58 2.20 1.46 3.39 1.24 0.77 0.76 0.75 0.74 0.73
4. Finished goods 2.94 8.16 7.54 9.85 10.37 11.41 12.55 13.80 15.18 16.70
Month's cost of sales 0.20 0.65 0.50 1.32 0.57 0.36 0.37 0.37 0.38 0.38
5. Receivables other than export & deferred
receivables (incl. bills purchased &
discounted by bankers) 31.55 23.08 44.17 47.10 75.25 84.22 99.45 105.42 111.99 119.22
Month's domestic sales: excluding
deferred payment sales 1.88 1.61 2.58 5.59 3.61 2.28 2.48 2.43 2.37 2.33
6. Export receivables (incl. bills purchased
and discounted) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Month's export sales
7. Advances to suppliers of raw materials &
stores / spares, consumables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8. Other current assets incl. cash & bank
balances & deferred receivables due
within one year 7.65 8.15 8.51 4.62 8.24 7.90 8.24 8.47 8.58 8.71
Cash and Bank Balances 2.24 3.30 2.80 2.43 2.78 3.02 3.26 3.49 3.60 3.80
Investments (other than long term):
i. Govt. and other trustee securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ii. Fixed Deposits with banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Instalments of deferred receivables
(due within 1 year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Advance payment of taxes 2.50 0.45 1.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 2.91 4.40 3.91 2.19 5.46 4.87 4.97 4.97 4.97 4.90
9. Total Current Assets 86.68 87.80 114.47 119.50 148.04 165.63 187.62 204.95 221.80 238.73
(To agree with item 34 in Form III)

B. CURRENT LIABILITIES
(Other than bank borrowings for working capital)

10. Creditors for purchase of raw materials,

stores & consumable spares 36.22 30.45 51.77 50.88 53.26 59.41 62.57 73.41 79.33 85.84
Month's purchases 2.97 2.41 4.06 8.43 3.61 2.22 2.18 2.34 2.34 2.34
11. Advances from customers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12. Statutory liabilities 0.90 2.49 6.32 8.15 0.00 0.00 0.00 0.00 0.00 0.00
13 Other current liabilities: 18.79 14.90 10.02 10.10 21.06 28.98 29.33 23.38 22.10 23.17
Short term borrowings from others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Provision for taxation 3.86 0.15 2.64 0.00 4.42 11.99 13.30 14.72 16.44 18.17
Dividend payable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deposits / instalments of term loans / DPGs
/ debentures etc. (due within 1 year) 5.16 4.18 6.92 8.77 11.64 11.99 11.04 3.66 0.67 0.00
Other current liabilities & provisions
(due within 1 year) 9.77 10.57 0.46 1.33 5.00 5.00 5.00 5.00 5.00 5.00
14. Total (To agree with total B of Form-III) 55.90 47.83 68.11 69.13 74.32 88.39 91.91 96.79 101.43 109.01
 FORM V
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

Name: Satyadeeptha Pharmaceuticals Ltd

Previous Year Last Year Current Year Next Year Next Year Next Year Next Year Next Year Next Year Next Year
First Method of Lending Aud Aud Aud Aud Est Est Proj Proj Proj Proj
Year Ended/Ending on March 31 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28

1. Total Current Assets (Form-IV-9) 86.7 87.8 114.5 119.5 148.0 165.6 187.6 205.0 221.8 238.7
2. Other Current Liabilities (other than
bank borrowings (Form-IV-14) 55.9 47.8 68.1 69.1 74.3 88.4 91.9 96.8 101.4 109.0
3. Working Capital Gap (WCG) (1-2) 30.8 40.0 46.4 50.4 73.7 77.2 95.7 108.2 120.4 129.7
4. Min. stipulated net working capital:
(25% of WCG excluding export receivables) 7.7 10.0 11.6 12.6 18.4 19.3 23.9 27.0 30.1 32.4
5. Actual / Projected net working capital
(Form-III-45) 14.1 20.8 30.7 30.6 49.4 53.2 70.7 75.8 85.0 93.7
6. Item-3 minus Item-4 23.1 30.0 34.8 37.8 55.3 57.9 71.8 81.1 90.3 97.3
7. Item-3 minus Item-5 16.7 19.2 15.6 19.8 24.4 24.0 25.0 32.3 35.3 36.0
8. Max. permissible bank finance
(item-6 or 7, whichever is lower) 16.7 19.2 15.6 19.8 24.4 24.0 25.0 32.3 35.3 36.0
9. Excess borrowings representing
shortfall in NWC (4 - 5) -6.4 -10.8 -19.1 -18.0 -30.9 -33.9 -46.8 -48.8 -54.9 -61.3

Second Method of Lending

1. Total Current Assets (Form-IV-9) 86.68 87.80 114.47 119.50 148.04 165.63 187.62 204.95 221.80 238.73
2. Other Current Liabilities (other than
bank borrowings (Form-IV-14) 50.74 43.65 61.19 60.36 62.68 76.40 80.87 93.13 100.76 109.01
3. Working Capital Gap (WCG) (1-2) 35.94 44.15 53.28 59.14 85.36 89.23 106.75 111.82 121.04 129.72
4. Min. stipulated net working capital:
(25% of total Current Assets excluding
export receivables) 21.67 21.95 28.62 29.88 37.01 41.41 46.91 51.24 55.45 59.68
5. Actual / Projected net working capital
(Form-III-45) 14.10 20.79 30.73 30.55 49.36 53.23 70.75 75.82 85.03 93.71
6. Item-3 minus Item-4 14.27 22.20 24.66 29.27 48.35 47.82 59.84 60.59 65.59 70.04
7. Item-3 minus Item-5 21.84 23.36 22.55 28.59 36.00 36.00 36.00 36.00 36.01 36.01
8. Max. permissible bank finance
(item-6 or 7, whichever is lower) 14.27 22.20 22.55 28.59 36.00 36.00 36.00 36.00 36.01 36.01
9. Excess borrowings representing
shortfall in NWC (4 - 5) 7.6 1.2
Name: Satyadeeptha Pharmaceuticals Ltd
Key Financials
Sr. No. For year ended / ending March 31, 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
Aud Aud Aud Aud Est Proj Proj Proj Proj Proj
1 Net Sales 202.73 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
2 EBIDTA 24.19 22.31 26.61 12.82 34.02 66.69 72.52 78.85 86.60 94.91
3 E B I D T A/ Net Sales (%) 11.93% 12.94% 12.95% 12.68% 13.61% 15.02% 15.08% 15.12% 15.30% 15.43%
4 Interest 6.39 6.00 6.28 6.18 8.48 7.74 6.83 5.97 5.35 5.23
5 Depreciation 3.76 5.58 5.98 5.97 7.86 11.01 12.51 14.01 15.51 17.01
6 Operating Profit after Dep.& Int. 14.97 10.48 12.50 0.52 17.38 47.64 52.88 58.57 65.44 72.37
7 Net Non Operating Income -0.94 0.26 1.85 0.15 0.30 0.30 0.30 0.30 0.30 0.30
8 PBT 14.03 10.74 14.35 0.67 17.68 47.94 53.18 58.87 65.74 72.67
9 PBT/ Net Sales (%) 6.92% 6.23% 6.99% 0.66% 7.07% 10.80% 11.06% 11.29% 11.61% 11.82%
10 PAT 9.61 7.53 11.13 0.16 12.55 34.04 37.76 41.80 46.68 51.60
11 PAT/ Net Sales (%) 4.74% 4.37% 5.42% 0.16% 5.02% 7.67% 7.85% 8.02% 8.25% 8.39%
12 Net Cash Accruals (NCA) 13.93 16.17 17.69 6.64 21.12 46.96 52.39 58.16 64.82 71.52
13 Net Fixed Assets 82.64 82.37 91.17 94.27 104.41 99.41 105.48 135.43 171.82 212.11
14 Tangible Networth (TNW) 60.97 68.46 79.55 79.67 92.15 126.15 163.86 205.62 252.25 303.90
15 Exposure in Group Co./Sub. 0.00 0.00 0.00 0.00 0.00 10.00 12.00 12.00 12.00 12.00
- Group Investments 0.00 0.00 0.00 0.00 0.00 10.00 12.00 12.00 12.00 12.00
- Loans and Advances 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
16 Adjusted T N W (ATNW) 60.97 68.46 79.55 79.67 92.15 116.15 151.86 193.62 240.25 291.90
17 Long Term Debt (LTD) 28.66 28.62 33.60 34.85 49.32 28.36 17.23 17.93 19.94 17.88
18 Short Term Debt (STD) 5.16 4.18 6.92 8.77 11.64 11.99 11.04 3.66 0.67 0.00
19 Working Cap. Bank Finance 21.84 23.36 22.55 28.59 36.00 36.00 36.00 36.00 36.00 36.00
20 Deposits from Customers/others 1.76 1.76 1.76 4.48 4.48 1.00 1.00 1.00 1.00 1.00
21 Total Debt 57.41 57.92 64.83 76.69 101.44 77.35 65.27 58.59 57.60 54.88
22 Total Debt/ TNW 0.94 0.85 0.82 0.96 1.10 0.61 0.40 0.28 0.23 0.18
23 LTD/TNW 0.47 0.42 0.42 0.44 0.54 0.22 0.11 0.09 0.08 0.06
24 TOL/TNW 1.79 1.50 1.59 1.73 1.79 1.22 0.90 0.74 0.63 0.54
25 TOL/ATNW 1.79 1.50 1.59 1.73 1.79 1.33 0.97 0.79 0.66 0.56
26 Total Current Assets 86.68 87.80 114.47 119.50 148.04 165.63 187.62 204.95 221.79 238.72
27 Total Current Liabilities 77.74 71.19 90.66 97.72 110.32 124.39 127.91 132.79 137.43 145.01
28 Net Working Capital 8.94 16.61 23.81 21.78 37.72 41.24 59.71 72.16 84.36 93.71
29 Current Ratio 1.11 1.23 1.26 1.22 1.34 1.33 1.47 1.54 1.61 1.65
30 Current Ratio excl. TL instal. 1.19 1.31 1.37 1.34 1.50 1.47 1.61 1.59 1.62 1.65
31 R O C E (%) 24.87% 17.44% 19.16% 5.82% 19.64% 36.78% 35.42% 31.80% 28.51% 26.10%
32 Interest Coverage Ratio 3.78 3.72 4.24 2.07 4.01 8.61 10.62 13.21 16.18 18.16
33 Total Debt/Net Cash Accrual 4.12 3.58 3.67 11.55 4.80 1.65 1.25 1.01 0.89 0.77
34 DSCR for total debt 4.04 2.47 3.11 1.18 2.34 4.02 4.52 5.55 14.00 31.12
Profitability Projections Rs in Lakhs
Years -> 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Installed Capacity 350.00 350.00 350.00 422.00 422.00 550.00 550.00 550.00 550.00 550.00
Capacity Utilisation 58% 51% 59% 25% 59% 81% 88% 95% 103% 112%
Production 202.73 177.63 204.79 103.45 250.52 445.09 482.03 522.67 567.39 616.57
Net Sales
- Exports
- Domestic 202.73 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
Total (A) 202.73 172.41 205.41 101.14 250.00 444.05 480.89 521.42 566.01 615.05
Expenditure
1. Raw materials 141.67 131.70 141.48 71.65 177.50 314.83 340.61 368.98 400.20 434.53
2. Stores & Spares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3. Power & Fuel 8.26 5.17 5.36 2.94 3.53 8.68 9.42 10.23 11.12 12.10
4. Wages & Salaries 6.04 7.62 8.49 6.91 8.98 11.03 11.58 12.16 12.77 13.41
5.Repairs & Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.Other Mfg. Expenses 7.63 10.97 12.37 7.62 17.50 35.50 37.71 40.06 43.54 47.37
7.Depreciation 3.76 5.58 5.98 5.97 7.86 11.01 12.51 14.01 15.51 17.01
8.Preliminary expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost of Production 167.36 161.04 173.68 95.09 215.37 381.04 411.83 445.44 483.14 524.42
Selling & Adm. Expenses 4.17 5.02 5.68 4.58 5.96 10.29 12.20 14.49 15.36 16.53
Interest - Bank borrowings 3.05 2.24 2.49 2.38 2.85 2.85 2.85 2.85 2.85 2.85
Interest - Term loan 1.62 2.52 2.52 2.68 2.90 3.27 2.54 1.63 0.77 0.15
Interest - Others 1.73 1.24 1.27 1.12 2.73 1.62 1.44 1.49 1.73 2.22
Change in WIP & Finished goods -9.84 10.13 -7.27 6.35 -2.82 2.67 2.86 3.06 3.27 3.50
Total Operating Exp. (B) 187.76 161.92 192.91 99.50 232.63 396.41 428.00 462.84 500.58 542.67
Operating Profit (A-B)-I 14.97 10.49 12.50 1.64 17.37 47.64 52.89 58.58 65.43 72.38
Net of other non-operating income /
expenses- II -0.94 0.26 1.85 0.15 0.30 0.30 0.30 0.30 0.30 0.30
Profit before tax/loss (I+II)-III 14.03 10.75 14.35 1.79 17.67 47.94 53.19 58.88 65.73 72.68
Provision for tax-IV 4.42 3.21 3.22 0.51 5.13 13.90 15.42 17.07 19.06 21.07
Profit after tax(III-IV) 9.61 7.54 11.13 1.28 12.55 34.04 37.76 41.80 46.67 51.60
Dividend 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained earnings 9.61 7.54 11.13 1.28 12.55 34.04 37.76 41.80 46.67 51.60
PROJECTED BALANCE SHEET
Years -> 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Liabilities
Share Capital 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88 3.88
Reeserves & Surplus 57.09 64.58 75.67 75.79 88.27 122.27 159.99 201.74 248.37 300.02
Long Term Loans 21.60 18.17 23.29 23.80 27.10 15.11 1.81 0.60 -0.07 0.00
Other term liabilities 2.23 2.51 1.75 1.94 12.33 1.40 1.40 0.90 0.90 0.90
Unsecured Loans 1.76 1.76 1.76 4.48 4.48 1.00 1.00 1.00 1.00 1.00
Deferred tax 5.70 8.77 9.35 9.86 10.57 12.49 14.62 16.97 19.60 17.52
Bank borrowings 21.84 23.36 22.55 28.59 36.00 36.00 36.00 36.00 36.00 36.00
Other Current liabilities 55.90 47.83 68.11 69.13 74.32 88.39 91.91 96.79 101.43 109.01
Total 170.01 170.86 206.36 217.47 256.95 280.54 310.60 357.88 411.11 468.33
Assets
Cash & bank balances 2.24 3.30 2.80 2.43 2.78 3.02 3.26 3.49 3.60 3.80
Inventory 47.48 56.57 61.79 67.78 64.55 73.52 79.94 91.07 101.23 110.80
Receivables 31.55 23.08 44.17 47.10 75.25 84.22 99.45 105.42 111.99 119.22
Other Current assets 5.41 4.85 5.71 2.19 5.46 4.87 4.97 4.97 4.97 4.90

Gross fixed assets 109.07 114.38 129.14 138.21 156.21 162.21 180.79 224.74 276.64 333.94
Less: Acc. Depreciation 26.43 32.01 37.97 43.94 51.80 62.80 75.31 89.31 104.82 121.83
Capital Work-in-progress
Net fixed assets 82.64 82.37 91.17 94.27 104.41 99.41 105.48 135.43 171.82 212.11
Advances for Capital goods 0.00 0.00 0.00 2.67 3.00 4.00 4.00 4.00 4.00 4.00
Deposits 0.69 0.69 0.72 1.03 1.50 1.50 1.50 1.50 1.50 1.50
Preliminary expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Deferred tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.00 0.00 0.00 0.00 0.00 10.00 12.00 12.00 12.00 12.00
Total 170.01 170.86 206.36 217.47 256.95 280.54 310.60 357.88 411.11 468.33

ANNEXURE - V (c)
PROJECTED CASH FLOW STATEMENT
Years -> 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Sources of Funds
Cash Generation 13.32 13.07 17.07 7.21 20.34 45.01 50.22 55.76 62.13 68.66
Increase in equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long Term Loans 14.76 0.00 5.12
Bank borrowings 2.63 1.52 -0.81 6.04 7.41 0.00 0.00 0.00 0.00 0.00
Other term liabilities 3.35 -0.18 0.70 11.10 -9.01 2.13 1.85 2.63 -2.08
Inc. in Unsecured Loans 0.35
Dec.Deposits 0.17
Dec. Advances for Capital goods 1.98
Increase in Current liabilities 20.28 1.02 5.19 14.07 3.52 4.88 4.64 7.58
Total (A) 33.21 17.93 41.48 14.97 44.04 50.06 55.87 62.49 69.40 74.16

Application of Funds
Capital Expenditure-normal 23.63 5.31 14.76 9.07 18.00 6.00 18.58 43.95 51.90 57.30
Inc.Deposits 0.00 0.03 0.31 0.47 0.00 0.00 0.00 0.00 0.00
Decrease in Term Loans 3.43 -0.51 -3.30 11.99 13.30 1.21 0.67 -0.07
Increase in Current assets 0.18 0.05 27.17 5.40 28.19 17.35 21.75 17.10 16.73 16.73
Decrease in Current liabilities 3.70 8.07
Decrease in Other Term Liabilites 4.41
Dec. in Unsecured Loans 0.00 0.00 -2.72 0.00 3.48 0.00 0.00 0.00 0.00
Inc. Advances for Capital goods 0.00 0.00 2.67 0.33 1.00 0.00 0.00 0.00 0.00
Investments 0.00 0.00 0.00 0.00 10.00 2.00 0.00 0.00 0.00
Total (B) 31.92 16.86 41.96 14.22 43.69 49.82 55.63 62.26 69.30 73.96

Opening Cash Balance 0.95 2.24 3.30 2.80 2.43 2.78 3.02 3.26 3.49 3.60
Surplus/Deficit (A-B) 1.29 1.07 -0.48 0.75 0.35 0.24 0.24 0.24 0.10 0.20
Closing Cash Balance 2.24 3.30 2.80 2.43 2.78 3.02 3.26 3.49 3.60 3.80

DEBT-SERVICE COVERAGE RATIO

Year ---> 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cash Generation
Net Profit 9.61 7.54 11.13 1.28 12.55 34.04 37.76 41.80 46.67 51.60
Depreciation 3.76 5.58 5.98 5.97 7.86 11.01 12.51 14.01 15.51 17.01
Prel.exp.written off 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on Term Loan 1.62 2.52 2.52 2.68 2.90 3.27 2.54 1.63 0.77 0.15
TOTAL 14.99 15.64 19.63 9.93 23.30 48.32 52.81 57.43 62.95 68.76
Commitments
Instalment 2.20 5.16 4.18 6.92 8.77 11.64 11.99 11.04 3.66 0.67
Interest on Term Loan 1.62 2.52 2.52 2.68 2.90 3.27 2.54 1.63 0.77 0.15
TOTAL 3.82 7.68 6.70 9.60 11.67 14.91 14.53 12.66 4.43 0.82
Debt-service Coverage Ratio 3.92 2.04 2.93 1.03 2.00 3.24 3.63 4.54 14.21 84.12
Average DSCR 12.17
Maximum DSCR 84.12
Minimum DSCR 1.03
 Total Break up of Interest and Instalment (Rs in Crore)

Year 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
Interest 106.77 162.29 252.19 267.72 289.73 327.24 253.94 162.64 76.65 15.08 2.40
Principal 244.10 287.94 472.85 441.67 784.66 1209.14 1164.03 1199.03 1103.69 366.29 66.67
O/S 904.44 2675.70 2241.69 3017.30 3221.32 3874.12 2710.09 1284.39 426.29 60.00 0.00

Breakup of Interest

Year 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28

TL1 850 lacs 3.98 - - - - - - - - -

TL2 525 lacs 8.52 - - - - - - - - - -
TL6 800 lacs 88.26 83.55 63.55 48.14 23.71 6.51
HDFC TL1 215 - 73.33 183.88 161.49 132.41 102.70 73.00 43.29 14.61 - -
TL7 685 lacs - 33.56 61.82 49.12 35.57 22.02 8.47 - -
COVID-TL 150 Lacs 11.97 5.38 0.06 -
GECL-TL 380 Lcs 10.01 29.81 22.93 12.93 3.13 -
HDFC- TL2 2562.64 25.51 120.80 107.37 73.01 38.65 6.44 -
GECL 3.0-TL 320 Lcs - 10.47 25.12 25.08 21.20 14.92 8.64 2.40
BENZ 1 - - - - - - - - - - -
BENZ 2 4.89 3.90 2.83 1.66 0.41 - - - - - -
VERNA 1 0.70 0.44 0.16 - - - - - - -
VERNA 2 0.41 0.62 0.33 0.05 - - - - - - -
Innova-HDFC 0.44 1.43 0.84 0.21
Total 106.77 162.29 252.19 267.72 289.73 327.24 253.94 162.64 76.65 15.08 2.40

Breakup of Instalment

Year 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2026-27
TL1 850 lacs 74.86 - - - - - - - - - -
TL2 525 lacs 107.55 - - - - - - - - - -
TL6 800 lacs 40.00 160.00 160.00 120.00 160.00 155.08 - - - - -
HDFC TL1 215 - 102.38 281.55 256.00 307.20 307.20 307.20 307.20 306.86 - -
TL7 685 lacs - 108.12 144.15 144.15 144.15 144.15 - -
COVID-TL 150 Lacs 39.85 101.31 8.84 -
GECL-TL 380 Lcs - 31.67 126.67 126.67 95.00 -
HDFC- TL2 2562.64 58.46 467.20 572.68 572.68 572.68 286.29 -
GECL 3.0-TL 320 Lcs - - - 13.33 80.00 80.00 80.00 66.67
BENZ 1 - - - - - - - - - - -
BENZ 2 16.21 16.21 16.21 16.21 12.16 - - - - - -
VERNA 1 3.54 3.54 3.54 - - - - - - -
VERNA 2 1.95 3.89 3.89 1.95 - - - - - - -
Innova-HDFC 1.92 7.66 7.66 5.75
Total 244.10 287.94 472.85 441.67 784.66 1209.14 1164.03 1199.03 1103.69 366.29 66.67
 152,169,501

67,881,000

Company Investment 84,288,501 106,518,650.70

45,650,850 38,637,650.70
l 38,637,651