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ICICI Banking Corporation Ltd.

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS


FORM II - OPERATING STATEMENT
Name:

Tata Tea Limited


Amounts in Rs. Thousand
Last 2 Years Actuals
(As per audited accounts)
Year
No.of months

2006
12

2007
12

Current Yr. Next Year


Estimates Projections
2008
12

2009
12

1. Gross Sales
i.

Domestic Sales

813.62

893.07

980.27

1076.00

ii.

Export Sales

154.72

161.50

168.57

175.96

Total

968.34

1054.56

1148.85

1251.96

0.14

0.09

0.10

0.11

3. Net Sales (1 - 2)

968.20

1054.47

1148.75

1251.85

4. % age rise (+) or fall (-) in net sales


as compared to previous year (annualised)

N/A

8.91%

8.94%

8.97%

239.61

460.87

504.24

551.78

28.34

30.34

31.66

33.05

211.26

430.54

472.58

518.73

43.57

39.72

36.21

33.01

121.57

126.74

132.13

137.75

2. Less Excise Duty

5. Cost of Sales
i.

ii.

Raw materials (including stores and


other items used in the process of
manufacture)
a.

Imported

b.

Indigenous

Other Spares
a.

Imported

b.

Indigenous

iii.

Power and Fuel

iv.

Direct Labour (Factory wages & salaries)

v.

Other manufacturing expenses

69.19

63.11

57.56

52.50

vi.

Depreciation

19.43

18.54

27.69

31.88

vii. Sub-total (i to vi)

493.37

708.98

757.84

806.92

0.02

0.04

0.00

0.01

493.39

709.02

757.84

806.93

0.04

0.00

0.01

0.02

493.35

709.02

757.83

806.91

viii. Add: Opening Stock-in-process


Sub-total (vii + viii)

11/11/2016

ix.

Deduct: Closing Stock-in-process

x.

Cost of Production

336608892.xls (Form-II)

Page 1

ICICI Banking Corporation Ltd.

xi.

Add: Opening Stock of finished goods

89.99

72.74

88.37

94.01

583.34

781.76

846.20

900.92

72.74

88.37

94.01

99.30

510.60

693.39

752.19

801.62

6. Selling, general and administrative expenses

314.51

197.83

217.14

238.35

7. Sub-total (5 + 6)

825.11

891.22

969.33

1039.97

8. Operating Profit before Interest (3 - 7)

143.09

163.25

179.42

211.88

8.97

38.31

79.00

67.00

134.12

124.94

100.42

144.88

Sub-total (x + xi)
xii. Deduct: Closing Stock of finished goods
xiii. Sub-total (Total Cost of Sales)

9. Interest
10. Operating Profit after Interest (8 - 9)
11. i.

Add: Other non-operating Income


a.

Interest on Fixed Deposits

8.97

72.96

88.73

104.50

b.

Rent Received

0.12

0.33

0.54

0.75

c.

Write Back

2.45

5.00

7.55

10.10

d.

Others

54.65

156.22

210.87

265.52

66.18

234.51

307.69

380.87

16.54

9.69

10.66

11.72

0.00

0.00

0.00

Sub-total (Income)
ii.

iii.

Deduct: Other non-operating expenses


a.

Other expenses

b.

Lease Rent

c.

Purchase of Finished Goods

d.

Loss on fire

Sub-total (Expenses)

16.54

9.69

10.66

11.72

Net of other non-operating income /


expenses [net of 11(i) & 11(ii)]

49.64

224.82

297.03

369.15

183.76

349.76

397.45

514.03

43.59

43.20

49.09

63.48

140.17

306.56

348.36

450.55

76.93

108.52

108.52

108.52

120.00

150.00

150.00

150.00

63.24

198.04

239.84

342.03

45.12%

64.60%

68.85%

75.91%

12. Profit before tax/loss [10 + 11(iii)]


13. Provision for taxes
14. Net Profit / Loss (12 -13)
15. a.
b.

Equity dividend paid-amount


(Already paid + B.S. provision)
Dividend Rate (% age)

16. Retained Profit (14 - 15)


17. Retained Profit / Net Profit (% age)

11/11/2016

336608892.xls (Form-II)

Page 2

FORM III - ANALYSIS OF BALANCE SHEET


LIABILITIES
Name:

Tata Tea Limited

Year
No.of months

Amounts in Rs. Thousand


Last 2 Years Actuals Current Yr. Next Year
Estimates Projections
(As per audited BS)
2006
2007
2008
2009
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 bank

0.00

0.00

113.42

28.86

ii.

From other banks

69.51

89.50

89.50

89.50

iii.

(of which BP & BD)

15.37

1.25

2.70

3.11

Sub-total [i + ii] (A)

69.51

89.50

202.92

118.36

0.00

0.55

0.00

0.00

149.28

180.1093

204.99

262.19

0.00

0.00

0.00

0.00

30.074

33.94

91.47

105.87

6. Dividend payable

67.46

92.76

92.76

92.76

7. Other statutory liabilities (due within 1 year)

22.43

9.17

5.00

0.00

8. Deposits / instalments of term loans /


DPGs / debentures etc. (due within 1 year)

34.70

97.50

123.50

108.80

9. Other current liabilities & provisions


(due within 1 year) - specify major items

20.88

0.59

0.65

0.85

0.00

0.50

0.56

0.76

2. Short term borrowings from others


3. Sundry Creditors (Trade)
4. Advance payments from customers /
deposits from dealers
5. Provision for taxation

a.

Other short term loans (unsecured)

b.

Other Provisions

c.

Acceptances

d.

Due to Subsidiary

Sub total [2 to 9] (B)


10. Total current liabilities [A + B]

20.88
0.00

0.00

0.1187

0.09

0.09

0.09

324.82

414.62

518.36

570.47

394.33

504.12

721.28

688.83

TERM LIABILITIES
11. Debentures (not maturing within 1 year)

90.00

12. Preference Shares (redeemable after 1 year)


13. Term loans (excluding instalments
payable within 1 year)

45.00

617.50

544.00

435.20

15. Term deposits (repayable after 1 year)

6.84

0.00

0.00

0.00

16. Other term liabilities

0.00

18.49

18.49

18.49

17. Total Term Liabilities [11 to 16]

141.84

635.99

562.49

453.69

18. Total Outside Liabilities [10 + 17]

536.17

1140.11

1283.77

1142.52

56.22

80.86

80.86

80.86

670.40

816.49

996.58

1338.61

21. Revaluation Reserve

21.86

21.86

21.86

21.86

22. Other Reserves (excluding Provisions)

31.34

31.34

1.09

1.09

132.57

150.62

150.62

150.62

248.86

464.39

464.39

464.39

24. Net Worth

1161.26

1565.56

1715.39

2057.42

25. TOTAL LIABILITIES [18 + 24]

1697.43

2705.67

2999.16

3199.94

14. Deferred Payment Credits (excluding


instalments due within 1 year)

NET WORTH
19. Ordinary Share Capital
20. General Reserve

23. Surplus (+) or deficit (-) in Profit & Loss a/c


23. a.

Others
Share Perimum
(wrong below cell formula)

FORM III - ANALYSIS OF BALANCE SHEET (Continued)


ASSETS
Name:

Tata Tea Limited

Year
No.of months

CURRENT ASSETS
26. Cash and Bank Balances
27. Investments (other than long term)
i.
Govt. and other trustee securities
ii. Fixed Deposits with banks
28. i.
Receivables other than deferred &
exports (incldg. bills purchased and
discounted by banks)
ii. Export receivables (incldg. bills
purchased/discounted by banks)
29. Instalments of deferred receivables
(due within 1 year)
30. Inventory:
i.
Raw materials (including stores and
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
and stores/spares
32. Advance payment of taxes
33. Other current assets (specify major items)
a.
Advance Reconverable
b.
Security Deposit+Retention Money
c.
TDS
d.
Net Deferred Tax
34. Total Current Assets (26 to 33)

Amounts in Rs. Thousand


Last 2 Years Actuals Current Yr. Next Year
Estimates Projections
(As per audited BS)
2006
2007
2008
2009
12
12
12
12
6.19

6.53

10.00

7.26

195.99
0.43

179.86
15.00

200.00
50.00

200.00
50.00

38.75

52.82

71.96

97.98

9.08

11.65

14.94

19.15

0.00
139.57

0.00
180.01

0.00
194.63

0.00
209.83

66.79
1.76
65.03
0.04
72.74
0.00

91.64
0.11
91.53
0.00
88.37
0.00

100.61
0.11
100.50
0.01
94.01
0.00

110.51
0.11
110.40
0.02
99.30
0.00

112.11
88.26
23.85

0.00
120.56
81.14
39.43

290.25
218.06
72.19

338.92
250.00
88.92

831.78

0.00
923.14

502.12

566.42

FIXED ASSETS
35. Gross Block (land, building, machinery,
work-in-progress)
36. Depreciation to date
37. Net Block (35 - 36)
OTHER NON-CURRENT ASSETS
38. Investments/book debts/advances/deposits
which are not current assets
i.
a. Investments in subsidiary
companies / affiliates
b. Others
ii. Advances to suppliers of capital goods
and contractors
iii. Deferred receivables (maturity
exceeding 1 year)
iv. Others
a. Debtors of More than 6 months
b. Loans
c. Deferred Revenue Expenses
d.
39. Non-consumable stores and spares
40. Other non-current assets including
dues from directors
41. Total Other Non-current Assets (38 to 40)
42. Intangible Assets (patents, good will,
prelim.expenses, bad / doubtful debts not
provided for, etc.
43. Total Assets (34+37+41+42)
44. Tangible Net Worth (24 - 42)
45. Net Working Capital (34 - 10)

441.11
197.13
243.97

491.11
224.83
266.28

579.48
256.70
322.78

945.00

1895.28

1801.10

1954.02

829.06
81.90

1788.77
80.96

1704.01
80.02

1866.34
79.09

0.00

0.00
0.00
8.59
0.43

34.04
0.38
0.00
33.66

25.55
0.39

0.00
17.07
0.41

25.16

16.66

8.16

945.00

1895.28

1801.10

1954.02

1697.43
1161.26
107.79

2705.67
1565.56
62.30

2899.16
1715.39
110.50

3199.94
2057.42
234.31

1.27

1.12

1.15

1.34

0.46

0.73

0.75

0.56

0.12

0.41

0.33

0.22

46. Current Ratio (34 / 10)


47. Total OUTSIDE Liabilities / Tangible
Net Worth (18 / 44)
48. Total TERM Liabilities / Tangible
Net Worth (17 / 44)
ADDITIONAL INFORMATION
A. Arrears of depreciation
B. Contingent Liabilities:
i.
Arrears of cumulative dividends
ii. Gratuity liability not provided for
iii. Disputed excise / customs /
tax liabilities
iv. Other liabilities not provided for

428.91
178.59
250.31

n/a

n/a

n/a

n/a

n/a
n/a

n/a
n/a

n/a
n/a

n/a
n/a

5.88
38.05

7.65
0.50

9.95
0.50

12.95
0.50

FORM IV
COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
Name:

Tata Tea Limited


Amounts in Rs. Thousand
Norms
Year

A. CURRENT ASSETS
1. Raw materials (incl. stores & other items
used in the process of manufacture)
a. Imported
Month's Consumption
b.

Indigenous
Month's Consumption

Last Year Current Yr. Next Year


Peak
Actuals Estimates Projections Requirement
2007
2008
2009

0.11
(0.04)

0.11
(0.04)

0.11
(0.04)

91.53
(2.55)

100.50
(2.55)

110.40
(2.55)

2. Other Consumable spares, excluding


those included in 1 above
a.

Imported
Month's Consumption

0.00

0.00

0.00

b.

Indigenous
Month's Consumption

0.00

0.00

0.00

3. Stock-in-process
Month's cost of production
4. Finished goods

0.00
88.37

0.01
(0.00)
94.01

0.02
(0.00)
99.30

(1.53)

(1.50)

(1.49)

52.82

71.96

97.98

(0.71)

(0.88)

(1.09)

Month's cost of sales


5. Receivables other than export & deferred
receivables (incl. bills purchased &
discounted by bankers)
Month's domestic sales: excluding
deferred payment sales
6. Export receivables (incl. bills purchased
and discounted)
Month's export sales
7. Advances to suppliers of raw materials &
stores / spares, consumables
8. Other current assets incl. cash & bank
balances & deferred receivables due
within one year
Cash and Bank Balances
Investments (other than long term):
i.
Govt. and other trustee securities
ii. Fixed Deposits with banks
Instalments of deferred receivables
(due within 1 year)
Advance payment of taxes
Other current assets
9. Total Current Assets
(To agree with item 34 in Form III)

11.65

14.94

19.15

(0.87)

(1.06)

(1.31)

0.00

0.00

0.00

321.95
6.53

550.25
10.00

596.18
7.26

179.86
15.00

200.00
50.00

200.00
50.00

0.00
0.00
120.56

0.00
0.00
290.25

0.00
0.00
338.92

566.42

831.78

923.14

FORM IV
COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
Name:

Tata Tea Limited


Amounts in Rs. Thousand
Last Year Current Yr. Next Year
Peak
Norms
Year

Actuals
2007

Estimates Projections Requirement


2008
2009

B. CURRENT LIABILITIES
(Other than bank borrowings for working capital)
10. Creditors for purchase of raw materials,
stores & consumable spares
Month's purchases

180.11
(4.45)

204.99
(4.79)

262.19
(5.60)

11. Advances from customers


12. Statutory liabilities
13. Other current liabilities:

0.00
9.17
225.34

0.00
5.00
308.38

0.00
0.00
308.28

Short term borrowings from others


Provision for taxation

0.55
33.94

0.00
91.47

0.00
105.87

Dividend payable
Deposits / instalments of term loans / DPGs

92.76

92.76

92.76

/ debentures etc. (due within 1 year)


Other current liabilities & provisions

97.50

123.50

108.80

0.59
414.62

0.65
518.36

0.85
570.47

(due within 1 year)


14. Total (To agree with total B of Form-III)

Thousand
Requirement

Thousand
Requirement

ICICI Banking Corporation Ltd.

FORM V
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
Name:

Tata Tea Limited

First Method of Lending


Year

1. Total Current Assets (Form-IV-9)


2. Other Current Liabilities (other than
bank borrowings (Form-IV-14)
3. Working Capital Gap (WCG) (1-2)
4. Min. stipulated net working capital:
(25% of WCG excluding export receivables)
5. Actual / Projected net working capital

Amounts in Rs. Thousand


Last Year Current Yr. Next Year
Peak
Actuals
Estimates Projections Requirement
2007
2008
2009
566.42

831.78

923.14

414.62
151.80

518.36
313.42

570.47
352.67

35.04

74.62

83.38

62.30
116.76
89.50

110.50
238.80
202.92

234.31
269.29
118.36

89.50

202.92

118.36

566.42

831.78

923.14

414.62
151.80

518.36
313.42

570.47
352.67

138.69

204.21

226.00

62.30
13.11
89.50

110.50
109.21
202.92

234.31
126.67
118.36

(item-6 or 7, whichever is lower)

13.11

109.21

118.36

9. Excess borrowings representing


shortfall in NWC (4 - 5)

76.39

93.71

(Form-III-45)

6. Item-3 minus Item-4


7. Item-3 minus Item-5
8. Max. permissible bank finance
(item-6 or 7, whichever is lower)

9. Excess borrowings representing


shortfall in NWC (4 - 5)

Second Method of Lending


1. Total Current Assets (Form-IV-9)
2. Other Current Liabilities (other than
bank borrowings (Form-IV-14)
3. Working Capital Gap (WCG) (1-2)
4. Min. stipulated net working capital:
(25% of total Current Assets excluding
export receivables)
5. Actual / Projected net working capital
(Form-III-45)

6. Item-3 minus Item-4


7. Item-3 minus Item-5
8. Max. permissible bank finance

11/11/2016

336608892.xls (Form-V)

Page 12

ICICI Banking Corporation Ltd.

FORM VI
FUNDS FLOW STATEMENT
Name:

Tata Tea Limited


Amounts in Rs. Thousand

Year

Last Year
Actuals

Current Yr.
Estimates

Next Year
Projections

2007

2008

2009

1. SOURCES
a.

Net Profit

306.56

348.36

450.55

b.

Depreciation

18.54

27.69

31.88

c.

Increase in Capital

24.64

0.00

0.00

d.

Increase in Term Liabilities


(including Public Deposits)

e.

494.15

Decrease in
i.

Fixed Assets

ii.

Other non-current Assets

94.18

f.

Others

165.86

g.

TOTAL

1009.75

470.23

482.43

73.50

108.80

50.00

88.37

2. USES
a.

Net loss

b.

Decrease in Term Liabilities


(including Public Deposits)

c.

Increase in
i.

Fixed Assets

ii.

Other non-current Assets

d.

Dividend Payments

e.

Others

f.

TOTAL

12.20
950.28
108.52

108.52

108.52

105.76

15.76

1071.00

337.79

474.37

-61.25

132.44

8.06

3. Long Term Surplus (+) / Deficit (-) [1-2]

11/11/2016

152.92

336608892.xls (Form-VI)

Page 13

ICICI Banking Corporation Ltd.

4. Increase/decrease in current assets


* (as per details given below)

64.30

265.36

91.36

5. Increase/decrease in current liabilities


other than bank borrowings

89.80

103.74

52.11

6. Increase/decrease in working capital gap

-25.50

161.62

39.25

7. Net Surplus / Deficit (-) [3-6]

-35.75

-29.18

-31.19

8. Increase/decrease in bank borrowings

19.99

113.42

-84.56

9. Increase/decrease in NET SALES

86.27

94.28

103.10

i. Increase/decrease in Raw Materials

24.85

8.97

9.90

ii. Increase/decrease in Stocks-in-Process

-0.04

0.01

0.01

iii. Increase/decrease in Finished Goods

15.63

5.64

5.29

14.07

19.14

26.02

2.57

3.29

4.21

0.00

0.00

0.00

7.23

228.30

45.93

64.30

265.36

91.36

* Break up of item-4

iv. Increase/decrease in Receivables


a)

Domestic

b)

Export

v. Increase/decrease in Stores & Spares


vi. Increase/decrease in other current assets
TOTAL

11/11/2016

336608892.xls (Form-VI)

Page 14

Year Ending March 31,


Share Capital
Tangible Net Worth
Net Block
Current Assets
Current Liabilities
Net Working Capital
Net Profit/Loss
Cash Profit/Loss
Current Ratio
Total Outside Liability/Tangible Net Worth
Net Sales
Other Income
Profit Before Tax
Net Profit After Tax
Depreciation
Cash Generation
Fixed Assets
Term Liabilities
Net Profit/Net Sales ( %)
Diviedend Paid
Dividend/Net Profit (%)

Tata Tea Limited


2006
56.22
1161.26
250.31
502.12
394.33
107.79
140.17
159.60
1.27
0.46

2007
80.86
1565.56
243.97
566.42
504.12
62.30
306.56
325.10
1.12
0.73

2008
80.86
1715.39
266.28
831.78
721.28
110.50
348.36
376.05
1.15
0.75

2009
80.86
2057.42
322.78
923.14
688.83
234.31
450.55
482.43
1.34
0.56

968.20
49.64
183.76
140.17
19.43
159.60
250.31
141.84
14.48%
76.93
41.86%

1054.47
224.82
349.76
306.56
18.54
325.10
243.97
635.99
29.07%
108.52
31.03%

1148.75
297.03
397.45
348.36
27.69
376.05
266.28
562.49
30.33%
108.52
27.31%

1251.85
369.15
514.03
450.55
31.88
482.43
322.78
453.69
35.99%
108.52
21.11%

81500
83059.3667
80245.9132
77490.7337
74682.8384
71821.2187
68904.8467
65932.6748
62903.6353
59816.6402
56670.5805
53464.3263
50084.6211
46640.2508
43242.083
39676.9835
36043.6718
32340.8427
28567.1661
24721.2866
20801.8225
16807.3661
12736.4824
8587.70905
4359.55588

4320
4210
4210
4210
4210
4210
4210
4210
4210
4210
4320
4320
4210
4310
4310
4310
4310
4310
4310
4310
4310
4310
4310
4310

81500
78739.37
76035.91
73280.73
70472.84
67611.22
64694.85
61722.67
58693.64
55606.64
52460.58
49144.33
45764.62
42430.25
38932.08
35366.98
31733.67
28030.84
24257.17
20411.29
16491.82
12497.37
8426.482
4277.709
49.55588

22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96
22.96

0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833
0.000833

1559.367
1506.547
1454.82
1402.105
1348.38
1293.628
1237.828
1180.961
1123.005
1063.94
1003.746
940.2948
875.6298
811.8321
744.9005
676.6883
607.1709
536.3235
464.1204
390.536
315.5435
239.1163
161.2267
81.84683
0.948169