M/s Industrial Tubes Manufacturers Pvt. Ltd.

Assumptions made for the Projected Financials

Sr. No. Particulars 2011 2012

1 Sales ( Qty in Kgs) 204000 302000

Rate per Kg 610 615
Sales Value (Rs. In Lacs) 1,244.40 1,857.30
Job work Charges 80.60 117.70

Total Sales 1,325.00 1,975.00

Job Work Charges to Sales (%) 6.08 5.96

2 Raw Material Consumed 57.46 59.23

Other spares 4.82 5.65
Power & Fuel 4.42 4.85
Direct Labour (Rs. In Lacs) 10 10
Other Manufacturing expenses 2.41 2.42

3 Fixed expenses (per month) - Rs. 4.00 4.50

4 Interest expenses 15% 15%

5 Provision for taxes 30% 30%

6 Sundry Creditors 40 40

7 Sundry Debtors 88 82

8 Stock Turnover 89 47

9 Increase in Fixed Assets 0 52.17

Basis of Assumption

Projection
Based on year 2010. Addition of Rs. 5/- per kg each year

Based on Year 2010 percentage

Ratio to sales
Ratio to sales
Ratio to sales
Addition in each year
Ratio to sales

On limit amount

On Net Profit

On 40 days turnover

on less than 90 days turnover

On days turnover

Consider for Machinery

 FORM II - OPERATING STATEMENT 2,259.60 1,678.36 610.47

NAME 2008 2009 2010

M/s. Industrial Tubes Manufacturers Pvt Lt Audited Aduited Provisional
(12 M) (12 M) (12 M)
[1] [2] [3]

1 Gross Sales
I) Domestic Sales 2,290.06 1,683.13 647.19
ii) Export Sales - - -
Total 2,290.06 1,683.13 647.19

2 Less Excise Duty 349.26 202.33 41.85

3 Net Sales (Item 1 minus item 2) 1,940.80 1,480.80 605.34

4 %age rise (+) or fall (-) in net sales -26.50% -61.55%

as compared to previuos year

5 Cost of sales :

i) Raw Materials ( incldg. stores and

other items used in the process of
manufacture)

a) Imported

b) Indigenous 1,497.54 1,108.28 408.98

ii) Other Spares 88.21 88.02 37.10

iii) Power & Fuel 73.88 59.48 28.75

iv) Direct Labour (Factory wages & salary) 97.00 98.33 66.66

v) Other Manufacturing Expenses 33.95 32.27 14.16

vi) Depreciation 11.22 5.02 4.60

vii) Sub Total (items I to vi) 1,801.80 1,391.40 560.26

 viii) Add : Opening Stocks in Process - - -

Sub Total 1,801.80 1,391.40 560.26

xi) Deduct : Closing Stocks in Process - - -

x) Cost of Production 1,801.80 1,391.40 560.26

xi) Add : Opening Stock of finished Goods - - 2.59

1,801.80 1,391.40 562.85

xii) Deduct : Closing Stock of Finished Goods - 2.59 2.46

xiii) Sub Total (Cost of Sales) 1,801.80 1,388.81 560.39

6 Selling ,General and Administrative

Expenses 74.50 43.61 32.34

7 Sub Total (item 5 + item 6) 1,876.30 1,432.42 592.73

8 Operating Profit before interest 64.50 48.38 12.61

9 Interest 70.95 86.85 46.34

10 Operating Profit After Interest (8-9) (6.45) (38.47) (33.73)

11 i) Add other non - operative income:

a) Interest Earned 10.65 6.05 1.68

b) Duty Drawback - - -
Sub - total (income) 10.65 6.05 1.68

ii) Deduct other non - operative expenses - - -

a) Preliminary expenses w/o - -

b) Prior Period Adjustments - 2.13 0.73

Sub - total (expenses) - 2.13 0.73

iii) Net if other non-operating income/exp.

 (net of 11(I) & (ii) 10.65 3.92 0.95

12 Profit / loss before tax 4.20 (34.55) (32.78)

13 Provision for taxes 3.23 0.30 -

14 Net Profit / Loss {item 12 - item 13} 0.97 (34.85) (32.78)

15 Dividend Payout - - -
Profit Brought Forward from Previous Years 80.44 81.41 46.56
16 Retained profit (14-15) 81.41 46.56 13.78

17 Retained profit / net profit (%) 100.00% 100.00% 100.00%

FORM III - ANALYSIS OF BALANCE SHEET

NAME 2008 2009 2010

M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audtied Provisional
(12 M) (12 M) (12 M)
[1] [2] [3]

Current Liabilities

1 Short term borrowings from banks

(incldg. bills purchased and discounted
and the borrowings placed on repayment
basis)
i) from applicable bank 197.37 277.39 153.47
ii) from other banks 8.85 7.17 5.50
iii)

Sub Total (A) 206.22 284.56 158.97

2 Short term borrowings from others - Unsec 150.00 150.00 163.00

3 Sundry Creditors (Trade) 138.76 73.87 95.81

4 Advance payments from customers/

deposits from dealers 15.93 1.47 26.43

5 Provision for taxation 53.45 54.18 50.68

6 In Current Account with Directors 37.88 13.71 31.45

 7 Other Statutory liabilities
(due within one year) 8.12 5.92 0.66

8 Instalments of term loan / deffered

payments / credits / debentures/
redeemable preferance shares (due
within one year)

9 Other current liabilities and provisions 33.05 34.02 31.85

(specify major items)

Sub Total (B) 437.19 333.17 399.88

10 Total Current Liabilities 643.41 617.73 558.85

(total of items 1 to 9)

Term Liabilities

11 Debentures (not maturing within one year) - - -

12 Preference Shares (redeemable after one ye - - -

13 Term Loans (excldg. of instalments payable -

within one year)

14 Deferred payment credits (excldg. instalments

payable within one year) - - -

15 Term Deposits (repayable after one year) - - -

16 other term liabilities - - -

17 Total term liabilities - - -

(total of items 11 to 16)

18 total outside liabilities 643.41 617.73 558.85

(item 10 + item 17)

Net Worth
 Ordinary share capital 40.00 40.00 40.00

19 Share application money - - -

20 General Reserve 106.40 106.40 106.40

21 Development Rebate Reserve - - -

22 Other Reserve (excldg. provisions) (Revaluat - - -

23 Surplus (+) or Deficit (-) in P & L A/C 81.41 46.56 13.78

24 Net Worth 227.81 192.96 160.18

25 Total Liabilities (item 18 + item 24) 871.22 810.69 719.03

FORM III - ANALYSIS OF BALANCE SHEET (CONTD)

NAME 2008 2009 2010

M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional
(12 M) (12 M) (12 M)
[1] [2] [3]

Current Assets

26 Cash and Bank Balances 99.14 102.03 72.54

27 Invetments (other than long term investme

i) Government and other trustee securities - - -

ii) Fixed Deposits with banks - - -

28 i) Receivables other than deferred and receiv 217.18 298.76 271.16

(incldg . bills purchased and discounted by
bankers)

ii) Export receivables (incld. BP and BD by ban - - -

29 Instalments of deferred receivables - - -

(due within one year)

30 Inventory :
 i) Raw Materials ( incldg. stores and items used
in the process of manufacture)
a) Imported - - -
b) Indigenous 72.10 19.65 67.40

ii) Stocks in process 253.34 194.48 122.85

iii) Finished Goods - 2.59 2.46
iv) other consumable spares - -
a) Imported - - -
b) Indigenous 24.31 12.03 11.62

31 Advance to suppliers of raw material/ stores /

spares consumable for gas. - - -

32 Advance payment of taxes 88.53 93.01 73.12

33 Other current Assets 77.62 53.49 67.65

(major items to be specified individually)

34 Total Current Assets (items 26 to items 33) 832.22 776.04 688.80

FIXED ASSETS

35 Gross Block (land & buildings, machinery, 244.21 244.46 244.64

construction in progress)
Revaluation Reserve
36 Depreciation to Date 205.93 210.94 215.54

37 Net Block ( item 35 - item 36) 38.28 33.52 29.10

Other Non Current Assets

38 Invetments / book debts/ advances/ deposits/

which are not current assets

i) Investments in subsidiary companies/ affilia - - -

Others - - -
 ii) Advances ot suppliers of capital goods and
contractors for capital expenditure - - -

iii) Deferred receivables ( other than those mat 0.71 1.13 1.13
within one year) - - -

iv) Others - - -

39 Non consumable stores and spares - - -

40 Other miscellaneous assets incldg. loans

from directors - - -

41 Total other non current assets 0.72 1.13 1.13

(total of items 38 to 40)

42 Intangible Assets (patents, goodwill, preliminary

and formation expenses, book debts not
provided for etc.)

43 Total Assets (total of items 34,37,41 & 42) 871.22 810.69 719.03

44 Tangible Net Worth (item 24 - item 42) 227.81 192.96 160.18

45 Net Working Capital 188.81 158.31 129.96

(17+24)-(37+41+42) to tally (34-10)

46 Current Ratio (item 34/10) 1.29 1.26 1.23

47 Total Outside Liabilities / Tangible Net Wor 2.82 3.20 3.49

(18/44)
FORM IV COMPARITIVE STATEMENT OF CURRENT ASSETS
AND CURRENT LIABILITES

NAME 2008 2009 2010

M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional
(12 M) (12 M) (12 M)
[1] [2] [3]

1 Current Assets

i) Raw Materials (incldg stores and other items

used in the process of manufacture)
 a) Imported - - -
(months consumption)

b) Indigenous 72.10 19.65 67.40

(months consumption)

ii Other consumable spares(excldg those

included under item (I) above) - - -
Imported - - -
Indigenous 24.31 12.03 11.62

iii Stocks - in - Process 253.34 194.48 122.85

(months cost of production)

iv Finished Goods - 2.59 2.46

(months cost of sales)

v Receivables other than exports and deferred

receivables (incldg. BP & BD by bankers) 217.18 298.76 271.16

vi Export Receivables (incldg BP & BD by banke - - -

(months export sales)

vii Advances to suppliers of raw materials and - - -

stores / spares consumables for

viii other current assets incldg. cash balances

and deferred receivables due within one year
(major items to be specified individually) 265.29 248.53 213.31

ix Total Current Assets 832.22 776.04 688.80

(to agree with item 34 in form III)

II Current Liablities :
(other than bank borrowings for working capital)

i) Creditors for purchase of raw materials and 138.76 73.87 95.81

stores and consumable spares
(months pruchases)

ii) Advance from Customers 15.93 1.47 26.43

 iii) Statutory liabilities 8.12 5.92 0.66

iv) Other current liabilities (major items to be 274.38 251.91 276.98

specified inividually)
(short term borrowings, unsecured loans,
dividend payable, instalment of term loans)
a) DPG, Public Deposits, Deb. etc.

Sub Total 437.19 333.17 399.88

(to agree with sub total (B) in form III)

FORM V - COMPUTATON OF MAXIMUM BANK FINANCE FOR

WORKING CAPITAL

NAME 2008 2009 2010

M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional
(12 M) (12 M) (12 M)
[1] [2] [3]

1 Total Current Assets (9 in Form IV) 832.22 776.04 688.80

2 Other Current Liabilities 437.19 333.17 399.88

(other than bank borrowings)
(14 of form IV)

1 3 Working Capital Gap 395.03 442.87 288.92

2 4 Minimum stipuated net working capital 208.06 194.01 172.20

25% of WCG/ 25% ot total current assets
as the case may be depending upon the method
of lending being applied (export receivables
to be excluded under both the method)
(Iind method)

3 5 Actual / Projected net working capital 188.81 158.31 129.96

(45 of form III)

4 6 Item 3 minus item 4 186.98 248.86 116.72

5 7 Item 3 minus item 5 206.22 284.56 158.96

6 8 Maximum permissible bank finance 186.98 248.86 116.72
(item 4 or item 5 whichever is lower)

7 9 Excess borrowings representing short 19.25 35.70 42.24

net working capital) to be converted into
working capital term loan
(item 2 minus item 3)

PART VI - FUNDS FLOW STATEMENT

1 Sources :
a Net Profit ( after tax) 0.97 (34.85) (32.78)

b Depreciation 11.22 5.02 4.60

c Increase in capital - - -

d Increase in Term Loans / Debentures/ - - -

Defferred payment liabilities
(item 46 in form IIIA)

e Decrease in
Fixed Assets
Other Non Current Assets - (0.41) -

f Others

g Total 12.19 (30.24) (28.17)

2 USES
a Decrease in term liaibilities - - -

b Increase in
Fixed Assets - 0.25 0.18
Other non current assets

c Dividend Payments / Withdrawals - - -

d Total - 0.25 0.18

3 Long Term Surpluses (+) / Deficit (-) 12.19 (30.49) (28.35)

4 Increase / decrease in Current Assets 832.22 (56.18) (87.24)

 (as per details given below)
(form II)

5 Increase/ decrease in Current Liabilities

other than bank borrowings 643.41 (104.02) 66.71
(Form II)

6 Increase / Decrease in Working Capital

Gross funds generated 188.81 47.84 (153.95)

7 Net Surplus (+) / Deficit (-) (176.62) (78.33) 125.60

(diff of less taxes paid/ payable relating to

8 Increase/ decrease in bank borrowings - 78.34 (125.59)

FINANCIAL INDICATORS

Net Tangible Worth 227.81 192.96 160.18

Outside Liabilities 643.41 617.73 558.85

Term Liabilities - - -

Net Fixed Assets 38.28 33.52 29.10

Net Working Capital 188.81 158.31 129.96

Amount invested in outside business/

diversion of funds - - -

Net Sales 1,940.80 1,480.80 605.34

Cost of Sales 1,801.80 1,388.81 560.39

Net Profit 0.97 (34.85) (32.78)

Depreciation for the year 11.22 5.02 4.60

Development rebates / Investment Allowan - - -

Cash Accruals 12.19 (29.83) (28.17)

Dividends :
Equity - - -
Preference - - -
% of Dividend - - -

Arrears of depreciation if any - - -

FINANCIAL RATIOS

Current Ratio 1.29 1.26 1.23

Debt Equity Ratio - - -

Net Tangible Worth 227.81 192.96 160.18

Total Inventory : Net Sales 0.18 0.15 0.34

Receivables : Net Sales 0.11 0.20 0.45

Net Profit : Net Sales 0.00 (0.02) (0.05)

Net Profit : Net Tangible Worth 0.00 (0.18) (0.20)

 1,244.40 1,857.30
(Rs. in lacs)
2011 2012
Projected Projected
(12 M) (12 M)
[4] [5]

1,325.00 1,975.00
- -
1,325.00 1,975.00

200.80 245.00

1,124.20 1,730.00

104.73% 49.06%

715.00 1,100.00

60.00 105.00

55.00 90.00

70.00 80.00

30.00 45.00

4.00 3.00

934.00 1,423.00
 - -

934.00 1,423.00

- -

934.00 1,423.00

2.46 30.00

936.46 1,453.00

30.00 2.75

906.46 1,450.25

48.00 54.00

954.46 1,504.25

169.74 225.75

60.00 60.00

109.74 165.75

6.25 7.00
- -
6.25 7.00

- -

- -
- -

- -
 6.25 7.00

115.99 172.75

34.80 51.83

81.19 120.93

- -
13.78 94.98
94.98 215.90

100.00% 100.00%

(Rs. in lacs)
2011 2012
Projected Projected
(12 M) (12 M)
[4] [4]

400.00 400.00
3.10 1.50

403.10 401.50

73.00 35.00

85.00 130.00

7.83 -

34.20 86.03

10.00 10.00
 3.50 2.50

35.00 42.00

248.53 305.53

651.63 707.03

- -

- -

- -

- -

- -

- -

651.63 707.03
 40.00 40.00

- -

106.40 106.40

- -

- -

94.98 215.90

241.38 362.30

893.01 1,069.33

(Rs. in lacs)
2011 2012
Projected Projected
(12 M) (12 M)
[4] [4]

50.00 55.00

- -
- -

322.65 445.05

- -

- -
 - -
85.00 90.00

175.00 130.00
30.00 2.75
- -
- -
35.00 30.00

69.51 126.51

30.00 40.00

69.00 74.00

866.16 993.31

244.64 296.81

219.54 222.54

25.10 74.27

- -

- -
 - -

1.75 1.75
- -

- -

- -

- -

1.75 1.75

893.01 1,069.33

241.38 362.30

214.53 286.28

1.33 1.40

2.70 1.95

(Rs. in lacs)
2011 2012
Projected Projected
(12 M) (12 M)
[4] [4]
 - -

85.00 90.00

- -
- -
35.00 30.00

175.00 130.00

30.00 2.75

322.65 445.05

- -

69.51 126.51

149.00 169.00

866.16 993.31

85.00 130.00

7.83 -
 3.50 2.50

152.20 173.03

248.53 305.53

(Rs. in lacs)
2011 2012
Projected Projected
(12 M) (12 M)
[4] [4]

866.16 993.31

248.53 305.53

617.63 687.79

216.54 248.33

214.53 286.28

401.09 439.46

403.10 401.50
401.09 401.50

2.01 (37.96)

81.19 120.93

4.00 3.00

- -

- -

- -

85.19 123.93

- -

- 52.17

- -

- 52.17

85.19 71.76

177.36 127.15
(151.35) 57.00

328.71 70.16

(243.52) 1.60

244.13 (1.60)

241.38 362.30

651.63 707.03

- -

25.10 74.27

214.53 286.28

- -

1,124.20 1,730.00

906.46 1,450.25

81.19 120.93

4.00 3.00

- -

85.19 123.93
 - -
- -
- -

- -

1.33 1.40

- -

241.38 362.30

0.29 0.15

0.29 0.26

0.07 0.07

0.34 0.33
 ASSESSMENT OF WORKING CAPITAL REQUIREMENT

100.907

Qty ( in Kgs) 381552 100907 204180 301870

Rate per kg 592.21 604.98 609.46 615.26

FORM II - OPERATING STATEMENT 2,259.60 1,678.36 610.47 1,244.40 1,857.30

(Rs. in lacs)
NAME 2008 2009 2010 2011 2012
M/s. Industrial Tubes Manufacturers Pvt Lt Audited Aduited Provisional Projected Projected
(12 M) (12 M) (12 M) (12 M) (12 M)
[1] [2] [3] [4] [5]

1 Gross Sales
I) Domestic Sales 2,290.06 1,683.13 647.19 1,325.00 1,975.00
ii) Export Sales - - - - -
Total 2,290.06 1,683.13 647.19 1,325.00 1,975.00

2 Less Excise Duty 349.26 202.33 41.85 200.80 245.00

3 Net Sales (Item 1 minus item 2) 1,940.80 1,480.80 605.34 1,124.20 1,730.00

4 %age rise (+) or fall (-) in net sales -26.50% -61.55% 104.73% 49.06%
as compared to previuos year

5 Cost of sales :

i) Raw Materials ( incldg. stores and

other items used in the process of
manufacture)

a) Imported

b) Indigenous 1,497.54 1,108.28 408.98 715.00 1,100.00

ii) Other Spares 88.21 88.02 37.10 60.00 105.00

iii) Power & Fuel 73.88 59.48 28.75 55.00 90.00

iv) Direct Labour (Factory wages & salary) 97.00 98.33 66.66 70.00 80.00

v) Other Manufacturing Expenses 33.95 32.27 14.16 30.00 45.00

vi) Depreciation 11.22 5.02 4.60 4.00 3.00

vii) Sub Total (items I to vi) 1,801.80 1,391.40 560.26 934.00 1,423.00

viii) Add : Opening Stocks in Process - - - - -

 Sub Total 1,801.80 1,391.40 560.26 934.00 1,423.00

xi) Deduct : Closing Stocks in Process - - - - -

x) Cost of Production 1,801.80 1,391.40 560.26 934.00 1,423.00

xi) Add : Opening Stock of finished Goods - - 2.59 2.46 30.00

1,801.80 1,391.40 562.85 936.46 1,453.00

xii) Deduct : Closing Stock of Finished Goods - 2.59 2.46 30.00 2.75

xiii) Sub Total (Cost of Sales) 1,801.80 1,388.81 560.39 906.46 1,450.25

6 Selling ,General and Administrative

Expenses 74.50 43.61 32.34 48.00 54.00

7 Sub Total (item 5 + item 6) 1,876.30 1,432.42 592.73 954.46 1,504.25

8 Operating Profit before interest 64.50 48.38 12.61 169.74 225.75

9 Interest 70.95 86.85 46.34 60.00 60.00

10 Operating Profit After Interest (8-9) (6.45) (38.47) (33.73) 109.74 165.75

11 i) Add other non - operative income:

a) Interest Earned 10.65 6.05 1.68 6.25 7.00

b) Duty Drawback - - - - -
Sub - total (income) 10.65 6.05 1.68 6.25 7.00

ii) Deduct other non - operative expenses - - - - -

a) Preliminary expenses w/o - - - -

b) Prior Period Adjustments - 2.13 0.73 - -

Sub - total (expenses) - 2.13 0.73 - -

iii) Net if other non-operating income/exp.

(net of 11(I) & (ii) 10.65 3.92 0.95 6.25 7.00

12 Profit / loss before tax 4.20 (34.55) (32.78) 115.99 172.75

13 Provision for taxes 3.23 0.30 - 34.80 51.83

14 Net Profit / Loss {item 12 - item 13} 0.97 (34.85) (32.78) 81.19 120.93
15 Dividend Payout - - - - -
Profit Brought Forward from Previous Years 80.44 81.41 46.56 13.78 94.98
16 Retained profit (14-15) 81.41 46.56 13.78 94.98 215.90

17 Retained profit / net profit (%) 100.00% 100.00% 100.00% 100.00% 100.00%

FORM III - ANALYSIS OF BALANCE SHEET

(Rs. in lacs)
NAME 2008 2009 2010 2011 2012
M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audtied Provisional Projected Projected
(12 M) (12 M) (12 M) (12 M) (12 M)
[1] [2] [3] [4] [4]

Current Liabilities

1 Short term borrowings from banks

(incldg. bills purchased and discounted
and the borrowings placed on repayment
basis)
i) from applicable bank 197.37 277.39 153.47 400.00 400.00
ii) from other banks 8.85 7.17 5.50 3.10 1.50
iii)

Sub Total (A) 206.22 284.56 158.97 403.10 401.50

2 Short term borrowings from others - Unsec 150.00 150.00 163.00 73.00 35.00

3 Sundry Creditors (Trade) 138.76 73.87 95.81 85.00 130.00

4 Advance payments from customers/

deposits from dealers 15.93 1.47 26.43 7.83 -

5 Provision for taxation 53.45 54.18 50.68 34.20 86.03

6 In Current Account with Directors 37.88 13.71 31.45 10.00 10.00

7 Other Statutory liabilities

(due within one year) 8.12 5.92 0.66 3.50 2.50

8 Instalments of term loan / deffered

payments / credits / debentures/
redeemable preferance shares (due
within one year)

9 Other current liabilities and provisions 33.05 34.02 31.85 35.00 42.00
(specify major items)
 Sub Total (B) 437.19 333.17 399.88 248.53 305.53

10 Total Current Liabilities 643.41 617.73 558.85 651.63 707.03

(total of items 1 to 9)

Term Liabilities

11 Debentures (not maturing within one year) - - - - -

12 Preference Shares (redeemable after one ye - - - - -

13 Term Loans (excldg. of instalments payable -

within one year)

14 Deferred payment credits (excldg. instalments

payable within one year) - - - - -

15 Term Deposits (repayable after one year) - - - - -

16 other term liabilities - - - - -

17 Total term liabilities - - - - -

(total of items 11 to 16)

18 total outside liabilities 643.41 617.73 558.85 651.63 707.03

(item 10 + item 17)

Net Worth

Ordinary share capital 40.00 40.00 40.00 40.00 40.00

19 Share application money - - - - -

20 General Reserve 106.40 106.40 106.40 106.40 106.40

21 Development Rebate Reserve - - - - -

22 Other Reserve (excldg. provisions) (Revaluat - - - - -

23 Surplus (+) or Deficit (-) in P & L A/C 81.41 46.56 13.78 94.98 215.90

24 Net Worth 227.81 192.96 160.18 241.38 362.30

25 Total Liabilities (item 18 + item 24) 871.22 810.69 719.03 893.01 1,069.33

- - 0.01 (0.00) (0.00)

 FORM III - ANALYSIS OF BALANCE SHEET (CONTD)
(Rs. in lacs)
NAME 2008 2009 2010 2011 2012
M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional Projected Projected
(12 M) (12 M) (12 M) (12 M) (12 M)
[1] [2] [3] [4] [4]

Current Assets

26 Cash and Bank Balances 99.14 102.03 72.54 50.00 55.00

27 Invetments (other than long term investme

i) Government and other trustee securities - - - - -

ii) Fixed Deposits with banks - - - - -

28 i) Receivables other than deferred and receiv 217.18 298.76 271.16 322.65 445.05
(incldg . bills purchased and discounted by
bankers)

ii) Export receivables (incld. BP and BD by ban - - - - -

29 Instalments of deferred receivables - - - - -

(due within one year)

30 Inventory :
i) Raw Materials ( incldg. stores and items used
in the process of manufacture)
a) Imported - - - - -
b) Indigenous 72.10 19.65 67.40 85.00 90.00

ii) Stocks in process 253.34 194.48 122.85 175.00 130.00

iii) Finished Goods - 2.59 2.46 30.00 2.75
iv) other consumable spares - - - -
a) Imported - - - - -
b) Indigenous 24.31 12.03 11.62 35.00 30.00

31 Advance to suppliers of raw material/ stores /

spares consumable for gas. - - - 69.51 126.51

32 Advance payment of taxes 88.53 93.01 73.12 30.00 40.00

33 Other current Assets 77.62 53.49 67.65 69.00 74.00

(major items to be specified individually)

34 Total Current Assets (items 26 to items 33) 832.22 776.04 688.80 866.16 993.31
 FIXED ASSETS

35 Gross Block (land & buildings, machinery, 244.21 244.46 244.64 244.64 296.81
construction in progress)
Revaluation Reserve
36 Depreciation to Date 205.93 210.94 215.54 219.54 222.54

37 Net Block ( item 35 - item 36) 38.28 33.52 29.10 25.10 74.27

Other Non Current Assets

38 Invetments / book debts/ advances/ deposits/

which are not current assets

i) Investments in subsidiary companies/ affilia - - - - -

Others - - - - -

ii) Advances ot suppliers of capital goods and

contractors for capital expenditure - - - - -

iii) Deferred receivables ( other than those mat 0.71 1.13 1.13 1.75 1.75
within one year) - - - - -

iv) Others - - - - -

39 Non consumable stores and spares - - - - -

40 Other miscellaneous assets incldg. loans

from directors - - - - -

41 Total other non current assets 0.72 1.13 1.13 1.75 1.75
(total of items 38 to 40)

42 Intangible Assets (patents, goodwill, preliminary

and formation expenses, book debts not
provided for etc.)

43 Total Assets (total of items 34,37,41 & 42) 871.22 810.69 719.03 893.01 1,069.33
- - 0 (0.00) (0.00)
44 Tangible Net Worth (item 24 - item 42) 227.81 192.96 160.18 241.38 362.30

45 Net Working Capital 188.81 158.31 129.96 214.53 286.28

(17+24)-(37+41+42) to tally (34-10)

46 Current Ratio (item 34/10) 1.29 1.26 1.23 1.33 1.40

47 Total Outside Liabilities / Tangible Net Wor 2.82 3.20 3.49 2.70 1.95
(18/44)
FORM IV COMPARITIVE STATEMENT OF CURRENT ASSETS
AND CURRENT LIABILITES
(Rs. in lacs)
NAME 2008 2009 2010 2011 2012
M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional Projected Projected
(12 M) (12 M) (12 M) (12 M) (12 M)
[1] [2] [3] [4] [4]

1 Current Assets

i) Raw Materials (incldg stores and other items

used in the process of manufacture)

a) Imported - - - - -
(months consumption)

b) Indigenous 72.10 19.65 67.40 85.00 90.00

(months consumption)

ii Other consumable spares(excldg those

included under item (I) above) - - - - -
Imported - - - - -
Indigenous 24.31 12.03 11.62 35.00 30.00

iii Stocks - in - Process 253.34 194.48 122.85 175.00 130.00

(months cost of production)

iv Finished Goods - 2.59 2.46 30.00 2.75

(months cost of sales)

v Receivables other than exports and deferred

receivables (incldg. BP & BD by bankers) 217.18 298.76 271.16 322.65 445.05

vi Export Receivables (incldg BP & BD by banke - - - - -

(months export sales)

vii Advances to suppliers of raw materials and - - - 69.51 126.51

stores / spares consumables for

viii other current assets incldg. cash balances

and deferred receivables due within one year
(major items to be specified individually) 265.29 248.53 213.31 149.00 169.00

ix Total Current Assets 832.22 776.04 688.80 866.16 993.31

(to agree with item 34 in form III)
II Current Liablities :
(other than bank borrowings for working capital)

i) Creditors for purchase of raw materials and 138.76 73.87 95.81 85.00 130.00
stores and consumable spares
(months pruchases)

ii) Advance from Customers 15.93 1.47 26.43 7.83 -

iii) Statutory liabilities 8.12 5.92 0.66 3.50 2.50

iv) Other current liabilities (major items to be 274.38 251.91 276.98 152.20 173.03
specified inividually)
(short term borrowings, unsecured loans,
dividend payable, instalment of term loans)
a) DPG, Public Deposits, Deb. etc.

Sub Total 437.19 333.17 399.88 248.53 305.53

(to agree with sub total (B) in form III)

FORM V - COMPUTATON OF MAXIMUM BANK FINANCE FOR

WORKING CAPITAL
(Rs. in lacs)
NAME 2008 2009 2010 2011 2012
M/s. Industrial Tubes Manufacturers Pvt Lt Audited Audited Provisional Projected Projected
(12 M) (12 M) (12 M) (12 M) (12 M)
[1] [2] [3] [4] [4]

1 Total Current Assets (9 in Form IV) 832.22 776.04 688.80 866.16 993.31

2 Other Current Liabilities 437.19 333.17 399.88 248.53 305.53

(other than bank borrowings)
(14 of form IV)

1 3 Working Capital Gap 395.03 442.87 288.92 617.63 687.79

2 4 Minimum stipuated net working capital 208.06 194.01 172.20 216.54 248.33
25% of WCG/ 25% ot total current assets
as the case may be depending upon the method
of lending being applied (export receivables
to be excluded under both the method)
(Iind method)

3 5 Actual / Projected net working capital 188.81 158.31 129.96 214.53 286.28
(45 of form III)

4 6 Item 3 minus item 4 186.98 248.86 116.72 401.09 439.46

5 7 Item 3 minus item 5 206.22 284.56 158.96 403.10 401.50

6 8 Maximum permissible bank finance 186.98 248.86 116.72 401.09 401.50

(item 4 or item 5 whichever is lower)

7 9 Excess borrowings representing short 19.25 35.70 42.24 2.01 (37.96)

net working capital) to be converted into
working capital term loan
(item 2 minus item 3)

PART VI - FUNDS FLOW STATEMENT

1 Sources :
a Net Profit ( after tax) 0.97 (34.85) (32.78) 81.19 120.93

b Depreciation 11.22 5.02 4.60 4.00 3.00

c Increase in capital - - - - -

d Increase in Term Loans / Debentures/ - - - - -

Defferred payment liabilities
(item 46 in form IIIA)

e Decrease in
Fixed Assets
Other Non Current Assets - (0.41) - - -

f Others

g Total 12.19 (30.24) (28.17) 85.19 123.93

2 USES
a Decrease in term liaibilities - - - - -

b Increase in
Fixed Assets - 0.25 0.18 - 52.17
Other non current assets

c Dividend Payments / Withdrawals - - - - -

d Total - 0.25 0.18 - 52.17

3 Long Term Surpluses (+) / Deficit (-) 12.19 (30.49) (28.35) 85.19 71.76

4 Increase / decrease in Current Assets 832.22 (56.18) (87.24) 177.36 127.15

(as per details given below)
(form II)

5 Increase/ decrease in Current Liabilities

 other than bank borrowings 643.41 (104.02) 66.71 (151.35) 57.00
(Form II)

6 Increase / Decrease in Working Capital

Gross funds generated 188.81 47.84 (153.95) 328.71 70.16

7 Net Surplus (+) / Deficit (-) (176.62) (78.33) 125.60 (243.52) 1.60
(diff of less taxes paid/ payable relating to

8 Increase/ decrease in bank borrowings - 78.34 (125.59) 244.13 (1.60)

FINANCIAL INDICATORS

Net Tangible Worth 227.81 192.96 160.18 241.38 362.30

Outside Liabilities 643.41 617.73 558.85 651.63 707.03

Term Liabilities - - - - -

Net Fixed Assets 38.28 33.52 29.10 25.10 74.27

Net Working Capital 188.81 158.31 129.96 214.53 286.28

Amount invested in outside business/

diversion of funds - - - - -

Net Sales 1,940.80 1,480.80 605.34 1,124.20 1,730.00

Cost of Sales 1,801.80 1,388.81 560.39 906.46 1,450.25

Net Profit 0.97 (34.85) (32.78) 81.19 120.93

Depreciation for the year 11.22 5.02 4.60 4.00 3.00

Development rebates / Investment Allowan - - - - -

Cash Accruals 12.19 (29.83) (28.17) 85.19 123.93

Dividends :
Equity - - - - -
Preference - - - - -
% of Dividend - - - - -

Arrears of depreciation if any - - - - -

FINANCIAL RATIOS

Current Ratio 1.29 1.26 1.23 1.33 1.40

Debt Equity Ratio - - - - -

Net Tangible Worth 227.81 192.96 160.18 241.38 362.30

Total Inventory : Net Sales 0.18 0.15 0.34 0.29 0.15

Receivables : Net Sales 0.11 0.20 0.45 0.29 0.26

Net Profit : Net Sales 0.00 (0.02) (0.05) 0.07 0.07

Net Profit : Net Tangible Worth 0.00 (0.18) (0.20) 0.34 0.33
Stock 75%
Debtors 70%
2011 2012
DP 405.86 403.60
6.015038

381552 65.14037
0.351534 79896 34.85963
461448

82.68581
15.25 12.02 6.47 15.15 12.41 17.31

66.27 66.03 66.99 57.46 59.23

3.90 5.24 6.08 4.82 5.65

3.27 3.54 4.71 4.42 4.85

4.29 5.86 10.92 5.63 4.31

1.50 1.92 2.32 2.41 2.42

92.84 93.79 92.57 80.63 83.83

(0.28) (2.29) (5.21) 8.28 8.39

31.94 22.54 78.40 40.03 39.38
34.615119 64.78846 152.9278 88.88094 82.24975

55.744718 49.60624 115.2373 89.5283 46.71076