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					                                               Choudhary Gum Factory
                                                  Renwal (Jaipur)
                                         Annexure-I
                                 M/s. XYZ Factory - WC Loan
                                                                                                  (Rs. lakh)

                                            2006         2007         2008          2009              2010

                                          Audited      Audited      Audited      Estimated        Projections


I. PROFIT AND LOSS ACCOUNT:
  SALES:
  (i) Domestic Sales                         1628.68      1637.64 1763.8625           1900.00           2155.00
  (ii) Export Sales
 GROSS SALES:                                1628.68      1637.64      1763.86        1900.00           2155.00
  LESS: Excise duty
 ADD: Other Operating Income                   78.19        73.52        41.74
 NET SALES:                                  1706.87      1711.16      1805.60        1900.00           2155.00
 Increase in Net Sales (%)                                 0.25%        5.52%          5.23%            13.42%
 COST OF SALES:
  (i) Raw materials
        A. Imported                             0.00         0.00         0.00           0.00              0.00
        B. Indigenous                        1569.88      1526.10      1646.11        1830.00           1760.00
  (ii) Other Spares
        A. Imported                            19.04        40.15        45.91          48.00             52.00
        B. Indigenous                           0.00         0.00         0.00           0.00              0.00
  (iii) Power & Fuel                           20.21        51.14        58.34          60.00             65.00
  (iv) Direct Labour                           12.62        16.29        23.20          25.00             25.00
  (v) Material handling charges
  (vi) Depreciation                             3.93        21.63         9.03           7.88              6.75
  (vii) Repairs & Maintenance                   1.97         6.95         8.05          10.00             12.00
  (viii) Other Manuf. Expenses                 11.98        29.23        73.40         102.00             51.00
  SUB TOTAL:                                 1639.63      1691.50      1864.03        2082.88           1971.75
  ADD: Opening Stock in Process                 0.00         0.00         0.00           0.00              0.00
  DEDUCT: Closing Stock in Process              0.00         0.00         0.00           0.00              0.00
  COST OF PRODUCTION:                        1639.63      1691.50      1864.03        2082.88           1971.75
  C O P as % of Gross Sales                 100.67%      103.29%      105.68%        109.63%            91.50%
  ADD: OP Stock of Finished Goods              60.39        17.09        21.33         118.65            520.00
  DEDUCT: CL Stock of Finished Goods           17.09        21.33       118.65         520.00            545.00
 COST OF SALES:                              1682.94      1687.26      1766.71        1681.53           1946.75
 Cost of Sales as % of Gross Sales          103.33%      103.03%      100.16%         88.50%            90.34%
 Selling, General & Admn. Expenses             17.41        15.07        23.26         135.64            130.65
 PROFIT BEFORE INTEREST & TAX (PBIT)            6.52         8.83        15.63          82.83             77.60
 PBIT as % of Gross Sales                     0.40%        0.54%        0.89%          4.36%             3.60%
 Interest & Other Financial Charges             3.77         5.18        11.68          66.86             59.86
 Intt. & Fin. Charges as % of Sales           0.23%        0.32%        0.66%          3.52%             2.78%
 OPERATING PROFIT BEFORE TAX (PBT)              2.75         3.66         3.95          15.97             17.74
 PBT as % of Gross Sales                      0.17%        0.22%        0.22%          0.84%             0.82%
 ADD: Other Nonoperative Income
  (i) Interest & dividend
  (ii) Shipping brokerage
  (iii) Exchange Prov Written Back
  (iv) Profit on sale of assets
  (v) Other income
  SUB-TOTAL (INCOME)                            0.00         0.00         0.00             0.00              0.00
  Deduct Other Non-operating Exp.
  (i) Loss on Invst
  (ii) Loss on Forex
  (iii) Loss on Sale of Fixed Assets
  (iv) Bad Debts W/ Off
  (v)Other expenses
  SUB-TOTAL (EXPENSES)                          0.00         0.00         0.00           0.00              0.00
  PROFIT BEFORE TAX / LOSS                      2.75         3.66         3.95          15.97             17.74
  Tax Paid
  Provision for Taxes                           0.00         0.00         0.83
  NET PROFIT/LOSS (PAT)                         2.75         3.66         3.12          15.97             17.74
  PAT as % of Gross Sales                     0.17%        0.22%        0.18%          0.84%             0.82%
  Equity/Pref. Dividend Paid (i) Amt
                              (ii) Rate
 RETAINED PROFIT                                2.75         3.66         3.12          15.97             17.74




                        C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls                             9/9/2011
                                                    Choudhary Gum Factory
                                                       Renwal (Jaipur)

 II. BALANCE SHEET
  LIABILITIES:                                   2006         2007         2008           2009           2010
  CURRENT LIABILITIES:                         Audited      Audited      Audited      Estimated      Projections
  Short Term borrowings from banks
(including bill purchased/discounted)
  (i) from applicant bank C Car Loan )                                                        1.19           0.00
  (ii) from other banks                             35.35        42.79        36.17         450.00         450.00
  (iii) (of which Bill purchased & disc.)
  SUB-TOTAL                                         35.35        42.79        36.17         451.19         450.00
  Short Term Borrowings from others
   Sundry Creditors (Trade)                        166.51        48.02        87.16         130.00         128.61
   Adv payment fm cust / dep fm dealers
   Provision for TAxation                            0.17                      0.83
   Dividend payable
   Other Statutory Liabilities
(Due within One Year)
   Instalments of Term loans / Debentures /
. DPGs / deposits etc. (due within 1 year)
   Expenses payable                                  1.69         1.71         1.45           9.00           9.00
     Interest accrued bot not due
     Dues to Directors
     Security Dep- Suppliers and Contractors
     Other Current Liabilities
Creditors for capital goods

  SUB-TOTAL                                        168.37        49.73        89.44         139.00         137.61
  TOTAL CURRENT LIABILITIES                        203.72        92.52       125.61         590.19         587.61

  TERM LIABILITIES
  Debentures (not maturing within 1 year)
  Pref. Shares (redeemable after 1 Yr)
 Term Loans( Excl instl payable within 1 Yr)         1.02                     76.65
 Term Deposits ( repayable after 1 year)
 Unsecured loans (relatives)                        26.48        33.44        33.44          33.44          33.44
 Mobilisation Advace repayable after1 year (SME Loans)                                       64.33          21.56
 Deferred Sales Tax
 Deferred Tax Liability
 TOTAL TERM LIABILITIES                             27.49        33.44       110.09          97.77          55.00

 Proprietor's Capital Account                        5.54         8.03        24.69          37.40          52.00
 Preference Share Capital
 General reserve
 Capital Reserve
 Surplus(+) or deficit (-) in P & L Account          0.00         0.00         0.00           0.00           0.00
 Share Application Money
 Security Premium
 Share Premium
 Capital redemption reserve

 NET WORTH                                           5.54         8.03        24.69          37.40          52.00

TOTAL LIABILITIES                                  236.75       133.99       260.39         725.36         694.61


  ASSETS:                                        2006       2007       2008         2009         2010
  CURRENT ASSETS                               Audited    Audited    Audited    Estimated    Projections
  Cash and Bank Balances                             0.68      14.12       3.39        15.00         16.00
  Investments (Other than Long Term)
  (i) Govt. & other securities
  (ii) Fixed deposits with banks
  RECEIVABLES                                      180.80        31.98        74.39         140.75          90.75
  Domestic Sales                                   180.80        31.98        74.39         140.75          90.75
  Export Recv( Incl. B/P& Disc by banks)             0.00         0.00         0.00           0.00           0.00

 INVENTORY                                          17.09        21.33       118.65         520.00         545.00
  Raw Material - Indigenous
  Raw Material - Imported
  Stock in process                                   0.00         0.00         0.00           0.00           0.00
  Finished Goods                                    17.09        21.33       118.65         520.00         545.00



                            C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls                         9/9/2011
                                                  Choudhary Gum Factory
                                                     Renwal (Jaipur)
   Packing materials                               0.00     0.00     0.00       0.00          0.00
   Cl Stock of Traded goods
   Stores & Spares
   Advance to suppliers of raw material
 Other Current Assets:
   (i) Deposits                                    0.55              4.59
   (ii) Duties & Taxes paid in Advance             1.24              1.88
  (iii) Share application money
  (iv) Loans and Advnces                           5.55
  (iv) Others
 TOTAL CURRENT ASSETS                            205.90    67.43   202.90     675.75     651.75
 FIXED ASSETS
  (i) Builing, Plant & Machinery                  30.86    66.57    57.49      49.61      42.85
  (ii) Furnitures & Fixtures
  (iii) Other Fixed Assets
 (ivi Capital Works in progress

  NET BLOCK                                       30.86    66.57    57.49      49.61      42.85
  OTHER NON CURRENT ASSETS
   (i) Investments in Subsidiary companies/
. Affiliates
   (ii) Other Investments
  (iii) Adv to supplof Cap Goods/Contractors
  (iv) Deferred receivables(maturity > 1 year)
  (v) Margin money kept with banks.
 (vi) Debtors exceedings 6 months
 (vii) Short Term Deposits with Corporate
 (viii) Non-consummable stores & spares
  (ix) Other Non current assets
 TOTAL OTHER NON CURRENT ASSETS                    0.00     0.00     0.00       0.00          0.00
  Intangible Assets (patents, goodwill,
prelim. expenses, bad/doubtfull expenses not
provided for)
 TOTAL ASSETS                                    236.75   133.99   260.39     725.36     694.61

 Total Liabilities - Total Assets                  0.00     0.00     0.00       0.00          0.00




                            C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls          9/9/2011
                                                      Choudhary Gum Factory
                                                         Renwal (Jaipur)
  BUILD UP OF CURRENT ASSETS                       2006       2007       2008        2009          2010
                                                Audited    Audited    Audited    Estimated     Projections
  Raw Material - Indigenous                           0.00       0.00       0.00          0.00          0.00
  Month's Consumption                                 0.00       0.00       0.00          0.00          0.00
  Raw Material - Imported                             0.00       0.00       0.00          0.00          0.00
  Month's Consumption                             #DIV/0!    #DIV/0!    #DIV/0!     #DIV/0!       #DIV/0!
  Consumable spares indigenous                        0.00       0.00       0.00          0.00          0.00
  Month's Consumption                             #DIV/0!    #DIV/0!    #DIV/0!     #DIV/0!       #DIV/0!
  Consumable spares- Imported                         0.00       0.00       0.00          0.00          0.00
  Month's Consumption                                 0.00       0.00       0.00          0.00          0.00
   Stock in process                                   0.00       0.00       0.00          0.00          0.00
  Month's Cost of Production                          0.00       0.00       0.00          0.00          0.00
   Finished Goods                                    17.09      21.33     118.65       520.00         545.00
   Month's Cost of Sales                              0.12       0.15       0.81          3.71          3.36
   Receivables (Domestic) other than
. deferred & exports (Incl. bills purchased &
. discounted by banks)                              180.80       31.98        74.39        140.75         90.75
   Month's Domestic Sales                             1.33        0.23         0.51          0.89          0.51
   Export Recv.(Incl. bills purchased &
. discounted by banks)                                0.00        0.00        0.00           0.00          0.00
   Month's Export Sales                           #DIV/0!     #DIV/0!     #DIV/0!      #DIV/0!       #DIV/0!

  BUILD UP OF CURRENT LIABILITY
  ( Other Than Bank Borrowings for
. Working Capital)
  Creditors for Purchases of RM                     166.51       48.02        87.16        130.00        128.61
  Month's Purchases                                   1.26        0.37         0.62          0.83          0.85


III. CALCULATION OF MAXIMUM PERMISSIBLE BANK FINANCE

                                                  2006       2007       2008         2009         2010
                                                Audited    Audited    Audited    Estimated    Projections
   1. Total Current Assets                          205.90      67.43     202.90       675.75        651.75
   2. Other Current Liabilities (Other
.    than Bank Borrowings & TL Instalments
due within one Year)                                168.37       49.73       89.44         139.00        137.61
   3. Working Capital Gap                            37.53       17.69      113.47         536.75        514.14
   4. Min. Stipulated Net Working
. Capital (25% of Total Current Assets
. excluding Export Receivables)                       51.47       16.86       50.73        168.94        162.94
   5. Actual/ Projected NWC                            2.18      -25.09       77.29         85.56         64.14
   6. Item 3 Minus Item 4                            -13.95        0.84       62.74        367.81        351.20
   7. Item 3 Minus Item 5                             35.35       42.79       36.17        451.19        450.00
   8. Maximum Permissible Bank
.   Finance ( lower of 6 or 7 )                      -13.95        0.84       36.17        367.81        351.20
   9. Excess borrowings representing
Shortfall in NWC                                   49.29       41.95        NIL         83.38         98.80


 IV. STATEMENT OF FINANCIAL ANALYSIS
                                                       2006        2007        2008          2009           2010
                                                Audited     Audited     Audited     Estimated     Projections
                                                            A. PROFILE ANALYSIS
  Total Assets (Tangible)                           236.75       133.99     260.39        725.36         694.61
  Total Outside Liabilities                         231.21       125.96     235.70        687.95         642.61
  Tangible Networth                                    5.54        8.03       24.69         37.40          52.00
  Net sales                                        1706.87      1711.16    1805.60       1900.00        2155.00
  PBDIT                                               10.45       30.47       24.66         90.71          84.35
  Operating Profits (PBIT)                             6.52        8.83       15.63         82.83          77.60
  Net Profit                                           2.75        3.66        3.12         15.97          17.74
  Gross Cash Accruals                                  6.68       25.29       12.15         23.85          24.49
  Net Working Capital                                  2.18      -25.09       77.29         85.56          64.14
  % of NWC to Current Assets                         1.06%     -37.22%     38.09%        12.66%           9.84%
                                                            B. LIQUIDITY ANALYSIS
  Current Ratio                                        1.01        0.73        1.62          1.14           1.11
  Quick Ratio                                          0.93        0.50        0.67          0.26           0.18
                                                            C. PROFITABILITY ANALYSIS
  PBDIT/Sales (%)                                    0.61%       1.78%       1.37%         4.77%          3.91%
  PBIT / Net Sales (%)                               0.38%       0.52%       0.87%         4.36%          3.60%



                             C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls                       9/9/2011
                                              Choudhary Gum Factory
                                                 Renwal (Jaipur)
PBT / Net Sales (%)                          0.16%          0.21%      0.22%        0.84%       0.82%
Net Profit/ Sales (%)                        0.16%          0.21%      0.17%        0.84%       0.82%
Return on Assets (%)                         1.16%          2.73%      1.20%        2.20%       2.55%
Retained Profits / Net Profits (%)         100.00%        100.00%    100.00%     100.00%      100.00%
Return on Net Worth(%)                      49.61%         45.54%     12.64%      42.70%       34.11%
                                                       D. ACTIVITY ANALYSIS( IN DAYS)
Recv. Turnover - Domestic                        41              7         15           27             15
Recv. Turnover - Export                    #DIV/0!       #DIV/0!    #DIV/0!     #DIV/0!      #DIV/0!
Inventory Turnover                                 4             5         25          100          92
Accounts Payables Turnover                       38             11         19           25          26
Fixed Assets Turnover Ratio                   55.32          35.13      29.11        35.48       46.61
                                                       E. GROWTH RATIOS
Net Sales Growth (%)                                        0.25%      5.52%        5.23%       13.42%
Net Profit Growth (%)                                      33.00%    -14.66%     411.60%        11.08%
Net Worth Growth (%)                                       44.90%    207.42%      51.47%        39.02%
                                                       F. LEVERAGE & OTHER RATIOS
TOL / TNW                                     41.71          15.68       9.54        18.39       12.36
Interest Cover                                 2.77           5.89       2.11         1.36        1.41
DER                                            4.96           4.16       4.46         2.61        1.06
FACR                                           0.16           0.99       0.22         0.17        0.17


V. FUNDS FLOW STATEMENT




                          C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls                   9/9/2011
                                                   Choudhary Gum Factory
                                                      Renwal (Jaipur)
                                              2006          2007       2008         2009          2010
                                            Audited       Audited    Audited    Estimated     Projections
  Profit After Tax                                              3.66       3.12        15.97          17.74
  Depreciation                                                 21.63       9.03          7.88          6.75
  Dividends                                                     0.00       0.00          0.00          0.00
  Funds From Operations                                        25.29      12.15        23.85          24.49
  Long Term Sources:
  Change in Capital                                               2.49      16.66       12.71         14.60
  Net Change in Reserve                                          -3.66      -3.12      -15.97        -17.74
  Change in Term Loans                                            5.95      76.65      -12.32        -42.77
  Total [Source(+) / Deficit(-)]                                 30.07     102.34        8.27        -21.42
  Long Term Uses:
  Net Change in Fixed Assets                                     57.34      -0.05        0.00          0.00
  Change in Other Non Current           .
Assets (including Investments)                                     0.00      0.00        0.00          0.00
  Change in Investments in Group Cos.                              0.00      0.00        0.00          0.00
  Change in Intangibles                                            0.00      0.00        0.00          0.00
 Contribution to Working Capital                                 -27.27    102.39        8.27        -21.42
 Chort Term Uses
 Change in Net Working Assets                                   -144.58    139.73      467.71        -25.00
 Change in Other Current Assets                                   -1.79      6.48       -6.48          0.00
 Short Term Sources
 Change in Other Current Liabilities                            -118.64     39.70       49.56         -1.39
 Change in Bank Borrowings/Loans                                   7.44     -6.61      415.01         -1.19
 Net Deficit/ Surplus in S T Sources                              35.17   -113.12        3.34         22.42

 Net Movement in Liquid Assets                                    7.89     -10.73       11.61          1.00
 Change in cash                                                  13.44     -10.73       11.61          1.00
 Change in Marketable Investments                                 0.00       0.00        0.00          0.00
 Net Movement in Liquid Assets                                   13.44     -10.73       11.61          1.00

 VI. CASH FLOW STATEMENT
 Operating Sector
  Sales                                                       1711.16     1805.60     1900.00      2155.00
  Debtors (Trade)                           [Inc.(+)/Dec.(-)] -148.82       42.41       66.36       -50.00
 Cash From Sales                                              1859.99     1763.19     1833.64      2205.00
 Costs- Interest & Finance Charges                               5.18       11.68       66.86        59.86
  Expenses on Stocks Purchases                                1566.25     1692.01     1878.00      1812.00
  Trade Creditors                           [Inc.(-)/Dec.(+)] 118.49       -39.14      -42.84         1.39
  Manufacturing Expenses                                       103.62      162.99      197.00       153.00
 Cash Cost of Sales                                           1793.53     1827.54     2099.02      2026.25
  Expenses for Inc. / Dec. in Stocks                             0.00        0.00        0.00         0.00
 Cash from Aset Conversion Cycle                                66.45      -64.35     -265.38       178.75
  Selling, Gen. & Adm. Expenses                                 15.07       23.26      135.64       130.65
  Advance Payments                          [Inc.(+)/Dec.(-)]    0.00        0.00        0.00         0.00
  Advances Received                         [Inc.(-)/Dec.(+)]    0.00        0.00        0.00         0.00
  Taxation                                                       0.00        0.83        0.00         0.00
  Dividends                                                      0.00        0.00        0.00         0.00
 Cash From Operations                                           51.39      -88.44     -401.02        48.10
  Other Current Assets                      [Inc.(+)/Dec.(-)]   -1.79        6.48       -6.48         0.00
  Other Current Liabilities                 [Inc.(-)/Dec.(+)]    0.15       -0.57       -6.72         0.00
  Other Income/Expenses(Net)                                     0.00        0.00        0.00         0.00
 Net Cash From Operations                                       53.02      -94.35     -387.82        48.10
 Investment Sector
  Capital Expenditure                       [Inc.(+)/Dec.(-)]    57.34      -0.05        0.00          0.00
  Investment in Group Comp's                [Inc.(+)/Dec.(-)]     0.00       0.00        0.00          0.00
  Intang,/Other Term Assets                 [Inc.(+)/Dec.(-)]     0.00       0.00        0.00          0.00
 Cash Before Funing                                              -4.32     -94.31     -387.82         48.10
 Financing Sector
  Dues to Banks                             [Inc.(+)/Dec.(-)]     7.44      -6.61      415.01         -1.19
  Short Term Debts                          [Inc.(+)/Dec.(-)]     0.00       0.00        0.00          0.00
  Term Debts                                [Inc.(+)/Dec.(-)]     5.95      76.65      -12.32        -42.77
  Equity                                    [Inc.(+)/Dec.(-)]     2.49      16.66       12.71         14.60
  Other Loans & Reserves                    [Inc.(+)/Dec.(-)]    -3.66      -3.12      -15.97        -17.74
 Total                                                           12.22      83.58      399.43        -47.10
 Movement in Cash Assets                                          7.89     -10.73       11.61          1.00
  Cash & Bank Balance                       [Inc.(+)/Dec.(-)]    13.44     -10.73       11.61          1.00
  Investments (Other Than Long Term)        [Inc.(+)/Dec.(-)]     0.00       0.00        0.00          0.00
 Movement in Cash Assets                                         13.44     -10.73       11.61          1.00




                          C:\Docstoc\Working\pdf\a8b094c6-b2e1-4370-9d66-3d6ddb88e01b.xls                     9/9/2011

				
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