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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 Current Yr. Next Year
(As per audited accounts) Estimates Projections
Year 2006 2007 2008 2009
No.of months 12 12 12 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

2. Less Excise Duty 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%

5. Cost of Sales

i. Raw materials (including stores and


other items used in the process of
manufacture) 239.61 460.87 504.24 551.78

a. Imported 28.34 30.34 31.66 33.05

b. Indigenous 211.26 430.54 472.58 518.73

ii. Other Spares

a. Imported

b. Indigenous
iii. Power and Fuel 43.57 39.72 36.21 33.01

iv. Direct Labour (Factory wages & salaries) 121.57 126.74 132.13 137.75

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

viii. Add: Opening Stock-in-process 0.02 0.04 0.00 0.01

Sub-total (vii + viii) 493.39 709.02 757.84 806.93

ix. Deduct: Closing Stock-in-process 0.04 0.00 0.01 0.02

x. Cost of Production 493.35 709.02 757.83 806.91

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ICICI Banking Corporation Ltd.

xi. Add: Opening Stock of finished goods 89.99 72.74 88.37 94.01

Sub-total (x + xi) 583.34 781.76 846.20 900.92

xii. Deduct: Closing Stock of finished goods 72.74 88.37 94.01 99.30

xiii. Sub-total (Total Cost of Sales) 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

9. Interest 8.97 38.31 79.00 67.00

10. Operating Profit after Interest (8 - 9) 134.12 124.94 100.42 144.88

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

Sub-total (Income) 66.18 234.51 307.69 380.87

ii. Deduct: Other non-operating expenses

a. Other expenses 16.54 9.69 10.66 11.72

b. Lease Rent

c. Purchase of Finished Goods

d. Loss on fire 0.00 0.00 0.00

Sub-total (Expenses) 16.54 9.69 10.66 11.72

iii. Net of other non-operating income /


expenses [net of 11(i) & 11(ii)] 49.64 224.82 297.03 369.15

12. Profit before tax/loss [10 + 11(iii)] 183.76 349.76 397.45 514.03

13. Provision for taxes 43.59 43.20 49.09 63.48

14. Net Profit / Loss (12 -13) 140.17 306.56 348.36 450.55

15. a. Equity dividend paid-amount


(Already paid + B.S. provision) 76.93 108.52 108.52 108.52

b. Dividend Rate (% age) 120.00 150.00 150.00 150.00


16. Retained Profit (14 - 15) 63.24 198.04 239.84 342.03

17. Retained Profit / Net Profit (% age) 45.12% 64.60% 68.85% 75.91%

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FORM III - ANALYSIS OF BALANCE SHEET
LIABILITIES

Name: Tata Tea Limited

Amounts in Rs. Thousand


Last 2 Years Actuals Current Yr. Next Year
(As per audited BS) Estimates Projections
Year 2006 2007 2008 2009
No.of months 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 13.42 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 89.50 102.92 118.36

2. Short term borrowings from others 0.00 0.55 0.00 0.00

3. Sundry Creditors (Trade) 149.28 180.1093 204.99 262.19

4. Advance payments from customers /


deposits from dealers 0.00 0.00 0.00 0.00

5. Provision for taxation 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

a. Other short term loans (unsecured) 0.00 0.50 0.56 0.76

b. Other Provisions 20.88

c. Acceptances 0.00 0.00

d. Due to Subsidiary 0.1187 0.09 0.09 0.09

Sub total [2 to 9] (B) 324.82 414.62 518.36 570.47

10. Total current liabilities [A + B] 394.33 504.12 621.28 688.83


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

14. Deferred Payment Credits (excluding


instalments due within 1 year)

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 1183.77 1142.52

NET WORTH

19. Ordinary Share Capital 56.22 80.86 80.86 80.86

20. General Reserve 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

23. Surplus (+) or deficit (-) in Profit & Loss a/c 132.57 150.62 150.62 150.62

23. a. Others

Share Perimum 248.86 464.39 464.39 464.39

(wrong below cell formula)

24. Net Worth 1161.26 1565.56 1715.39 2057.42

25. TOTAL LIABILITIES [18 + 24] 1697.43 2705.67 2899.16 3199.94


FORM III - ANALYSIS OF BALANCE SHEET (Continued)
ASSETS

Name: Tata Tea Limited

Amounts in Rs. Thousand


Last 2 Years Actuals Current Yr. Next Year
(As per audited BS) Estimates Projections
Year 2006 2007 2008 2009
No.of months 12 12 12 12
CURRENT ASSETS
26. Cash and Bank Balances 6.19 6.53 10.00 7.26
27. Investments (other than long term)
i. Govt. and other trustee securities 195.99 179.86 200.00 200.00
ii. Fixed Deposits with banks 0.43 15.00 50.00 50.00
28. i. Receivables other than deferred &
exports (incldg. bills purchased and
discounted by banks) 38.75 52.82 71.96 97.98
ii. Export receivables (incldg. bills
purchased/discounted by banks) 9.08 11.65 14.94 19.15
29. Instalments of deferred receivables
(due within 1 year) 0.00 0.00 0.00 0.00
30. Inventory: 139.57 180.01 194.63 209.83
i. Raw materials (including stores and
other items used in the process of
manufacture) 66.79 91.64 100.61 110.51
a. Imported 1.76 0.11 0.11 0.11
b. Indigenous 65.03 91.53 100.50 110.40
ii. Stocks-in-process 0.04 0.00 0.01 0.02
iii. Finished goods 72.74 88.37 94.01 99.30
iv. Other consumable spares 0.00 0.00 0.00 0.00
a. Imported
b. Indigenous
31. Advances to suppliers of raw materials
and stores/spares
32. Advance payment of taxes 0.00
33. Other current assets (specify major items) 112.11 120.56 290.25 338.92
a. Advance Reconverable 88.26 81.14 218.06 250.00
b. Security Deposit+Retention Money 23.85 39.43 72.19 88.92
c. TDS
d. Net Deferred Tax 0.00
34. Total Current Assets (26 to 33) 502.12 566.42 831.78 923.14
FIXED ASSETS
35 Gross Block (land, building, machinery,
work-in-progress) 428.91 441.11 491.11 579.48
36 Depreciation to date 178.59 197.13 224.83 256.70
37 Net Block (35 - 36) 250.31 243.97 266.28 322.78

OTHER NON-CURRENT ASSETS


38 Investments/book debts/advances/deposits
which are not current assets 945.00 1895.28 1801.10 1954.02
i. a. Investments in subsidiary
companies / affiliates 829.06 1788.77 1704.01 1866.34
b. Others 81.90 80.96 80.02 79.09
ii. Advances to suppliers of capital goods
and contractors 0.00 0.00
iii. Deferred receivables (maturity
exceeding 1 year) 0.00 0.00
iv. Others 34.04 25.55 17.07 8.59
a. Debtors of More than 6 months 0.38 0.39 0.41 0.43
b. Loans 0.00
c. Deferred Revenue Expenses 33.66 25.16 16.66 8.16
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) 945.00 1895.28 1801.10 1954.02

42 Intangible Assets (patents, good will,


prelim.expenses, bad / doubtful debts not
provided for, etc.
43 Total Assets (34+37+41+42) 1697.43 2705.67 2899.16 3199.94
44 Tangible Net Worth (24 - 42) 1161.26 1565.56 1715.39 2057.42
45 Net Working Capital (34 - 10) 107.79 62.30 210.50 234.31

46 Current Ratio (34 / 10) 1.27 1.12 1.34 1.34


47 Total OUTSIDE Liabilities / Tangible
Net Worth (18 / 44) 0.46 0.73 0.69 0.56
48 Total TERM Liabilities / Tangible
Net Worth (17 / 44) 0.12 0.41 0.33 0.22

ADDITIONAL INFORMATION
A. Arrears of depreciation n/a n/a n/a n/a
B. Contingent Liabilities:
i. Arrears of cumulative dividends n/a n/a n/a n/a
ii. Gratuity liability not provided for n/a n/a n/a n/a
iii. Disputed excise / customs /
tax liabilities 5.88 7.65 9.95 12.95
iv. Other liabilities not provided for 38.05 0.50 0.50 0.50
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 Actuals Estimates Projections Requirement
Year 2007 2008 2009

A. CURRENT ASSETS
1. Raw materials (incl. stores & other items
used in the process of manufacture)
a. Imported 0.11 0.11 0.11
Month's Consumption (0.04) (0.04) (0.04)
b. Indigenous 91.53 100.50 110.40
Month's Consumption (2.55) (2.55) (2.55)
2. Other Consumable spares, excluding
those included in 1 above
a. Imported 0.00 0.00 0.00
Month's Consumption
b. Indigenous 0.00 0.00 0.00
Month's Consumption
3. Stock-in-process 0.00 0.01 0.02
Month's cost of production (0.00) (0.00)
4. Finished goods 88.37 94.01 99.30
Month's cost of sales (1.53) (1.50) (1.49)
5. Receivables other than export & deferred
receivables (incl. bills purchased &
discounted by bankers) 52.82 71.96 97.98
Month's domestic sales: excluding
deferred payment sales (0.71) (0.88) (1.09)
6. Export receivables (incl. bills purchased
and discounted) 11.65 14.94 19.15
Month's export sales (0.87) (1.06) (1.31)
7. Advances to suppliers of raw materials &
stores / spares, consumables 0.00 0.00 0.00
8. Other current assets incl. cash & bank
balances & deferred receivables due
within one year 321.95 550.25 596.18
Cash and Bank Balances 6.53 10.00 7.26
Investments (other than long term):
i. Govt. and other trustee securities 179.86 200.00 200.00
ii. Fixed Deposits with banks 15.00 50.00 50.00
Instalments of deferred receivables
(due within 1 year) 0.00 0.00 0.00
Advance payment of taxes 0.00 0.00 0.00
Other current assets 120.56 290.25 338.92
9. Total Current Assets 566.42 831.78 923.14
(To agree with item 34 in Form III)
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 Actuals Estimates Projections Requirement
Year 2007 2008 2009
B. CURRENT LIABILITIES
(Other than bank borrowings for working capital)

10. Creditors for purchase of raw materials,


stores & consumable spares 180.11 204.99 262.19
Month's purchases (4.45) (4.79) (5.60)
11. Advances from customers 0.00 0.00 0.00
12. Statutory liabilities 9.17 5.00 0.00
13 Other current liabilities: 225.34 308.38 308.28
Short term borrowings from others 0.55 0.00 0.00
Provision for taxation 33.94 91.47 105.87
Dividend payable 92.76 92.76 92.76
Deposits / instalments of term loans / DPGs
/ debentures etc. (due within 1 year) 97.50 123.50 108.80
Other current liabilities & provisions
(due within 1 year) 0.59 0.65 0.85
14. Total (To agree with total B of Form-III) 414.62 518.36 570.47
Thousand
Thousand
ICICI Banking Corporation Ltd.

FORM V
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

Name: Tata Tea Limited

Amounts in Rs. Thousand


Last Year Current Yr. Next Year Peak
First Method of Lending Actuals Estimates Projections Requirement
Year 2007 2008 2009

1. Total Current Assets (Form-IV-9) 566.42 831.78 923.14


2. Other Current Liabilities (other than
bank borrowings (Form-IV-14) 414.62 518.36 570.47
3. Working Capital Gap (WCG) (1-2) 151.80 313.42 352.67
4. Min. stipulated net working capital:
(25% of WCG excluding export receivables) 35.04 74.62 83.38
5. Actual / Projected net working capital
(Form-III-45) 62.30 210.50 234.31
6. Item-3 minus Item-4 116.76 238.80 269.29
7. Item-3 minus Item-5 89.50 102.92 118.36
8. Max. permissible bank finance
(item-6 or 7, whichever is lower) 89.50 102.92 118.36
9. Excess borrowings representing
shortfall in NWC (4 - 5)

Second Method of Lending

1. Total Current Assets (Form-IV-9) 566.42 831.78 923.14


2. Other Current Liabilities (other than
bank borrowings (Form-IV-14) 414.62 518.36 570.47
3. Working Capital Gap (WCG) (1-2) 151.80 313.42 352.67
4. Min. stipulated net working capital:
(25% of total Current Assets excluding
export receivables) 138.69 204.21 226.00
5. Actual / Projected net working capital
(Form-III-45) 62.30 210.50 234.31
6. Item-3 minus Item-4 13.11 109.21 126.67
7. Item-3 minus Item-5 89.50 102.92 118.36
8. Max. permissible bank finance
(item-6 or 7, whichever is lower) 13.11 102.92 118.36
9. Excess borrowings representing
shortfall in NWC (4 - 5) 76.39

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ICICI Banking Corporation Ltd.

FORM VI
FUNDS FLOW STATEMENT

Name: Tata Tea Limited

Amounts in Rs. Thousand


Last Year Current Yr. Next Year
Actuals Estimates Projections
Year 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) 494.15

e. Decrease in

i. Fixed Assets

ii. Other non-current Assets 94.18

f. Others 165.86

g. TOTAL 1009.75 470.23 482.43

2. USES

a. Net loss

b. Decrease in Term Liabilities


(including Public Deposits) 73.50 108.80

c. Increase in

i. Fixed Assets 12.20 50.00 88.37

ii. Other non-current Assets 950.28 152.92

d. Dividend Payments 108.52 108.52 108.52

e. Others 105.76 15.76

f. TOTAL 1071.00 337.79 474.37

3. Long Term Surplus (+) / Deficit (-) [1-2] -61.25 132.44 8.06

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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 13.42 15.44

9. Increase/decrease in NET SALES 86.27 94.28 103.10

* Break up of item-4

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

iv. Increase/decrease in Receivables

a) Domestic 14.07 19.14 26.02

b) Export 2.57 3.29 4.21

v. Increase/decrease in Stores & Spares 0.00 0.00 0.00

vi. Increase/decrease in other current assets 7.23 228.30 45.93


TOTAL 64.30 265.36 91.36

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Tata Tea Limited
Year Ending March 31, 2006 2007 2008 2009
Share Capital 56.22 80.86 80.86 80.86
Tangible Net Worth 1161.26 1565.56 1715.39 2057.42
Net Block 250.31 243.97 266.28 322.78
Current Assets 502.12 566.42 831.78 923.14
Current Liabilities 394.33 504.12 621.28 688.83
Net Working Capital 107.79 62.30 210.50 234.31
Net Profit/Loss 140.17 306.56 348.36 450.55
Cash Profit/Loss 159.60 325.10 376.05 482.43
Current Ratio 1.27 1.12 1.34 1.34
Total Outside Liability/Tangible Net Worth 0.46 0.73 0.69 0.56

Net Sales 968.20 1054.47 1148.75 1251.85


Other Income 49.64 224.82 297.03 369.15
Profit Before Tax 183.76 349.76 397.45 514.03
Net Profit After Tax 140.17 306.56 348.36 450.55
Depreciation 19.43 18.54 27.69 31.88
Cash Generation 159.60 325.10 376.05 482.43
Fixed Assets 250.31 243.97 266.28 322.78
Term Liabilities 141.84 635.99 562.49 453.69
Net Profit/Net Sales ( %) 14.48% 29.07% 30.33% 35.99%
Diviedend Paid 76.93 108.52 108.52 108.52
Dividend/Net Profit (%) 41.86% 31.03% 27.31% 21.11%

81500 81500 22.96 0.000833 1559.367


83059.3667 4320 78739.37 22.96 0.000833 1506.547
80245.9132 4210 76035.91 22.96 0.000833 1454.82
77490.7337 4210 73280.73 22.96 0.000833 1402.105
74682.8384 4210 70472.84 22.96 0.000833 1348.38
71821.2187 4210 67611.22 22.96 0.000833 1293.628
68904.8467 4210 64694.85 22.96 0.000833 1237.828
65932.6748 4210 61722.67 22.96 0.000833 1180.961
62903.6353 4210 58693.64 22.96 0.000833 1123.005
59816.6402 4210 55606.64 22.96 0.000833 1063.94
56670.5805 4210 52460.58 22.96 0.000833 1003.746
53464.3263 4320 49144.33 22.96 0.000833 940.2948
50084.6211 4320 45764.62 22.96 0.000833 875.6298
46640.2508 4210 42430.25 22.96 0.000833 811.8321
43242.083 4310 38932.08 22.96 0.000833 744.9005
39676.9835 4310 35366.98 22.96 0.000833 676.6883
36043.6718 4310 31733.67 22.96 0.000833 607.1709
32340.8427 4310 28030.84 22.96 0.000833 536.3235
28567.1661 4310 24257.17 22.96 0.000833 464.1204
24721.2866 4310 20411.29 22.96 0.000833 390.536
20801.8225 4310 16491.82 22.96 0.000833 315.5435
16807.3661 4310 12497.37 22.96 0.000833 239.1163
12736.4824 4310 8426.482 22.96 0.000833 161.2267
8587.70905 4310 4277.709 22.96 0.000833 81.84683
4359.55588 4310 49.55588 22.96 0.000833 0.948169