ANNEXURE - III

ANALYSIS OF BALANCE SHEETS

M/s PARSHAWA MOTORS PRIVATE LIMITED

PARTICULARS Audited Audited

31.03.13 31.03.14
LIABILITIES
1 Share Capital 75.00 75.00
Share application money 0.00 0.00
2 Reserves and Surplus 66.67 80.84
(Excl. Revaluation Reserve)
Share Premium Account 100.00 100.00
Shareholders' Fund (A) 241.67 255.84
3 Preference share capital
4 Debentures
5 Term Deposits from public
6 Income Tax Deferred Appropriation 0.00 0.00
7 Term loan from banks/FI 0.00 0.00
8 Loan from Directors/relatives 383.65 434.58
9 Other Term Liabilities (sales tax deferment)
Total term liabilities (B) 383.65 434.58
Current Liabilites
10 Short term borrowings from bank (incl.WCDL) 104.80 88.33
11 Borrowing from bank by way of billspurchsed/discounted
12 Working Capital Term Loan
13 Sundry Creditors (Trade) 2.50 1.36
14 Sundry Creditors for expenses
15 Advances/Progess payments from customers
16 Unsecured borrowings from others 0.00 0.00
17 Deposits maturing within 1 year 0.00
18 Interest and other charges accrued but not due
19 Provision for taxation (Net) 8.67 2.44
20 Customers Deposits
21 Other statutory Liabilites
22 Other current liabilities/provisions 50.07 48.07
Total Current Liabilities (C) 166.04 140.21
Total Liabilities ( A + B + C ) 791.36 830.63
S.NO PARTICULARS Audited Audited
31.03.13 31.03.14
Current Assets
Cash and bank Balances 8.11 10.27
2 Investments
a) Govt/Other trusty securities
b) Fixed Deposits with banks
incl. Margin on BGs /LCs
3 Quoted Investments
4 Receivables
a) Outstanding below 6 months 235.52 286.06
b) Outstanding above 6 months
5 Inventory
a) Raw material - Indigenous
b) Raw material - Imported
c) Stores and spares
d) Stock/Work in Process
e) Finished Goods 300.43 263.95
6 Advances recoverable in cash or kind
7 Advances to suppliers 51.61 72.79
8 Advance to Income tax (Net) 8.00 4.84
9 Other Current Assets 1.98 0.00
Total Current Assets (D) 605.64 637.92
Fixed Assets
10 Gross Block (Less Revaluation) 228.36 235.46
11 Less: Depreciation 45.15 67.36
12 Add: Capital Work in Progress
Net Fixed Assets (E) 183.21 168.10
Non Current Assets
13 Investments in subsidiaries/affiliates
14 Other Investment
15 Margin on DPGs
16 Adv to suppliers of capital goods
17 Deferred Receivables
18 Others/Securities Deposit 2.50 1.50
Total Non Current Assets (F) 2.50 1.50
Intangible Assets
19 Miscellaneous Expenditure 0.00 23.12
20 defferd revenue expenditure
21 Accumulated Losses
Total Intangible Assets (G) 0.00 23.12
Total Assets ( D + E + F +G ) 791.36 830.63
0.00 0.00
 Analytical and Comparitive ratios Audited Audited
31.03.13 31.03.14
1 Tangible Net Worth 241.67 232.73
2 Sales (Net) 3621.61 3532.71
of which a) Domestic 3611.16 3516.03
b) Exports 10.44 16.69
3 Other Income 0.00 0.00
4 Net Profit/Loss prior to taxation but after depreciation 28.07 24.03
5 Net Profit after taxation 19.39 14.17
6 Depreciation provided for 16.25 22.21
7 Cash Generation 35.65 36.38
8 Working Capital Gap 544.40 586.04
9 Required Net Working Capital 151.41 159.48
10 Actual Net Working Capital 439.60 497.71
11 Excess Borrowing 0.00 0.00
12 Net Profit(Loss)/Net Sales % 0.54 0.40
13 Net Sales/Net Fixed Assets 19.77 21.02
14 TOL/TNW 2.27 2.47
15 Debt Equity Ratio 1.59 1.87
16 Current Ratio 3.65 4.55

1 Stock of raw material in terms of No of 0.00 0.00

month Consumption
2 Stock of consumable stores in terms of #DIV/0! #DIV/0!
no of months consumption
3 Work in Process in terms of No. of 0.00 0.00
months of Cost of Production
4 Stock of finished goods in terms of no. 1.05 0.95
of months of cost of sales
5 Sundry Debtors in terms of no. of 0.78 0.97
Months Sales (Gross)
Gross Sales 3621.61 3532.71
6 Sundry Creditors in terms of no of months of purchases 0.01 0.01
 FUND FLOW STATEMENT
M/s: PARSHAWA MOTORS PRIVATE LIMITED
Audited
Long term Sources 31.03.14
1 Retained Profit 0.00
Add : Actual depreciation charged (Depreciation written back adjusted)
67.36
2 Increase in Capital/Share appn Money 0.00
Increase in term liability 50.93
3 Income tax deferment appropriation
4 Decrease in Non Current Assets 0.00
118.29
Short Term Sources
1 Increase in Bank Finance 0.00
2 Increase in creditors 0.00
3 Increase in other current liabilities 0.00
4 Decrease in inventory 36.47
5 Decrease in receivable 0.00
6 Decrease in other current Asset 0.00
Total 36.47
Total Sources 154.76
Long Term Uses
1 Cash Loss
2 Decrease in Capital/Share Appn.Money 0.00
3 Increase in Fixed Assets 52.25
4 Increase in Non Current Asset 22.12
5 Decrease in term liabilities 0.00
74.36
Short Term Uses
1 Decrease in Bank Finance 16.47
2 Decrease in creditors 1.13
3 Decrease in other current liabilities 8.22
4 Increase in inventory 0.00
5 Increase in receivable 50.54
6 Increase in other current asset 18.20
Total 94.58
Total Uses 168.94
Long Term Surplus(+)/Deficit (-) 43.93
Short Term Surplus (+)/Deficit (-) (58.10)
Check list
Balance sheet Tallied 0.00 0.00
 II
E SHEETS

Audited Projections Projections Projections

31.03.15 31.03.16 31.03.17 31.03.18

75.00 75.00 75.00 75.00

0.00 0.00
96.53 122.77 156.07 191.55

100.00 100.00 100.00 100.00

271.53 297.77 331.07 366.55

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
544.58 600.00 600.00 600.00

544.58 600.00 600.00 600.00

124.91 250.00 250.00 250.00

250.00
13.81 2.50 3.00 4.00

0.00 0.00 0.00 0.00

0.00

0.00 0.00

66.47 40.00 42.00 45.00

455.19 292.50 295.00 299.00
1271.30 1190.27 1226.07 1265.55
Audited Projections Projections Projections
31.03.15 31.03.16 31.03.17 31.03.18

7.83 15.00 18.00 20.00

0.00

332.51 311.94 328.17 350.07

730.52 675.00 700.00 725.00

0.00 0.00 0.00 0.00

0.00 0.00
21.31 25.00 30.00 32.00
1092.17 1026.94 1076.17 1127.07

263.58 263.58 263.58 263.58

85.95 101.75 115.18 126.60

177.63 161.83 148.40 136.98

1.50 1.50 1.50 1.50

1.50 1.50 1.50 1.50

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1271.30 1190.27 1226.07 1265.55
0.00 (0.00) (0.00) (0.00)
Audited Projections Projections Projections
31.03.15 31.03.16 31.03.17 31.03.18
271.53 297.77 331.07 366.55
3336.68 4000.07 4400.08 4840.08
3336.61 4000.00 4400.00 4840.00
0.07 0.07 0.08 0.08
0.00 0.00 0.00 0.00
24.60 37.49 47.57 50.69
15.71 26.24 33.30 35.48
18.59 15.80 13.43 11.42
34.30 42.04 46.73 46.90
1011.89 984.44 1031.17 1078.07
273.04 256.74 269.04 281.77
636.98 734.44 781.17 828.07
0.00 0.00 0.00 0.00
0.47 0.66 0.76 0.73
18.78 24.72 29.65 35.33
3.68 3.00 2.70 2.45
2.01 2.01 1.81 1.64
2.40 3.51 3.65 3.77

0.00 0.00 0.00 0.00

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.00 0.00 0.00 0.00

2.81 2.15 2.04 1.94

1.20 0.94 0.89 0.87

3336.68 4000.07 4400.08 4840.08

0.05 0.01 0.01 0.01
Audited Projections Projections Projections
31.03.15 31.03.16 31.03.17 31.03.18
0.00 0.00 0.00 0.00
85.95 101.75 115.18 126.60

0.00 0.00 0.00 0.00

110.00 55.42 55.42 0.00
0.00 0.00 0.00 0.00
23.12 0.00 0.00 0.00
219.07 157.17 170.60 126.60

286.58 0.00 0.00 0.00

12.45 0.00 0.00 1.00
15.95 0.00 0.00 3.00
0.00 55.52 30.52 0.00
0.00 20.57 4.34 0.00
58.76 0.00 0.00 0.00
373.74 76.09 34.86 4.00
592.81 233.26 205.46 130.60

0.00 0.00 0.00 0.00

95.48 85.95 85.95 115.18
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
95.48 85.95 85.95 115.18

0.00 124.91 124.91 0.00

0.00 11.31 10.81 0.00
0.00 26.47 24.47 0.00
466.57 0.00 0.00 25.00
46.45 0.00 0.00 21.90
0.00 10.86 18.86 4.00
513.01 173.55 179.05 50.90
608.49 259.50 265.00 166.08
123.59 71.22 84.65 11.42
(139.27) (97.46) (144.19) (46.90)

TallY 0.00 0.00 0.00

 ANNEXURE - IV
OPERATING STATEMENT

M/s PARSHAWA MOTORS PRIVATE LIMITED

28.07 24.03 24.60 37.49 47.57 50.69
Particulars Audited Audited Audited Projections Projections Projections
31.03.13 31.03.14 31.03.15 31.03.16 31.03.17 31.03.18
Operating Income
Domestic Sales 3611.16 3516.03 3336.61 4000.00 4400.00 4840.00
Other Operating income 10.44 16.69 0.07 0.07 0.08 0.08
Less : Excise
Net Sales (A) 3621.61 3532.71 3336.68 4000.07 4400.08 4840.08

Operating Expenses
a) Raw Material 3420.83 3261.24 3566.15 3690.00 4120.00 4506.00
Imported
Indigenous 3420.83 3261.24 3566.15 3690.00 4120.00 4506.00
b) Stores and Spares
Imported
Indigenous
c) Power and fuel
d) Direct Labour
e) Repairs & Maintenance
f) Othe Mfg. Expenses 0.00 0.00 0.00 0.00 0.00 0.00
g) Depreciation 16.25 22.21 18.59 15.80 13.43 11.42
TOTAL 3437.08 3283.45 3584.74 3705.80 4133.43 4517.42
Add: Op.Stock of WIP 0.00 0.00 0.00 0.00 0.00 0.00
Sub Total 3437.08 3283.45 3584.74 3705.80 4133.43 4517.42
Less: Cl.Stock of WIP 0.00 0.00 0.00 0.00 0.00 0.00
Cost of Production 3437.08 3283.45 3584.74 3705.80 4133.43 4517.42
Add: Op.Stock of FG 290.46 300.43 263.95 730.52 675.00 700.00
Sub Total 3727.53 3583.87 3848.69 4436.32 4808.43 5217.42
Less: Cl.Stock of FG 300.43 263.95 730.52 675.00 700.00 725.00
Cost of Sales 3427.11 3319.92 3118.17 3761.32 4108.43 4492.42
h) Selling and General Exp. 117.26 136.48 135.41 169.26 211.58 264.47
i) Interest 49.17 52.28 58.50 32.00 32.50 32.50
Total Operating Expenses (B) 3593.54 3508.69 3312.08 3962.58 4352.51 4789.39
Operating Income ( A - B ) 28.07 24.03 24.60 37.49 47.57 50.69
Add: Non Opearting Income
Less:Non operating Exp.
Profit before tax 28.07 24.03 24.60 37.49 47.57 50.69
Provision for tax 8.67 9.85 8.89 11.25 14.27 15.21
Profit after tax 19.39 14.17 15.71 26.24 33.30 35.48
Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Retained Earning 19.39 14.17 15.71 26.24 33.30 35.48
PARSHAWA MOTORS PRIVATE LIMITED
Performance/ Audited Audited Audited Projections
Financial indicators 31.03.13 31.03.14 31.03.15 31.03.16
Net Sales 3621.61 3532.71 3336.68 4000.07
Other Income 0.00 0.00 0.00 0.00
Profit before tax 28.07 24.03 24.60 37.49
Profit after tax 19.39 14.17 15.71 26.24
Depreciation 16.25 22.21 18.59 15.80
Cash generation 35.65 36.38 34.30 42.04
Paid up capital 75.00 75.00 75.00 75.00
Tangible Net Worth 241.67 232.73 271.53 297.77
Fixed Assets 183.21 168.10 177.63 161.83
Term Liabilities 383.65 434.58 544.58 600.00
Investments 0.00 0.00 0.00 0.00
Current Assets 605.64 637.92 1092.17 1026.94
Current Liabilities 166.04 140.21 455.19 292.50
Net Working Capital 439.60 497.71 636.98 734.44
Current Ratio 3.65 4.55 2.40 3.51
TOL/TNW 2.27 2.47 3.68 3.00
Debt equity ratio 1.59 1.87 2.01 2.01
Interest Coverage ratio 1.90 1.88 1.74 2.67
Net profit/Net sales (%) 0.54 0.40 0.47 0.66
Dividend Paid (%) 0 0 0 1
Dividend/Net profit (%) 0.00 0.00 0.00 0.00
EPS -1.00 6.57 15.62 16.62

Number of Shares
SSI Note
PERFORMANCE
Parameter Audited Audited Audited Projections
31.03.13 31.03.14 31.03.15 31.03.16
Actual Production
Operating capacity-Qty
Target Sales- Qty
Actual Gross Sales - Qty
Actual Gross Sales - Value
Actual Net Sales 3621.61 3532.71 3336.68 4000.07
(of which Export Sales) 10.44 16.69 0.07 0.07
Raw Materials purchased 3261.24 3566.15 3690.00
Raw Materials consumed 3420.83 3261.24 3566.15 3690.00
Cost of Production 3437.08 3283.45 3584.74 3705.80
Cost of Sales 3427.11 3319.92 3118.17 3761.32
Depreciation 16.25 22.21 18.59 15.80
Interest (Total) 49.17 52.28 58.50 32.00
PBDIT 93.49 98.52 101.69 85.29
PBDT 44.32 46.23 43.19 53.29
PBT 28.07 24.03 24.60 37.49
Tax Paid / Payable 8.67 9.85 8.89 11.25
P A T (Profit after Tax) 19.39 14.17 15.71 26.24

RATIO ANALYSIS
Current Ratio 3.65 4.55 2.40 3.51
Long Term Debt Equity Ratio 1.59 1.87 2.01 2.01
Total Debt-Equity Ratio 2.27 2.47 3.68 3.00
Net Profit to Sales 0.54 0.40 0.47 0.66
P B D I T to Sales 2.5815533002 2.7886941147 3.0475217881 2.1322358202
Debtors to Sales 0.7803824952 0.9717056099 1.1958353813 0.9358028046
(Months)
Creditors to Purchases 0.0087689013 0.0050220023 0.0464702831 0.0081300813
(Months)
Stock Turnover Ratio
Projections Projections
31.03.17 31.03.18
4400.08 4840.08
0.00 0.00
47.57 50.69
33.30 35.48
13.43 11.42
46.73 46.90
75.00 75.00
331.07 366.55
148.40 136.98
600.00 600.00
0.00 0.00
1076.17 1127.07
295.00 299.00
781.17 828.07
3.65 3.77
2.70 2.45
1.81 1.64
2.88 2.91
0.76 0.73
0 0
0.00 0.00

Projections Projections
31.03.17 31.03.18

4400.08 4840.08
0.08 0.08
4120.00 4506.00
4120.00 4506.00
4133.43 4517.42
4108.43 4492.42
13.43 11.42
32.50 32.50
93.50 94.61
61.00 62.11
47.57 50.69
14.27 15.21
33.30 35.48

3.65 3.77
1.81 1.64
 2.70 2.45
0.76 0.73
2.1249411381 1.954685817
0.8949933929 0.8679276175

0.0087378641 0.0106524634
 Turnover Method Audited Projections Projection
s
31.03.15 31.03.17 31.03.18

A. Turnover 3336.68 4400.08 4840.08

B. 25% of (A) 834.17 1100.02 1210.02

C. Margin Required at 5% of (A) 166.83 220.00 242.00

D. Margin (NWC) 636.98 636.98 636.98

E. (B - C) 667.34 880.02 968.02

F. (B-D) 197.19 463.04 573.04

G. MPBF ( E or F whichever is lower) 197.19 463.04 573.04

H. Excess borrowing 0.00 0.00 0.00
M/s PARSHAWA MOTORS PRIVATE LIMITED
Second Method of Lending Audited Audited Projections
31.03.14 31.03.15 31.03.17
(A)Position of current assets
Raw materials
-          Imports 0.00 0.00 0.00
-          Domestic 0.00 0.00 0.00
(Months consumption) 0.00 0.00 0.00
Consumable stores 0.00 0.00 0.00
(months consumption) #DIV/0! #DIV/0! #DIV/0!
Stock in process 0.00 0.00 0.00
(Months cost of prod) 0.00 0.00 0.00
Finished goods 263.95 730.52 700.00
(Months cost of Sales) (0.95) (2.81) (2.04)
Receivables –
Export
(months sales)
Domestic 286.06 332.51 328.17
(months sales) (0.97) (1.20) (0.89)
Other Current Assets 87.90 29.14 48.00
Total (A) 637.92 1092.17 1076.17
(B) Position of Current Liabilities other than Bank
Borrowings
Creditors for purchase of RM, stores/spares 1.36 13.81 3.00
(months purchases) (0.01) (0.05) (0.01)
Adv. from Customers 0.00 0.00 0.00
Statutory liabilities 0.00 0.00 0.00
Other current liabilities 50.52 66.47 42.00
Total (B) 51.88 80.28 45.00
(C) Working Capital Gap ( A-B) 586.04 1011.89 1031.17
(D) Minimum stipulated. NWC (13% of CA excl. Export 82.93 141.98 139.90
receivables)
(E) Actual/Projected NWC 497.71 636.98 781.17
(F) Item C Minus Item D 503.11 869.91 891.27
(G) Item C Minus Item E 88.33 374.91 250.00
(H) Eligible Credit (Item F or G whichever is lower) 88.33 374.91 250.00
(I) Excess Borrowings representing shortfall in NWC (D-E) 0.00 0.00 0.00
Projections
31.03.18

0.00
0.00
0.00
0.00
#DIV/0!
0.00
0.00
725.00
(1.94)

350.07
(0.87)
52.00
1127.07

4.00
(0.01)
0.00
0.00
45.00
49.00
1078.07
146.52

828.07
931.55
250.00
250.00
0.00
 Audited Audited Projections Projections
31.03.14 31.03.15 31.03.17 31.03.18

Actual NWC at beginning of the year 439.60 497.71 636.98 781.17

ADD: Retained Profit for the year 0.00 0.00 0.00 0.00
(Net Profit after tax and dividend)
Depreciation 67.36 85.95 115.18 126.60
Additional Long Term Funds:
Increase in Capital/Share Appn Money 0.00 0.00 0.00 0.00
Increase in Deposits
Increase in Term Loans 50.93 110.00 55.42 0.00
Others 0.00 23.12 0.00 0.00
SUB TOTAL 557.89 716.77 807.58 907.77
LESS: Long Term Uses:
Reduction in Deposits
Reduction in Term Liabilities 0.00 0.00 0.00 0.00
Increase in Fixed Assets 52.25 95.48 85.95 115.18
Others 22.12 0.00 0.00 0.00
SUB TOTAL 74.36 95.48 85.95 115.18
NWC as at the end of the Year 483.53 621.29 721.63 792.59