Divya Jyoti Industries Limited

Divya Jyoti Industries Limited
Annexure: 10
Particulars Audited Audited Accepted Estimate Projection

As on 31.03.2009 31.03.2010 31.03.2011 31.03.2012
Capital 1030.00 1110.00 1530.00 1530.00
Reserves & Surplus 576.66 637.26 855.04 1150.79
Intangible Assets 0 0 0 0
Tangible Net worth 1606.66 1747.26 2385.04 2680.79
Net Working Capital 496.49 681.80 1062.77 1187.94
Current Ratio 1.24 1.36 1.25 1.26
Gross Block 1760.28 1790.52 3516.49 3516.49
Net Block 1162.17 1108.50 2734.87 2576.09
Net Sales 27914.70 15845.04 24602.35 33247.50
PBDIT 227.82 402.38 586.69 895.35
Gross Profit – PBDT 95.33 170.08 365.19 519.46
Net Profit / Loss – PBT 12.49 84.01 265.59 360.68
Net Profit / Loss – PAT 2.61 59.32 216.41 294.28
Depreciation 82.84 86.07 99.61 158.78
Cash Accruals 217.94 377.69 537.51 828.95
PBDIT/ Gross Sales 0.82% 2.55% 2.39% 2.69%
Gross Profit Margin 0.34% 1.07% 1.48% 1.56%
Net Profit Margin 0.01% 0.37% 0.88% 0.89%
TDER (TOL/TNW) 1.38 1.23 2.24 1.99
Interest Coverage Ratio 1.72 1.73 2.65 2.38
Current Assets to 9.54% 16.83% 21.97% 17.56%
Turnover Ratio
Divya Jyoti Industries Ltd.
A. Technical Annexures
1 Installed Capacity of Solvent Extraction Pl 650 TPD
Capa. P.D. Capa. P.M. Capa. P.A.

Product % in output
In MT In MT In MT
Crude Soya Oil 18.00% 117 2681 32175

De Oiled Cake (DOC) 82.00% 533 12215 146575
650 14896 178750
2 Installed Capacity of Refinery 100 TPD

Product % in output
In MT In MT In MT
Refined SoyOil 94.50% 95 2166 25988

Lecethin 3.50% 4 80 963
Acid Oil 1.20% 1 28 330
Fatty Acid 0.00% 0 0 0
Normal Loss 0.80% 1 18 220
100.00% 100 2292 27500

Product % in output
In MT In MT In MT
Other Refined Oil 98.20% 98 2250 27005

Normal Loss 1.80% 2 41 495
100.00% 100 2292 27500
2 The Plant Will Be Run

Days (Per Annum) : 275 Days
Days (Per Month) : 23 Days
Shifts (Per Day) : 3 Shift
3 Capacity Utilisation
Year
Particulars
2011 2012 2013 2014 2015 2016
Crude Soya Oil 60% 74% 79% 84% 89% 93%
De Oiled Cake (DOC) 60% 74% 79% 84% 89% 93%
Refined Oil 32% 76% 81% 96% 101% 105%
Total Crushing of Soybean seed in MT 107250.00 132275 141212.5 150150 159087.5 166237.5
4 Refinery output Summery

Year
Particulars
2011 2012 2013 2014 2015 2016
Crude Soyoil production in MT 19,305.00 23,809.50 25,418.25 27,027.00 28,635.75 29,922.75
Crude Soyoil transferred to refinery for
further processing (in %) 46.00% 80.00% 80.00% 90.00% 90.00% 90.00%
Crude Soyoil trans. To refiner in MT 8,880.30 19,048 20,335 24,324 25,772 26,930
Production of Refined SoyOil (In MT) 8,391.88 18,000 19,216 22,986 24,355 25,449
Production of Lecithin (In MT) 310.81 667 712 851 902 943
Production of Acid Oil (In MT) 106.56 229 244 292 309 323
Production of Other Refined Oil 0.00 2,000 2,100 2,205 2,205 2,205
Total Output 8,809.26 20,895 22,272 26,335 27,771 28,920
5 Production Computaion
Crude Soya Oil 2011 2012 2013 2014 2015 2016
CAPACITY UTILISED 60% 74% 79% 84% 89% 93%
Opening Stock( In MT) 311 375 463 494 526 557

Production during the year( In MT) 19305 23809.5 25418.25 27027 28635.75 29922.75
Closing Stock( In MT) 375 463 494 526 557 582
Sale During the year(In MT) 10360 4674 5052 2671 2832 2967
Selling price per MT 45000 47250 49613 52093 54698 57433
Sales Value (In Lacs) 4662.04 2208.61 2506.61 1391.63 1549.20 1704.17
Transfer to Refinery (In MT) 8880.30 19048 20335 24324 25772 26930
Transfer Price (Per MT) 26362.99 27498.39 28821.26 30214.18 31680.02 33229.98
Transfer to Refinery (In Lacs) 2341.11 5237.78 5860.69 7349.39 8164.63 8948.99
Cost of Production Per MT (Rs.) 26362.99 27498.39 28821.26 30214.18 31680.02 33229.98
Opening Stock in value (In Lacs) 125.86 98.96 127.31 142.45 158.78 176.40
Production cost in value (In Lacs) 5089.37 6547.23 7325.86 8165.99 9071.81 9943.32
Closing Stock in Value (In Lacs) 98.96 127.31 142.45 158.78 176.40 193.34
6 De Oiled Cake (DOC) 2011 2012 2013 2014 2015 2016
Opening Stock( In MT) 814 1710 2109 2252 2394 2537

Production during the year( In MT) 87945.00 108465.50 115794.25 123123.00 130451.75 136314.75
Closing Stock( In MT) 1710.04 2109.05 2251.55 2394.06 2536.56 2650.56
Selling price per MT 18000.00 18900.00 19845.00 20837.25 21879.11 22973.07
Cost of Production Per MT 20855.00 21896.75 22990.59 24139.12 25345.07 26611.33

7 Refined SoyOil 2011 2012 2013 2014 2015 2016
Opening Stock( In MT) 0 46.62 100.00 106.76 127.70 135.30


Opening Stock in value (In Lacs) 0\ 13.73 30.76 34.52 42.99 47.55
8 Lecithin (Dried Gum) 2011 2012 2013 2014 2015 2016
CAPACITY UTILISED 32% 2.42% 2.59% 3.10% 3.28% 3.43%


9 Acid Oil 2011 2012 2013 2014 2015 2016


Other Refined Oil 2011 2012 2013 2014 2015 2016


10 Selling Price of Final Product
Product Selling Price Sales

Sales Unit
(at 100%
Per MT 100% capacity
Capacity)
A) Crude soya Oil 45000.00 32175 14478.75
B) De Oiled cake 18000.00 146575 26383.50
C) Refined soy Oil 49000.00 25988 12733.88
D) Lecithin (Dried Gum) 41000.00 963 394.63
E) Acid Oil 25000.00 330 82.50
F)Other Refined Oil 49000.00
TOTAL 178750 54073.25

Cost of Production
(Rs. In Lacs)
For Crude Soya Oil % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials
Soyabean Seeds Per MT cost 20835 21877 22971 24119 25325 26591
Cost of Raw Material 100.00% 4022.20 5208.74 5838.72 6518.67 7252.02 7956.86
Total 4022.20 5208.74 5838.72 6518.67 7252.02 7956.86
Packing Material
Primary Packing 100.00% 0.00 0.00 0.00 0.00 0.00 0.00
Secondary Packing 0.00% 0.00 0.00 0.00 0.00 0.00 0.00
Total 100.00% 0.00 0.00 0.00 0.00 0.00 0.00
Manufactruing Expenses 100.00%

UTILITIES 889.59 1152.01 1291.34 1441.73 1603.92 1759.81
Wages of Factory Staff 43.88 46.07 48.37 50.79 53.33 56.00
FACTORY OVERHEAD FOR SOLVENT 133.72 140.40 147.42 154.79 162.53 170.66
Total 100.00% 1067.18 1338.48 1487.14 1647.31 1819.79 1986.47
Total Cost of Production 5089.37 6547.23 7325.86 8165.99 9071.81 9943.32
(Rs. In Lacs)
12 For De Oiled Cake % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials
Soyabean Seeds 100.00% Per MT cost 20835 21877 22971 24119 25325 26591
Cost of Raw Material 18323.34 23728.73 26598.62 29696.18 33037.00 36247.90

Total 18323.34 23728.73 26598.62 29696.18 33037.00 36247.90
Packing Material
Primary Packing 100.00% 20.00 17.59 21.69 23.16 24.62 26.09 27.26
Secondary Packing 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 100.00% 17.59 21.69 23.16 24.62 26.09 27.26
Manufacturing Cost 0.00%

UTILITIES 0.00 0.00 0.00 0.00 0.00 0.00
Wages of Factory Staff 0.00 0.00 0.00 0.00 0.00 0.00
FACTORY OVERHEAD FOR SOLVENT 0.00 0.00 0.00 0.00 0.00 0.00
Total 0.00% 0.00 0.00 0.00 0.00 0.00 0.00
13 For Refined Oil % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials
Crude Soy Oil 94.50% Per MT cost 26363 27498 28821 30214 31680 33230

Total 2212.35 4949.71 5538.35 6945.17 7715.58 8456.80
Packing Material
Primary Packing 100.00% 1500.00 125.88 270.00 288.24 344.80 365.32 381.74
Total 100.00% 125.88 270.00 288.24 344.80 365.32 381.74
Manufacturing Cost
UTILITIES 100.00% 62.16 133.33 142.34 170.27 180.41 188.51
Total 100.00% 62.16 133.33 142.34 170.27 180.41 188.51
Other Manufacturing Cost 94.50%
Common Utility 31.26 67.05 71.58 85.62 90.72 94.80
Workmen cost 7.71 29.28 30.79 32.71 34.51 36.36
Factory Overhead for Refinery 12.50 45.23 95.12 101.04 106.60 112.31
Total 94.50% 51.47 141.55 197.50 219.38 231.82 243.47
Add- Cost of Normal Loss (During

0.80% 18.73 41.90 46.89 58.80 65.32 71.59
Process)

14 For Lecethin (Dried Gum) % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials

Total 81.94 183.32 205.12 257.23 285.76 313.21
Packing Material
Primary Packing 100.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Secondary Packing 0.00% 0.00
Total 100.00% 0.00 0.00 0.00 0.00 0.00 0.00
Manufacturing Cost
UTILITIES 100.00% 0.15 0.32 0.34 0.41 0.43 0.45
Total 100.00% 0.15 0.32 0.34 0.41 0.43 0.45
Common Utility 1.16 2.48 2.65 3.17 3.36 3.51
Workmen cost 0.29 1.08 1.14 1.21 1.28 1.35
Total 3.50% 1.91 5.24 7.31 8.13 8.59 9.02
15 For Acid Oil % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials

Total 28.09 62.85 70.33 88.19 97.98 107.39
Packing Material
Primary Packing 100.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 100.00% 0.00 0.00 0.00 0.00 0.00 0.00
Manufacturing Cost
UTILITIES 100.00% 0.02 0.04 0.05 0.06 0.06 0.06
Total 100.00% 0.02 0.04 0.05 0.06 0.06 0.06
Common Utility 0.40 0.85 0.91 1.09 1.15 1.20
Workmen cost 0.10 0.37 0.39 0.42 0.44 0.46
Total 1.20% 0.65 1.80 2.51 2.79 2.94 3.09
For Other Refined Oil % of Cost 2011 2012 2013 2014 2015 2016
Raw Materials
Crude Oil 98.20% Per MT cost 43500 45458 47730 50117 52623 55254

Total 0.00 892.79 1174.88 684.89 800.56 924.67
Packing Material
Primary Packing 100.00% 1000.00 0.00 20.00 25.07 13.92 15.49 17.04
Total 100.00% 0.00 20.00 25.07 13.92 15.49 17.04
Manufacturing Cost
UTILITIES 100.00% 0.00 13.75 17.23 9.57 10.65 11.71
Total 100.00% 0.00 13.75 17.23 9.57 10.65 11.71
Common Utility 0.00 7.45 9.34 5.18 5.77 6.35
Workmen cost 0.00 3.25 3.36 3.14 3.12 3.15
Total 100.00% 0.00 15.73 23.10 18.01 18.55 19.23
Add- Cost of Normal Loss

1.80% 0.00 16.66 18.37 20.26 21.27 22.33
(During Process)

16 Consumption of Soyabean Seed (Rs. In Lacs)

Particulars 2011 2012 2013 2014 2015 2016
Consumption of Soyabean Seed 22345.54 28937.47 32437.34 36214.85 40289.03 44204.76
Less-Opening Stock of Soyabean Seed 543.50 2358.70 3054.51 3153.63 3520.89 4252.73
Add-Closing Stock of soyabean Seeds 2358.70 3054.51 3153.63 3520.89 4252.73 4666.06
=Purchase of Soyabean Seeds 24160.73 29633.29 32536.46 36582.11 41020.87 44618.08
Other Crude oil Purchase (Rs. In Lacs)

Particulars 2011 2012 2013 2014 2015 2016
Consumption of other Crude oil 0.00 909.45 1193.25 705.14 821.83 947.00
Les- Opening Stock of other Crude Oil 0.00 0.00 25.26 33.15 19.59 22.83
Add-Closing Stock of other Crude Oil 0.00 25.26 33.15 19.59 22.83 26.31
=Purchase of other Crude oil 0.00 934.71 1201.13 691.58 825.07 950.48
17 STATEMENT OF SALES (Rs. In Lacs)

Particulars 2011 2012 2013 2014 2015 2016
Crude Soya Oil 4662.04 2208.61 2506.61 1391.63 1549.20 1704.17
De Oiled Cake (DOC) 15668.76 20424.57 22951.09 25625.75 28510.51 31289.49
Refined Soy Oil 4089.18 9233.53 10377.42 13026.87 14362.98 15609.99
Lecithin (Dried Gum) 126.72 286.15 321.60 403.71 449.39 493.10
Acid Oil 26.49 59.82 67.23 84.40 93.95 103.09
Other Refined Oil 0.00 1023.28 1352.61 792.89 922.18 1065.21
TOTAL 24573.20 33235.96 37576.56 41325.25 45888.21 50265.06
Working of Assumption
Utility for Solvent Extraction plant
Consumption of Coal
Requirement of Coal per MT Production 80 KG
Rate of coal per KG 4.25 Rs.
Cost of Coal per MT production 340 Rs.
Consumption of Haxene
Requirement of Haxene per MT production 5 Ltr.
Rate of Haxene Per Ltr. 47 Rs.
Cost of Haxene per MT of Production 235 Rs.
Annual PMT
UTILITIES increase In Rs. 2011 2012 2013 2014 2015 2016
Production in MT 107250.00 132275 141212.5 150150 159087.5 166237.5
Haxene 5.00% 235 252.04 326.39 365.86 408.47 454.42 498.59
Power 5.00% 229.00 257.88 333.96 374.35 417.94 464.96 510.15
Coal 5.00% 340 364.65 472.22 529.34 590.98 657.46 721.36
Water 5.00% 14 15.02 19.44 21.80 24.33 27.07 29.70
Total 889.59 1152.01 1291.34 1441.73 1603.92 1759.81

Utility for Refinery
For- Refined Oil Unit in Requirement Cost per unit Cost/ MT

Steam Requirement Kg 500 0.8 400
Electriciy Requirement KWH 50 6 300
700
For- Lecithin Unit in Requirement Cost per unit Cost/ MT

Steam Requirement Kg 30 0.8 24
Electriciy Requirement KWH 4 6 24
48
For- Acid Oil Unit in Requirement Cost per unit Cost/ MT

Steam Requirement Kg 20 0.8 16.00
Electriciy Requirement KWH 0.5 6 3.00
19.00
Cost of Common Utility and Chemicals

Description Unit in Requirement Cost per unit Cost/ MT
Water M3 0.7 50 35
Lye 100% (Caustic Soda) Kg. 3 25 75
Phosphoric Acid Kg. 1.5 60 90
Bleaching Earth Kg. 6 30 180
Citric Acid Kg. 0.1 75 7.5
Other (H2SO4 & ETP Chem.) 20
372.5
2 WAGES & SALARIES (INCLUDING PERKS AND CONSIDERING INCREMENT)
Wages of Factory Staff
Particulars Nos. Monthly Pay
SKILLED WORKER/ SUPERVISOR 10 35000.00

SEMI-SKILLED WORKER 10 30000.00
UNSKILLED WORKER 10 25000.00
OTHER FACTORY STAFF 55 247500.00
Total 85 337500.00
Annual Payment 4050000.00
Add: Other Benefit 337500.00
Annual Payment to Factory staff (In Lacs) 43.88
ADMINISTRATIVE & OTHER STAFF
Administrative staff
MANAGER 1 25000.00
MANAGER FINANCE 1 20000.00
ACCOUNT OFFICER 2 20000.00
MANAGER MARKETING 1 15000.00
MANAGER PURCHASE 1 13000.00
ACCOUNT STAFF 6 24000.00
SALES STAFF 4 14000.00
EDP STAFF 3 18000.00
SECURITY STAFF 7 21000.00
OTHER STAFF 10 30000.00
Sub Total (a) 36 200000.00

MANAGERIAL PERSONNEL

WHOLE TIME DIRECTOR
DIRECTORS 2 90000.00
Total 2 90000.00
workmen required for refinery
OPERATORS 4 48000.00
SHIFT CHEMIST 4 48000.00
SHIFT SUPERVISORS 3 45000.00
FITTER 3 36000.00
ELECTRICIAN 3 36000.00
BOILER ATTENDANTS 3 36000.00
Total 20 249000.00
Annual Payment to Refinery staff (in Lacs) 32.37
WAGES & SALARIES (INCLUDING PERKS AND CONSIDERING INCREMENT)
Particulars Increment 2011 2012 2013 2014 2015 2016
Wages of Factory Staff 5.00% 43.88 46.07 48.37 50.79 53.33 56.00
ADMINISTRATIVE & OTHER STAFF 5.00% 26.00 27.30 28.67 30.10 31.60 33.18
MANAGERIAL PERSONNEL 5.00% 11.70 12.29 12.90 13.54 14.22 14.93
Workmen for Refinery 5.00% 8.09 33.99 35.69 37.47 39.35 41.31
Total 89.67 119.64 125.62 131.91 138.50 145.43
Note- Refinery unit will be run for the 6 months during Finacial Year 2010-11, hence we have considered workment cost @50%
3 FACTORY OVERHEAD FOR SOLVENT
Basis
Particulars Increment Last year 2011 2012 2013 2014 2015 2016
Actual
REPAIRS & MAINTENANCE 5.00% 71.68 75.26 79.03 82.98 87.13 91.48 96.06
RENT,TAXES OF FACTORY ASSETS 5.00% 42.99 45.14 47.40 49.77 52.25 54.87 57.61
INSURANCE : FACTORY ASSETS/STOC 5.00% 10.41 10.93 11.48 12.05 12.65 13.29 13.95
MISC. FACTORY EXPENSES 5.00% 2.27 2.38 2.50 2.63 2.76 2.90 3.04
TOTAL 133.72 140.40 147.42 154.79 162.53 170.66
3 FACTORY OVERHEAD FOR REFINERY
Particulars Increment Estimated 2011 2012 2013 2014 2015 2016
REPAIRS & MAINTENANCE 5.00% 30.00 7.88 31.50 66.15 69.46 72.93 76.58
INSURANCE : FACTORY ASSETS/STOC 5.00% 10.00 2.63 10.50 22.05 23.15 24.31 25.53
MISC. FACTORY EXPENSES 5.00% 10.00 2.63 10.50 22.05 23.15 24.31 25.53
TOTAL 50.00 13.13 52.50 110.25 115.76 121.55 127.63
Note- Refinery unit will be run for the 3 months during Finacial Year 2010-11, hence we have considered Factory overhead cost @25%
4 ADMINISTRATIVE EXP.
Basis
Actual
Administrative Salary 5.00% 26.00 27.30 28.67 30.10 31.60 33.18

Directors remuneration 5.00% 11.70 12.29 12.90 13.54 14.22 14.93
Travelling Exp 5.00% 5.11 5.37 5.63 5.92 6.21 6.52 6.85
Conveyance & Vehicle Exp 5.00% 6.6 6.93 7.28 7.64 8.02 8.42 8.84
Communication Exp. 5.00% 7.66 8.04 8.45 8.87 9.31 9.78 10.27
Printing & Stationery, Rent, Rep.to Eqip.,etc. 5.00% 18.43 19.35 20.32 21.34 22.40 23.52 24.70
Office Exp. 5.00% 3.63 3.81 4.00 4.20 4.41 4.63 4.86
Other Expenses 5.00% 47.6 49.98 52.48 55.10 57.86 60.75 63.79
TOTAL 131.18 137.74 144.63 151.86 159.45 167.42
5 SELLING & DISTRIBUTION EXPENSES
Basis
Actual
Freight Outward 5.00% 319.71 335.70 352.48 370.10 388.61 408.04 428.44
Brokerage Expenses 5.00% 12.53 13.16 13.81 14.51 15.23 15.99 16.79
Testing & Analysis fees 5.00% 8.48 8.90 9.35 9.82 10.31 10.82 11.36
Clearing and Forwarding Expenses 5.00% 0.42 0.44 0.46 0.49 0.51 0.54 0.56
Advertisement and Distribution Exp. - - 106.03 121.19 143.08 158.29 172.71
TOTAL 341.14 358.20 482.13 516.10 557.74 593.68 629.87
6 OTHER EXPENSES
Basis
Actual
Bank Charges 5.00% 10.95 11.50 12.07 12.68 13.31 13.98 14.67
Leagal Charges 5.00% 18.09 18.99 19.94 20.94 21.99 23.09 24.24
Listing fees 5.00% 2.81 2.95 3.10 3.25 3.42 3.59 3.77
Miscellaneous Exp. 5.00% 2.93 3.08 3.23 3.39 3.56 3.74 3.93
TOTAL 34.78 36.52 38.34 40.26 42.28 44.39 46.61
7 INTEREST ON WORKING CAPITAL
Particulars 2011 2012 2013 2014 2015 2016
BANK FINANCE PROPOSED 2720.00 2720.00 2720.00 2720.00 2720.00 2720.00
AVERAGE UTILISATION OF FUNDS 60.00% 80.00% 80.00% 80.00% 80.00% 80.00%
INTEREST (Averaged on CC & EPC) @ 10.00% 163.20 217.60 217.60 217.60 217.60 217.60
Annexure-9
Working Capital Requirement Assessment

Rs. In Lacs
Holding Period
Particular Margin 2011 2012 2013 2014 2015 2016
in Days
Raw Material (soybean seed) 25.00% 38 2358.70 3054.51 3153.63 3520.89 4252.73 4666.06
Other Crude oil 25.00% 10 0.00 25.26 33.15 19.59 22.83 26.31
Packing materials 25.00% 30 11.96 25.97 28.04 31.94 33.91 35.50
Haxene, coal & other stock 25.00% 30 74.13 96.00 107.61 120.14 133.66 146.65
Finished Goods- Crude OIL 25.00% 7 98.96 127.31 142.45 158.78 176.40 193.34
Finished Goods- DOC 25.00% 7 356.63 461.81 517.65 577.90 642.89 705.35
Finished Goods- Refined Oil 25.00% 2 13.73 30.76 34.52 42.99 47.55 51.90
Finished Goods- Lecithin 25.00% 2 0.47 1.05 1.18 1.48 1.64 1.79
Finished Goods- Acid Oil 25.00% 2 0.00 0.36 0.40 0.51 0.56 0.61
Finished Goods- Other Refined Oil 25.00% 2 0.00 5.33 6.99 4.15 4.81 5.53
Receivables 25.00% 19 1296.92 1754.12 1983.21 2181.05 2421.88 2652.88
Other Current Assets 10 67.11 82.31 90.38 101.62 113.95 123.94
Loans and Advances 951.94 142.79 242.74 279.16 418.73 1172.46
Sub Total 159 5230.54 5807.59 6341.95 7040.20 8271.54 9782.32
Creditors for Raw Material 18 1208.04 1399.35 1626.82 1829.11 2051.04 2230.90
Creditor for Crude Oil 5 0.00 12.98 16.68 9.61 11.46 13.20
Creditors for Expenses 3 25.17 33.51 37.50 41.07 45.27 49.32
Sub Total 26 1233.21 1445.84 1681.01 1879.78 2107.77 2293.43
Working Capital GAP 133 3997.33 4361.75 4660.94 5160.42 6163.77 7488.89
Margin Required 25.00% 744.57 1034.16 1081.95 1194.91 1407.77 1548.12
Maximum Permisible Banking Finance 3252.76 3327.59 3578.99 3965.51 4755.99 5940.77
Bank Finance Proposed 2720.00 2720.00 2720.00 2720.00 2720.00 2720.00
OTHER ASSUMPTIONS
1 Rates of Depreciation
As per Income Tax Act, 1965
Assets Rates (%)
Factory Land & Building 0%
Site Development & Factory Building 10%
Machineries 25%
Computers 60%
Vehicles 20%
Misc. Fixed Assets 10%
Technical Know how 25%
Note :- If the assets will put to use less then 180 days then depreciation will be
50% of above mentioned rates.
Assets Rates (%)

Factory Land & Building 0%
Site Development & Factory Building 3.34%
Machineries 10.34%
Computers 7.07%
Vehicles 7.07%
Misc. Fixed Assets 6.33%
Annexure-7
Repayment Schedule- Term Loan of Rs. 1150.00 Lacs
(RS. IN LACS)
YEAR OPENING Repayment CLOSING INTEREST TOTAL
BALANCE BALANCE PLR
13.00%
2009-2010
I 0.00 0.00 0.00 0.00
II 0.00 0.00 0.00 0.00
0.00
III 0.00 0.00 0.00 0.00
IV 0.00 0.00 0.00 0.00
2010-2011
I 216.32 0.00 216.32 3.36
II 633.20 0.00 633.20 14.45
92.57
III 1150.00 0.00 1150.00 37.38
IV 1150.00 0.00 1150.00 37.38
2011-2012
I 1150.00 0.00 1150.00 37.38
II 1150.00 71.88 1078.13 37.38
142.50
III 1078.13 71.88 1006.25 35.04
IV 1006.25 71.88 934.38 32.70
2012-2013
I 934.38 71.88 862.50 30.37
II 862.50 71.88 790.63 28.03
107.46
III 790.63 71.88 718.75 25.70
IV 718.75 71.88 646.88 23.36
2013-2014
I 646.88 71.88 575.00 21.02
II 575.00 71.88 503.13 18.69
70.08
III 503.13 71.88 431.25 16.35
IV 431.25 71.88 359.38 14.02
2014-2015
I 359.38 71.88 287.50 11.68
II 287.50 71.88 215.63 9.34
32.70
III 215.63 71.88 143.75 7.01
IV 143.75 71.88 71.88 4.67
2015-2016
I 71.88 71.88 0.00 2.34
II 0.00 0.00 0.00 0.00
2.34
III 0.00 0.00 0.00 0.00
IV 0.00 0.00 0.00 0.00
Total 1150.00 447.65
Last Installment of Proposed Term Loan includes Rs. 50 Lacs subsidy amount also.
Ratio Key Analysis
A. LIQUIDITY RATIOS - SHORT TERM SOLVENCY

2008 2009 2010 2011 2012 2013 2014 2015 2016
Unit
No Ratio Significance (Audited) (Audited) (Audited) Estimated Projected Projected Projected Projected Projected
1 Current Ratio Ability to repay short term commitmnets Times
prompltly. Ideal ratio is 2:1.High ratio 1.59 1.24 1.36 1.25 1.26 1.31 1.39 1.55 1.72
indicates existence of idle current assets
2 Quick Ratio or Ability to meet immediate liabilities.Ideal Times

Acid test Ratio ratio is 1.33:1 2.36 1.51 3.82 1.55 1.06 1.11 1.11 1.11 1.29
3 Absolute Cash Availibility of cash to meet short term Times

1.59 1.24 1.36 1.25 1.26 1.31 1.39 1.55 1.72
Ratio commitments
4 Interval Ability to meet regular cash expenses Days

18.29 17.72 38.10 37.11 22.39 23.53 23.69 21.55 24.23
Measure
B. CAPITAL STRUCTRE RATIOS-INDICATOR OF FINANCING TECHNIQUES AND

LONG TERM SOLVENCY Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016
No Ratio Significance (Audited) (Audited) (Audited) Estimated Projected Projected Projected Projected Projected
1 Equity to Total Indicates long term solvency; mode of Times

financing; extend of own funds used in 0.86 0.90 0.89 0.70 0.79 0.89 0.98 1.00 1.00
Funds Ratios operations
2 Debt Equity Indicates relationship between debt & Times

0.16 0.11 0.08 0.60 0.41 0.25 0.12 0.09 0.07
Ratio Equity, Ideal ratio is 2:1
3 Capital Gearing Shows Proportion of fixed charge Percentage

(dividend or interest) bearing capital to
16.35% 10.55% 7.88% 59.78% 41.07% 24.62% 12.48% 8.83% 7.46%
equity funds, the extend of advantage or
Ratio leverage enjoyed by equity share holders
4 Fixed Asset to shows proprtion of Fixed Assets finanaced Percentage

by by long term funds. Indicats the
Long Term financing approach followd by the 65.41% 65.43% 59.01% 80.18% 76.17% 68.50% 58.60% 46.35% 36.20%
firm.conservative,matching or aggressive;
Fund Ratio idea ratio is less than 1
5 Proprietary Shows extend of owners fund utilised in Percentage
56.40% 42.01% 43.91% 29.32% 31.87% 35.76% 40.44% 45.07% 48.65%
Ratios financing assets
Particulars March 31' 09 March 31' 10 March 31' 11 March 31' 12
Yr .Before Last year's Current Year Following
Last-Audited Audited Estimated Year-Projec.
Net Sales 27,895.38 15,770.16 24,573.20 33,235.96

Total Current Assets 2,544.54 2,600.00 5,385.16 5,817.58
TCL excluding Bank Borrowings & TL Installments 861.91 395.30 1,349.48 1,584.85
WCG 1,682.62 2,204.69 4,035.68 4,232.73
Net Working Capital (CA-CL) 496.49 681.80 1,062.77 1,187.94
CA@20% 508.91 520.00 1,077.03 1,163.52
MPBF under Method 2 1,173.72 1,684.69 2,958.65 3,069.21
Actual / Projected Borrowings 1,148.85 1,485.60 2,720.00 2,720.00
Excess Borrowings, if any 0 0 0 0
Actual/Projected Borrowings in BS (from Dena Bank) 380.30 497.02 952.00 952.00
Permissible Finance (35% of MPBF restricted) 402.10 519.96 952.00 952.00
March 31' 13 March 31' 14 March 31' 15 March 31' 16
Following Following Following Following
Year-Projec. Year-Projec. Year-Projec. Year-Projec.
37,576.56 41,325.25 45,888.21 50,265.06

6,378.67 7,072.03 7,927.21 9,052.57
1,842.17 2,074.00 2,329.85 2,539.15
4,536.50 4,998.03 5,597.36 6,513.42
1,491.71 1,973.63 2,805.49 3,793.42
1,275.73 1,414.41 1,585.44 1,810.51
3,260.76 3,583.62 4,011.92 4,702.90
2,720.00 2,720.00 2,720.00 2,720.00
0 0 0 0
952.00 952.00 952.00 952.00
952.00 952.00 952.00 952.00
Assesment of Working Capital Requirements
Form - II : Opearting Statement (Rs.in lacs)
As per Profit & Loss Account actuals/estimates for the year ended/ending
March 31' 09 March 31' 10 March 31' 11 March 31' 12

Particulars Yr .Before Last year's Current Year Following
(1) 1 2 3
1. Gross sales - (i) Domestic sales 27,895.38 15,770.16 10,471.31 14,853.85
(ii) Export sales - 14,101.89 18,382.11
Add other revenue income 19.32 74.88 44.93 47.17
Total 27,914.70 15,845.04 24,618.13 33,283.14
Less excise duty - - 15.78 35.63
3. Net sales(item 1 - item 2) 27,914.70 15,845.04 24,602.35 33,247.50
4. % age rise (+) or fall (-) in net sales as
compared to
previous year (annualised) 0.00% -43.24% 55.27% 35.14%
5. Cost of sales
i) Raw materials(including stores &
spares and 25,744.55 14,414.74 22,345.54 29,846.92
other items used in the process of
manufacture
(a) Imported - - -
(b) Indigenous 25,744.55 14,414.74 22,345.54 29,846.92
ii) Other spares - - -
(a) Imported - - -
(b) Indigenous - - -
iii)Power and fuel 623.76 299.52 257.88 333.96
iv) Direct labour(Factory wages &
salary) 15.63 17.67 51.97 80.06
v) Other mfg. expenses 452.10 282.92 1,035.89 1,589.83
Vi) job Work charges - -
vi) Depreciation 82.84 86.07 99.61 158.78
vii) SUB-TOTAL (i to vi) 26,918.88 15,100.92 23,790.88 32,009.55
viii) Add:Opening stocks-in-process - - - -
Sub-total 26,918.88 15,100.92 23,790.88 32,009.55
ix) Deduct:Closing stocks-in-process - - - -
x) Cost of Production 26,918.88 15,100.92 23,790.88 32,009.55
xi) Add : Opening stock of Fini.goods 60.68 184.40 268.26 469.78
Sub-total 26,979.56 15,285.32 24,059.14 32,479.33
xii) Deduct closing stock of fini.goods 184.40 268.26 469.78 626.62
xiii) SUB-TOTAL (Total cost of sales) 26,795.16 15,017.06 23,589.36 31,852.71

Gross Profit 1,119.55 827.98 1,012.99 1,394.79
6. Selling, general & adm. expenses 974.57 538.29 525.90 658.22
7. SUB-TOTAL (5+6) 27,769.73 15,555.35 24,115.26 32,510.93
8. Operating profit before interest(3-7) 144.98 289.69 487.09 736.57

9. Interest 132.49 205.68 221.50 375.89
10.Operating profit after interest(8-9) 12.49 84.01 265.59 360.68
11. (i) Add other non-operating income
Sub-total (income) - - - -
(ii) Deduct other non-operating exp.
(a) Prior Period Items 2.74 2.85 - -
- -
- -
- -
Sub-total(expenses) 2.74 2.85 - -
(iii) Net of other non-operating
income/expenses (2.74) (2.85) - -
12. Profit before tax/loss {10+11(iii)} 9.74 81.16 265.59 360.68
13. Provision for taxes 5.23 20.57 47.81 64.92

Provision for deffered tax - 1.28 1.38 1.48
FBT 1.90 - - -
14. Net profit/loss (12-13) 2.61 59.32 216.41 294.28
15. (a) Dividend & Dividend Tax - - - -
(b) Rate 0% 0% 0% 0%
16. Retained profit (14-15) 2.61 59.32 216.41 294.28
17. Retained profit/Net profit (% age) 100% 100% 100% 100%
FORM - III
ANALYSIS OF BALANCE SHEET (Rs.in lacs)
Particulars As per Balance sheet as at
LIABILITIES March 31' 09 March 31' 10 March 31' 11 March 31' 12
CURRENT LIABILITIES (1) 1 2 3
1.Short-term borrowings from
banks(incld.bills purchased
discounted & excess borrwoing placed on
repayment basis)
(i) From applicant bank 380.30 497.02 952.00 952.00
(ii) From other banks 768.55 988.58 1,768.00 1,768.00
(iii) (of which BP & BD) - - - -
(i) From applicant bank - - - -
(ii) From other banks - - - -
Sub total (A) 1,148.85 1,485.60 2,720.00 2,720.00
2. Sundry creditors- Capital Goods and
Spares - -
3. Sundry creditor 716.79 173.15 1,208.04 1,412.33
4. Advance payments from
customers/dep. from dealers 6.10 14.65 73.25 80.57
5. Provision for taxation 20.17 25.57 43.03 58.43
6. Dividend payable - - - -
7. Other statutory liabilities (due within
one year) - - - -
8. Deposits/Instalments of term
loans/DPGs/Debentures, etc. 37.29 37.29 252.91 324.79
(due within one year)
9. Other current liabilities & provisions
(due in 1yr.) 118.85 181.93 25.17 33.51
(Specify major items)
b. Other Current Liab(repayment of
unsecured loans) - - - -
Other Current Liabilities [Sub-total (B)] 899.20 432.59 1,602.40 1,909.63

10. Total Current Liabilities(total of 1
to 9 excl 1(iii) 2,048.05 1,918.19 4,322.40 4,629.63
TERM LIABILITIES
11.Debentures (not maturing within 1 yr.) - - - -
12.Prefrence shares(redeemable after1yr.) - - - -

13.Term loans(excld instalments payable
within 1 yr.) 169.44 131.37 1,025.85 701.06
14.Deferred Payment Credit excluding
instt.due within 1 yr.) - - - -
15.Term deposits (repayable after 1 yr.) - - - -
16.Other term liabilities(unsecured loans) - - 400.00 400.00

17. TOTAL TERM LIABILITIES 169.44 131.37 1,425.85 1,101.06
18. Total Outside Liabilities(item 10

+17) 2,217.49 2,049.56 5,748.24 5,730.70
NET WORTH
19.Share Capital 1,030.00 1,110.00 1,530.00 1,530.00
20.General reserve 370.64 373.25 432.57 648.98
21. Reserve for deffered tax liability 161.89 163.17 164.55 166.03
22.Other reserves(excluding provisions) 41.51 41.51 41.51 41.51
23.Surplus(+) or deficit(-) in P&L account 2.61 59.32 216.41 294.28

23(a).Others - Share Premium - - - -
23(b). Deferred tax - - - -
24. NET WORTH 1,606.66 1,747.26 2,385.04 2,680.79
25. TOTAL LIABILITIES 3,824.14 3,796.81 8,133.28 8,411.49
FORM - III (Continued)
ANALYSIS OF BALANCE SHEET (Rs.in lacs)
Particulars As per Balance sheet as at
ASSETS March 31' 09 March 31' 10 March 31' 11 March 31' 12
CURRENT ASSETS (1) (2) (3) (4)
26.Cash and bank balances 54.30 29.83 167.60 27.53
27.Investments(other than long term
investments) - - - -
(i) Government & other Trustee
securities - - - -
(ii)Fixed deposits with bank & Others - - - -

28.(i) Receivables other than defered &
export 1,007.26 1,343.91 1,283.95 1,736.58
( including bills purchased and
dicounted by banks) - - - -
(ii)Export receivables(incld bills
purchased & dis.by bank) - - - -
29.Instalments of deferred
receivables(due within 1 yr.) - - - -
30.Inventory: 1,186.24 945.74 2,914.56 3,828.36
(i) Raw materials(including stores &
other items 845.79 543.50 2,358.70 3,079.77
used in the process of manufacture)

a)Imported - - - -
b)Indigenous 845.79 543.50 2,358.70 3,079.77
(ii) Works-in-process - - - -
(iii)Finished goods 184.40 268.26 469.78 626.62
(iv) Other consumable spares 156.05 133.98 86.09 121.98
a)Imported - - - -
b)Indigenous 156.05 133.98 86.09 121.98
31.Advances to suppliers of raw materials
& stores/spares 7.75 8.53 67.11 82.31
32.Advance payment of taxes - - - -
33.Other current assets - - - -
- Loans & Advances 288.98 271.98 951.94 142.79
- Others - - - -
34. TOTAL CURRENT ASSETS(total of
26 to 33) 2,544.54 2,600.00 5,385.16 5,817.58
FIXED ASSETS
35.Gross Block(land &
building,machinery,work-in-process) 1,760.28 1,790.52 3,516.49 3,516.49
36.Depreciation to date 598.11 682.02 781.62 940.40
37. NET BLOCK (35-36) 1,162.17 1,108.50 2,734.87 2,576.09
OTHER NON-CURRENT ASSETS
38.Investments/book
debts/adv./deposits which are not 117.44 88.31 13.25 17.82
Current Assets
(i) a)Investments in subsidiary
companies/affiliates - - - -
b)Others 0.28 0.28 0.28 0.28
(ii)Advances to suppliers of capital goods
& contractors - 33.18 - -
(iii)Defferred receivables - - - -
(iv)Others-Debtors >6 months 117.16 54.85 12.97 17.54
- - - -
- - - -
39.Non-consumables stores & spares
40.Other non-current assets incl.dues
from directors - - - -
41. TOTAL OTHER NON-CURR.ASSETS 117.44 88.31 13.25 17.82

42.Intangible assets(patents, goodwill,
prelim. exp.
bad/doubtful expenses not provided
for, etc.) - - - -
43. TOTAL ASSETS (34+37+41+42) 3,824.14 3,796.81 8,133.28 8,411.49
44. TANGIBLE NET WORTH (24-42) 1,606.66 1,747.26 2,385.04 2,680.79
45. NET WORKING CAPITAL(17+24)-
(37+41+42) 496.49 681.80 1,062.77 1,187.94
46. Current Ratio 1.24 1.36 1.25 1.26
47. Total Outside Liabilities/ Tangible
Net Worth 1.38 1.17 2.41 2.14
48. Total Term Liabilities/Tangible Net
Worth 0.11 0.08 0.60 0.41
INVENTORY & RECEIVABLE LEVELS:
INVENTORY March 31' 09 March 31' 10 March 31' 11 March 31' 12

Days Value Days Value Days Value Days Value

Raw Materials 12 845.79 14 543.50 38 2,358.70 37 3,079.77
Finished Goods 2 184.40 6 268.26 7 469.78 7 626.62
Receivables 15 1,124.42 32 1,398.76 19 1,296.92 19 1,754.12
Stores & Spares 388 156.05 166 133.98 64 86.09 60 121.98
Creditors 10 716.79 4 173.15 19 1,208.04 17 1,412.33
2011 2012 2013 2014
Seed Crushing 107250.00 132275.00 141212.50 150150.00
Production:
DOC 87,945.00 108,465.50 115,794.25 123,123.00
Oil 19,305.00 23,809.50 25,418.25 27,027.00
Total 107,250.00 132,275.00 141,212.50 150,150.00
Sales:
DOC 87,048.68 108,066.49 115,651.75 122,980.50
Crude Oil 10,360.09 4,674.31 5,052.37 2,671.42
Refined Soya Oil 8,345.26 17,946.60 19,209.44 22,965.52
Lecithin 309.08 664.69 711.46 850.57
Acid Oil 105.97 227.89 243.93 291.63
Total 106,169.09 131,579.99 140,868.95 149,759.63
2015 2016
159087.50 166237.50
130,451.75 136,314.75
28,635.75 29,922.75
159,087.50 166,237.50
130,309.25 136,200.75
2,832.29 2,967.25
24,347.10 25,443.22
901.74 942.34
309.17 323.09
158,699.56 165,876.64
Ratio Key Analysis
2010 2011 2012 2013 2014 2015 2016
No Ratio (Audited) Estimated Projected Projected Projected Projected Projected

1 Current Ratio
1.36 1.25 1.26 1.31 1.39 1.55 1.72
2 Debt Equity Ratio

0.08 0.53 0.35 0.20 0.09 0.06 0.05

Divya Jyoti Industries Limited

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Particulars Audited Audited Accepted Estimate Projection

1 Installed Capacity of Solvent Extraction Pl 650 TPD

Capa. P.D. Capa. P.M. Capa. P.A.

Crude Soya Oil 18.00% 117 2681 32175

2 Installed Capacity of Refinery 100 TPD

Capa. P.D. Capa. P.M. Capa. P.A.

Refined SoyOil 94.50% 95 2166 25988

Capa. P.D. Capa. P.M. Capa. P.A.

Other Refined Oil 98.20% 98 2250 27005

2 The Plant Will Be Run

4 Refinery output Summery

Crude Soya Oil 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 60% 74% 79% 84% 89% 93%

Opening Stock( In MT) 311 375 463 494 526 557

Closing Stock( In MT) 375 463 494 526 557 582

6 De Oiled Cake (DOC) 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 60% 74% 79% 84% 89% 93%

Opening Stock( In MT) 814 1710 2109 2252 2394 2537

Cost of Production Per MT 20855.00 21896.75 22990.59 24139.12 25345.07 26611.33

7 Refined SoyOil 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 32% 65% 70% 84% 89% 93%

Opening Stock( In MT) 0 46.62 100.00 106.76 127.70 135.30

Cost of Production Per MT 29440.26 30758.34 32333.75 33665.08 35140.82 36708.70

8 Lecithin (Dried Gum) 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 32% 2.42% 2.59% 3.10% 3.28% 3.43%

Opening Stock( In MT) 0 1.73 3.70 3.95 4.73 5.01

Cost of Production Per MT 27024.34 28332.81 29897.02 31216.56 32679.89 34234.65

9 Acid Oil 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 32% 0.83% 0.89% 1.06% 1.12% 1.18%

Opening Stock( In MT) 0 0.59 1.27 1.36 1.62 1.72

Cost of Production Per MT 26995.34 28303.81 29868.02 31187.56 32650.89 34205.65

Other Refined Oil 2011 2012 2013 2014 2015 2016

CAPACITY UTILISED 0% 7.27% 7.64% 8.02% 8.02% 8.02%

Opening Stock( In MT) 0 0.00 11.11 13.93 7.73 8.61

Cost of Production Per MT 0.00 47946.31 50213.07 53652.22 55932.94 58385.50

10 Selling Price of Final Product

Product Selling Price Sales

A) Crude soya Oil 45000.00 32175 14478.75

B) De Oiled cake 18000.00 146575 26383.50

C) Refined soy Oil 49000.00 25988 12733.88

D) Lecithin (Dried Gum) 41000.00 963 394.63

E) Acid Oil 25000.00 330 82.50

F)Other Refined Oil 49000.00

TOTAL 178750 54073.25

Manufactruing Expenses 100.00%

Total Cost of Production 5089.37 6547.23 7325.86 8165.99 9071.81 9943.32

Cost of Raw Material 18323.34 23728.73 26598.62 29696.18 33037.00 36247.90

Manufacturing Cost 0.00%

Total 0.00% 0.00 0.00 0.00 0.00 0.00 0.00

Total Cost of Production 18340.93 23750.42 26621.78 29720.80 33063.09 36275.16

Cost of Raw Material 2212.35 4949.71 5538.35 6945.17 7715.58 8456.80

Total 94.50% 51.47 141.55 197.50 219.38 231.82 243.47

Add- Cost of Normal Loss (During

Total Cost of Production 2470.59 5536.50 6213.32 7738.41 8558.44 9342.11

Cost of Raw Material 81.94 183.32 205.12 257.23 285.76 313.21

Total 3.50% 1.91 5.24 7.31 8.13 8.59 9.02

Total Cost of Production 83.99 188.89 212.78 265.76 294.78 322.68

Cost of Raw Material 28.09 62.85 70.33 88.19 97.98 107.39

Total 1.20% 0.65 1.80 2.51 2.79 2.94 3.09

Total Cost of Production 28.77 64.69 72.88 91.03 100.98 110.54

Cost of Raw Material 0.00 892.79 1174.88 684.89 800.56 924.67

Total 100.00% 0.00 15.73 23.10 18.01 18.55 19.23