CMA Format Munjal Showa

ICICI Banking Corporation Ltd.

04/08/2023 document.xls (Form-II) Page 1

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

FORM II - OPERATING STATEMENT

Name:

Amounts in Rs. Crore

Last 2 Years Actuals Current Yr. Next Year

(As per audited accounts) Estimates Projections

Year 2009 2010 2011 2012

No.of months 12 12 12 12

1. Gross Sales

i. Domestic Sales 10609.75 13884.14 16740.91

ii. Export Sales

Total 0.00 10609.75 13884.14 16740.91

2. Less Excise Duty 0.00 730.59 990.88 1172.09

3. Net Sales (1 - 2) 0.00 9879.16 12893.26 15568.82

4. % age rise (+) or fall (-) in net salesN/A N/A 30.51% 20.75%

5. Cost of Sales

i. Raw materials (including stores andother items used in the process ofmanufacture) 0.00 7469.57 9698.42 11636.33

a. Imported

b. Indigenous 7469.57 9698.42 11636.33

ii. Other Spares

a. Imported 0.00 0.00 0.00 0.00

b. Indigenous 412.11 469.80 520.65

iii. Power and Fuel 347.76 460.61 541.01

iv. Direct Labour (Factory wages & salaries) 421.46 547.12 665.47

v. Other manufacturing expenses 584.59 728.58 869.20

vi. Depreciation 230.76 262.47 272.29

vii. Sub-total (i to vi) 0.00 9466.25 12167.00 14504.94

viii. Add: Opening Stock-in-process 0.00 70.78 65.54 53.15

Sub-total (vii + viii) 0.00 9537.03 12232.54 14558.09

ix. Deduct: Closing Stock-in-process 70.78 65.54 53.15 87.93

x. Cost of Production -70.78 9471.50 12179.39 14470.17

as compared to previous year (annualised)


04/08/2023 document.xls (Form-II) Page 2

xi. Add: Opening Stock of finished goods 0.00 22.76 25.89 32.45

Sub-total (x + xi) -70.78 9494.26 12205.28 14502.62

xii. Deduct: Closing Stock of finished goods 22.76 25.89 32.45 43.82

xiii. -93.54 9468.37 12172.83 14458.80

6. Selling, general and administrative expenses 80.85 89.56 115.81

7. Sub-total (5 + 6) -93.54 9549.22 12262.39 14574.61

8. 93.54 329.94 630.87 994.21

9. Interest 120.68 91.40 111.59

10. 93.54 209.26 539.47 882.62

11. i. Add: Other non-operating Income

a. Interest Income 12.56 3.30 2.03

b. Profits on sale of non-trade investments 3.72 6.78 10.77

c. Profit on disposal of fixed assets 10.50 0.00

d. Others 183.23 2.83 3.14

Sub-total (Income) 0.00 199.51 23.41 15.94

ii. Deduct: Other non-operating expenses

a. Director's Sitting Fees 0.00 0.74 0.78 0.77

b. Payment to Statutory Auditors 2.81 3.36

c. Provisions for doubtful debts 0.00 0.00 0.75

d. Others 20.95 79.21 35.45

Sub-total (Expenses) 0.00 21.68 83.54 39.57

iii. Net of other non-operating income /expenses [net of 11(i) & 11(ii)] 0.00 177.83 -60.13 -23.63

12. 93.54 387.09 479.34 858.99

13. Provision for taxes 140.99 139.16 187.70

14. 93.54 246.10 340.18 671.29

15. a. Equity dividend paid-amount(Already paid + B.S. provision)

b. Dividend Rate (% age) 0.00 0.00 0.00 0.00

16. 93.54 246.10 340.18 671.29

17. Retained Profit / Net Profit (% age) 100.00% 100.00% 100.00% 100.00%

Sub-total (Total Cost of Sales)

Operating Profit before Interest (3 - 7)

Operating Profit after Interest (8 - 9)

Profit before tax/loss [10 + 11(iii)]

Net Profit / Loss (12 -13)

Retained Profit (14 - 15)


04/08/2023 document.xls (Form-III) Page 3

FORM III - ANALYSIS OF BALANCE SHEET

LIABILITIES

Name: 0



(As per audited BS) Estimates Projections

Year 2009 2010 2011 2012


CURRENT LIABILITIES

1. Short-term borrowing from banks (includingbills purchased, discounted & excessborrowing placed on repayment basis)

i. From applicant bank 0.00 0.00 0.00 0.00

ii. From other banks 460.22 54.22 200.00

iii. (of which BP & BD) 0.00

0.00 460.22 54.22 200.00

2. Short term borrowings from others

3. Sundry Creditors (Trade) 983.29 1639.99 1685.98

4. Advance payments from customers /deposits from dealers

5. Provision for taxation 0.33 0.19 0.19

6. Dividend payable

7. Other statutory liabilities (due within 1 year) 46.57 49.51

8. Deposits / instalments of term loans / DPGs / debentures etc. (due within 1 year) 283.77 320.48

9. Other current liabilities & provisions0.00 497.66 228.59 204.64

a. Interest Accrued 4.44 9.00 7.91

b. Unpaid Dividend 2.85 3.14 3.56

c. Others 327.54 28.56 11.24

d. Provisions 162.83 187.90 181.94

0.00 1481.28 2199.11 2260.80

10. 0.00 1941.50 2253.33 2460.80

Sub-total [i + ii] (A)

(due within 1 year) - specify major items

Sub total [2 to 9] (B)

Total current liabilities [A + B]



TERM LIABILITIES

11. Debentures (not maturing within 1 year) 0.00 0.00

12. Preference Shares (redeemable after 1 year)

13. Term loans (excluding instalmentspayable within 1 year) 0.00 519.00 211.09

14. Deferred Payment Credits (excludinginstalments due within 1 year)

15. Term deposits (repayable after 1 year) 0.00 0.00 0.00

16. Other term liabilities 148.42 148.50

17. 0.00 0.00 667.42 359.59

18. 0.00 1941.50 2920.75 2820.39

NET WORTH

19. Ordinary Share Capital 79.99 79.99 79.99

20. General Reserve 1725.50 1949.79 2481.63

21. Revaluation Reserve 0.00 0.00 0.00

22. Other Reserves (excluding Provisions)

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

23. a. Others

Share Premium

Capital Redemption Reserve

24. Net Worth 0.00 1805.49 2029.78 2561.62

25. 0.00 3746.99 4950.53 5382.01

Total Term Liabilities [11 to 16]

Total Outside Liabilities [10 + 17]

TOTAL LIABILITIES [18 + 24]



ASSETS

Name: 0



(As per audited BS) Estimates Projections

Year 2009 2010 2011 2012


CURRENT ASSETS

26. Cash and Bank Balances 30.89 47.22

27. Investments (other than long term)

i. Govt. and other trustee securities 0.00 0.00 0.00 30.00

ii. Fixed Deposits with banks

28. i. Receivables other than deferred & exports (incldg. bills purchased anddiscounted by banks) 1429.93 1759.68

ii. Export receivables (incldg. billspurchased/discounted by banks) 0.00 0.00

29. Instalments of deferred receivables(due within 1 year)

30. Inventory: 93.55 91.42 366.73 490.73

i. Raw materials (including stores andother items used in the process ofmanufacture) 0.00 0.00 234.46 294.79

a. Imported 0.00 0.00 0.00 0.00

b. Indigenous 234.46 294.79

ii. Stocks-in-process 70.78 65.54 53.15 87.93

iii. Finished goods 22.76 25.89 32.45 43.82

iv. Other consumable spares 0.00 0.00 46.68 64.20

a. Imported

b. Indigenous 0.00 0.00 46.68 64.20

31. Advances to suppliers of raw materialsand stores/spares 0.00 0.00 14.27 17.67

32. Advance payment of taxes

33. 0.00 0.00 435.40 439.42

a. Other Current Assets 80.36 85.97

b. Prepaid Expenses 12.39 14.95

c. Loans and Advances 342.30 338.16

d. Security Deposit 0.00 0.00 0.35 0.35

34. 93.55 91.42 2277.22 2784.72

FORM III - ANALYSIS OF BALANCE SHEET (Continued)

Other current assets (specify major items)

Total Current Assets (26 to 33)



FIXED ASSETS

35 Gross Block (land, building, machinery,work-in-progress) 4085.24 4240.02

36 Depreciation to date 1454.71 1678.49

37 Net Block (35 - 36) 0.00 0.00 2630.52 2561.53

OTHER NON-CURRENT ASSETS

38 Investments/book debts/advances/depositswhich are not current assets 0.00 0.00 34.53 33.90

i. a. Investments in subsidiarycompanies / affiliates

b. Others

ii. Advances to suppliers of capital goodsand contractors 0.00 13.62 5.42

iii. Deferred receivables (maturity exceeding 1 year) 0.00 0.00 0.00 0.00

iv. Others 0.00 0.00 20.91 28.48

a. Security Deposits 13.61 19.69

b. Loans to Subsidiaries

c. Receivables over 6 months

d. Loan Given to Employees 7.31 8.79

39 Non-consumable stores and spares

40 Other non-current assets includingdues from directors 8.26 1.86

41 0.00 0.00 42.79 35.76

42 Intangible Assets (patents, good will,prelim.expenses, bad / doubtful debts notprovided for, etc.

43 93.55 91.42 4950.53 5382.01

44 0.00 1805.49 2029.78 2561.62

45 93.55 -1850.08 23.89 323.92

46 #DIV/0! 0.05 1.01 1.13

47 Total OUTSIDE Liabilities / Tangible1.08 1.44 1.10

48 Total TERM Liabilities / Tangible0.33 0.14

ADDITIONAL INFORMATION

A. Arrears of depreciation

B. Contingent Liabilities:

i. Arrears of cumulative dividends

ii. Gratuity liability not provided for

iii. Disputed excise / customs /tax liabilities

iv. Other liabilities not provided for

Total Other Non-current Assets (38 to 40)

Total Assets (34+37+41+42)

Tangible Net Worth (24 - 42)

Net Working Capital (34 - 10)

Current Ratio (34 / 10)

Net Worth (18 / 44)

Net Worth (17 / 44)




04/08/2023 document.xls (Form-IV) Page 8

FORM IV

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

Name: 0


Last Year Current Yr. Next Year Peak

Norms Actuals Estimates Projections Requirement

Year 2010 2011 2012

A. CURRENT ASSETS

1. Raw materials (incl. stores & other itemsused in the process of manufacture)

a. Imported 0.00 0.00 0.00

Month's Consumption

b. Indigenous 0.00 234.46 294.79

Month's Consumption (0.29) (0.30)

2. Other Consumable spares, excludingthose included in 1 above

a. Imported 0.00 0.00 0.00

Month's Consumption

b. Indigenous 0.00 46.68 64.20

Month's Consumption (1.19) (1.48)

3. Stock-in-process 65.54 53.15 87.93

Month's cost of production (0.08) (0.05) (0.07)

4. Finished goods 25.89 32.45 43.82

Month's cost of sales (0.03) (0.03) (0.04)

5. Receivables other than export & deferred receivables (incl. bills purchased & discounted by bankers) 0.00 1429.93 1759.68

Month's domestic sales: excluding deferred payment sales (1.24) (1.26)

6. Export receivables (incl. bills purchased and discounted) 0.00 0.00 0.00

Month's export sales

7. Advances to suppliers of raw materials & stores / spares, consumables 0.00 14.27 17.67

8. Other current assets incl. cash & bankbalances & deferred receivables duewithin one year 0.00 466.29 516.64

Cash and Bank Balances 0.00 30.89 47.22Investments (other than long term):i. Govt. and other trustee securities 0.00 0.00 30.00ii. Fixed Deposits with banks 0.00 0.00 0.00Instalments of deferred receivables (due within 1 year) 0.00 0.00 0.00Advance payment of taxes 0.00 0.00 0.00Other current assets 0.00 435.40 439.42



9. Total Current Assets 91.42 2277.22 2784.72(To agree with item 34 in Form III)



FORM IV

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

Name: 0



Norms Actuals Estimates Projections Requirement

Year 2010 2011 2012

B. CURRENT LIABILITIES

(Other than bank borrowings for working capital)

10. Creditors for purchase of raw materials, stores & consumable spares 983.29 1639.99 1685.98

Month's purchases 0 (1.58) (1.98) (1.73)

11. Advances from customers 0.00 0.00 0.00

12. Statutory liabilities 0.00 46.57 49.51

13 Other current liabilities: 497.99 512.55 525.31

Short term borrowings from others 0.00 0.00 0.00

Provision for taxation 0.33 0.19 0.19

Dividend payable 0.00 0.00 0.00

Deposits / instalments of term loans / DPGs

/ debentures etc. (due within 1 year) 0.00 283.77 320.48

Other current liabilities & provisions

(due within 1 year) 497.66 228.59 204.64

14. 1481.28 2199.11 2260.80Total (To agree with total B of Form-III)

I C I C I Banking Corporation Ltd.

04/08/2023 document.xls (Form-V) Page 11

FORM V

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

Name: 0



First Method of Lending Actuals Estimates Projections Requirement

Year 2010 2011 2012

1. 91.42 2277.22 2784.72

2. Other Current Liabilities (other than

1481.28 2199.11 2260.80

3. -1389.86 78.11 523.92

4. Min. stipulated net working capital:

(25% of WCG excluding export receivables) -347.47 19.53 130.98

5. Actual / Projected net working capital-1850.08 23.89 323.92

6. Item-3 minus Item-4 -1042.40 58.58 392.94

7. Item-3 minus Item-5 460.22 54.22 200.00

8. Max. permissible bank finance (item-6 or 7, whichever is lower) -1042.40 54.22 200.00

9. Excess borrowings representing1502.62

Second Method of Lending

1. 91.42 2277.22 2784.72

2. Other Current Liabilities (other than

1481.28 2199.11 2260.80

3. -1389.86 78.11 523.92

4. Min. stipulated net working capital: (25% of total Current Assets excluding export receivables) 22.86 569.31 696.18

5. Actual / Projected net working capital-1850.08 23.89 323.92

6. Item-3 minus Item-4 -1412.72 -491.20 -172.26

7. Item-3 minus Item-5 460.22 54.22 200.00

8. Max. permissible bank finance (item-6 or 7, whichever is lower) -1412.72 -491.20 -172.26

9. Excess borrowings representing1872.94 545.42 372.26

Total Current Assets (Form-IV-9)

bank borrowings (Form-IV-14)

Working Capital Gap (WCG) (1-2)

(Form-III-45)

shortfall in NWC (4 - 5)

Total Current Assets (Form-IV-9)

bank borrowings (Form-IV-14)

Working Capital Gap (WCG) (1-2)

(Form-III-45)

shortfall in NWC (4 - 5)


04/08/2023 document.xls (Form-VI) Page 12

FORM VI

FUNDS FLOW STATEMENT

Name: 0


Last Year Current Yr. Next Year

Actuals Estimates Projections

Year 2010 2011 2012

1. SOURCES

a. Net Profit 246.10 340.18 671.29

b. Depreciation 0.00 1454.71 223.77

c. Increase in Capital 79.99 0.00 0.00

d. Increase in Term Liabilities(including Public Deposits) 0.00 667.42

e. Decrease in

i. Fixed Assets

ii. Other non-current Assets 7.03

f. Others 1479.40

g. TOTAL 1805.49 2462.31 902.09

2. USES

a. Net loss

b. Decrease in Term Liabilities(including Public Deposits) 307.83

c. Increase in

i. Fixed Assets 0.00 4085.24 154.78

ii. Other non-current Assets 0.00 42.79

d. Dividend Payments 0.00 0.00 0.00

e. Others 115.89 139.45

f. TOTAL 0.00 4243.91 602.06

3. 1805.49 -1781.60 300.03Long Term Surplus (+) / Deficit (-) [1-2]


04/08/2023 document.xls (Form-VI) Page 13

4. Increase/decrease in current assets* (as per details given below) -2.13 2185.80 507.50

5. Increase/decrease in current liabilitiesother than bank borrowings 1481.28 717.83 61.69

6. Increase/decrease in working capital gap -1483.41 1467.97 445.81

7. Net Surplus / Deficit (-) [3-6] 3288.90 -3249.57 -145.78

8. Increase/decrease in bank borrowings 460.22 -406.00 145.78

9. Increase/decrease in NET SALES N/A 3014.10 2675.56

* Break up of item-4

i. Increase/decrease in Raw Materials 0.00 234.46 60.33

ii. Increase/decrease in Stocks-in-Process -5.25 -12.38 34.78

iii. Increase/decrease in Finished Goods 3.13 6.56 11.37

iv. Increase/decrease in Receivables

a) Domestic 0.00 1429.93 329.75

b) Export 0.00 0.00 0.00

v. Increase/decrease in Stores & Spares 0.00 46.68 17.52

vi. Increase/decrease in other current assets -0.01 480.56 53.76

TOTAL -2.13 2185.80 507.50


04/08/2023 document.xls (Financials) Page 14

Key Indicators

2009 2010 2011 2012Actual Actual Estimate Projection

1 Net Sales 0.00 9879.16 12893.26 15568.82

2 P B I L D T 93.54 #VALUE! 833.21 1242.87

3 P B T 93.54 387.09 479.34 858.99

4 P A T 93.54 246.10 340.18 671.29

5 Net Cash Accruals 93.54 #VALUE! 602.65 943.58

6 P B I L D T/ Net Sales (%) #DIV/0! #VALUE! 6.46% 7.98%

7 PAT/ Net Sales (%) #DIV/0! 2.49% 2.64% 4.31%

8 Dividend/PAT (%) 0.00% 0.00% 0.00% 0.00%

9 Gross Block 0.00 0.00 4085.24 4240.02

10 Net Block 0.00 0.00 2630.52 2561.53

11 Paid up Capital 0.00 79.99 79.99 79.99

12 Tangible Networth (TNW) 0.00 1805.49 -451.85 2561.62

13 Group Invetsments 0.00 0.00 0.00 0.00

14 Adjusted T N W 0.00 1805.49 -451.85 2561.62

15 L T D / T N W #DIV/0! - 0.33 0.14

16 D F S / T N W #DIV/0! 0.25 0.42 0.29

17 T O L / T N W #DIV/0! 1.08 -6.46 1.10

18 Current Assets 93.55 91.42 2277.22 2784.72

19 Current Liabilities 0.00 1941.50 2253.33 2460.80

20 Net Working Capital 93.55 -1850.08 23.89 323.92

21 Current Ratio #DIV/0! 0.05 1.01 1.13

Other Indicators

22 R O C E (%) 99.99% -23.74% 20.84% 28.90%

23 Interest Coverage Ratio #DIV/0! #VALUE! 9.77 11.35

24 DSCR #VALUE! 9.77 3.20

Fund Flow Analysis

Year Ended / Ending September 30, 2010 2011 2012

Long Term Sources 1805.49 2462.31 902.09

Long Term uses 0.00 4243.91 602.06

Surplus/Deficit 1805.49 -1781.60 300.03

S. No

For year ended / ending September 30,


04/08/2023 document.xls (Financials) Page 15

-2.28% 2390.94% 22.29%

Pattern of TCA Funding

1999 2000 2001 2002

Sundry Creditors 0.00% 1075.57% 72.02% 60.54%

Other Current Liabilities 0.00% 544.73% 24.55% 20.64%

Bank Borrowings 0.00% 503.41% 2.38% 7.18%

Long Term funds 100.00% -2023.71% 1.05% 11.63%

Surplus / Incremental build up of current assets (%)

Year ended / Ending 30 September

Documents

CMA Format Munjal Showa