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Company Name: TVS Motor Company Limited FORM IIASSESSMENT OF WORKING CAPITAL REQUIREMENTOPERATING STATEMENT

As Per Income Statement as on: 31.03.2011 31.03.2012 31.03.2013

Audited Audited Proiections

1 Gross Sales and Other Income 6,821.07 7,712.33 9,640.41

a) Domestic Sales 6,138.96 6,555.48 8,194.35

b) Export Sales 682.11 1,156.85 1,446.06

2 Excise Duty 533.05 586.13 732.66

3 Net Sales 6,288.02 7,126.20 8,907.75

4 % Rise in total income over last year 36% 13% 25%

5 Cost of Sales

i) Raw Materials - Imported - - -

- Indigenous 4,757.79 5,276.19 6,595.24

(Including cost of traded goods)

ii) Spares and Consumables - Imported - - -

- Indigenous 48.71 54.24 67.80

iii) Power, Fuel and Water 68.10 89.77 112.21

iv) Direct Labour 228.70 259.08 323.85

v) Other Manufacturing Expenses 249.57 290.01 362.51

vi) Depreciation & Amortisation 107.25 117.53 223.37

vii) Sub Total (i to vi) 5,460.12 6,086.82 7,684.98

viii) Add: Opening Stock of Work in Progress 27.05 46.90 55.63

Sub Total 5,487.17 6,133.72 7,740.61

ix) Less: Closing Stock of Work in Progress 46.90 55.63 51.27

x) Cost of Production 5,440.27 6,078.09 7,689.35

xi) Add: Opening Stock of Finished Goods 79.82 203.85 210.26

Sub Total 5,520.09 6,281.94 7,899.61

xii) Less: Closing Stock of Finished Goods 203.85 210.26 207.06

xiii) Cost of Sales 5,316.24 6,071.68 7,692.55


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6 Selling, General & Administration Expenses(SGA) 669.47 701.13 736.19

7 Sub Total (5 + 6) 5,985.71 6,772.81 8,428.74

8 Operating Profit before Interest ( 3 - 7 ) 302.31 353.39 479.01

9 Interest 70.30 57.10 68.52

10 Operating Profit after Interest ( 8 - 9 ) 232.01 296.29 410.49

11 i) Add: Other Non operating Income 35.62 21.71 21.71

ii) Deduct Other non Operating expenses 19.54 1.54 1.54

iii) Net Non Operating Income 16.08 20.17 20.17

12 Profit before Taxes (10 + 11-iii) 248.09 316.46 430.66

13 Provision for Taxes 53.51 67.39 99.00

14 Net Profit 195 249 331.66

15 A Equity Dividend/Drawings 1.13 1.99 -Rate of Dividend

B Preference Dividend - - -Rate of Dividend

16 Retained Profit 193.45 247.08 331.66

17 % of Retained Profit to Net Profit 99% 99% 1.00

PBIDT 425.64 491.09 722.55


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Company Name: TVS Motor Company LimitedFORM IIIANALYSIS OF BALANCE SHEET

As Per Balance Sheet as on: 31.03.2011 31.03.2012 31.03.2013Audited Audited Proiections

LABILITIES

CURRENT LIABILITIES

1 Short Term Borrowings from Banks (Including bills purchased, discounted & excessborrowings placed on repayment basis)

i) From Application Bank - - -

ii) From other Banks 79.09 220.68 264.82

iii) (of which BP & BD)

Sub Total (A) 79.09 220.68 264.82

2 Short Term Borrowings from Others - 14.85 -

3 Sundry Creditor (Trade) 669.11 737.70 703.41

4 Advance payments from customers/Deposit 14.26 16.19 -

from dealers

5 Provision for Taxation - - -

6 Dividend Payable 1.13 1.99 -

7 Other Statutory Liabilities 17.59 9.18 -

(Due within one year)

8 Deposits/Instalments of Term Loans/DPGS/ 134.39 115.63 -

Debentures etc.

9 Other Current Liabilities & Provision 249.90 228.96 228.96

(Due within one year)

Sub Total (B) 1,086.38 1,124.50 932.37

10 Total Current Liabilities ( A + B ) 1,165.47 1,345.18 1,197.18(Total of 1 to 9)

TERM LIABILITIES

11 Debentures (not maturing with in one year) - - -

12 Preference Shares (Redeemable) - - -

13 Term Loans (> 1 year) 369.66 261.68 314.02

14 Deferred Payment Credit (excluding instalm - - -ent due with in one year)

15 Term Deposit - Corporate Loan - - -

16 Other Term Liabilities/Unsecured Loans 227.31 266.79 320.15

(incl. long term provisions)17 Total Term Liabilities (Total of 11 to 16) 596.97 528.47 634.16

18 Total Outside Liabilities ( 10 + 17 ) 1,762.44 1,873.65 1,831.35


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NET WORTH

19 Ordinary Share Capital 47.51 47.51 47.51Share Application Money - - -

20 General Reserve 810.00 835.00 878.12

Deferred Tax Liability 95.66 97.55 138.60

21 Share Premium - - -

22 Other Reserve (Excluding Provisions) 6.43 1.89 -

23 Surplus (+) or Deficit (-) in P & L 135.47 284.90 573.44

24 Net Worth ( Total of 19 to 23 ) 1,095.07 1,266.85 1,637.67

25 Total Liabilities ( 18 + 24 ) 2,857.51 3,140.50 3,469.01


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TVS Motor Company LimitedFORM IIIANALYSIS OF BALANCE SHEET

As Per Balance Sheet as on: 31.03.2011 31.03.2012 31.03.2013Audited Provisional Proiections

ASSETS

CURRENT ASSETS

26 Cash & Bank Balance 6.01 13.03 39.00

27 Investment (Other than Long Term)

i) Government & Other Securities 11.75 - 50.00

ii) Fixed Deposits with Banks - - -

28 i) Receivables other than Deferred & Export 242.34 197.96 286.80

ii) Export Receivable 26.93 34.93 50.61

29 Instalments of Deferred Receivables - - -(Due within one year)

30 Inventory

i) Raw Materials (Including Stores & Sparesand other items used in the process ofmanufacture)

Imported 0.00 0.00 0.00

Indigenious 238.47 281.08 351.35

ii) Stock-in-Progress 46.90 55.63 51.27

iii) Finished Goods 203.85 210.26 207.06

iv) Other Consumables 38.70 37.59 46.99

31 Advance to Suppliers of Raw Materials, 25.27 28.33 35.41

Stores and Spares etc.

32 Advance Payment of Taxes 2.23 11.90 14.28

33 Other Current Assets 273.60 206.41 258.01

34 Total Current Assets 1,116.05 1,077.13 1,390.78

FIXED ASSETS

35 Gross Block (Land, Buildings, Machinery & 1,961.17 2,136.50 2,563.80


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Work in Progress)

Capital Work in Progress 57.39 52.51 63.01

36 Depreciation to Date 1,025.86 1,116.86 1,340.23

37 Net Block ( 35 - 36 ) 992.70 1,072.15 1,286.58

OTHER NON CURRENT ASSETS

38 Investment/Book Debts/Advances/Deposits 98.71 62.93 31.47

which are not Current Assets

i)a Investment in Subsidiary Companies/Affiliates 619.38 900.92 760.19

b Othersii) Advances to Suppliers of Capital Goods and 2.59 0.35 -

suppliers

iii) Deferred Receivable - - -

iv) Others 25.80 21.09 -

39 Non Consumable Stores and Spares - - -

40 Other Non Current assets (including due from - - -

Directors)

41 Total Other Non Current Assets 746.48 985.29 791.66( Total of 38 to 40 )

42 Intangible Assets (Patents, Goodwill, Prelim, 2.28 5.93 -

expenses etc.)

43 Total Assets (Total of 34, 37, 41 & 42) 2,857.51 3,140.50 3,469.01(0.00) (0.00) (0.00)

44 Tangible Networth ( 24 - 42 ) 1,092.79 1,260.92 1,637.67

45 Net Working Capital[ 17 + 24 - (37 + 41 + 42)] (49.42) (268.05) 193.60

To tally with ( 34 - 10 ) (49.42) (268.05) 193.60

46 Current Ratio ( 34/ 10) 0.96 0.80 1.16Excluding Margin on Export Receivables

47 Total Outside Liability/Tangible Networth 1.61 1.49 1.12( 18/44)

48 Debt/Equity Ratio 0.55 0.42 0.39


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TVS Motor Company LimitedFORM IV

As Per Balance Sheet as on: 31.03.2011 31.03.2012 31.03.2013Audited Provisional Proiections

ASSETS

A. CURRENT ASSETS

1 Raw Material ( Including stores & other items - - -used in the process of Manufacturing)

a Imported - - -Months Consumption - - -

b Indigenous 238.47 281.08 351.35Months Consumption 0.60 0.64 0.64

2 Other Consumable Spares 38.70 37.59 46.99Months Consumption - - -

3 Stock in Process 46.9 55.6 51.27Months Cost of Production 0.10 0.11 0.08

4 Finished Goods 203.85 210.26 207.06Month Cost of Sales 0.46 0.42 0.32

5 Receivable Other than deferred & Exports 242.34 197.96 286.80Month Gross Sales 0.47 0.36 0.42

6 Export Receivables 26.93 34.93 50.61Month Gross Sales - - -

7 Advance to suppliers of Raw Materials, 25.27 28.33 35.41Stores/Spares, Consumables

8 i) Other Current Assets including Cash & Bank - - -balances and Deferred Receivables due within one year

ii) Cash and Bank Balance including Fixed 6.01 13.03 39.00Deposits

iii) Other Current Assets 287.58 218.31 322.29

9 Total Current Assets 1,116.05 1,077.13 1,390.78to tally with 1,116.05 1,077.13 1,390.78

- - -B. CURRENT LIABILITIES

10 Creditors for Purchase of Raw Materials, 669.11 737.70 703.41

Stores and SparesMonth Purchases 1.67 1.66 1.27

11 Advance from Customers 14.26 16.19 -

12 Statutory Liabilities 17.59 9.18 -

13 Other Current LiabilitiesShort Term BorrowingsUnsecured Loans - 14.85 -Dividend Payable 1.13 1.99 -Instalment of Long Term Liabilities - - -Other Current Liabilities 249.90 228.96 228.96

14Total Current Liabilities (Other than Bank Borrowings and

Instalment of Long Term Liabilities)951.99 1,008.87 932.37


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- - -TVS Motor Company LimitedFORM VCOMPUTATION OF ASSESSED BANK FINANCE

As Per Balance Sheet as on: 31.03.2011 31.03.2012 31.03.2013Audited Audited Proiections

1 Total Current Assets (Excluding Export Receivables) 1,089.12 1,042.19 1,340.16( 9 in Form IV )

2 Other Current Liabilities (Other than Bank 951.99 1,008.87 932.37Borrowings and Instalment of Long Term Liabilities)

3 Working Capital Gap (WCG) 137 33 407.80( 1 - 2 )

4 Minimum stipulated Net Working Capital @ 272.28 260.55 335.0425% of Total Current Assets (excludingExport Receivables)

5 Actual/Projected Net Working Capital (49.42) (268.05) 193.60( 45 in Form III )

6 3 Minus 4 (135.15) (227.22) 72.76

7 3 Minus 5 186.55 301.37 214.20

8 Maximum Bank Finance (135.15) (227.22) 72.76

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