CMA Format(1)

8/8/2019 CMA Format(1)

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

FORM - I

Particulars of the existing / proposed limits from the Banking System

(Limits from all Banks and Financial Institutions as on date of application)

NAMEAarvee Denims & Exports Ltd.

SL. NAME OF BANK / NATURE OF EXISTING EXTENT TO WHICH LIM

NO. FINANCIAL INSTITUTION FACILITY LIMITS WERE UTILISED DUR

(2007-08) THE LAST 12 MONTHS

MAX.

(1) (2) (3) (4) (5)

A. CONSORTIUM BANKS WORKING CAPITAL

LIMITS

FUND BASED

CC/W.C.D.L. 383202 3

P/C /FBD/FBP

383202

NON FUND BASED

L/C (ILC/FLC) 0

B/G 2100

2100

TOTAL FUND & NON 385302

FUND BASED


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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

FORM II : OPERATING STATEMENT

_____________________________________ ____________________

NAM Aarvee Denims & Exports Ltd. MARCH, 2007 MARCH, 2008 MARCH, 2009

- - -

ADD. (CO. AS A WHOLE) FOLLOWING

YEAR YEAR

AUDITED AUDITED ESTIMATES

- - -

(2) (3) (4)

- - -

1. GROSS SALES

i) Domestic Sales 2239063 2085710 26121

ii) Export Sales 239254 343950 5835

T o t a l 2478317 2429660 31956

2. Less:Excise duty 0 0

3. Net Sales(1-2) 2478317 2429660 31956

4. % age rise (+)or fall(-)in net -1.96 31.

sales as compared to previous year

5. COST OF SALES

i) Raw Materials (including stores and

other items used in the process of

manufacture)

a Cost of Raw Mat Cons during the year 1172221 1337784 17590

b Stores & Spare Parts 65840 68525 630

ii) Other Spares(Direct Mat)

a Colour Chemicals 213756 206800 2788

b Packing Materials 19614 23145 249

iii) Power and Fuel 296295 310132 3934

iv) Direct Labour 112649 129130 1389

(Factory wages & salaries)

v) Repairs & Maintenance

a Repairs to Machineries 21978 24585 219

b Repairs to Building 4069 4372 51

vi) Other mfg. expenses

a Job Work Charges 129 61 290

b Folding Charges 8290 7972 90

c Machinary Rent 31440 31440 52


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d Labour Charges 6062 5688 56

vii) Depreciation 0 0

SUB-TOTAL (i to vii) 1952343 2149634 27345

viii) Add : Opening stocks-in-process 35836 76188 1500

SUB TOTAL 1988179 2225822 28846

ix) Deduct : Closing Stock-in-process 76188 150691 1567

x) Cost of production 1911991 2075131 27279

* Excluding Custom Duty on Imports


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MARCH, 2007 MARCH, 2008 MARCH, 2009

xi) Add : Opening stock of finished 94865 174566 2313

goods

SUB TOTAL 2006856 2249697 29592

xii) Deduct : Closing stock of finished 174566 231359 3102

goods

xiii) SUB- TOTAL (Total Cost of sales) 1832290 2018338 26490

6. Selling, General and Admn.Expenses 102544 113513 2487

7. SUB TOTAL (5+6) 1934834 2131851 28977

8. Operating profit before 543483 297809 2978

interest (3-7)

9. Interest 52954 122102 1097

10. Operating profit after 490529 175707 1881

interest (8-9)

11. (i) Add: Other non-operating income

(a) Prior Year Income 0 3176

(b) Other 28678 91281 607

c) Profit on sale of Land 14278 0

Sub-total (Income) 42956 94457 607

(ii) Ded.: Other non-operating exp.

(a) Depreciation 162465 208507 2205

(b) Proir Year Expense 70 0 14

Sub-total (Expenses) 162535 208507 2219

(iii) Net of other non-operating -119579 -114050 -1612

inc./exp. (net of 11(i) & 11(ii))

12. Profit before tax/loss [10+11(iii)] 370950 61657 269

13. Provision for taxes 67449 8268 36

14. Net Profit/(Loss) [12-13] 303501 53389 232

15. (a) Equity Dividend paid 11730 0

(b) Dividend rate % 0

(a) Preference Dividend paid 19489 0(b) Dividend rate % 0

16. Retained profit (14-15) 272282 53389 232

17. Retained profit/Net profit (%age) 89.71 100.00 100


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FORM III

ANALYSIS OF BALANCE SHEET

As per balance sheet as at

_____________________________________ ____________________

NAM Aarvee Denims & Exports Ltd. MARCH, 2007 MARCH, 2008 MARCH, 2009

- - -

ADD. (CO. AS A WHOLE) FOLLOWINGYEAR YEAR


LIABILITIES - - -

(2) (3) (4)

CURRENT LIABILITIES - - -

1. Short-term borrowings from banks 0 362 3

(incl. bills purchased , discounted

& excess borrowings placed on re -

payment basis )

(i) From applicant bank(ii) From other banks

(iii) (of which BP & BD)

SUB - TOTAL (A) 0 362 3

2. Short term borrowings from Bank 0

3. Sundry creditors (Trade) 986697 298194 4086

Sundry creditors R.M. Capital

4. Advance payments from customers / 0 0 465

deposits from dealers

5. Provision for taxation 28890 5643 16

Provision for FBT 72 369

Provision for Wealth Tax 26 24

Provision for Employee Benefits 20

Premium Payable on redemption of FCCB 634

6. Dividend payable 31219 0

Tax on Dividend 5306

7. Other statutory liabilities 0 0

(due within one year)

8. Deposits/Instalments of term loans/ 23988 23286 369

DPGs/debentures , etc. (due within 177170 200370 3170

one year)

9. Other current liabilities & pro - 274849 125416 1352

visions (due within one year)

Craditors for Public Issue Exp.

Creditors for capital goods

SUB - TOTAL (B) 1528217 653302 10115

10. TOTAL CURRENT LIABILITIES 1528217 653664 10119

(Total of 1 to 9)


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TERM LIABILITIES

11. 286368 383202 5063

(not maturing within one year)

Zero Coupon FCCB Bonds 0 799400 10190

12. Term Loans (excluding instalments 0 308003 1570

payable within one year)

Vehicle Loans 978 376 16

Vehicle Loans 158 31

13. Deferred Payments Credits (excld.

instalments due within one year)

14. Inter Corporate Deposits * 23997 65500 1071

(repayable after one year)

15. Other term liabilities (Hire purc.)

Others Security Deposit-Trade Deposits 25

16. TOTAL TERM LIABILITIES 311501 1556512 17936

(Total of 11 to 15)

17. TOTAL OUTSIDE LIABILITIES (10+16) 1839718 2210176 28056

NET WORTH

19. Ordinary Share Capital 384511 384511 3845

20. General Reserve 117600 111809 562

Capital Redemption Reserve 60000 90000 1200

Share Premium(Securities Pr. A/c) 415704 383368 3199

21. Investment Reserve

22. Other Reserves (excld. provisions)

Subsidy

23. Surplus / (Deficit) in P/L a/c 835914 859303 8525

23A. Deferred Tax Liability * 199975 199975 1999

24. NET WORTH 2013704 2028966 19332

25. TOTAL LIABILITIES (17 + 24) 3853422 4239142 47388

Corporate Loan-Working Capital Loan


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FORM III (CONTINUED)

ANALYSIS OF BALANCE SHEET

_____________________________________ ____________________

AME Aarvee Denims & Exports Ltd. MARCH, 2007 MARCH, 2008 MARCH, 2009

- - -

DD. :(CO. AS A WHOLE) FOLLOWING

YEAR YEAR

AUDITED AUDITED ESTIMATED

ASSETS - - -

(2) (3) (4)

CURRENT ASSETS - - -

26. Cash and bank balances 56213 93934 394

27. Investments (Other than long terminvestments)

(i) Government & Other Trustee

Securities

(ii) Fixed deposit with Banks

(iii) Mutual Funds 304 323

28. (i) Receivables other than deferred 8550 32386 410

& exports(including bills purchased

& discounted by the banks)

(ii) Exports receivables (Including

bills purchased/discounted by banks)

29. Instalments of deferred receivables 315718 321214 5953

(due within one year)

30. Inventory :

(i) Raw Materials (including stores 241097 130447 2589

& other items used in the process

of manufacture)

(a) Imported

(b) Indigenous

(ii) Stock in process/transit 76188 150691 1567

(iii) Finished Goods 174565 231359 3102

(iv) Other Consumable Spares 31213 35478 305

31. Advances to suppliers of raw 46668 63310 1190

materials & stores/spares

32. Advance payment of taxes

33. Other current assets (Specify)

Prepaid Exps 4254 6207 66


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34. TOTAL CURRENT ASSETS 954770 1065349 15580

(Total of 26 to 33)

* Net of Provision for Taxation


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FIXED ASSETS

35. Gross Block 2928068 3902398 40862

36. Depreciation to date 645697 854054 10542

37. NET BLOCK (35-36) 2282371 3048344 30319Capital WIP 613972 123143 1464

2896343 3171487 31784

OTHER NON-CURRENT ASSETS

38. Investments/book debts/advances/

deposits which are not current

assets

(i) a) Investments in subsidiary

companies / affillates

b) Others 2309 2306 23

(ii) Advances to suppliers of

capital goods & contractors

(iii) Deferred receivables

(maturity exceeding one year)

(iv) Others

39. Non-consumable stores & spares

40. Other non-current assets (including

dues from directors)

41. TOTAL OTHER NON-CURRENT ASSETS 2309 2306 23

(Total of 38 to 40)

42. Intangible assets (patents,goodwill 0 0

prelim. exp.,bad/doubtful debts not

provided for etc.)

43. TOTAL ASSETS 3853422 4239142 47388

(Total of 34 , 37 , 41 & 42)

44. TANGIBLE NET WORTH (24-42) 2013704 2028966 19332

45. NET WORKING CAPITAL 954770 1065349 15580

[(17+24)-(37+41+42)]

To tally with (34-10) -573447 411685 5461

46. Current Ratio (Item 34/10) 0.62 1.63 1.

After Export receivable

47. Total Outside Liabilities/ 0.91 1.09 1.

Tangible Net Worth (18/44)

ADDITIONAL INFORMATION

(A) Arrears of depreciation

(B) Contingent liabilities :

(i) Arrears of cumulative dividends


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(ii) Gratuity liability not

provided for

(iii) Disputed excise / customs / 14637 20330 56

tax liabilities

(iv) Other liabilities not

provided for


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FORM IV

COMPARATIVE STATEMENT OF

CURRENT ASSETS & CURRENT LIABILITIES

As per balance sheet as at

_____________________________________ ____________________



YEAR YEAR


(2) (3) (4)

A. CURRENT ASSETS

1 Raw materials (includg.Stores & 241097 130447 2589

Other items used in the process ofmanufacture)

(a) Imported :

Months' consumption:

(b) Indigenous:


2 Other consumable spares, excluding 31213 35478 305

those included in 1 above.

(a) Imported


(b) Indigenous


3 Stock - in - Process/transit 76188 150691 1567

Months' cost of Production

4 Finished Goods 174565 231359 3102

Months' cost of sales

5 Receivables other than export & 8550 32386 410

deferred receivables (including 315718 321214 5953

bills purchased & discounted by

bankers)

Months' domestic sales excluding

deferred payment sales

6 Export receivables (including bills

purchased & discounted )

Months' export sales

7 Advances to suppliers of raw mat. 46668 63310 1190

& stores/spares , consumables 4254 6207 66

8 Other current assets incl. cash & 56213 93934 394


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bank balances & deferred receivable 304 323

due within one year (Specify)

9 TOTAL CURRENT ASSETS 954770 1065349 15580

(To agree with item 34 in Form III) 15,624 15,624 15,624 15,624 15,624 15,624 15,624 15,624 15,624


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_____________________________________ ____________________


B. CURRENT LIABILITIES

(Other than bank borrowings for

working capital)

10 Creditors for purchase of raw mat. 986697 298194 4086stores & consumable spares 46539.

Months' purchases

10A. Creditors - Capital Goods

11 Advances from customers

12 Statutory liabilities 28890 5643 16

(Dividend Payable) 72 369

26 24

Provision for Proposed Dividend 31219

Tax on Dividend 5306

20

Premium on redemption of FCCB 0 634

13 Other current liabilities 274849 125416 1352

(Specify major items) 23988 23286 369

Term Loans 177170 200370 3170

Premium on redemption of FCCB

TOTAL 1528217 653302 10115

(To agree with subtotal B-Form III)


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FORM V

COMPUTATION OF MAXIMUM PERMISSIBLE

BANK FINANCE FOR WORKING CAPITAL

_____________________________________ ____________________


AME Aarvee Denims & Exports Ltd.

FOLLOWING

DD. :(CO. AS A WHOLE) YEAR YEAR


(2) (3) (4)

1. Total Current Assets 954770 1065349 15580

(9 in form IV)

2. Current Liabilities 1528217 653302 10115

(Other than bank borrowing & T.L. Investment)

(14 of Form IV)

3. Working Capital Gap -573447 412047 5465

(1 - 2)

4. Min. stipulated net working capital 238692.5 103011.75 1366

i.e. 25% of WCG / 25% of totalcurrent assets as the case may be

depending upon the method oflending

being applied (Export receivables

to be excluded under both methods)

5. Actuals / projected net working 954770 1065349 15580

capital ( 45 in Form III )

6. Item 3 minus item 4 -334755 309035 4098

7. Item 3 minus item 5 -1528217 -653302 -10115

8. Maximum permissible bank finance -334755 309035 4098

(Item 6 or 7 whichever is lower)

Bank Borrowing 286368 383202 5063

9. Excess borrowings representing

short fall in NWC (4 - 5) 48387 -74167 -964


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FORM VI

FUNDS FLOW STATEMENT


- - -


YEAR YEAR

AUDITED AUDITED PROJECTION

- - -

(2) (3) (4)

1. SOURCES

a) Net profit (after tax) 303501 53389 232

b) Depreciation 162465 208507 2205

c) Preliminary Exp. W/off

d) Increase in Term Liabilities Last yr fig. not avalble 1118076 3767

(incld. Public deposits)e) Decrease in :

i) Fixed Assets 0

ii) Other non-current assets 3 3

* f) Others (Increase of Share Capital and share premium) 0

g) T O T A L 1379975 6209

2. USES

a) Net loss 0

b) Decrease in Term Liabilities

(incld. public deposits)

c) Increase in :

i) Fixed Assets Last yr fig. not avalble 974330 2071

ii) Other non-current assets 19

d) Dividends payments 0

e) Others

f) T O T A L 974349 2071

3. Long Term Surplus / (Deficit) [1-2] 405626 4137

4. Increase/Decrease in current assets -35118 -6020

* (as per details given below)

5. Increase/Decrease in current liab. -688503 1635

other than Bank borrowings

6. Increase/Decrease in working -723621 -4384

capital gap

7. Net surplus / (defecit) -317995 -247

(Difference of 3 & 6)

8. Increase/Decrease in bank borrowing 96834 1231

INCREASE / DECREASE IN NET SALES -48657 7659

* Realisation of SVF business sale


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Rs. In Thousand

TOTAL LIMITS TOTAL LIMITS

NOW REQUESTED NOW REQUESTED

2008-09 2009-10

(6) (7)

506326

506326

86648

2100

88748

595074


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Rs. In Thousand

__________________

MARCH, 2010

-

FOLLOWING

YEAR

PROJECTION

-

(5)

-


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MARCH, 2010


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Rs. In Thousand

__________________

MARCH, 2010

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FOLLOWINGYEAR

PROJECTION

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(5)

-


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Rs. In Thousand

__________________

MARCH, 2010

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FOLLOWING

YEAR

PROJECTIONS

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(5)

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Rs. In Thousand

__________________

MARCH, 2010

FOLLOWING

YEAR

PROJECTION

(5)


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,624 15,624 15,624


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__________________

MARCH, 2010


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Rs. In Thousand

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MARCH, 2010

FOLLOWING

YEAR

PROJECTION

(5)


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FOLLOWING

YEAR

PROJECTION

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(5)


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