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RAJDEEP CARPETS

Income statement for the years ended March 31, 2008-2012E

Particulars Value % of Total Value % of Total Value % of Total Value

Sales 497.7 100.00% 958.5 100.00% 1124.7 100.00% 1291.9

Cost of goods soldMaterial 455.5 47.52% 533.8 47.46% 657.8

Labour 322.7 64.84% 209.2 18.60% 219.2

Supplies 95.4 9.95% 51.0 4.53% 55.0

Total 322.7 64.84% 550.8 57.46% 794.0 70.60% 932.6

Gross Profit 175 35.16% 407.7 42.54% 330.7 29.40% 359.3

Operating Expenses

Advertising 32.3 3.37% 38.7 3.44% 50.2

Bad Debts 1.1 0.10% 3.9

Depreciation 2.8 0.56% 6.3 0.66% 17.1 1.52% 16.2Insurance 3.8 0.40% 7.5 0.67% 10.9

Interest 1.3 0.14% 6.6 0.59% 9.5

Legal, Accounting 9.0 0.80% 6.1

Miscellaneous 37.1 3.87% 22.4 1.99% 16.7

Office supplies 3.3 0.34% 7.1 0.63% 5.8

Rent 18.8 1.96% 27.5 2.45% 48.2

Salary 155 16.17% 161.7 14.38% 224.1

Taxes 16.5 1.72% 23.6 2.10% 27.2

Telephone 6.7 0.70% 11.1 0.99% 10.3

Utilities 3.7 0.39% 7.6 0.68% 10.8Total 117.2 23.55% 284.8 29.71% 341.0 30.32% 439.9

Income (loss) 55.0 11.05% 122.9 12.82% -10.3 -0.92% -80.6

Other Income 0.1 0.02% 0.4 0.04% 0.14 0.12% 0.5

Net Income (loss) 55.1 11.07% 123.3 12.86% -8.9 -0.79% -80.1

march , 2008 march , 2009 march , 2010 march

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Figures in Rs. Lakhs Scenario1 Scenario 2

% of Total Value % of Total Value % of total Value % of total

100.00% 526.3 100.00% 1315.75 100 1485.69 100

50.92% 225.9 42.92% 564.72 42.92 638.845 43

16.97% 90.9 17.27% 227.101 17.2602 252.566 17

4.26% 14.0 2.66% 35.0 2.65997 44.5706 3

72.19% 330.8 62.85% 826.8 62.8401 935.982 63

27.81% 195.5 37.15% 488.9 37.1599 549.703 37

3.89% 39.4725 3 51.999 3.5

0.30% 25 1.90006 25 1.68273

1.25% 6.4 1.22% 12.8 0.97283 12.8 0.861560.84% 9.21025 0.7 10.3998 0.7

0.74% 10.5 0.79802 10.5 0.70674

0.47% 6.1 0.46361 6.1 0.41059

1.29% 16 1.21604 16 1.07694

0.45% 5 0.38001 5 0.33655

3.73% 35 2.66008 35 2.35582

17.35% 220 16.7205 220 14.808

2.11% 20 1.52005 30 2.01927

0.80% 10 0.76002 12 0.80771

0.84% 10 0.76002 12 0.8077134.05% 176.3 33.50% 419.083 31.8512 446.799 30.0736

-6.24% 19.2 3.65% 69.8 5.30863 102.905 6.92641

0.04% 0.5 0.038 0.5 0.03365

-6.20% 19.2 3.65% 70.3 5.34663 103.405 6.96007

march, 2012 march, 2012, 2011 sept , 2011

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Cost reduced, so 6 months value taken

Same Cost

Reduced, so taken 6 months value

Cost cutting

18 Lakhs bankrupt

FixedInventory reduced

Previous + New-Paid

Same

Reduced marginally

Reduced marginally

Reduced as Store closed

Sales staff reduced

Lower Earnings

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Cash Flow Statement For the Years Ended Marc

Particulars 3/31/2008 3/31/2009 3/31/2010

Cash Flow from Operations

PAT 55.10 123.30 (8.90)Add: Depreciation 2.80 6.30 17.10

Adjustments for Changes in Working

Capital

Decrease/(Increase) in Accounts Receivable (36.60) (37.00) 18.30

Decrease/(Increase) in Inventory (48.10) (60.90) (33.20)

Decrease/(Increase) in other - - (0.50)

Decrease/(Increase) in Prepaid Exp (3.00) (1.20) (5.10)

Decrease/(Increase) in Security Deposits (1.10) 0.30 (1.50)

Decrease/(Increase) in Staff Loans (0.10) (0.40) (29.90)(Decrease)/Increase in Accounts Payable 57.40 31.00 47.20

(Decrease)/Increase in Taxes Payable 5.30 3.00 (2.40)

(Decrease)/Increase in Accrued Items 0.40 (0.40) 1.80

(Decrease)/Increase in Customer Deposits 19.30 12.90 (2.10)

Net Cash Flow from Operations (A) 51.40 76.90 0.80

Cash Flow from Investing (B)

Less: Increase in Gross Block of Assets (14.40) (19.60) (40.00)

Net Cash From from Investing Activities (B) (14.40) (19.60) (40.00)

Cash Flow from Financing

Less: Drawings / Dividends (23.30) (75.80) (19.30)

Add: Increase in bank borrowings - 24.00 36.80

Add: increase Notes Payable Other 3.20 1.70 (4.90)

Add: increase in Long Tern Debt 3.10 1.00 10.50

Net Cash From Financing Activities (C) (17.00) (49.10) 23.10

Net Change in Cash (D) = (A+B+C) 20.00 8.20 (16.10)

Opening Cash 20.00 28.20

Closing Cash 20.00 28.20 12.10

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Figures in Rs. Lakhs

h 31, 2007-2012E

Scenario1 Scenario 2

3/31/2011 31/2/2012 31/2/2012

(80.10) 70.3000 103.404716.20 12.80 12.80

(27.10) -1.6 -12.4

62.20 -12 -24

0.10 0.10 0.10

2.80 -3.80 -3.80

(1.50) - -

(6.30) 6.70 11.708.70 -34.3 -44.3

(1.30) 0.0 -1.60

8.70 -7.1 -7.10

12.70 0.8 1.1

(4.90) 31.90 35.90

(8.50) (16.20) (16.20)

(8.50) (16.20) (16.20)

- - -

(15.80) 10.00 10.00

31.50 -16.50 -19.50

(5.70) (8.90) (8.90)

10.00 (15.40) (18.40)

(3.40) 0.30 1.30

12.10 8.70 8.70

8.70 9.00 10.00

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Particulars 2012(1) 2012 (2)

Avg Inventory 91.988 103.998

COGS 826.8 935.9816

Inventory Holding Period 40.6091195 40.55557289

Payables 125 112

Purchases 599.72 683.4151Creditor's Period 76.07716935 59.8172326

Receivables 84.048 94.76

Credit Sales 986.8125 1114.26375

Debtor's Period 31.08748622 31.04058622

Cash Conversion Cycle -4.38056362 11.7789265

Investment in Debtors 70.41954414 79.59840425

Investment in Inventories 91.988 103.998

Supplier's Credit Availed 125 112

WC Requirement 37.40754414 71.59640425

If credit period reduce to 30 days, investment in supplier's credit 49.29205479 56.17110411

WC Requirement 113.1154893 127.4253001

Amount brought in by borrower 28.27887234 31.85632504 min. amt r

Maximum Permissible bank finance 84.83661701 95.56897511

Current Limit 50 50

Additional Required 34.83661701 45.56897511

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quired by him

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2008 2009 2010

Liquidity

Current Ratio 1.223130841 1.335868188 0.897096499

Quick Ratio 0.661214953 0.645120406 0.289923143

interest coverage ratio #DIV/0! 101.3846154 0.5

interst 1.3 6.6

EBIT 72.8 131.8 3.3

gross profit margin 35.16174402 42.53521127 29.40339646

gp 175 407.7 330.7

net sales 497.7 958.5 1124.7

operating profit margin 14.62728551 13.75065206 0.293411576

net profit margin 11.07092626 12.86384977 -0.79132213

net profit 55.1 123.3 -8.9

dbtors collection period ( assumption 2/3rd are credit sales) 40.06189666 41.83153092 26.78591571

avg credit sales 333.459 642.195 753.549

avg debtors 36.6 73.6 55.3

debtors turnover ratio 9.110901639 8.725475543 13.6265642

creditors collection period assumtion 2/3rd are credit purcha #DIV/0! 87.41733337 126.3194969

purchases 0 550.9 584.8

credit purchases 0 369.103 391.816

avg creditors 57.4 88.4 135.6

creditors turnover ratio 0 4.175373303 2.889498525

debt equity ratio 0.198113208 0.416141236 1.47553816

debt 6.3 33 75.4

equity 31.8 79.3 51.1

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2011 scenario 1 scenario 2

0.615357015 0.800117426 0.962277673

0.328310011 0.402994353 0.48

-8.484210526 9.6 13.32380952

9.5 10.5000 10.5000

-80.6 100.8 139.9

27.81175014 37.15751473 37.00000337

359.3 488.9000 549.7035

1291.9 1315.75 1485.685

-6.238872978 7.661029831 9.416531768

-6.200170292 5.342960289 6.960068924

-80.1 70.3000 103.4047

34.74692487 36.84722275 37.78198833

865.573 986.8125 1114.26375

82.4 99.62 115.34

10.5045267 9.905766914 9.660687966

110.2850646 100.3716777 80.07232893

712.8 599.72 683.4151

477.576 400.01324 455.8378717

144.3 110 100

3.30960499 3.636484 4.558378717

-2.944827586 1.694915254 0.900537634

85.4 70 67

(29.00) 41.3 74.4

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RAJDEEP CARPETS

Balance Sheet as at March 31, 2008-2012

Particulars Mar. 2008 Mar. 2009 Mar. 2010 Mar. 2011

Value

% of

total Value

% of

total Value

% of

total Value

Assets

Cash 20 16.60% 28.2 11.69% 12.1 4.03% 8.70Accounts Recievable 36.6 30.37% 73.6 30.51% 55.3 18.44% 82.4

Inventory 48.1 39.92% 109 45.19% 142.2 47.42% 80.0

Other 0.5 0.17% 0.4

Total Current Assets 104.7 86.89% 210.8 87.40% 210.1 70.06% 171.5

Plant and Machinery (net) 11.6 9.63% 24.9 10.32% 47.8 15.94% 40.1

Prepaid Expenses 3.0 2.49% 4.2 1.74% 9.3 3.10% 6.5

Security Deposits 1.1 0.91% 0.8 0.33% 2.3 0.77% 3.8

Staff Loans 0.1 0.08% 0.5 0.21% 30.4 10.14% 36.70Total Assets 120.5 100.00% 241.2 100.00% 299.9 100.00% 258.6

Liabilities

Bank Borrowings 24.0 9.95% 60.8 20.27% 45

Notes payable - other 3.2 2.66% 4.9 2.03% 31.5

Accounts Payable 57.4 47.63% 88.4 36.65% 135.6 45.22% 144.3

Accrued items 0.4 0.33% 1.8 0.60% 10.5

Taxes payable 5.3 4.40% 8.3 3.44% 5.9 1.97% 4.6

Customer deposits 19.3 16.02% 32.2 13.35% 30.1 10.04% 42.8

Total Current Liabilities 85.6 71.04% 157.8 65.42% 234.2 78.09% 278.7

long term debt 3.1 2.57% 4.1 1.70% 14.6 4.87% 8.9

Total liabilities 88.7 73.61% 161.9 67.12% 248.8 82.96% 287.6

Owner's Equity

Capital Stock 60.00 20.01% 60.00Retained Earnings 31.8 26.39% 79.3 32.88% (8.90) -2.97% (89.00)

Net worth 31.8 26.39% 79.3 32.88% 51.1 17.04% (29.00)

Total Liabilities + Net wort 120.5 100.00% 241.2 100.00% 299.9 100.00% 258.6

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Figures in Rs. Lakhs

Scenario1

sept , 2011 Mar. 2012 Mar. 2012

% of

total Value

% of

total Value

% of

total Value

% of

total

3.36% 2.40 0.91% 9 3.297476 10 3.428673 Reasonable level31.86% 73.10 27.67% 84.048 30.79403 94.76 32.49011 average

30.94% 82.60 31.26% 91.988 33.70314 103.998 35.6575 7% of sales

0.15% 0.30 0.11% 0.3 0.109916 0.3 0.10286 kept constant

0

66.32% 158.40 59.95% 185.336 67.90456 209.058 71.67914

0

15.51% 49.90 18.89% 43.5 15.9378 43.5 14.91473 reduced depreciation

2.51% 10.30 3.90% 10.3 3.773778 10.3 3.531534 kept same

1.47% 8.90 3.37% 3.8 1.392268 3.8 1.302896 kept same

14.19% 36.70 13.89% 30 10.99159 25 8.571683 reduced as asked100.00% 264.2 100.00% 272.936 100 291.658 99.99998

17.40% 36.00 13.63% 55 20.15124 55 18.8577 added 25L, reduced 6

12.18% 23.30 8.82% 15 5.495794 12 4.114408 reduced marginally

55.80% 158.00 59.80% 110 40.30249 100 34.28673 25L reduced, used fun

4.06% 3.40 1.29% 3.4 1.245713 3.4 1.165749 Same

1.78% 11.50 4.35% 4.6 1.685377 3 1.028602

16.55% 41.80 15.82% 43.636 15.98763 43.8533 15.03586 Sales

107.77% 274.0 103.71% 231.636 84.86825 217.2533 74.48904

3.44% -

111.21% 274.0 103.71% 231.636 84.86825 217.2533 74.48906

23.20% 60.00 22.71% 60 21.98318 60 20.57204-34.42% (69.80) -26.42% -18.7 -6.85142 14.4047 4.938901

-11.21% (9.80) -3.71% 41.3 15.13175 74.4047 25.51094

100.00% 264.2 100.00% 272.936 100 291.658 100

Scenario 2(15%)

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-107.2

-46.3

-2.8099

s

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Ratio 2008 2009 2010 2011 2012(E1) 2012(E2)

Current Ratio 1.223131 1.3359 0.897 0.6154 0.80012 0.9623Quick Ratio 0.661215 0.6451 0.29 0.3283 0.4 0.48

Net Working Capital -24.1 -107.2 -8.2

Cash Ratio 0.233645 0.1787 0.052 0.0312 0.03885 0.046

Debtors collection period 40.0619 41.832 26.79 34.747 36.8472 37.782

Creditors collection period 87.417 126.3 110.29 100.372 80.072

Inventory Holding Period 65.36 31.31 40.6091 40.556

Ratio 2008 2009 2010 2011 2012(E1) 2012(E2)

debt equity ratio 0.198113 0.4161 1.476 -2.945 1.69492 0.9005

interest coverage ratio #DIV/0! 101.38 0.5 -8.484 9.6 13.324

Particulars 2012 E1 2012 E2

Cash Conversion Cycle -4.38056 11.779

Inventory Holding Period 40.60912 40.556

Creditor's Period 76.07717 59.817

Supplier's Credit Availed 125 112

Ratio 2008 2009 2010 2011 2012(E1) 2012(E2)

Debtors collection period 40.0619 41.832 26.79 34.747 36.8472 37.782

Creditors collection period 87.417 126.3 110.29 100.372 80.072

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