NAME OF THE BORROWER: M/S.

MICHIGAN STONES PRIVATE LIMITED

ANALYSIS OF BALANCE SHEET

(Rs in Lakh) 31.03.12 31.03.13 31.03.14 31.03.15 31.03.16
audited audited audited audited estimated

LIABILITIES

SHARE CAPITAL 80.72 92.62 92.62 92.62 92.62

Share Application Money 0.00 0.00 0.00 0.00 0.00
RESERVES AND SURPLUSES 428.77 521.29 605.78 660.20 755.69

TOTAL -OWN FUNDS 509.49 613.91 698.40 752.82 848.31

DEFERRED TAX LIABILITY 0.00 0.00 0.00 0.25 0.00

CREDITORS FOR CAPITAL WORKS
TERM LOAN FROM FI's
TERM LOAN FROM BANKS 0.00 12.01 11.06 0.00 0.00
SALES TAX DEFERRMENT (IFST)
UNSECURED LOANS-DIRECTORS 0.00 0.00 0.00 0.00 0.00

TERM LIABILITIES 0.00 12.01 11.06 0.25 0.00

BANK BORROWINGS 117.75 132.69 349.12 343.71 350.00

Term loan instalments due within a year 0.00 0.00 0.00 0.00 0.00
SUNDRY CREDITORS(TRADE) 164.64 289.84 767.10 736.13 625.00
LIABILITY FOR EXPENSES 2.17 1.95 16.35 6.71 17.23
ADVANCE FOR SUPPLIERS 98.59 19.38 44.34 42.28 55.00
OTHER CURRENT LIABILITIES
PROVISIONS (INCOME TAX) 16.29 22.71 42.53 26.80 40.93

CURRENT LIABILITIES 399.44 466.57 1219.44 1155.63 1088.16

TOTAL LIABILITIES 908.93 1092.49 1928.90 1908.70 1936.47

ASSETS
GROSS BLOCK 79.14 111.11 114.03 107.84 107.84
DEPN 9.55 19.00 28.52 30.75 39.33
NET BLOCK 69.59 92.11 85.51 77.09 68.51
CAPITAL W-I-P 0.00 0.00 0.00 0.00 0.00

FIXED ASSETS 69.59 92.11 85.51 77.09 68.51

INVESTMENTS & DEPOSITS 0.00 0.00 0.00 0.00 0.00

NON CURRENT ASSETS 1.20 1.60 1.30 1.60 2.15
NON CURRENT ASSETS 1.20 1.60 1.30 1.60 2.15
INVENTORIES 0.00 39.12 62.01 144.17 125.00
DEBTORS 635.87 866.55 1398.61 1401.70 1523.78
CASH & BANK 29.00 21.13 259.00 187.05 137.03
LOANS & ADVANCES 59.95 12.29 10.46 12.25 22.00
OTHER CURRENT ASSETS 113.32 59.69 112.01 84.84 58.00

CURRENT ASSETS 838.14 998.78 1842.09 1830.01 1865.81

MISC EXPENDITURE 0.00 0.00 0.00 0.00 0.00

P&L ACCOUNT
INTANGIBLE ASSETS 0.00 0.00 0.00 0.00 0.00

TOTAL ASSETS 908.93 1092.49 1928.90 1908.70 1936.47

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

ANALYSIS OF PROFIT AND LOSS ACCOUNT
(Rs in Lakh)
31.03.12 31.03.13 31.03.14 31.03.15 31.03.16
audited audited audited audited estimated
INCOME
Gross Sales 2067.72 2970.50 7176.14 5102.31 7500.00
Less Excise duty 0.00 0.00 0.00 0.00 0.00
Net sales 2067.72 2970.50 7176.14 5102.31 7500.00
Other Income 4.37 3.68 5.59 4.48 7.00
variation in stock 0.00 39.12 0.00 0.00 0.00
TOTAL 2072.09 3013.30 7181.73 5106.79 7507.00

EXPENDITURE

MATL CONSUMPTION 1746.16 2509.35 5771.10 4205.25 5765.00

OPERATING EXPENSES 185.72 301.88 925.15 549.96 1150.00
SELLING & ADMN EXP 86.15 117.11 335.39 237.02 412.00
INT & FINANCE CHARGES 2.55 11.23 13.29 22.96 35.00
DEPRECIATION 2.73 6.81 9.52 10.38 8.58
MISC EXPENSES W/O 0.00 0.00 0.00 0.00 0.00
TOTAL 2023.31 2946.38 7054.45 5025.57 7370.58

PROFIT FROM OPERATIONS 48.78 66.92 127.28 81.22 136.42

DEFERRED TAX 0.00 0.00 0.00 0.00 0.00
PROVN FOR TAX 15.84 22.00 42.80 26.80 40.93
PROFIT AFTER TAX 32.94 44.92 84.48 54.42 95.49
B/F from last year
PRIOR YEAR ADJUSTMENTS
PROV FOR DIM IN VALUE OF
Net balance to balance sheet 32.94 44.92 84.48 54.42 95.49
 31.03.12 31.03.13 31.03.14 31.03.15 31.03.16
R A T I O S audited audited audited audited estimated
CAPITALISATION RATIOS
NETWORTH 509.49 613.91 698.40 752.82 848.31
DEBT-EQUITY RATIO 0.00 0.02 0.02 0.00 0.00
TOL:TNW 0.78 0.78 1.76 1.54 1.28
TOL/NET BLOCK 5.74 5.20 14.39 14.99 15.88

COVERAGE RATIOS
FIXED ASSETS/SECURED LT DEBTS (Tim #DIV/0! 7.67 0.00 0.00 0.00
PBDIT/ Interest - Int Cover (Times) 21.20 7.57 11.29 4.99 5.14

LIQUIDITY RATIOS
CURRENT ASSETS 838.14 998.78 1842.09 1830.01 1865.81
CURRENT LIABILITIES 399.44 466.57 1219.44 1155.63 1088.16
NET WORKING CAPITAL 438.70 532.21 622.65 674.38 777.65
CURRENT RATIO 2.10 2.14 1.51 1.58 1.71
LONG TERM SOURCES 509.49 625.92 709.46 753.07 848.31
LONG TERM USES 70.79 93.71 86.81 78.69 70.66
SURPLUS/DEFICIT 438.70 532.21 622.65 674.38 777.65
CASH ACCRUALS 35.67 51.73 94.00 64.80 104.07

PROFITABILITY RATIOS (%)

PBT/NET SALES 2.36 2.25 1.77 1.59 1.82
NET PROFIT/SALES RATIO 1.59 1.51 1.18 1.07 1.27
R.O.C.E.( EQUITY +LT DEBT) 6.47 7.18 11.91 7.23 11.26
RETURN ON NETWORTH 6.47 7.32 12.10 7.23 11.26
RETURN ON TOTAL ASSETS 3.62 4.11 4.38 2.85 4.93

TURNOVER RATIOS
DEBTORS TURNOVER RATIO(Months) 3.69 3.50 2.34 3.30 2.44
CREDITORS VELOCITY (Months) 1.13 1.39 1.60 2.10 1.30
STOCK TURNOVER RATIO(Months) 0.00 0.16 0.10 0.34 0.20
SALES TO TOTAL ASSETS (times) 2.27 2.72 3.72 2.67 3.87
SALES TO FIXED ASSETS (Times) 29.71 32.25 83.92 66.19 109.47
SALES TO INVENTORY (Times) #DIV/0! 75.93 115.73 35.39 60.00
SALES TO SUDRY DEBTORS (Times) 3.25 3.43 5.13 3.64 4.92
Sales to Inventory +Receivables (Times) 3.25 3.28 4.91 3.30 4.55
Inventory+Receivables/Sales (Months) 3.69 3.66 2.44 3.64 2.64

OPERATING RATIO
COST OF MATERIAL TO NET SALES 84.45 84.48 80.42 82.42 76.87
EMPLOYEE COST TO SALES #REF! #REF! #REF! #REF! #REF!
 Senior Manager Chief Manager

Norms for inventory and receivables

(Rs in Lakh)
31.03.12 31.03.13 31.03.14 31.03.15 31.03.16
audited audited audited audited estimated
Raw materials

Indegenous 0.00 0.00 0.00 0.00 0.00

(In months) 0.00 0.00 0.00 0.00 0.00

Imported
(In months) 0.00 0.00 0.00 0.00 0.00

Stock in process
(In months) 0.00 0.00 0.00 0.00 0.00

Finished Goods 0.00 39.12 62.01 144.17 125.00

(In months) 0.00 0.19 0.13 0.41 0.26

Receivables 635.87 866.55 1398.61 1401.70 1523.78

(In months) 3.69 3.50 2.34 3.30 2.44

Average Months 3.69 3.69 2.47 3.71 2.70

Creditors for purchase 164.64 289.84 767.10 736.13 625.00

(in months) 1.13 1.39 1.60 2.10 1.30

Breif Financial Indicators

31.03.12 31.03.13 31.03.14 31.03.15 31.03.16

audited audited audited audited estimated
Sales- Domestic 2067.72 2970.50 7176.14 5102.31 7500.00
Sales- Export 0.00 0.00 0.00 0.00 0.00
Total Sales 2067.72 2970.50 7176.14 5102.31 7500.00
Other Income 4.37 3.68 5.59 4.48 7.00
Total Income 2072.09 2974.18 7181.73 5106.79 7507.00
Growth in sales(%)
Cosumption of raw materials 1746.16 2509.35 5771.10 4205.25 5765.00
Paid up capital 80.72 92.62 92.62 92.62 92.62
Reserves and surplus 428.77 521.29 605.78 660.20 755.69
Net worth 509.49 613.91 698.40 752.82 848.31
Debt :Equity 0.00 0.02 0.02 0.00 0.00
TOL:TNW 0.78 0.78 1.76 1.54 1.28
Total Current Assets 838.14 998.78 1842.09 1830.01 1865.81
 Total current liabilities 399.44 466.57 1219.44 1155.63 1088.16
Actual NWC 438.70 532.21 622.65 674.38 777.65
Current Ratio 2.10 2.14 1.51 1.58 1.71
Net Profit 32.94 44.92 84.48 54.42 95.49
Cash accruals 35.67 51.73 94.00 64.80 104.07
Dividend
Retained Profit 35.67 51.73 94.00 64.80 104.07
Total Long term Funds 509.49 625.92 709.46 753.07 848.31
Total long term uses 70.79 93.71 86.81 78.69 70.66
Surplus /Deficit 438.70 532.21 622.65 674.38 777.65
Debtor's velocity (M) 3.69 3.50 2.34 3.30 2.44
Creditors Velocity (M) 1.13 1.39 1.60 2.10 1.30
Sales/Inventory+Receivables (Times) 3.25 3.28 4.91 3.30 4.55
Interest Coverage Ratio 21.20 7.57 11.29 4.99 5.14

Gist of CMA Data for the proposed working capital facilities

31.03.12 31.03.13 31.03.14 31.03.15 31.03.16

audited audited audited audited estimated

a Sales 2067.72 2970.50 7176.14 5102.31 7500.00

Material cosumption 1746.16 2509.35 5771.10 4205.25 5765.00
Manufacturing Expenses 86.15 117.11 335.39 237.02 412.00
Interest 2.55 11.23 13.29 22.96 35.00
Depreciation 2.73 6.81 9.52 10.38 8.58
Provision for tax 15.84 22.00 42.80 26.80 40.93
Net Profit 32.94 44.92 84.48 54.42 95.49
b Share Capital 80.72 92.62 92.62 92.62 92.62
Reserves and surplus 428.77 521.29 605.78 660.20 755.69
Term liabilities 0.00 12.01 11.06 0.25 0.00
c Short term bank borrowings 117.75 132.69 349.12 343.71 350.00
Other current liabilities 281.69 333.88 870.32 811.92 738.16
Total current liabilites 399.44 466.57 1219.44 1155.63 1088.16
d Total liabilities 908.93 1092.49 1928.90 1908.70 1936.47
e Net fixed assets 69.59 92.11 85.51 77.09 68.51
f Investments/Non current Assets 1.20 1.60 1.30 1.60 2.15
g Current Assets
Inventories 0.00 39.12 62.01 144.17 125.00
Receivables 635.87 866.55 1398.61 1401.70 1523.78
Other current assets 202.27 93.11 381.47 284.14 217.03
TOTAL 838.14 998.78 1842.09 1830.01 1865.81
h Intagible assets 0.00 0.00 0.00 0.00 0.00
I Total assets 908.93 1092.49 1928.90 1908.70 1936.47
j Tangible Networth 509.49 613.91 698.40 752.82 848.31
k Working capital gap 556.45 664.90 971.77 1018.09 1127.65
l Minimum stipulated NWC(25%*(CA-Export 139.11 166.23 242.94 254.52 281.91
m Actual Projected NWC 438.70 532.21 622.65 674.38 777.65
k-l 417.34 498.68 728.83 763.57 845.74
k-m 117.75 132.69 349.12 343.71 350.00
n MPBF(Lesser of k-l & k-m)
Excess finance if any 117.75 132.69 349.12 343.71 350.00
o Current ratio 2.10 2.14 1.51 1.58 1.71
p Total long term sources 509.49 625.92 709.46 753.07 848.31
q Total long term uses 70.79 93.71 86.81 78.69 70.66
r Surplus/ Deficit 438.70 532.21 622.65 674.38 777.65
 31.03.17
Projections

92.62
0.00
873.10

965.72

0.00

0.00

0.00

0.00

500.00
0.00
650.00
18.23
55.00

50.32

1273.55

2239.26

107.84
45.61
62.23 85.51
0.00

62.23

0.00
2.15
2.15
 150.00
1804.63
140.25
22.00
58.00

2174.88

0.00

0.00

2239.26
0.00

0.00

31.03.17
Projections

9000.00
0.00
9000.00
9.00
0.00
9009.00

6995.00 #REF! 140.21 202.07 485.48 351.58

1250.00 #REF! 6.7808988 6.8025585 6.7651969 6.8906045
550.00
40.00
6.28
0.00
8841.28

167.72
0.00
50.32
117.40

117.40
 31.03.17
Projections

965.72
0.00
1.32
20.47

0.00
5.35

2174.88
1273.55
901.33
1.71
965.72
64.38
901.34
123.68

1.86
1.30
12.16
12.16
5.24

2.41
1.12
0.20
4.02
144.62
60.00
4.99
4.60
2.61

77.72
#REF!
 31.03.17
Projections

0.00
0.00

0.00

0.00

150.00
0.26

1804.63
2.41

2.66

650.00
1.12

31.03.17
Projections
9000.00
0.00
9000.00
9.00
9009.00

6995.00
92.62
873.10
965.72
0.00
1.32
2174.88
 1273.55
901.33
1.71
117.40
123.68

123.68
965.72
64.38
901.34
2.41
1.12
4.60
5.35

31.03.17
Projections

9000.00
6995.00
550.00
40.00
6.28
50.32
117.40
92.62
873.10
0.00
500.00
773.55
1273.55
2239.26
62.23
2.15

150.00
1804.63
220.25
2174.88
0.00
2239.26
965.72
1401.33
350.33
901.33
1051.00
500.00

500.00
1.71
965.72
64.38
901.34