CMA Report

of
M/s RAJMISHRA ENTERPRISES
SAMBALPUR

CC LIMIT – 27.00 LACS

PREPARED BY
SANDEEP TIBREWAL
CHARTERED ACCOUNTANT
Lane 1, Hanuman colony
Sambalpur, Odisha – 768001
Mob. No. : +91 9090806070
Email: [email protected]
 Assesment of Working Capital Requirements
Form - II : Opearting Statement (Rs.in Lacs)
As per Profit & Loss Account actuals / estimates for the year ended / ending
2019-20 2020-21 2021-22 2022-23 2023-24
M/s RAJMISHRA ENTERPRISES Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
(2) (3) (4) (5) (6)
1. Gross sales - (i) Domestic sales 209.54 190.25 136.18 170.23 212.79
(ii) Export sales - - - - -
(iii) Other Income 1.89 - - - -
Add other revenue income - - - - -
Total 211.43 190.25 136.18 170.23 212.79
2. Less excise duty - - - - -
Deduct other items - - - - -
3. Net sales(item 1 - item 2) 211.43 190.25 136.18 170.23 212.79
4. % age rise (+) or fall (-) in net sales as compared to
previous year (annualised) -15.66% -10.02% -28.42% 25.00% 25.00%
5. Cost of sales
i) Raw materials(including stores & spares and 209.43 181.87 117.86 160.34 199.46
other items used in the process of manufacture
(a) Imported - - -
(b) Indigenous 209.43 181.87 117.86 160.34 199.46
ii) Other spares - - - - -
(a) Imported - - - - -
(b) Indigenous - - - - -
iii)Power and fuel - - - - -
iv) Direct labour(Factory wages & salary) - - - - -
v) Other mfg. expenses - - - - -
vi) Depreciation 0.65 0.53 0.43 0.38 0.31
vii) SUB-TOTAL (i to vi) 210.08 182.40 118.30 160.72 199.77
viii) Add:Opening stocks-in-process - - - - -
Sub-total 210.08 182.40 118.30 160.72 199.77
ix) Deduct:Closing stocks-in-process - - - - -
x) Cost of Production 210.08 182.40 118.30 160.72 199.77
xi) Add : Opening stock of Finished goods 24.17 33.49 34.62 24.86 27.11
Sub-total 234.25 215.89 152.92 185.58 226.88
xii) Deduct closing stock of Finished goods 33.49 34.62 24.86 27.11 27.28
xiii) SUB-TOTAL (Total cost of sales) 200.77 181.26 128.06 158.47 199.61
Gross Profit 10.66 8.99 8.12 11.76 13.18
6. Selling, general & adm. expenses 4.22 2.52 1.53 1.61 1.69
7. SUB-TOTAL (5+6) 204.99 183.78 129.59 160.08 201.30
8. Operating profit before interest(3-7) 6.44 6.47 6.59 10.15 11.49
9. Interest 2.25 1.71 3.18 3.34 3.51
10.Operating profit after interest(8-9) 4.19 4.76 3.40 6.81 7.98
11. (i) Add other non-operating income
(a) Interest / Discount Received - - - - -
(b) Miscellaneous Income - - - - -
(c) Income from sale of Dolochar
(d) Previous Year Adjustments - - - - -
Sub-total (income) - - - - -
(ii) Deduct other non-operating exp.
(a)Amount written off - - - - -
(b)Other Miscellaneous Expenses - - - - -
(c) Loss on sale of assets - - - - -
Sub-total(expenses) - - - - -
(iii) Net of other non-operating income/expenses - - - - -
12. Profit before tax/loss {10+11(iii)} 4.19 4.76 3.40 6.81 7.98
13. Provision for taxes - - - - -
14. Net profit/loss (12-13) 4.19 4.76 3.40 6.81 7.98
15. (a)Equity dividend paid - amt ( already paid + b.s.prov.) - - - - -
(b) Dividend Rate 0% 0% 0% 0% 0%
16. Retained profit (14-15) 4.19 4.76 3.40 6.81 7.98
17. Retained profit/Net profit (% age) 100% 100% 100% 100% 100%
 FORM - III
ANALYSIS OF BALANCE SHEET (AMOUNT IN : Rs. in Lacs)
M/s RAJMISHRA ENTERPRISES
LIABILITIES 2019-20 2020-21 2021-22 2022-23 2023-24
Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
CURRENT LIABILITIES (2) (3) (4) (5) (6)
1.Short-term borrowings from banks(incld.bills purchased
discounted & excess borrwoing placed on repayment basis)
(i) From applicant bank CCSDL - - - - -
(ii) From applicant banks 7.88 26.87 27.00 27.00 27.00
(iii) (of which BP & BD) - - - - -
Sub total (A) 7.88 26.87 27.00 27.00 27.00
2. Short term borrowings from others - - - - -
3. Sundry creditor (Trade) 17.80 3.39 3.23 3.34 4.16
4. Advance payments from customers/dep. from dealers - - - - -
5. Provision for taxation - - - - -
6. Creditors for capital goods - - - - -
7. Other statutory liabilities (due within one year) - - - - -
8. Deposits/Instalments of term loans/DPGs/Debentures, etc. - - - - -
(due within one year)
9. Other current liabilities & provisions (due in 1yr.) - - - - -
(Specify major items)
a. Creditors for Services & Exps. - - - - -
b. Other Current Liabilities & provisions - - - - -
c. Other Current Liabilities (Chq Issu but not Presented) - - - - -
Other Current Liabilities [Sub-total (B)] 17.80 3.39 3.23 3.34 4.16
10. Total Current Liabilities( total of 1 to 9 excl 1(iii)) 25.68 30.26 30.23 30.34 31.16
TERM LIABILITIES
11.Debentures (not maturing within 1 yr.) - - - - -
12.Prefrence shares(redeemable after1yr.) - - - - -
13.Term loans(excld instalments payable within 1 yr.) - - - - -
14.Deferred Payment Credit excluding instt.due within 1 yr.) - - - - -
15.Unsecured Loans (repayable after 1 yr.) - - - - -
16.Other term liabilities(Advances from Customers) - - - - -
17. TOTAL TERM LIABILITIES - - - - -
17(a). Inter Unit Balance - - - - -
18. Total Outside Liabilities(item 10 +17) 25.68 30.26 30.23 30.34 31.16
NET WORTH
19.Ordinary share capital 27.86 30.55 33.81 34.21 35.03
20.General Reserve - - - - -
21. Deposit from Directors & Shareholders - - - - -
22.Other reserves(excluding provisions) - - - - -
23.Surplus(+) or deficit(-) in P&L account 4.19 4.76 3.40 6.81 7.98
23(a).Others - Drawings (1.50) (1.50) (3.00) (6.00) (7.00)
23(b). Investment Allowance Reserve - - - - -
24. NET WORTH 30.55 33.81 34.21 35.03 36.01
25. TOTAL LIABILITIES 56.23 64.07 64.44 65.37 67.16
 FORM - III (Continued)
ANALYSIS OF BALANCE SHEET (AMOUNT IN : Rs.in lacs)
M/s RAJMISHRA ENTERPRISES
ASSETS 2019-20 2020-21 2021-22 2022-23 2023-24
Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
CURRENT ASSETS (2) (3) (4) (5) (6)
26.Cash and bank balances 6.47 5.24 5.82 11.22 4.04
27.Investments(other than long term investments) - - - - -
(i) Fixed Deposits( LC,BG,Margin ) - - - - -
(ii)Other Fixed deposits with bank - - - - -
28.(i) Receivables other than defered & export 11.64 21.14 15.13 21.28 30.40
( including bills purchased and dicounted by banks) - - - - -
(ii)Export receivables(incld bills purchased & dis.by bank) - - - - -
29.Instalments of deferred receivables(due within 1 yr.) - - - - -
30.Inventory: 33.49 34.62 24.86 27.11 27.28
(i) Raw materials(including stores & other items - - - - -
used in the process of manufacture)
a)Imported - - - - -
b)Indigenous - - - - -
(ii) Stocks-in-process - - - - -
(iii)Finished goods 33.49 34.62 24.86 27.11 27.28
(iv) Other consumable spares - - - - -
a)Imported - - - -
b)Indigenous - - - - -
31.Advances to suppliers of raw materials - - - - -
32.Advance payment of taxes - -
33.Other current assets - - - - -
- Deposits - - - - -
- Others ( ) - - - - -
34. TOTAL CURRENT ASSETS(total of 26 to 33) 51.60 61.01 45.81 59.62 61.72
FIXED ASSETS
35.Gross Block(land & building,machinery,work-in-process) 4.25 3.59 3.06 2.63 2.25
36.Depreciation to date 0.65 0.53 0.43 0.38 0.31
37. NET BLOCK (35-36) 3.59 3.06 2.63 2.25 1.95
OTHER NON-CURRENT ASSETS
38.Investments/book debts/adv./deposits which are not 1.04 - 16.00 3.50 3.50
Current Assets
(i) a)Investments in subsidiary companies/affiliates - - - - -
b)Others (amount enmarked for future expansion) - - - - -
(ii)Advances to suppliers of capital goods & contractors - - - - -
(iii)Inter unit A/c. - - - - -
(iv)Others-Debtors >6 months - - - - -
-Security deposit 1.04 - 16.00 3.50 3.50
-Any other Non-Current deposits - - - - -
39.Non-consumables stores & spares - - - - -
40.Other non-current assets incl.dues from directors - - - - -
41. TOTAL OTHER NON-CURR.ASSETS 1.04 - 16.00 3.50 3.50
42.Intangible assets(patents, goodwill, prelim. exp. - - -
bad/doubtful expenses not provided for, etc.) - - - - -
43. TOTAL ASSETS (34+37+41+42) 56.24 64.07 64.44 65.37 67.16
44. TANGIBLE NET WORTH (24-42) 30.55 33.81 34.21 35.03 36.01
45. NET WORKING CAPITAL(17+24)-(37+41+42) : 25.92 30.75 15.59 29.28 30.56
46. Current Ratio 2.01 2.02 1.52 1.96 1.98
47. Total Outside Liabilities/ Tangible Net Worth 0.84 0.89 0.88 0.87 0.87
48. Total Term Liabilities/Tangible Net Worth - - - - -
 FORM - IV
Comparative statement of Current assets & Current Liabilities ( Amount in lacs )
M/s RAJMISHRA ENTERPRISES As per Balance sheet as at
I. CURRENT ASSETS 2019-20 2020-21 2021-22 2022-23 2023-24
Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
(2) (3) (4) (5) (6)
1.Raw materials including stores & other items used in
the process of manufacturing
(a) Imported : Amount - - - - -
: Month's consumption - - - - -
(b) Indigenous : Amount - - - - -
: Month's consumption - - - - -
2. Other consumable spares, excldg. those included in(1) above
(a) Imported : Amount - - - - -
: Month's consumption - - - - -
(b) Indigenous : Amount - - - - -
: Month's consumption - - - - -
3. Stocks-in-process : Amount - - - - -
: Month's cost of production - - - - -
4. Finished goods : Amount 33.49 34.62 24.86 27.11 27.28
: Month's cost of Sales (2.00) (2.29) (2.33) (2.05) (1.64)
5. Receivables other than export & defered receivables
( Incldg. bills purchased & discounted by bank)
: Amount 11.64 21.14 15.13 21.28 30.40
: Month's Domestic Sales( includg. defered payment sales) (0.50) (1.33) (1.33) (1.50) (1.71)
6. Export receivables(incldg. bills purchased & disc.)
: Amount 0.00 0.00 0.00 0.00 0.00
: Month's export Sales - - - - -
7. Advance to suppliers of materials & stores/spares,consumables 0.00 0.00 0.00 0.00 0.00
: Month's consumption - - - - -
8. Other current assets includg. cash & bank balances & defered 6.47 5.24 5.82 11.22 4.04
receivables due within one year(speciy major items)
: Cash & bank balances 6.47 5.24 5.82 11.22 4.04
: Investment except long-term investment of def. receivales 0.00 0.00 0.00 0.00 0.00
: Others 0.00 0.00 0.00 0.00 0.00
9. TOTAL CURRENT ASSETS 51.60 61.01 45.81 59.62 61.72
II. CURRENT LIABILITIES
(Other than bank borrowing for working capital)

10. Creditors for purchase of raw materials,stores & consumable

spares : Amount 17.80 3.39 3.23 3.34 4.16
: Month's purchase (1.02) (0.22) (0.33) (0.25) (0.25)
11. Advance from customers - - - - -
12. Statutory liabilities - - - - -
13. Other current liabilities-specify major items
a) S T borrowings-others - - - - -
b) Dividend payable - - - - -
c) Instalments of TL, DPS & public deposits - - - - -
d) Other current liabilities & provisions - - - - -
14. TOTAL 17.80 3.39 3.23 3.34 4.16
 FORM - V
Computation of Assessed Bank Finance for Working Capital (Rs.in Lacs)
As per Balance sheet as at
2019-20 2020-21 2021-22 2022-23 2023-24
M/s RAJMISHRA ENTERPRISES Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
(2) (3) (4) (5) (6)
ASSESSED BANK FINANCE
1. Total current assets 51.60 61.01 45.81 59.62 61.72
2. Other current laibilities(other than bank borrowing) 17.80 3.39 3.23 3.34 4.16
3. Working capital gap 33.80 57.62 42.59 56.28 57.56
4. Net working capital 25.92 30.75 15.59 29.28 30.56
5. Assessed Bank Finance 7.88 26.87 27.00 27.00 27.00
6. NWC to Total Current Assets % 50.24 50.40 34.02 49.11 49.52
7. Bank Finance to TCA % 15.27 44.05 58.93 45.29 43.75
8. Sundry Creditors to TCA % 34.49 5.55 7.04 5.60 6.73
9. Other Current Liability to Total Current assets % 0.00 0.00 0.00 0.00 0.00
10. Inventory to Net Sales ( Days ) 44 66 67 58 47
11. Receivables to Gross Sales ( Days ) 15 41 41 46 52
12. Sundry Creditors to Purchases ( Days ) 31 7 10 8 8
FORM - VI FUND FLOW STATEMENT (Rs.in lacs)
As per Balance sheet as at
2019-20 2020-21 2021-22 2022-23 2023-24
M/s RAJMISHRA ENTERPRISES Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
(2) (3) (4) (5) (6)

1. SOURCES
a) Net profit (after tax) 4.19 4.76 3.40 6.81 7.98
b) Depreciation 0.65 0.53 0.43 0.38 0.31
c) Increase in capital 2.31 2.69 3.26 0.40 0.81
d) Increase in term liabilities,including public deposits 0.00 0.00 0.00 0.00 0.00
e) Decrease in : i ) Fixed assets 0.82 0.65 0.53 0.43 0.38
ii) Other non-current assets 0.00 1.04 0.00 12.50 0.00
f) Others 0.00 0.00 0.00 0.00 0.00
g) TOTAL 7.98 9.67 7.62 20.53 9.48
2. USES
a) Net loss
b) Decrease in term liabilities,including public deposits 0.00 0.00 0.00 0.00 0.00
c) Increase in : i ) Fixed asset 0.00 0.00 0.00 0.00 0.00
ii ) Depreciation adjustment 0.82 0.65 0.53 0.43 0.38
iii) Other non-current assets 0.47 0.00 16.00 0.00 0.00
d) Dividend payment 0.00 0.00 0.00 0.00 0.00
e) Others 3.81 4.19 6.26 6.40 7.81
f) TOTAL 5.11 4.84 22.79 6.84 8.19
3. Long term surplus / deficit 2.87 4.83 (15.16) 13.69 1.29
4. Increase / Decrease in current assets* 3.88 9.40 (15.19) 13.80 2.10
(as per details given below)
5. Increase / Decrease in current liabilities 17.80 (14.41) (0.16) 0.11 0.82
other then bank borrowings
6. Increase / Decrease in working capital gap (13.92) 23.82 (15.03) 13.69 1.29
7. Net surplus(+) / deficit(-) 16.79 (18.99) (0.13) 0.00 0.00
8. Increase / Decrease in Bank borrowings (16.79) 18.99 0.13 - -
INCREASE / DECREASE IN NET SALES -39.26 -21.18 -54.07 34.05 42.56
*Break-up of (4) 0.00 0.00 (0.00) 0.00 0.00
i ) Increase / decrease in Raw materials - - - - -
ii ) Increase / decrease in Stock -in-process - - - - -
iii ) Increase / decrease in Finished goods 9.32 1.14 (9.76) 2.25 0.16
iv) Increase / decrease in Receivables (a) Domestic (7.57) 9.50 (6.01) 6.15 9.12
(b) Export - - - - -
v ) Increase / decrease in Stores & spares - - - - -
vi) Increase / decrease in Other current assets 2.14 (1.23) 0.58 5.40 (7.18)
3.88 9.40 (15.19) 13.80 2.10
 Assesment of Working Capital Requirements
Financial Indicators
2019-20 2020-21 2021-22 2022-23 2023-24
M/s RAJMISHRA ENTERPRISES Actual Actual Actual Estimated Projected
Actual Actual Actual Year-Projec. Year-Projec.
(2) (3) (4) (5) (6)
1. Net Sales 211.43 190.25 136.18 170.23 212.79
1.a. Operating Profit 6.44 6.47 6.59 10.15 11.49
2. Profit Before Tax 4.19 4.76 3.40 6.81 7.98
2.a. PBT / Net sales( % ) 1.98 2.50 2.50 4.00 3.75
3. Profit After Tax 4.19 4.76 3.40 6.81 7.98
4. Paid Up Capital 27.86 30.55 33.81 34.21 35.03
4.a. Cash Accruals 4.84 5.29 3.84 7.19 8.29
5. Tangible Net Worth 30.55 33.81 34.21 35.03 36.01
6. Total Outside Liability 25.68 30.26 30.23 30.34 31.16
7. TOL / TNW 0.84 0.89 0.88 0.87 0.87
7.a. Adjusted TNW 30.55 33.81 34.21 35.03 36.01
7.b. TOL / Adj. TNW 0.84 0.89 0.88 0.87 0.87
8. Total Current Assets 51.60 61.01 45.81 59.62 61.72
8.a. Total Tangible Assets 56.24 64.07 64.44 65.37 67.16
9. PBT / TTA ( % ) 7.45% 7.43% 5.28% 10.42% 11.89%
10. Operating Expenses 204.99 183.78 129.59 160.08 201.30
11. Operating Expenses / Net Sales ( % ) 96.95% 96.60% 95.16% 94.04% 94.60%
12. Cost Of Sales / Net sales ( % ) 94.96% 95.28% 94.04% 93.09% 93.80%
13. Depretiation 0.65 0.53 0.43 0.38 0.31
14. Interest 2.25 1.71 3.18 3.34 3.51
15. Net Working Capital 25.92 30.75 15.59 29.28 30.56
17. Inventory + Receivables 45.13 55.76 39.99 48.39 57.68
18. Assessed Bank Finance 7.88 26.87 27.00 27.00 27.00
19. PBDIT 7.10 6.99 7.02 10.53 11.80
20. PBDIT / Intt. 3.15 4.10 2.21 3.15 3.36
21. PBDIT / TTA 12.62 10.92 10.89 16.11 17.57
22. Purchases 209.43 181.87 117.86 160.34 199.46
23. Sundry Creditors 17.80 3.39 3.23 3.34 4.16
24. TOL / TNW 0.84 0.89 0.88 0.87 0.87
25. CA /CL 2.01 2.02 1.52 1.96 1.98
26. Bank Finance / TCA ( % ) 15.27 44.05 58.93 45.29 43.75
27. Gross Sales / Total Current Assets 4.10 3.12 2.97 2.86 3.45
28. Operating Profit / Net Sales ( % ) 3.05 3.40 4.84 5.96 5.40
29. Operating Profit / TTA ( % ) 11.46 10.09 10.22 15.53 17.11
30. Operating Profit / TNW ( % ) 21.09 19.12 19.25 28.99 31.92
31. Operating Profit / Gross Fixed Assets( % ) 151.77 179.98 214.92 386.19 510.48
EFFICIENCY RATIOS
1. Net Sales to TTA ( times) 3.76 2.97 2.11 2.60 3.17
2.PBT to TTA ( % ) 7.45 7.43 5.28 10.42 11.89
3. Operating costs to sales ( % ) 96.95 96.60 95.16 94.04 94.60
4. Bank Finance to TCA ( % ) 15.27 44.05 58.93 45.29 43.75
5. Inventory +Receivables to net sales ( days)59 107 107 104 99

A. Assessed Bank Finance 7.88 26.87 27.00 27.00 27.00

B. CA /CL 2.01 2.02 1.52 1.96 1.98
C. TOL / TNW 0.84 0.89 0.88 0.87 0.87
D. PBDIT / Intt. 3.15 4.10 2.21 3.15 3.36
E. Net Profit / Net Sales ( % ) 1.98 2.50 2.50 4.00 3.75
F. (PBDIT / TTA) ROCE 12.62 10.92 10.89 16.11 17.57
G. (Inventory + Receivable)/Net Sales ( days59
) 107 107 104 99
F. PBDIT / N. Sales 3.36 3.68 5.16 6.19 5.55