Articulation of FS Megha

8/12/2019 Articulation of FS Megha

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Income Statement

31 Mar'2012 31 Mar'2013 31 Mar'2014 31 Mar'2015 31 Mar'2016 31 Mar'2017

REVENUES 10,000 10,600 11,236 11,910 13,339 14,940

COGS 4,500 4,812 5,143 5,426 6,026 6,698

Gross Profit 5,500 5,788 6,093 6,484 7,313 8,242

SG& A 2,000 2,226 2,360 2,322 2,601 2,913EBITDA 3,500 3,562 3,734 4,162 4,712 5,328

D&A 1,000 950 1,105 1,245 1,120 1,233

EBIT (op.Income) 2,500 2,612 2,629 2,917 3,592 4,095

INTEREST 1,200 1,368 1,411 1,450 1,288 1,359

PBT 1,300 1,244 1,218 1,467 2,304 2,736

TAX 455 435 426 514 807 958

Net Income 845 809 791 954 1,498 1,779

Dividend paid 0 0 0 95 225 356


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CASH FLOW STATEMENT

31 Mar'2012 31 Mar'2013 31 Mar'2014

CASH FLOW FROM OPERATING ACTIVITIES

net income as in IS 809 791

Add interest expenses 1,368 1,411

Add depreciation 950 1,105Add/Less change in Non cash working capital 61 9

3,187 3,317

CASH FLOW FROM INVESTING ACTIVITIES

capex 0 -5000

Investments/acquisitions 0 0

0 -5000

CASH FLOW FROM FINANCING ACTIVITIES

Equity share capital 0 0

Equity sec premium 0 0

DIVIDENDS PAID 0 0 0

debts raised/ repaid -1200 1920

interest paid -1368 -1411

-2568 509

Cash movement during the year 619 -1,174

cash balance at start of year 4,892 5,511

cash balance at the end of year 4,892 5,511 4,337


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31 Mar'2015 31 Mar'2016 31 Mar'2017

954 1,498 1,779

1,450 1,288 1,359

1,245 1,120 1,233-14 -31 -72

3,634 3,875 4,299

0 0 -4500

0 0 0

0 0 -4500

0 0 0

0 0 0

-95 -225 -356

-1272 2855 -1430

-1450 -1288 -1359

-2817 1343 -3145

816 5,217 -3,346

4,337 5,153 10,371

5,153 10,371 7,025


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Statement Of Financial Position

31 Mar'2012 31 Mar'2013 31 Mar'2014 31 Mar'2015

Assets

Current Assets

Cash 4,892 5,511 4,337 5,153

A/c Receivables 278 203 185 196Inventories 415 435 451 461

Total Current Assets 5,585 6,150 4,973 5,810

Net block of Non-current Assets 9,500 8,550 12,445 11,201

Total Asets 15,085 14,700 17,418 17,011

Liabilities & Equity

Current Liability

Current protion of LTD 1,200 1,080 1,272 1,145

A/C payables 154 160 167 173

O/s Expenses 40 40 40 40

Total current Liabilities 1,394 1,280 1,479 1,358

Non current portion of LTD 10,800 9,720 11,448 10,303

Equity

Sh. Capital 30 30 30 30

Sec. Premium/Add paid in capital 300 300 300 300

Retained Earnings 2,561 3,370 4,161 5,019

Total equity 2,891 3,700 4,491 5,349

Total equity & Liability 15,085 14,700 17,418 17,011

SFP CHECK 0 0 0 0

Non cash working capital 499 438 429 443

change in non cash working capital -61 -9 14


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RATIOS

31 Mar'2012 31 Mar'2013 31 Mar'2014 31 Mar'2015 31 Mar'2016

Profitability

Gross Margin 55.00% 54.60% 54.23% 54.44% 54.82%

EBITDA Margin 35.00% 33.60% 33.23% 34.94% 35.32%

EBIT Margin 25.00% 24.64% 23.40% 24.49% 26.93%Net Margin 8.45% 7.63% 7.04% 8.01% 11.23%

Liquidity

Current Ratio 28.79 30.72 24.07 27.25 50.26

Quick ratio 26.65 28.55 21.89 25.09 47.94

COVERAGE

INTEREST COVERAGE RATIO 2.92 2.60 2.65 2.87 3.66

DEBT SERVICE COVERAGE 1.27 1.28 1.23 1.41 1.44


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31 Mar'2017

55.16%

35.66%

27.41%11.91%

34.30

31.80

3.92

1.65


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31 Mar'2012 31 Mar'2013 31 Mar'2014 31 Mar'2015

Revenues Growth (y-o-y) 6.00% 6.00% 6.00%

COGS change of New Sales 52% 52% 42%

SG& A on sales 21% 21% 19.50%

Dep rate (WDV) 10%capital exp. 5000

debt repayment on year's opening bal 10%

debt raised 3000

interest rate, if ICR is less than 3.5 x 12%

interest rate, if ICR is more than 3.5 x 10%

D/P ratio 10%

creditor to increase by 4% 4% 4%

inventory days 33 32 31

debtor days 7 6 6

tax rate 35%


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31 Mar'2016 31 Mar'2017

12.00% 12.00%

42% 42%

19.50% 19.50%

4500

4000

15% 20%

4% 4%

31 31

5 5


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WORKING NOTE OF DEPRECIATION

31 Mar'2012 31 Mar'2013 31 Mar'2014

DEPRECIATION SCHEDULE

OPENING BLOCK OF ASSETS 9,500 8,550

ADDITIONS 0 0 5000

DEPRECIATION 950 1105CLOSING BLOCK OF ASSETS 9,500 8,550 12,445

DEBT AND INTEREST

OPENING DEBT 12000 10800

DEBT RAISED 0 0 3000

DEBT REPAID 1200 1080

CLOSING DEBT 12000 10800 12720

Average debt 11400 11760

interest @10 % 1140 1176

interest @12 % 1368 1411

ICR 3.12 3.17

Interest expenses 1,368 1,411

interest coverage ratio , do consider EBITDA intead of EBIT , AS IT IS THE ACTUAL CASH PROFIT B


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31 Mar'2015 31 Mar'2016 31 Mar'2017

12,445 11,201 10,080

0 0 4500

1244.5 1120.05 1233.04511,201 10,080 13,347

12720 11448 14303 12873

0 4000 0 0

1272 1145 1430 1287

11448 14303 12873 11586

12084 12876 13588

1208 1288 1359

1450 1545 1631

3.44 3.66 3.92

1,450 1,288 1,359

FORE DEP, WHICH HAS NO AFFECT ONCASH

Articulation of FS Megha

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