Professional Documents
Culture Documents
To start off any business, certain requirements are to be fulfilled which can be broadly classified
into two as:
1) Mandatory Requirements
2) Statutory Requirements
The Mandatory Requirements and the Documentary evidences needed for each are: Mandatory Requirements
Documentary Evidences
2) Power Allocation
3) Water Connection
Unit Visits
Declaration
Copy of Partnership Deed
Joint Venture Agreement
Memorandum and Articles of
association
Certificate of Commencement of
Business (Not applicable to Pvt Ltd Co)
21
The Statutory requirements and the documentary evidences needed for each are: Statutory Requirements
Documentary Evidences
Copy of license
Copy of license
Copy of license
Copy of license
Copy of license
Copy of license
Copy of license
21
_______________________________________________________________________
Educational Institutions:
_______________________________________________________________________
Loans to
Requirements
Medical
- Technical Education(AICTE)/
Affiliation to the University of the State.
- Government Approval
4) Nursing
21
In order to ensure that the activity proposed is an approved one by the law of the land, license
from Local body of Administration like Panchayat/Municipality/Corporation is a must.
Benefits of the Exercises - Apart from the confirmation that the activity is an approved one by
the Local authority, we can check the name of the applicant, the constitution, Address,
activity permitted and the period, from the license.
3.
Statutory Requirements
a)
Every activity/ resulting in sale has to be registered with the Sales tax and Central
Sales tax authorities, such copy of the ST/CST registration has to be obtained as applicable.
b)
c)
In case of manufacturing of medicines, Licenses from Drug Controller and Excise
Dept. are required. Drug license is also required for sales.
d)
In case of food, License from food Inspector of the local body is a must.
e)
In case of Manufacturing industries, the pollution control Board is the only authority to
decide which is the polluting and which is the non-polluting activity. As such, all manufacturing
industry should have the NOC /License from the pollution control Board.
There are Export processing zones, District Industrial Areas, autonomous bodies like Noida and
Okhala where there is a separate pollution control licensing authority, NOC is to be taken from
the pollution Board of the industrial areas/autonomous bodies too.
f) In case of the number of employees are more than ., Provident fund contribution and
Employees State Insurance (ESI) are compulsory.
21
Benefit of the exercises - It can be found out that how long the unit is functioning, the name,
address, constitution and the activity.
General :
In addition, copies of partnership, memorandum and articles of Association, Certificate of
incorporation, certificate of commencement of business, SSI registration etc. are to be
obtained wherever applicable.
If it is a running concern, financials for the last 3 years, audited one in case of turnover is above
40 lakhs, along with the sales tax assessment order, if not available, copies of annual S.T. return
filed to be obtained. If the profit shown in the P&L a/c is more than taxable level, copies of IT
returns filed also to be obtained.
While the ST assessment/copies of returns would confirm the sales turnover, the IT return will
confirm the profit.
Only after obtaining these documents and making a market study of the
proposed activity and its feasibility one should venture into the analysis of balance sheet
leading to credit decision.
Simple Analysis of Balance sheet - A statement showing sources
and uses of fund on a given date
Source/Liabilities :
1) Current Liability/Working capital
Apart from the equity and long term source of fund, there is another component in source of
fund which is demand in nature, to be repaid as and when demanded, like loans from friends,
loans from Banks, cost of goods purchased on credit, the salary to be paid, the audit fee
payable and tax collected but not remitted at the Treasury etc. These are the sources out of
which current assets are created, so as a whole can call these as working capital, not the Bank
finance alone.
2) Deffered Liability Loans from close relatives, and financial Institutions which are
repayable not in the near future, say not earlier than one year can be classified under this.
This is also known as debt.
The owners fund together with the debt known as long-term source of fund.
As per the credit policy of the Bank, the proportion of debt and equity which is Technically
called as debt equity ratio is to be 2:1 i. e. the debt can be 2 times of the equity/capital/own fund.
Chartered Accountants treat a threefold debt position as satisfactory wherein the debt equity ratio
is 3:1 i.e. the debt can be 3 times of equity/capital/own funds.
3) Total Outside Liabilities: Excluding capital, all other liabilities like current and deferred put
together is known as Total outside liabilities which should not exceed 4:1 is outside liabilities.
Can be 4 times of owned funds.
21
4) Own fund - Which is also known as owners fund or equity or capital which is ideally 20%
of the balance sheet size in case of lending under turnover method and 25% under second
method..
Summary
To sum up, the left hand side of the balance sheet, known as the Liability side, is the sources of
fund. Since all these amounts including the capital is payable by the unit either on demand on or
later date., these are called liabilities.
Uses/Assets The other side of the Balance sheet i. e. the right hand side shows how the
liabilities are used for the conduct of the activity. When the unit holds anything in its
name, it is known as their Assets which can be divided into three categories current
assets, fixed assets and intangible assets.
1) Current Assets / Working Capital
All the current assets are uses of working capital i.e. current liabilities. The current assets consist
of cash and bank balances, stock, book debts, advance paid towards supply etc. which are
recycled in the day to day activities of the business keeping the business active, continuing and
capable of meeting the current liabilities at any time by disposal of the Assets. In a
healthy/ideal situation, the current assets creations has to be from the current liability, along with
the margin from long-term sources of fund.
2) Fixed Assets
Consist of that assets which are not meant for sale/not recycled in the normal course, it
facilitates the activity/recycling. It may be the Land and Building from where the unit is
operating, may be the furnitures and fixtures which facilitate to function the Office/show room,
may be machineries which facilitates the production, may be the vehicles which facilitates the
movement of products, business canvassing and official use of the owners etc. etc. In any case,
these are fixed with the unit, not offered for sale or not recycled in the ordinary course of
business.
3) Intangible assets - are the assets of which presence cannot be counted, felt or can be taken
out and liquidated. These are the amounts which are not written off or adjusted to the profit
and loss a/c fully in the concerned financial year at a stretch because of the constrains on
profitability but would be adjusted over years according to the profitability. The examples are
the preliminary and pre-operative expenses incurred, heavy advertisement expenses in the first
year of operation, goodwill paid while taking over a good company, accumulated loss etc., But
while calculating the net worth, these are to be set off/deducted from the equity.
Current ratio/Liquidity Ratio : When current liabilities are used for creation of current assets,
Naturally the current assets equal to current liabilities. Hence, in arithmetical terms, when we
divide current assets by current liabilities, the answer would be 1:1. The satisfactory current ratio
is 1.25:1 under turnover method, 1.33:1 in second method indicative of flow of funds from long
term sources to current asset creation.
21
Working Capital
Working capital is reflected in the balance sheet by items of CURRENT ASSETS and
CURRENT LIABILITIES, the items which are constantly changing their forms cash to raw
material, raw material to semi finished goods, semi finished goods to finished goods, finished
goods to cash or receivables and receivable to cash, Bank finance/ cash for payment of Trade
creditors, loan creditors etc. To sum up, working capital is component in the Balance Sheet
which cycles and cycles continuously to keep the activity alive, just like the blood circulate in
human body.
One school of thought identify current assets along with the current Liabilities as working
capital where as other school of thought identify the excess of current assets over the current
liabilities as working capital.
We may call the identification of Ist school of thought as GROSS WORKING CAPITAL and
the other schools identification as NET WORKING CAPITAL.
Why the Net working capital cannot be called as capital
The Net working capital is the excess of the Current Assets over the Current Liability which is
the result of a flow of fund from a source other than the current liability. It can be by way of
term loans, loans from close relatives, future liability in Kuries which need not be repaid within
the current year, say 12 months; or loans from partners/Directors etc. It also can be from the
own fund which is called capital or equity. We call these source as long term source. In
other words, long term source of fund can be from kuri auction, loans from close
relatives/Directors/Partners/term loans/ capital.
As per the norms, nowhere it stipulates that the margin/net working capital should be from
capital. The only stipulation is that it should be from the long term source of fund repayable on a
phased manner preferably from the internal generation of fund i.e, is repayable from profit, not
from disposal of current assets. The long term source of funds other than the own fund is known
as DEBT.
Since the networking capital/margin can be either/or both from long term source of fund as well
as from the capital, the source to be identified, and to be confirmed that there is
minimum contribution from capital/equity and the debt equity ratio is within the permitted level
of 2:1.
Why the Capital : In order to ensure partys stake in the business which would be the driving
force to conduct the activity in a responsible and profitable way, from time immemorial, capital
is insisted.
Apart from that current liabilities are expected to be met out from the disposal of current assets,
in ideal situation. But in an adverse situation, the current assets may fetch a lesser value and it
may not be possible to meet the current liabilities out of current assets alone wherein the
capital acts as a margin or cushion to support, and hence the compulsion for capital.
21
While debt is the long term source of fund which is an outside liability which need not repay
currently or immediately, generally to be met out of profit. Capital is a liability to self which is
the last one to be met out.
DEBT EQUITY RATIO : Though the margin/net working capital is suggested from long term
source, to ensure a healthy contribution from the party, as per the credit policy, the debt equity
ratio is stipulated at 2:1 which means the debt can be two fold of the equity or when the debt is
divided by equity, result should not be more than 2, which means capital should be of a
minimum of 6.66% and long term source should be 13.34% out of 20% under turn over
method whereas minimum capital requirements under second method is at 8.33% and 16.67%
out of 25%.
2:1 of 20% - Turn over method
20% x 1 : 6.66%
3
20% x 2 : 13.34%
3
-----------Total
20.00%
=======
Current Assets
-----------------100
50
165
---------315
Stock
Receivable
Other C.A.
21
310
50
10
-------370
Capital
Grand Total
55
370
=====
25% of the working capital gap
Current ratio
= 370
315
------370
======
= 370 [315-165]x 25 : 55
100
==
= 1.17:1
Current Assets
------------------Stock in Trade
: 310.00
Receivable
50.00
Other C.A.
10.00
100.00
50.00
127.50
277.50
370.00
---------------Capital
92.50
--------Grand
Total
370.00
370.00
======
======
25% of the current assets as capital/Long-Term source = 370 x 25 = 92.50.
100
The bank finance is suggested at arriving the difference between the current assets [current
liabilities + capital ] i.e. 370 [100+50 +92.50] = 127.50
It can be seen that with higher capital position of 92.50, outside liability was reduced to 277.50
from 315 where the current ratio is at a higher side = 370.00 = 1.33:1
277.50
Margin in percentage terms 92.50 x 100 = 25% .
370
IIIrd method
Then came another suggestion recommending a still higher margin, the method was known as
3rd method, wherein it was suggested that the core current asset is to be created out of capital/
Long Term source of fund.
21
Ex: The stock in Trade which is the core assets, is to be met out of the capital. Since this is not
at all practical, the method was not at all accepted.
Turn over method : The scarcity of capital compelled the borrowers to represent against the
second method and as a via media between the second method and Ist method, a new method
was suggested based on the turnover of the business which is named as Turnover Method.
Taking the normal business cycle at 4 times, th of the total turnover or 25% of the total
turnover is assumed as the working capital requirement under this method. Out of which 5%
of the requirement or 1/5th to be met out of capital, 20% of the requirement or 4/5 th to be met
out of current Liabilities including Bank finance.
Illustration
For a unit with a turn over of Rs. 1,480/-. The working capital requirement works out to
Rs.370/- being the 25% or th of the total turnover. Out of which 5% of Rs.1480 [or 1/5 th ]
i.e. Rs. 74/- should be brought in as capital and 20% of or 4/5 th Rs.1,480/- i.e. Rs.296/- is to be
met out of current liabilities including Bank finance.
Current Liabilities
Trade creditors
Loan credits
Bank finance
Capital
Current Assets
100.00
50.00
146.00
Stock in Trade
Receivable
Other C.A.
296.00
74.00
310.00
50.00
10.00
370.00
Grand Total
370.00
======
Current Ratio
370 : 1.25:1
296
Margin in percentage terms : 74 x 100 = 20%
370
====
Permitted flow of funds
370.00
======
The normal flow of the funds between the sources and uses is from current Liability to current
Assets, differed liability to fixed assets, capital being the supporter for margin
requirements. Any flow of fund from current to fixed is not favoured and will end up in negative
working capital. Customer is at the liberty to choose the full 20% from the Bank or to choose a
mix of liabilities based on the cost of fund and availability of fund.
How can be Negative Working Capital
1) When the current source of fund is utilized for creation of fixed assets,
2) When there is no capital to support the working capital which may be because
of no capital infusion or because of the Eroding of capital because of loss.
21
21
purchases are said to be cash and carry basis, as per formula the average creditors period is
arrived at as follows:
Trade Creditors - 593.77
Purchases
2744.19
x 365
= 78.97 days
========
Against an average trade creditors period of 82 days, the party claims it is cash and carry.
When we look at monthly purchases, we can see that during the month of March there was an
abnormal purchase of Rs.572.49 lakhs. In order to arrive the actual possible average, we may
have to deduct the March purchase both from total purchases
[ 2744.19 572.49 = 2171.70] and Trade Creditors [ 593.77 572.49 = 21.28], and deduct the
number of days in March from the 365 days [ 365-31 = 334] and apply the formula i.e.
Trade Creditors 21.28 x 334 = 3.27 days
11 month Purchases 2171.70
the exercise confirm the partys stand that Trade creditors are at an average of one week.
How to look at debtors [ Refer Annexure No. 3 and 4]
To find out the average Trade debtor period, the accepted method is as follows :
Trade debtors outstanding as on year end
Sales for the year
x 365 days
If the debtors period is over and above the average debtors period for the similar activity in the
market, may be indicative of
i) Poor collection mechanism
ii) Inferior quality of goods or no demand for the goods so that the party is
hesitant to demand for the payment with in average market credit period.
On the contrary, it may also happens that because of the strong market control of the debtor, the
party may be hesitant to ask for early payments for fear of loosing the business, which is
very rare.
But what extent the result is transparent ?
Again, as in the case of creditors, since the balance sheet being a days statement, the formula
may not give a transparent result. When you get a result contradictory to the market trend or
against the claims of the party, you may call for a monthly breakup of
sales. The purchase compulsions ends up with sales compulsions too which results in high
credit sales during the month of March.
Ex : If the balance sheet shows a debtors position of Rs.560.10 lakhs against the yearly sales
of Rs.2607.73 lakhs, as per the formula, the average debtors period is arrived as follows :
Trade debtors 560.10 x 365 : 78.39 days.
Sales
2607.73
========
Against an average debtors period of 78 days, market survey indicates a maximum debtors
period of 15 days, hence further analysis is required. When look at the monthly sales, we see
21
that there was abnormal sales during the month of March. In order to arrive the possible
average, we may have to deduct the March sales from both the total sales [ 2607.73
501.42 = 2106.31 ] and Trade debtors
[ 560.10 501.42 = 58.68] and also to deduct the number of days of March from 365 [365-31
= 334] and apply the formula i.e.
Trade debtors 58.68 x 334 = 9.30 days
Eleven month Sales 2106.31 =======
This exercise confirm that Trade debtors are in the permitted level.
Substitution of Trade Creditors by Bank finance How to look at it.
The Sundry/Trade Creditors can be at a cost or free. Creditors are said to be free when there is
no cash discount or interest on the supplies irrespective of the fact that whether the purchases are
made on cash or credit. Likewise loan creditors are said to be free of cost when the funds are
available without interest.
Generally the cash purchase do attract attractive cash discount and loan creditors do charge
interest.
When the cash discount offered is higher than the rate of interest, naturally, substitution of
trade creditors can be permitted to have a cheaper purchase so that either the profit can be
improved or selling price can be reduced to compete in the market.
Likewise, when the loan creditors interest is higher than the bank interest, it is better to avail
bank finance rather than going for private borrowing.
To illustrate the substitution, in the given case, from the yearly purchases the average monthly
purchase can be worked out by dividing the total purchase by 12 i.e. Rs.27,44,19,700.33/12 =
Rs.2,28,68,300/The average weekly sales can be ascertained by dividing the yearly sales by 54 weeks
i.e. Rs.26,07,73,855.00
54
= Rs. 48,29,145/===========
If cash discount @ 2.5% is offered for cash purchase, in this case, on an average monthly
purchase of Rs. 2,28,68,300/- the cash discount @ 2.5% works out to Rs.5,71,707/-. On the
other hand, interest @13% for an advance of Rs.2,28,68,300/- which can be repaid @
Rs.48,29,145/- per week out of the sales proceeds, works out as follows :
Ist of the month
To Debit
Rs 2,28,68,300.00 (Dr.)
7th of the month By sales
Rs. 48,29,145.00 (Cr.)
1,80,39,155.00
th
14 of the month By sales
48,29,145.00
1,32,10,010.00
21st of the month By sales
48,29,145.00
83,80,865.00
th
28 of the month By sales
48,29,145.00
35,51,720.00
5th
35,51,720.00
Nil
-----------------------------------------------------------------------------------------------------------21
= Rs. 1,59,983.00
=============
-----------------------------------------------------------------------------------------------------------Even at a constant loan of Rs.2,28,68,300/- which is the average monthly purchase the interest
@ 13% for one month
= Rs.2,47,739.00
Whereas cash discount @ 2.5% for the month
= Rs.5,71,707.00
------------------Benefit is
Rs.3,23,968.00
===========
When we compare the interest of Rs. 1,59,983/- with the cash discount offered the profit is Rs.
5,71,707/- - Rs.1,59,983/- = Rs. 4,11,724/-. It can be seen that an additional profit of Rs.
4,11,724/- is available on utilizing Bank finance instead of falling back on trade creditors. In
such cases, Trade creditors can be substituted by Bank finance, customer is to be advised
suitably. (Refer Annexure 5).
Looking at the stock position and turnover
Stock position to be looked upon from the following point of views:
a) How long it will take to get the stock replenished i. e. the distance between the partys
place and principals Depo from where despatch is done.
b) Size, colour, varieties and number of manufacturer etc., compels to have a
minimum number of each items to satisfy the consumers which ends up with apparently
high stock.
c) While the Edible oils, Rice, wheat, Sugar, Steel, Cement etc. will have minimum
stock with high turnover, but have minimal profit margin, the white goods will
have a high stock, lower turnover, but better profit margin.
How to look at stock turnover
As noted, stock is created out of current liabilities which mainly consist of Bank finance along
with the support from capital/long term source. If the profit in the activity is 2% as an average,
to service the interest @ 13% the stock should rotate a minimum of 6 times. This method
can be taken as a thump rule in all cases provided the average profit of an activity is arrived at
taking the performances of a number of similar units.
To sum up one should not look at the turnover alone to judge a unit and its requirement, but to
look at the nature of goods dealt with and its profit margin.
Understanding certain Technical Terms/Names :
1) Net sales - Total sales minus sales return.
2) Trading Expenses - Cartage paid to bring the good, labour charges paid for unloading etc.
directly connected to reach the goods at the premises for onward sales.
21
3) Selling Expenses - Comes under profit and loss a/c, like sales mans salary, commission,
advertisement, publicity, etc.
4) Administration and Gen. Expenses - Salaries, postage, rent for the Office, Electric, Water
Bills of the Office, Telephone Bill etc.
5) Operating Profit - Profit from the Core operation. Ex : If a Timber depot has a lorry
running on hire, the income from the hire is not treated as an income from the Timber Trade.
Only the income from core activity i.e. trade activity is to be taken as operating profit.
6) Manufacturing Expenses Power, fuel, wages to labours etc. which are directly connected to
the manufacturing.
7) Raw materials consumed Opening stock of raw materials plus net purchases during the year
minus closing stock of raw materials.
8) Cash Profit Profit/plus depreciation in case of profit, loss minus depreciation in case of loss.
9) Fixed cost - Cost which is of fixed in nature irrespective of volume of production or sale. Ex
: Building rent, Depreciation, interest on capital, salaries to permanent staff, Electricity bill etc.
10) Variable cost - Cost which have a direct relationship with the volume of production/sales.
Ex : Raw material, cartage inward, power and fuel consumption for
factory, wages to labours, etc.
21
Annexure - 1
A CASE FOR CORRECTING THE LIQUIDITY POSITION BY GRANTING
WORKING CAPITAL TERM LOAN (WCTL)
PRE CORRECTION STAGE
Financial Position a s on .31-03-04 . (Rs.in lacs)
CAPITAL &
LIABILITIES
CURRENT LIABILITY
To our Bank
To other Banks
Trade Creditors
Private Loans
Loans from close relatives
Expenses payable
ASSETS
Rs.
231.77
..
593.77
..
..
12.93
CURRENT ASSETS
Cash on Hand
Cash with banks
Stock
Trade debtors
Advances/Deposits
Rs.
8.36
..
223.94
560.10
40.76
838.47
DEFERRED LIABILITY
Term Loan from banks
Long term deposits
..
..
.
.
833.16
FIXED ASSETS
Land & Buildings
Furniture & equipment
Plant & Machinery
Vehicles
115.00
80.00
33.45
228.45
178.96
44.18
223.14
1061.61
INTANGIBLE
ASSETS
Accumulated loss
Drawing Account (*)
..
TOTAL
21
1061.61
SALES/BUSINESS TURNOVER
NET PROFIT
Income Tax paid
Sales tax paid
Any arrears in Income tax & Sales tax
------------------------------------------------------------------------------------------------------------------
21
Annexure - 2
THE POSITION AFTER CORRECTING THE LIQUIDITY AFTER GRANTING
WORKING CAPITAL TERM LOAN (WCTL)
CORRECTED STAGE
Financial Position as on .31-03-04 . (Rs.in lacs)
CAPITAL &
LIABILITIES
CURRENT LIABILITY
To our Bank
To other Banks
Trade Creditors
422.44
Private Loans
Loans from close relatives
Expenses payable
ASSETS
Rs.
231.77
..
593.77
..
..
12.93
CURRENT ASSETS
Cash on Hand
Cash with banks
Stock
Trade debtors
Advances/Deposits
Rs.
8.36
..
223.94
560.10
40.76
838.47
667.14
DEFERRED LIABILITY
Term Loan from banks
171.33
Long term deposits
Nil
..
.
.
833.16
FIXED ASSETS
Land & Buildings
Furniture & equipment
Plant & Machinery
Vehicles
115.00
80.00
33.45
228.45
178.96
44.18
223.14
1061.61
INTANGIBLE
ASSETS
Accumulated loss
Drawing Account (*)
..
TOTAL
1061.61
21
(Rs. In lacs)
2001-02
2002-03
2003-04
848.30
1156.22
2607.73
14.90
23.12
48.14
0.48
2.70
4.23
Not applicable; Second sales
21
Annexure - 5
CASE FOR PERMITTING SUBSTITUTION OF SUNDRY CREDITORS TRADE
Financial Position as on .31-03-04 . (Rs.in lacs)
CAPITAL &
LIABILITIES
CURRENT LIABILITY
To our Bank
To other Banks
Trade Creditors
Private Loans
Loans from close relatives
Expenses payable
ASSETS
Rs.
231.77
..
593.77
..
..
12.93
CURRENT ASSETS
Cash on Hand
Cash with banks
Stock
Trade debtors
Advances/Deposits
Rs.
8.36
..
223.94
560.10
40.76
838.47
DEFERRED LIABILITY
Term Loan from banks
Long term deposits
..
..
.
.
833.16
FIXED ASSETS
Land & Buildings
Furniture & equipment
Plant & Machinery
Vehicles
115.00
80.00
33.45
228.45
178.96
44.18
INTANGIBLE
ASSETS
Accumulated loss
Drawing Account (*)
..
223.14
1061.61
TOTAL
1061.61
(Rs. In lacs)
2001-02
2002-03
2003-04
848.30
1156.22
2607.73
14.90
23.12
48.14
21
0.48
2.70
4.23
Second sales; S.T. Not applicable
Copies of annual return attached.
21
Annexure - 3
TO WHAT EXTENT THE TRADE CREDITORS/TRADE DEBTORS FORMULAS
ARE CORRECT? HOW TO CHECK IT
Financial Position as on .31-03-04 . (Rs.in lacs)
CAPITAL &
LIABILITIES
CURRENT LIABILITY
To our Bank
To other Banks
Trade Creditors
Private Loans
Loans from close relatives
Expenses payable
ASSETS
Rs.
231.77
..
593.77
..
..
12.93
CURRENT ASSETS
Cash on Hand
Cash with banks
Stock
Trade debtors
Advances/Deposits
Rs.
8.36
..
223.94
560.10
40.76
838.47
DEFERRED LIABILITY
Term Loan from banks
Long term deposits
..
..
.
.
833.16
FIXED ASSETS
Land & Buildings
Furniture & equipment
Plant & Machinery
Vehicles
115.00
80.00
33.45
228.45
178.96
44.18
INTANGIBLE
ASSETS
Accumulated loss
Drawing Account (*)
..
223.14
1061.61
TOTAL
1061.61
2003-04
SALES/BUSINESS TURNOVER
NET PROFIT
Income Tax paid
Sales tax paid
Any arrears in Income tax & Sales tax
848.30
1156.22
2607.73
14.90
23.12
48.14
0.48
2.70
4.23
Second sales ; S.T. not applicable
Copies of Annual returns filed attached.
Annexure - 4
Month
Sales -2003-04
April
12457912.00
4991768.02
May
14476325.00
15478421.67
June
16403325.00
16527487.79
July
14621876.00
14524393.41
August
18639212.00
20024616.42
September
47200031.00
45021209.64
October
14708656.00
17644742.96
November
15061757.00
18272554.39
December
26679418.00
22321409.51
January
16744809.00
19714445.18
February
13637843.00
22648935.73
March
50142691.00
57249715.61
260773855.00
274419700.33
TOTAL
Purchase - 2003-04
21
21