Exhibit 2.

Ganesh Textiles Ltd: Financial Statements

Rs million 2017 2018
Sales 644.8 758.7
Cost of Goods 541.7 652.4
Gross Profits 103.1 106.3
Operating Expenses 35.0 48.3
Depreciation 7.7 9.1
Interest Expense 9.1 12.4
Profit Before Tax 51.4 36.5
Income Tax 15.5 10.9
Net Profit 35.9 25.6

Dec 2017 Dec 2018

Cash 9.0 7.6
Accounts Receivable 23.9 26.7
Inventory 29.7 34.5
Total Current Assets 62.6 68.8
Gross Plant, Property, and Equipment (PPE) 88.7 100.9
Accumulated Depreciation 11.7 14.8
Net PPE 77.0 86.1
Total Assets 139.6 154.9

Accounts Payable 6.0 8.2

Bank Loan 0.0 8.0
Accrued Taxes -0.6 -0.9
Total Current Liabilities 5.4 15.3
Shareholders' Equity 134.2 139.6
Total Liabilities and Equity 139.6 154.9
Exhibit 3. Ganesh Textile Ltd: Equity Indicators (31 Dec 2018)
Expected Dividend per Share in 2019 Rs 20 million
Number of Shares 5 million
Share price Rs 30
Expected dividend growth rate in 2019 Nil
G-Sec Rates by maturity
1 year 5.90%
5 years 6.30%
10 years 6.50%
Expected Market Return 13.50%
GTL's Equity Beta (2 year historical) 1.60
Exhibit 4. Ganesh Textile Ltd: Monthly sales trend and forecast
Rs million 2017 (Actual) 2018 (Forecasted)
January 20.1 26.2
February 23.1 28.9
March 34.2 44.5
April 70.4 88.0
May 120.7 138.9
June 152.9 175.9
July 141.9 163.2
August 71.4 85.8
September 40.2 50.3
October 34.2 44.5
November 27.2 35.3
December 22.1 27.7
Total 758.7 909.0
Exhibit 5. Ganesh Textiles: Forecasted Financial Statements
Assumptions
Annual Operating Expenses / Annual Sales 6.0% Minimum Cash Balance 7.5
Depreciation / Gross PPE 10% Accounts Receivable Collection
Interest Rate on Borrowings (and Deposits) 14.5% In One Month 40%
Income Tax Rate 30% In Two Months 60%
Dividends Paid (in March, June, Sep, Dec) 5.0 Purchases / Sales in Two Months 66%
Direct Labor / Purchases Last Month 34%
Implied Operating Margin 11.6% Capital Expenditures (every third month) 3.50
Accounts Payable / Purchases 50%
Full year
Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Dec-19 Jan-20 Feb-20
Sales 27.2 22.1 26.2 28.9 44.5 88.0 138.9 175.9 163.2 85.8 50.3 44.5 35.3 27.7 909.0 34.0 36.2
Cost of Goods Sold (1) 23.1 25.6 39.3 77.9 122.8 155.5 144.3 75.8 44.5 39.3 31.2 24.5 803.9
Gross Profit 3.0 3.3 5.1 10.2 16.1 20.3 18.9 9.9 5.8 5.1 4.1 3.2 105.1
Operating Expenses (2) 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 54.5
Depreciation (3) 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0 10.7
Interest Expense (4) 0.1 0.2 0.6 1.6 2.9 4.1 4.4 3.5 2.0 1.1 0.6 0.4 21.4
Profit Before Taxes -2.5 -2.2 -0.9 3.2 7.8 10.8 9.0 1.0 -1.7 -1.4 -2.0 -2.7 18.4
Income Taxes -0.7 -0.7 -0.3 0.9 2.3 3.3 2.7 0.3 -0.5 -0.4 -0.6 -0.8 5.5
Net Profit -1.7 -1.6 -0.6 2.2 5.4 7.6 6.3 0.7 -1.2 -1.0 -1.4 -1.9 12.9
Dividend 5.0 5.0 5.0 5.0

Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Cash 7.6 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5
Accounts Receivable (5) 26.7 27.7 32.9 50.1 103.0 179.9 247.5 256.9 171.9 90.0 62.9 50.3 37.1
Inventory 34.5 47.2 89.7 161.8 231.2 255.5 193.2 101.3 66.1 54.9 41.8 39.2 46.2
Total Current Assets 68.8 82.4 130.1 219.4 341.6 442.9 448.1 365.8 245.5 152.4 112.2 97.0 90.8
Gross PPE (6) 100.9 100.9 100.9 104.4 104.4 104.4 107.9 107.9 107.9 111.4 111.4 111.4 114.9
Accumulated Depreciation 14.8 15.6 16.5 17.4 18.2 19.1 20.0 20.9 21.8 22.7 23.6 24.6 25.5
Net PPE 86.1 85.3 84.4 87.0 86.2 85.3 87.9 87.0 86.1 88.7 87.8 86.8 89.4
Total Assets 154.9 167.7 214.5 306.4 427.8 528.2 536.0 452.8 331.6 241.1 199.9 183.8 180.2

Accounts Payable (7) 8.2 14.7 29.1 45.8 58.0 53.8 28.3 16.6 14.7 11.7 9.1 11.2 11.9
Bank Loan (8) 8.0 16.7 51.4 132.5 238.5 335.4 366.8 286.3 166.0 87.7 50.4 34.2 37.6
Accrued Taxes (9) -0.9 -1.6 -2.3 -2.6 -1.6 0.7 0.0 2.7 3.0 0.0 -0.4 -1.0 -1.8
Total Current Liabilities 15.3 29.8 78.2 175.7 294.9 389.9 395.1 305.6 183.7 99.4 59.2 44.4 47.7
Shareholders’ Equity (10) 139.6 137.9 136.3 130.7 132.9 138.3 140.9 147.2 147.9 141.8 140.8 139.4 132.5
Total Liabilities and Equity 154.9 167.7 214.5 306.4 427.8 528.2 536.0 452.8 331.6 241.1 199.9 183.8 180.2

Inventory Detail Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Dec-19
Purchases (11) 17.3 19.1 29.4 58.1 91.6 116.1 107.7 56.6 33.2 29.4 23.3 18.3 22.4 23.9 609.9
Direct Labor and Other Mftg Costs (12) 5.9 6.5 10.0 19.8 31.2 39.5 36.6 19.2 11.3 10.0 7.9 6.2 7.6 205.7
Cost of Goods Sold 23.1 25.6 39.3 77.9 122.8 155.5 144.3 75.8 44.5 39.3 31.2 24.5
Inventory (13) 34.5 47.2 89.7 161.8 231.2 255.5 193.2 101.3 66.1 54.9 41.8 39.2 46.2

Notes:
(1) Sales × (Raw Material Cost % + Direct Labor Cost %)
(2) Annual Operating Expenses ÷ 12
(3) Gross PPE × Depreciation Rate ÷ 12
(4) Notes Payable (t − 1) × Interest Rate ÷ 12
(5) AR(t − 1) + Sales(t) − 40% × Sales(t − 1) − 60% × Sales(t − 2)
(6) GPPE(t − 1) + Capex(t)
(7) 50% × Purchases(t)
(8) Total Assets − AP − AccTax − ShrEquity
(9) AccTax(t − 1) + IncTax(t) or 0 if positive balance and month of quarterly payment
(10) ShrEquity(t − 1) + NetProfit(t) - Dividend(t)
(11) 66% × Sales(t + 2)
(12) 34% × Purchases(t − 1)
(13) Inventory(t − 1) + Purchases(t) + Direct Labor(t) − COGS(t)
Exhibit 6. Ganesh Textiles: Forecast of Accounts by Month

400

350

300

250
Rs Million

200

150

100

50

-
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Sales Accounts Receivable Inventory

Accounts Payable Bank Loan

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Sales 26 29 44 88 139 176 163 86
Accounts Receivable 28 33 50 103 180 247 257 172
Inventory 47 90 162 231 256 193 101 66
Accounts Payable 15 29 46 58 54 28 17 15
Bank Loan 17 51 132 238 335 367 286 166
Sep-19 Oct-19 Nov-19 Dec-19
50 44 35 28
90 63 50 37
55 42 39 46
12 9 11 12
88 50 34 38
Assumptions:
1) Assuming 360 days in a year
2) Since work

Inventory period
Inventory period Inventory/Cost of goods sold per day

2017 2018
Inventory 29.74 34.5
Cost of goods sold 541.66 652.4
Number of days 360 360
Cost of goods sold per day 1.504611 1.812222

Inventory period days 19.7659 19.0374

Receivables period

Receivables period Receivables/ Credit sales per day

2017 2018
Sales 644.8 758.67
Receivables 23.9 26.7
Number of days 360 360
Credit sales per day 1.791111 2.107417

Receivables period 13.34367 12.66954

Payables period
Payables period Payables/ Credit purchases per day

2017 2018
Sales 644.8 758.67
Cost of Raw material as a % of S 66% 66%
Purchases 425.568 500.7222
No of days 360 360
Purchases per day 1.182133 1.390895
Payables 6.03 8.22

Payable period 5.100947 5.909864

 Income Statement
Rs million 2017 2018
Sales 644.8 758.67
Cost of Goods 541.66 652.4
Gross Profits 103.14 106.27
Operating Expenses 34.97 48.3
Depreciation 7.69 9.08
Interest Expense 9.1 12.4
Profit Before Tax 51.38 36.49
Income Tax 15.45 10.9
Net Profit 35.93 25.59

Balance Sheet
Particulars Dec 2017 Dec 2018
Cash 8.95 7.62
Accounts Receivable 23.9 26.7
Inventory 29.74 34.5
Total Current Assets 62.59 68.82
Gross Plant, Property, and Equipment (PPE) 88.68 100.9
Accumulated Depreciation 11.7 14.8
Net PPE 76.98 86.1
Total Assets 139.57 154.92

Accounts Payable 6.03 8.22

Bank Loan 0 7.98
Accrued Taxes -0.62 -0.902
Total Current Liabilities 5.41 15.298
Shareholders' Equity 134.16 139.62
Total Liabilities and Equity 139.57 154.918
Sales in 2017 644.80
November 2018 sales as a % of total sales 3.58
December 2018 sales as a % of total sales 2.92
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
Sales(2018) 23.09 18.81 20.12 23.14 34.21
Receivables 23.90 22.64 26.45 39.33
Receivable period 38.11 33.76 34.29 34.49

Purchases 15.27 22.58 46.49 79.69

Payables 11.29 23.24 39.85
Payables period 15.00 15.00 15.00

Inventory
Purchases 15.27 22.58 46.49 79.69
Direct labour 5.19 7.68 15.81
COGS 17.80 20.47 30.26
Total inventory 29.74 39.71 73.41 138.65

Inventory period 66.94 107.60 137.48

Operating cycle 100.70 141.89 171.97

Cash cycle 85.70 126.89 156.97
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-18
70.43 120.74 152.94 141.87 71.44 40.25 34.21 27.17 22.14 26.16
82.19 154.24 216.62 224.87 147.80 74.34 49.59 38.93 29.67
35.01 38.32 42.49 47.55 62.06 55.41 43.49 42.98 40.21

100.94 93.64 47.15 26.56 22.58 17.93 14.61 17.27 19.09

50.47 46.82 23.58 13.28 11.29 8.97 7.31 8.63 9.54
15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00

100.94 93.64 47.15 26.56 22.58 17.93 14.61 17.27 19.09

27.09 34.32 31.84 16.03 9.03 7.68 6.10 4.97 5.87
62.29 106.79 135.26 125.47 63.18 35.60 30.26 24.03 19.58
204.40 225.57 169.29 86.41 54.84 44.85 35.31 33.51 38.89 34.50

98.44 63.37 37.55 20.66 26.04 37.80 35.01 41.84 59.60

133.45 101.69 80.04 68.21 88.11 93.22 78.49 84.83 99.80

118.45 86.69 65.04 53.21 73.11 78.22 63.49 69.83 84.80
Feb-18 Average period for 12 months
28.92

42.51

15.00

61.03

103.53
88.53
 Cash Book 2019

Jan Feb Mar

Inflows
Collection 25.16 23.75 27.26
Interest Income 0.15 1.32
Total 26.48 23.75 27.26

Outflows
Payment to accounts payables 24.22 43.73 74.87
Tax payments 0.30 - - -
Operating expenses 4.54 4.54 4.54
Interest expenses 0.15 0.10 0.20 0.62
Direct Labor and Other Mftg Costs (12) 6.49 9.98 19.76
Dividend Paid - - 5.00
Capital expenditure - - 3.50
Total 35.35 58.45 108.30
Net inflow/outflow (8.87) (34.71) (81.03)
Beginning cash 7.62 7.50 7.50
Ending cash before any loan increase or repayment (1.25) (27.21) (73.53)
Loan availment 8.75 34.71 81.03
Loan repayment - - -
End of month cash balance 7.50 7.50 7.50

Min cash balance 7.50 7.50 7.50

Bank Loan
Loan balance, beg. 7.98 16.73 51.44
Availment/ Repayment 8.75 34.71 81.03
Loan balance, end. 16.73 51.44 132.48

Bank loan (from exhib) 16.73 51.44 132.47

Check 0.00 0.00 0.00

Inventory Table Jan Feb Mar

Purchase of Raw material 29.3502 58.1064 91.641
Direct labour and manufacturing cost 6.489648 9.979068 19.75618
COGS 23.135904 25.57685 39.32927
Ending Inventory balance 47.203944 89.71256 161.7805
 All figures in $'000
Apr May Jun Jul Aug Sep Oct Nov Dec

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

103.86 111.88 82.14 44.90 31.28 26.33 20.78 20.35 23.16

- - - - - - - - -
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
1.60 2.88 4.05 4.43 3.46 2.01 1.06 0.61 0.41
31.16 39.47 36.61 19.24 11.29 9.98 7.92 6.21 7.63
- - 5.00 - - 5.00 - - 5.00
- - 3.50 - - 3.50 - - 3.50
141.16 158.77 135.85 73.12 50.57 51.36 34.31 31.72 44.25
(106.02) (96.88) (27.48) 80.54 120.22 80.84 37.27 16.26 (3.44)
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
(98.52) (89.38) (19.98) 88.04 127.72 88.34 44.77 23.76 4.06
106.02 96.88 27.48 - - - - - 3.44
- - - 80.54 120.22 80.84 37.27 16.26 -
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50

7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50

132.48 238.50 335.38 362.86 282.32 162.11 81.27 44.00 27.75

106.02 96.88 27.48 (80.54) (120.22) (80.84) (37.27) (16.26) 3.44
238.50 335.38 362.86 282.32 162.11 81.27 44.00 27.75 31.19

238.50 335.37 366.80 286.27 166.05 87.71 50.44 34.19 37.63

0.00 0.00 (3.94) (3.94) (3.94) (6.44) (6.44) (6.44) (6.44)

Apr May Jun Jul Aug Sep Oct Nov Dec

116.0808 107.679 56.6016 33.2046 29.3502 23.3046 18.2622 22.4466 23.8656
31.15794 39.46747 36.61086 19.24454 11.28956 9.979068 7.923564 6.209148 7.631844
77.86258 122.7989 155.5483 144.2899 75.84614 44.49416 39.32927 31.22816 24.47135
231.1566 255.5042 193.1684 101.3276 66.12126 54.91076 41.76726 39.19484 46.22094
All figures in $'000
 Cash Book 2019

Jan-19 Feb-19 Mar-19

Inflows
Collection from Receivables 25.16 23.75 27.26
Interest Income(balancing fig) 0.15 1.32
Total Inflows 26.48 23.75 27.26

Outflows
Payment to Accounts Payables 9.54 14.68 43.73
Tax payments 0.30 - - -
Operating expenses 4.54 4.54 4.54
Interest expenses 0.15 0.10 0.02 -
Direct Labor and Other Mftg Costs 6.49 - 9.98
Dividend Paid - - 5.00
Capital expenditure - - 3.50
Total Outflows 20.67 19.24 66.75
Net inflow/outflow 5.80 4.50 (39.49)
Opening Cash balance 7.62 7.50 9.94
Ending cash before any loan increase or repayment 13.42 12.00 (29.55)
Loan availment - - 37.05
Loan repayment 5.92 2.06 -
End of month cash balance 7.50 9.94 7.50

Min cash balance 7.50 7.50 7.50

Bank Loan
Loan balance, beg. 7.98 2.06 -
Availment/ Repayment (5.92) (2.06) 37.05
Loan balance, end. 2.06 - 37.05

Inventory Table Dec-18 Jan-19 Feb-19 Mar-19

Sales 26.16 28.92 44.47
Purchase of Raw material 19.09 - 29.35 58.11
Direct labour and manufacturing cost 6.49 - 9.98
COGS 23.14 25.58 39.33
Ending Inventory balance 34.50 17.85 21.63 50.38

Income Statement
Nov-18 Dec-18 Jan-19 Feb-19
Sales 27.17 22.14 26.16 28.92
Cost of Goods Sold 23.14 25.58
Gross Profit 3.02 3.34
Operating Expenses 4.54 4.54
Depreciation 0.84 0.84
Interest Expense 0.10 0.02
Profit Before Taxes (2.46) (2.07)
Income Taxes (0.74) (0.62)
Net Profit (1.72) (1.45)
Dividend - -

Balance sheet
Nov-18 Dec-18 Jan-19 Feb-19
Cash 7.50 9.94
Accounts Receivable 27.71 32.88
Inventory 17.85 21.63
Total Current Assets 53.06 64.45
Gross PPE 100.90 100.90
Accumulated Depreciation 14.80 15.64 16.48
Net PPE 85.26 84.42
Total Assets 138.32 148.87

Accounts Payable - 14.68

Bank Loan 2.06 -
Accrued Taxes (0.90) (1.64) (2.26)
Total Current Liabilities 0.42 12.42
Shareholders’ Equity 139.62 137.90 136.45
Total Liabilities and Equity 138.32 148.87

Check (0.00) (0.00)

 All figures in $'000
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

74.87 103.86 111.88 82.14 44.90 31.28 26.33 20.78 9.13

- - 5.59 - - 3.37 - - -
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
0.45 1.23 2.18 2.95 2.62 1.42 0.55 0.19 0.01
19.76 31.16 39.47 36.61 19.24 11.29 9.98 7.92 6.21
- - 5.00 - - 5.00 - - 5.00
- - 3.50 - - 3.50 - - 3.50
99.62 140.79 172.16 126.25 71.31 60.40 41.40 33.44 28.40
(64.48) (78.89) (63.80) 27.41 99.48 71.79 30.18 14.54 12.41
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
(56.98) (71.39) (56.30) 34.91 106.98 79.29 37.68 22.04 19.91
64.48 78.89 63.80 - - - - - -
- - - 27.41 99.48 71.79 30.18 14.54 0.82
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 19.09

7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50

37.05 101.53 180.42 244.22 216.80 117.33 45.54 15.36 0.82

64.48 78.89 63.80 (27.41) (99.48) (71.79) (30.18) (14.54) (0.82)
101.53 180.42 244.22 216.80 117.33 45.54 15.36 0.82 -

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Dec-19
88.04 138.85 175.88 163.15 85.76 50.31 44.47 35.31 27.67
91.64 116.08 107.68 56.60 33.20 29.35 23.30 18.26 -
19.76 31.16 39.47 36.61 19.24 11.29 9.98 7.92 6.21
77.86 122.80 155.55 144.29 75.85 44.49 39.33 31.23 24.47
83.92 108.36 99.96 48.88 25.48 21.63 15.58 10.54 (7.72)

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
 44.47 88.04 138.85 175.88 163.15 85.76 50.31 44.47 35.31 27.67
39.33 77.86 122.80 155.55 144.29 75.85 44.49 39.33 31.23 24.47
5.14 10.18 16.05 20.33 18.86 9.91 5.82 5.14 4.08 3.20
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
0.87 0.87 0.87 0.90 0.90 0.90 0.93 0.93 0.93 0.96
- 0.45 1.23 2.18 2.95 2.62 1.42 0.55 0.19 0.01
(0.27) 4.31 9.41 12.71 10.47 1.85 (1.08) (0.88) (1.58) (2.31)
(0.08) 1.29 2.82 3.81 3.14 0.56 (0.32) (0.26) (0.47) (0.69)
(0.19) 3.02 6.59 8.90 7.33 1.30 (0.75) (0.62) (1.10) (1.62)
5.00 - - 5.00 - - 5.00 - - 5.00

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 19.09
50.09 102.99 179.94 247.45 256.94 171.91 90.03 62.92 50.26 37.12
50.38 83.92 108.36 99.96 48.88 25.48 21.63 15.58 10.54 (7.72)
107.97 194.40 295.79 354.91 313.32 204.89 119.16 86.00 68.29 48.49
104.40 104.40 104.40 107.90 107.90 107.90 111.40 111.40 111.40 114.90
17.35 18.22 19.09 19.99 20.89 21.79 22.72 23.65 24.57 25.53
87.05 86.18 85.31 87.91 87.01 86.11 88.68 87.75 86.83 89.37
195.02 280.58 381.10 442.82 400.33 291.01 207.84 173.75 155.12 137.86

29.05 45.82 58.04 53.84 28.30 16.60 14.68 11.65 9.13 -

37.05 101.53 180.42 244.22 216.80 117.33 45.54 15.36 0.82 -
(2.34) (1.05) 1.78 - 3.14 3.69 - (0.26) (0.74) (1.43)
63.76 146.30 240.24 298.06 248.24 137.62 60.21 26.74 9.21 (1.43)
131.26 134.28 140.87 144.76 152.09 153.38 147.63 147.01 145.91 139.29
195.02 280.58 381.10 442.82 400.33 291.01 207.84 173.76 155.12 137.86

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
All figures in $'000

Dec-19 Jan-20 Feb-20

908.99 34.01 36.16
 Cash Book 2019

Jan-19 Feb-19 Mar-19

Inflows
Collection from Receivables 25.16 23.75 27.26
Interest Income(balancing fig) 0.15 1.32
Total Inflows 26.48 23.75 27.26

Outflows
Payment to Accounts Payables 40.04 61.00 61.00
Tax payments 0.30 - - -
Operating expenses 4.54 4.54 4.54
Interest expenses 0.15 0.10 0.38 1.11
Direct Labor and Other Mftg Costs 5.54 17.69 17.69
Dividend Paid - - 5.00
Capital expenditure - - 3.50
Total Outflows 50.22 83.62 92.84
Net inflow/outflow (23.75) (59.87) (65.58)
Opening Cash balance 7.62 7.50 7.50
Ending cash before any loan increase or repayment (16.13) (52.37) (58.08)
Loan availment 23.63 59.87 65.58
Loan repayment - - -
End of month cash balance 7.50 7.50 7.50

Min cash balance 7.50 7.50 7.50

Bank Loan
Loan balance, beg. 7.98 31.61 91.48
Availment/ Repayment 23.63 59.87 65.58
Loan balance, end. 31.61 91.48 157.05

Inventory Table Dec-18 Jan-19 Feb-19 Mar-19

Sales 26.16 28.92 44.47
Purchase of Raw material 19.09 61.00 61.00 61.00
Direct labour and manufacturing cost 5.54 17.69 17.69
COGS 22.27 24.62 37.86
Ending Inventory balance 34.50 78.76 132.83 173.66

Income Statement
Nov-18 Dec-18 Jan-19 Feb-19
Sales 27.17 22.14 26.16 28.92
Cost of Goods Sold 22.27 24.62
Gross Profit 3.89 4.30
Operating Expenses 4.54 4.54
Depreciation 0.84 0.84
Interest Expense 0.10 0.38
Profit Before Taxes (1.59) (1.47)
Income Taxes (0.48) (0.44)
Net Profit (1.12) (1.03)
Dividend - -

Balance sheet
Dec-18 Jan-19 Feb-19
Cash 7.50 7.50
Accounts Receivable 27.71 32.88
Inventory 78.76 132.83
Total Current Assets 113.97 173.21
Gross PPE 100.90 100.90
Accumulated Depreciation 14.80 15.64 16.48
Net PPE 85.26 84.42
Total Assets 199.23 257.63

Accounts Payable 30.50 30.50

Bank Loan 31.61 91.48
Accrued Taxes (0.90) (1.38) (1.82)
Total Current Liabilities 60.72 120.15
Shareholders’ Equity 139.62 138.50 137.47
Total Liabilities and Equity 199.23 257.63

Check (0.00) (0.00)

 All figures in $'000
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

35.14 61.90 108.36 153.66 170.79 132.19 71.58 47.97 40.81

61.00 61.00 61.00 61.00 61.00 61.00 61.00 61.00 61.00

- - 9.12 - - 6.77 - - -
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
1.90 2.50 2.79 2.73 1.91 0.88 0.48 0.63 1.06
17.69 17.69 17.69 17.69 17.69 17.69 17.69 17.69 17.69
- - 5.00 - - 5.00 - - 5.00
- - 3.50 - - 3.50 - - 3.50
85.13 85.74 103.65 85.97 85.15 99.39 83.72 83.87 92.80
(49.99) (23.84) 4.72 67.69 85.64 32.81 (12.14) (35.89) (51.99)
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
(42.49) (16.34) 12.22 75.19 93.14 40.31 (4.64) (28.39) (44.49)
49.99 23.84 - - - - 12.14 35.89 51.99
- - 4.72 67.69 85.64 32.81 - - -
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50

7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50

157.05 207.05 230.88 226.17 158.47 72.83 40.03 52.17 88.06

49.99 23.84 (4.72) (67.69) (85.64) (32.81) 12.14 35.89 51.99
207.05 230.88 226.17 158.47 72.83 40.03 52.17 88.06 140.05

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

88.04 138.85 175.88 163.15 85.76 50.31 44.47 35.31 27.67
61.00 61.00 61.00 61.00 61.00 61.00 61.00 61.00 61.00
17.69 17.69 17.69 17.69 17.69 17.69 17.69 17.69 17.69
74.96 118.22 149.74 138.91 73.02 42.83 37.86 30.06 23.56
177.39 137.86 66.81 6.59 12.27 48.12 88.95 137.58 192.71

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
 44.47 88.04 138.85 175.88 163.15 85.76 50.31 44.47 35.31 27.67
37.86 74.96 118.22 149.74 138.91 73.02 42.83 37.86 30.06 23.56
6.61 13.08 20.63 26.14 24.24 12.74 7.48 6.61 5.25 4.11
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
0.87 0.87 0.87 0.90 0.90 0.90 0.93 0.93 0.93 0.96
1.11 1.90 2.50 2.79 2.73 1.91 0.88 0.48 0.63 1.06
0.09 5.77 12.72 17.90 16.07 5.38 1.12 0.65 (0.86) (2.45)
0.03 1.73 3.81 5.37 4.82 1.62 0.34 0.20 (0.26) (0.74)
0.06 4.04 8.90 12.53 11.25 3.77 0.79 0.46 (0.60) (1.72)
5.00 - - 5.00 - - 5.00 - - 5.00

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
50.09 102.99 179.94 247.45 256.94 171.91 90.03 62.92 50.26 37.12
173.66 177.39 137.86 66.81 6.59 12.27 48.12 88.95 137.58 192.71
231.24 287.88 325.30 321.76 271.04 191.68 145.65 159.37 195.33 237.33
104.40 104.40 104.40 107.90 107.90 107.90 111.40 111.40 111.40 114.90
17.35 18.22 19.09 19.99 20.89 21.79 22.72 23.65 24.57 25.53
87.05 86.18 85.31 87.91 87.01 86.11 88.68 87.75 86.83 89.37
318.29 374.05 410.61 409.67 358.05 277.79 234.34 247.13 282.16 326.70

30.50 30.50 30.50 30.50 30.50 30.50 30.50 30.50 30.50 30.50
157.05 207.05 230.88 226.17 158.47 72.83 40.03 52.17 88.06 140.05
(1.80) (0.06) 3.75 - 4.82 6.44 - 0.20 (0.06) (0.80)
185.76 237.48 265.13 256.67 193.79 109.77 70.53 82.86 118.50 169.75
132.54 136.58 145.48 153.01 164.25 168.02 163.81 164.27 163.67 156.95
318.29 374.06 410.61 409.67 358.05 277.79 234.34 247.13 282.16 326.70

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
All figures in $'000

Dec-19 Jan-20 Feb-20

908.99 34.01 36.16