Profit & Loss Account Rs in Cr.

31-03-18 31-03-19 31-03-20 31-03-21 31-03-22 31-03-23 31-03-24 31-03-25 31-03-26 31-03-27 31-03-28 31-03-29 31-03-30
Particulars
Aud. Aud. Aud Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
Revenue
Domestic Sales (Manufacturing) 292.11 308.63 284.75 233.50 345.58 431.97 518.37 544.28 571.50 600.07 630.08 661.58 694.66
Less: Excise Duty (7.62) - - - - - - - - - - - -
Net Sales of Products 284.50 308.63 284.75 233.50 345.58 431.97 518.37 544.28 571.50 600.07 630.08 661.58 694.66
Sale of Services 0.03 1.46 3.73 4.10 4.51 4.96 5.45 6.00 6.60 6.93 7.28 7.64 8.02
Total Revenue from Operation 284.53 310.10 288.48 237.60 350.08 436.93 523.82 550.28 578.10 607.00 637.35 669.22 702.68

Expenses
Raw Material Consumed 178.06 194.11 178.65 144.06 203.83 255.24 315.09 319.85 336.64 353.42 371.10 389.65 409.13
Other Spares consumed 3.41 3.26 3.30 2.95 3.74 4.70 5.74 5.96 6.26 6.57 6.90 7.24 7.60
Power and Fuel 4.92 4.42 4.41 3.95 5.00 6.29 7.68 7.97 8.37 8.79 9.23 9.69 10.17
Wages & Salaries 38.21 46.47 47.77 43.90 53.62 67.46 82.36 85.42 89.74 94.22 98.93 103.88 109.07
Other Manufacturing & Operating Expenses 12.82 12.66 11.80 10.21 12.92 16.26 19.85 20.59 21.63 22.71 23.85 25.04 26.29
Sub Total 237.42 260.92 245.92 205.08 279.12 349.96 430.73 439.79 462.64 485.71 510.00 535.50 562.28
Add: Opening Stock-in-Process 25.37 33.10 38.54 42.01 29.77 33.90 37.91 46.29 48.01 50.43 52.95 55.60 58.38
Deduct : Closing Stock-in- Process 33.10 38.54 42.01 29.77 33.90 37.91 46.29 48.01 50.43 52.95 55.60 58.38 61.30
Cost of Production 229.69 255.48 242.44 217.32 274.98 345.95 422.35 438.07 460.21 483.19 507.35 532.72 559.36
Add: Opening Stock of Finished goods 9.04 10.68 11.75 18.67 40.23 37.98 37.92 45.46 47.76 50.17 52.68 55.31 58.08
Deduct: Closing Stock of Finished Goods 10.68 14.40 18.67 40.23 37.98 37.92 45.46 47.76 50.17 52.68 55.31 58.08 60.98
Cost of Sales 228.04 251.77 235.53 195.77 277.23 346.01 414.81 435.77 457.80 480.69 504.72 529.96 556.45
Admin & Selling Expenses 26.63 25.59 22.89 16.88 29.09 36.09 43.00 44.90 47.17 49.53 52.01 54.61 57.34
Total 254.67 277.36 258.41 212.65 306.32 382.10 457.82 480.67 504.97 530.22 556.73 584.56 613.79
Operating EBIDTA 29.86 32.74 30.07 24.95 43.76 54.83 66.00 69.61 73.13 76.79 80.63 84.66 88.89
Depreciation 15.21 18.01 16.90 18.20 19.07 19.77 19.02 18.43 18.37 18.52 18.67 18.82 18.97
Interest on TL 12.66 15.53 17.37 12.59 15.00 13.91 11.81 9.31 6.45 3.68 1.62 0.62 0.08
Interest on WC - - - 5.07 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39
Bank Charges - 1.58 1.22 1.22 1.23 1.24 1.25 1.26 1.27 1.28 1.29 1.30 1.31
Operating Profit 1.98 (2.39) (5.43) (12.14) 2.07 13.52 27.54 34.22 40.65 46.92 52.66 57.53 62.14
Non-Operating Incomes
Interest on FDRs 0.21 0.46 0.38 0.27 0.43 0.45 0.47 0.50 0.52 0.55 0.58 0.60 0.63
Lease Rentals 1.34 1.77 1.79 1.92 2.07 2.22 2.39 2.57 2.76 2.97 3.19 3.43 3.69
Gain on Sale of Assets - - - 13.71 - - - - - - - - -
Exceptional Incomes(Gain on Sale of Investment) 102.34 - - - - - - - - - - -
Other Non-Operating Incomes 0.86 1.15 1.42 - - - - - - - - - -
2.41 105.72 3.60 15.91 2.50 2.67 2.86 3.07 3.28 3.52 3.77 4.04 4.32
Non Operating Expenses
Others - - 0.30 - - - - - - - - - -
Loss on Sale of Fixed Assets - 0.05 - - - - - - - - - - -
- 0.05 0.30 - - - - - - - - - -
Profit Before Tax 4.39 103.28 (2.13) 3.77 4.57 16.20 30.40 37.29 43.94 50.44 56.43 61.56 66.47
Provision for Current Tax 0.08 20.66 - 0.79 1.17 4.15 7.78 9.55 11.25 12.91 14.45 15.76 17.02
Provision for deferred tax 0.94 5.65 (5.93)
Any other tax expenses (please specify) 0.17 (0.08) -
Profit After Tax 3.20 77.05 3.80 2.98 3.40 12.05 22.62 27.74 32.69 37.53 41.98 45.80 49.45
Balance Sheet Rs in Cr.
31-03-2018 31-03-2019 31-03-2020 31-03-2021 31-03-2022 31-03-2023 31-03-2024 31-03-2025 31-03-2026 31-03-2027 31-03-2028 31-03-2029 31-03-2030
Particulars
Aud. Aud. Aud Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
Equities
Share Capital 16.75 16.75 8.19 8.19 8.19 8.19 8.19 8.19 8.19 8.19 8.19 8.19 8.19
Securities Premium 25.09 25.09 21.54 21.54 21.54 21.54 21.54 21.54 21.54 21.54 21.54 21.54 21.54
Revaluation Reserve - - - - - - - - - - - - -
Other Reserves - - - - - - - - - - - - -
P&L Account 45.35 122.41 128.18 131.16 134.55 146.60 169.22 196.96 229.65 267.18 309.16 354.96 404.42
Share Application pending Allotment - - 4.84 4.84 4.84 4.84 4.84 4.84 4.84 4.84 4.84 4.84 4.84
Net Worth 87.19 164.25 162.75 165.73 169.13 181.18 203.80 231.54 264.23 301.75 343.74 389.54 438.99
Non-Current Liabilities
Term loans from banks and Fis 60.02 84.56 103.68 144.29 144.68 127.48 103.93 78.05 48.57 23.08 10.62 2.90 0.00
Buyer's Credit 17.04 - - - - - - - - - - - -
Unsecured Loans from Banks 10.90 11.42 8.66 8.39 7.31 6.14 4.85 3.45 1.91 0.27 0.09 0.00 0.00
Vehicle Loan 2.52 1.87 1.13 0.56 0.11 - - - - - - - -
Unsecured Loan and other Quasi-Equity 14.64 10.40 1.93 1.93 1.93 1.93 1.93 1.93 1.93 1.93 1.93 1.93 1.93
Unseucred loan - others than Quasi-Equity 14.92 1.53 - - - - - - - - - - -
Deferred tax liabilities 16.39 22.04 16.10 16.10 16.10 16.10 16.10 16.10 16.10 16.10 16.10 16.10 16.10
Other long term liabilities including long term provisions 7.90 4.53 7.82 4.82 4.82 5.32 9.82 9.82 9.82 9.82 9.82 9.82 9.82
Total Non Current Liabilities 144.32 136.35 139.32 176.09 174.96 156.97 136.63 109.35 78.33 51.19 38.56 30.75 27.85
Current Liabilties
Short-term borrowings (Applicant Bank) 32.25 35.18 34.57 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00
Creditors for Purchases (Other than group) 47.51 56.66 54.16 30.44 28.29 35.99 44.38 44.68 47.09 49.44 51.91 54.50 57.23
Creditors for Capital Goods 4.10 0.73 3.15 - - - - - - - - - -

Advance payments from customers / deposits from dealers 0.40 0.24 1.34 1.30 1.92 2.39 2.87 3.02 3.17 3.33 3.49 3.67 3.85
Other statutory liability(due within one year) 9.63 5.72 2.56 - - - - - - - - - -
Interest accrued but not due 0.78 1.03 1.04 - - - - - - - - - -
Other Short Term Provisions - 6.60 0.76 0.70 0.85 1.07 1.31 1.36 1.43 1.50 1.58 1.65 1.74
Other Current Liabilities 7.21 5.60 4.64 4.21 5.18 6.52 8.96 9.29 9.76 10.25 10.76 11.30 11.87
Total Current Liabilities 101.88 111.75 102.22 71.65 71.24 80.97 92.52 93.35 96.45 99.51 102.74 106.13 109.68
TOTAL EQUITIES & LIABILITIES 333.39 412.34 404.30 413.47 415.33 419.13 432.95 434.23 439.01 452.46 485.04 526.42 576.53
Balance Sheet (Continued..)
Non-Current Assets
Land & Building 64.79 65.64 65.88 65.88 65.88 65.88 65.88 65.88 65.88 65.88 65.88 65.88 65.88
Plant & Machinery 198.78 267.79 291.68 313.48 335.84 338.84 341.84 344.84 347.84 350.84 353.84 356.84 359.84
Gross Block 263.56 333.43 357.55 379.36 401.71 404.71 407.71 410.71 413.71 416.71 419.71 422.71 425.71
Depreciation to date 83.31 99.83 116.35 133.74 152.00 171.13 190.15 208.58 226.95 245.46 264.13 282.95 301.92
Net Block 180.25 233.60 241.20 245.62 249.71 233.58 217.57 202.13 186.77 171.25 155.58 139.76 123.80
Capital Work in Progress 16.72 10.28 16.81 10.00 - - - - - - - - -
Investments in subsidiary companies / affiliates 19.71 22.76 7.07 6.97 6.97 6.97 6.97 6.97 6.97 6.97 6.97 6.97 6.97
Other investments 0.00 0.00 - - - - - - - - - - -
Advances to suppliers of capital goods and contractors 2.40 3.10 3.43 3.43 3.43 3.43 3.43 3.43 3.43 3.43 3.43 3.43 3.43
Security deposits / Tender Deposits 2.22 2.25 2.39 2.39 2.39 2.39 2.39 2.39 2.39 2.39 2.39 2.39 2.39
MAT Credit Entitlememt 3.99 5.61 5.61 5.61 5.61 5.61 5.61 5.61 5.61 5.61 5.61 5.61 5.61
Other Non-current Assets 0.32 0.32 - - - - - - - - - - -
Intangible Assets
Goodwill & Other Intangible Assets 2.54 2.15 2.26 1.45 0.64 - - - - - - - -
Total Non- Current Assets 47.90 46.47 37.56 29.85 19.03 18.39 18.39 18.39 18.39 18.39 18.39 18.39 18.39

Current Assets
Cash and Bank balances 1.71 1.14 9.92 1.55 2.81 5.14 5.69 14.56 24.99 43.91 81.60 127.71 182.15
Fixed deposits with banks 2.52 3.76 5.48 5.76 6.19 6.64 7.11 7.61 8.13 8.68 9.25 9.86 10.49
Other Current Investments 0.01 18.25 2.83 2.83 2.83 2.83 2.83 2.83 2.83 2.83 2.83 2.83 2.83
Trade Receivables other than deferred & exports (6
Months) 40.06 32.72 22.41 29.29 39.32 49.08 57.40 60.31 63.35 66.52 69.85 73.34 77.01
Raw Material (Indigeneous) 6.48 9.82 8.36 9.87 8.38 10.49 12.95 13.14 13.83 14.52 15.25 16.01 16.81
Stocks-in-process 33.10 38.54 42.01 29.77 33.90 37.91 46.29 48.01 50.43 52.95 55.60 58.38 61.30
Finished Goods 10.68 14.40 18.67 40.23 37.98 37.92 45.46 47.76 50.17 52.68 55.31 58.08 60.98
Consumables, Stores & Spares (Indigeneous) 1.50 2.15 2.41 2.02 2.46 3.09 3.78 3.92 4.11 4.32 4.53 4.76 5.00

Advances to suppliers of of raw materials / stores & spares 3.60 2.25 4.79 8.12 3.96 5.04 6.21 6.25 6.59 6.92 7.27 7.63 8.01
Prepaid Expenses 0.73 0.77 0.86 0.78 0.96 1.21 1.47 1.53 1.61 1.69 1.77 1.86 1.95
Other Current Assets 4.84 8.48 7.80 7.80 7.80 7.80 7.80 7.80 7.80 7.80 7.80 7.80 7.80
Total Current Assets 105.24 132.27 125.54 138.01 146.59 167.15 196.99 213.71 233.85 262.82 311.07 368.26 434.34
TOTAL ASSETS 333.40 412.34 404.30 413.47 415.33 419.13 432.95 434.23 439.01 452.46 485.04 526.42 576.53

Check (Assets-Liabilities) 0.00 (0.00) 0.00 - - - - - - - - - -

Cash Flow Statement Rs in Cr
31-03-21 31-03-22 31-03-23 31-03-24 31-03-25 31-03-26 31-03-27 31-03-28 31-03-29 31-03-30
PAT 2.98 3.40 12.05 22.62 27.74 32.69 37.53 41.98 45.80 49.45
Dep 18.20 19.07 19.77 19.02 18.43 18.37 18.52 18.67 18.82 18.97
Interest on TL 12.59 15.00 13.91 11.81 9.31 6.45 3.68 1.62 0.62 0.08
Interest on WC 5.07 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39
Bank Charges 1.22 1.23 1.24 1.25 1.26 1.27 1.28 1.29 1.30 1.31
Cash Flow from Operating Activities Before WC Changes 40.07 45.09 53.36 61.08 63.13 65.17 67.39 69.95 72.93 76.20
Change in Other Current Investments - - - - - - - - - -
Change in Trade Receivables other than deferred & exports (6 Months) (6.88) (10.03) (9.76) (8.33) (2.90) (3.05) (3.17) (3.33) (3.49) (3.67)
Change in Raw Material (Indigeneous) (1.51) 1.49 (2.11) (2.46) (0.20) (0.69) (0.69) (0.73) (0.76) (0.80)
Change in Stocks-in-process 12.24 (4.13) (4.01) (8.37) (1.72) (2.43) (2.52) (2.65) (2.78) (2.92)
Change in Finished Goods (21.56) 2.25 0.06 (7.54) (2.30) (2.41) (2.51) (2.63) (2.77) (2.90)
Change in Consumables, Stores & Spares (Indigeneous) 0.39 (0.43) (0.63) (0.68) (0.14) (0.20) (0.21) (0.22) (0.23) (0.24)
Change in Advances to suppliers of of raw materials / stores & spares (3.33) 4.16 (1.08) (1.18) (0.04) (0.34) (0.33) (0.35) (0.36) (0.38)
Change in Prepaid Expenses 0.08 (0.18) (0.25) (0.27) (0.05) (0.08) (0.08) (0.08) (0.09) (0.09)
Change in Other Current Assets - - - - - - - - - -
Change in Creditors for Purchases (Other than group) (23.72) (2.15) 7.70 8.40 0.30 2.42 2.34 2.47 2.60 2.73
Change in Creditors for Capital Goods (3.15) - - - - - - - - -
Change in Advance payments from customers / deposits from dealers (0.04) 0.62 0.48 0.48 0.15 0.15 0.16 0.17 0.17 0.18
Change in Other statutory liability(due within one year) (2.56) - - - - - - - - -
Change in Interest accrued but not due (1.04) - - - - - - - - -
Change in Other Short Term Provisions (0.06) 0.15 0.22 0.24 0.05 0.07 0.07 0.08 0.08 0.08
Change in Other Current Liabilities (0.42) 0.97 1.34 2.44 0.33 0.47 0.49 0.51 0.54 0.57
Change in Deferred tax liabilities - - - - - - - - - -
Change in Other long term liabilities including long term provisions (3.00) - 0.50 4.50 - - - - - -
Change in Security deposits / Tender Deposits - - - - - - - - - -
Change in MAT Credit Entitlememt - - - - - - - - - -
Change in Other Non-current Assets - - - - - - - - - -
Change in Intangible Assets - - - - - - - - - -
WC Changes (54.57) (7.29) (7.55) (12.78) (6.53) (6.08) (6.44) (6.75) (7.09) (7.45)
Cash Flow from Operating Activities (14.50) 37.80 45.81 48.31 56.61 59.08 60.95 63.19 65.84 68.75
Cash Flow Statement (Continued..)
Investing Activities
Change in Fixed deposits with banks (0.27) (0.43) (0.45) (0.47) (0.50) (0.52) (0.55) (0.58) (0.60) (0.63)
Capex (21.81) (22.35) (3.00) (3.00) (3.00) (3.00) (3.00) (3.00) (3.00) (3.00)
Change in Capital Work in Progress 6.81 10.00 - - - - - - - -
Change in Investments in subsidiary companies / affiliates 0.10 - - - - - - - - -
Change in Other investments - - - - - - - - - -
Change in Advances to suppliers of capital goods and contractors - - - - - - - - - -
Cash Flow from Investing Activities (15.17) (12.78) (3.45) (3.47) (3.50) (3.52) (3.55) (3.58) (3.60) (3.63)

Financing Activities
Change in Term loans from banks and Fis 40.61 0.39 (17.20) (23.56) (25.88) (29.48) (25.49) (12.46) (7.72) (2.90)
Change in Buyer's Credit - - - - - - - - - -
Change in Unsecured Loans from Banks (0.27) (1.08) (1.18) (1.29) (1.41) (1.54) (1.64) (0.17) (0.09) -
Change in Vehicle Loan (0.57) (0.44) (0.11) - - - - - - -
Change in Unsecured Loan and other Quasi-Equity - - - - - - - - - -
Change in Unseucred loan - others than Quasi-Equity - - - - - - - - - -
Change in Short-term borrowings (Applicant Bank) 0.43 - - - - - - - - -
Interest on TL (12.59) (15.00) (13.91) (11.81) (9.31) (6.45) (3.68) (1.62) (0.62) (0.08)
Interest on WC (5.07) (6.39) (6.39) (6.39) (6.39) (6.39) (6.39) (6.39) (6.39) (6.39)
Bank Charges (1.22) (1.23) (1.24) (1.25) (1.26) (1.27) (1.28) (1.29) (1.30) (1.31)
Cash Flow from Financing Activities 21.30 (23.75) (40.03) (44.29) (44.24) (45.13) (38.48) (21.93) (16.12) (10.68)

Change (8.37) 1.27 2.33 0.55 8.87 10.43 18.92 37.69 46.11 54.44

Openig Cash & Bank 9.92 1.55 2.81 5.14 5.69 14.56 24.99 43.91 81.60 127.71
Closing Cash & Bank 1.55 2.81 5.14 5.69 14.56 24.99 43.91 81.60 127.71 182.15

As Per BS 1.55 2.81 5.14 5.69 14.56 24.99 43.91 81.60 127.71 182.15
Check (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
 Maximum Permissible Bank Finance
Rs in Cr
MPBF 31-03-21 31-03-22 31-03-23 31-03-24 31-03-25 31-03-26 31-03-27 31-03-28 31-03-29 31-03-30
1 Total Current Assets 138.01 146.59 167.15 196.99 213.71 233.85 262.82 311.07 368.26 434.34

2 Other Current Liabilities (other than bank borrowings) 36.65 36.24 45.97 57.52 58.35 61.45 64.51 67.74 71.13 74.68
3 Working Capital Gap (WCG) (1-2) 101.36 110.34 121.17 139.47 155.36 172.40 198.31 243.32 297.13 359.65
Min. stipulated net working capital: (25% of total Current
4 Assets excluding export receivables) 34.50 36.65 41.79 49.25 53.43 58.46 65.70 77.77 92.07 108.58
5 Actual / Projected net working capital 66.36 75.34 86.17 104.47 120.36 137.40 163.31 208.32 262.13 324.65
6 Item-3 minus Item-4 66.85 73.70 79.39 90.22 101.93 113.94 132.60 165.56 205.07 251.07
7 Item-3 minus Item-5 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00
Max. permissible bank finance (item-6 or 7,
8 whichever lower) 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00
Debt Service Coverage Ratio
Rs in Cr
31-03-21 31-03-22 31-03-23 31-03-24 31-03-25 31-03-26 31-03-27 31-03-28 31-03-29 31-03-30
Particulars
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
PAT 2.98 3.40 12.05 22.62 27.74 32.69 37.53 41.98 45.80 49.45
Depreciation 18.20 19.07 19.77 19.02 18.43 18.37 18.52 18.67 18.82 18.97
Interest on TL 12.59 15.00 13.91 11.81 9.31 6.45 3.68 1.62 0.62 0.08
Interest on CC 5.07 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39

Cash Available for

Servicing Debt 38.85 43.86 52.12 59.83 61.87 63.90 66.11 68.66 71.63 74.89

Interest Paid on TL 7.59 15.00 13.91 11.81 9.31 6.45 3.68 1.62 0.62 0.08
Interest Paid on CC 0.56 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39 6.39
Repayment 3.76 11.13 18.49 24.84 27.28 31.02 27.14 12.63 7.81 2.90
Total Debt Servicing
Obligation 11.91 32.52 38.79 43.04 42.98 43.86 37.20 20.64 14.82 9.37

DSCR 3.26 1.35 1.34 1.39 1.44 1.46 1.78 3.33 4.83 7.99