M/s Samriddhi Dairy Mart

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

1. GROSS SALES
i) Domestic Sales (including ### 24903713.00 29884455.60 37355569.50 41091126.45
job receipts)
ii) Other Income 0.00 1210.00 0.00 0.00 0.00

Total ### 24904923.00 29884455.60 37355569.50 41091126.45

2) Less Excise duty 0.00 0.00 0.00 0.00 0.00

3) Net Sales (1-2) ### 24904923.00 29884455.60 37355569.50 41091126.45

4) % age rise (+) or fall (-)

in net sales as compared to 100.00% 100.00% 119.99% 125.00% 110.00%
Previous year

5) COST OF SALES
i) Raw Materials
(including stores and other items
used in the proceess of manufacture)
including
(a) Imported
(b) Indigenous
ii) Other spares consumed
consumed
(a) Imported
(b) Indigenous
iii) Financial Exp. 76984.29 35822.00 50493.00 38551.00 32145.00
iv) Salary Exp. 314857.68 563500.00 896533.67 1042220.39 1189506.47
v) Freight 32789.60 11533.00 37484.97 38890.66 44386.66
vi) Purchase 684371.93 21812997.00 25102942.70 28240810.54 34171380.76
vii) Other Exps./ Taxes 0.00 745343.14 819877.45 983852.94 1229816.18
viii) Depreciation 81496.50 107129.00 93812.10 79740.29 67779.24

ix) SUB-TOTAL (i to vi) ### 23276324.14 27001143.90 30424065.82 36735014.32

x) Add: Opening SIP & Raw Material 0.00 0.00 0.00 0.00 0.00

xi) Sub-total ### 23276324.14 27001143.90 30424065.82 36735014.32

M/s Samriddhi Dairy Mart
1 1 2 3 4
---- ------------------------------------------------------------------------ ---------------- ------------------- ------------------ ------------------ -------------------

ix) Deduct: Closing SIP & Raw Material 0.00 0.00 0.00 0.00 0.00

x) Cost of production ### 23276324.14 27001143.90 30424065.82 36735014.32

xi) Add: Opening stock of finished 0.00 7194529.36 7010797.59 6713768.11 2558600.65
goods
Sub-total ### 30470853.50 34011941.49 37137833.92 39293614.97

xii) Deduct closing stock of 250500.00 7010797.59 6713768.11 2558600.65 1125784.29

finished goods
xiii) SUB-TOTAL (Total cost of sales) 940000.00 23460055.91 27298173.38 34579233.27 38167830.68
6) Selling, general and
administrative expenses 0.00 376606.00 564909.00 621399.90 714609.89

7) SUB-TOTAL (5 + 6) 940000.00 23836661.91 27863082.38 35200633.17 38882440.57

8) Operating profit before interest 485635.00 1068261.09 2021373.22 2154936.33 2208685.88

9) Interest 0.00 11701.00 172500.00 161000.00 149500.00
10) Operating profit after interest 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
11) i) Add other non-operating income
(a) Other income 0.00 0.00 0.00 0.00 0.00

Sub-total (income) 0.00 0.00 0.00 0.00 0.00

ii) Deduct other non-operating expenses
(a) Preliminary expenses 0.00 0.00 0.00 0.00 0.00

Sub-total (expenses) 0.00 0.00 0.00 0.00 0.00

iii) Net of other non-operating

income/expenses (net of 11(i) 0.00 0.00 0.00 0.00 0.00
and 11(ii)
12) Profit before tax/loss 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
13) Provision for taxes 0.00 0.00 0.00 0.00 0.00
14) Net profit/loss (12-13) 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
15) (a) Equity dividend paid 0.00 0.00 0.00 0.00 0.00
(b) Dividend Rate
16) Retained profit (14-15) 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
17) Retained profit/Net profit (%age) 100.00% 100.00% 100.00% 100.00% 100.00%
M/s Samriddhi Dairy Mart

ANALYSIS OF BALANCE SHEET

[As per Balance Sheet as at 31st March]

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
LIABILITIES 2021 2023 2024 2025 2026

CURRENT LIABILITIES

01) Short-term borrowings from banks

(including bills purchased,
discounted and excess borrowings
placed on repayment basis)
i) From applicant bank 0.00 326249.00 1000000.00 1000000.00 1000000.00
ii) From other banks 0.00 0.00 0.00 0.00 0.00
iii) (of which BP and BD)

Sub total (A) 0.00 326249.00 1000000.00 1000000.00 1000000.00

02) Short term borrowings from others 0.00 0.00 0.00 0.00 0.00
0.00 0.00
03) Sundry creditors(Trade) 45430.00 4877011.00 687751.85 6728812.08 1139046.03

04) Advance payments from customers/

deposits from dealers 0.00 0.00 0.00 0.00 0.00

05) Provision for taxation 0.00 0.00 0.00 0.00 0.00

06) Dividend payable 0.00 0.00 0.00 0.00 0.00

07) Other statutory liabilities 0.00 0.00 0.00 0.00 0.00

(due within one year)

08) Deposits/Instalments of term DPG'S 0.00 0.00 0.00 0.00 0.00

loans/DPGs/debentures,etc.
due within one year)

09) Other current liabilities and 0.00 90000.00 81000.00 64800.00 51840.00
provisions (due within one year)

Sub-total (B) 45430.00 4967011.00 768751.85 6793612.08 1190886.03

10) TOTAL CURRENT LIABILITIES

(Total of 1 to 9) 45430.00 5293260.00 1768751.85 7793612.08 2190886.03
M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
LIABILITIES 2021 2023 2024 2025 2026

11) Debentures (not maturing within 0.00 0.00 0.00 0.00 0.00
one year)

12) Preference shares (redeemable 0.00 0.00 0.00 0.00 0.00

after one year)

13) Term loans (excluding instalments 0.00 328068.00 500000.00 400000.00 300000.00
payable within one year)

14) Deferred Payment Credits (excluding 0.00 0.00 0.00 0.00 0.00
instalments due within one year)

15) Term deposits (repayable after 0.00 0.00 0.00 0.00 0.00
one year) Bridge Loan against
incentives
16) Other term liabilities 0.00 1916199.00 2491058.70 1992846.96 1594277.57
(Unsecured Loans)
17) TOTAL TERM LIABILITIES 0.00 2244267.00 2991058.70 2392846.96 1894277.57
(Total of 11 to 16)
18) TOTAL OUTSIDE LIABILITIES (10 + 17) 45430.00 7537527.00 4759810.55 10186459.04 4085163.59

NET WORTH

19) Ordinary share capital 334508.50 1980087.00 3036647.09 4025520.31 5019456.64

Share Application Money

20) General reserve 0.00 0.00 0.00 0.00 0.00

20)aState Govt. subsidy 0.00 0.00 0.00 0.00 0.00

21) Investment Allowance Reserve 0.00 0.00 0.00 0.00 0.00

22) Other reserves 0.00 0.00 0.00 0.00 0.00

(excluding subsidy provisions)

23) Surplus (+) or deficit (-) in

Profit and Loss Account 485635.00 1056560.09 1848873.22 1993936.33 2059185.88

24) NET WORTH 820143.50 3036647.09 4885520.31 6019456.64 7078642.52

25) TOTAL LIABILITIES (18 + 24) 865573.50 10574174.09 9645330.87 16205915.68 11163806.12
M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
ASSETS 2021 2023 2024 2025 2026

ASSETS

CURRENT ASSETS

26) Cash and bank balances 66790.00 146780.00 721207.85 3038490.19 3528389.18
27) Investments (Other than long term
investments)
i) Government and other Trustee
securities
ii) With banks & Public Bodies
ii) Margin on L/C and Bank Guarantee
28) i) Receivables other than 43260.00 1666182.00 818752.21 9210962.34 5066029.29
deferred and exports(including
bills purchased and discounted
by banks)
ii) Exports receivables(including 0.00 0.00 0.00 0.00 0.00
bills purchased/discounted
by banks)
29) Instalments of deferred 0.00 0.00 0.00 0.00 0.00
receivables (due within one year)
30) Inventory:
i) Raw materials 0.00 0.00 0.00
(including stores and other
items used in the process of
manufacture)
(i) Imported 0.00 0.00 0.00 0.00 0.00
(ii) Indigenous 0.00 0.00 0.00 0.00 0.00
ii) Stocks-in-process 0.00 0.00 0.00 0.00 0.00
iii) Finished goods 250500.00 7010797.59 6713768.11 2558600.65 1125784.29
iv) Other consumable spares
(a) Imported
(b) Indigenous 0.00 0.00 0.00 0.00 0.00
iv) Packing material 0.00 0.00 0.00 0.00 0.00
v) Loose tools & scrap
31) Advances to suppliers of raw 0.00 0.00 0.00 0.00 0.00
materials and stores/spares
32) Advance payment of taxes 50000.00
33) Other current assets 43210.00 1075001.00 860000.80 946000.88 1059520.99
(Loans & Advances)

34) TOTAL CURRENT ASSETS

(Total of 26 to 33) 403760.00 9948760.59 9113728.97 15754054.06 10779723.74
M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
ASSETS 2021 2023 2024 2025 2026

35) Gross Block (land and building 543310.00 732543.00 625414.00 531601.90 451861.62
machinery, work-in-progress)
36) Depreciation to date 81496.50 107129.00 93812.10 79740.29 67779.24

37) NET BLOCK (35 - 36) 461813.50 625414.00 531601.90 451861.62 384082.37

OTHER NON-CURRENT ASSETS

38) Investment/book debts/advance/
deposits which are not current
assets
i) (a) Investment in subsidiary
companies/affiliates
(b) Others 0.00 0.00 0.00 0.00 0.00
ii) Advances to suppliers of
capital goods and contractors
iii) Deferred receivables (maturity
exceeding one year)
iv) Others (L/c Margin A/c)
39) Non-consumable stores and spares
40) Other non-current assets including
dues from directors

41) TOTAL OTHER NON-CURRENT ASSETS 0.00

(Total of 38 to 40)

42) Intangible assets (patents,goodwill

prelim. expenses,bad/doubtful debts
not provided for,etc.)

43) TOTAL ASSETS 865573.50 10574174.59 9645330.87 16205915.68 11163806.12

(Total of 34, 37, 41 and 42)
0.00 0.50 0.00 0.00 0.00

44) TANGIBLE NET WORTH (24 - 42) 820143.50 3036647.09 4885520.31 6019456.64 7078642.52
45) NET WORKING CAPITAL 358330.00 4655500.59 7344977.11 7960441.98 8588837.72
46) CURRENT RATIO (ITEM 34/10) 8.89 1.88 5.15 2.02 4.92
47) TOTAL OUTSIDE LIABILITIES/TANGIBLE 0.06 2.48 0.97 1.69 0.58
NET WORTH (18/44)
48) TOTAL OUTSIDE LIABILIITIES/TANGIBLE 0.06 1.13 0.31 1.02 0.29
NET WORTH AFTER CONSIDERING UNSECURED
LOAN FROM PROMOTERS AS QUASI EQUITY
M/s Samriddhi Dairy Mart

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

A) CURRENT ASSETS

01) Raw materials (including stores

and other items used in the process
of manufacture)
(a) Imported 0.00 0.00 0.00 0.00 0.00
Months' consumption (0.00) (0.00) 0.00 0.00 (0.00)
(a) Indigenous 0.00 0.00 0.00 0.00 0.00
Months' consumption 0.00 0.00 0.00 0.00 0.00
02) Other consumable spares excluding
those included in 1 above
(a) Imported : 0.00 0.00 0.00 0.00 0.00
Months' consumption (0.00) (0.00) 0.00 0.00 (0.00)
(b) Indigenous : 0.00 0.00 0.00 0.00 0.00
Months' consumption
03) Stocks-in-process: 0.00 0.00 0.00 0.00 0.00
Months' cost of production 0.00 0.00 0.00 0.00 0.00
04) Finished goods : 250500.00 7010797.59 6713768.11 2558600.65 1125784.29
Months' cost of sales (3.20) (3.59) (2.95) (0.89) (0.35)
05) Receivables other than export and 43260.00 1666182.00 818752.21 9210962.34 5066029.29
deferred receivables (including (0.36) (0.80) (0.33) (2.96) (1.48)
bills purchased and discounted by
bankers)
06) Export receivables (including bills
purchased and discounted) (0.00) (0.00) 0.00 0.00 (0.00)
07) Advances to suppliers of raw 0.00 0.00 0.00 0.00 0.00
materials and stores/spares,
consumables
08) Other current assets including cash 110000.00 1271781.00 1581208.65 3984491.07 4587910.17
and bank balances and deferred
receivables due within one year

09) TOTAL CURRENT ASSETS 403760.00 9948760.59 9113728.97 15754054.06 10779723.74

M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

B) CURRENT LIABILITIES
(Other than bank borrowings for
working capital)

10) Creditors for purchase of raw 45430.00 4877011.00 687751.85 6728812.08 1139046.03
materials, stores and consumable #DIV/0! (0.02) (0.00) (0.02) (0.00)
spares

11) Advances from customers 0.00 0.00 0.00 0.00 0.00

12) Statutory liabilities 0.00 0.00 0.00 0.00 0.00

13) Other current liabilities 0.00 90000.00 81000.00 64800.00 51840.00

(Specify major items)
Short term borrowings, unsecured
loans, dividend payable,instalments
of TL, DPG, public deposits,
debentures, etc

14) TOTAL
(To agree with sub-total B-Form III) 45430.00 4967011.00 768751.85 6793612.08 1190886.03
M/s Samriddhi Dairy Mart
COMPUTATION OF MAXIMUM PERMISSIBLE
BANK FINANCE FOR WORKING CAPITAL

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

1) Total Current Assets 403760.00 9948760.59 9113728.97 15754054.06 10779723.74

(9 in Form IV)

2) a Other Current Liabilities 45430.00 4967011.00 768751.85 6793612.08 1190886.03

(Other thank bank borrowing)
b) Less:2/3 rd of the instalments due 0.00 0.00 0.00 0.00 0.00
within 12 months

c) Total 45430.00 4967011.00 768751.85 6793612.08 1190886.03

3) Working Capital Gap (WCG) 358330.00 4981749.59 8344977.11 8960441.98 9588837.72

4) Minimum stipulated net working 89582.50 1245437.40 2086244.28 2240110.50 2397209.43

capital i.e. 25% of total current
assets as the case may be depending
upon the method of lending being
applied (Export receivables to be
excluded under both methods)

5)a) Actual/projected net working

capital (45 in Form III) 358330.00 4655500.59 7344977.11 7960441.98 8588837.72
b) Add:2/3 rd of instalments of DPG/ 0.00 0.00 0.00 0.00 0.00
term loans due within 12 months

c) Total 358330.00 4655500.59 7344977.11 7960441.98 8588837.72

6) Item 3 minus item 4 268747.50 3736312.19 6258732.83 6720331.49 7191628.29

7) Item 3 minus item 5 0.00 326249.00 1000000.00 1000000.00 1000000.00
8) Maximum permissible bank finance 0.00 326249.00 1000000.00 1000000.00 1000000.00
(Item 6 or 7 whichever is lower)
9) Excess borrowings representing 0.00 0.00 0.00 0.00 0.00
short fall in NWC (4 - 5)
M/s Samriddhi Dairy Mart

FUNDS FLOW STATEMENT

[As per Balance Sheet as at 31st March]

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

1) SOURCES

(a) Net Profit (after tax) 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
(b) Depreciation 81496.50 107129.00 93812.10 79740.29 67779.24
(c) Increase in capital -151126.50 589018.41 -792313.13 -1005063.10 -1065249.56
Share Application Money
(c) Increase in Subsidy & General 0.00 0.00 0.00 0.00 0.00
Reserve
(d) Increase in Term liabilities 0.00 328068.00 0.00 0.00 0.00
(incldg. public deposits)
Deferred Payment Tax Amount 0.00 0.00 0.00 0.00 0.00
Loan from LIC 0.00 0.00 0.00 0.00 0.00
Unsecured loan 0.00 1916199.00 0.00 0.00 0.00
(e) Decrease in
i) Fixed Assets 0.00
ii) Other non-current assets 0.00 0.00 0.00 0.00
(f) Others (Prel./Capital Issue 0.00 0.00 0.00 0.00 0.00
Expenses w/o)

(g) TOTAL 416005.00 3996974.50 1150372.19 1068613.51 1061715.57

2) USES

(a) Net Loss 0.00 0.00 0.00 0.00 0.00

(b) Decrease in Term Liabilities 0.00 0.00 100000.00 100000.00
(incldg. public deposits) 0.00 0.00 0.00 0.00
Unsecured Loan 0.00 0.00 498211.74 398569.39
(c) Increase in:
i) Fixed Assets 543310.00 270729.50 0.00 0.00 0.00
ii) Other non-current assets 0.00 0.00 0.00 0.00 0.00
(d) Dividend payments 0.00 0.00 0.00 0.00 0.00
(e) Others (Prel./Capital Issue 0.00 0.00 0.00 0.00 0.00
Expenses )

(f) TOTAL 543310.00 270729.50 0.00 598211.74 498569.39

M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

3) Long Term Surplus(+)/Deficit(-) 358330.00 4297170.59 2689476.52 615464.87 628395.73

4) Increase/decrease in current 403760.00 90000.00 -9000.00 6640325.09 -4974330.32
assets*(as per details given below)
5) Increase/decrease in current
liabilities other than bank 45430.00 4921581.00 -4198259.15 6024860.22 -5602726.05
borrowings
6) Increase/decrease in working 358330.00 -4831581.00 4189259.15 615464.87 628395.73
capital gap
7) Net surplus (+)/deficit(-) (3-6) 0.00 -326249.00 -673751.00 0.00 0.00
8) Increase/decrease in bank
borrowings 0.00 326249.00 673751.00 0.00 0.00

INCREASE/DECREASE IN NET SALES ### 23479288.00 4979532.60 7471113.90 3735556.95

* Break-up of (4)

i) Increase/Decrease in
stocks-in-process 0.00 0.00 0.00 0.00 0.00
ii) Increase/Decrease in
Receivables
(a) Domestic 43260.00 1622922.00 -847429.79 8392210.13 -4144933.05
(b) Exports 0.00 0.00 0.00 0.00 0.00
iii) Increase /Decrease in 250500.00 6760297.59 -297029.48 -4155167.46 -1432816.36
Finished goods
iv) Increase/Decrease in 0.00 0.00 0.00 0.00 0.00
Raw Materials
iv) Increase/Decrease in 0.00 0.00 0.00 0.00 0.00
Packing Materials
v) Increase/Decrease in 0.00 0.00 0.00 0.00 0.00
Stores and Spares
vi) Increase/Decrease in
loose tools & scrap 0.00 0.00 0.00 0.00 0.00
vi) Increase/Decrease in 110000.00 1161781.00 309427.65 2403282.42 603419.10
Other current assets

403760.00 9545000.59 -835031.62 6640325.09 -4974330.32

NOTE: Increase/Decrease under items 4 to 8, as also under break-up

of (4) should be indicated by (+)(-).
M/s Samriddhi Dairy Mart

As per BS HEADS
PART B-ANALYTICAL AND COMPARATIVE RATIOS

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

1. Net Sales (item 3 in form IIA)3 ### 24904923.00 29884455.60 37355569.50 41091126.45
2. % raise (+) or fall(-) in net
sales during the year as compared 100% 1646.94 19.99 25.00 10.00
to previous year
3. Profit before tax (+) or loss(-) 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
(item no. 10 in Form IIA)
4. Net profit (i.e after tax)(+) 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
or loss(-)(item 12 in form IIA)
5. a) Equity dividend declared 0.00 0.00 0.00 0.00 0.00
b) Equity dividend paid 0.00 0.00 0.00 0.00 0.00
c) Rate % of (a) 0.00 0.00 0.00 0.00 0.00
d) Rate % of (b) 0.00 0.00 0.00 0.00 0.00
6. Retained profit 485635.00 1056560.09 1848873.22 1993936.33 2059185.88
7. Retained profit/Net profit(%) 100.00 100.00 100.00 100.00 100.00
8. Raw materials(including stores
and other items used in the
process of manufacturing)
(a)imported(item 34(i)(a) in 0.00 0.00 0.00 0.00 0.00
Form IIIA)
How many months consumption (0.00) (0.00) (0.00) (0.00) (0.00)
do this represent?
(b)indigenous (item 34(i)(b) 0.00 0.00 0.00 0.00 0.00
in Form(IIIA)
How many months consumption 0.00 0.00 0.00 0.00 0.00
do this represent?
9. Stocks-in-process (item 34(i)(b)
in Form III (A) 0.00 0.00 0.00 0.00 0.00
How many months consumption do 0.00 0.00 0.00 0.00 0.00
these represent ?
10. Finished goods (item 34 (iii) in
Form III (A) 250500.00 7010797.59 6713768.11 2558600.65 1125784.29
How many months consumption do (3.20) (3.59) (2.95) (0.89) (0.35)
these represent ?
11. Other consumable spares (item 34 0.00 0.00 0.00 0.00 0.00
(iv) in Form III (A)
What is percentage to total
inventory ? 0.00 0.00 0.00 0.00 0.00
How many months normal consumption
do they represent ?
M/s Samriddhi Dairy Mart

1 1 2 3 4
(Actuals) (Actuals) Estimated Projected Projected
2021 2023 2024 2025 2026

12. a) Receivables other than 43260.00 1666182.00 818752.21 9210962.34 5066029.29

deferred receivables & export
receivables (including bills
purchased & discounted by
bankers) (item 32(i) in Form
III A)
How many months domestic sales (0.36) (0.80) (0.33) (2.96) (1.48)
(other than sales on deferred
payment basis) do these
represent?
b) Export receivables (item 32(ii)
in Form III A) 0.00 0.00 0.00 0.00 0.00
How many months export sales (0.00) (0.00) (0.00) (0.00) (0.00)
do these represent?
c) Deferred receivables 0.00 0.00 0.00 0.00 0.00
13. Sundry creditors (Trade) (item 4
in Form III A) 45430.00 4877011.00 687751.85 6728812.08 1139046.03
How many months purchases do these #DIV/0! (0.02) (0.00) (0.02) (0.00)
represent?
14. Net working capital (item 49 in 358330.00 4655500.59 7344977.11 7960441.98 8588837.72
Form III A)
15. Current ratio (item 38/item 13 in 8.89 1.88 5.15 2.02 4.92
Form III A)
16. Tangible net worth (item 48 in 820143.50 3036647.09 4885520.31 6019456.64 7078642.52
Form III A)
17. a) Total outside liabilities/
tangible net worth (item 21/ 0.06 2.48 0.97 1.69 0.58
item 48 in Form III A)
b) Total term liabilities/
tangible net worth (item 20/ 0.00 0.74 0.61 0.40 0.27
item 48 in Form III A)
18. a) Bank borrowings/total outside
(liabilities (item 1/item 21 in 0.00 0.04 0.21 0.10 0.24
Form III A)
b) Net sales/Total tangible
assets (item 3 in Form II A/ 1.65 2.36 3.10 2.31 3.68
item 47 minus item 46 in
Form III A))