TIKAULA SUGAR MILLS LTD.

PROJECTED PROFITABILITY STATEMENT

Year Ending March 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
INSTALLED CAPACITY (TCD) 7000 7000 7000 9000 9000 9000 9000 9000 9000 9000
CRUSHING DAYS 140 161 160 160 160 160 160 160 160 160
CAPACITY UTILISATION (%) 86.44 92.57 95 80 85 90 90 90 90 90
CANE CRUSHED (Lac Qtls.) 84.71 104.33 106.40 115.20 122.40 129.60 129.60 129.60 129.60 129.60
AVERAGE SUGAR RECOVERY (%) 10.89 11.30 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00
SUGAR PRODUCTION (Lac Qtls.) 9.22 11.79 11.70 12.67 13.46 14.26 14.26 14.26 14.26 14.26
MOLASSES PRODUCTION (Lac Qtls.) 4.50% 3.83 4.72 4.79 5.18 5.51 5.83 5.83 5.83 5.83 5.83
ALCOHAL PRODUCTION (KL) 21.25% 5537 5306 10175 11016 11705 12393 12393 12393 12393 12393
BAGASSE SURPLUS (Lac Qtls.) 5.50% 4.66 5.74 5.85 6.34 6.73 7.13 7.13 7.13 7.13 7.13
ELECTRICITY GENERATION EXPORT(Lac Units) 292 348 350 350 400 450 450 450 450 450

SALES REALISATION (Rs. lakh)

SUGAR 3600 25246 41626 42134 45619 48470 51322 51322 51322 51322 51322
REC 284 216 200 200 200 200 200 200 200 200
MOLASSES and ALCOHOL 32 2528 2728 3256 3525 3745 3966 3966 3966 3966 3966
ELECTRICITY 4.57 1334 1629 1600 1600 1828 2057 2057 2057 2057 2057
BAGASSE 200 813 1037 1170 1267 1346 1426 1426 1426 1426 1426
OTHERS 0 0 0 0 0 0 0 0 0 0
INCREASE IN STOCKS 2189 -1467 0 0 0 0 0 0 0 0
TOTAL 32394 45769 48360 52211 55590 58969 58969 58969 58969 58969

EXPENSES
RAW MATERIALS
RAW MATERIALS (Cane Price) 340 27088 32957 36176 39168 41616 44064 44064 44064 44064 44064
SUB TOTAL 27088 32957 36176 39168 41616 44064 44064 44064 44064 44064
MANUFACTURING EXPENSES
PACKING MATERIALS 35 324 369 410 444 471 499 499 499 499 499
MANUFACTURING EXPENSES 100 797 1094 1170 1267 1346 1426 1426 1426 1426 1426
REPAIRS & MAINTENANCE 436 583 612 643 675 709 744 781 820 861
SUB TOTAL 1557 2046 2192 2353 2493 2633 2669 2706 2745 2786
OVERHEADS
SALARIES & WAGES 1016 994 1093 1203 1323 1455 1601 1761 1937 2131
ADMINISTRATIVE & SELLING EXP. 651 889 933 980 1029 1081 1135 1191 1251 1313
SUB TOTAL 1667 1883 2027 2183 2352 2536 2735 2952 3188 3444

TOTAL COST OF PRODUCTION 30312 36886 40395 43704 46461 49233 49468 49722 49997 50294

GROSS PROFIT 2082 8883 7965 8507 9130 9736 9501 9247 8973 8675

DEPRECIATION (WDV) 772 794 715 1543 1389 1250 1125 1012 911 820

GROSS PROFIT BEFORE INTT. & TAX 1310 8089 7251 6964 7741 8486 8376 8235 8061 7855

INTEREST & FINANCE CHARGES TOTAL

TERM LOANS 469 471 395 277 930 742 582 420 261 100 3708
CDR Recompense 0 1489 0 0 0 0 0 0 0 0
WORKING CAPITAL LIMITS 897 695 700 700 700 700 700 700 700 700
TOTAL INTEREST 1366 2655 1095 977 1630 1442 1282 1120 961 800

OPERATING PROFIT -56 5434 6155 5987 6110 7044 7094 7115 7101 7055
OTHER INCOME 111 36 20 20 20 20 20 20 20 20
PROFIT BEFORE TAX 55 5470 6175 6007 6130 7064 7114 7135 7121 7075
TAX -103 1137 2038 1982 2023 2331 2348 2354 2350 2335
PROFIT AFTER TAX 158 4333 4137 4024 4107 4733 4766 4780 4771 4740
NET CASH ACCRUALS 930 5127 4852 5568 5496 5983 5891 5793 5682 5560 44825
REPAYMENT OF TERM LOANS 1350 2171 1441 1805 1722 1494 1653 1600 1600 1600 12914

GP RATIO (%) 6.43% 19.41% 16.47% 16.29% 16.42% 16.51% 16.11% 15.68% 15.22% 14.71%
NP RATIO (%) 0.49% 9.47% 8.56% 7.71% 7.39% 8.03% 8.08% 8.11% 8.09% 8.04%
INTEREST COVER 1.61 3.36 7.29 8.73 5.61 6.76 7.42 8.27 9.36 10.87
D.S.C.R 0.77 2.12 2.86 2.81 2.42 3.01 2.90 3.08 3.19 3.33
AVERAGE DSCR 2.92
 TIKAULA SUGAR MILLS LTD.
PROJECTED CASH FLOW STATEMENT
SOURCES OF FUNDS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
GROSS PROFIT 2082 8883 7965 8507 9130 9736 9501 9247 8973 8675
OTHER INCOME 111 36 20 20 20 20 20 20 20 20
INCREASE IN Working Capital Limits 173 0 0 0 0 0 0 0 0 0
Increase in Trade Payable 1612 0 0 0 0 0 0 0 0 0
Increase in other Current Liab & Prov 823 2953 0 0 0 0 0 0 0 0
Increase in Loan for Expansion 1625 0 0 8000 0 0 0 0 0 0
Increase in Long Term Liab 2 2 0 0 0 0 0 0 0 0
Increase in Promoters Unsecured Loans 0 4 0 0 0 0 0 0 0 0
Decrease in Deffered Tax Assets 0 552
DECREASE IN SUNDRY DEBTORS 0 516 0 0 0 0 0 0 0 0
DECREASE in Inventories 0 1451 0 0 0 0 0 0 0 0
TOTAL SOURCES 6428 14397 7985 16527 9150 9756 9521 9267 8993 8695

APPLICATION OF FUNDS
REPAYMENT OF TERM LOANS 1350 2171 1441 1805 1722 1494 1653 1600 1600 1600
PAYMENT OF ACCRUED INTT SDF 87 187 75 0 0 0 0 0 0 0
INCREASE IN INVENTORIES 2212 0 0 0 0 0 0 0 0 0
INCREASE IN FIXED ASSETS 417 687 0 10000 0 0 0 0 0 0
INCREASE IN SUNDRY DEBTORS 493 0 0 0 0 0 0 0 0 0
INCREASE IN ST LOANS & ADVANCES 379 269 0 0 0 0 0 0 0 0
INCREASE IN LT LOANS & ADVANCES 0 7 0 0 0 0 0 0 0 0
Payment of Promoters Unsecured Loans 120 0 0 0 0 0 0 0 0 0
PAYMENT OF INTEREST 1366 2655 1095 977 1630 1442 1282 1120 961 800
TAX 0 1137 2038 1982 2023 2331 2348 2354 2350 2335
Decrease in Working Capital Limits 0 3392 0 0 0 0 0 0 0 0
Decrease in other Current Liab & Prov 0 0 500 500 500 500 500 500 500 500
Decrease in Trade Payable 0 3922 0 0 0 300 300 300 300 300
INCREASE IN OTHER NON CURRENT ASSETS 11 0 0 0 0 0 0 0 0 0
TOTAL APPLICATION 6435 14427 5149 15264 5875 6067 6083 5875 5711 5535

OPENING CASH BALANCES 127 120 90 2926 4189 7463 11152 14591 17984 21266
SURPLUS/(-)DEFICIT -7 -30 2836 1263 3274 3689 3439 3393 3282 3160
CLOSING CASH BALANCES 120 90 2926 4189 7463 11152 14591 17984 21266 24426
 TIKAULA SUGAR MILLS LTD.
PROJECTED BALANCE SHEET (Rs. lakh)
YEAR ENDING MARCH 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
LIABILITIES
EQUITY SHARE CAPITAL 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980
RESERVES & SURPLUS 2773 7108 11245 15270 19377 24110 28877 33657 38428 43168
NETWORTH 4753 9088 13225 17250 21357 26090 30857 35637 40408 45148

NON CURRENT LIABILITIES

TERM LOANS 5247 3473 1668 7946 6453 4800 3200 1600 0 0
PROMOTERS UNSECURED LOANS 175 179 179 179 179 179 179 179 179 179
ACCRUED INTEREST-SDF 152 75 0 0 0 0 0 0 0 0
SECURITY DEPOSITS 58 60 60 60 60 60 60 60 60 60
TOTAL NON CURRENT LIABILITIES 5632 3787 1907 8185 6692 5039 3439 1839 239 239

CURRENT LIABILITIES
WORKING CAPITAL 12108 8715 8715 8715 8715 8715 8715 8715 8715 8715
TRADE PAYABLE 5718 1949 1949 1949 1949 1649 1349 1049 749 449
CURRENT MATURITIES OF L.T. DEBTS 1851 1441 1805 1722 1494 1653 1600 1600 1600 0
CURRENT MATURITIES OF SDF Intt 110 0 0 0 0 0 0 0 0 0
OTHER CURRENT LIAB. & PROV 1836 5157 4657 4157 3657 3157 2657 2157 1657 1157
TOTAL CURRENT LIABILITIES 21623 17262 17126 16543 15815 15174 14321 13521 12721 10321

TOTAL LIABILITIES 32008 30137 32258 41978 43864 46303 48617 50997 53368 55708

ASSETS
NON CURRENT ASSETS
FIXED ASSETS 8907 9357 8642 17099 15710 14460 13336 12323 11412 10592
Capital WIP 48 0 0 0 0 0 0 0 0 0
DEFERRED TAX ASSETS 354 -198 -198 -198 -198 -198 -198 -198 -198 -198
LONG TERM ADVANCES 82 89 89 89 89 89 89 89 89 89
TOTAL NON CURRENT ASSETS 9391 9248 8533 16990 15601 14351 13227 12214 11303 10483

CURRENT ASSETS
INVENTORIES 20006 18554 18554 18554 18554 18554 18554 18554 18554 18554
CASH & BANK BALANCES 120 90 2926 4189 7463 11152 14591 17984 21266 24426
SUNDRY DEBTORS 1490 974 974 974 974 974 974 974 974 974
OTHER CURRENT ASSETS 1001 1271 1271 1271 1271 1271 1271 1271 1271 1271
TOTAL CURRENT ASSETS 22617 20889 23725 24988 28262 31951 35390 38783 42065 45225

TOTAL ASSETS 32008 30137 32258 41978 43863 46303 48616 50997 53368 55708
0 0 0 0 0 0 0 0 0 0

DEBT EQUITY RATIO 1.60 0.58 0.28 0.57 0.38 0.26 0.16 0.10 0.05 0.01
CURRENT RATIO 1.05 1.21 1.39 1.51 1.79 2.11 2.47 2.87 3.31 4.38
FACR 1.17 1.79 2.33 1.73 1.92 2.16 2.65 3.58 6.20 44.26

DEBT EQUITY RATIO

TOTAL TERM LOANS 7593 5228 3712 9907 8185 6692 5039 3439 1839 239

TOTAL PROMOTERS CONTRIBUTIONS

EQUITY SHARE CAPITAL 1980 1980 1980 1980 1980 1980 1980 1980 1980 1980
RESERVES & SURPLUS 2773 7108 11245 15270 19377 24110 28877 33657 38428 43168
4753 9088 13225 17250 21357 26090 30857 35637 40408 45148
RATIO 1.60 0.58 0.28 0.57 0.38 0.26 0.16 0.10 0.05 0.01
CURRENT RATIO
CURRENT ASSETS 22617 20889 23725 24988 28262 31951 35390 38783 42065 45225
CURRENT LIABILITIES 21623 17262 17126 16543 15815 15174 14321 13521 12721 10321
RATIO 1.05 1.21 1.39 1.51 1.79 2.11 2.47 2.87 3.31 4.38

FOR SUGAR INDUSTRY ACCEPTED CURRENT RATIO IS 1:1.

 U.P.Co-Op. Bank Ltd., Lucknow

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 1120.00 CUMULATIVE CUMULATIVE
30-Jun-17 0.00 1120.00 34.90
30-Sep-17 0.00 1120.00 35.29
31-Dec-17 80.00 1040.00 35.29
31-Mar-18 80.00 960.00 32.05 137.53 160.00 2017-2018
30-Jun-18 80.00 880.00 29.92
30-Sep-18 80.00 800.00 27.73
31-Dec-18 80.00 720.00 25.21
31-Mar-19 80.00 640.00 22.19 105.04 320.00 2018-2019
30-Jun-19 80.00 560.00 19.95
30-Sep-19 80.00 480.00 17.64
31-Dec-19 80.00 400.00 15.12
31-Mar-20 80.00 320.00 12.47 65.18 320.00 2019-2020
30-Jun-20 80.00 240.00 9.97
30-Sep-20 80.00 160.00 7.56
31-Dec-20 80.00 80.00 5.04
31-Mar-21 80.00 0.00 2.47 25.04 320.00 2020-2021

1120.00 332.79 332.79 1120.00

SDF
DATE Installment LOAN Interest Interest Installment Interest
Accrued Accrued Principal Paid
31-Mar-17 Balance 261.60
30-Jun-17 0.00 261.60 2.61
30-Sep-17 0.00 261.60 2.64
31-Dec-17 0.00 261.60 2.64
31-Mar-18 0.00 261.60 2.58 10.47 0.00 2017-18
30-Jun-18 261.60 0.00 2.61 2.61 261.60 2018-19

0.00 10.47 10.47 0.00 0.00

PNB, Muzaffarnagar - INTEREST FREE EXCISE TERM LOAN

DATE INSTALLMENT LOAN INSTALLMENT YEAR

31-Mar-17 571.40 CUMULATIVE
30-Jun-17 77.92 493.48
30-Sep-17 77.92 415.56
31-Dec-17 77.92 337.64
31-Mar-18 77.92 259.72 311.68 2017-2018
30-Jun-18 77.92 181.80
30-Sep-18 77.92 103.88
31-Dec-18 77.88 26.00
31-Mar-19 26.00 0.00 259.72 2018-2019
571.40 571.40

Bijnor District Co-Op. Bank Ltd., Bijnor

INTEREST FREE EXCISE TERM LOAN

DATE INSTALLMENT LOAN INSTALLMENT YEAR

31-Mar-17 149.50 CUMULATIVE
30-Jun-17 19.50 130.00
30-Sep-17 19.50 110.50
31-Dec-17 19.50 91.00
31-Mar-18 19.50 71.50 78.00 2017-2018
30-Jun-18 19.50 52.00
30-Sep-18 19.50 32.50
31-Dec-18 19.50 13.00
31-Mar-19 13.00 0.00 71.50 2018-2019
149.50 149.50
 Meerut District Co-Op. Bank Ltd., Meerut
INTEREST FREE EXCISE TERM LOAN

DATE INSTALLMENT LOAN INSTALLMENT YEAR

31-Mar-17 156.00 CUMULATIVE
30-Jun-17 19.50 136.50
30-Sep-17 19.50 117.00
31-Dec-17 19.50 97.50
31-Mar-18 19.50 78.00 78.00 2017-2018
30-Jun-18 19.50 58.50
30-Sep-18 19.50 39.00
31-Dec-18 19.50 19.50
31-Mar-19 19.50 0.00 78.00 2018-2019
156.00 156.00

Muzaffarnagar District Co-Op. Bank Ltd., Muzaffarnagar

INTEREST FREE EXCISE TERM LOAN

DATE INSTALLMENT LOAN INSTALLMENT YEAR

31-Mar-17 310.66 CUMULATIVE
30-Jun-17 38.83 271.83
30-Sep-17 38.83 233.00
31-Dec-17 38.83 194.17
31-Mar-18 38.83 155.34 155.32 2017-2018
30-Jun-18 38.83 116.51
30-Sep-18 38.83 77.68
31-Dec-18 38.83 38.85
31-Mar-19 38.85 0.00 155.34 2018-2019
310.66 310.66

PNB, Muzaffarnagar
SOFT TERM LOAN
For payment of Cane Price Dues season 2014-15.

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 694.35 Due CUMULATIVE CUMULATIVE
30-Jun-17 50.81 643.54 20.77
30-Sep-17 50.81 592.73 19.46
31-Dec-17 50.81 541.92 17.93
31-Mar-18 50.81 491.11 16.03 74.20 203.24 2017-18
30-Jun-18 50.81 440.30 14.69
30-Sep-18 50.81 389.49 13.32
31-Dec-18 50.81 338.68 11.78
31-Mar-19 50.81 287.87 10.02 49.81 203.24 2018-19
30-Jun-19 50.81 237.06 8.61
30-Sep-19 50.81 186.25 7.17
31-Dec-19 50.81 135.44 5.63
31-Mar-20 50.81 84.63 4.05 25.47 203.24 2019-20
30-Jun-20 50.81 33.82 2.53
30-Sep-20 33.82 0.00 1.02 3.55 84.63 2020-21
694.35 153.04 153.04 694.35

Bijnor District Co-Op. Bank Ltd., Bijnor

SOFT TERM LOAN
For payment of Cane Price Dues season 2014-15.

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 233.60 Due CUMULATIVE CUMULATIVE
30-Jun-17 24.17 209.43 6.99
30-Sep-17 24.17 185.26 6.33
31-Dec-17 24.17 161.09 5.60
31-Mar-18 24.17 136.92 4.77 23.69 96.68 2017-18
30-Jun-18 24.17 112.75 4.10
30-Sep-18 24.17 88.58 3.41
31-Dec-18 24.17 64.41 2.68
31-Mar-19 24.17 40.24 1.91 12.09 96.68 2018-19
30-Jun-19 24.17 16.07 1.20
30-Sep-19 16.07 0.00 0.49
31-Dec-19 0.00 0.00 0.00
31-Mar-20 0.00 0.00 0.00 1.69 40.24 2019-20
30-Jun-20 0.00 0.00 0.00
30-Sep-20 0.00 0.00 0.00 0.00 0.00 2020-21
233.60 37.47 37.47 233.60

Meerut District Co-Op. Bank Ltd., Meerut

SOFT TERM LOAN
For payment of Cane Price Dues season 2014-15.

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 304.50 Due CUMULATIVE CUMULATIVE
30-Jun-17 21.75 282.75 9.11
30-Sep-17 21.75 261.00 8.55
31-Dec-17 21.75 239.25 7.89
31-Mar-18 21.75 217.50 7.08 32.64 87.00 2017-18
30-Jun-18 21.75 195.75 6.51
30-Sep-18 21.75 174.00 5.92
31-Dec-18 21.75 152.25 5.26
31-Mar-19 21.75 130.50 4.50 22.20 87.00 2018-19
30-Jun-19 21.75 108.75 3.90
30-Sep-19 21.75 87.00 3.29
31-Dec-19 21.75 65.25 2.63
31-Mar-20 21.75 43.50 1.95 11.78 87.00 2019-20
30-Jun-20 21.75 21.75 1.30
30-Sep-20 21.75 0.00 0.66 1.96 43.50 2020-21
304.50 68.57 68.57 304.50

Muzaffarnagar District Co-Op. Bank Ltd., Muzaffarnagar

SOFT TERM LOAN
For payment of Cane Price Dues season 2014-15.

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 148.62 Due CUMULATIVE CUMULATIVE
30-Jun-17 10.88 137.74 4.45
30-Sep-17 10.88 126.86 4.17
31-Dec-17 10.88 115.98 3.84
31-Mar-18 10.88 105.10 3.43 15.88 43.52 2017-18
30-Jun-18 10.88 94.22 3.14
30-Sep-18 10.88 83.34 2.85
31-Dec-18 10.88 72.46 2.52
31-Mar-19 10.88 61.58 2.14 10.66 43.52 2018-19
30-Jun-19 10.88 50.70 1.84
30-Sep-19 10.88 39.82 1.53
31-Dec-19 10.88 28.94 1.20
31-Mar-20 10.88 18.06 0.87 5.45 43.52 2019-20
30-Jun-20 10.88 7.18 0.54
30-Sep-20 7.18 0.00 0.22 0.76 18.06 2020-21
148.62 32.74 32.74 148.62
 Meerut District Co-Op. Bank Ltd., Meerut
TERM LOAN-Distillery Unit
Interest @11.50%
One year Moratorium, total period of loan 7 years

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 422.98 Due CUMULATIVE CUMULATIVE
30-Jun-17 26.70 396.28 12.13
30-Sep-17 26.70 369.58 11.49
31-Dec-17 26.70 342.88 10.71
31-Mar-18 26.70 316.18 9.72 44.05 106.80 2017-18
30-Jun-18 26.70 289.48 9.07
30-Sep-18 26.70 262.78 8.39
31-Dec-18 26.70 236.08 7.62
31-Mar-19 26.70 209.38 6.69 31.77 106.80 2018-19
30-Jun-19 26.70 182.68 6.00
30-Sep-19 26.70 155.98 5.30
31-Dec-19 26.70 129.28 4.52
31-Mar-20 26.70 102.58 3.71 19.53 106.80 2019-20
30-Jun-20 26.70 75.88 2.94
30-Sep-20 26.70 49.18 2.20
31-Dec-20 26.70 22.48 1.43
31-Mar-21 22.48 0.00 0.64 7.20 102.58 2020-21
30-Jun-21 0.00 0.00 0.00
30-Sep-21 0.00 0.00 0.00
31-Dec-21 0.00 0.00 0.00
31-Mar-22 0.00 0.00 0.00 0.00 0.00 2021-22
30-Jun-22 0.00 0.00 0.00
30-Sep-22 0.00 0.00 0.00
31-Dec-22 0.00 0.00 0.00
31-Mar-23 0.00 0.00 0.00 0.00 0.00 2022-23
422.98 102.55 102.55 422.98

Muzaffarnagar District Co-Op. Bank Ltd., Muzaffarnagar

TERM LOAN-Distillery Unit
Interest @11.50%
One year Moratorium, total period of loan 7 years

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-17 479.75 Due CUMULATIVE CUMULATIVE
30-Jun-17 26.70 453.05 13.76
30-Sep-17 26.70 426.35 13.13
31-Dec-17 26.70 399.65 12.36
31-Mar-18 26.70 372.95 11.33 50.58 106.80 2017-18
30-Jun-18 26.70 346.25 10.69
30-Sep-18 26.70 319.55 10.04
31-Dec-18 26.70 292.85 9.26
31-Mar-19 26.70 266.15 8.30 38.30 106.80 2018-19
30-Jun-19 26.70 239.45 7.63
30-Sep-19 26.70 212.75 6.94
31-Dec-19 26.70 186.05 6.17
31-Mar-20 26.70 159.35 5.33 26.07 106.80 2019-20
30-Jun-20 26.70 132.65 4.57
30-Sep-20 26.70 105.95 3.85
31-Dec-20 26.70 79.25 3.07
31-Mar-21 26.70 52.55 2.25 13.73 106.80 2020-21
30-Jun-21 26.70 25.85 1.51
30-Sep-21 25.85 0.00 0.75
31-Dec-21 0.00 0.00 0.00
31-Mar-22 0.00 0.00 0.00 2.26 52.55 2021-22
30-Jun-22 0.00 0.00 0.00
30-Sep-22 0.00 0.00 0.00
31-Dec-22 0.00 0.00 0.00
31-Mar-23 0.00 0.00 0.00 0.00 0.00 2022-23
479.75 130.94 130.94 479.75

CAR LOANS
DATE Installment LOAN Interest Interest Installment
31-Mar-17 61.15
30-Jun-17 3.60 57.55 1.68
30-Sep-17 3.60 53.95 1.60
31-Dec-17 3.60 50.35 1.50
31-Mar-18 3.60 46.75 1.37 6.13 14.40 2017-18
30-Jun-18 3.60 43.15 1.28
30-Sep-18 3.60 39.55 1.20
31-Dec-18 3.60 35.95 1.10
31-Mar-19 3.60 32.35 0.98 4.55 14.40 2018-19
30-Jun-19 3.60 28.75 0.89
30-Sep-19 3.60 25.15 0.80
31-Dec-19 3.60 21.55 0.70
31-Mar-20 3.60 17.95 0.59 2.97 14.40 2019-20
30-Jun-20 3.60 14.35 0.49
30-Sep-20 3.60 10.75 0.40
31-Dec-20 3.60 7.15 0.30
31-Mar-21 7.15 0.00 0.19 1.38 17.95 2020-21

61.15 15.04 15.04 61.15

 District Co-Op. Bank Ltd., Muzaffarnagar, Meerut & Bijnor
TERM LOAN for Expansion
Disbursement Start from 01.04.2018
Repayment in 24 equally Installments after one year moratorium
Installment start from June 2019 & ends in March 2025.

DATE INSTALLMENT LOAN INTEREST INTEREST INSTALLMENT YEAR

31-Mar-19 8000.00 Due CUMULATIVE CUMULATIVE
30-Jun-19 200.00 7800.00 199.45
30-Sep-19 200.00 7600.00 196.60
31-Dec-19 200.00 7400.00 191.56
31-Mar-20 200.00 7200.00 184.49 772.11 800.00 2019-20
30-Jun-20 200.00 7000.00 179.51
30-Sep-20 200.00 6800.00 176.44
31-Dec-20 200.00 6600.00 171.40
31-Mar-21 200.00 6400.00 162.74 690.08 800.00 2020-21
30-Jun-21 400.00 6000.00 159.56
30-Sep-21 400.00 5600.00 151.23
31-Dec-21 400.00 5200.00 141.15
31-Mar-22 400.00 4800.00 128.22 580.16 1600.00 2021-22
30-Jun-22 400.00 4400.00 119.67
30-Sep-22 400.00 4000.00 110.90
31-Dec-22 400.00 3600.00 100.82
31-Mar-23 400.00 3200.00 88.77 420.16 1600.00 2022-23
30-Jun-23 400.00 2800.00 79.78
30-Sep-23 400.00 2400.00 70.58
31-Dec-23 400.00 2000.00 60.49
31-Mar-24 400.00 1600.00 49.86 260.71 1600.00 2023-24
30-Jun-24 400.00 1200.00 39.89
30-Sep-24 400.00 800.00 30.25
31-Dec-24 400.00 400.00 20.16
31-Mar-25 400.00 0.00 9.86 100.16 1600.00 2024-25
8000.00 2823.40 2823.40 8000.00
INTEREST ON TERM LOAN
YEAR UPCB SDF Excise Loan Soft Loan Distillery Loan Car Loan TL-Expn TOTAL
2017-2018 137.53 10.47 0 146.41 94.63 6.13 0.00 395.18
2018-2019 105.04 2.61 0 94.76 70.06 4.55 0.00 277.02
2019-2020 65.18 0 0 44.38 45.60 2.97 772.11 930.24
2020-2021 25.04 0 0 6.27 20.94 0 690.08 742.33
2021-2022 0 0 0 0 2.26 0 580.16 582.42
2022-2023 0 0 0 0 0.00 0 420.16 420.16
2023-2024 0 0 0 0 0 0 260.71 260.71
2024-2025 0 0 0 0 0 0 100.16 100.16
332.79 13.08 0.00 291.82 233.48 13.66 2823.40 3708.23

INSTALLMENT OF TERM LOAN

YEAR UPCB SDF Excise Loan Soft Loan Distillery Loan Car Loan TL-Expn TOTAL
2017-2018 160.00 0.00 623.00 430.44 213.60 14.40 0.00 1441.44
2018-2019 320.00 261.60 564.56 430.44 213.60 14.40 0.00 1804.60
2019-2020 320.00 0 0.00 374.00 213.60 14.40 800.00 1722.00
2020-2021 320.00 0 0.00 146.19 209.38 17.95 800.00 1493.52
2021-2022 0 0 0 0 52.55 0 1600.00 1652.55
2022-2023 0 0 0.00 0 0.00 0 1600.00 1600.00
2023-2024 0 0 0.00 0 0 0 1600.00 1600.00
2024-2025 0 0 0.00 0 0 0 1600.00 1600.00
1120.00 261.60 1187.56 1381.07 902.73 61.15 8000.00 12914.11
 Tikaula Sugar Mills Ltd. (TSML)
Assumptions Underlying Profitability Projections for Company as a whole
1 Capacity Utilisation
Year ended March 31, 2016 2017 2018 2019 2020 2021
(Actual) & onwards
Installed capacity (tcd) 7000 7000 7000 9000 9000 9000
No. of Days in season 140 161 160 160 160 160
Capacity Utilisation% 86.44 92.57 95 80 85 90
Total Cane Crushed (lakh qtls.) 84.71 104.33 106.40 115.20 122.40 129.60

2 Recovery Rate %
Recovery of various products have been taken as under:
Year ended March 31, 2016 2017 2018 2019 2020 2021
(Actual) & onwards
Sugar 10.89 11.30 11.00 11.00 11.00 11.00
Baggase 5.50 5.50 5.50 5.50 5.50 5.50
Molasses 4.50 4.50 4.50 4.50 4.50 4.50
Alcohol 21.25 21.25 21.25 21.25 21.25 21.25

Surplus Bagasse for sale after captive consumption in Distillery & Power Units has been estimated
for 5.50% of the cane crushed as per actual achivement in current year 2016-17.

3 Production
Year ended March 31, 2016 2017 2018 2019 2020 2021
(Actual) & onwards
Production (Quantity)
Sugar (Lakh qntls.) 9.22 11.79 11.70 12.67 13.46 14.26
Molasses (lakh qntls.) 383 469 479 518 551 583
Alcohol (Bulk KLs) 5537 5306 10175 11016 11705 12393
Power (Lakh units) 292 348 350 350 400 450

4 Cost of Sugar Cane (Rs./Quintal)

Variety General Early
State Advisory Price - Existing 335.00 345.00
% of early variety of cane procurement 70% 30%
Ratio of Gate to Centre procurement 60% 40%
Additional Transportation cost for centre purchases 5.00
Avarege Cane Price 340.00

5 Net Selling Prices (excl. Excise Duties/GST) 2016 2017 2018

(Actual) (Actual) & onwards
Sugar (Rs./Qntl.) 2940.00 3550.00 3600.00
Baggase (Rs./Qntl.) 195.00 225.00 200.00
Power for Export (Rs./Unit) 4.57 4.57 4.57
Alcohol (Rs./Bulk litre) 32.00 32.00 32.00
 Assumptions Underlying Profitability Projections for Company as a whole (Cond.)

6 Cost of Packing materials has been taken @ Rs.35 per quintal of sugar produced.

7 Cost of Stores, spares, chemicals and other mfg expenses has been taken @Rs.100 per qtl of sugar
produced.

8 Repairs & Maintenance Exp. have been taken at Rs.551 lakh for the FY 16-17 on actual basis and
@5% increase has been provided thereafter.

9 Salaries & Wages have been taken at Rs.1080 lakh for the FY 16-17 on actual basis and an increase
@10% has been provided thereafter.

10 Administrative & Selling expenses have been taken at Rs.812 lakh for the FY 2016-17 (actual) and
an increase @5% has been provided thereafter.

11 Interest on existing term loans and Working Capital Limits have been provided on the Terms of their
sanctions.

12 The fund based working capital limit has been renewed to Rs.14000 lakh.
The above limits are peak working capital limits and the average utilisation of the same throughout the
year has been assumed as 6 months average o/s. of sanctioned/peak limits.

13 Depreciation has been calculated on WDV basis for Profitability projections.