Prime Rubber Industries Executives of Prime Rubber Industries finished their series of planning meeting and arrived at the business plan for the next financial year. The plan is summarized as follows: 1. The company plans to earn a profit after tax of Rs.38, 50,000. Income taxes are expected to be 30% of the earnings. 2. During the year, shares of the face value of Rs. 28, 00,000 will be issued at a premium of 100%. 3. An office block will be purchased at a down payment of Rs.35,00,000 by taking a mortgage loan at the rate of 10% interest per annum, for the like amount from SBI. The entire amount will be cleared at the end of five years. 4. Plant and equipment costing Rs.23, 00,000 will be added to the factory on the basis of Equated Monthly Instalments of Rs. 50.000/- for 60 months beginning from the date of acquisition. SBI has agreed in principle to consider the request for financial assistance. 5. Accounts payable are to be maintained at the level of one month's sales. Inventory stock was expected to be Rs.50, 00,000 of which 60% will be raw material. Average credit available will be about 30 days' purchases. 6. It is expected that during the plan period, actual operations may be for 300 days. 7. Operating expenses for year are as follows: Raw material will be 30% of sales revenue; wages will be 10% of sales revenue; other direct manufacturing expenses will be 10% of sales revenue. 8. Administrative expenses are projected to be Rs.25, 00,000. Selling and distribution expenses are projected to Rs.18, 00,000. 9. Depreciation of plant and machinery is calculated on the basis of 10% straight line and building at 2.5% straight line. Prime Rubber Industries Balance sheet as on 31 ^ (st) December 2 * 19 (All figures in 000s) Amount (Rs) Amount(Rs) Assets Liabilities and Equity Cash 500 Accounts Payable 1500 Accounts Receivable 3000 Bank Overdraft-(Working Capital Limit) 3500 RM Inventory 3880 FG Inventory 1000 Prepaid Rent and Insurance 120 Current Assets 8500 Current Liabilities 5000 Land 300 Owners' equity Plant and Equipment Rs.1400 Share Capital 1000 Less: Accumulated Depn. Rs. 700 700 Share Premium 1000 Good will 1000 Retained earnings 3500 Total assets 10500 Total Liabilities and equity 10500 Required: Phase: A • Prepare projected income statement for the year ended 31st December 2X20. • Prepare projected Balance sheet as on 31st December 2X20. • Prepare Projected Cash Flow Statement for year ended on 31st December 2X20. Phase: B • Prepare a Project Report for financial Assistance from SBI: • Projections should be for the four years ending 31st December 2X21, 2X22, 2X23 and 2x23 namely for the Balance sheet, Income Statements, and cash flow statements. • Also make the statement for appropriate financial ratios that should form the part of the project report. • You may be guided by the State Bank of India – Loan application form.

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