Company Name: TVS Motor Company Limited FORM II ASSESSMENT OF WORKING CAPITAL REQUIREMENT OPERATING STATEMENT As Per Income

Statement as on: 31.03.2011 31.03.2012 Audited 1 Gross Sales and Other Income 6,821.07 Audited 7,712.33 31.03.2013 Proiections 9,640.41

a) Domestic Sales

6,138.96

6,555.48

8,194.35

b) Export Sales 2 3 Excise Duty Net Sales

682.11 533.05 6,288.02

1,156.85 586.13 7,126.20

1,446.06 732.66 8,907.75

% Rise in total income over last year

36%

13%

25%

Cost of Sales i) Raw Materials - Imported - Indigenous (Including cost of traded goods) ii) Spares and Consumables - Imported - Indigenous 48.71 54.24 67.80 4,757.79 5,276.19 6,595.24

iii) Power, Fuel and Water

68.10

89.77

112.21

iv) Direct Labour

228.70

259.08

323.85

v) Other Manufacturing Expenses

249.57

290.01

362.51

vi) Depreciation & Amortisation vii) Sub Total (i to vi) viii) Add: Opening Stock of Work in Progress Sub Total ix) Less: Closing Stock of Work in Progress x) Cost of Production xi) Add: Opening Stock of Finished Goods Sub Total xii) Less: Closing Stock of Finished Goods xiii) Cost of Sales

107.25 5,460.12 27.05 5,487.17 46.90 5,440.27 79.82 5,520.09 203.85 5,316.24

117.53 6,086.82 46.90 6,133.72 55.63 6,078.09 203.85 6,281.94 210.26 6,071.68

223.37 7,684.98 55.63 7,740.61 51.27 7,689.35 210.26 7,899.61 207.06 7,692.55

Selling, General & Administration Expenses(SGA)

669.47

701.13

736.19

7 8 9 10 11

Sub Total (5 + 6) Operating Profit before Interest ( 3 - 7 ) Interest Operating Profit after Interest ( 8 - 9 ) i) Add: Other Non operating Income

5,985.71 302.31 70.30 232.01 35.62

6,772.81 353.39 57.10 296.29 21.71

8,428.74 479.01 68.52 410.49 21.71

ii) Deduct Other non Operating expenses

19.54

1.54

1.54

iii) Net Non Operating Income 12 13 14 15 Profit before Taxes (10 + 11-iii) Provision for Taxes Net Profit A Equity Dividend/Drawings Rate of Dividend B Preference Dividend Rate of Dividend 16 17 Retained Profit % of Retained Profit to Net Profit

16.08 248.09 53.51 195 1.13 193.45 99%

20.17 316.46 67.39 249 1.99 247.08 99%

20.17 430.66 99.00 331.66 331.66 1.00

PBIDT

425.64

491.09

722.55

Company Name: TVS Motor Company Limited FORM III ANALYSIS OF BALANCE SHEET As Per Balance Sheet as on: LABILITIES CURRENT LIABILITIES 1 Short Term Borrowings from Banks (Includi ng bills purchased, discounted & excess borrowings placed on repayment basis) i) From Application Bank 31.03.2011 31.03.2012 Audited Audited 31.03.2013 Proiections

ii) From other Banks

79.09

220.68

264.82

iii) (of which BP & BD) Sub Total (A) 2 3 Short Term Borrowings from Others Sundry Creditor (Trade) 79.09 669.11 220.68 14.85 737.70 264.82 703.41

Advance payments from customers/Deposit from dealers

14.26

16.19

5 6

Provision for Taxation Dividend Payable

1.13

1.99

Other Statutory Liabilities (Due within one year)

17.59

9.18

Deposits/Instalments of Term Loans/DPGS/ Debentures etc.

134.39

115.63

Other Current Liabilities & Provision (Due within one year) Sub Total (B)

249.90

228.96

228.96

1,086.38 1,165.47

1,124.50 1,345.18

932.37 1,197.18

10

Total Current Liabilities ( A + B ) (Total of 1 to 9) TERM LIABILITIES

11 12 13 14 15 16 17 18

Debentures (not maturing with in one year) Preference Shares (Redeemable) Term Loans (> 1 year) Deferred Payment Credit (excluding instalm ent due with in one year) Term Deposit - Corporate Loan Other Term Liabilities/Unsecured Loans (incl. long term provisions) Total Term Liabilities (Total of 11 to 16) Total Outside Liabilities ( 10 + 17 )

369.66 227.31 596.97 1,762.44

261.68 266.79 528.47 1,873.65

314.02 320.15 634.16 1,831.35

NET WORTH 19 20 Ordinary Share Capital Share Application Money General Reserve Deferred Tax Liability 21 Share Premium 47.51 810.00 95.66 47.51 835.00 97.55 47.51 878.12 138.60 -

22

Other Reserve (Excluding Provisions)

6.43

1.89

23

Surplus (+) or Deficit (-) in P & L

135.47

284.90

573.44

24 25

Net Worth ( Total of 19 to 23 ) Total Liabilities ( 18 + 24 )

1,095.07 2,857.51

1,266.85 3,140.50

1,637.67 3,469.01

TVS Motor Company Limited FORM III ANALYSIS OF BALANCE SHEET As Per Balance Sheet as on: 31.03.2011 31.03.2012 Audited Provisional 31.03.2013 Proiections

ASSETS CURRENT ASSETS 26 27 Cash & Bank Balance Investment (Other than Long Term) i) Government & Other Securities ii) Fixed Deposits with Banks 11.75 50.00 6.01 13.03 39.00

28

i) Receivables other than Deferred & Export

242.34

197.96

286.80

ii) Export Receivable 29 30 Instalments of Deferred Receivables (Due within one year) Inventory i) Raw Materials (Including Stores & Spares and other items used in the process of manufacture) Imported Indigenious

26.93 -

34.93 -

50.61 -

0.00 238.47

0.00 281.08

0.00 351.35

ii) Stock-in-Progress

46.90

55.63

51.27

iii) Finished Goods

203.85

210.26

207.06

iv) Other Consumables

38.70

37.59

46.99

31

Advance to Suppliers of Raw Materials, Stores and Spares etc.

25.27

28.33

35.41

32

Advance Payment of Taxes

2.23

11.90

14.28

33

Other Current Assets

273.60

206.41

258.01

34

Total Current Assets FIXED ASSETS

1,116.05

1,077.13

1,390.78

35

Gross Block (Land, Buildings, Machinery &

1,961.17

2,136.50

2,563.80

Work in Progress) Capital Work in Progress 36 37 Depreciation to Date Net Block ( 35 - 36 ) OTHER NON CURRENT ASSETS 57.39 1,025.86 992.70 52.51 1,116.86 1,072.15 63.01 1,340.23 1,286.58

38

Investment/Book Debts/Advances/Deposits which are not Current Assets

98.71

62.93

31.47

i)a Investment in Subsidiary Companies/Affiliates

619.38

900.92

760.19

b Others ii) Advances to Suppliers of Capital Goods and suppliers iii) Deferred Receivable iv) Others

2.59 25.80

0.35 21.09

39 40 41

Non Consumable Stores and Spares Other Non Current assets (including due from Directors) Total Other Non Current Assets ( Total of 38 to 40 ) Intangible Assets (Patents, Goodwill, Prelim, expenses etc.)

746.48

985.29

791.66

42

2.28

5.93

43 44 45

Total Assets (Total of 34, 37, 41 & 42) Tangible Networth ( 24 - 42 ) Net Working Capital [ 17 + 24 - (37 + 41 + 42)] To tally with ( 34 - 10 ) Current Ratio ( 34/ 10) Excluding Margin on Export Receivables Total Outside Liability/Tangible Networth ( 18/44) Debt/Equity Ratio

2,857.51 (0.00) 1,092.79 (49.42) (49.42) 0.96 1.61 0.55

3,140.50 (0.00) 1,260.92 (268.05) (268.05) 0.80 1.49 0.42

3,469.01 (0.00) 1,637.67 193.60 193.60 1.16 1.12 0.39

46 47 48

TVS Motor Company Limited FORM IV As Per Balance Sheet as on: ASSETS A. CURRENT ASSETS 1 Raw Material ( Including stores & other items used in the process of Manufacturing) a Imported Months Consumption b Indigenous Months Consumption 2 3 4 5 6 7 8 Other Consumable Spares Months Consumption Stock in Process Months Cost of Production Finished Goods Month Cost of Sales Receivable Other than deferred & Exports Month Gross Sales Export Receivables Month Gross Sales Advance to suppliers of Raw Materials, Stores/Spares, Consumables i) Other Current Assets including Cash & Bank balances and Deferred Receivables due with in one year ii) Cash and Bank Balance including Fixed Deposits iii) Other Current Assets 9 Total Current Assets to tally with B. CURRENT LIABILITIES 10 Creditors for Purchase of Raw Materials, Stores and Spares Month Purchases Advance from Customers Statutory Liabilities Other Current Liabilities Short Term Borrowings Unsecured Loans Dividend Payable Instalment of Long Term Liabilities Other Current Liabilities Total Current Liabilities (Other than Bank Borrowings and Instalment of Long Term Liabilities) 238.47 0.60 38.70 46.9 0.10 203.85 0.46 242.34 0.47 26.93 25.27 281.08 0.64 37.59 55.6 0.11 210.26 0.42 197.96 0.36 34.93 28.33 351.35 0.64 46.99 51.27 0.08 207.06 0.32 286.80 0.42 50.61 35.41 31.03.2011 31.03.2012 Audited Provisional 31.03.2013 Proiections

6.01 287.58 1,116.05 1,116.05 669.11 1.67 14.26 17.59

13.03 218.31 1,077.13 1,077.13 737.70 1.66 16.19 9.18

39.00 322.29 1,390.78 1,390.78 703.41 1.27 -

11 12 13

1.13 249.90 951.99

14.85 1.99 228.96 1,008.87

228.96 932.37

14

TVS Motor Company Limited FORM V COMPUTATION OF ASSESSED BANK FINANCE As Per Balance Sheet as on:

31.03.2011 31.03.2012 Audited Audited 1,089.12 951.99 137 272.28 1,042.19 1,008.87 33 260.55

31.03.2013 Proiections 1,340.16 932.37 407.80 335.04

1 2 3 4

Total Current Assets (Excluding Export Receivables) ( 9 in Form IV ) Other Current Liabilities (Other than Bank Borrowings and Instalment of Long Term Liabilities) Working Capital Gap (WCG) (1-2) Minimum stipulated Net Working Capital @ 25% of Total Current Assets (excluding Export Receivables) Actual/Projected Net Working Capital ( 45 in Form III ) 3 Minus 4 3 Minus 5 Maximum Bank Finance

5 6 7 8

(49.42) (135.15) 186.55 (135.15)

(268.05) (227.22) 301.37 (227.22)

193.60 72.76 214.20 72.76