Quality Foils (India) Limited IPO Message Board (Page 8)

Total borrowings 40 Cr

@S Jogi
I think you are not from commerce Background.

Reserves is not equivalent to Cash. Neither can be converted into Cash.

Reserves includes many types of figures such as
Securities Premium (Shares issued at above face value, Price less face value is securities premium)

Revaluation reserves (for example Land purchased at 10 crores is now revalued to 100 crores as on date, difference of 90 crore in revaluation reserve, not an cash).

Profit till dates (all profit accumulated by comoany is get added in reserves, but it does not mean, profit figure is in cash, it may be to ne received from Debtors, purchase fixed assets, any many more things)

Any many mores.

So reserves as no relation with cash.