From the following projections determine the working capital that would be required by United Company Ltd.

Annual sales ( at two months credit)	Rs 8,000,000
Raw Material consumed(two months credit)	Rs 2,000,000
Wages Paid(monthly in arrear)	Rs 1,600,000
Manufacturing cash expenses (Cash expenses are paid one month in arrear)	Rs 12,00,000
Total admn expenses(paid as incurred)	Rs 500,000
Sales promotion expenses(paid quarterly in arrears)	Rs 400,000

The company sells its product at a gross profit of 30%.Depreciation forms a part of cost of production. It keeps two months stock of raw materials and finished goods and cash of Rs 300,000. Assuming a 20% safety margin, calculate the working capital requirement of the company .Ignore work in progress.