INCOME STATEMENT PROJECTION

(INR)

2010-11
PROVISIONAL
NET SALES (Net of Rebate)

2011-12
ESTIMATED

2012-13
ESTIMATED

2013-14
ESTIMATED

2014-15
ESTIMATED

2015-16
ESTIMATED

145,000

15,900,000

29,000,000

43,000,000

61,000,000

82,000,000

COST OF GOODS SOLD (Estd.)

PACKING CONSUMABLES CONSUMED
DISTRIBUTION WAREHOUSING & DELIVERY COST
TOTAL COST OF SALES
GROSS INCOME (LOSS)

772,347
2,400
54,000
828,747
(683,747)

8,580,000
132,000
924,000
9,636,000
6,264,000

14,950,000
230,000
1,380,000
16,560,000
12,440,000

24,700,000
380,000
1,900,000
26,980,000
16,020,000

37,050,000
570,000
2,850,000
40,470,000
20,530,000

46,700,000
780,000
3,120,000
50,600,000
31,400,000

DETENTION / DEMURRAGE CHGS.

UNPLANNED DISTRIBUTION EXP.
PROV. FOR EXPIRED/ OBSOLETE / DAMAGED STK.
DIRECT OPERATING EXPENSE
DIRECT OPER INCOME (LOSS)

4,000
6,500
7,000
17,500
(701,247)

19,800
13,200
13,200
46,200
6,217,800

460,000
230,000
230,000
920,000
11,520,000

760,000
380,000
380,000
1,520,000
14,500,000

1,140,000
570,000
570,000
2,280,000
18,250,000

1,560,000
780,000
780,000
3,120,000
28,280,000

SELLING
MARKETING
TRAVEL
IT / UTILITY / COMMUNIC. COST
PERSONNEL
ADMINISTRATIVE COST
DEPRECIATION
MISCELLANEOUS
OTHERS MISCELLANEOUS
INDIRECT OPERATING EXPENSE
TOTAL OPERATING EXPENSE
OPERATING INCOME (LOSS)

635,000
10,000
24,500
10,500
2,498,914
14,000
21,000
2,500
3,216,414
3,233,914
(3,917,661)

198,000
242,000
396,000
264,000
3,376,000
264,000
4,160,976
264,000
34,100
9,199,076
9,245,276
(2,981,276)

345,000
253,000
460,000
460,000
2,760,000
345,000
4,577,074
460,000
67,425
9,727,499
10,647,499
1,792,501

570,000
304,000
380,000
570,000
3,230,000
494,000
5,263,635
760,000
112,188
11,683,823
13,203,823
2,816,177

855,000
342,000
513,000
684,000
3,990,000
570,000
5,263,635
1,140,000
168,917
13,526,552
15,806,552
4,723,448

1,170,000
3,900,000
624,000
936,000
4,290,000
780,000
5,263,635
1,560,000
231,604
18,755,239
21,875,239
9,524,761

INTEREST EXPENSE
INTEREST INCOME
AMORT. OF INTANGIBLES
TOTAL CORPORATE EXPENSE
CORPORATE INCOME (LOSS)

(3,917,661)

(2,981,276)

1,792,501

2,816,177

4,723,448

9,524,761

EXTRAORDINARY (INC) EXPENSE

INCOME BEFORE TAX

(3,917,661)

(2,981,276)

1,792,501

2,816,177

4,723,448

9,524,761

PROV. FOR INCOME TAXES

Plan Contingency
NET INCOME BEFORE MINORITY INT

(3,917,661)

(2,981,276)

1,792,501

2,816,177

1,605,500
3,117,948

3,237,466
6,287,295

MINORITY INT. NET OF TAX

NET INCOME AFTER MINORITY INT.

(3,917,661)

(2,981,276)

1,792,501

2,816,177

3,117,948

6,287,295

Income Stmt-Total

BALANCE SHEET - 5 Yrs. PROJECTION

(INR)
1
As at 31st March
2011
Rs.

As at 31st March
2012
Rs.

As at 31st March
2013
Rs.

As at 31st March
2014
Rs.

As at 31st March As at 31st March

2015
2016
Rs.
Rs.

SOURCES OF FUNDS
Shareholders' funds
Share capital (Equity share cap.)
Reserves and surplus - Profit and Loss Account

Loan funds
Secured loans (ECB & Local borrowing)
Unsecured loans

Total

25,930,000

32,930,000

32,930,000

32,930,000

32,930,000

32,930,000

25,930,000

32,930,000

32,930,000

32,930,000

32,930,000

32,930,000

25,930,000

32,930,000

32,930,000

32,930,000

32,930,000

32,930,000

6,394,840
6,394,840
6,394,840

27,739,840
(4,160,976)
23,578,864
23,578,864

30,513,824
(8,738,050)
21,775,774
21,775,774

35,090,898
(14,001,684)
21,089,213
21,089,213

35,090,898
(19,265,319)
15,825,579
15,825,579

35,090,898
(24,528,954)
10,561,944
10,561,944

APPLICATION OF FUNDS
Fixed assets
Gross block
Less: Depreciation / amortisation
Net block
Capital work-in-progress including capital advances
Net block
Deferred tax assets (net)

58,500

90,000

50,000

17,000

20,000

10,000
9,245
2,625,929
15,326,437

16,500
4,770,000
787,779
628,129

20,625
8,700,000
945,334
3,169,727

24,750
12,900,000
1,134,401
3,878,661

27,225
17,394,500
1,361,282
5,042,462

29,948
22,857,034
1,361,282
7,562,892

704,112
1,650,000

408,708
3,400,000

604,888
6,273,008

877,285
7,559,999

3,198,533
2,711,825

982,811
1,365,303

15,617,499

2,393,699

5,957,790

9,500,529

17,915,111

29,463,041

3,917,661

6,898,937

5,106,436

2,290,258

25,930,000

32,930,000

32,930,000

32,930,000

Investments
Current assets, loans and advances
Inventories
Sundry debtors - Receivables
Cash and bank balances
Loans and advances
Less: Current liabilities and provisions
Liabilities (including interco. Payables)
Provisions & others
Net current assets
Profit and Loss Account
Total
Notes to Accounts

(827,690)
32,930,000

(7,114,985)
32,930,000

CASH FLOW STATEMENT

PROJECTED CASH FLOW

PARTICULARS

AS AT

AS AT

AS AT

AS AT

AS AT

AS AT

2011

2012

2013

2014

2015

2016

SOURCES OF FUNDS
Cash accruals (Profit before Interest but after tax)
Depreciation

Preliminary Expenses Written-off

Increase in Share Capital

25,930,000

Increase in Securities Premium

4,160,976
7,000,000

4,577,074

2,816,177

3,117,948

6,287,295

5,263,635

5,263,635

5,263,635

Increase in Investment

40,000

33,000

Increase in Term Loan

Increase in Unsecured Loan

Increase in Sundry Creditors

704,112

Increase in current liability

1,650,000

(295,404)
1,750,000

196,180

272,396

2,873,008

1,286,991

(4,848,175)

(1,346,521)

Decrease in Inventories

Decrease in Loan & Advances

Decrease in Sundry Debtors

Decrease in Deffered Tax

Increase in bank borrwings for working capital

Total Sources

28,284,112

12,615,572

APPLICATION OF FUNDS

7,646,262

9,679,199

3,566,408

Cash accruals (Loss before Interest but after tax)

3,917,661

2,981,276

(1,792,501)

Increase in Capital Expenditure

6,394,840

21,345,000

2,773,984

58,500

31,500

Increase in Investment

Increase in Inventories

10,000

6,500

4,125

9,245

4,760,755

3,930,000

Increase in Sundry Debtors

Increase in Other Current Assets

Increase in Loans & Advances

15,326,437

(14,698,308)

2,541,598

10,204,408
-

4,577,074

3,000

4,125

2,475

2,723

708,934

1,163,801

Increase in Deffered Tax

Decrease in bank borrwings for working capital

Decrease in Current liability

Decrease in Sundry Creditors

Decrease in Unsecured Loan

Decrease in Share Application Money

Decrease in Term Loan

Increase in Pre-operative Expenses

Interest
Total Application
Opening Balance

25,658,183
-

Net Surplus/ Deficiancies

2,625,929

Closing Balance

2,625,929

14,453,723

7,488,706

2,625,929

787,778

(1,838,151)

157,556
945,334

5,334,401

787,778

5,290,133

2,520,430
-

(2,321,248)

2,215,723

(1,154,972)

4,741,875

945,334

5,334,401

10,055,782

4,389,067

4,721,381

5,462,533

10,055,782

15,518,315

Enterprise Value
Net Cash Flow
Discount factor
Discounted cash flow

2,625,929

0.15

1
2,625,929

Discounted Cash flow

Discounted Cash flow(perpetuity value)
Value of perpetuity
Enterprise value
- Less: Loans (Secured + Unsecured)

4,032,555
28,344,380
32,376,935
32,376,935
-

- Less: Liabilities (Deferred sales tax)

+ Add: Cash & Cash equivalent
Equity value

500,000
32,876,935

net cash flow C(fn)*(1+g)/(r-g)

C(fn) = Terminal value
r = wacc =15%
g = growth rate(5%)

10.0

(1,838,151)
0.87
(1,598,392)

157,556

4,389,067

4,721,381

5,462,533

0.76

0.66

0.57

0.50

119,135

2,885,883

49,574,497.51