ABC Auto Bricks Manufacturing Industries Ltd.

Input Sheet
General Assumptions

Date and Timing Assumption

Economic Life 10 years
Financial Close 30-Dec-15

Economic Assumption
Bangladesh Inflation Rate 6.20% pa

Tax Assumptions
Income Tax 37.50% pa
Tax Holiday 0 years

Project Cost Components

Land and Land Development 50,000,000
Building & Civil Construction 70,000,000
Imported Machinery and Equipment 50,000,000
Generator and Substation 30,000,000
Local Material 50,000,000
Installation & Erection 20,000,000
Vehicles (excavator, dump truck, marine vessel) 60,000,000
Office Set-up 1,000,000
Contingency 3,310,000
Pre-operating expenses 6,000,000
TOTAL 340,310,000

Drawdown Schedule (Capital Cost)

Q1 Q2 Q3 Total
Percentage of Capital Cost 40% 30% 30% 100%
Cumulative Drawdown 40% 70% 100%

Source of Financing
Particulars Percentage
Total Project Cost 100%
Debt 70%
Equity 30%

Debt Schedule
Loan Tenor 7 years
Grace Period 1 year
Interest Rate 9.00% p.a.
Payment Frequency Quarterly

Interest Rate on Short Term Loan 14.00% p.a.

Plant Particulars
No. of shifts per day 3
Hours per shift 8
Operating hours per day 24 hours
Operating days in a year 300 days
Operation hours in a year 7200 days
Daily production capacity of bricks 120,000 bricks
Yearly production capacity of bricks 36,000,000 bricks

Revenue Assumptions

Estimated Capacity Utilization Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Capacity Utilization 60% 65% 70% 75% 80% 80% 80% 80% 80% 80%
(% of yearly prodcution capacity)

Spoilage rate 3.00% of production

Sales price of bricks 9.00 BDT/pcs

Price of spoilage as brick chips 5.00 BDT/pcs

Price escalation 6.20% p.a.

Assumption for COGS

(a) Clay
Utilization Price(BDT/Cft)
Own source 80% 8.00
Price from external source 20% 10.00

Unit price per cft 8.4 BDT/cft

Clay required per brick 0.10 cft/brick

(b) Coal

Unit price per kg 14.00 BDT/kg

Coal required per brick 0.12 cft/brick

Raw material cost escalation rate 6.2% p.a.

(c) Wages (BDT)

No. Monthly Salary Yearly Salary Bonus Total (yearly)

Factory Office Staff
Factory Manager 1 40,000 480,000 80,000 560,000
Production Manager 1 30,000 360,000 60,000 420,000

Machine Room Staff

Production Supervisor 4 10,000 120,000 20,000 560,000
Electrician 1 8,000 96,000 16,000 112,000
Machine Operators 10 8,000 96,000 16,000 1,120,000

Kiln Staff
Kiln Foreman 1 8,000 96,000 16,000 112,000
Fire Man 6 5,000 60,000 10,000 420,000
Skilled Worker 15 7,000 84,000 14,000 1,470,000
Un-skilled Worker 15 5,000 60,000 10,000 1,050,000
Total 54 121,000 1,452,000 242,000 5,824,000

Yearly increment 6.2% p.a.

(d) Manufacturing overhead

Electricity consumption
Plant section Operating hour KW
Drying and Burning Unit 16 400
Full capacity 8 900
Weighted electricity consumption/ Hour 24 567

REB Tariff 7.2 BDT/kWh

Diesel Consumption per unit electricity generation 0.3 liter/kWh

Diesel Price 68 BDT/liter
Electricity generation cost by genset 20 BDT/kWh

Average Load Shedding 4 hours/day

REB electricity used for 20 hours/day

Repair and maintenance: Building 1% of building cost

Repair and maintenance: Machinery 1% of machinery cost
Store and Spares 1% of machinery cost
Insurance 1% of fixed costs of Project

Yearly escalation 6.2% p.a.

Operation & Maintenance Cost Assumption

(a) Salaries

Gross Salary per

Designation Number Yearly Salary Bonus Total (yearly)
Month
Chairman 1 100000 1,200,000 200,000 1,400,000
Managing Director 1 80000 960,000 160,000 1,120,000
General Manager 1 50000 600,000 100,000 700,000
Manager (Admin & Personnel) 1 30000 360,000 60,000 420,000
Manager ( Commercial) 1 30000 360,000 60,000 420,000
Manager ( Production) 1 30000 360,000 60,000 420,000
Accounts & Finance Officer 1 25000 300,000 50,000 350,000
Marketing Executives 8 15000 180,000 30,000 1,680,000
Computer Operator 2 10000 120,000 20,000 280,000
Driver 7 8000 96,000 16,000 784,000
Messenger 2 6000 72,000 12,000 168,000
Security inspector 5 6000 72,000 12,000 420,000
Total 31 390,000 4,680,000 780,000 8,162,000

Yearly Increment 6.2%

General and Administrative Expenses

BDT per year

Postage & telephone 1,200,000
Printing & stationary 50,000
Travelling conveyance 300,000
Audit and legal fees 300,000
Advertisement 1,300,000
Miscellaneous 200,000

Yearly escalation 6.2% p.a.

Depreciation & Amortization

No of years Rate Salvage Value

Building and Civil Construction 10 10% 0
Imported Machinery & Equipment 10 10% 0
Other Machinery & Equipment 10 10% 0
Other Assets 10 10% 0
Pre-operating Expenses 5 20%

Working Capital Requirement

Initial working capital (% of Year1 Requirement) 100%

Item Tie up days

Accounts Receivable 15
Work in Process 7
Finished good stock 15
Clay 60
Coal 60
Fuel & Others 30
Accounts Payable 30

Dividend

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Dividend rate 0% 0% 20% 20% 20% 20% 20% 20% 20% 20%
ABC Auto Bricks Manufacturing Industries Ltd.
Revenue

Daily production capacity 120,000 pcs.

Operating days in a year 300 days

Estimated Capacity Utilization Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Capacity Utilization 60% 65% 70% 75% 80% 80% 80% 80% 80% 80%
(% of yearly prodcution capacity)
Spoilage rate (% of production) 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

Volume Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Estimated yearly production 21,600,000 23,400,000 25,200,000 27,000,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000
Spoilage 648,000 702,000 756,000 810,000 864,000 864,000 864,000 864,000 864,000 864,000
Saleable volume of Bricks 20,952,000 22,698,000 24,444,000 26,190,000 27,936,000 27,936,000 27,936,000 27,936,000 27,936,000 27,936,000

Revenue Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Sales price of Bricks (BDT/pcs) 9.00 9.56 10.15 10.78 11.45 12.16 12.91 13.71 14.56 15.47
Sales price of spoilage (BDT/pcs) 5.00 5.31 5.64 5.99 6.36 6.75 7.17 7.62 8.09 8.59

Revenue from sale of Bricks (BDT) 188,568,000 216,947,484 248,121,169 282,326,444 319,819,396 339,648,198 360,706,387 383,070,183 406,820,534 432,043,407
Revenue from sale of Spoilage (BDT) 3,240,000 3,727,620 4,263,250 4,850,970 5,495,179 5,835,880 6,197,704 6,581,962 6,990,044 7,423,426
Total Revenue (BDT) 191,808,000 220,675,104 252,384,419 287,177,414 325,314,574 345,484,078 366,904,091 389,652,144 413,810,577 439,466,833
ABC Auto Bricks Manufacturing Industries Ltd.
Cost of Goods Sold

Operation and Maintenance

Unit Year 1 Year 2

Yearly production (no. of bricks) pcs 21,600,000 23,400,000

1. Clay Cost

Clay price BDT/cft 8.40 8.92

Clay requirement per Brick cft/pcs 0.10 0.10
Clay cost per Brick BDT/pcs 0.84 0.89

Total Clay Cost BDT 18,144,000 20,874,672

2. Coal Cost

Coal price BDT/kg 14.00 14.87

Coal requirement per Brick kg/pcs 0.12 0.12
Coal cost per Brick BDT/pcs 1.68 1.78

Total Coal Cost BDT 36,288,000 41,749,344

Total Cost of Raw Materials BDT 54,432,000 62,624,016

3. Electricity Expense

Use of REB Electricity in a year kWh 3,400,000 3,400,000

Tariff of REB Electricity BDT/kWh 7.2 7.6

Expense for REB Electricity BDT 24,480,000 25,997,760

Electricity supply from genset kWh 680,000 680,000

Electricity production cost from genset BDT/kWh 20.4 21.7

Expense for electricity generated from genset BDT 13,872,000 14,732,064

Total expense for electricity BDT 38,352,000 40,729,824

3. Other Overheads
Wages 5,824,000 6,185,088
Repair and maintenance: Building 700,000 743,400
Repair and maintenance: Machinery 500,000 531,000
Store and Spares 500,000 531,000
Insurance 3,343,100 3,343,100
Total 10,867,100 11,333,588

Cost of goods sold Year 1 Year 2

Total Costs of Raw Materials 54,432,000 62,624,016
Electricity Expense 38,352,000 40,729,824
Manufacturing overhead 10,867,100 11,333,588
Total 103,651,100 114,687,428
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

25,200,000 27,000,000 28,800,000 28,800,000 28,800,000 28,800,000

9.47 10.06 10.69 11.35 12.05 12.80

0.10 0.10 0.10 0.10 0.10 0.10
0.95 1.01 1.07 1.13 1.21 1.28

23,874,202 27,165,431 30,773,000 32,680,926 34,707,144 36,858,987

15.79 16.77 17.81 18.91 20.09 21.33

0.12 0.12 0.12 0.12 0.12 0.12
1.89 2.01 2.14 2.27 2.41 2.56

47,748,404 54,330,862 61,546,001 65,361,853 69,414,287 73,717,973

71,622,605 81,496,293 92,319,001 98,042,779 104,121,431 110,576,960

3,400,000 3,400,000 3,400,000 3,400,000 3,400,000 3,400,000

8.1 8.6 9.2 9.7 10.3 11.0

27,609,621 29,321,418 31,139,346 33,069,985 35,120,324 37,297,784

680,000 680,000 680,000 680,000 680,000 680,000

23.0 24.4 25.9 27.6 29.3 31.1

15,645,452 16,615,470 17,645,629 18,739,658 19,901,517 21,135,411

43,255,073 45,936,888 48,784,975 51,809,643 55,021,841 58,433,195

 6,568,563 6,975,814 7,408,315 7,867,630 8,355,423 8,873,460
789,491 838,439 890,422 945,629 1,004,258 1,066,522
563,922 598,885 636,016 675,449 717,327 761,801
563,922 598,885 636,016 675,449 717,327 761,801
3,343,100 3,343,100 3,343,100 3,343,100 3,343,100 3,343,100
11,828,998 12,355,124 12,913,869 13,507,257 14,137,435 14,806,684

Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

71,622,605 81,496,293 92,319,001 98,042,779 104,121,431 110,576,960
43,255,073 45,936,888 48,784,975 51,809,643 55,021,841 58,433,195
11,828,998 12,355,124 12,913,869 13,507,257 14,137,435 14,806,684
126,706,677 139,788,305 154,017,845 163,359,679 173,280,707 183,816,839
Year 9 Year 10

28,800,000 28,800,000

13.59 14.43
0.10 0.10
1.36 1.44

39,144,244 41,571,187

22.65 24.06
0.12 0.12
2.72 2.89

78,288,488 83,142,374

117,432,731 124,713,561

3,400,000 3,400,000
11.7 12.4

39,610,247 42,066,082

680,000 680,000
33.0 35.1

22,445,806 23,837,446

62,056,053 65,903,528
 9,423,614 10,007,878
1,132,646 1,202,870
809,033 859,193
809,033 859,193
3,343,100 3,343,100
15,517,426 16,272,234

Year 9 Year 10
117,432,731 124,713,561
62,056,053 65,903,528
15,517,426 16,272,234
195,006,210 206,889,323
ABC Auto Bricks Manufacturing Industries Ltd.
Operation and Maintenance

Items Year 1 Year 2 Year 3 Year 4 Year 5

Salaries 8,162,000 8,668,044 9,254,004 9,879,574 10,547,434
General & Administrative Expenses 3,350,000 3,557,700 3,778,277 4,012,531 4,261,307
Postage & telephone 1,200,000 1,274,400 1,353,413 1,437,324 1,526,439
Printing & stationary 50,000 53,100 56,392 59,889 63,602
Travelling conveyance 300,000 318,600 338,353 359,331 381,610
Audit and legal fees 300,000 318,600 338,353 359,331 381,610
Advertisement 1,300,000 1,380,600 1,466,197 1,557,101 1,653,642
Miscellaneous 200,000 212,400 225,569 239,554 254,406
Total fixed O & M expenses 11,512,000 12,225,744 13,032,281 13,892,105 14,808,741
 Year 6 Year 7 Year 8 Year 9 Year 10
11,260,440 12,021,646 12,834,309 13,701,908 14,628,158
4,525,509 4,806,090 5,104,068 5,420,520 5,756,592
1,621,078 1,721,585 1,828,323 1,941,679 2,062,063
67,545 71,733 76,180 80,903 85,919
405,269 430,396 457,081 485,420 515,516
405,269 430,396 457,081 485,420 515,516
1,756,168 1,865,050 1,980,683 2,103,485 2,233,901
270,180 286,931 304,720 323,613 343,677
15,785,949 16,827,736 17,938,377 19,122,428 20,384,750
ABC Auto Bricks Manufacturing Industries Ltd.
Output Sheet

Total Project Cost ( BDT) BDT

Land and Land Development 50,000,000

Building and Civil Construction 70,000,000

Imported Machinery and Equipment 50,000,000

Generator and Substation 30,000,000

Local Material 50,000,000

Installation & Erection 20,000,000

Vehicles 60,000,000

Office setup 1,000,000

Contingency 3,310,000

Pre-operating Expenses 6,000,000

Initial Working Capital 22,873,435

TOTAL PROJECT COST 363,183,435

Source of Finance BDT

Equity 108,955,031

Debt 254,228,405

2,542,284
ABC Auto Bricks Manufacturing Industries Ltd.
Depreciation & Amortization

Rate Year 1 Year 2

Building and Civil Construction 10% 7,000,000 7,000,000
Imported Machinery & Equipment 10% 5,000,000 5,000,000
Other Material & Equipment 10% 7,000,000 7,000,000
Other Assets 10% 6,431,000 6,431,000
Office Set-up 20% 1,200,000 1,200,000

Depreciation 19,631,000 19,631,000

Accumulated Depreciation 19,631,000 39,262,000

Base Period Year 1 Year 2

Building and Civil Construction 70,000,000 63,000,000 56,000,000

Plant, Machinery & Equipment 50,000,000 45,000,000 40,000,000
Other Material & Equipment 70,000,000 63,000,000 56,000,000
Other Assets 64,310,000 57,879,000 51,448,000
Pre-operating Expenses 6,000,000 4,800,000 3,600,000
Written Down Value 190,310,000 170,679,000 151,048,000
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000
5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000
6,431,000 6,431,000 6,431,000 6,431,000 6,431,000 6,431,000 6,431,000
1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000

19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000

58,893,000 78,524,000 98,155,000 117,786,000 137,417,000 157,048,000 176,679,000

Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

49,000,000 42,000,000 35,000,000 28,000,000 21,000,000 14,000,000 7,000,000

35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000
49,000,000 42,000,000 35,000,000 28,000,000 21,000,000 14,000,000 7,000,000
45,017,000 38,586,000 32,155,000 25,724,000 19,293,000 12,862,000 6,431,000
2,400,000 1,200,000 - - - - -
131,417,000 111,786,000 92,155,000 73,724,000 55,293,000 36,862,000 18,431,000
Year 10
7,000,000
5,000,000
7,000,000
6,431,000
1,200,000

19,631,000
196,310,000

Year 10

-
-
-
-
-
-
ABC Auto Bricks Manufacturing Industries Ltd.
Working Capital
Tie up days Year 1 Year 2 Year 3
Current Assets
Accounts Receivable 15 9,590,400 11,033,755 12,619,221
Work in Process 7 1,270,080 1,461,227 1,671,194
Finished good stock 15 5,182,555 5,734,371 6,335,334
Clay 60 3,628,800 4,174,934 4,774,840
Coal 60 7,257,600 8,349,869 9,549,681
Fuel & Others 30 1,387,200 1,473,206 1,564,545
Total current assets 28,316,635 32,227,363 36,514,815

Current Liabilities
Account payable 30 5,443,200 6,262,402 7,162,261
Total current liabilities 5,443,200 6,262,402 7,162,261

Net Working Capital Requirement 22,873,435 25,964,962 29,352,555

Working Capital Finance Through Short Term Loan 0 3,091,527 3,387,593
Balance in Short Term Loan 0 3,091,527 6,479,120
Interest on Short Term Loan - 432,814 907,077
Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

14,358,871 16,265,729 17,274,204 18,345,205 19,482,607 20,690,529 21,973,342

1,901,580 2,154,110 2,287,665 2,429,500 2,580,129 2,740,097 2,909,983
6,989,415 7,700,892 8,167,984 8,664,035 9,190,842 9,750,311 10,344,466
5,433,086 6,154,600 6,536,185 6,941,429 7,371,797 7,828,849 8,314,237
10,866,172 12,309,200 13,072,371 13,882,857 14,743,595 15,657,698 16,628,475
1,661,547 1,764,563 1,873,966 1,990,152 2,113,541 2,244,581 2,383,745
41,210,672 46,349,094 49,212,374 52,253,178 55,482,511 58,912,063 62,554,248

8,149,629 9,231,900 9,804,278 10,412,143 11,057,696 11,743,273 12,471,356

8,149,629 9,231,900 9,804,278 10,412,143 11,057,696 11,743,273 12,471,356

33,061,042 37,117,194 39,408,096 41,841,035 44,424,815 47,168,790 50,082,892

3,708,488 4,056,152 2,290,902 2,432,938 2,583,781 2,743,975 2,914,101
10,187,607 14,243,759 16,534,661 18,967,600 21,551,380 24,295,355 27,209,457
1,426,265 1,994,126 2,314,853 2,655,464 3,017,193 3,401,350 3,809,324
ABC Auto Bricks Manufacturing Industries Ltd.
Sources & Uses of Fund

Uses of funds (BDT) Total Q1 Q2 Q3

Total capital cost 334,310,000 133,724,000 100,293,000 100,293,000

Pre-operating expenses 6,000,000 6,000,000
Initial Working Capital 22,873,435 22,873,435

Total uses of funds (BDT) 363,183,435 139,724,000 100,293,000 123,166,435

Sources of funds (BDT) Total Q1 Q2 Q3

Equity 108,955,031 41,917,200 30,087,900 36,949,931

Debt 254,228,405 97,806,800 70,205,100 86,216,505

Total Debt & Equity 363,183,435 139,724,000 100,293,000 123,166,435

ABC Auto Bricks Manufacturing Industries Ltd.
Debt Service

1. Term Loan
Loan Amount 254,228,405 BDT
Tenor 7 years
Grace Period 1 year
Interest Rate 9% p.a.
Payment Frequency Quarterly
Number of installments 24

Q1 Q2 Q3 Q4
Opening Balance 97,806,800 168,011,900 254,228,405 254,228,405
Interest 2,200,653 3,780,268 5,720,139 5,720,139
Principal Repayment - - - -
Debt Service 2,200,653 3,780,268 5,720,139 5,720,139
Closing Balance 97,806,800 168,011,900 254,228,405 254,228,405

Opening Balance Annual 97,806,800

Interest payment 17,421,199
Principle Payment -
Closing Balance 254,228,405

Current Portion of Long term debt (Annual) 42,371,401

Long Term Portion of Long term debt (Annual) 211,857,004
 1 2 3 4 5 6 7
Q5 Q6 Q7 Q8 Q9 Q10 Q11
254,228,405 243,635,554 233,042,704 222,449,854 211,857,004 201,264,154 190,671,303
5,720,139 5,481,800 5,243,461 5,005,122 4,766,783 4,528,443 4,290,104
10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850
16,312,989 16,074,650 15,836,311 15,597,972 15,359,633 15,121,294 14,882,955
243,635,554 233,042,704 222,449,854 211,857,004 201,264,154 190,671,303 180,078,453

254,228,405
21,450,522
42,371,401
211,857,004

42,371,401
169,485,603
 8 9 10 11 12 13 14
Q12 Q13 Q14 Q15 Q16 Q17 Q18
180,078,453 169,485,603 158,892,753 148,299,903 137,707,052 127,114,202 116,521,352
4,051,765 3,813,426 3,575,087 3,336,748 3,098,409 2,860,070 2,621,730
10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850
14,644,615 14,406,276 14,167,937 13,929,598 13,691,259 13,452,920 13,214,581
169,485,603 158,892,753 148,299,903 137,707,052 127,114,202 116,521,352 105,928,502

211,857,004 169,485,603
17,637,096 13,823,669
42,371,401 42,371,401
169,485,603 127,114,202

42,371,401 42,371,401
127,114,202 84,742,802
 15 16 17 18 19 20 21 22
Q19 Q20 Q21 Q22 Q23 Q24 Q25 Q26
105,928,502 95,335,652 84,742,802 74,149,951 63,557,101 52,964,251 42,371,401 31,778,551
2,383,391 2,145,052 1,906,713 1,668,374 1,430,035 1,191,696 953,357 715,017
10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850 10,592,850
12,976,241 12,737,902 12,499,563 12,261,224 12,022,885 11,784,546 11,546,207 11,307,868
95,335,652 84,742,802 74,149,951 63,557,101 52,964,251 42,371,401 31,778,551 21,185,700

127,114,202 84,742,802
10,010,243 6,196,817
42,371,401 42,371,401
84,742,802 42,371,401

42,371,401 42,371,401
42,371,401 -
 23 24
Q27 Q28
21,185,700 10,592,850
476,678 238,339
10,592,850 10,592,850
11,069,528 10,831,189
10,592,850 -

42,371,401
2,383,391
42,371,401
-

-
-
ABC Auto Bricks Manufacturing Industries Ltd.
Profit and Loss Account

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Revenue 47,952,000 220,675,104 252,384,419 287,177,414 325,314,574 345,484,078 366,904,091 389,652,144 413,810,577 439,466,833

Cost of Production
Cost of Raw Materials 13,608,000 62,624,016 71,622,605 81,496,293 92,319,001 98,042,779 104,121,431 110,576,960 117,432,731 124,713,561
Electricity Expense 9,588,000 40,729,824 43,255,073 45,936,888 48,784,975 51,809,643 55,021,841 58,433,195 62,056,053 65,903,528
Manufacturing Overhead 2,716,775 11,333,588 11,828,998 12,355,124 12,913,869 13,507,257 14,137,435 14,806,684 15,517,426 16,272,234
Total Cost of Sales 25,912,775 114,687,428 126,706,677 139,788,305 154,017,845 163,359,679 173,280,707 183,816,839 195,006,210 206,889,323

Gross Profit 22,039,225 105,987,676 125,677,742 147,389,109 171,296,729 182,124,399 193,623,384 205,835,306 218,804,367 232,577,510

Operations Expenses
Salary & Allowances 2,040,500 8,668,044 9,254,004 9,879,574 10,547,434 11,260,440 12,021,646 12,834,309 13,701,908 14,628,158
General & Admin Expenses 837,500 3,557,700 3,778,277 4,012,531 4,261,307 4,525,509 4,806,090 5,104,068 5,420,520 5,756,592
Total Operating Expenses 2,878,000 12,225,744 13,032,281 13,892,105 14,808,741 15,785,949 16,827,736 17,938,377 19,122,428 20,384,750

Operating Profit 19,161,225 93,761,932 112,645,461 133,497,004 156,487,988 166,338,450 176,795,648 187,896,929 199,681,939 212,192,760

Pre-operating Expenses 6,000,000

Fees & financial charges
Depreciation 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000 19,631,000
Interest Expense 17,421,199 21,450,522 17,637,096 13,823,669 10,010,243 6,196,817 2,383,391 - - -
Interest on Short Term Loan - 432,814 907,077 1,426,265 1,994,126 2,314,853 2,655,464 3,017,193 3,401,350 3,809,324
43,052,199 41,514,335 38,175,172 34,880,935 31,635,370 28,142,670 24,669,855 22,648,193 23,032,350 23,440,324

Earnings before income tax (23,890,974) 52,247,597 74,470,289 98,616,070 124,852,619 138,195,780 152,125,793 165,248,736 176,649,589 188,752,436

Income Tax - - - - -

Net Profit after Income Tax (23,890,974) 52,247,597 74,470,289 98,616,070 124,852,619 138,195,780 152,125,793 165,248,736 176,649,589 188,752,436

Dividend payment - - 27,462,331 42,356,388 56,587,136 73,086,382 89,408,111 105,215,993 120,384,118 134,670,837
Previous years retained earning - (23,890,974) 28,356,623 75,364,581 131,624,262 199,889,744 264,999,142 327,716,824 387,749,567 444,015,037
Retained earning carried forward (23,890,974) 28,356,623 75,364,581 131,624,262 199,889,744 264,999,142 327,716,824 387,749,567 444,015,037 498,096,637
ABC Auto Bricks Manufacturing Industries Ltd.
Projected Cash Flow Statement
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
A) Cash flow from operating activities

Sales 47,952,000 220,675,104 252,384,419 287,177,414 325,314,574 345,484,078 366,904,091 389,652,144 413,810,577 439,466,833
Change in Accounts Receivable -9,590,400 -1,443,355 -1,585,466 -1,739,650 -1,906,858 -1,008,475 -1,071,001 -1,137,403 -1,207,922 -1,282,813
Cash Collected from Sales 38,361,600 219,231,749 250,798,953 285,437,764 323,407,716 344,475,603 365,833,090 388,514,742 412,602,656 438,184,020

Cost of Sales -25,912,775 -114,687,428 -126,706,677 -139,788,305 -154,017,845 -163,359,679 -173,280,707 -183,816,839 -195,006,210 -206,889,323
Change in Inventories / Raw materials -18,726,235 -2,467,373 -2,701,986 -2,956,207 -3,231,564 -1,854,805 -1,969,803 -2,091,931 -2,221,630 -2,359,372
Change in Accounts Payable 5,443,200 819,202 899,859 987,369 1,082,271 572,378 607,865 645,553 685,577 728,083
Short Term Borrowing 0 3,091,527 3,387,593 3,708,488 4,056,152 2,290,902 2,432,938 2,583,781 2,743,975 2,914,101
Cash Paid to Suppliers -39,195,810 -113,244,073 -125,121,211 -138,048,655 -152,110,987 -162,351,204 -172,209,706 -182,679,436 -193,798,289 -205,606,511

Cash Flow from Trading -834,210 105,987,676 125,677,742 147,389,109 171,296,729 182,124,399 193,623,384 205,835,306 218,804,367 232,577,510

Selling & Admin Expenses -2,878,000 -12,225,744 -13,032,281 -13,892,105 -14,808,741 -15,785,949 -16,827,736 -17,938,377 -19,122,428 -20,384,750

Net Cash from Operations (3,712,210) 93,761,932 112,645,461 133,497,004 156,487,988 166,338,450 176,795,648 187,896,929 199,681,939 212,192,760

B) Cash flows from Investing Activities:

Expenditures for property, plant & Equipment (334,310,000) - - - -

Debt Service Reserve
Net cash used in investing activities (334,310,000) - - - -

C) Cash flows from financing activities:

Fees & financial charges

Pre-operating Expenses -6,000,000
Interest Expense (17,421,199) (21,450,522) (17,637,096) (13,823,669) (10,010,243) (6,196,817) (2,383,391) - - -
Interest on Short Term Loan - (432,814) (907,077) (1,426,265) (1,994,126) (2,314,853) (2,655,464) (3,017,193) (3,401,350) (3,809,324)
Current Portion of Long Term Debt - (42,371,401) (42,371,401) (42,371,401) (42,371,401) (42,371,401) (42,371,401) - 0 0
Disbursement of Loan 254,228,405
Proceeds from sponsors as equity 108,955,031
Dividend - - - (27,462,331) (42,356,388) (56,587,136) (73,086,382) (89,408,111) (105,215,993) (120,384,118)
Net cash flow by financiing activities 339,762,236 -64,254,736 -60,915,573 -85,083,666 -96,732,159 -107,470,207 -120,496,638 -92,425,304 -108,617,343 -124,193,442

D)Net increase/decrease in cash and cash equivalents 1,740,026 29,507,196 51,729,888 48,413,338 59,755,829 58,868,243 56,299,010 95,471,625 91,064,596 87,999,318

E)Cash and cash equivalents at beginning of year - 1,740,026 31,247,222 82,977,110 131,390,448 191,146,278 250,014,521 306,313,530 401,785,155 492,849,751
F)Cash and cash equivalents at end of the year 1,740,026 31,247,222 82,977,110 131,390,448 191,146,278 250,014,521 306,313,530 401,785,155 492,849,751 580,849,069
ABC Auto Bricks Manufacturing Industries Ltd.
Projected Balance Sheet

Particulars Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Current Assets:
Cash 1,740,026 31,247,222 82,977,110 131,390,448 191,146,278 250,014,521 306,313,530 401,785,155 492,849,751 580,849,069
Accounts Receivable 9,590,400 11,033,755 12,619,221 14,358,871 16,265,729 17,274,204 18,345,205 19,482,607 20,690,529 21,973,342
Inventory/raw materials 18,726,235 21,193,608 23,895,594 26,851,801 30,083,365 31,938,170 33,907,973 35,999,904 38,221,535 40,580,906
Debt Service Reserve Account
Total Current Asset 30,056,661 63,474,585 119,491,925 172,601,120 237,495,372 299,226,895 358,566,708 457,267,666 551,761,814 643,403,317

Fixed Asset:
Property, Plant and Equipment 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000 334,310,000
Less: Accumulated Depreciation and amortization 19,631,000 39,262,000 58,893,000 78,524,000 98,155,000 117,786,000 137,417,000 157,048,000 176,679,000 196,310,000
Net Fixed Assets 314,679,000 295,048,000 275,417,000 255,786,000 236,155,000 216,524,000 196,893,000 177,262,000 157,631,000 138,000,000

Total Assets 344,735,661 358,522,585 394,908,925 428,387,120 473,650,372 515,750,895 555,459,708 634,529,666 709,392,814 781,403,317

Current Liabilities:
Short Term Borrowing 0 3,091,527 6,479,120 10,187,607 14,243,759 16,534,661 18,967,600 21,551,380 24,295,355 27,209,457
Current portion of Long Term Loan 42,371,401 42,371,401 42,371,401 42,371,401 42,371,401 42,371,401 - - - -
Accounts Payable 5,443,200 6,262,402 7,162,261 8,149,629 9,231,900 9,804,278 10,412,143 11,057,696 11,743,273 12,471,356
Total Current liabilities 47,814,601 51,725,329 56,012,781 60,708,637 65,847,060 68,710,340 29,379,743 32,609,076 36,038,628 39,680,813

Long Term Loan 211,857,004 169,485,603 127,114,202 84,742,802 42,371,401 - - - - -

Total Liabilities 259,671,605 221,210,932 183,126,983 145,451,439 108,218,461 68,710,340 29,379,743 32,609,076 36,038,628 39,680,813

Paid-up capital 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031 108,955,031
Dividend proposed - - 27,462,331 42,356,388 56,587,136 73,086,382 89,408,111 105,215,993 120,384,118 134,670,837
Retained Earnings (23,890,974) 28,356,623 75,364,581 131,624,262 199,889,744 264,999,142 327,716,824 387,749,567 444,015,037 498,096,637
Total Capital Employed 85,064,057 137,311,653 211,781,942 282,935,681 365,431,911 447,040,555 526,079,965 601,920,590 673,354,186 741,722,504

Total Liabilites & Stockholders Equity 344,735,661 358,522,585 394,908,925 428,387,120 473,650,372 515,750,895 555,459,708 634,529,666 709,392,814 781,403,317

- - - - - - 0 0 0 0
ABC Auto Bricks Manufacturing Industries Ltd.
Sensitivity Analysis
Raw material cost increases by 0%
Electricity cost increases by 0%
Load shedding increases by 0%
Salary, wages and admin. Expenses increases by 0%
Sales decreases by 0%
Brick Price decreases by 0%

Debt Service Coverage Ratio

Cash Available for Debt Service (CADS) mill. BDT

Debt Service mill. BDT

Average Maximum Minimum

DSCR 2.68 1.47 3.95

Net Present Value

Cash Flow -363,183,435

Net Present Value 273,001,516 mill. BDT

Internal Rate of Return (IRR) 26%

Return on Equity

Net Income mill. BDT

Equity mill. BDT

Average Maximum Minimum

Return on Equity (ROE) 31% 38% 25%

3.50
3.00
2.50
DSCR

2.00
1.50
1.00
0.50
0.00
 3.00
2.50

DSCR
2.00
1.50
1.00
0.50
0.00
1 2 3 4
Year of Operation
 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

-3,712,210 93,761,932 112,645,461 133,497,004 156,487,988 166,338,450 176,795,648

17,421,199 63,821,922 60,008,496 56,195,070 52,381,644 48,568,218 44,754,792

-0.21 1.47 1.88 2.38 2.99 3.42 3.95

-3,712,210 93,761,932 112,645,461 133,497,004 156,487,988 166,338,450 176,795,648 187,896,929

-23,890,974 52,247,597 74,470,289 98,616,070 124,852,619 138,195,780 152,125,793 165,248,736

85,064,057 137,311,653 211,781,942 282,935,681 365,431,911 447,040,555 526,079,965 601,920,590

38% 35% 35% 34% 31% 29% 27%

1
0.9
0.8
0.7
0.6
DSCR

0.5
0.4
0.3
0.2
0.1
0
1
Year of Operation
 0.9
0.8
0.7
0.6

DSCR
0.5
0.4
0.3
0.2
0.1
0
1
Year of Operation
 Year 9 Year 10

199,681,939 212,192,760

176,649,589 188,752,436
673,354,186 741,722,504

26% 25%