Africa Cold Storage Pvt. Ltd.

Proposed Project Cost

Realisable Gross Block

Promoter's Term Loan
Particulars Value as on (Purchase
Margin Amount
date consideration)
@25% @75%
1 Land 231.29 160.32 40.08 120.24
2 Building 696.12 482.52 120.63 361.89
3 Misc. Fixed Asssets 3.12 2.16 0.54 1.62
4 Plant & Machineries 281.33 195.00 48.75 146.25
5 Rennovation Work 0.00 26.66 6.67 20.00
6 Total Capital Cost 1,211.86 866.66 216.67 650.00
7 Preliminary and Pre-operative cost 7.50 7.50 0.00
8 Interest during moratorium 30.87 30.87 0.00
9 Margin Money for Working Capital 24.75 24.75 0.00
10 Total Project Cost 929.78 279.79 650.00
11 Cash Credit general 75.00
12 Total Capital Outlay 1,004.78

** Note:-
Realisable Value of the total Assets as per Valuation Report are Rs. 1211.86 Lakh
Purchase consideration is Rs. 800.00 Lakh alongwith 5% Registry Cost i.e. total Rs. 840.00 Lakh
Therefore Gross block has been considered to the same proportion in respect of Rs. 840.00 Lakh

Means of Finance

Total Already Incurred To Be Incurred

Promoter's Margin 279.79 107.50 172.29

Term Loan 650.00 0.00 650.00
Cash Credit 75.00 0.00 75.00
1,004.78 107.50 897.28

Immediate Payable
For Purchase of the Store
Total Agrrement Value 800.00
Add: Registry Cost @5% 40.00
Total Payable for Purchase 840.00
Less: Paid in Advance 100.00
Less: Term Loan from Bank 650.00
Amount Payble as on Date 90.00

Further reqd.
Preliminary and Pre-operative cost 7.50
Interest during moratorium @ 3 months 7.72
Total 15.22
 BASIS & PRESUMPTIONS

BASIS :

This project report has been prepared on "basis" of the following data & information provided by the
borrower according to prevailing trend and practice of the market.

1 Installed Capacity
i) No. of Chamber in the Store 2.00 Nos.
ii) Volume of Chamber 1 13,697.04 Cubic Meter
iii) Volume of Chamber 2 18,594.00 Cubic Meter
iv) Total Volume of the Store 32,291.04 Cubic Meter
v) The afforesaid Volume equivalent to 103,330.00 Quintal of Potato
(As per Dept. of Agricultural Marketing)
vi) Each Bag contains 50.00 Kg. of Potato
vii) Therefore total one time Storage Capacity of the Store 206,660.00 Nos. of Bags

2 No. of Cycle per annum 1.00 Nos.

3 Capacity Utilisation

a) For Indigenous Trading purposes

i) Percentage of Capacity to be utilised for this 10%
ii) Therefore Scope of indigenous business 10,333.00 Quintal
iii) For 50 Kg. Bag this is equivalent to 20,666.00 No. of Bags

b) Capacity to be utilised for Rental Income

i) Percentage of Capacity to be utilised for this 90%
ii) Therefore Scope of indigenous business 92,997.00 Quintal
iii) For 50 Kg. Bag this is equivalent to 185,994.00 No. of Bags

4 Pricing
i) Post harvesting price of Potato during season (Average) 8.00 Rs. per Kg.
ii) Price of Potato during release from Cold Storage in off season 16.00 Rs. per Kg.
iii) Pre-cooling and Shorting charges before storing 6.00 Rs. per Kg.

5 Consumables
i) Cost of Ammonia 84.96 Rs. per Kg.
ii) Cost of Diesel 93.00 Rs. per Liter
iii) Cost of Gunny Bag 8.00 Rs. per Pcs.

6 Storage Life
i) Potato are stored for maximum period 90 to 120 Days
ii) Loading Period March to April
iii) Unloading period May to June
 PRESUMPTION :
Following presumptions have been made on basis of the given parameters

Expenditure Module

I. Towards Onetime expenditure per Annum

a. Cost of Potato Amount Unit
i) Total Capacity to be utilised 10,333.00 Quintal
ii) Cost of Potato 8.00 Rs. per Kg.
iii) Cost of Potato 82.66 Lakh

b. Cost of Amonia Amount Unit

i) Ammonia Required per day 13.33 Kg. per day
ii) Cost of Ammonia per M.T. 84960 Rs./M.T.
iii) No. of days 30 Days
iv) Total Cost of Ammonia 11.33 Lakh

c. Cost of Water Amount Unit

i) Water required per month 500.00 Gallon
ii) Approx. Cost of Water per Gallon 3.50 Rs. Per Liter
iii) Total Cost of Water 0.07 Lakh

d. Cost of Gunny Bag Amount Unit

i) Nos. of Bags required for loading 20,666.00 (Bag)
ii) Purchase price of Gunny Bag 10.00 Rs.
iii) Consumption of Gunny Bag 2.07 Lakh

e. Cost of Loading and Unloading Amount Unit

i) Cost of Loading and Unloading 5.00 Rs./ Bag
ii) No. of Bag Loaded / Unloaded per Annum 206,660.00 Nos.
iii) Cost of Loading & Unloading 10.33 Lakh

II. Towards Overhead expenses per Month

a. Cost of Electricity Amount Unit

i) Contracted Load 500 KVA
ii) Connected Load 500 KVA
iii) Average Consumption percentage 60 %
iv) Therefore average consumption 300.00 KVA
v) Power factor 80 %
vi) Therefore average consumption in KW 240 KW
vii) No. of Working Days per Annum 30 Days
viii) Average working Hours per Day 12 Hrs.
ix) Average Consumption in KWH or UNIT per Annum 86400 Unit
x) Power Tariff (Incl. all various charges and duties) 9.15 Rs./Unit
xi) Total Cost of Electricity 7.91 Lakh

b. Cost of Fuel (Diesel) Amount Unit

i) Average consumption of Diesel 14.00 Liter per day
ii) Cost of Diesel 93.00 Rs. Per Liter
iii) No. of Days per annum 30.00 days
iv) Total Cost of Diesel 0.39 Lakh

c. Cost of Manpower
Salary per
Salary per
Particulars head per No. of Head
Month
month
(Rs.) (Nos.) (Lakh)
i. Supervisor 15,000.00 2 0.30
ii. Shed Man 10,000.00 2 0.20
iii. Office Staff 8,000.00 2 0.16
iv. Manager 10,000.00 1 0.10
v. Driver 15,000.00 1 0.15
vi. Security 8,000.00 3 0.24
vii. Total Cost of Manpower 11.00 1.15
d. Misc. Expenses incl. Repairing & Maintenance Cost 0.48 Lakh per month

Revenue Model

a. Indegenous Trading
i) Capacity to be utilised for indegenous Trading purposes 10,333.00 Quintal
ii) Average Sale value of Potato at Off-season 16.00 Rs. Per Kg.
iii) Sales turnover achieved from Trading activity per annum 165.33 Lakh per Annum

b. Rental Income
i) Capacity to be utilised for Rental purposes 185,994.00 No. of Bags
ii) Average rent received for entire storage period 96.00 Rs. Per Bag
iii) Sales turnover achieved from Trading activity per annum 178.55 Lakh per Annum

c. Service Charges received

i) Capacity of the Store 185,994.00 No. of Bags
ii) Pre-Cooling and Shorting Charges 6.00 Rs. Per Bag
iii) Therefore Income from Service Charges 11.16 Lakh per Annum

Total Income from the Store 355.04 Lakh per Annum

Summary of the Project

a) Revenue generation
Amount per
Annum
(Lakh)
i) Indigenous Trading Activity 165.33
ii) Rental Income 178.55
iii) Service Charges received 11.16
iv) Total Revenue generated 355.04

b) Expenditure Module

Amount Per Amount Per

Particulars month Annum
(Lakh) (Lakh)
I. Onetime Expenses
i) Cost of Potato 82.66
ii) Cost of Ammonia 11.33
iii) Cost of Water 0.07
iv) Cost of Gunny Bag 2.07
v) Cost of Carriage Inward 10.33
vi) Sub-total of Onetime Expenditure 106.46

II. Recurring Expenses

i) Cost of Electricity 7.91 94.87
ii) Cost of Fuel 0.39 4.69
iii) Cost of Manpower 1.15 13.80
iv) Misc. Expenses 0.48 5.76
v) Sub-total of Recurring Expenses 9.93 119.11

Total Expenditure per Annum supposed to be 225.57

But since it is a seasonal business, neither the One time Expenditures are incurred at once nor the
recurring expenses are distributed equally. Both have different implementations. The business
months for Cold Storage begins at the end of February with Pre-Cooling and Shorting of Potato
and the they get started to load into the chambers during March and April in full fledge. They are
stored for 90 to 120 days and released from the store in the month of June and July, every year.
During the rest of the month the store remains idle except repairing and maintenance works.

Therefore the variable nature of income and expenditures are as follows :

 Income Expenditure Schedule

Income and Expenditure growth (%)

April May June July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
Income Schedule
Income from Trading Activity 35% 45% 20% 0%
0% 0%
Rental Income 45% 55% 0% 0% 0%
Service charges received 20% 0% 0% 0% 0% 10% 70%

Expenditure Schedule
Cost of Potato 40% 60%
Cost of Ammonia 40% 60%
Cost of Water 40% 0% 60%
Cost of Gunny Bag 40% 60%
Cost of Carriage Inward 40% 60%
Cost of Electricity 15% 10% 10% 5% 2% 2% 2% 5% 5% 5% 10% 20%
Cost of Fuel 40% 0% 60%
Cost of Manpower 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Misc. Expenses 0% 0% 0% 0% 0% 0% 30% 60% 80% 100% 100% 0%

Income and Expenditure Schedule

For 100% April May June July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Total
(Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh)
Income Schedule
Income from Trading Activity 165.33 0.00 0.00 57.86 74.40 33.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 165.33
Rental Income 178.55 0.00 0.00 80.35 98.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 178.55
Service charges received 11.16 2.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.12 7.81 11.16
Total Income 355.04 2.23 0.00 138.21 172.60 33.07 0.00 0.00 0.00 0.00 0.00 1.12 7.81 355.04

For 100% April May June July Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Total
(Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh) (Lakh)
Expenditure Schedule
Cost of Potato 82.66 33.07 49.60 82.66
Cost of Ammonia 11.33 4.53 6.80 11.33
Cost of Water 0.07 0.03 0.00 0.04 0.07
Cost of Gunny Bag 2.07 0.83 1.24 2.07
Cost of Carriage Inward 10.33 4.13 6.20 10.33
Cost of Electricity 94.87 14.23 9.49 9.49 4.74 1.90 1.90 1.90 4.74 4.74 4.74 9.49 18.97 86.33
Cost of Fuel 4.69 1.87 0.00 2.81 4.69
Cost of Manpower 13.80 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 13.80
Misc. Expenses 5.76 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 5.76
Total Expenditure 225.57 60.32 11.12 11.12 6.37 3.53 3.53 3.53 6.37 6.37 6.37 11.12 87.29 217.03
 Income Expenditure Schedule
Mar. 87.29
7.81

Feb. 11.12
1.12

Jan. 6.37
0.00

Dec. 6.37
0.00

Nov. 6.37
0.00
Month of a Year

Oct. 3.53
0.00

Sep. 3.53
0.00

Aug. 3.53
33.07
6.37
July 172.60
11.12
June 138.21
11.12
May 0.00
60.32
April 2.23
0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00

Amount in Lakh

Expenditure Income
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

Performance and Financial Indicators

( All ratios annualised for operations less/ more than 12 months )

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
(1) (2) (3) (4) (5) (6) (7) (8)

1 Net Sales 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
2 Exports 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3 Operating Profit after interest 89.61 123.23 148.20 179.87 211.32 242.72 274.20 301.58
4 PBT 89.61 123.23 148.20 179.87 211.32 242.72 274.20 301.58
5 PBT / Net Sales % 25.24 28.92 33.13 38.29 42.85 46.87 50.43 52.82
6 PAT 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
7 Cash Accruals 129.86 198.96 214.99 238.82 263.39 288.73 314.90 337.61
8 PBDIT 183.08 259.89 266.43 280.76 295.82 311.67 328.34 345.86
9 Paid up Capital 279.79 279.79 279.79 279.79 279.79 279.79 279.79 279.79
10 TNW 342.52 428.78 532.52 658.43 806.36 976.26 1,168.20 1,379.31
11 Adjusted TNW 342.52 428.78 532.52 658.43 806.36 976.26 1,168.20 1,379.31
12 TOL/TNW 2.13 1.49 1.03 0.69 0.45 0.28 0.16 0.12
13 TOL/Adjusted TNW 2.13 1.49 1.03 0.69 0.45 0.28 0.16 0.12
14 Total Current Assets ( TCA ) 245.33 289.00 314.10 371.65 418.68 473.02 535.94 608.98
15 Current Ratio 1.20 1.35 1.41 1.60 1.73 1.88 2.87 3.58
16 Net Working Capital ( NWC ) 41.10 74.45 91.80 139.56 176.84 221.42 349.52 438.92

Other Ratios
17 ROCE ( PBDIT / Total Assets ) % 17.08 24.33 24.67 25.17 25.22 24.88 24.24 22.32
18 Retained Profit / Total Assets % 0.06 0.08 0.10 0.11 0.13 0.14 0.14 0.14
19 PBDIT / Intt. 3.44 4.26 5.18 6.69 9.12 13.59 24.43 41.92
20 PAT / Net Sales % 17.67 20.25 23.19 26.81 29.99 32.81 35.30 36.98
21 Net Cash Accruals / Total Debt ( TOL ) % 17.81 31.11 39.28 52.25 71.80 104.39 168.92 198.53

22 ( Inventory / Net Sales ) + ( Receiv. / G. Sales ) 0.41 0.24 0.23 0.23 0.23 0.22 0.22 0.07
23 Gross DSCR 2.34 1.61 1.76 1.98 2.23 2.54 2.89 10.40

Efficiency Ratios
24 Net Sales / Total Tangible Assets 0.33 0.40 0.41 0.42 0.42 0.41 0.40 0.37
25 Return on Assets ( PBT / TTA ) % 8.36 11.53 13.72 16.12 18.01 19.37 20.24 19.47
26 Operating Cost / Net Sales % 58.50 55.69 54.32 51.75 49.58 47.74 46.16 44.82
27 Bank Finance / Current Assets (%) 30.57 25.95 23.88 20.18 17.91 15.86 13.99 12.32
28 Inventory and Receiv. / Net Sales ( Days ) 86.08 65.15 65.15 65.15 65.15 65.15 65.15 65.15
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

Assessment of Working Capital Requirement

Amount Rs. in Lakh

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
(1) (2) (3) (4) (5) (6) (7) (8)

1 Gross Sale
Income from Trading of Potato 165.33 198.39 208.31 218.73 229.67 241.15 253.21 265.87
Income from Rent 178.55 214.27 224.98 236.23 248.04 260.44 273.46 287.14
Income from Service Charges 11.16 13.39 14.06 14.76 15.50 16.28 17.09 17.95
( Total ) 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
2 Less: Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3 Net
%ageSales
rise (+) or fall (-) in net 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
4 sales as compared to previous NA 20.00 5.00 5.00 5.00 5.00 5.00 5.00
year(annualised )
5 Cost of sales 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
Raw materials (incl. Stores and
(I) other items used in the process
of manufacturing) Purchase
(a) Imported
'(b) Indegenious 82.66 33.73 34.57 35.43 36.32 37.23 38.16 39.11
(ii) Other Consumables
(a) Ammonia 11.33 11.61 12.19 12.80 13.44 14.11 14.82 15.56
(b) Gunny Bag 2.07 2.12 2.22 2.34 2.45 2.57 2.70 2.84
( c) Water 0.07 0.07 0.07 0.07 0.08 0.08 0.09 0.09
(iii) Power & Fuel 91.02 93.29 97.96 102.85 108.00 113.40 119.07 125.02
(iv) Direct Labour 13.80 14.15 14.85 15.59 16.37 17.19 18.05 18.96
(Factory Wages & Salary)
(v) Repair & Maintenance 5.76 5.90 6.20 6.51 6.83 7.18 7.54 7.91
(vi) Other Mfg Expenses 10.33 10.59 11.12 11.68 12.26 12.87 13.52 14.19
(vii) Depreciation 40.25 75.73 66.79 58.95 52.06 46.02 40.70 36.02
(viii) Sub-Total (i to vii) 257.28 247.18 245.97 246.23 247.82 250.66 254.64 259.71
(ix) Add: Stock in Process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(x) Less: Stock in Process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xi) Cost of Production 257.28 247.18 245.97 246.23 247.82 250.66 254.64 259.71
(xii) Add: Opening Stock 0.00 49.60 59.52 62.49 65.62 68.90 72.34 75.96
(xiii) Sub-total 257.28 296.78 305.49 308.72 313.44 319.56 326.99 335.67
(xiv) Deduct: Cl. Stock 49.60 59.52 62.49 65.62 68.90 72.34 75.96 79.76

(xv) SUB-TOTAL (Total Cost of 207.68 237.27 243.00 243.10 244.54 247.21 251.02 255.91
Sales)
Gross Profit
Selling, General & Admin 147.36 188.79 204.35 226.62 248.66 270.66 292.74 315.04
6 Expenses 4.53 4.62 4.71 4.81 4.90 5.00 5.10 5.20
7 SUB-TOTAL (5+6) 212.21 241.89 247.71 247.91 249.45 252.21 256.13 261.11
Operating Profit before
8 142.83 184.16 199.64 221.81 243.76 265.65 287.63 309.83
Interest(3-7)
9 Interest Expenses:
- Interest on Term Loan 45.72 53.44 43.94 34.44 24.94 15.44 5.94 0.75
- Interest on Cash Credit Limit 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
- Interest on Car Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest
Operating Profit after Interest 53.22 60.94 51.44 41.94 32.44 22.94 13.44 8.25
10 (8-9) 89.61 123.23 148.20 179.87 211.32 242.72 274.20 301.58
11(i) Deduct
Other Non-operating Income
other Non-operating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Net
Expenses
of other non-operating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) income / 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses (11 (i)
Profit / (Loss) - 11(ii))
before Tax
12 (10+11(iii)) 89.61 123.23 148.20 179.87 211.32 242.72 274.20 301.58
13 Provision for Taxes 26.88 36.97 44.46 53.96 63.40 72.81 82.26 90.48
14 Net Profit / (Loss) (12-13) 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
15 a Equity Dividend paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
. b Dividend Rate
16 Retained Profit (14 - 15) 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
17 Retained profit / Net Profit (%) 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
18 Net Profit / Turnover ( % ) 17.67 20.25 23.19 26.81 29.99 32.81 35.30 36.98
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

ANALYSIS OF BALANCE SHEET

LIABILITIES

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
(1) (2) (3) (4) (5) (6) (7) (8)
CURRENT LIABILITIES

1 Short term borrowings from banks (including

bills purchased, discounted and excess
borrowings placed on repayment basis)
'(a) From applicant bank 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
(b) From other bank 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Bills Purchased & Discounted 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sub Total (A) 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
2 Short Term borrowings from others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3 Sundry Creditors (Trade) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4 Advance payments from customers /deposits
from dealers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5 Provision for taxation 26.88 36.97 44.46 53.96 63.40 72.81 82.26 90.48
6 Dividend Payable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7
Other Statutory liabilities (due within one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8 i)Deposits / debentures / installments under
100.00 100.00 100.00 100.00 100.00 100.00 25.00 0.00
term loans / DPGs etc. (due within one year)
9 Other current liabilities & provisions (due withi 2.35 2.59 2.84 3.13 3.44 3.78 4.16 4.58
Sub Total (B) 129.23 139.55 147.30 157.09 166.84 176.60 111.42 95.05
10
TOTAL CURRENT LIABILITIES (Total of 1 204.23 214.55 222.30 232.09 241.84 251.60 186.42 170.05
to 9)

TERM LIABILITIES
11 Debentures (not maturing within one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12 Preferrence Shares (redeemable after one
year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 i) Term Loans (excluding installments payable 525.00 425.00 325.00 225.00 125.00 25.00 0.00 0.00
14 Deferred Payments / Credits (excluding
installments due within one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
15 Term Deposits (repayable after one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
16 Other Term liabilities / Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
17 TOTAL TERM LIABILITIES (Total of 11 to 16) 525.00 425.00 325.00 225.00 125.00 25.00 0.00 0.00
18
TOTAL OUTSIDE LIABILITIES (10 + 17) 729.23 639.55 547.30 457.09 366.84 276.60 186.42 170.05

NET WORTH
19 Ordinary Share Capital 279.79 279.79 279.79 279.79 279.79 279.79 279.79 279.79
20 General Reserves 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
21 Revaluation reserve / Capital Reserve 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
22 Other reserves (excluding provisions) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
23 Surplus (+) or deficit (-) in Profit & Loss
Account 62.73 148.99 252.73 378.64 526.57 696.47 888.41 1,099.52
24 NET WORTH 342.52 428.78 532.52 658.43 806.36 976.26 1,168.20 1,379.31

25 TOTAL LIABILITIES (18 + 24) 1,071.75 1,068.33 1,079.82 1,115.52 1,173.19 1,252.86 1,354.62 1,549.36
 ASSETS 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32
Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
CURRENT ASSETS (1) (2) (3) (4) (5) (6) (7) (8)
26 Cash & Bank Balances 83.00 91.30 100.43 140.60 168.72 202.47 242.96 291.55
27 Investments (other than long term investments) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i) Government & other Trustee securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Fixed deposits with banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
28 (i) Receivables other than deferred & exports
(including bills purchased & discounted by
banks) 34.13 16.53 17.36 18.23 19.14 20.10 21.10 22.16
(ii) Export receivables (including bills
purchased / discounted by banks) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29 Installments or deferred receivables (due
within one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
30 Inventory 49.60 59.52 62.49 65.62 68.90 72.34 75.96 79.76

(i) Raw materials (including stores & other

items used in the process of manufacture)

(a) Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Indigenous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Work in Process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Finished Goods 49.60 59.52 62.49 65.62 68.90 72.34 75.96 79.76
(iv) Other consumable spares
(a) Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Indigenous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
31 Advances to suppliers of raw materials &
stores / spares 66.13 99.20 109.12 120.03 132.03 145.23 159.76 175.73
32 Advance Payment of Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
33 Other current assets 12.48 22.46 24.70 27.17 29.89 32.88 36.16 39.78
34 TOTAL CURRENT ASSETS (Total of 26 to 33) 245.33 289.00 314.10 371.65 418.68 473.02 535.94 608.98
FIXED ASSETS
35 Gross Block 866.66 826.41 750.69 683.90 624.95 572.89 526.87 486.17
36 Depreciation to date 40.25 75.73 66.79 58.95 52.06 46.02 40.70 36.02
37 NET BLOCK (35 - 36) 826.41 750.69 683.90 624.95 572.89 526.87 486.17 450.14
OTHER NON-CURRENT ASSETS
38 Investments / book debts / advances /
deposits, which are non-current assets
(i) (a) Investments in subsidiary companies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Others - Security Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c ) SBI - Life 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Fixed Deposit with Bank 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Advances for Capital Expenditure 0.00 18.64 70.19 105.36 165.80 234.46 310.83 464.81
(iii) Deferred Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(maturity exceeding one year)
(iv) Others - Staff Advance 0.00 3.65 4.02 4.42 4.86 5.34 5.88 6.47
39 Non consumable Stores & Spares 0.00 6.35 7.62 9.14 10.97 13.17 15.80 18.96
40 Other Non-current assets - deposits with
NABARD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
41
TOTAL OF OTHER NON-CURRENT ASSETS (Tot
0.00 28.64 81.83 118.92 181.63 252.97 332.51 490.24
42 Intangible Assets (patents, goodwill,prelim expenses( Land development
0.00 0.00 cost + preliminary
0.00 0.00 exp.),
0.00 bad/doubtful
0.00 debts
0.00not provided
0.00 for etc)
43 TOTAL ASSETS (Total 34+37+41+42) 1,071.75 1,068.33 1,079.82 1,115.52 1,173.20 1,252.86 1,354.62 1,549.36
(0.00) (0.00) (0.00) 0.00 (0.00) (0.00) (0.00) (0.00)

44 TANGIBLE NET WORTH (24 - 42) 342.52 428.78 532.52 658.43 806.36 976.26 1,168.20 1,379.31
45 NET WORKING CAPITAL [(17+24) - (37+41+42)] 41.10 74.45 91.80 139.56 176.84 221.42 349.52 438.92
46 CURRENT RATIO (34 : 10) 1.20 1.35 1.41 1.60 1.73 1.88 2.87 3.58
47
TOTAL OUTSIDE LIABILITIES : TANGIBLE NE 2.13 1.49 1.03 0.69 0.45 0.28 0.16 0.12
48 WC Gap (34 - 9b) 116.10 149.45 166.80 214.56 251.84 296.42 424.52 513.93
49 WC gap - net WC 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
50 Permissible limit (75% of wc gap) 87.08 112.09 125.10 160.92 188.88 222.31 318.39 385.44
51 Long Term Debt 700.00 600.00 500.00 400.00 225.00 100.00 75.00 75.00
52 Shareholder's fund 342.52 428.78 532.52 658.43 806.36 976.26 1,168.20 1,379.31
53 Debt Equity Ratio 2.04 1.40 0.94 0.61 0.28 0.10 0.06 0.05
0.00 0.00 0.00 (0.00) 0.00 0.00 0.00 0.00
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
A CURRENT ASSETS (1) (2) (3) (4) (5) (6) (7) (8)
Raw Materials (incldg stores & other items used
1 in the process of manufacture)
a) Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------- Month's Consumption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Indigenous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
'---------- Month's Consumption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2 Other consumable spares excluding
those included in 1 above
a) Imported 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
'---------- Month's Consumption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Indigenous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
'---------- Month's Consumption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3 Stocks-in-process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------- Month's Cost of Production 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4 Stock in Transit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------- Month's Consumption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5 Finished Goods 49.60 59.52 62.49 65.62 68.90 72.34 75.96 79.76
---------- Month's Cost of Sales 2.87 3.01 3.09 3.24 3.38 3.51 3.63 3.74
6 Receivables other than export & 34.13 16.53 17.36 18.23 19.14 20.10 21.10 22.16
---------- Month's Domestic Sales 1.15 0.47 0.47 0.47 0.47 0.47 0.47 0.47
Deferred Receivables (incldg bills purchased and
discounted by bank)
7 Export Receivables (incldg bills purchased and d 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

---------- Month's Export Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8 Advances to suppliers of raw materials & stores 66.13 99.20 109.12 120.03 132.03 145.23 159.76 175.73
9 Other current assets (incldg cash and bank balanc 95.48 113.76 125.13 167.77 198.61 235.34 279.12 331.33
10 TOTAL CURRENT ASSETS 245.33 289.00 314.10 371.65 418.68 473.02 535.94 608.98

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
B CURRENT LIABILITIES (1) (2) (3) (4) (5) (6) (7) (8)
(Other than Bank borrowing for working capital)
11 Creditors for Purchase of raw materials, stores, 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------- Month's Purchase 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12 Advances from customers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
13 Statutory Liabilities 26.88 36.97 44.46 53.96 63.40 72.81 82.26 90.48
14 Other current liabilities
a) Dividend Payable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b)Deposits / debentures / installments 100.00 100.00 100.00 100.00 100.00 100.00 25.00 0.00
under term loans / DPGs etc.
(due within one year)
c) Other current liabilities & provisions 2.35 2.59 2.84 3.13 3.44 3.78 4.16 4.58
(due within one year)
Sub-total of 13 102.35 102.58 102.84 103.13 103.44 103.78 29.16 4.58
15 TOTAL 129.23 139.55 147.30 157.09 166.84 176.60 111.42 95.05
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
First Method of Lending (1) (2) (3) (4) (5) (6) (7) (8)
1 Total Current Assets 245.33 289.00 314.10 371.65 418.68 473.02 535.94 608.98
(9 in form IV)
2 Other Current Liabilities 129.23 139.55 147.30 157.09 166.84 176.60 111.42 95.05
(other than bank borrowings) (14 of form IV)
3 Working Capital Gap (WCG) (1-2) 116.10 149.45 166.80 214.56 251.84 296.42 424.52 513.93
4 Maximum Stipulated net working capital :- 29.03 37.36 41.70 53.64 62.96 74.10 106.13 128.48
( 25% of WCG excluding export receivables )
5 Actual / Projected net working 41.10 74.45 91.80 139.56 176.84 221.42 349.52 438.92
capital (45 in form III)
6 Item 3 minus item 4 87.08 112.09 125.10 160.92 188.88 222.31 318.39 385.44
7 Item 3 minus item 5 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
8 Maximum permissible bank 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
finance (item 6 or 7 whichever is lower )
Excess Borrowings representing shortfall in NWC( 4-
9 5) (12.07) (37.09) (50.10) (85.92) (113.88) (147.31) (243.39) (310.44)

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Second Method of Lending (1) (2) (3) (4) (5) (6) (7) (8)
1 Total Current Assets 245.33 289.00 314.10 371.65 418.68 473.02 535.94 608.98
(9 in form IV)
2 Other Current Liabilities 129.23 139.55 147.30 157.09 166.84 176.60 111.42 95.05
(other than bank borrowings) (14 of form IV)
3 Working Capital Gap (WCG) '(1-2) 116.10 149.45 166.80 214.56 251.84 296.42 424.52 513.93
4 Maximum Stipulated net working capital :- 61.33 72.25 78.53 92.91 104.67 118.25 133.99 152.25
( 25% of total Current Assets excluding Expoert
receivables )
5 Actual / Projected net working 41.10 74.45 91.80 139.56 176.84 221.42 349.52 438.92
capital (45 in form III)
6 Item 3 minus item 4 54.77 77.20 88.27 121.65 147.17 178.16 290.54 361.68
7 Item 3 minus item 5 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
8 Maximum permissible bank 54.77 75.00 75.00 75.00 75.00 75.00 75.00 75.00
finance (item 6 or 7 whichever is lower )
Excess Borrowings representing shortfall in NWC( 4-
9 5) 20.23 (2.20) (13.27) (46.65) (72.17) (103.16) (215.53) (286.68)

Turnover Method of Lending

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

As per Bank of India
a. Gross Sales 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
b. 25% of Gross Sales 88.76 106.51 111.84 117.43 123.30 129.47 135.94 142.74
c. 5% of Gross Sales 17.75 21.30 22.37 23.49 24.66 25.89 27.19 28.55
d. Actual /Projected Net Working Capital 41.10 74.45 91.80 139.56 176.84 221.42 349.52 438.92
e. (b-c) 71.01 85.21 89.47 93.94 98.64 103.57 108.75 114.19
f. (b-d) 47.66 32.06 20.04 -22.13 -53.54 -91.95 -213.58 -296.19
g. Permissible Bank Finance* 47.66 32.06 20.04 -22.13 -53.54 -91.95 -213.58 -296.19
(Lower of e & f)
(Lower of e & f )
Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

Form - VI Fund Flow Statement

2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

(1) (2) (3) (4) (5) (6) (7) (8)
1) SOURCES
a) Net Profit (after tax) 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
b) Depreciation 40.25 75.73 66.79 58.95 52.06 46.02 40.70 36.02
c) Increase in Capital 279.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00
d) Increase in Term Liabilities
(i) Debentures (not maturing within one year ) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Preferrence Shares (redeemable after one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Term Loans (excluding installments 650.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
payable within one year)
Car Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv) Deferred Payments / Credits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(excluding installments due within one year)
(v) Term Deposits (repayable after one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Other Term liabilities / Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sub - Total of (d) 650.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

e) Decrease in Fixed Assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
f) Decrease in Other Non - Current Assets
- Investments / book debts / advances /
deposits, which are non-current assets
(i) (a) Investments in subsidiary companies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Others - WBSEB deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Advances for Capital Work 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Deferred Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(maturity exceeding one year) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv) Others - Staff Advance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- Non consumable Stores & Spares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- Other Non-current assets - deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
with NABARD
Sub - Total of (f) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
g) Others (if any) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

h) TOTAL 1,032.76 161.99 170.53 184.86 199.99 215.92 232.64 247.13

2) USES
a) Net Loss 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Decrease in Term Liabilities
(i) Debentures (not maturing within 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
one year)
(ii) Preferrence Shares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(redeemable after one year)
(iii) Term Loans (excluding installments payable within one 25.00 100.00 100.00 100.00 100.00 100.00 100.00 25.00
(iv) Deferred Payments / Credits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(excluding installments due
within one year)
(v) Term Deposits (repayable after 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
one year)
(vi) Other Term liabilities / Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sub-Total (b) 25.00 100.00 100.00 100.00 100.00 100.00 100.00 25.00

c) Increase in Fixed Assets 866.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00
d) Increase in Other Non - Current Assets
- Investments / book debts / advances /
deposits, which are non-current assets
(i) (a) Investments in subsidiary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
companies
(b) Others - WBSEB deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c ) SBI Life 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Fixed Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Advances to suppliers of capital 0.00 18.64 51.55 35.17 60.44 68.66 76.37 153.98
goods & contractors
(iii) Deferred Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(maturity exceeding one year)
(iv) Others - Staff Advance 0.00 3.65 0.37 0.40 0.44 0.49 0.53 0.59
- Non consumable Stores & Spares 0.00 6.35 1.27 1.52 1.83 2.19 2.63 3.16
- Other Non-current assets - deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
with NABARD
Sub - Total of (d) 0.00 28.64 53.19 37.10 62.71 71.34 79.54 157.73
e) Dividend Payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
f) Others (Decrease in General Reserve) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
g) TOTAL 891.66 128.64 153.18 137.09 162.71 171.34 179.54 182.73

3) Long Term Surplus / (Deficit) (1 - 2) 141.10 33.35 17.35 47.76 37.28 44.58 53.10 64.41

4) Increase / (Decrease) in current assets

i) Increase / (Decrease) in Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ii) Increase / (Decrease) in Stock-in-process 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
iii) Increase / (Decrease) in Finished Goods 49.60 9.92 2.98 3.12 3.28 3.44 3.62 3.80
iv) Increase / (Decrease) in Receivables 34.13 (17.60) 0.83 0.87 0.91 0.96 1.00 1.06
v) Increase / (Decrease) in Stores & Spares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
vi) Increase / (Decrease) in other 161.61 51.35 21.30 53.55 42.84 49.94 58.30 68.18
current assets
Sub-total (4) 245.33 43.67 25.10 57.55 47.03 54.34 62.93 73.04

5) Increase / (Decrease) in current liabilities 29.23 10.32 7.75 9.78 9.75 9.76 9.82 8.63
other than bank borrowings
6) Increase / (Decrease) in Working Capital Gap 216.10 33.35 17.35 47.76 37.28 44.58 53.10 64.40
7) Net Surplus / (Deficit) (Item 3 - Item 6) (75.00) 0.00 0.00 0.00 (0.00) 0.00 (0.00) 0.00
8) Increase / (Decrease) in bank borrowings 75.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INCREASE / (DECREASE) IN NET SALES 355.04 71.01 21.30 22.37 23.49 24.66 25.89 27.19
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

ANALYSIS OF CASH FLOW STATEMENT

Financial Year ended on 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Net Cash Generation 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
Increase in Contribution (equity, quasi-equity,
etc.) 279.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase in Term Loan 650.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase in Bank Borrow 75.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase in Sundry Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Incr in Other Liabilities 29.23 10.32 7.75 9.78 9.75 9.76 9.82 8.63
Total Source 1096.75 96.58 111.49 135.70 157.67 179.66 201.76 219.74

Capex 826.41 -75.73 -66.79 -58.95 -52.06 -46.02 -40.70 -36.02

Repayment Of Term Loan 25.00 100.00 100.00 100.00 100.00 100.00 100.00 25.00
Preliminary Exp 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase in Debtors 34.13 -17.60 0.83 0.87 0.91 0.96 1.00 1.06
Increase in Inventories 49.60 9.92 2.98 3.12 3.28 3.44 3.62 3.80
Incr/Decr in Loan & Adv 78.61 71.69 65.35 50.48 77.43 87.53 97.35 177.32
Decr in Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Uses 1013.75 88.28 102.36 95.52 129.56 145.92 161.27 171.15

Opening Cash 0.00 83.00 91.30 100.43 140.60 168.72 202.47 242.96
Surplus/Deficit (Total Source - Total Uses) 83.00 8.30 9.13 40.17 28.12 33.75 40.49 48.59
Closing Cash 83.00 91.30 100.43 140.60 168.72 202.47 242.96 291.55

Cash As per B/S

Variation if any 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

Break-Even Analysis

Particulars 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

Estmd. Proj. Proj. Proj. Proj. Proj. Proj. Proj.
(1) (2) (3) (4) (5) (6) (7) (8)
A Net Sales 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
B Variable Cost 153.97 147.74 161.72 168.94 176.51 184.42 192.71 201.40
(i) Raw Materials 33.07 23.81 31.59 32.31 33.04 33.78 34.54 35.31
(ii) Power & Fuel 91.02 93.29 97.96 102.85 108.00 113.40 119.07 125.02
(iii) Direct Labour 13.80 14.15 14.85 15.59 16.37 17.19 18.05 18.96
(iv) Repair & Maintenance 5.76 5.90 6.20 6.51 6.83 7.18 7.54 7.91
(v) Other Mfg Expenses 10.33 10.59 11.12 11.68 12.26 12.87 13.52 14.19

C Contribution ( A-B ) 201.07 278.31 285.63 300.78 316.70 333.44 351.05 369.55

D Fixed Cost 124.88 178.25 167.40 159.65 152.80 146.77 141.50 139.95
(i) Depreciation 40.25 75.73 66.79 58.95 52.06 46.02 40.70 36.02
(ii) Selling, General & Admin Expenses 4.53 4.62 4.71 4.81 4.90 5.00 5.10 5.20
(iii) - Interest on Term Loan 45.72 53.44 43.94 34.44 24.94 15.44 5.94 0.75
(iv) - Interest on Cash Credit Limit 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
(v) - Interest on Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Provision for Taxes 26.88 36.97 44.46 53.96 63.40 72.81 82.26 90.48

E Break-Even Point ( ( D / C) ) 0.62 0.64 0.59 0.53 0.48 0.44 0.40 0.38

F Break-Even Sales ( A * E ) 220.51 272.88 262.18 249.33 237.96 227.95 219.18 216.22

G Break-Even Sales % 62.11 64.05 58.61 53.08 48.25 44.02 40.31 37.87

Debt Service Coverage Ratio (DSCR)

( Amount - Rs. In Lakh. )
2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32
(1) (2) (3) (4) (5) (6) (7) (8)

1 Sales (Rs. In Lacs) 355.04 426.05 447.35 469.72 493.21 517.87 543.76 570.95
2 Net Profit (Rs. In Lacs) 62.73 86.26 103.74 125.91 147.93 169.90 191.94 211.11
3 Add: Interest accrued (Rs. In Lacs) 53.22 60.94 51.44 41.94 32.44 22.94 13.44 8.25
4 Add:Non - cash Expenses
a) Depreciation 40.25 75.73 66.79 58.95 52.06 46.02 40.70 36.02
b) Others if any 26.88 36.97 44.46 53.96 63.40 72.81 82.26 90.48
Sub-total (a+b) 67.13 112.70 111.25 112.91 115.46 118.83 122.96 126.50
5 Total Cash Accruals + Interest (2+3+4) 183.08 259.89 266.43 280.76 295.82 311.67 328.34 345.86

6 Term Loans Repayment (Rs. In Lacs) 25.00 100.00 100.00 100.00 100.00 100.00 100.00 25.00
7 Finance Charges & Interest on TL 53.22 60.94 51.44 41.94 32.44 22.94 13.44 8.25
8 Sub-total (6 + 7) 78.22 160.94 151.44 141.94 132.44 122.94 113.44 33.25

9 Gross Debt Service Coverage Ratio 2.34 1.61 1.76 1.98 2.23 2.54 2.89 10.40
(Item 5 / 8)

10 Average DSCR 3.22

11 Net DSCR (Item 5 / 6) 7.32 2.60 2.66 2.81 2.96 3.12 3.28 13.83
15
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

Term Loan Repayment Schedule

Term Loan Amount 650.00 Rs. (Lakh) Repayment Period :- 7.00 Years.
Rate of Interest 9.5 % Yearly No. of Quarter 4 Nos.
Moratorium Period 6 Months Total no. of Quarter 28 Nos.

Interest Principal
Opening Repaym Closing Interest
Year Qtr. Qtr. Paid Paid
Balance ent Balance Quarterly
Yearly Yearly

June 0.00 0.00 0.00 0.00

Sept. 1 650.00 0.00 650.00 15.44
2024-25 45.72 25.00
Dec. 2 650.00 0.00 650.00 15.44
Mar. 3 650.00 25.00 625.00 14.84
June 4 625.00 25.00 600.00 14.25
Sept. 5 600.00 25.00 575.00 13.66
2025-26 53.44 100.00
Dec. 6 575.00 25.00 550.00 13.06
Mar. 7 550.00 25.00 525.00 12.47
June 8 525.00 25.00 500.00 11.87
Sept. 9 500.00 25.00 475.00 11.28
2026-27 43.94 100.00
Dec. 10 475.00 25.00 450.00 10.69
Mar. 11 450.00 25.00 425.00 10.09
June 12 425.00 25.00 400.00 9.50
Sept. 13 400.00 25.00 375.00 8.91
2027-28 34.44 100.00
Dec. 14 375.00 25.00 350.00 8.31
Mar. 15 350.00 25.00 325.00 7.72
June 16 325.00 25.00 300.00 7.12
Sept. 17 300.00 25.00 275.00 6.53
2028-29 24.94 100.00
Dec. 18 275.00 25.00 250.00 5.94
Mar. 19 250.00 25.00 225.00 5.34
June 20 225.00 25.00 200.00 4.75
Sept. 21 200.00 25.00 175.00 4.16
2029-30 15.44 100.00
Dec. 22 175.00 25.00 150.00 3.56
Mar. 23 150.00 25.00 125.00 2.97
June 24 125.00 25.00 100.00 2.37
Sept. 25 100.00 25.00 75.00 1.78
2030-31 5.94 100.00
Dec. 26 75.00 25.00 50.00 1.19
Mar. 27 50.00 25.00 25.00 0.59
June 28 25.00 25.00 0.00 0.75
2031-32 0.75 25.00

Total Repayment 224.59 650.00

 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

CALCULATION OF INTERNAL RATE OF RETURN

Total Project Cost 929.78 Lakh

Discount Rate % per annum 15 20

RS. IN LACS
YEAR CASH FLOW 15% DISCOUNT 20% DISCOUNT
FACTOR NPV FACTOR NPV

2024-25 129.86 0.870 112.92 0.833 108.21

2025-26 198.96 0.870 173.01 0.833 165.80
2026-27 214.99 0.870 186.95 0.833 179.16
2027-28 238.82 0.870 207.67 0.833 199.02
2028-29 263.39 0.756 199.16 0.694 182.91
2029-30 288.73 0.658 189.85 0.579 167.09
2030-31 314.90 0.572 180.04 0.482 151.86
2031-32 337.61 0.497 167.85 0.402 135.68

1,987.25 1,417.45 1,289.73

Total Investment 929.78 lacs

IRR 34.09
 Africa Cold Storage Pvt. Ltd.
Vill. & P.O.- Gramsalika, P.S. – Burwan, Dist.- Murshidabad, State – W. B., Pin.- 742132.

FIXED ASSETS CAPITALIZATION ( Rs. In LAC )

Addition
Total Asset Depn. @ Depreciation
Yr. Fixed Assets Gross Block during this Net Block
Value p.a. Amount
year
Land 160.32 0.00 160.32 0% 0.00 160.32
Building 482.52 0.00 482.52 10% 24.13 458.39
Misc. Fixed Asssets 2.16 0.00 2.16 15% 0.16 2.00
2024-25 Plant & Machineries 195.00 0.00 195.00 15% 14.63 180.38
Rennovation Work 26.66 0.00 26.66 10% 1.33 25.33

Total 866.66 0.00 866.66 40.25 826.41

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 458.39 0.00 458.39 10% 45.84 412.55
Misc. Fixed Asssets 2.00 0.00 2.00 15% 0.30 1.70
2025-26 Plant & Machineries 180.38 0.00 180.38 15% 27.06 153.32
Rennovation Work 25.33 0.00 25.33 10% 2.53 22.79

Total 826.41 0.00 826.41 75.73 750.69

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 412.55 0.00 412.55 10% 41.26 371.30
Misc. Fixed Asssets 1.70 0.00 1.70 15% 0.25 1.44
2026-27 Plant & Machineries 153.32 0.00 153.32 15% 23.00 130.32
Rennovation Work 22.79 0.00 22.79 10% 2.28 20.51

Total 750.69 0.00 750.69 66.79 683.90

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 371.30 0.00 371.30 10% 37.13 334.17
Misc. Fixed Asssets 1.44 0.00 1.44 15% 0.22 1.23
2027-28 Plant & Machineries 130.32 0.00 130.32 15% 19.55 110.78
Rennovation Work 20.51 0.00 20.51 10% 2.05 18.46

Total 683.90 0.00 683.90 58.95 624.95

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 334.17 0.00 334.17 10% 33.42 300.75
Misc. Fixed Asssets 1.23 0.00 1.23 15% 0.18 1.04
2028-29 Plant & Machineries 110.78 0.00 110.78 15% 16.62 94.16
Rennovation Work 18.46 0.00 18.46 10% 1.85 16.62

Total 624.95 0.00 624.95 52.06 572.89

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 300.75 0.00 300.75 10% 30.08 270.68
Misc. Fixed Asssets 1.04 0.00 1.04 15% 0.16 0.89
2029-30 Plant & Machineries 94.16 0.00 94.16 15% 14.12 80.04
Rennovation Work 16.62 0.00 16.62 10% 1.66 14.96

Total 572.89 0.00 572.89 46.02 526.87

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 270.68 0.00 270.68 10% 27.07 243.61
Misc. Fixed Asssets 0.89 0.00 0.89 15% 0.13 0.75
2030-31 Plant & Machineries 80.04 0.00 80.04 15% 12.01 68.03
Rennovation Work 14.96 0.00 14.96 10% 1.50 13.46

Total 526.87 0.00 526.87 40.70 486.17

Land 160.32 0.00 160.32 0% 0.00 160.32
Building 243.61 0.00 243.61 10% 24.36 219.25
Misc. Fixed Asssets 0.75 0.00 0.75 15% 0.11 0.64
2031-32 Plant & Machineries 68.03 0.00 68.03 15% 10.20 57.83
Rennovation Work 13.46 0.00 13.46 10% 1.35 12.11

Total 486.17 0.00 486.17 36.02 450.14