Hard coding and assumption in BLUE color Formulas entered in the model should be in BLACK Cells linked to other

cells should be in GREEN color Enter all negetive values with a negetive sign

Negative numbers be expressed as -ve 250.0, not (250.0) 0r (-250.0) Use '%" instead of the word 'percent' Year be written as FY2007

#,##0.0_);"-ve "#,##0.00

0.0) 0r (-250.0) . not (250.

SEGMENT-1 Total Net Sales Cost of Goods Sold Gross Profit SG&A Expense Advertising Costs Operating Income plus: Depreciation plus: Amortization EBITDA Margins Gross Profit Margin SG&A Expense (% Sales) Advertising Costs (% Sales) Operating Income (% Sales) Depreciation (% Sales) Amortization (% Sales) EBITDA Margin Growth Rate Analysis Revenue Growth Rate EBITDA Growth Rate 2009 2010 Segment Ana 2011 2012 2013 2014 2015 2016 SEGMENT-2 Total Net Sales Cost of Goods Sold Gross Profit SG&A Expense Advertising Costs Operating Income plus: Depreciation plus: Amortization EBITDA Margins Gross Profit Margin SG&A Expense (% Sales) Advertising Costs (% Sales) Operating Income (% Sales) Depreciation (% Sales) Amortization (% Sales) EBITDA Margin Growth Rate Analysis Revenue Growth Rate EBITDA Growth Rate 2009 2010 2011 2012 2013 2014 2015 2016 Page 3 of 19 .

Segment Ana SEGMENT-3 2009 Total Net Sales Cost of Goods Sold Gross Profit SG&A Expense Advertising Costs Operating Income plus: Depreciation plus: Amortization EBITDA Margins Gross Profit Margin SG&A Expense (% Sales) Advertising Costs (% Sales) Operating Income (% Sales) Depreciation (% Sales) Amortization (% Sales) EBITDA Margin Growth Rate Analysis Revenue Growth Rate EBITDA Growth Rate 2010 2011 2012 2013 2014 2015 2016 Components 2009 Total Net Sales Cost of Goods Sold Gross Profit SG&A Expense Advertising Costs Operating Income plus: Depreciation plus: Amortization EBITDA Margins Gross Profit Margin SG&A Expense (% Sales) Advertising Costs (% Sales) Operating Income (% Sales) Depreciation (% Sales) Amortization (% Sales) EBITDA Margin Growth Rate Analysis Revenue Growth Rate EBITDA Growth Rate 2010 2011 2012 2013 2014 2015 2016 Page 4 of 19 .

95 662.018.2 IS 2012 5.8 0.0 1.927.2 -ve 4.9 -ve 372.13 814.1 437.0 $827.28 1.48 1.920.650.4 50.5 -ve 3.73 522.2011 Total Net Sales Cost of Goods Sold Gross Profit SG&A Expense Advertising Costs Operating Income Other(Income) Expense EBIT plus: Depreciation plus: Amortization EBITDA Interest (Income) Other (Income) Other Expense (Income) Interest Expense Pre-Tax Income Income Taxes Expense Minority Interest Expense Net Income Weighted Average Fully Diluted Shares Outstanding Earnings per Share Margins Gross Profit Margin SG&A Expense (% Sales) Advertising Costs (% Sales) Other(Income) Expense (% Sales) EBIT Margin EBITDA Margin Minority Interest Expense (% Sales) Net Income Margin Growth Rate Analysis Revenue Growth Rate EBITDA Growth Rate Net Income Growth Rate Earnings per Share Growth Rate Effective Tax Rate 4.783.0 59.8 -ve 272.0 0.75 -ve 0.3 -ve 139.269.05 -ve 83.4 592.7 325.232.0 -ve 480.3% ebit /sales ebita/ sales net income/ sales Page 5 of 19 .5 47.5 0.1 0.144.7 529.5% 6.0 1.6 31.6 160.0 $26.3 7.5 570.22 2013 2014 2015 2016 21.568.1 $686.4 404.000.0 0.41 542.

0 416.5 0. net Inventory Other Current Assets Total Current Assets PP&E.4 115.0 9.823.0 0.611.2 48.452.357.0 47.0 7.2 0.876.755.0 9.8 0.265.6 194.8 TRUE Total Debt Total Book Capitalization Total Debt / Total Book Capitalization EBITDA Total Debt to EBITDA Interest Expense EBITDA Coverage $0.139.4 1.0 Common Stock Additional Paid-In Capital Treasury Stock Retained Earnings Total Equity Total Liabilities and Shareholders' Equity Check 315.4 9. Liabilities Revolving Credit Facility Long-Term Debt Deferred Income Taxes Postretirement Pension Cost Other Long-Term Liabilities Total Liabilities Minority Interest 5.8 $848.3 9.3 1.5 61.1 2013 2014 2015 2016 61.7 BS 2012 $4.0 41.6 $993.2011 Cash Accounts Receivable.0 48.8 8.331.0 0.6 992.8 0.6 $315.091.3 8.611.8 8.5 9.7 0.0% Page 6 of 19 .0 9.0% $0.506.0 364.3 1.5 9.1 1.9 1.6 0.8 0.452.6 0.757.452.085.192.7 0.9 1.361.201.3 1.1 253.4 0.0 7.834.5 453. net Goodwill Intangibles Defered Income Taxes Other Long-Term Assets Total Assets Accounts Payable Accrued Liabilities Other Current Liabilities Total Cur.611.0 o 0.

CF 2.011 Operating Activities Net Income Depreciation Amortization Minority Interest Change in Working Capital Change in Other Long-Term Assets & Liabilities Other Cash Flow from Operating Activities Investing Activities Capital Expenditures Asset Sales Additions to Goodwill / Intangibles Other Cash Flow from Investing Activities 2013 2014 2015 2016 CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES Financing Activities Proceeds from / (Repayment of) Revolver Proceeds from / (Repayment of) Long Term Debt Issuance / (Repurchase of) Equity Dividends Other Cash Flow from Financing Activities Effects of Exchange Rates on Cash Net Change in Cash Beginning Cash Balance Ending Cash Balance Page 7 of 19 .

085.9 1.331.920.3) 2013 2014 2015 2016 $1. net Inventory Other Current Assets Total Non-Cash Current Assets Accounts Payable Accrued Liabilities Other Current Liabilities Total Non-Debt Current Liabilities NET WORKING CAPITAL / (DEFICIT) (Increase)/Decrease in Working Capital Cash Flows by Individual Accounts Accounts Receivable.650.2 (4. net Inventory Other Current Assets Accounts Payable Accrued Liabilities Other Current Liabilities (Increase)/Decrease in Working Capital Check Other Long-Term Items Deferred Income Taxes Other Long-Term Assets Total Other Assets: (Increase)/Decrease in Other Assets: Deferred Income Taxes Postretirement Pension Cost Other Long-Term Liabilities Total Other Liabilities: (Increase)/Decrease in Other Liabilities: Change in Other Long-Term Assets and Liabilities Wkg Cap Sch 2012 $5.2011 Net Sales Cost of Sales Ratios and Assumptions Accounts Receivable (Collection period in days) Inventory (Days outstanding) Other Current Assets as % of Net Sales Accounts Payable (Days Payable) Accrued Liabilities as % of COGS Other Current Liabilities as % of COGS Working Capital Balances Accounts Receivable.3 Page 8 of 19 .

net Depreciation as % of CapEx SEGMENTS Depreciation and Amortization Expense SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Total Proportion SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Depreciation Expense SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Page 9 of 19 . net CAPEX 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Useful Life 11 Years Useful Life 11 Years Total Depreciation Expense Ending Accumulated Depreciation Ending PP&E. net Depreciation as % of PP&E.Dep Sch 2011 Net Sales Capital Expenditures Capital Expenditures as % of Net Sales Beginning Gross PP&E Capital Expenditures (Asset Sales and Write-Offs) Ending Gross PP&E Beginning Accumulated Depreciation Existing PP&E. net Land Depreciable PP&E.

net Amortization as % of Intangibles net SEGMENTS Depreciation and Amortization Expense SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Total Proportion SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Amortization Expense SEGMENT-1 SEGMENT-2 SEGMENT-3 Components Page 10 of 19 .Amort Sch 2011 Net Sales Additions to Intangibles Additions to Intangibles as % of Net Sales Beginning Intangibles Additions to Intangibles (Intangible Sales and Write-Offs) Ending Gross Goodwill / Intangibles Beginning Accumulated Amortization Existing Intangibles. net Non amort. Amortizable Intangibles. Int. net Additions 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Useful Life 10 Years Useful Life 10 Years Total Amortization Expense Ending Accumulated Amortization Ending Intangibles.

2011 Common Stock Beginning Balance Proceeds from Share Issuance Ending Balance Additional Paid-In Capital Beginning Balance Proceeds from Share Issuance Net Other Activities Ending Balance Treasury Stock / SECT Beginning Balance Repurchases of Stock.millions $ Amount Repurchased Share Issuance of Options Shares issued under options . net of Options issued Ending Balance Retained Earnings / Other Beginning Balance Net Income Dividends Other Ending Balance Minority Interest Beginning Balance Minority Interest Expense Additions & Reductions through Acquisitions Ending Balance Shld Eq Sch 2012 2013 2014 2015 2016 Share Repurchase Assumptions Current Year EPS Assumed Current Year EPS Multiple Projected Share Price Shares repurchased .millions $ Received Shares Outstanding (average) Beginning Balance (average) Shares Issued Shares repurchased Ending Balance (average) Annual Dividend per Share Total Dividends Paid Dividend Payout Ratio Page 11 of 19 .

Debt Sch 2011 CASH FLOW AVAILABLE FOR FINANCING ACTIVITIES Plus: Issuance / (Repurchase of) Equity Less: Dividends Paid Other Effects of Exchange Rates on Cash Plus: Beginning Cash Balance Less: Minimum Cash Balance Cash Available for Debt Repayment 2012 2013 2014 2015 2016 Long-Term Debt Balances Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Total Long-Term Debt Long-Term Debt (Repayments) / Borrowings Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Total Long-Term Debt (Repayments) / Borrowings Cash Available for Revolving Credit Facility Revolving Credit Facility Beginning Balance (Mandatory Repayments) Funds for Discretionary (Paydown) / Borrowings Discretionary (Paydown) / Borrowings Ending Balance Cash Available after all Debt Repayments / (Borrowings) Plus: Minimum Cash Balance Ending Cash Balance Page 12 of 19 .

2011 Debt Balances Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Revolving Credit Facility Cash Int Sch 2012 2013 2014 2015 2016 Average Balances Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Revolving Credit Facility Cash Interest Rates Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Revolving Credit Facility Cash Interest Expense Notes Payable Term Loan International and Other Agreements Obligations under Capital Leases Senior Sub Notes Other Debt Revolving Credit Facility Sub-Total Other Interest Expense Interest Expense Interest Income Interest Expense (From Income Statement) Page 13 of 19 .

2011 Sales growth Domestic Exports % growth in sales Sales RM Consumed Spares consumed Other Manufacturing Exp Change in WIP Change in Finished goods Administartive and Selling Exp EBIDTA Depreciation Interest Operating Profit Non Operating Income Non Operating Expenses PBT Tax PAT 2012 2013 2014 2015 .

2016 .

PAT/TOI (%) 11. EBIDTA/TOI (%) 4. Long term debt (LTD) 17. Depreciation 6. Net fixed assets 13. Non-operating Income 8.  Investments  Loans and advances 15. 21. Adjusted TNW (ATNW) 16. 29.Financial Performance 1. Operating Profit (OP) 7. Working Capital Bank Finance Guarantees Total Debt Total Debt /TNW Total Debt /ATNW Total Current Assets Total Current Liabilities Net working capital Current ratio ROCE (%) Interest cover Total debt/ EBIDTA Total debt/ NCA . 20. Exposure in subsidiaries /Group Cos. 25. Net Cash Accruals (NCA) 12. Tangible Networth (TNW) 14. 22. 28. 30. 27. Total Operating Income (TOI) 2. 26. 24. Interest 5. Short term debt (STD)  Term loan repayments  Other working capital STD 18. 23. EBIDTA 3. PAT 10. PBT 9. 19.

Demand loans. it need to be calculated appropriately Income not from normal course of business net of non-operating expenses (6) Plus (7) (8) Minus Tax (incl. Depreciation & Amortisation) (2)/(1) Interest on borrowings Depreciation for the year (2) Minus (4) Minus (5)In case of any special item like lease rentals. preference shares.. between EBIDTA & OP. other term liabilities) excluding installments due within one year Debt due within one year Demand loans.Revaluation Reserves . debentures. Bills discounted / purchased. DPGs.) Investments + Loans and Advances Investments in subsidiaries / group companies Loans & Advances subsidiaries / group companies (13) Minus (14) Debt greater than one year (term loans.Dividend + Non-cash charges+ Deferred Tax Provision Net Fixed Assets Paid up share Capital + Reserves . prelim.Excise Duty) + Other recurring income incidental to main business (1) Minus (Operating Expenses excl. Cash Credit / WCDL. Export finance etc. including installments of term liabilities due within one year (25) Minus (26) (25)/(26) {(6) + (4) + Lease rentals} / {Net fixed Assets + Investments + Total current assets {(9)+ (5) + amortisation + (4) + lease rentals + deferred tax provision} / {(4) + lease rentals} (20)/(2) (20)/(11) . bad / doubtful expenses not provided for etc. Expenses.) Guarantees in nature of financial obligations (16) Plus (17) Plus (18) Plus (19) (20)/(13) (20)/(15) All assets with maturity less than one year Total liabilities with maturity less than one year. Interest.Intangible assets (patents. Deferred Tax) (9)/(1) PAT + Depreciation . unsecured loans etc. (excluding Working Capital Finance as given in (18) below) Secured and unsecured working capital availed from the Banks (include. amortisation etc.Description (Sales . goodwill.

2011 2012 2013 2014 2015 2016 .

Drivers Effect on valuation .

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