/

(Financial Statement Estimation / Forecasting)

(Assumptions)
1. (Trading)
2.

()
()

()

( )

100,000 /
0.00%
70.00 ( )
10,000 /
( )
30.00%

30.00%
70.00%

()
90

: 251796405.xls.ms_office/Assumption

()
60

75.00%
25.00%

11/19/2014

()
30

1/31

 (Assumptions)

(Non-Current Assets)

1)
()
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

2)
( )

= 1) / 2)
(/ )
20
10
5
5
5

12,500
5,000
80,000
20,000
5,000
122,500

( )
7.50%

(Fixed Loan: F/L)

: 251796405.xls.ms_office/Assumption

11/19/2014

( )
5.00

2/31

 (Investment Structure) / (Use of Fund)

()

5.1
5.2
5.3
5.4
5.5
5.6

300,000
250,000
50,000
400,000
100,000
25,000
140,000
210,000
(17,500)

1,125,000

332,500
1,457,500

(D/E Ratio) ( )

D/E Ratio (Debt to Equity Ratio)

(D)

(E)

2.00

1.00

971,667
2.00
66.67%
485,833
1.00
33.33%
1,457,500
3.00 100.00%

(Debt: D)
(Equity: E)

(Weighted Average Cost of Capital: WACC)

1.)
2.)
3.)
(Debt: D)
971,667
66.7%
7.50%
(Equity: E)
485,833
33.3%
6.00%
(Total Capital)
1,457,500
100.0% WACC =
+ Risk Premium
(Source and Use of Fund)
(Use of Fund)
(Source of Fund)

1,125,000 (Debt: D)

332,500 (Equity: E)

1,457,500

: 251796405.xls.ms_office/Source&Use

11/19/2014

2.) x 3.)
5.00%
2.00%
7.00%

971,667
485,833
1,457,500
3/31

 (Forecasing Profit/Loss Statement : P/L Income Statement)

1.
1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
2.
840,000
840,000
840,000
840,000
840,000
840,000
840,000
3. (= 1. 2.)
360,000
360,000
360,000
360,000
360,000
360,000
360,000
4. ( )
120,000
120,000
120,000
120,000
120,000
120,000
120,000
5. , , , (EBITDA) (= 3. 4.)
240,000
240,000
240,000
240,000
240,000
240,000
240,000
6. (DA)
122,500
122,500
122,500
122,500
122,500
17,500
17,500
7. (EBIT) (= 5. 6.)
117,500
117,500
117,500
117,500
117,500
222,500
222,500
8. *
67,232
54,312
40,389
25,386
9,217
0
0
9. (EBT) (= 7. 8.)
50,268
63,188
77,111
92,114
108,283
222,500
222,500
10. ( = 9. x 30%)
15,081
18,956
23,133
27,634
32,485
66,750
66,750
11. (= 9. 10.)
35,188
44,232
53,978
64,480
75,798
155,750
155,750
12. **
35,188
79,420
133,397
197,877
273,675
429,425
585,175

1.* () ( )
2.** = ( ) +
3. EBITDA

8
1,200,000
840,000
360,000
120,000
240,000
17,500
222,500
0
222,500
66,750
155,750
740,925

9
1,200,000
840,000
360,000
120,000
240,000
17,500
222,500
0
222,500
66,750
155,750
896,675

10
1,200,000
840,000
360,000
120,000
240,000
17,500
222,500
0
222,500
66,750
155,750
1,052,425

11
1,200,000
840,000
360,000
120,000
240,000
12,500
227,500
0
227,500
68,250
159,250
1,211,675

12
1,200,000
840,000
360,000
120,000
240,000
12,500
227,500
0
227,500
68,250
159,250
1,370,925

13
1,200,000
840,000
360,000
120,000
240,000
12,500
227,500
0
227,500
68,250
159,250
1,530,175

14
1,200,000
840,000
360,000
120,000
240,000
12,500
227,500
0
227,500
68,250
159,250
1,689,425

15
1,200,000
840,000
360,000
120,000
240,000
12,500
227,500
0
227,500
68,250
159,250
1,848,675

(1 15)
(1 15)
18,000,000 1,200,000
12,600,000
840,000
30,600,000 2,040,000
1,800,000
120,000
28,800,000 1,920,000
762,500
50,833
28,037,500 1,869,167
196,536
13,102
27,840,964 1,856,064
792,289
52,819
27,048,675 1,803,245
27,048,675 1,803,245

1.
1,200,000 1,200,000
2. (= 2.1)
840,000
840,000
2.1
840,000
840,000
3.
309,732
296,812
3.1 ( )
120,000
120,000
3.2
122,500
122,500
3.3
67,232
54,312

1,032,438
989,373

= / (1 - / )

3
1,200,000
840,000
840,000
282,889
120,000
122,500
40,389
942,964

4
1,200,000
840,000
840,000
267,886
120,000
122,500
25,386
892,952

1,200,000
840,000
840,000
251,717
120,000
122,500
9,217
839,058

1,200,000
840,000
840,000
137,500
120,000
17,500
0
458,333

7
1,200,000
840,000
840,000
137,500
120,000
17,500
0
458,333

8
1,200,000
840,000
840,000
137,500
120,000
17,500
0
458,333

9
1,200,000
840,000
840,000
137,500
120,000
17,500
0
458,333

10
1,200,000
840,000
840,000
137,500
120,000
17,500
0
458,333

11
1,200,000
840,000
840,000
132,500
120,000
12,500
0
441,667

12
1,200,000
840,000
840,000
132,500
120,000
12,500
0
441,667

13
1,200,000
840,000
840,000
132,500
120,000
12,500
0
441,667

14
1,200,000
840,000
840,000
132,500
120,000
12,500
0
441,667

15
1,200,000
840,000
840,000
132,500
120,000
12,500
0
441,667

(1 15)
(1 15)
18,000,000 1,200,000
12,600,000
840,000
12,600,000
840,000
2,759,036
183,936
1,800,000
120,000
762,500
50,833
196,536
13,102
9,196,786
613,119

1.
2.
3. (= 1. 2.)
4.1 ( )
4.2
4.
5. (EBIT) (= 3. 4.)
6. *
7. (EBT) (= 5. 6.)
8. ( = 7. x 30%)
9. (= 7. 8.)
10. **
: 251796405.xls.ms_office/Income Statement

1
1,032,438
722,707
309,732
120,000
122,500
242,500
67,232
67,232
0
0
0
0

10

11

12

13

14

15

989,373
692,561
296,812
120,000
122,500
242,500
54,312
54,312
0
0
0
0

942,964
660,075
282,889
120,000
122,500
242,500
40,389
40,389
0
0
0
0

892,952
625,067
267,886
120,000
122,500
242,500
25,386
25,386
0
0
0
0

839,058
587,341
251,717
120,000
122,500
242,500
9,217
9,217
0
0
0
0

458,333
320,833
137,500
120,000
17,500
137,500
0
0
0
0
0
0

458,333
320,833
137,500
120,000
17,500
137,500
0
0
0
0
0
0

458,333
320,833
137,500
120,000
17,500
137,500
0
0
0
0
0
0

458,333
320,833
137,500
120,000
17,500
137,500
0
0
0
0
0
0

458,333
320,833
137,500
120,000
17,500
137,500
0
0
0
0
0
0

441,667
309,167
132,500
120,000
12,500
132,500
0
0
0
0
0
0

441,667
309,167
132,500
120,000
12,500
132,500
0
0
0
0
0
0

441,667
309,167
132,500
120,000
12,500
132,500
0
0
0
0
0
0

441,667
309,167
132,500
120,000
12,500
132,500
0
0
0
0
0
0

441,667
309,167
132,500
120,000
12,500
132,500
0
0
0
0
0
0

11/19/2014

(1 15)
(1 15)
9,196,786
613,119
6,437,750
429,183
2,759,036
183,936
1,800,000
120,000
762,500
50,833
2,562,500
170,833
196,536
13,102
196,536
13,102
(0)
0
0
0
(0)
(0)
(0)
(0)
4/31

 (Forecasting Balance Sheet: B/S)

10

11

12

13

14

15

(8,733)
140,000
210,000

(21,341)
140,000
210,000

(38,126)
140,000
210,000

(59,413)
140,000
210,000

(85,492)
140,000
210,000

87,758
140,000
210,000

261,008
140,000
210,000

434,258
140,000
210,000

607,508
140,000
210,000

780,758
140,000
210,000

952,508
140,000
210,000

1,124,258
140,000
210,000

1,296,008
140,000
210,000

1,467,758
140,000
210,000

1,639,508
140,000
210,000

3.1

3.2

3.3

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

210,000

341,267

328,659

311,874

290,587

264,508

437,758

611,008

784,258

957,508

1,130,758

1,302,508

1,474,258

1,646,008

1,817,758

1,989,508

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(122,500)
1,002,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(245,000)
880,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(367,500)
757,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(490,000)
635,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(612,500)
512,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(630,000)
495,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(647,500)
477,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(665,000)
460,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(682,500)
442,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(700,000)
425,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(712,500)
412,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(725,000)
400,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(737,500)
387,500

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(750,000)
375,000

300,000
250,000
50,000
400,000
100,000
25,000
1,125,000
(762,500)
362,500

1,002,500
1,343,767

880,000
1,208,659

757,500
1,069,374

635,000
925,587

512,500
777,008

495,000
932,758

477,500
1,088,508

460,000
1,244,258

442,500
1,400,008

425,000
1,555,758

412,500
1,715,008

400,000
1,874,258

387,500
2,033,508

375,000
2,192,758

362,500
2,352,008

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

17,500
17,500

805,246
805,246
822,746

625,906
625,906
643,406

432,643
432,643
450,143

224,377
224,377
241,877

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

0
0
17,500

485,833
35,188
521,021
1,343,767

485,833
79,420
565,253
1,208,659

485,833
133,397
619,231
1,069,374

485,833
197,877
683,711
925,587

485,833
273,675
759,508
777,008

485,833
429,425
915,258
932,758

485,833
585,175
1,071,008
1,088,508

485,833
740,925
1,226,758
1,244,258

485,833
896,675
1,382,508
1,400,008

485,833
1,052,425
1,538,258
1,555,758

485,833
1,211,675
1,697,508
1,715,008

485,833
1,370,925
1,856,758
1,874,258

485,833
1,530,175
2,016,008
2,033,508

485,833
1,689,425
2,175,258
2,192,758

485,833
1,848,675
2,334,508
2,352,008

1.
2.
3. (3.1 + 3.2 + 3.3)

4.
.

5.
5.1
5.2
5.3
5.4
5.5
5.6
(=5.1 + 5.2 + 5.3 + 5.4 + 5.5 + 5.6)
6.
7. - ( 5. - 6.)
6.
.
.

.


.
.

.
.
-

: 251796405.xls.ms_office/Balance Sheet

11/19/2014

5/31

 (Cash Flow Statement) / (Cash Budget) (Direct)

10

11

12

13

14

15

(1. 15.)

1.

1.1
1.1.1
1.1.2
1.1.1 + 1.1.2

1.2
1.2.1
1.2.2
1.3
1.4
1.5 ()
1.6 ( P/L)

( )

360,000
700,000
1,060,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

360,000
840,000
1,200,000

5,400,000
12,460,000
17,860,000

787,500
245,000
0
0
120,000
15,081
1,167,581
(107,581)

630,000
210,000
0
0
120,000
18,956
978,956
221,044

630,000
210,000
0
0
120,000
23,133
983,133
216,867

630,000
210,000
0
0
120,000
27,634
987,634
212,366

630,000
210,000
0
0
120,000
32,485
992,485
207,515

630,000
210,000
0
0
120,000
66,750
1,026,750
173,250

630,000
210,000
0
0
120,000
66,750
1,026,750
173,250

630,000
210,000
0
0
120,000
66,750
1,026,750
173,250

630,000
210,000
0
0
120,000
66,750
1,026,750
173,250

630,000
210,000
0
0
120,000
66,750
1,026,750
173,250

630,000
210,000
0
0
120,000
68,250
1,028,250
171,750

630,000
210,000
0
0
120,000
68,250
1,028,250
171,750

630,000
210,000
0
0
120,000
68,250
1,028,250
171,750

630,000
210,000
0
0
120,000
68,250
1,028,250
171,750

630,000
210,000
0
0
120,000
68,250
1,028,250
171,750

9,607,500
3,185,000
0
0
1,800,000
792,289
15,384,789
2,475,211

2.
( )

( )
( )

(300,000)
(250,000)
(50,000)
(400,000)
(100,000)
(25,000)
(1,125,000)
(1,232,581)

221,044

216,867

212,366

207,515

173,250

173,250

173,250

173,250

173,250

171,750

171,750

171,750

171,750

(300,000)
(250,000)
(50,000)
(400,000)
(100,000)
(25,000)
- (1,125,000)
171,750 1,350,211

0
0
0
171,750
1,467,758

485,833
971,667
(971,667)
(196,536)
289,298
1,639,508
1,639,508

3.
( )
( )

( )
( )

: 251796405.xls.ms_office/Cash Flow - Direct

" B/S

485,833
971,667
(166,420)
(67,232)
1,223,848
(8,733)
(8,733)

(179,340)
(54,312)
(233,652)
(12,608)
(21,341)

(193,263)
(40,389)
(233,652)
(16,785)
(38,126)

(208,266)
(25,386)
(233,652)
(21,286)
(59,413)

(224,377)
(9,217)
(233,594)
(26,079)
(85,492)

0
0
0
173,250
87,758

11/19/2014

0
0
0
173,250
261,008

0
0
0
173,250
434,258

0
0
0
173,250
607,508

0
0
0
173,250
780,758

0
0
0
171,750
952,508

0
0
0
171,750
1,124,258

0
0
0
171,750
1,296,008

0
0
0
171,750
1,639,508

6/31

 (Cash Flow Statement Indirect Method)

1.
(EBIT)
117,500
117,500
117,500
117,500
117,500

(15,081)
(18,956)
(23,133)
(27,634)
(32,485)

122,500
122,500
122,500
122,500
122,500
["] () ["()]
(140,000)
0
0
0
0
["] ( ) ["()]
(210,000)
0
0
0
0
["] () ["()]
17,500
0
0
0
0
( )
(107,581)
221,044
216,867
212,366
207,515
2.
()
(1,125,000)
0
0
0
0
( )
(1,125,000)
0
0
0
0
( )
(1,232,581)
221,044
216,867
212,366
207,515

485,833
0
0
0
0

971,667
0
0
0
0

(166,420)
(179,340)
(193,263)
(208,266)
(224,377)

(67,232)
(54,312)
(40,389)
(25,386)
(9,217)
1,223,848
(233,652)
(233,652)
(233,652)
(233,594)
( )
( )
(8,733)
(12,608)
(16,785)
(21,286)
(26,079)

" B/S
(8,733)
(21,341)
(38,126)
(59,413)
(85,492)

Cash Flow Statement Indirect (Cash Flow Statement)

Indirect Direct

: 251796405.xls.ms_office/Cash Flow - Indirect

10

11

12

13

14

15

222,500
(66,750)
17,500
0
0
0
173,250

222,500
(66,750)
17,500
0
0
0
173,250

222,500
(66,750)
17,500
0
0
0
173,250

222,500
(66,750)
17,500
0
0
0
173,250

222,500
(66,750)
17,500
0
0
0
173,250

227,500
(68,250)
12,500
0
0
0
171,750

227,500
(68,250)
12,500
0
0
0
171,750

227,500
(68,250)
12,500
0
0
0
171,750

227,500
(68,250)
12,500
0
0
0
171,750

227,500
(68,250)
12,500
0
0
0
171,750

2,837,500
(792,289)
762,500
(140,000)
(210,000)
17,500
2,475,211

0
0
173,250

0
0
173,250

0
0
173,250

0
0
173,250

0
0
173,250

0
0
171,750

0
0
171,750

0
0
171,750

0
0
171,750

0
0
171,750

(1,125,000)
(1,125,000)
1,350,211

0
0
0
0
0
173,250
87,758

0
0
0
0
0
173,250
261,008

0
0
0
0
0
173,250
434,258

0
0
0
0
0
173,250
607,508

0
0
0
0
0
173,250
780,758

0
0
0
0
0
171,750
952,508

0
0
0
0
0
171,750
1,124,258

0
0
0
0
0
171,750
1,296,008

0
0
0
0
0
171,750
1,467,758

0
0
0
0
0
171,750
1,639,508

485,833
971,667
(971,667)
(196,536)
289,298
1,639,508
1,639,508

11/19/2014

(1. 15.)

7/31

 (Financial Leverage)

1. Interest Coverage Ratio
(Earning Before Interest and Tax: EBIT)
(Interest: I)
Interest Coverage Ratio (EBIT/I)
2. EBIT /
(Earning Before Interest and Tax: EBIT)

EBIT/
3. Debt Service Coverage Ratio (DSCR)
(Earning Before Interest and Tax: EBIT)
(Depreciation: D)
EBITDA

EBITDA/

: 251796405.xls.ms_office/Financial Leverage

10

11

12

13

14

15

(1 15)

117,500
67,232
1.75

117,500
54,312
2.16

117,500
40,389
2.91

117,500
25,386
4.63

117,500
9,217
12.75

222,500
0
0.00

222,500
0
0.00

222,500
0
0.00

222,500
0
0.00

222,500
0
0.00

227,500
0
0.00

227,500
0
0.00

227,500
0
0.00

227,500
0
0.00

227,500
0
0.00

2,837,500
196,536
14.44

189,167
13,102
14.44

117,500

117,500

117,500

117,500

117,500

222,500

222,500

222,500

222,500

222,500

227,500

227,500

227,500

227,500

227,500

2,837,500

189,167

166,420
67,232
233,652
0.50

179,340
54,312
233,652
0.50

193,263
40,389
233,652
0.50

208,266
25,386
233,652
0.50

224,377
9,217
233,594
0.50

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

971,667
196,536
1,168,202
2.43

64,778
13,102
77,880
2.43

117,500
122,500
240,000

117,500
122,500
240,000

117,500
122,500
240,000

117,500
122,500
240,000

117,500
122,500
240,000

222,500
17,500
240,000

222,500
17,500
240,000

222,500
17,500
240,000

222,500
17,500
240,000

222,500
17,500
240,000

227,500
12,500
240,000

227,500
12,500
240,000

227,500
12,500
240,000

227,500
12,500
240,000

227,500
12,500
240,000

2,837,500
762,500
3,600,000

189,167
50,833
240,000

166,420
67,232
233,652
1.03

179,340
54,312
233,652
1.03

193,263
40,389
233,652
1.03

208,266
25,386
233,652
1.03

224,377
9,217
233,594
1.03

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

0
0
0
0.00

971,667
196,536
1,168,202
3.08

64,778
13,102
77,880
3.08

11/19/2014

(1 15)

8/31

 (Break Even Point)

1.
1,200,000 1,200,000 1,200,000 1,200,000
2.
840,000
840,000
840,000
840,000
2.1
840,000
840,000
840,000
840,000

840,000
840,000
840,000
840,000
3.
3.1 ( ) 120,000
120,000
120,000
120,000
3.2 (DA)
122,500
122,500
122,500
122,500

242,500
242,500
242,500
242,500

67,232
54,312
40,389
25,386

166,420
179,340
193,263
208,266
1. ( ) = / (1 - / )

808,333
808,333
808,333
808,333
/ (%)
67.36
67.36
67.36
67.36
2. = ( + ) / (1 - / )

67,232
54,312
40,389
25,386
+
309,732
296,812
282,889
267,886

1,032,438
989,373
942,964
892,952
/ (%)
86.04
82.45
78.58
74.41
3. = ( + + ) / (1 - / )
+
233,652
233,652
233,652
233,652
+ +
476,152
476,152
476,152
476,152

1,587,173 1,587,173 1,587,173 1,587,173
/ (%)
132.26
132.26
132.26
132.26
4. = ( - + + ) / (1 - / )

122,500
122,500
122,500
122,500
- + +
353,652
353,652
353,652
353,652

1,178,840 1,178,840 1,178,840 1,178,840
/ (%)
98.24
98.24
98.24
98.24
5. = ( - + ) / (1 - / ) (= DSCR)
DSCR ()
1.20
1.20
1.20
1.20

122,500
122,500
122,500
122,500
- + ( + ) DSCR
400,382
400,382
400,382
400,382

1,334,608 1,334,608 1,334,608 1,334,608
/ (%)
111.22
111.22
111.22
111.22

10

11

12

13

14

15

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

1,200,000
840,000
840,000
840,000

(1 5)
18,000,000
12,600,000
12,600,000
12,600,000

(1 5)
1,200,000
840,000
840,000
840,000

120,000
122,500
242,500
9,217
224,377

120,000
17,500
137,500
0
0

120,000
17,500
137,500
0
0

120,000
17,500
137,500
0
0

120,000
17,500
137,500
0
0

120,000
17,500
137,500
0
0

120,000
12,500
132,500
0
0

120,000
12,500
132,500
0
0

120,000
12,500
132,500
0
0

120,000
12,500
132,500
0
0

120,000
12,500
132,500
0
0

1,800,000
762,500
2,562,500
196,536
971,667

120,000
50,833
170,833
13,102
64,778

808,333
67.36

458,333
38.19

458,333
38.19

458,333
38.19

458,333
38.19

458,333
38.19

441,667
36.81

441,667
36.81

441,667
36.81

441,667
36.81

441,667
36.81

8,541,667
47.45

569,444
47.45

9,217
251,717
839,058
69.92

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0
132,500
441,667
36.81

196,536
2,759,036
9,196,786
51.09

13,102
183,936
613,119
51.09

233,594
476,094
1,586,982
132.25

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
137,500
458,333
38.19

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0
132,500
441,667
36.81

0 1,168,202
132,500 3,730,702
441,667 12,435,675
36.81
69.09

77,880
248,713
829,045
69.09

122,500
353,594
1,178,648
98.22

17,500
120,000
400,000
33.33

17,500
120,000
400,000
33.33

17,500
120,000
400,000
33.33

17,500
120,000
400,000
33.33

17,500
120,000
400,000
33.33

12,500
120,000
400,000
33.33

12,500
120,000
400,000
33.33

12,500
120,000
400,000
33.33

12,500
120,000
400,000
33.33

12,500
120,000
400,000
33.33

762,500
2,968,202
9,894,008
54.97

50,833
197,880
659,601
54.97

1.20
122,500
400,313
1,334,378
111.20

1.20
17,500
120,000
400,000
33.33

1.20
17,500
120,000
400,000
33.33

1.20
17,500
120,000
400,000
33.33

1.20
17,500
120,000
400,000
33.33

1.20
17,500
120,000
400,000
33.33

1.20
12,500
120,000
400,000
33.33

1.20
12,500
120,000
400,000
33.33

1.20
12,500
120,000
400,000
33.33

1.20
12,500
120,000
400,000
33.33

1.20
1.20
12,500
762,500
120,000 3,201,843
400,000 10,672,810
33.33
59.29

1.20
50,833
213,456
711,521
59.29

= / (1 - / )

5 (1 - 5)

: 251796405.xls.ms_office/Break Even Point Analysis

11/19/2014

9/31


( 1)
1.
= 1,200,000 / x 70% / 360 x 60
2.
2.1 (RM)
2.2 (WIP)
2.3 (FG)

3.
- 1
4.
- 2

1
1

()

140,000
98,000 42.00
() ()

= 1,200,000 / x 70% / 360 x 0

= 1,200,000 / x 70% / 360 x 0
= 1,200,000 / x 70% / 360 x 90

0
0
210,000
210,000
17,500
332,500

#REF!
10,000 / / 30 x 99.75

332,500

0
0
210,000
210,000 63.00
17,500 5.25
290,500 99.75
33,250
323,750

360
30
= (/) / 30 ( 1 ) x ()
= (/) x / 30 ( 1 ) x ()
= (/ ) x / 360 ( 1 ) x ()
= (/ ) x / 12 ( 1 ) x ()
= (/) / 30 ( 1 ) x ()
= (/) x / 30 ( 1 ) x ()
= (/ ) x / 360 ( 1 ) x ()
= (/ ) x / 12 ( 1 ) x ()
( = = x )
= (/ ) x / 360 ( 1 ) x ()
= (/ ) x / 360 ( 1 ) x ()
= (/) x / 12 ( 1 ) x ()
= (/) x / 30 ( 1 ) x ()
= (/) / 30 ( 1 ) x ()
= (/) / 30 ( 1 ) x ()
= (/ ) / 360 ( 1 ) x ()
= (/ ) / 12 ( 1 ) x ()

: 251796405.xls.ms_office/Working_Capital

11/19/2014

10/31

Capital Budgeting (Cash Flow Projection)

1. (Operating Cash Flow)
(EBIT)


1.
2. (Net Capital Expending)
()
5.1
5.2
5.3
5.4
5.5
5.6
2.
3. (Change in Net Working Capital)
()
()
()
3.
( ) (Net Cash Flow)
(Investment Analysis)


()
(Net Cash Flow)
(Weighted Average Cost of Capital: WACC)
(Present Value: PV)
(Net Present Value: NPV)
(Internal Rate of Return: IRR)
(IRR - WACC)
(Payback Period)

(Payback Period)
(Payback Period)
(Loan Payback Period)
(Loan Amount)


(Payback Period)
(Loan Payback Period)

: 251796405.xls.ms_office/Capital Budgeting

100,000 /

1
0

2
1

3
2

4
3

5
4

6
5

7
6

8
7

9
8

10
9

11
10

12
11

13
12

14
13

15
14

117,500
(15,081)
122,500
224,919

117,500
(18,956)
122,500
221,044

117,500
(23,133)
122,500
216,867

117,500
(27,634)
122,500
212,366

117,500
(32,485)
122,500
207,515

222,500
(66,750)
17,500
173,250

222,500
(66,750)
17,500
173,250

222,500
(66,750)
17,500
173,250

222,500
(66,750)
17,500
173,250

222,500
(66,750)
17,500
173,250

227,500
(68,250)
12,500
171,750

227,500
(68,250)
12,500
171,750

227,500
(68,250)
12,500
171,750

227,500
(68,250)
12,500
171,750

227,500
(68,250)
12,500
171,750

2,837,500
(792,289)
762,500
2,807,711

(300,000)
(250,000)
(50,000)
(400,000)
(100,000)
(25,000)
(1,125,000)

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

(300,000)
(250,000)
(50,000)
(400,000)
(100,000)
(25,000)
(1,125,000)

(140,000)
(210,000)
17,500
(332,500)
(1,232,581)

0
0
0
0
221,044

0
0
0
0
216,867

0
0
0
0
212,366

0
0
0
0
207,515

0
0
0
0
173,250

0
0
0
0
173,250

0
0
0
0
173,250

0
0
0
0
173,250

0
0
0
0
173,250

0
0
0
0
171,750

0
0
0
0
171,750

0
0
0
0
171,750

0
0
0
0
171,750

0
0
0
0
171,750

(140,000)
(210,000)
17,500
(332,500)
1,350,211

1
0
(1,232,581)
1,350,211
7.00%
(1,232,581)
420,061
12.69%
5.69%

2
1
221,044

3
2
216,867

4
3
212,366

5
4
207,515

6
5
173,250

7
6
173,250

8
7
173,250

9
8
173,250

10
9
173,250

11
10
171,750

12
11
171,750

13
12
171,750

14
13
171,750

15
14
171,750

1,350,211

206,583

189,420

173,354

158,312

123,525

115,444

107,891

100,833

94,237

87,309

81,597

76,259

71,270

66,608

420,061

(1,232,581)
1.00
7.84

(1,011,537)
2.00

(794,670)
3.00

(582,305)
4.00

(374,789)
5.00

(201,539)
6.00

(28,289)
7.00

144,961
7.84

318,211
0.00

491,461
0.00

663,211
0.00

834,961
0.00

1,006,711
0.00

1,178,461
0.00

1,350,211
0.00

971,667
(971,667)
(971,667)
1.00
5.34

221,044
(750,623)
2.00

216,867
(533,756)
3.00

212,366
(321,391)
4.00

207,515
(113,875)
5.00

173,250
59,375
5.34

173,250
232,625
0.00

173,250
405,875
0.00

173,250
579,125
0.00

173,250
752,375
0.00

171,750
924,125
0.00

171,750
1,095,875
0.00

171,750
1,267,625
0.00

171,750
1,439,375
0.00

171,750
1,611,125
0.00

11/19/2014

11/31

 /
/ (Sale Forecasting / Sale Estimation)

1.

"P/L

/
/
/

1
0.00%
12
100,000
1,200,000
1,200,000

2
0.00%
12
100,000
1,200,000
1,200,000

3
0.00%
12
100,000
1,200,000
1,200,000

4
0.00%
12
100,000
1,200,000
1,200,000

5
0.00%
12
100,000
1,200,000
1,200,000

6
0.00%
12
100,000
1,200,000
1,200,000

7
0.00%
12
100,000
1,200,000
1,200,000

8
0.00%
12
100,000
1,200,000
1,200,000

9
0.00%
12
100,000
1,200,000
1,200,000

10
0.00%
12
100,000
1,200,000
1,200,000

11
0.00%
12
100,000
1,200,000
1,200,000

12
0.00%
12
100,000
1,200,000
1,200,000

13
0.00%
12
100,000
1,200,000
1,200,000

14
0.00%
12
100,000
1,200,000
1,200,000

15
0.00%
12
100,000
1,200,000
1,200,000

1
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

2
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

3
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

4
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

5
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

6
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

7
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

8
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

9
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

10
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

11
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

12
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

13
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

14
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

15
1,200,000
30.00%
70.00%
360,000
840,000
60
140,000
360,000

700,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

700,000
140,000
840,000
1,200,000

2.
3.

4.

: 251796405.xls.ms_office/Sale Forecasting

"B/S
"D C/F

"D C/F

/
/

/
/

700,000
1,060,000

11/19/2014

12/31

5.

"P/L

/
/

1
1,200,000
70.00
840,000
840,000

2
1,200,000
70.00
840,000
840,000

3
1,200,000
70.00
840,000
840,000

4
1,200,000
70.00
840,000
840,000

5
1,200,000
70.00
840,000
840,000

6
1,200,000
70.00
840,000
840,000

7
1,200,000
70.00
840,000
840,000

8
1,200,000
70.00
840,000
840,000

9
1,200,000
70.00
840,000
840,000

10
1,200,000
70.00
840,000
840,000

11
1,200,000
70.00
840,000
840,000

12
1,200,000
70.00
840,000
840,000

13
1,200,000
70.00
840,000
840,000

14
1,200,000
70.00
840,000
840,000

15
1,200,000
70.00
840,000
840,000

"B/S, I C/F

1
840,000
90
210,000

2
840,000
90
210,000

3
840,000
90
210,000

4
840,000
90
210,000

5
840,000
90
210,000

6
840,000
90
210,000

7
840,000
90
210,000

8
840,000
90
210,000

9
840,000
90
210,000

10
840,000
90
210,000

11
840,000
90
210,000

12
840,000
90
210,000

13
840,000
90
210,000

14
840,000
90
210,000

15
840,000
90
210,000

6. -

: 251796405.xls.ms_office/Sale Forecasting

11/19/2014

13/31

- ( )
-
"D C/F
1.

/


/

1
840,000
210,000
0
1,050,000

2
840,000
210,000
210,000
840,000

3
840,000
210,000
210,000
840,000

4
840,000
210,000
210,000
840,000

5
840,000
210,000
210,000
840,000

6
840,000
210,000
210,000
840,000

7
840,000
210,000
210,000
840,000

8
840,000
210,000
210,000
840,000

9
840,000
210,000
210,000
840,000

10
840,000
210,000
210,000
840,000

11
840,000
210,000
210,000
840,000

12
840,000
210,000
210,000
840,000

13
840,000
210,000
210,000
840,000

14
840,000
210,000
210,000
840,000

15
840,000
210,000
210,000
840,000

1
1,050,000
75.00%
25.00%

2
840,000
75.00%
25.00%

3
840,000
75.00%
25.00%

4
840,000
75.00%
25.00%

5
840,000
75.00%
25.00%

6
840,000
75.00%
25.00%

7
840,000
75.00%
25.00%

8
840,000
75.00%
25.00%

9
840,000
75.00%
25.00%

10
840,000
75.00%
25.00%

11
840,000
75.00%
25.00%

12
840,000
75.00%
25.00%

13
840,000
75.00%
25.00%

14
840,000
75.00%
25.00%

15
840,000
75.00%
25.00%

: 251796405.xls.ms_office/Expense Estimation

11/19/2014

14/31

( )


( )
( )
( )
2. ()
2.
3.

4.

"B/S
"D C/F

"D C/F

/
/
/
/


/
/

787,500
262,500
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
787,500

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

630,000
210,000
840,000
840,000
75.00%
25.00%
630,000
210,000
30
17,500
17,500
630,000

/
/

245,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

192,500
17,500
210,000
840,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10,000
12
120,000

10
10,000
12
120,000

11
10,000
12
120,000

12
10,000
12
120,000

13
10,000
12
120,000

14
10,000
12
120,000

15
10,000
12
120,000

245,000
1,032,500

()

5. ( )

: 251796405.xls.ms_office/Expense Estimation

/
"P/L

11/19/2014

15/31

/
/
/
/
/
/
/

1
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

1
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

10

11

12

13

14

15

2
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

3
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

4
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

5
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

6
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

7
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

8
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

9
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

10
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

11
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

12
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

13
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

14
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

15
300,000
250,000
50,000
400,000
100,000
25,000
1,125,000

(Properties, Plants, & Equipments : PPE)

B/S

(Depreciation & Amortization : DA)

P/L

0
12,500
5,000
80,000
20,000
5,000
122,500

0
12,500
5,000
80,000
20,000
5,000
122,500

0
12,500
5,000
80,000
20,000
5,000
122,500

0
12,500
5,000
80,000
20,000
5,000
122,500

0
12,500
5,000
80,000
20,000
5,000
122,500

10

11

12

13

14

15

0
12,500
5,000
80,000
20,000
5,000
122,500

0
25,000
10,000
160,000
40,000
10,000
245,000

0
37,500
15,000
240,000
60,000
15,000
367,500

0
50,000
20,000
320,000
80,000
20,000
490,000

0
62,500
25,000
400,000
100,000
25,000
612,500

0
75,000
30,000
400,000
100,000
25,000
630,000

0
87,500
35,000
400,000
100,000
25,000
647,500

0
100,000
40,000
400,000
100,000
25,000
665,000

0
112,500
45,000
400,000
100,000
25,000
682,500

0
125,000
50,000
400,000
100,000
25,000
700,000

0
137,500
50,000
400,000
100,000
25,000
712,500

0
150,000
50,000
400,000
100,000
25,000
725,000

0
162,500
50,000
400,000
100,000
25,000
737,500

0
175,000
50,000
400,000
100,000
25,000
750,000

0
187,500
50,000
400,000
100,000
25,000
762,500

0
12,500
5,000
0
0
0
17,500

8
0
12,500
5,000
0
0
0
17,500

9
0
12,500
5,000
0
0
0
17,500

10
0
12,500
5,000
0
0
0
17,500

0
12,500
5,000
0
0
0
17,500

11
0
12,500
0
0
0
0
12,500

12
0
12,500
0
0
0
0
12,500

13
0
12,500
0
0
0
0
12,500

14
0
12,500
0
0
0
0
12,500

15
0
12,500
0
0
0
0
12,500

: 251796405.xls.ms_office/NCA&DA

B/S

11/19/2014

16/31

1.
2. ( )
3. (= 1. + 2.)
4.
5.
6. () (= 5. - 4.)
7. ( = 1. + 2. - 6.)

: 251796405.xls.ms_office/Loan

/
/
/
/
/

0
971,667
971,667
67,232
233,652
166,420
805,246

2
805,246
0
805,246
54,312
233,652
179,340
625,906

3
625,906
0
625,906
40,389
233,652
193,263
432,643

4
432,643
0
432,643
25,386
233,652
208,266
224,377

5
224,377
0
224,377
9,217
233,594
224,377
0

11/19/2014

7
0
0
0
0
0
0
0

8
0
0
0
0
0
0
0

9
0
0
0
0
0
0
0

10
0
0
0
0
0
0
0

11
0
0
0
0
0
0
0

12
0
0
0
0
0
0
0

13
0
0
0
0
0
0
0

14
0
0
0
0
0
0
0

15
0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
971,667
971,667
196,536
1,168,202
971,667
0

17/31

1.
2. ()
3. (= 1. + 2.)
4.
5.
6. () (= 5. - 4.)
7. ( = 1. + 2. - 6.)

971,667
7.50%
5.00
19,471.00

0
60

971,667
971,667
6,073
19,471
13,398
958,269

1
1.
2. ()
3. (= 1. + 2.)
4.
5.
6. () (= 5. - 4.)
7. ( = 1. + 2. - 6.)

: 251796405.xls.ms_office/Loan Repayment

971,667
971,667
67,232
233,652
166,420
805,246

958,269

944,787

931,221

917,570

903,834

890,012

876,103

958,269
5,989
19,471
13,482
944,787

944,787
5,905
19,471
13,566
931,221

931,221
5,820
19,471
13,651
917,570

917,570
5,735
19,471
13,736
903,834

903,834
5,649
19,471
13,822
890,012

890,012
5,563
19,471
13,908
876,103

876,103
5,476
19,471
13,995
862,108

2
805,246
0
805,246
54,312
233,652
179,340
625,906

3
625,906
0
625,906
40,389
233,652
193,263
432,643

4
432,643
0
432,643
25,386
233,652
208,266
224,377

5
224,377
0
224,377
9,217
233,594
224,377
0

6
0

7
0

8
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

11/19/2014

18/31

10

11

12

13

14

15

16

17

18

19

20

21

22

862,108

848,025

833,854

819,595

805,246

790,808

776,280

761,660

746,950

732,147

717,252

702,264

687,182

672,006

862,108
5,388
19,471
14,083
848,025

848,025
5,300
19,471
14,171
833,854

833,854
5,212
19,471
14,259
819,595

819,595
5,122
19,471
14,349
805,246

805,246
5,033
19,471
14,438
790,808

790,808
4,943
19,471
14,528
776,280

776,280
4,852
19,471
14,619
761,660

761,660
4,760
19,471
14,711
746,950

746,950
4,668
19,471
14,803
732,147

732,147
4,576
19,471
14,895
717,252

717,252
4,483
19,471
14,988
702,264

702,264
4,389
19,471
15,082
687,182

687,182
4,295
19,471
15,176
672,006

672,006
4,200
19,471
15,271
656,735

9
0

10
0

11
0

12
0

13
0

14
0

15
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

: 251796405.xls.ms_office/Loan Repayment

11/19/2014

19/31

23

24

25

26

27

28

29

30

31

32

33

34

35

36

656,735

641,368

625,906

610,347

594,691

578,936

563,084

547,132

531,081

514,929

498,676

482,322

465,865

449,306

656,735
4,105
19,471
15,366
641,368

641,368
4,009
19,471
15,462
625,906

625,906
3,912
19,471
15,559
610,347

610,347
3,815
19,471
15,656
594,691

594,691
3,717
19,471
15,754
578,936

578,936
3,618
19,471
15,853
563,084

563,084
3,519
19,471
15,952
547,132

547,132
3,420
19,471
16,051
531,081

531,081
3,319
19,471
16,152
514,929

514,929
3,218
19,471
16,253
498,676

498,676
3,117
19,471
16,354
482,322

482,322
3,015
19,471
16,456
465,865

465,865
2,912
19,471
16,559
449,306

449,306
2,808
19,471
16,663
432,643

: 251796405.xls.ms_office/Loan Repayment

11/19/2014

20/31

37

38

39

40

41

42

43

44

45

46

47

48

49

50

432,643

415,876

399,005

382,027

364,944

347,754

330,456

313,051

295,536

277,912

260,178

242,333

224,377

206,308

432,643
2,704
19,471
16,767
415,876

415,876
2,599
19,471
16,872
399,005

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51

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