Income Statement

Year 2008 2009 2010 2011 2012

Sales (Units) 700 850 1000 1150 1300
Price 2000 2200 2400 2600 2800
Total Sales 1400000 1870000 2400000 2990000 3640000
Less COGS 980000 1309000 1680000 2093000 2548000
= Gross Profit 420000 561000 720000 897000 1092000

Add Commission 100000 105000 115000 125000 135000

Add Interest Income 30000 39200 45604 51640 57048
= Total Revenue 550000 705200 880604 1073640 1284048

Labor Costs 105000 127500 150000 172500 195000

Marketing Costs 70000 93500 120000 149500 182000
Admin & General Expenses 50000 50000 50000 50000 50000
R&D Costs 0 100000 0 0 0
Less Total Operating Expenses 225000 371000 320000 372000 427000

= Operating Cash 325000 334200 560604 701640 857048

Less Depreciation 111111 100000 90000 81000 72900

= PBIT 213889 234200 470604 620640 784148

Less Interest 107000 107148 100189 88556 71148

= PBT 106889 127052 370415 532084 713000

Less Tax @ 30% 32067 38116 111124 159625 213900

= PAT 74822 88937 259290 372459 499100

Less Dividend Payout @ 50% 37411 44468 129645 186230 249550

Transfer to Reserves 37411 44468 129645 186230 249550

Balance Sheet

Year 2008 2009 2010 2011 2012

Account Receivables 140000 187000 240000 299000 364000
Inventory 98000 130900 168000 209300 254800
Cash 70000 93500 120000 149500 182000
Total CA 308000 411400 528000 657800 800800

Land 1000000 1000000 1000000 1000000 1000000

Plant & Machinery 1000000 900000 810000 729000 656100
Investments 490000 570045 645506 713105 769472

Total Assets 2798000 2881445 2983506 3099905 3226372

Bank Borrowings 70000 93500 120000 149500 182000

Account Payables 98000 130900 168000 209300 254800
Accrued Expenses 22500 27100 32000 37200 42700
Total CL 190500 251500 320000 396000 479500

Secured Loan 1000000 977977 881890 736060 529480

Paid up Share Capital 500000 500000 500000 500000 500000
Reserves and Surplus 1107500 1151968 1281613 1467843 1717393

Total Liabilities 2798000 2881445 2983506 3099905 3226372

 Income Statement

Year 2008 2009 2010 2011 2012 2013 2013 i1 i2

Sales (Unit 700 850 1000 1150 1300 1625
Price 2000 2200 2400 2600 2800 2800
Total Sales 1400000 1870000 2400000 2990000 3640000 4550000
Less COGS 980000 1309000 1680000 2093000 2548000 3452540
Variable C 1400 1540 1680 1820 1960 2125

Nat. log 7.24423 7.33954 7.42655 7.50659 7.58070 8.400%

= Gross Profi 420000 561000 720000 897000 1092000 1097460

Add Commissio 100000 105000 115000 125000 135000 145000

Add Interest I 30000 39200 45604 51640 57048 76947.18

= Total Reve 550000 705200 880604 1073640 1284048 1319408

Labor Cost 105000 127500 150000 172500 195000 217500

Marketing 70000 93500 120000 149500 182000 364000
Admin & G 50000 50000 50000 50000 50000 50000
R&D Costs 0 100000 0 0 0 0
Less Total Oper 225000 371000 320000 372000 427000 631500

= Operating 325000 334200 560604 701640 857048 687908

Less Depreciati 111111 100000 90000 81000 72900 65610

= PBIT 213889 234200 470604 620640 784148 622298 622298 622298

Less Interest 107000 107148 100189 88556 71148 71148 85822.26 86335.86

= PBT 106889 127052 370415 532084 713000 551150 536475 535962

Less Tax @ 30% 32067 38116 111124 159625 213900 165344.9 160942.6 160788.5

= PAT 74822 88937 259290 372459 499100 385805 375533 375173

Less Dividend 37411 44468 129645 186230 249550 192902.4 187766.4 187586.6

Transfer t 37411 44468 129645 186230 249550 192902 187766 187587

i3 i4 2014 i1 i2 i3 i4 2015
2031.25 2539.063
2800 2800
5687500 7109375
4678190 6338947
2303 2497

8.400% 8.400%
1009310 770427.8

155000 165000

76947.18 76947.18
1241257 1012375

240000 262500
455000 568750
50000 50000
0 0
745000 881250

496257 131125

134049 195644.1

622298 622298 362208 362208 362208 362208 362208 -64519

86353.84 86354.47 86354.47 140889.8 142798.5 142865.3 142867.7

535944 535943 275853 221318 219409 219342 219340

160783.1 160783 82755.98 66395.38 65822.75 65802.71 65802.01

375161 375160 193097 154923 153586 153540 153538

187580.3 187580.1 96548.64 77461.27 76793.21 76769.83 76769.01

187580 187580 96549 77461 76793 76770 76769

Increase by 25%
Remains Constant

Increase
in COGS
Per Unit
per year
is
calculate
d using
regressio
n analysis

Increase by 10000

Return is
calculate
d on the
Investem
ent made
in the
start of
the year

Increase by 22500
Increased to 8% of the sales
Constant
Zero

WDV 10% of PPE

Cost of Capital of 10%

Tax Rate of 30%

Dividend Rate of 50%
 343943 pbit
34394
309549 pbt
92864.56 tax@30%
251078 PAT
600367 FCFE

343943 pbit
103182.8 tax@30%
240760 nopat
696614 fcf
Year 2008 2009 2010 2011 2012 2013 i1 i2

Account Receivables 140000 187000 240000 299000 364000 303333.3

Inventory 98000 130900 168000 209300 254800 287711.6
Cash 70000 93500 120000 149500 182000 91000
Total CA 308000 411400 528000 657800 800800 682045

Land 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000

Plant & Machinery 1000000 900000 810000 729000 656100 1340490
Investments 490000 570045 645506 713105 769472 769472 769472 769472

Total Assets 2798000 2881445 2983506 3099905 3226372 3792007 3792007 3792007

Bank Borrowings 70000 93500 120000 149500 182000 227500 227500 227500
Account Payables 98000 130900 168000 209300 254800 460338.6
Accrued Expenses 22500 27100 32000 37200 42700 63150
Total CL 190500 251500 320000 396000 479500 750988.6 750988.6 750988.6

Secured Loan 1000000 977977 881890 736060 529480 429480 630723 635859
Paid up Share Capital 500000 500000 500000 500000 500000 500000 500000 500000
Reserves and Surplus 1107500 1151968 1281613 1467843 1717393 1910295 1905160 1904980

Total Liabilities 2798000 2881445 2983506 3099905 3226372 3590764 3786871 3791827

Deficit 0 0 0 0 0 201243 5136 180

i3 i4 2014 i1 i2 i3

379166.6667
389849.2046
113750
882765.8713

1000000 1000000 1000000 1000000 1000000 1000000

1956441
769472 769472 769472 769472 769472 769472

3792007 3792006.72 4608678.626 4608678.63 4608678.63 4608678.63

227500 227500
284375 284375 284375 284375
623758.7274
74500
750988.6 750988.605 982633.7274 982633.72737039 982633.72737039 982633.72737039

636038 636045 536045 1124523.02732033 1143610.39522766 1144278.45310442

500000 500000 500000 500000 500000 500000
1904973 1904973 2001522 1982435 1981766 1981743

3792000 3792006.50 4020200.26 4589591.26 4608010.57 4608655.24

6 0.2 588478.4 19087.4 668.1 23.4

i4 2015

1000000

769472

4608678.63

284375

982633.72737039

1144301.83513011
500000
1981742

4608677.81

0.8
Assumptions

Average Collection Period is

reduced to 24 days
30 Days
2% of sales

Constant
Additional 7,50,000
Constant

5% of sales
48 Days
10% of Operating Expenses

Constant
Last Year + Net Profit