VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON

LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED VEGETRON LIMITED

ESTIMATED COST OF THE PROJECT & PROPOSED SOURCES OF FINANCE PROJECTED PROFITABILITY STATEMENT DEPRECIATION WORKING CAPITAL REQUIREMENTS COMPUTATION OF INTEREST PROJECTED CASH FLOW STATEMENT PROJECTED BALANCE SHEET BREAK EVEN ANALYSIS
AMOUNT AS PER INCOME TAX (Rs in millions) (Rs in millions) (Rs in millions) (Rs in millions) (Rs in millions)
A. ESTIMATED COST OF THE PROJECT AMOUNT (Rs in millions) Year 1 (50%) Year 2 (60%) Year 3 & Onwards Interest on Term Loan 0 1 2 0 1 2 3 4 5 6 7 8 9 10 ( BASED ON YEAR 1 PROJECTION )
(Rs in millions) Land Building Plant & Machinery Misc. Fixed Assets Pre-Operative Exp. Total Holding (70%) SOURCES
Capacity Utilisation 0.5 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 & Contingencies Period WCR PBF WCR PBF WCR PBF Year Opening Repayment during Closing Interest ASSETS A. Sales 172.80
i) Land including Site Development 10.00 Production (TPA) 1440 1728 2016 2016 2016 2016 2016 2016 2016 2016 in months Balance The Year Balance @ 12% Promoter's Funds 50.00 -- --
Years 1 2 3 4 5 6 7 8 9 10 Basic Cost 10.00 15.00 62.00 4.00 19.50 110.50 (i) Fixed Assets 110.50 103.95 97.39 90.84 84.28 77.73 71.17 64.62 58.06 51.51 44.95 B. Variable Costs
ii) Building & Civil Construction 15.00 91.00 (i) Raw Materials 1.50 14.04 10.53 16.85 12.64 19.66 14.74 1 60.00 0.00 60.00 7.20 Term Loan from Bank/FI 60.00 -- -- i) Raw Material 112.32
A. Sales 172.80 207.36 241.92 241.92 241.92 241.92 241.92 241.92 241.92 241.92 2 60.00 3.75 56.25 7.20 Special Incentive Loan 11.00 (ii) Preliminary Exp. 2.00 1.60 1.20 0.80 0.40 0.00 0.00 0.00 0.00 0.00 0.00 ii) Direct Labour 9.00
iii) Plant & Machinery 62.00 Allocation of Pre-operative Exp 1.26 1.90 7.84 0.51 -11.50 (ii) W I P 0.03 0.30 0.23 0.36 0.27 0.42 0.32 3 56.25 7.50 48.75 6.53 3.38 3.15 6.53 iii) Power 6.91
Allocation of Contingencies 0.88 1.32 5.45 0.35 -8.00 4 48.75 7.50 41.25 5.63 Working Capital Finance -- 20.90 4.15 (iii) Current Assets 34.11 40.89 iv) Repair & Maintenance 0.50
iv) Misc. Fixed Assets 4.00 91.00 i) Raw Materials 112.32 134.78 157.25 157.25 157.25 157.25 157.25 157.25 157.25 157.25 (iii) Finished Goods 0.50 5.36 4.02 6.40 4.80 7.48 5.61 5 41.25 7.50 33.75 4.73 Sundry Creditors 4.68 0.94 Raw Materials 19.66 19.66 19.66 19.66 19.66 19.66 19.66 19.66 v) Interest on W.C.F. 2.72
63.70 ii) Power 6.91 8.29 9.68 9.68 9.68 9.68 9.68 9.68 9.68 9.68 Depreciable Cost 12.14 18.21 75.29 4.86 110.50 6 33.75 7.50 26.25 3.83 WIP 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 vi) Selling Expenses 17.28
v) Preliminary Expenses 2.00 with 30% margin iii) Labour 9.00 10.00 12.00 12.60 13.23 13.89 14.59 15.32 16.08 16.89 (iv) Debtors 1.00 14.40 10.80 17.28 12.96 20.16 15.12 7 26.25 7.50 18.75 2.93 Cash Inflow from operation or -- Finished Good 7.48 7.48 7.48 7.48 7.48 7.48 7.48 7.48
iv) Factory Overheads 0.50 0.53 0.56 0.60 0.63 0.67 0.71 0.75 0.80 0.84 Rate of Depreciation 0.00 10.00 15.00 15.00 8 18.75 7.50 11.25 2.03 Profit before Tax 8.92 14.60 Debtors 20.16 20.16 20.16 20.16 20.16 20.16 20.16 20.16 Total Costs (B) (i to vi) 148.73
vi) Pre-operative Expenses ( including interest during construction) 11.50 20.00 Addl. Depr allowable but not considered in case (v) Working Expenses 9 11.25 7.50 3.75 1.13 Interest on TL and WCF 9.92 10.46 (iv) Cash & Bank Bal. 8.50 15.36 22.68 29.48 36.74 43.80 49.55 55.15 59.60 63.92 70.85
C.Administrative &Selling Exp. 34.11 25.58 40.89 30.67 47.72 35.79 10 3.75 3.75 0.00 0.23 Depreciation 6.55 6.55 C. Contribution ( A - B ) 24.07
vii) Contingencies 8.00 Administrative Expenses 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Year Depr. WDV Depr. WDV Depr. WDV Depr. WDV Depr. WDV Preliminary Expenses w/o 0.40 0.40 Total Assets 121.00 155.01 162.16 168.83 169.14 169.24 168.44 167.48 165.38 163.14 163.52
Selling Expenses 17.28 20.74 24.19 24.19 24.19 24.19 24.19 24.19 24.19 24.19 Trade Creditors 0.50 4.68 4.68 5.62 5.62 6.55 6.55 D. Fixed Costs
Capital Cost of the Project 112.50 1 0.00 12.14 1.82 16.39 11.29 63.99 0.73 4.13 13.843 96.66 Working Capital excluding BF 29.43 20.90 35.27 25.05 41.16 29.23 Total Sources (A) 121.00 51.37 37.10 LIABILITIES i) Adm. & Selling Expenses 1.00
D. Gross Profit before Interest 25.79 32.02 37.24 36.61 35.94 35.24 34.51 33.74 32.93 32.07 2 0.00 12.14 1.64 14.75 9.60 54.39 0.62 3.51 11.858 84.80 Less Margin Money 8.53 10.22 11.93 ii) Interest on Term Loan ( Avg ) 4.14
Add : Promoters Margin Money for Working Capital 8.50 3 0.00 12.14 1.48 13.28 8.16 46.23 0.53 2.98 10.161 74.64 96.66 Permissible Bank Finance 20.899 25.05 29.23 APPLICATION 15.38 12.77 (i) Promoters Funds 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 iii) Depreciation 6.55
At DER 1.5:1 E. Total Financial Expenses 4 0.00 12.14 1.33 11.95 6.94 39.30 0.45 2.54 8.710 65.93 7.36 iv) Preliminary Expenses w/o 0.40
Estimated Cost of the Project 121.00 72.60 i) Interest on Term Loan 7.20 7.20 6.53 5.63 4.73 3.83 2.93 2.03 1.13 0.23 5 0.00 12.14 1.20 10.76 5.89 33.40 0.38 2.16 7.470 58.46 22.07 Fixed Assets 110.50 -- -- (ii) Reserves & Surplus 8.43 14.24 23.30 31.10 38.70 45.40 51.94 57.34 62.60 66.73 Total Fixed Costs 12.09
ii) Interest on Bank Borrowing 2.72 3.26 3.80 3.80 3.80 3.80 3.80 3.80 3.80 3.80 6 0.00 12.14 1.08 9.68 5.01 28.39 0.32 1.83 6.410 52.05 WCR : Working Capital Requirements Preliminary Expenses 2.00
B. PROPOSED SOURCES OF FINANCE 7 0.00 12.14 0.97 8.71 4.26 24.13 0.27 1.56 5.502 46.55 Current Assets -- 34.11 6.78 (iii) Term Loan 60.00 60.00 56.25 48.75 41.25 33.75 26.25 18.75 11.25 3.75 0.00 E. Break Even Level
F. Depreciation 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 8 0.00 12.14 0.87 7.84 3.62 20.51 0.23 1.32 4.725 41.82 PBF : Permissible Bank Finance
i) Promoters Capital 9 0.00 12.14 0.78 7.06 3.08 17.44 0.20 1.12 4.060 37.76 Repayment of Term Loan -- 0.00 3.75 (iv) Spl Incentive Loan 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 i) In Sales Fixed Cost * Sales 86.83
Share Capital 50.00 G. Operating Profit 9.32 15.00 20.36 20.63 20.86 21.06 21.23 21.36 21.44 21.49 10 0.00 12.14 0.71 6.35 2.62 14.82 0.17 0.96 3.490 34.27 Direct Cost including RM 128.73 153.61 179.49 Contribution
Raw Material Cost 112.32 134.78 157.25 Interest on TL and WCF 9.92 10.46 (v) W.C.F. -- 20.90 25.05 29.23 29.23 29.23 29.23 29.23 29.23 29.23 29.23 ii) In %age of Operating
ii) Term Loan from Bank 60.00 H. Preliminary Expenses w/o 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00 0.00 0.00 Direct Costs 16.41 18.82 22.24 Taxes 0.49 2.79 Level of Operation 50.25
AS PER COMPANIES ACT 50% of direct costs 8.21 9.41 11.12 Dividends 0.00 6.00 (vi) Sundry Creditors 4.68 5.62 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 iii) In %age of Installed Capacity 25.12
iii) State government's special incentive loan 11.00 I. Profit/(Loss) before taxes 8.92 14.60 19.96 20.23 20.46 21.06 21.23 21.36 21.44 21.49 Total cost of WIP for the year 120.53 144.20 168.37
( Repayable in 6 instalments after 12 years ) Land Building Plant & Machinery Misc. Fixed Assets Pre-Operative Exp. Total Total Application (B) 112.50 44.51 29.78 Total Liabilities 121.00 155.01 162.16 168.83 169.14 169.24 168.44 167.48 165.38 163.14 163.52
121.00 J. Taxes 0.49 2.79 4.91 5.42 5.86 6.36 6.68 6.96 7.18 7.37 & Contingencies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 F. Cash Break Even Level
Increase/(Decrease) 8.50 6.86 7.32
K. Profit after Taxes 8.43 11.81 15.05 14.81 14.60 14.70 14.54 14.40 14.26 14.13 Basic Cost 10.00 15.00 62.00 4.00 19.50 110.50 in Cash during the i) In Sales 36.90
Year ( A - B) ii) In %age of Operating 21.35
L. Cash Inflow from operation 15.38 18.77 22.01 21.76 21.55 21.25 21.10 20.95 20.82 20.68 Opening Balance 0.00 8.50 15.36 Level of Operation
iii) In %age of Installed Capacity 10.68
Dividends 0.00 6.00 6.00 7.00 7.00 8.00 8.00 9.00 9.00 10.00 Closing Balance 8.50 15.36 22.68
Cash Retained 15.38 12.77 16.01 14.76 14.55 13.25 13.10 11.95 11.82 10.68
Depreciable Cost 12.14 18.21 75.29 4.86 110.50
PBT 8.92 14.60 19.96 20.23 20.46 21.06 21.23 21.36 21.44 21.49
Add Depreciation as per Cos. Ac 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 Rate of Depreciation 0.00 3.34 7.42 7.42
Less Deduct Depr as per IT 13.84 11.86 10.16 8.71 7.47 6.41 5.50 4.72 4.06 3.49

Taxable Income 1.63 9.30 16.36 18.07 19.55 21.21 22.28 23.19 23.94 24.56 Year Depr. WDV Depr. WDV Depr. WDV Depr. WDV Depr. WDV

Less: Unabsorbed Losses & 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1 0.00 12.14 0.61 17.61 5.59 69.70 0.36 4.50 6.55 103.95
depreciation of earlier years 2 0.00 12.14 0.61 17.00 5.59 64.11 0.36 4.14 6.55 97.39
3 0.00 12.14 0.61 16.39 5.59 58.53 0.36 3.78 6.55 90.84 110.50
Profit before tax as per IT 1.63 9.30 16.36 18.07 19.55 21.21 22.28 23.19 23.94 24.56 4 0.00 12.14 0.61 15.78 5.59 52.94 0.36 3.42 6.55 84.28
Deductions u/s 80 IB not considered 5 0.00 12.14 0.61 15.17 5.59 47.35 0.36 3.06 6.55 77.73
Taxable Income 1.63 9.30 16.36 18.07 19.55 21.21 22.28 23.19 23.94 24.56 6 0.00 12.14 0.61 14.56 5.59 41.77 0.36 2.69 6.55 71.17 WCR : Working Capital Requirements
7 0.00 12.14 0.61 13.96 5.59 36.18 0.36 2.33 6.55 64.62
Income Tax @ 30% 0.49 2.79 4.91 5.42 5.86 6.36 6.68 6.96 7.18 7.37 8 0.00 12.14 0.61 13.35 5.59 30.60 0.36 1.97 6.55 58.06 PBF : Permissible Bank Finance
(without considering MAT) 9 0.00 12.14 0.61 12.74 5.59 25.01 0.36 1.61 6.55 51.51
Tax Payable as per MAT@20% 1.78 2.92 3.99 4.05 4.09 4.21 4.25 4.27 4.29 4.30 10 0.00 12.14 0.61 12.13 5.59 19.42 0.36 1.25 6.55 44.95

Tax Payable for the Year 1.78 2.92 4.91 5.42 5.86 6.36 6.68 6.96 7.18 7.37
(Higher of MAT or IT )
Annual Operating Inflows 15.38 18.77 22.01 21.76 21.55 21.25 21.10 20.95 20.82 20.68