(Unless otherwise specified, all financials are in USD Mn)

Sales Prices
Soups USD/ packet
Inflation%
Hair color USD/ packet
Inflation%
Detergents USD/ packet
Inflation%
Sales Volume
Soups packets
Growth%
Hair color bottles
Growth%
Detergents bottles
Growth%
Sales Revenue
Soups
Hair color
Detergents
Total Revenue

COST ASSUMPTIONS volume requirement

SOAPS
Acid

Specialty chemicals

Ordinary chemicals

Perfumes

HAIR COLOUR
Acid

Specialty chemicals

Ordinary chemicals

Perfumes
DETERGENT
Acid

Specialty chemicals
Ordinary chemicals

Perfumes

raw material price

Acid

Specialty chemicals

Ordinary chemicals

Perfumes
 FY05A FY06A FY07A FY08A FY09A FY10E

3.20 3.60 4.00 4.30 4.50 4.50

12.50% 11.11% 7.50% 4.65% 0.00%
7.50 8.00 8.80 9.20 9.50 10.08
6.67% 10.00% 4.55% 3.26% 6.12%
10.00 11.20 12.50 13.50 14.50 14.50
12.00% 11.61% 8.00% 7.41% 0.00%

18750000.00 21562500.00 24000000.00 28500000.00 33750000.00 38812500.00

15.00% 11.30% 18.75% 18.42% 15.00%
28125000.00 30000000.00 31593800.00 33375000.00 34818800.00 36554790.58
6.67% 5.31% 5.64% 4.33% 4.99%
13125000.00 15000000.00 16312500.00 17343800.00 18281300.00 19195365.00
14.29% 8.75% 6.32% 5.41% 5.00%

60.00 77.63 96.00 122.55 151.88

210.94 240.00 278.03 307.05 330.78
131.25 168.00 203.91 234.14 265.08
402.19 485.63 577.93 663.74 747.73

105 105 105 105 105 105

5.00%
10 10 10 10 10 10
5%
5 5 5 5 5 5
15.00%
10 10 10 10 10 10

255 255 255 255 255 255

12 12 12 12 12 12

8 8 8 8 8 8

5 5 5 5 5 5

505 505 505 505 505 505

25 25 25 25 25 25
 15 15 15 15 15 15

12 12 12 12 12 12

0.77 0.88 0.92 0.95 1 1.05

5%
0.37 0.45 0.5 0.53 0.55 0.5775
5%
0.17 0.25 0.28 0.3 0.35

0.58 0.65 0.7 0.75 0.8

 FY11P FY12P FY13P FY14P

4.50 4.59 4.70 4.85

0.00% 2.00% 2.50% 3.00%
10.70 11.35 12.05 12.78
6.12% 6.12% 6.12% 6.12%
14.50 14.79 15.16 15.61
0.00% 2.00% 2.50% 3.00%

44537343.75 50772571.88 57499937.65 64399930.17

14.75% 14.00% 13.25% 12.00%
38377333.93 40290745.37 42299555.39 44408520.37
4.99% 4.99% 4.99% 4.99%
20203121.66 21314293.35 22539865.22 23892257.14
5.25% 5.50% 5.75% 6.00%

105 105 105 105

5.00% 5.00% 5.00% 5.00%
10 10 10 10
5% 5% 5% 5%
5 5 5 5
15.25% 15.50% 15.75% 16%
10 10 10 10

255 255 255 255

12 12 12 12

8 8 8 8

5 5 5 5

505 505 505 505

25 25 25 25
 15 15 15 15

12 12 12 12

1.1025 1.157625 1.21550625 1.2762815625

5% 5% 5% 5%
0.606375 0.63669375 0.6685284375 0.701954859375
5% 5% 5% 5%
 FY05A FY06A FY07A FY08A

raw material price

Acid cost/ml 105 105 105 105

speciality chemicals cost/ml 10 10 10 10

ordinary chemicals cost/ml 5 5 5 5

perfumes cost/ml 10 10 10 10
raw material volumes
Acid l 105 105 105 105

speciality chemicals l 10 10 10 10

ordinary chemicals l 5 5 5 5

perfumes l 10 10 10 10
raw material cost
Acid 105 105 105 105
speciality chemicals
ordinary chemicals 10 10 10 10
perfumes
5 5 5 5
Total Revenue

raw material price

Acid cent/ml 0.77 0.88 0.92 0.95

speciality chemicals cent/ml 0.37 0.45 0.5 0.53
ordinary chemicals cent/ml 0.17 0.25 0.28 0.3
perfumes cent/ml 0.58 0.65 0.7 0.75

raw material volume

Acid litres 15768750 17489063 18814232 20261744

speciality chemicals litres 853125 950625 1026938 1119095
ordinary chemicals litres 515625 572812.5 617437.9 669657
perfumes litres 485625 545625 593719 660000.6
 raw material cost

Acid usd/ml 121.4194 153.9038 173.0909 192.4866

speciality chemicals usd/ml 3.156563 4.277813 5.134691 5.931204
ordinary chemicals usd/ml 0.876563 1.432031 1.728826 2.008971
perfumes usd/ml 2.816625 3.546563 4.156033 4.950005
 FY09A FY10E FY11P FY12P FY13P FY14P

105

10

10

105

10

10

105

10

1
0.55
0.35
0.8

21654601
1212358
721519.9
730969.6
 216.546
6.66797
2.52532
5.847757
(Unless otherwise specified, all financials are in USD Mn) FY05A FY06A FY07A FY08A FY09A

Revenues
Soaps 60.00 77.63 96.00 122.55 151.88
Hair Colors 210.94 240.00 278.03 307.05 330.78
Detergents 131.25 168.00 203.91 234.14 265.08
Total 402.19 485.63 577.93 663.74 747.73

Operating Costs
Raw Material Cost 128.27 163.16 184.11 205.38 231.59
Employee Cost 51.08 57.52 72.36 85.67 94.47
Power Cost 2.00 2.40 3.00 3.50 4.00
Packaging Cost 8.72 10.47 12.32 14.38 15.57
Advertisement Cost 20.00 41.00 41.50 44.00 46.00
Commission 20.11 24.28 28.90 33.19 37.39
Maintenace Cost 1.00 1.10 1.10 1.20 1.22
Insurance Premium 2.00 2.00 2.00 2.00 2.00
Total Operating Costs 233.18 301.94 345.29 389.31 432.24

EBITDA 169.01 183.69 232.64 274.43 315.49

Depreciation 100.00 100.00 105.00 110.00 110.00
EBIT
Interest expense 60.00 58.50 55.50 52.50 49.50
PBT
Taxes 3.06 8.56 24.53 38.06 53.04
PAT
FY10E FY11P FY12P FY13P FY14P

174.66 200.42 233.05 270.52 312.08

368.52 410.56 457.40 509.59 567.73
278.33 292.95 315.24 341.70 373.07
821.51 903.93 1005.69 1121.81 1252.87
(Unless otherwise specified, all financials are in USD Mn) FY05A FY06A FY07A FY08A FY09A FY10E
Sources of Funds

Liabilities

Current Liabilities & Provisions

Overdraft - - - - -
Provisions for Employees fund 10 6 8 9 9
Advances from customers 5 8 12 4 7
Commission payable 4 4 10 6 6
Insurance premium payable 2 2 2 2 2
Accounts payable 16 18 25 22 25
Total Current Liabilities & Provisions

Non Current Liabilities

Secured Loans - - - - -
Unsecured Loans 500 475 450 425 400
Total Non Current Liabilities

Shareholders Equity
Paid-up Capital 550 550 550 550 550
Retained Earnings 6 23 70 144 247
Total Shareholders' Equity

Total Liabilities & Shareholders' Equity - - - - - -

Usage of Funds

Current Assets
Cash & Cash Equivalent 76 110 187 248 433
Inventory 36 60 65 69 72
Account Receivables 33 52 55 60 51
Loans & Advances 10 14 15 20 16
Total Current Assets

Non Current Assets

Gross Block 1,000 1,000 1,050 1,100 1,100
Accumulated depreciation 100 200 305 415 525
Net Block
WIP - - - - - -

Investments 37 50 60 80 100 -

Total Assets -
FY11P FY12P FY13P FY14P

- - - -

- - - -

- - - -

- - - -
 (Unless otherwise specified, all financials are in USD Mn) FY05A FY06A FY07A

Sales Prices
Soups USD/ packet 3.20 3.60 4.00
Hair color USD/ packet 7.50 8.00 8.80
Detergents USD/ packet 10.00 11.20 12.50

Sales Volume
Soups packets 18750000.00 21562500.00 24000000.00
Hair color bottles 28125000.00 30000000.00 31593800.00
Detergents bottles 13125000.00 15000000.00 16312500.00

Sales Revenue
Soups 60.00 77.63 96.00
Hair color 210.94 240.00 278.03
Detergents 131.25 168.00 203.91
Total Revenue 402.19 485.63 577.93
 FY08A FY09A FY10E FY11P FY12P FY13P FY14P

4.30 4.50 4.50 4.50 4.59 4.70 4.85

9.20 9.50 10.08 10.70 11.35 12.05 12.78
13.50 14.50 14.50 14.50 14.79 15.16 15.61

28500000.00 33750000.00 38812500.00 44537343.75 50772571.88 57499937.65 64399930.17

33375000.00 34818800.00 36554790.58 38377333.93 40290745.37 42299555.39 44408520.37
17343800.00 18281300.00 19195365.00 20203121.66 21314293.35 22539865.22 23892257.14

122.55 151.88 174.66 200.42 233.05 270.52 312.08

307.05 330.78 368.52 410.56 457.40 509.59 567.73
234.14 265.08 278.33 292.95 315.24 341.70 373.07
663.74 747.73 821.51 903.93 1005.69 1121.81 1252.87