(Unless otherwise specified, all financials are in USD Mn) Units FY 15 A FY 16 A

Balance Sheet Assumptions

Advances from Customers 5 8
Insurance Premium Payable 2 2

Loans & Advances 10 14

WIP - -
Investments 37 50

Key Ratios
Inventory (Days of raw materials cost) # days 107
Accouts Receivables (days of sales) # days 32
Provisions for Employees fund as % of Employee % 13.4%
Commissions Payables (days of commission) # days 57
Accounts Payables (days of raw material costs) # days 38

Revenue Assumptions
Sales Prices
Soaps USD/ packet 3 4
Inflation % 12.5%
Hair Color USD/ packet 8 8
Inflation % 6.7%
Detergents USD/ packet 10 11
Inflation % 12.0%

Sales Volumes
Soaps packets 18,750,000 21,562,500
Growth % 15.0%
Hair Color bottles 28,125,000 30,000,000
Growth % 6.7%
Detergents bottles 13,125,000 15,000,000
Growth % 14.3%

Cost Assumptions
Volume Requirements
Soaps
Acid ml 105 105
Speciality chemicals ml 10 10
Ordinary chemicals ml 5 5
Perfumes ml 10 10

Hair Color
Acid ml 255 255
Speciality chemicals ml 12 12
Ordinary chemicals ml 8 8
Perfumes ml 5 5

Detergents
 Acid ml 505 505
Speciality chemicals ml 25 25
Ordinary chemicals ml 15 15
Perfumes ml 12 12

Raw Materials Price

Acid cents/ ml 0.8 0.9
Inflation % 14.3%
Speciality chemicals cents/ ml 0.4 0.5
Inflation % 21.6%
Ordinary chemicals cents/ ml 0.2 0.3
Inflation % 47.1%
Perfumes cents/ ml 0.6 0.7
Inflation % 12.1%

Headcounts
Manufacturing # 2,800 3,000
Marketing professionals # 500 500
Corporate employees # 200 200
% Increase

Average Monthly Salary

Manufacturing USD/ month 1,000 1,050
Marketing professionals USD/ month 1,500 1,600
Corporate employees USD/ month 1,600 1,650
% Hike

Bonus (% of Salary) 10.0% 12.0%

Power Cost USD 2,000,000 2,400,000

% Inflation 20.0%

Packaging Cost
Soaps USD/ unit 0.1 0.1
Hair Colors USD/ unit 0.2 0.2
Detergents USD/ unit 0.2 0.2
% Inflation

Ads as % of Sales % 5.0% 8.4%

Ads Cost USD 20,000,000 41,000,000
Commissions as % of Sales % 5.0% 5.0%
Commisions USD 20,109,375 24,281,250
Maintenance as % of Sales % 0.2% 0.2%
Maintenance Cost USD 1,000,000 1,100,000

Insurance Premium USD 2,000,000 2,000,000

Asset Schedule Assumptions

Capex USD 1,000,000,000 -
Asset Life (SLM Method) Years 10 10
 Disposal of Assets USD - -

Financing Assumptions
Interest Rates
Interest rate on Secured Loans %
Interest rate on Unsecured Loans %

Interest rate on Cash Balance %

Interest rate on Overdraft %

Repayments
Secured Loans Repayment Schedule USD - -
Unsecured Loans Repayment Schedule USD - 25,000,000

New Debt Issues

Secured Loans USD - -
Unsecured Loans USD - -

New Equity Raised USD - -

Dividends Paid USD - -

Tax Assumptions
Corporate Tax Rate % 34.0% 34.0%
 FY 17 A FY 18 A FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P

12 4 7 7 7 7 7
2 2 2 2 2 2 2

15 20 16 16 16 16 16
- - - - - - -
60 80 100 100 100 100 100

124 119 111 115 115 110 110

34 32 27 25 25 28 30
9.5% 9.7% 9.5% 10.0% 10.0% 10.0% 10.0%
88 88 59 60 60 60 60
43 42 37 40 38 38 35

4 4 5 5 5 5 5
11.1% 7.5% 4.7% 0.0% 0.0% 2.0% 2.0%
9 9 10 10 11 11 12
10.0% 4.5% 3.3% 6.1% 6.1% 6.1% 6.1%
13 14 15 15 15 15 15
11.6% 8.0% 7.4% 0.0% 0.0% 2.0% 2.0%

24,000,000 28,500,000 33,750,000 38,812,500 44,246,250 49,998,263 56,498,037

11.3% 18.8% 18.4% 15.0% 14.0% 13.0% 13.0%
31,593,750 33,375,000 34,818,750 36,553,573 38,374,832 40,286,835 42,294,101
5.3% 5.6% 4.3% 5.0% 5.0% 5.0% 5.0%
16,312,500 17,343,750 18,281,250 19,195,313 20,251,055 21,466,118 22,754,085
8.7% 6.3% 5.4% 5.0% 5.5% 6.0% 6.0%

105 105 105 105 105 105 105

10 10 10 10 10 10 10
5 5 5 5 5 5 5
10 10 10 10 10 10 10

255 255 255 255 255 255 255

12 12 12 12 12 12 12
8 8 8 8 8 8 8
5 5 5 5 5 5 5
 505 505 505 505 505 505 505
25 25 25 25 25 25 25
15 15 15 15 15 15 15
12 12 12 12 12 12 12

0.9 1.0 1.0 1.1 1.1 1.2 1.2

4.5% 3.3% 5.3% 5.0% 5.0% 5.0% 5.0%
0.5 0.5 0.6 0.6 0.6 0.6 0.7
11.1% 6.0% 3.8% 5.0% 5.0% 5.0% 5.0%
0.3 0.3 0.4 0.4 0.5 0.5 0.6
12.0% 7.1% 16.7% 15.0% 15.0% 15.0% 15.0%
0.7 0.8 0.8 0.9 0.9 1.0 1.1
7.7% 7.1% 6.7% 8.4% 8.4% 8.4% 8.4%

3,500 4,000 4,000 4,000 4,200 4,410 4,631

700 800 900 900 945 992 1,042
200 300 300 300 315 331 347
0.0% 5.0% 5.0% 5.0%

1,100 1,110 1,170 1,170 1,229 1,290 1,354

1,700 1,750 1,800 1,800 1,890 1,985 2,084
1,720 1,780 1,820 1,820 1,911 2,007 2,107
0.0% 5.0% 5.0% 5.0%

12.0% 12.0% 15.0% 15.0% 15.0% 15.0% 15.0%

3,000,000 3,500,000 4,000,000 4,400,000 4,884,000 5,372,400 5,963,364

25.0% 16.7% 14.3% 10.0% 11.0% 10.0% 11.0%

0.1 0.1 0.1 0.1 0.1 0.1 0.1

0.2 0.2 0.2 0.2 0.2 0.2 0.2
0.2 0.3 0.3 0.3 0.3 0.3 0.3
0.0% 2.0% 2.0% 2.0%

7.2% 6.6% 6.2% 10.0% 11.0% 12.0% 13.0%

41,500,000 44,000,000 46,000,000 82,138,777 99,335,300 120,472,981 ###
5.0% 5.0% 5.0% 5.0% 6.0% 6.0% 7.0%
28,896,563 33,187,031 37,386,563 41,069,389 54,182,891 60,236,490 78,170,057
0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1%
1,100,000 1,200,000 1,220,000 821,388 903,048 1,003,942 1,228,387

2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

50,000,000 50,000,000 - ### ### - -

10 10 10 10 10 10 10
 - - - - - - -

12.0% 12.0% 12.0% 12.0%

12.0% 12.0% 12.0% 12.0%

6.0% 6.0% 6.0% 6.0%

10.0% 10.0% 10.0% 10.0%

- - - - - - -
25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000

- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -

34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0%

 FY 24 P

7
2

16
-
100

110
30
10.0%
60
35

5
3.0%
13
6.1%
16
3.0%

63,277,801
12.0%
44,401,379
5.0%
24,119,330
6.0%

105
10
5
10

255
12
8
5
 505
25
15
12

1.3
5.0%
0.7
5.0%
0.7
15.0%
1.2
8.4%

4,862
1,094
365
5.0%

1,422
2,188
2,212
5.0%

15.0%

6,559,700
10.0%

0.1
0.2
0.3
2.0%

14.0%
###
7.0%
87,271,834
0.1%
1,371,415

2,000,000

-
10
 -

12.0%
12.0%

6.0%
10.0%

-
25,000,000

-
-

34.0%
(Unless otherwise specified, all financi Units FY 15 A FY 16 A FY 17 A FY 18 A

Sales Prices
Soaps USD/ packet 3 4 4 4
Hair Color USD/ bottle 8 8 9 9
Detergents USD/ bottle 10 11 13 14

Sales Volumes
Soaps packets 18,750,000 21,562,500 24,000,000 28,500,000
Hair Color bottles 28,125,000 30,000,000 31,593,750 33,375,000
Detergents bottles 13,125,000 15,000,000 16,312,500 17,343,750

Sales Revenue
Soaps 60 78 96 123
Hair Color 211 240 278 307
Detergents 131 168 204 234
Total Revenue 402 486 578 664
 FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

5 5 5 5 5 5
10 10 11 11 12 13
15 15 15 15 15 16

33,750,000 38,812,500 44,246,250 49,998,263 56,498,037 63,277,801

34,818,750 36,553,573 38,374,832 40,286,835 42,294,101 44,401,379
18,281,250 19,195,313 20,251,055 21,466,118 22,754,085 24,119,330

152 175 199 229 265 305

331 368 410 457 509 567
265 278 294 317 343 375
748 821 903 1,004 1,117 1,247
(Unless otherwise specified, all fi Units FY 15 A FY 16 A FY 17 A FY 18 A

Raw Materials Prices

Acid Cents/ ml 1 1 1 1
Speciality chemicals Cents/ ml 0 0 1 1
Ordinary chemicals Cents/ ml 0 0 0 0
Perfumes Cents/ ml 1 1 1 1

Raw Materials Volumes

Acid litres 15,768,750 17,489,063 18,814,219 20,261,719
Speciality chemicals litres 853,125 950,625 1,026,938 1,119,094
Ordinary chemicals litres 515,625 572,813 617,438 669,656
Perfumes litres 485,625 545,625 593,719 660,000

Raw Materials Cost

Acid USD Mn 121 154 173 192
Speciality chemicals USD Mn 3 4 5 6
Ordinary chemicals USD Mn 1 1 2 2
Perfumes USD Mn 3 4 4 5
Total USD Mn 128 163 184 205

Headcounts
Manufacturing # 2,800 3,000 3,500 4,000
Marketing professionals # 500 500 700 800
Corporate employees # 200 200 200 300

Average Monthly Salary

Manufacturing USD 1,000 1,050 1,100 1,110
Marketing professionals USD 1,500 1,600 1,700 1,750
Corporate employees USD 1,600 1,650 1,720 1,780

Bonus on Salary (% of Salary% 10.0% 12.0% 12.0% 12.0%

Employee Cost
Manufacturing USD Mn 37 42 52 60
Marketing professionals USD Mn 10 11 16 19
Corporate employees USD Mn 4 4 5 7
Total Employee Cost USD Mn 51 58 72 86

Power Cost USD Mn 2 2 3 4

Packaging Costs
Soaps USD Mn 2 2 3 4
Hair Color USD Mn 4 5 6 6
Detergents USD Mn 3 3 4 4
Total Packaging Costs USD Mn 9 10 12 14

Advertising Costs USD Mn 20 41 42 44

Commissions USD Mn 20 24 29 33
Maintenance Costs USD Mn 1 1 1 1

Insurance Costs USD Mn 2 2 2 2

Total Costs USD Mn 233 302 345 389

 FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

1 1 1 1 1 1
1 1 1 1 1 1
0 0 0 1 1 1
1 1 1 1 1 1

21,654,563 23,090,106 24,658,221 26,363,350 28,208,103 30,146,782

1,212,356 1,306,651 1,409,237 1,520,078 1,641,362 1,768,578
721,519 774,421 831,996 894,278 962,154 1,033,390
730,969 801,237 877,349 959,010 1,049,500 1,144,217

217 242 272 305 343 385

7 8 9 10 11 12
3 3 4 5 6 7
6 7 8 10 12 14
232 260 292 329 371 418

4,000 4,000 4,200 4,410 4,631 4,862

900 900 945 992 1,042 1,094
300 300 315 331 347 365

1,170 1,170 1,229 1,290 1,354 1,422

1,800 1,800 1,890 1,985 2,084 2,188
1,820 1,820 1,911 2,007 2,107 2,212

15.0% 15.0% 15.0% 15.0% 15.0% 15.0%

65 65 71 79 87 95
22 22 25 27 30 33
8 8 8 9 10 11
94 94 104 115 127 140

4 4 5 5 6 7

4 5 6 7 8 9
7 7 7 8 9 9
5 5 5 6 6 7
16 17 18 20 22 25

46 82 99 120 145 175

37 41 54 60 78 87
 1 1 1 1 1 1

2 2 2 2 2 2

432 502 576 654 753 854

(Unless otherwise specified, all financials are in USD Mn) FY 15 A FY 16 A FY 17 A FY 18 A

Unsecured Loans
Opening Balance 500 475 450
Add: New Issued - - - -
Less: Repayments - 25 25 25
Closing Balance 500 475 450 425

Average Loan Outstanding 488 463 438

Interest Rate
Interest Expense

Secured Loans
Opening Balance - - -
Add: New Issued - - - -
Less: Repayments - - - -
Closing Balance - - - -

Average Loan Outstanding - - -

Interest Rate
Interest Expense

Total Interest Expense

Cash/ (Overdraft)

Interest rate on Cash Balance

Interest rate on Overdraft

Interest Earned/ (Expense)

Net Interest Expense

FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

425 400 375 350 325 300

- - - - - -
25 25 25 25 25 25
400 375 350 325 300 275

413 388 363 338 313 288

12% 12% 12% 12% 12%
47 44 41 38 35

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
12% 12% 12% 12% 12%
- - - - -

47 44 41 38 35

433 131 259 478 740 1,019

6% 6% 6% 6% 6%
10% 10% 10% 10% 10%

17 12 22 37 53

30 32 18 1 (18)
(Unless otherwise specified, all financials are i Units FY 15 A FY 16 A FY 17 A

Depreciation Method SLM

Asset Life Years 10 10 10
Disposal of Assets USD Mn - - -

Capex USD Mn 1,000 - 50

Depreciation Schedule

FY05A 100 100 100

FY06A - -
FY07A 5
FY08A
FY09A
FY10E
FY11P
FY12P
FY13P
FY14P
Total Depreciation 100 100 105

Gross Block
Opening Balance - 1,000 1,000
Add: Capex 1,000 - 50
Less: Assets Sold/ Disposed - - -
Closing Balance 1,000 1,000 1,050

Accumulated Depreciation
Opening Balance - 100 200
Add: Depreciation during current year 100 100 105
Closing Balance 100 200 305
FY 18 A FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

10 10 10 10 10 10 10
- - - - - - -

50 - 500 100 - - -

100 100 100 100 100 100 100

- - - - - - -
5 5 5 5 5 5 5
5 5 5 5 5 5 5
- - - - - -
50 50 50 50 50
10 10 10 10
- - -
- -
-
110 110 160 170 170 170 170

1,050 1,100 1,100 1,600 1,700 1,700 1,700

50 - 500 100 - - -
- - - - - - -
1,100 1,100 1,600 1,700 1,700 1,700 1,700

305 415 525 685 855 1,025 1,195

110 110 160 170 170 170 170
415 525 685 855 1,025 1,195 1,365
(Unless otherwise specified, all financials are i FY 15 A FY 16 A FY 17 A FY 18 A

Paid-Up Capital
Opening Balance
Add: New Equity Raised - - - -
Closing Balance 550 550 550 550

Retained Earnings
Opening Balance
Add: PAT
Less: Dividends Paid - - - -
Closing Balance 6 23 70 144
FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

550 550 550 550 550

- - - - - -
550 550 550 550 550 550

247 333 415 522 649

86 82 107 127 159
- - - - - -
247 333 415 522 649 809
(Unless otherwise specified, all financials are in USD Mn) FY 15 A FY 16 A FY 17 A
Sources of Funds

Liabilities

Current Liabilities & Provisions

Overdraft - - -
Provisions for Employees fund 10 6 8
Advances from customers 5 8 12
Commission payable 4 4 10
Insurance premium payable 2 2 2
Accounts payable 16 18 25
Total Current Liabilities & Provisions 36 38 57

Non Current Liabilities

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

Shareholders Equity
Paid-up Capital 550 550 550
Retained Earnings 6 23 70
Total Shareholders' Equity 556 573 620

Total Liabilities & Shareholders' Equity 1,092 1,085 1,127

Usage of Funds

Current Assets
Cash & Cash Equivalent 76 110 187
Inventory 36 60 65
Account Receivables 33 52 55
Loans & Advances 10 14 15
Total Current Assets 155 235 322

Non Current Assets

Gross Block 1,000 1,000 1,050
Accumulated depreciation 100 200 305
Net Block 900 800 745
WIP - - -

Investments 37 50 60

Total Assets 1,092 1,085 1,127

Balance Check 1 1 1
FY 18 A FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

- - - - - - -
9 9 9 11 12 14 14
4 7 7 7 7 7 7
6 6 8 10 9 16 12
2 2 2 2 2 2 2
22 25 32 29 40 32 49
43 49 58 60 70 70 84

- - - - - - -
425 400 375 350 325 300 275
425 400 375 350 325 300 275

550 550 550 550 550 550 550

144 247 333 415 522 649 809
694 797 883 965 1,072 1,199 1,359

1,162 1,246 1,316 1,375 1,467 1,570 1,718

248 433 131 259 478 740 1,019

69 72 92 92 106 117 135
60 51 61 62 92 92 113
20 16 16 16 16 16 16
397 571 301 430 692 965 1,283

1,100 1,100 1,600 1,700 1,700 1,700 1,700

415 525 685 855 1,025 1,195 1,365
685 575 915 845 675 505 335
- - - - - - -

80 100 100 100 100 100 100

1,162 1,246 1,316 1,375 1,467 1,570 1,718

1 1 1 1 1 1 1
Link of Cashflow

o
o
o
o
o

f
f

f
o,f

o
o
o

i
o

i
(Unless otherwise specified, all financials are in USD Mn) FY 15 A FY 16 A FY 17 A

Revenues
Soaps 60 78 96
Hair Colors 211 240 278
Detergents 131 168 204
Total 402 486 578

Operating Costs
Raw Material Cost 128 163 184
Employee Cost 51 58 72
Power Cost 2 2 3
Packaging Cost 9 10 12
Advertisement Cost 20 41 42
Commission 20 24 29
Maintenace Cost 1 1 1
Insurance Premium 2 2 2
Total Operating Costs 233 302 345

EBITDA 169 184 233

Depreciation 100 100 105
EBIT 69 84 128
Interest expense 60 59 56
PBT 9 25 72
Taxes 3 9 25
PAT 6 17 48
FY 18 A FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

123 152 175 199 229 265 305

307 331 368 410 457 509 567
234 265 278 294 317 343 375
664 748 821 903 1,004 1,117 1,247

205 232 260 292 329 371 418

86 94 94 104 115 127 140
4 4 4 5 5 6 7
14 16 17 18 20 22 25
44 46 82 99 120 145 175
33 37 41 54 60 78 87
1 1 1 1 1 1 1
2 2 2 2 2 2 2
389 432 502 576 654 753 854

274 315 320 327 350 364 393

110 110 160 170 170 170 170
164 205 160 157 180 194 223
53 50 30 32 18 1 (18)
112 156 130 125 162 193 241
38 53 44 42 55 66 82
74 103 86 82 107 127 159
(Unless otherwise specified, all financials are in USD Mn) FY 15 A FY 16 A FY 17 A

Cashflow from Operating Activities

PAT 17 48
Add: Depreciation 100 105
Add: Interest Expense 59 56

Net Change in Working Capital

Add: Increase in Provisions for Employees fund (4) 2
Add: Increase in Advances from customers 3 4
Add: Increase in Commission payable 0 6
Add: Increase in Insurance premium payable - -
Add: Increase in Accounts payable 2 7
Less: Increase in Inventory (24) (5)
Less: Increase in Account Receivables (19) (3)
Less: Increase in Loans & Advances (4) (1)
Net Change in Working Capital (45) 10

Cashflow from Operations 130 218

Cashflow from Investment Activities

Less: Capex - (50)
Add: Gain from Disposal of Assets - -
Less: Increase in WIP - -
Less: Increase in Investments (13) (10)
Cashflow from Investment Activities (13) (60)

Cashflow from Financing Activities

Add: New Equity Raised - -
Add: New Secured Loans Raised - -
Add: New Unsecured Loans Raised - -
Less: Secured Loans Repaid - -
Less: Unsecured Loans Repaid (25) (25)
Less: Dividends Paid - -
Less: Interest Expense (59) (56)
Cashflow from Financing Activities (84) (81)

Net Cashflow 33 78

Cash Balance
Opening Balance 76 110
Net Cashflow 33 78
Closing Balance 110 187
FY 18 A FY 19 A FY 20 E FY 21 P FY 22 P FY 23 P FY 24 P

74 103 86 82 107 127 159

110 110 160 170 170 170 170
53 50 30 32 18 1 (18)

1 1 - 2 0 2 0
(8) 3 - - - - -
(4) - 2 3 (1) 7 (4)
- - - - - - -
(3) 3 7 (3) 11 (8) 17
(4) (3) (20) 0 (14) (11) (17)
(5) 9 (10) (1) (29) (0) (21)
(5) 4 - - - - -
(29) 17 (22) 1 (33) (11) (24)

208 280 253 285 262 288 286

(50) - (500) (100) - - -

- - - - - - -
- - - - - - -
(20) (20) - - - - -
(70) (20) (500) (100) - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(25) (25) (25) (25) (25) (25) (25)
- - - - - - -
(53) (50) (30) (32) (18) (1) 18
(78) (75) (55) (57) (43) (26) (7)

60 185 (301) 128 219 262 280

187 248 433 131 259 478 740

60 185 (301) 128 219 262 280
248 433 131 259 478 740 1,019