Rs in Lakhs

Income Statement 2018A 2019A 2020A

Revenues 115,318 123,851 133,760

Cost of Goods Sold 43,244 44,339 45,478
Gross Profit 72,074 79,513 88,281
R&D Expense 9,225 10,280 10,032
Administration Expense 34,203 36,234 38,000
Marketing Expense 2,768 3,220 3,612
Depreciation 5,997 6,936 8,026
EBIT (Operating Profit) 19,881 22,843 28,612
Interest 2,560 2,560 2,560
Income Before Taxes 17,321 20,283 26,052
Taxes(income tax paid) 3,464 4,057 5,210
Net Income 13,857 16,227 20,842

Common Dividends 7,372 6,734 7,920

2021E 2022E 2023E 2024E 2025E

144,460 156,017 168,499 181,978 196,537

50,561 54,606 58,974 63,692 68,788
93,899 101,411 109,524 118,286 127,749
11,557 12,481 13,480 14,558 15,723
38,000 38,000 38,000 38,000 38,000
3,900 4,212 4,549 4,913 5,306
8,379 9,049 9,773 10,555 11,399
32,063 37,668 43,722 50,260 57,320
2,560 2,560 2,560 2,560 2,560
29,503 35,108 41,162 47,700 54,760
5,901 7,022 8,232 9,540 10,952
23,603 28,087 32,929 38,160 43,808

9,913.10 11,796.40 13,830.36 16,027.04 18,399.46

Rs in Lakhs

Balance Sheet 2018A 2019A

ASSETS
Current Assets:
Cash 39,618 46,850
Trade and Other Receivables 21,168 23,413
Inventories 5,924 6,681
Total Current Assets 66,710 76,944
Non-Current Assets:
Property Plant and Equipment 22,177 21,728
TOTAL ASSETS 88,886 98,672

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Trade and Other Payables 8,886 9,232
Income Taxes Payable 1,018 965
Total Current Liabilities: 9,904 10,198
Non-Current Liabilities:
Long-Term Debt 40,000 40,000
Shareholder's Equity:
Common Stock 9,234 9,234
Retained Earnings 29,748 39,241
Total Shareholders' Equity 78,982 88,475
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 88,886 98,672
2020A 2021E 2022E 2023E 2024E 2025E

58,437 66,859 79,421 94,494 112,278 132,990

24,920 28,101 30,349 32,776 35,399 38,230
6,977 7,757 8,378 9,048 9,772 10,554
90,334 102,717 118,148 136,318 157,448 181,774

21,574 24,077 26,003 28,083 30,330 32,756

111,908 126,794 144,151 164,401 187,778 214,530

9,469 10,528 11,370 12,280 13,262 14,323

1,042 1,180 1,404 1,646 1,908 2,190
10,512 11,708 12,774 13,926 15,170 16,513

40,000 40,000 40,000 40,000 40,000 40,000

9,234 9,234 9,234 9,234 9,234 9,234

52,163 65,852 82,142 101,241 123,374 148,783
101,397 115,086 131,376 150,475 172,608 198,017
111,908 126,794 144,151 164,401 187,778 214,530
Rs in Lakhs

Cash Flow Statement 2018A 2019A 2020A

Cash Flows from Operating Activities:

Net Income 13,857 16,227 20,842
Depreciation 5,997 6,936 8,026
Changes in Operating Assets and Liabilities:
Trade and Other Receivables 2,366 (2,245) (1,507)
Inventories 3,654 (757) (296)
Trade and Other Payables (3,411) 346 237
Income Taxes Payable 432 (53) 77
Net Cash Provided by Operating Activities 22,895 20,453 27,378

Investing Activities:
Acquisitions of Property and Equipment (2,909) (6,487) (7,871)
Cash Flows from Investing Activities (2,909) (6,487) (7,871)

Financing Activities:
Issuance of Common Stock - - -
Dividends (current year) (7,372) (6,734) (7,920)
Increase/(Decrease) in Long-Term Debt - - -
Cash Flows from Financing Activities (7,372) (6,734) (7,920)

Increase/(Decrease) in Cash 12,614 7,232 11,587

Cash, Beginning of the Year 27,004 39,618 46,850
Cash, End of the Year 39,618 46,850 58,437
2021E 2022E 2023E 2024E 2025E

23,603 28,087 32,929 38,160 43,808

8,379 9,049 9,773 10,555 11,399

(3,181) (2,248) (2,428) (2,622) (2,832)

(780) (621) (670) (724) (782)
1,058 842 910 982 1,061
138 224 242 262 282
29,217 35,333 40,756 46,612 52,937

(10,881) (10,975) (11,853) (12,801) (13,826)

(10,881) (10,975) (11,853) (12,801) (13,826)

- - - - -
(9,913) (11,796) (13,830) (16,027) (18,399)
- - - - -
(9,913) (11,796) (13,830) (16,027) (18,399)

8,423 12,562 15,072 17,784 20,712

58,437 66,859 79,421 94,494 112,278
66,859 79,421 94,494 112,278 132,990
Rs in Lakhs

Assumptions 2018A 2019A 2020A 2021E 2022E

Income Statement
Sales Growth 7.4% 8.0% 8.0% 8.0%
Gross Margin 62.5% 64.2% 66.0% 65.0% 65.0%
R&D Expense (Precent of Sales) 8.0% 8.3% 7.5% 8.0% 8.0%
Administration Expense (Fixed Cost) 34,203 36,234 38,000 38,000 38,000
Marketing Expense (Precent of Sales) 2.4% 2.6% 2.7% 2.7% 2.7%
Depreciation (Precent of Sales) 5.2% 5.6% 6.0% 5.8% 5.8%
Long Term Debt Interest (Average Debt) 6.4% 6.4% 6.4% 6.4%
Tax Rate (Percent of EBIT) 20.0% 20.0% 20.0% 20.0% 20.0%

Balance Sheet
Capital Asset Turnover Ratio 5.2 5.7 6.2 6 6
Receviables Days (Sales Basis) 67 69 68 71 71
Inventory Days (COGS Basis) 50 55 56 56 56
Payable Days (COGS Basis) 75 76 76 76 76
Income Tax Payable 29.4% 23.8% 20.0% 20.0% 20.0%
Long Term Debt 40000 40000 40000 40000 40000
Common Share Capital 9234 9234 9234 9234 9234
Dividend Payout Ratio 53.2% 41.5% 38.0% 42.0% 42.0%
2023E 2024E 2025E

8.0% 8.0% 8.0%

65.0% 65.0% 65.0%
8.0% 8.0% 8.0%
38,000 38,000 38,000
2.7% 2.7% 2.7%
5.8% 5.8% 5.8%
6.4% 6.4% 6.4%
20.0% 20.0% 20.0%

6 6 6
71 71 71
56 56 56
76 76 76
20.0% 20.0% 20.0%
40000 40000 40000
9234 9234 9234
42.0% 42.0% 42.0%
Supporting Schedule 2018A 2019A

Property plant and equipment (PP&E)

Net PP&E
Beginning of period 22177
Capital Expenditure/Additions(Disposals) 2909.0 6487.5
Depreciation Expenses 5997 6936
Net PP&E End of Period 22177 21728

Retained Earnings(RE)
Beginning of Period 29748
Net Income 13857 16227
Dividends 7372 6734
Retained Earnings End of Period 29748 39241

Long Term Debt(LTD)

Beginning of Period 40000
Additions (Repayment) 0 0
LTD End of Period 40000 40000

Long term Debt Interest 2560

Total Interest 2560
2020A 2021E 2022E 2022E 2024E 2025E

21728 21574 24077 26003 28083 30330

7871.4 10881 10975 11853 12801 13826
8026 8379 9049 9773 10555 11399
21574 24077 26003 28083 30330 32756

39241 52163 65852 82142 101241 123374

20842 23603 28087 32929 38160 43808
7920 9913 11796 13830 16027 18399
52163 65852 82142 101241 123374 148783

40000 40000 40000 40000 40000 40000

0 0 0 0 0 0
40000 40000 40000 40000 40000 40000

2560 2560 2560 2560 2560 2560

2560 2560 2560 2560 2560 2560