Profit & Loss Statement

Year Tracker - 1 2 3 4 5 6 7 8 9

(All figures in INR Lakhs unless stated otherwise) FY18A FY19A FY20A FY21A FY22A FY23P FY24P FY25P FY26P FY27P
Revenue 410 495 590 676 763 860 969 1,079 1,201 1,342
Operating Expenses
Raw Material Cost 138 156 175 206 245 279 319 361 409 462
[+] Employee Cost 51 58 72 86 94 94 108 124 142 161
[+] Power Cost 5 6 7 9 10 12 15 18 22 26
[+] Packaging Cost 11 13 16 19 21 23 26 29 32 36
[+] Advertisement Cost 30 41 42 44 46 86 107 129 156 188
[+] Commission 20 24 29 33 37 43 58 65 84 94
[+] Maintenance Cost 1 1 1 1 1 1 2 2 2 2
[+] Insurance Premium 2 2 2 2 2 2 3 3 3 4
[+] Admin & Misc Expenses 35 24 29 41 45 42 45 50 48 52
[-] Total Operating Expenses 293 326 373 440 502 584 681 780 897 1,024
117 170 217 236 261 276 288 298 304 318
[-] Depreciation 73 152 163 163 163 142 105 93 111 132
43 17 54 72 98 133 183 206 193 186
[-] Interest 23 63 55 78 75 63 54 55 53 48
[+] Other Income - - 2 8 15 18 18 18 19 19
20 (46) 1 2 37 88 147 169 158 157
Taxes for the year
Current Tax 10 - 10 24 40 52 54 52 51 57
[+] Deferred Tax (3) (11) (18) (23) (27) (22) (4) 6 2 (4)
[-] Total Taxes for the year 7 (11) (8) 1 13 30 50 58 54 53
14 (35) 10 1 25 58 97 112 104 103

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Balance Sheet
Year Tracker 1 2 3 4 5 6 7 8 9

(All figures in INR Lakhs unless stated otherwise) FY18A FY19A FY20A FY21A FY22A FY23P FY24P FY25P FY26P
Liabilities & Equity
Current Liabilities & Provisions
Cash Credit / Overdraft Utilization 25 53 47 72 55 58 57 68 69
[+] Provisions for Employees fund 10 6 8 9 9 9 12 13 16
[+] Advances from customers 5 8 12 4 7 7 7 7 7
[+] Commission payable 4 4 10 6 6 8 11 10 17
[+] Insurance premium payable 2 2 2 2 2 2 2 2 2
[+] Accounts payable 16 18 25 22 25 16 27 22 34
Total Current Liab. & Prov. 61 91 104 114 104 101 117 122 145
Non Current Liabilities
Secured Loans - 300 285 270 255 240 258 273 258
[+] Unsecured Loans 300 285 270 255 240 102 87 72 48
[+] Total Non Current Liabilities 300 585 555 525 495 342 345 345 305
Networth
Paid Up Capital 200 300 300 300 300 300 309 317 317
[+] Share Premium Account - - - - - - 13 25 25
[+] Retained Earnings 14 (21) (37) (36) (11) 47 144 256 360
[+] Total Networth 214 279 263 264 289 347 466 598 702
Total Liabilities & Equity 574 955 921 903 888 790 928 1,065 1,152

Current Assets
Cash & Cash Equivalent 21 10 62 87 101 97 114 130 150
[+] Margin Money with Bank - - - 13 14 16 18 20 23
[+] Inventory 36 60 65 69 72 62 83 74 104
[+] Account Receivables 33 52 55 60 51 62 56 77 71
[+] Loans & Advances 10 14 15 20 16 16 16 16 16
Total Current Assets 99 136 197 249 254 253 287 317 363
Net Fixed Assets
Gross Block 505 990 1,044 1,059 1,124 1,174 1,360 1,565 1,725
[-] Accumulated Depreciation 73 226 389 552 715 857 963 1,055 1,166
[+] Net Fixed Assets 432 764 655 507 409 317 397 510 559
[+] WIP 40 40 1 1 1 1 20 20 15
[+] Deferred Tax Assets 3 14 33 56 84 105 109 103 101
[+] Investments - - 35 90 140 140 140 140 140
Total Assets 574 955 921 903 888 816 953 1,090 1,178
Check 1 1 1 1 1 - - - -

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 10

FY27P

83
17
7
14
2
29
152

242
-
242

317
25
463
805
1,199

171
25
98
93
16
403

1,863
1,298
564
12
105
140
1,225
-

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Cash Flow Statement
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY18A FY19A FY20A FY21A FY22A FY23P FY24P FY25P FY26P FY27P
Cashflow from Operating Activities
(35) 10 1 25 58 97 112 104 103
[+] Deferred Tax Liability (11) (18) (23) (27) (22) (4) 6 2 (4)
[+] Depreciation 152 163 163 163 142 105 93 111 132
[+] Interest Expense 63 55 78 75 63 54 55 53 48
Net Change in Working Capital
[+] Increase in Provisions for Employees fund (4) 2 1 1 - 3 1 3 1
[+] Increase in Advances from customers 3 4 (8) 3 - - - - -
[+] Increase in Commission payable 0 6 (4) - 2 3 (1) 7 (4)
[+] Increase in Insurance premium payable - - - - - - - - -
[+] Increase in Accounts payable 2 7 (3) 3 (9) 11 (5) 12 (5)
[-] Increase in Margin Money with Bank - - 13 2 2 2 2 2 3
[-] Increase in Inventory 24 5 4 3 (9) 21 (9) 29 (6)
[-] Increase in Account Receivables 19 3 5 (9) 10 (6) 21 (6) 22
[-] Increase in Loans & Advances 4 1 5 (4) - - - - -
[+] Net Change in Working Capital (45) 10 (41) 15 (9) (1) (19) (4) (27)
Cashflow from Operations 124 219 178 251 233 252 246 266 253
Cashflow from Investing Activities
Capital Expenditure
Asset Created during the year 485 54 15 65 50 186 205 160 138
[+] Increase in WIP - (39) - - - 19 - (5) (3)
[-] Total Capital Expenditure 485 15 15 65 50 205 205 155 135
[+] Gain from Disposal of Assets - - - - - - - - -
[-] Increase in Investments - 35 55 50 - - - - -
Cashflow from Investment Activities (485) (50) (70) (115) (50) (205) (205) (155) (135)
Cashflow from Financing Activities
[-] Interest Expense 63 55 78 75 63 54 55 53 48
[-] Dividends Paid - - - - - - - - -
[-] Secured Loans Mandatory Repayment - 15 15 15 15 15 15 15 15
[-] Unsecured Loans Mandatory Repayment 15 15 15 15 15 15 15 15 15
[+] Additional Cash Credit Utilization 28 (6) 25 (17) 4 (1) 10 1 14
[+] New Equity Raised 100 - - - - 22 20 - -
[+] New Secured Loans Raised 300 - - - - 33 30 - -
[+] New Unsecured Loans Raised - - - - - - - - -
[-] Additional Unsecured Loans Repaid 123 - - 10 33
[-] Additional Secured Loans Repaid - - - - 1
Cashflow from Financing Activities 350 (91) (84) (122) (212) (30) (24) (92) (97)
Net Cashflow (10) 78 25 14 (30) 16 17 20 21
Cash & Cash Equivalent
Opening 21 10 88 113 127 97 114 130 150
[+] Cashflow during the year (10) 78 25 14 (30) 16 17 20 21
Closing Balance 21 10 88 113 127 97 114 130 150 171

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Cash Flow Statement
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY18A FY19A FY20A FY21A FY22A FY23P FY24P FY25P FY26P FY27P
Funding Covenants Testing
Likely Cashflow During the year before
93 (38) (34) 29 54
compliance to funding covenants
[+] Year opening cash & cash equivalent 127 97 114 130 150
Likely year end cash & cash equivalent
220 59 80 159 204
before compliance to funding covenants
[-] Minimum cash & cash equivalent to be
maintained on balance sheet (months of #REF! 97 114 130 150 171
expenses)
Check 1 1 1 1 1
Surplus 123 - - 10 33
Shortfall - 54 50 - -
Incremental Debt : Equity Ratio Requirement #REF!
Incremental Debt to be raised - 33 30 - -

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Ratio Analysis
Year Tracker - 1 2 3 4 5 6 7 8 9

(All figures are dimensionless unless stat FY18A FY19A FY20A FY21A FY22A FY23P FY24P FY25P FY26P FY27P
Profit Margins
Gross profit margin
EBITDA Margin
EBIT Margin
PBT Margin
PAT Margin
Activity Ratios
Debtor days
Creditor days
Inventory days
Working capital cycle
Fixed asset turnover
Total asset turnover
Liquidity Ratio
Current Ratio
Quick Ratio
Return Ratio
ROAE
Pre Tax ROACE
ROAA/ROTA
Leverage Ratio
Debt/ Equity
Debt/ EBITDA
Interest Coverage
DSCR

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