Legend Financial Numbers in Millions

Numbers in Percentage In Tons

Numbers in Actuals (As per Units) Days

Sr. No. Particulars

Production and Sales Related

0 1 2 3 4 5 Phase 2 6 7 8 9 10

1 Installed Capacity (Bottles) 2400000

2 Available capacity (Bottles) 1200000

3 Bagasse for 6 months (50% of 300 tonnes crushed) (in ton's) 900

4 Capacity Utilization in (%) 50% 55% 65% 75% 75% 80% 83% 90% 100% 100%

5 Capacity Utilization (Bottles) 600000 660000 780000 900000 900000 960000 996000 1080000 1200000 1200000

6 Sales Realization (Juice Bottles) 10 6 6.6 7.8 9 9 12 11.52 11.952 12.96 14.4 14.4

7 Sales Realization (Bagasse) (In Rs.) 1500 0.68 0.74 0.88 1.01 1.01 1.08 1.12 1.22 1.35 1.35

8 Cost Raw Material(Rs/bottle) 2 1.2 1.32 1.56 1.8 1.8 2 1.92 1.992 2.16 2.4 2.4

9 Wages&Salaries 1 1.1 1.21 1.31 1.31 1.5 1.5 1.5 1.5 1.5 1.5

10 Admin Expenses 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5

11 Selling Expenses (% sales) 10% 0.6 0.66 0.78 0.9 0.9 1.152 1.1952 1.296 1.44 1.44

12 Annual Maintenance Expenditure 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

13 Interest Rate(%) payable half yearly 5%

14 Loan Repayment 4 4 4 4 4

Assets Related

Fixed Assets Preoperative Contingency P + C Total Gross Value

Land & Site Dev. 10 0.75 0.63 1.38 11.38

Building 6 0.45 0.38 0.83 6.83

P&M 8 0.60 0.50 1.10 9.10

Total 24 1.8 1.5 3.3 27.30

Other Assets Rs. Millions

Preliminary Expenditure 0.2

WC margin and Cash Balance 2.5

Working Capital Related

Current Asset Requirement in Days

Raw material 1

FG 30

Depreciation & Miscellaneous Rates

Depreciation Rates (Company Law)

Building 4%

P & M 10%

Amortization Rate Prelimnary Expenditure 25%

Depreciation Rates (Income Tax)

Building 5%

P & M 20%

Income Tax Rate 30%

Dividends (1st phase) 2%

Dividends (2nd phase) 4%

Financing Related Rs in Millions

Equity Capital (A) 10

Debt Capital (B) 20

Debt Equity Ratio (B/A) 200%

Rs. in Millions

Rs. In Millions

Years

1 2 3 4 5 6

Loan O/S at beginning 20 20 16 12 8 4

Loan O/S at end of 1st half year 20 18 14 10 6 2

Loan O/S at end of 2nd half year 20 16 12 8 4 0

Interest for 1st half yr 1 1 0.8 0.6 0.4 0.2

Interest for 2nd half yr 1 0.9 0.7 0.5 0.3 0.1

Total interest 2 1.9 1.5 1.1 0.7 0.3

Years

Rs. In Millions

1 2 3 4 5 6 7 8 9 10

Raw Materials 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01

Finished Goods 0.18 0.20 0.23 0.26 0.26 0.28 0.29 0.30 0.32 0.32

Total Current Assets 0.18 0.20 0.23 0.26 0.26 0.29 0.29 0.31 0.33 0.33

Years

Rs. In Millions

1 2 3 4 5 6 7 8 9 10

Land

Opening Balance 10 10 10 10 10 10 10 10 10 10

Additions (Preoperative + Margin) 1.38 1.375 1.375 1.375 1.375 1.375 1.375 1.375 1.375 1.375

Adjusted Opening Balance 11.38 11.375 11.375 11.375 11.375 11.38 11.375 11.375 11.375 11.375

Closing Balance 11.38 11.375 11.375 11.375 11.375 11.38 11.375 11.375 11.375 11.375

Building

Opening Balance 6

Additions (Preoperative + Margin) 0.83

Adjusted Opening Bal 6.83 6.55 6.28 6.01 5.73 5.46 5.19 4.91 4.64 4.37

Depreciation 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27 0.27

Closing Balance 6.55 6.28 6.01 5.73 5.46 5.19 4.91 4.64 4.37 4.10

P&M

Opening Balance 8

Additions (Preoperative + Margin) 1.10

Adjusted Opening Bal 9.10 8.19 7.28 6.37 5.46 4.55 3.64 2.73 1.82 0.91

Depreciation 0.91 0.91 0.91 0.91 0.91 0.91 0.91 0.91 0.91 0.91

Closing Balance 8.19 7.28 6.37 5.46 4.55 3.64 2.73 1.82 0.91 0.00

Total Assets

Opening Balance 24

Additions (Preoperative + Margin) 3.30

Adjusted Opening Bal 27.30 26.12 24.93 23.75 22.57 21.39 20.20 19.02 17.84 16.65

Depreciation 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18

Closing Balance 26.12 24.93 23.75 22.57 21.39 20.20 19.02 17.84 16.65 15.47

Years

Rs. In Millions

Particulars

1 2 3 4 5 6 7 8 9 10

Land

Opening Balance 10 10 10 10 10 10 10 10 10 10

Additions (Preoperative + Margin) 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38

Adjusted Opening Balance 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38

Closing Balance 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38 11.38

Building

Opening Balance 6

Additions (Preoperative + Margin) 0.83

Adjusted Opening Bal 6.83 6.48 6.16 5.85 5.56 5.28 5.02 4.77 4.53 4.30

Depreciation 0.34 0.32 0.31 0.29 0.28 0.26 0.25 0.24 0.23 0.22

Closing Balance 6.48 6.16 5.85 5.56 5.28 5.02 4.77 4.53 4.30 4.09

P&M

Opening Balance 10

Additions (Preoperative + Margin) 0.96

Adjusted Opening Bal 10.96 8.77 7.01 5.61 4.49 3.59 2.87 2.30 1.84 1.47

Depreciation 2.19 1.75 1.40 1.12 0.90 0.72 0.57 0.46 0.37 0.29

Closing Balance 8.77 7.01 5.61 4.49 3.59 2.87 2.30 1.84 1.47 1.18

Total Assets

Opening Balance 26

Additions (Preoperative + Margin) 3.16

Adjusted Opening Bal 29.16 26.63 24.55 22.84 21.42 20.25 19.27 18.44 17.74 17.15

Depreciation 2.53 2.08 1.71 1.41 1.18 0.98 0.83 0.70 0.59 0.51

Closing Balance 26.63 24.55 22.84 21.42 20.25 19.27 18.44 17.74 17.15 16.64

All figures in Millions

Years

Particulars

1 2 3 4 5 6 7 8 9 10

Profit Before Taxes -0.26 0.23 1.49 2.77 3.22 5.55 6.20 7.04 8.23 8.23

Add: Depreciation for Company Law 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18

0.93 1.41 2.68 3.95 4.40 6.73 7.39 8.22 9.41 9.41

Less:Depreciation for tax purposes 2.53 2.08 1.71 1.41 1.18 0.98 0.83 0.70 0.59 0.51

Gross Total Income -1.61 -0.67 0.97 2.54 3.23 5.75 6.56 7.52 8.82 8.90

Less:Income Tax@30% 0.29 0.76 0.97 1.72 1.97 2.26 2.64 2.67

Total Income -1.61 -0.67 0.68 1.78 2.26 4.02 4.59 5.26 6.17 6.23

Years

Rs. In Millions

Particulars 1 2 3 4 5 6 7 8 9 10

Liabilities

Share Capital 10 10 10 10 10 10 10 10 10 10

Reserves&Surplus -0.26 -0.03 0.98 2.78 4.84 8.26 12.09 16.47 21.65 26.81

Term Loans 20 16 12 8 4 0 0 0 0 0

Total 29.74 25.97 22.98 20.78 18.84 18.26 22.09 26.47 31.65 36.81

Assets

Fixed Assets

Gross Block 27.30 27.30 27.30 27.30 27.30 27.30 27.30 27.30 27.30 27.30

Accumulated Depreciation 1.18 2.37 3.55 4.73 5.92 7.10 8.28 9.46 10.65 11.83

Net block 26.12 24.93 23.75 22.57 21.39 20.20 19.02 17.84 16.65 15.47

Current Assets

Stock of Raw Material 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01

Finished Goods 0.18 0.20 0.23 0.26 0.26 0.28 0.29 0.30 0.32 0.32

Cash & Bank Balance (Bank OD) 3.29 0.73 -1.06 -2.04 -2.81 -2.23 2.78 8.33 14.67 21.01

Preliminary Expenses 0.2 0.15 0.1 0.05 0

Total 29.74 25.97 22.98 20.78 18.84 18.26 22.09 26.47 31.65 36.81

Years

Rs in Millions

1 2 3 4 5 6 7 8 9 10

Particulars

Sales (Juice) 6 6.6 7.8 9 9 11.52 11.95 12.96 14.4 14.4

Sales (Bagasse) 0.68 0.74 0.88 1.01 1.01 1.08 1.12 1.22 1.35 1.35

Cost of Raw Materials & Consumables 1.2 1.32 1.56 1.8 1.8 1.92 1.99 2.16 2.4 2.4

Wages & Salaries 1 1.1 1.21 1.31 1.31 1.5 1.5 1.5 1.5 1.5

Selling Expenditure 0.6 0.66 0.78 0.9 0.9 1.15 1.20 1.30 1.44 1.44

Administration Expenditure 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5

Depreciation Expenditure 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18

Annual Maintenance Expenditure 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

Prelimnary Expenditure 0.05 0.05 0.05 0.05 0

EBIT 1.74 2.13 2.99 3.87 3.92 5.85 6.20 7.04 8.23 8.23

Interest Expenditure 2 1.9 1.5 1.1 0.7 0.3

EBT -0.26 0.23 1.49 2.77 3.22 5.55 6.20 7.04 8.23 8.23

Tax Rate 0.29 0.76 0.97 1.72 1.97 2.26 2.64 2.67

PAT -0.26 0.23 1.20 2.01 2.25 3.82 4.23 4.78 5.58 5.56

Dividends 0 0 0.2 0.2 0.2 0.4 0.4 0.4 0.4 0.4

Retained Profits -0.26 0.23 1.00 1.81 2.05 3.42 3.83 4.38 5.18 5.16

Depreciation 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18

Prelimnary Expenses written off 0.05 0.05 0.05 0.05 0 0 0 0 0 0

Cashflows After Taxes 0.98 1.46 2.44 3.24 3.43 5.00 5.42 5.96 6.77 6.74

Rs. In Millions

Years

Particulars

Construction Period 1 2 3 4 5 6 7 8 9 10

Sources of Funds

Share issue 10

PBT with Interest added back 1.74 2.13 2.99 3.87 3.92 5.85 6.20 7.04 8.23 8.23

Depreciation 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18

Preliminary expenses written off 0.05 0.05 0.05 0.05

Term Loan 20

Total(A) 30 2.98 3.36 4.23 5.10 5.10 7.03 7.39 8.22 9.41 9.41

Disposition of Funds

Capital Expenditure for project 27.30

Preliminary expenses 0.2

Repayment of Long Term borrowings 4 4 4 4 4

Interest on Long Term loans 2 1.9 1.5 1.1 0.7 0.3

Investment in Working Capital 0.18 0.02 0.03 0.03 0.00 0.03 0.01 0.01 0.02 0.00

Taxation 0.00 0.29 0.76 0.97 1.72 1.97 2.26 2.64 2.67

Dividend 0.20 0.20 0.20 0.40 0.40 0.40 0.40 0.40

Total(B) 27.5 2.18 5.92 6.02 6.09 5.87 6.45 2.37 2.67 3.07 3.07

Opening balance of cash in hand & bank 2.5 2.5 3.29 0.73 -1.06 -2.04 -2.81 -2.23 2.78 8.33 14.67

Increase (Decrease)(A-B) 0.79 -2.56 -1.79 -0.99 -0.77 0.58 5.01 5.55 6.34 6.34

Closing Balance 2.5 3.29 0.73 -1.06 -2.04 -2.81 -2.23 2.78 8.33 14.67 21.01

Years

Rs in Millions

Year Cashflows

0 -30

1 0.98

2 1.46

3 2.44

4 3.24

5 3.43

6 5.00

7 5.42

8 5.96

9 6.77

10 6.74

IRR 5%

NPV @ 10% Rs. -7.16