Financial Model and Valuation

Niharika Consumer Products Limited

A Case Study for Financial Modeling & Valuation

About the Model

This model has been prepared solely to serve as a basis for demonstration of various techniques and steps involved in Financial Mode
leading to Valuation. It doesn’t depict efficient or inefficient handling of a situation by an individual or corporate. All the historical info
has been taken from publicly available sources and forward looking projections are based on judgments of the author. This is not an
investment thesis and not intended to form a basis for any investment decisions.

Copyright © EduPristine

All rights reserved. No part of this document may be produced, stored in a retrieval system or transmitted in any form or by any mean
electronic, mechanical, photocopying, recording or otherwise without the prior permission of the author or Pristine.

Revision Control
Rev. Description By Date
0 Initial Issue Author 2012
1 Revision post comments Author 2013
2 Issued for usage in FM course Edupristine 2013
3 Minor updates / corrections and year update Author 14-04-2015
aluation
ucts Limited

ps involved in Financial Modeling

rporate. All the historical information
of the author. This is not an

d in any form or by any means,

or Pristine.
Assumption Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Revenue Drivers
Prices
y-o-y growth rates
Soap 12.5% 11.1% 5.0% 4.8% 5.0% 5.0% 2.0% 2.0% 3.0%
Hair Colour 6.7% 10.0% 4.5% 3.3% 6.1% 6.1% 6.1% 6.1% 6.1%
Detergents 12.0% 11.6% 8.0% 7.4% 4.0% 4.0% 2.0% 2.0% 3.0%
CAGR w.r.t first year
Soap 12.5% 11.8% 9.5% 8.3% 7.6% 7.2% 6.4% 5.9% 5.5%
Hair Colour 6.7% 8.3% 7.0% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1%
Detergents 12.0% 11.8% 10.5% 9.7% 8.6% 7.8% 6.9% 6.3% 5.9%
Volumes
y-o-y growth rates
Soap 15.0% 11.3% 18.8% 18.4% 15.0% 14.0% 13.0% 13.0% 12.0%
Hair Colour 6.7% 5.3% 5.6% 4.3% 5.0% 5.0% 5.0% 5.0% 5.0%
Detergents 14.3% 8.8% 6.3% 5.4% 5.0% 5.5% 6.0% 6.0% 6.0%
CAGR w.r.t first year
Soap 15.0% 13.1% 15.0% 15.8% 15.7% 15.4% 15.0% 14.8% 14.5%
Hair Colour 6.7% 6.0% 5.9% 5.5% 5.4% 5.3% 5.3% 5.2% 5.2%
Detergents 14.3% 11.5% 9.7% 8.6% 7.9% 7.5% 7.3% 7.1% 7.0%
Raw Material Cost Drivers
Prices
y-o-y growth rates
Acid 0.0% 2.9% 7.1% 9.3% 5.0% 5.0% 4.0% 4.0% 4.0%
Speciality chemicals 21.6% 11.1% 6.0% 3.8% 5.0% 5.0% 4.0% 4.0% 4.0%
Ordinary chemicals 47.1% 12.0% 7.1% 16.7% 15.0% 15.0% 13.0% 13.0% 13.0%
Perfumes 8.3% 7.7% 7.1% 6.7% 7.5% 7.5% 7.0% 7.0% 7.0%
CAGR w.r.t first year
Acid 0.0% 1.0% 2.5% 4.8% 4.8% 4.9% 4.7% 4.6% 4.6%
Speciality chemicals 10.3% 10.6% 9.4% 10.4% 9.3% 8.6% 7.9% 7.4% 7.0%
Ordinary chemicals 21.3% 18.1% 15.3% 19.8% 18.8% 18.2% 17.4% 16.9% 16.4%
Perfumes 4.1% 5.3% 5.7% 7.5% 7.5% 7.5% 7.4% 7.3% 7.3%
Volume Conversion Matrix
Soaps
Acid ml 105 105 105 105 105 105 105 105 105 105
Speciality chemicals ml 10 10 10 10 10 10 10 10 10 10
Ordinary chemicals ml 5 5 5 5 5 5 5 5 5 5
Perfumes ml 10 10 10 10 10 10 10 10 10 10
Hair Color
Acid ml 255 255 255 255 255 255 255 255 255 255
Speciality chemicals ml 12 12 12 12 12 12 12 12 12 12
Ordinary chemicals ml 8 8 8 8 8 8 8 8 8 8
Perfumes ml 5 5 5 5 5 5 5 5 5 5
Detergents
Acid ml 505 505 505 505 505 505 505 505 505 505

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Assumption Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Speciality chemicals ml 25 25 25 25 25 25 25 25 25 25
Ordinary chemicals ml 15 15 15 15 15 15 15 15 15 15
Perfumes ml 12 12 12 12 12 12 12 12 12 12
Employee Cost Drivers
Head Count
y-o-y growth rates 0.0% 5.0% 5.0% 5.0% 5.0%
Average Salary
y-o-y growth rates 0.0% 5.0% 5.0% 5.0% 5.0%
Bonus as % of Salary 10.0% 12.0% 12.0% 12.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Power Cost Drivers
Tariff
y-o-y growth rates 8.0% 8.0% 10.0% 10.0% 10.0%
Consumption in Production Process
y-o-y growth rates 10.9% 10.6% 10.2% 10.3% 9.7%
Packaging Cost Drivers
Unit Cost
y-o-y growth rates 0.0% 2.0% 2.0% 2.0% 2.0%
Other Cost Drivers
Advertisement Cost % of Sales 7.3% 8.3% 7.0% 6.5% 6.0% 10.0% 11.0% 12.0% 13.0% 14.0%
Commission % of Sales 4.9% 4.9% 4.9% 4.9% 4.9% 5.0% 6.0% 6.0% 7.0% 7.0%
Maintenace Cost % of Sales 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Insurance Premium % of Sales 0.5% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Admin & Misc Expenses % of Sales 8.5% 4.9% 4.9% 6.1% 5.9% 4.9% 4.7% 4.7% 4.0% 3.9%
Working Capital & Balance Sheet Drivers
Items having linkage with P&L
Provisions for Employees fund % of Employee Cost 13.4% 9.5% 9.7% 9.5% 10.0% 10.0% 10.0% 10.0% 10.0%
Commissions Payables days of commission 57 88 88 59 60 60 60 60 60
Accounts Payables days of raw material costs 40 45 42 35 40 40 40 40 40
Inventory (Days of raw materials cost) days of raw material costs 112 130 119 105 100 95 90 90 90
Accouts Receivables days of sales 31 33 31 27 27 25 25 25 25
Other Items
Advances from customers INR Lakhs 7 7 7 7 7 7
Insurance premium payable INR Lakhs 2 2 2 2 2 2
[+] Loans & Advances INR Lakhs 16 16 16 16 16 16
Investments INR Lakhs 140 140 140 140 140 140
Capital Expenditure
Land 100 50 - - 50 - - - - -
Plant, Machinery & Buildings 400 400 10 10 10 10 200 200 150 125
Laptops, Desktops & Mobile 10 10 5 5 5 10 5 5 5 5
Furnitures, Fixtures & Furnishings 35 25 - - - 30 - - - 5
Total Capital Expenditure 545 485 15 15 65 50 205 205 155 135
Capex Completion Schedule
Land 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Plant, Machinery & Buildings 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

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Assumption Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Laptops, Desktops & Mobile 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Furnitures, Fixtures & Furnishings 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Asset Deletion Schedule
Land - - - - - - - - - -
Plant, Machinery & Buildings - - - - - - - - - -
Laptops, Desktops & Mobile - - - - - - - - - -
Furnitures, Fixtures & Furnishings - - - - - - - - - -
Depreciation Schedule Books (SLM) IT Act (WDV)
Plant, Machinery & Buildings 18.0% 15.0%
Laptops, Desktops & Mobile 33.3% 60.0%
Furnitures, Fixtures & Furnishings 15.0% 10.0%
Debt Financing Assumptions
Fund Based Working Capital
Funded through Cash Credit / Overdraft 60.0%
Cash Credit / Overdraft Sanctioned Limit INR Lakhs 100
Cash Credit / Overdraft - Interest Rate 13.5%

Minimum cash & cash equivalent to

months of expen 2
be maintained on balance sheet

Non Fund Based (NFB) Limit

Sanctioned Limit INR Lakhs 200
Margin Money for NFB 30.0%
Sales share of R&G 25.0%
Bank Guarantee Requirement Equivalent to 3 months of sales
Issuance Charges on NFB 2.3%
Secured Loan
Sanctioned Limit INR Lakhs 300
Interest Rate 13.0%
No default repayment - - 15 15 15 15 15 15 15 15
Unsecured Loan
Interest Rate 15.0%
No default repayment - 15 15 15 15 15 15 15 15 15
Other Income Drivers
Interest rate on margin money deposits 8.0%
Average annual yield on investments 12.0%
Equity Financing Assumption
Face Value of Share Rs. / share 10
Dividend Payout INR Lakhs - - - - - - - - - -
Share Issue Price Rs. / share 10 10 25 25 25 25 25
No. of Shares Outstanding Lakhs 30
D:E ratio to be maintained in
2
incremental funding
Tax Rate Assumptions
Income Tax Rate inclusive of surcharge and cess 34.0%

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Assumption Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
MAT Rate inclusive of surcharge and cess 20.0%
MAT Credit Available at the year end INR Lakhs -
Valuation Assumptions
Risk free rate 7.5%
Beta 80.0%
Expected return from market 15.0%
Cost of debt 12.0%
Target debt: capital ratio 50.0%
Terminal Growth Rate 4.0%

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Revenue Build Up Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Sales Price
Soap INR/ packet 16 18 20 21 22 23 24 25 25 26
Hair Colour INR/ bottle 75 80 88 92 95 101 107 113 120 128
Detergents INR/ packet 100 112 125 135 145 151 157 160 163 168
Sales Volume
Soap packets 421,875 485,156 540,000 641,250 759,375 873,281 995,541 1,124,961 1,271,206 1,423,751
Hair Colour bottles 281,250 300,000 315,938 333,750 348,188 365,536 383,748 402,868 422,941 444,014
Detergents packets 131,250 150,000 163,125 173,438 182,813 191,953 202,511 214,661 227,541 241,193
Segmental Revenue
Soap INR Lakhs 68 87 108 135 167 202 241 278 321 370
Hair Colour INR Lakhs 211 240 278 307 331 368 410 457 509 567
Detergents INR Lakhs 131 168 204 234 265 289 318 343 371 405
Total Revenue INR Lakhs 410 495 590 676 763 860 969 1,079 1,201 1,342

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Costs Build Up Sheet

Year Tracker 1 2 3 4 5 6 7 8 9 10
Unit FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Raw Material Prices
Acid paise/ ml 6.8 6.8 7.0 7.5 8.2 9 9 9 10 10
Speciality chemicals paise/ ml 3.7 4.5 5.0 5.3 5.5 6 6 6 7 7
Ordinary chemicals paise/ ml 1.7 2.5 2.8 3.0 3.5 4 5 5 6 7
Perfumes paise/ ml 12.0 13.0 14.0 15.0 16.0 17 18 20 21 23
Raw Material Volumes
Acid litres 182,297 203,191 219,642 240,023 260,843 281,842 304,655 329,256 356,235 384,520
Speciality chemicals litres 10,875 12,202 13,269 14,753 16,342 17,918 19,623 21,451 23,476 25,596
Ordinary chemicals litres 6,328 7,076 7,674 8,478 9,325 10,170 11,085 12,068 13,153 14,289
Perfumes litres 7,200 8,152 8,937 10,163 11,528 12,864 14,304 15,840 17,557 19,352
Raw Material Cost
Acid INR Lakh 124 138 154 180 214 243 275 310 348 391
Speciality chemicals INR Lakh 4 5 7 8 9 10 12 14 15 17
Ordinary chemicals INR Lakh 1 2 2 3 3 4 5 6 8 10
Perfumes INR Lakh 9 11 13 15 18 22 26 31 37 44
Total INR Lakh 138 156 175 206 245 279 319 361 409 462
Headcount
Manufacturing Nos. 28 30 35 40 40 40 42 45 48 51
Marketing professionals Nos. 5 5 7 8 9 9 10 11 12 13
Corporate employees Nos. 2 2 2 3 3 3 4 5 6 7
Average Monthly Salary
Manufacturing INR/month/per 10,000 10,500 11,000 11,100 11,700 11,700 12,285 12,899 13,544 14,221
Marketing professionals INR/month/per 15,000 16,000 17,000 17,500 18,000 18,000 18,900 19,845 20,837 21,879
Corporate employees INR/month/per 16,000 16,500 17,200 17,800 18,200 18,200 19,110 20,066 21,069 22,122
Total Employees Cost
Salaries INR Lakh 46 51 65 76 82 82 94 108 123 140
Bonus INR Lakh 5 6 8 9 12 12 14 16 18 21
Total INR Lakh 51 58 72 86 94 94 108 124 142 161
Power Cost
Tariff INR/ unit 5.3 5.7 6.1 6.7 7.4 8.2
Consumption in Production Process Units 177,737 197,075 217,878 240,012 264,695 290,489
Other Consumption Units 19,749 21,897 24,209 26,668 29,411 32,277
Total INR Lakh 5 6 7 9 10 12 15 18 22 26
Packaging Cost
Soap INR/ unit 1.0 1.1 1.2 1.3 1.3 1.3 1.3 1.4 1.4 1.4
Hair Colour INR/ unit 1.5 1.6 1.8 1.9 1.9 1.9 1.9 2.0 2.0 2.1
Detergents INR/ unit 2.0 2.2 2.3 2.5 2.5 2.5 2.6 2.6 2.7 2.7
Total INR Lakh 11 13 16 19 21 23 26 29 32 36
Advertisement Cost INR Lakh 30 41 42 44 46 86 107 129 156 188
Commission INR Lakh 20 24 29 33 37 43 58 65 84 94
Maintenace Cost INR Lakh 1 1 1 1 1 1 2 2 2 2
Insurance Premium INR Lakh 2 2 2 2 2 2 3 3 3 4
Admin & Misc Expenses INR Lakh 35 24 29 41 45 42 45 50 48 52

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Asset Schedule Corresponding to Balance Sheet
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Capital Expenditure
Land 100 50 - - 50 - - - - -
Plant, Machinery & Buildings 400 400 10 10 10 10 200 200 150 125
Laptops, Desktops & Mobile 10 10 5 5 5 10 5 5 5 5
Furnitures, Fixtures & Furnishings 35 25 - - - 30 - - - 5
Total 545 485 15 15 65 50 205 205 155 135
Project Completion Schedule
Land 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Plant, Machinery & Buildings 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Laptops, Desktops & Mobile 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Furnitures, Fixtures & Furnishings 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Land - - - - - - - - - -
Plant, Machinery & Buildings 40 40 1 1 1 1 20 20 15 13
Laptops, Desktops & Mobile - - - - - - - - - -
Furnitures, Fixtures & Furnishings - - - - - - - - - -
Total 40 40 1 1 1 1 20 20 15 13
Asset Creation Schedule
Land 100 50 - - 50 - - - - -
Plant, Machinery & Buildings 360 400 49 10 10 10 181 200 155 128
Laptops, Desktops & Mobile 10 10 5 5 5 10 5 5 5 5
Furnitures, Fixtures & Furnishings 35 25 - - - 30 - - - 5
Total 505 485 54 15 65 50 186 205 160 138
Asset Deletion Schedule
Land - - - - - - - - - -
Plant, Machinery & Buildings - - - - - - - - - -
Laptops, Desktops & Mobile - - - - - - - - - -
Furnitures, Fixtures & Furnishings - - - - - - - - - -
Total - - - - - - - - - -

Gross Block
Opening - 100 150 150 150 200 200 200 200 200
[+] Asset Creation during the year 100 50 - - 50 - - - - -
[-] Asset Deletion during the year - - - - - - - - - -
Closing Balance 100 150 150 150 200 200 200 200 200 200
Plant, Machinery & Buildings
Gross Block
Opening - 360 760 809 819 829 839 1,020 1,220 1,375
[+] Asset Creation during the year 360 400 49 10 10 10 181 200 155 128
[-] Asset Deletion during the year - - - - - - - - - -
Closing Balance 360 760 809 819 829 839 1,020 1,220 1,375 1,503

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Asset Schedule Corresponding to Balance Sheet
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Book Depreciation Schedule 18%
Depreciation due to Asset Created in
FY09A 360 65 65 65 65 65 36 - - - -
FY10A 400 72 72 72 72 72 40 - - -
FY11A 49 9 9 9 9 9 5 - -
FY12A 10 2 2 2 2 2 1 -
FY13E 10 2 2 2 2 2 1
FY14P 10 2 2 2 2 2
FY15P 181 33 33 33 33
FY16P 200 36 36 36
FY17P 155 28 28
FY18P 128 23
Total Depreciation 65 137 146 147 149 122 87 79 101 122
IT Depreciation Schedule 15%
Depreciation due to Asset Created in
FY09A 360 54 46 39 33 28 24 20 17 15 13
FY10A 400 60 51 43 37 31 27 23 19 16
FY11A 49 7 6 5 5 4 3 3 2
FY12A 10 2 1 1 1 1 1 1
FY13E 10 2 1 1 1 1 1
FY14P 10 2 1 1 1 1
FY15P 181 27 23 20 17
FY16P 200 30 26 22
FY17P 155 23 20
FY18P 128 19
Total Depreciation 54 106 97 84 73 64 81 99 107 110
Laptops, Desktops & Mobile
Gross Block
Opening - 10 20 25 30 35 45 50 55 60
[+] Asset Creation during the year 10 10 5 5 5 10 5 5 5 5
[-] Asset Deletion during the year - - - - - - - - - -
Closing Balance 10 20 25 30 35 45 50 55 60 65
Book Depreciation Schedule 33%
Depreciation due to Asset Created in
FY09A 10 3 3 3 0 - - - - - -
FY10A 10 3 3 3 0 - - - - -
FY11A 5 2 2 2 0 - - - -
FY12A 5 2 2 2 0 - - -
FY13E 5 2 2 2 0 - -
FY14P 10 3 3 3 0 -
FY15P 5 2 2 2 0
FY16P 5 2 2 2
FY17P 5 2 2
FY18P 5 2

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Asset Schedule Corresponding to Balance Sheet
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
Total Depreciation 3 7 8 7 5 7 7 7 5 5
IT Depreciation Schedule 60%
Depreciation due to Asset Created in
FY09A 10 6 2 1 0 0 0 0 0 0 0
FY10A 10 6 2 1 0 0 0 0 0 0
FY11A 5 3 1 0 0 0 0 0 0
FY12A 5 3 1 0 0 0 0 0
FY13E 5 3 1 0 0 0 0
FY14P 10 6 2 1 0 0
FY15P 5 3 1 0 0
FY16P 5 3 1 0
FY17P 5 3 1
FY18P 5 3
Total Depreciation 6 8 6 6 5 8 6 5 5 5
Furnitures, Fixtures & Furnishings
Gross Block
Opening - 35 60 60 60 60 90 90 90 90
[+] Asset Creation during the year 35 25 - - - 30 - - - 5
[-] Asset Deletion during the year - - - - - - - - - -
Closing Balance 35 60 60 60 60 90 90 90 90 95
Book Depreciation Schedule 15%
Depreciation due to Asset Created in
FY09A 35 5 5 5 5 5 5 4 - - -
FY10A 25 4 4 4 4 4 4 3 - -
FY11A - - - - - - - - -
FY12A - - - - - - - -
FY13E - - - - - - -
FY14P 30 5 5 5 5 5
FY15P - - - - -
FY16P - - - -
FY17P - - -
FY18P 5 1
Total Depreciation 5 9 9 9 9 14 12 7 5 5
IT Depreciation Schedule 10%
Depreciation due to Asset Created in
FY09A 35 4 3 3 3 2 2 2 2 2 1
FY10A 25 3 2 2 2 2 1 1 1 1
FY11A - - - - - - - - -
FY12A - - - - - - - -
FY13E - - - - - - -
FY14P 30 3 3 2 2 2
FY15P - - - - -
FY16P - - - -
FY17P - - -

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Asset Schedule Corresponding to Balance Sheet
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
FY18P 5 1
Total Depreciation 4 6 5 5 4 7 6 5 5 5
Combined Total
Gross Block 505 990 1,044 1,059 1,124 1,174 1,360 1,565 1,725 1,863
Book Depreciation 73 152 163 163 163 142 105 93 111 132
IT Depreciation 64 120 109 94 82 78 94 110 118 120

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Profit & Loss Statement
Year Tracker 1 2 3 4 5 6 7 8 9 10

(All figures in INR Lakhs unless stated otherwise) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P FY21P
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 81 78 75
[+] Other Income - - 2 8 15
20 (46) (25) 2 37 133 183 206 193 186
Taxes for the year
Current Tax 10 - 10 24 40
[+] Deferred Tax (3) (11) (18) (23) (27)
[-] Total Taxes for the year 7 (11) (8) 1 13 - - - - -
14 (35) (16) 1 25 133 183 206 193 186

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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) FY12A FY13A FY14A FY15A FY16A FY17P FY18P FY19P FY20P
Liabilities & Equity
Current Liabilities & Provisions
Cash Credit / Overdraft Utilization 25 53 47 72 55
[+] 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 Liab. & Prov. 61 91 104 114 104
Non Current Liabilities
Secured Loans - 300 285 270 255
[+] Unsecured Loans 300 285 270 255 240
[+] Total Non Current Liabilities 300 585 555 525 495
Networth
Paid Up Capital 200 300 300 300 300
[+] Share Premium Account - - - - -
[+] Retained Earnings 14 (21) (37) (36) (11)
[+] Total Networth 214 279 263 264 289
Total Liabilities & Equity 574 955 921 903 888

Current Assets
Cash & Cash Equivalent 21 10 62 87 101
[+] Margin Money with Bank - - - 13 14
[+] Inventory 36 60 65 69 72
[+] Account Receivables 33 52 55 60 51
[+] Loans & Advances 10 14 15 20 16
Total Current Assets 99 136 197 249 254
Net Fixed Assets
Gross Block 505 990 1,044 1,059 1,124
[-] Accumulated Depreciation 73 226 389 552 715
[+] Net Fixed Assets 432 764 655 507 409
[+] WIP 40 40 1 1 1
[+] Deferred Tax Assets 3 14 33 56 84
[+] Investments - - 35 90 140
Total Assets 574 955 921 903 888
Check 1 1 1 1 1 1 1 1 1

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 10

FY21P

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