Heads Yr-1 Yr-2 Yr-3 Yr-4

Avg. daily cust base 280 700 1500 4,000

Veg Pricing Point 37 40.33 43.96 47.92

Assumptions

Non Veg Price Point 45 49.05 53.46 58.28

Veg/ Non Veg Ratio 0.5 0.55 0.55 0.6

Blended Invoice Value 41 44.25 48.24 52.06

Capex % 42% 47% 44% 30%

Effective Tax rate 18% 21% 24% 30%

Heads Explicit Forecast Period

yr-1 yr-2 yr-3 yr-4
Revenue 3,857,280 10,408,541 24,311,377 69,968,863

NOPAT 67,250 746,186 1,393,052 4,263,303

Depreciation 27,800 53,320 92,838 182,554

Capex 28,000 348,000 618,500 1,300,000

Changes in non cash working capital 82,389 175,498 1,412,912

FCF 67,050 369,117 691,892 1,732,945

Equity Value
Explicit Value 3,803,801
Perpetuity Value 121,903,727

Total Value of the equity 125,707,527

 Yr-5 6,000
5,500
6,000 Avg. Inflation 9%
5,000
52.23 Terminal Growth Rate 15% 4,500
4,000
4,000
63.52 WACC 17%
3,500
0.6 3,000

56.75
2,500
2,000
45% 1,500
1,500
30% 1,000 700
500 280
0
od Perpetuity Value Yr-1 Yr-2 Yr-3 Yr-4
yr-5
114,399,091 CF in subsequent yr. 5,345,352

10,375,469 Terminal Gorwth Rate 15%

630,599

4,673,000

1,684,936

4,648,132 Perpetuity Value 267,267,586

 6,000

4,000

1,500

Yr-3 Yr-4 Yr-5

 Yr-1
Balance-Sheet

Liability Asset

Retained Earning 39,250 Cash in hand 12,250

Vishal 100,000 Kitchen Equipments 100,000
Indranil 100,000 Scooter ( 8 nos.) 68000
Prasenjit 100,000 Invenory 27440
Souparna 100,000 Other Assets 110,000
Outside Investor
Shareholder's Equity 439,250

Short term Loan Housing Security 100,000

Long Term Loan Debtors 80,360
Sundry Creditors 58,800

Total Liability 498,050 Total Asset 498,050

P&L
Revenue 3,857,280
Bad Debt Provision 77,146
Depriciation 27,800
Operating Expenses
Cooking Gas 439,040
Supplier Consumables 1,317,120
Salary-cook 403,200
Salary-Promoters 564,402
Delivery Charge 376,320
Packaging Cost 282,240
Rent 168,000
Others
Promotional Expenses 60,000
H/W & S/W Maintenance 30,000
Telephone , Internet 30,000
Interest Expenses
Income before Tax 82,012
TAX 14,762
NOPAT 67,250
 Yr-2 Yr-3
Balance-Sheet Balance-Sheet

Liability Asset Liability

Retained Earning 437,436 Cash in hand 32,847 Retained Earning

Promoter's Contri 400,000 Kitchen Equipments 190,000 Promoter's Contri
Scooter ( 20 nos.) 169200
Invenory 74774
Other Assets 174,000

Shareholder's Equity 837,436 Shareholder's Equity

Short term Loan Housing Security 140,000 Short term Loan

Long Term Loan Debtors 216,845 Long Term Loan
Sundry Creditors 160,230 Sundry Creditors

Total Liability 997,666 Total Asset 997,666 Total Liability

P&L P&L
Revenue 10,408,541 Revenue
Bad Debt Provision 312,256 Bad Debt Provision
Depriciation 53,320 Depriciation
Operating Expenses Operating Expenses
Cooking Gas 1,196,384 Cooking Gas
Supplier Consumables 3,589,152 Supplier Consumables
Salary-cook 1,092,000 Salary-cook
Salary-Promoters 907,289 Salary-Promoters
Delivery Charge 1,058,400 Delivery Charge
Packaging Cost 823,200 Packaging Cost
Rent 264,000 Rent
Others Others
Promotional Expenses 96,000 Promotional Expenses
H/W & S/W Maintenance 36,000 H/W & S/W Maintenance
Telephone , Internet 36,000 Telephone , Internet
Interest Expenses Interest Expenses
Income before Tax 944,539 Income before Tax
TAX 198,353 TAX
NOPAT 746,186 NOPAT
 Yr-3 Yr-4
Balance-Sheet

Liability Asset Liability Asset

1,211,988 Cash in hand 76,722 Retained Earning 4,175,291 Cash in hand

400,000 Kitchen Equipments 271,000 Promoter's Contri 400,000 Kitchen Equipments
Scooter ( 43 nos.) 370,780 Scooter ( 114 nos.)
Invenory 174,651 Invenory
Other Assets 286,600 Other Assets

1,611,988 Shareholder's Equity 4,575,291

Housing Security 300,000 Short term Loan Housing Security

Debtors 506,487 Long Term Loan Debtors
374,252 Sundry Creditors 1,450,432

1,986,239 Total Asset 1,986,239 Total Liability 6,025,723 Total Asset

P&L
24,311,377 Revenue 69,968,863
850,898 Bad Debt Provision 2,448,910
92,838 Depriciation 182,554
Operating Expenses
2,794,411 Cooking Gas 8,122,422
8,383,234 Supplier Consumables 24,367,266
2,520,000 Salary-cook 7,200,000
2,593,034 Salary-Promoters 6,641,278
2,520,000 Delivery Charge 7,392,000
2,016,000 Packaging Cost 6,048,000
480,000 Rent 1,200,000
Others
144,000 Promotional Expenses 180,000
42,000 H/W & S/W Maintenance 48,000
42,000 Telephone , Internet 48,000
Interest Expenses
1,832,963 Income before Tax 6,090,433
439,911 TAX 1,827,130
1,393,052 NOPAT 4,263,303
 Yr-5
Balance-Sheet

Asset Liability Asset

429,950 Retained Earning 9,877,760 Cash in hand 851,184

343,900 Promoter's Contri 400,000 Kitchen Equipments 409,510
1,043,702 Scooter ( 157 nos.) 1,412,332
1,087,824 Invenory 1,260,000
437,940 New office 4,000,000
(less depriciation) 400,000
Shareholder's Equity 10,277,760 Net Value of office 3,600,000
Other Assets 484,146
600,000 Short term Loan Housing Security 600,000
2,082,407 Long Term Loan Debtors 3,404,735
Sundry Creditors 1,260,000

6,025,723 Total Liability 11,537,760 Total Asset 11,537,760

P&L
Revenue 114,399,091
Bad Debt Provision 4,003,968
Depriciation 630,599
Operating Expenses
Cooking Gas 9,408,000
Supplier Consumables 28,224,000
Salary-cook 11,520,000
Salary-Promoters 22,090,425
Delivery Charge 12,096,000
Packaging Cost 10,080,000
Rent 1,200,000
Others
Promotional Expenses 216,000
H/W & S/W Maintenance 54,000
Telephone , Internet 54,000
Interest Expenses
Income before Tax 14,822,099
TAX 4,446,630
NOPAT 10,375,469
 Yr-1 Yr-2 Yr-3

Tri-Monthly Working Capital 12,250 32,847 76,722

Capex Projection

Kitchen Equipments 100,000 100,000 100,000

Office Furnitures 50,000 50,000

Computer 50,000 50,000 50,000

Stationery 10,000 25,000 30,000

Website Construction/ enhancement 50,000 25,000 10,000

Security Deposit 100,000 40,000 160,000

Scooters 68000 108000 218500

Buying of Office Space

Total CAPEX 428,000 348,000 618,500

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0
Yr-1 Yr-2 Yr-3 Yr-4 Yr-5
 Yr-4 Yr-5

429,950 851,184

100,000 100,000

100,000

50,000 50,000

30,000 40,000

10,000 10,000

300,000

710,000 473,000

4,000,000

1,300,000 4,673,000

Yr-4 Yr-5
 Promoter's Gain
35,000,000 Yr-1 Yr-2 Yr-3 Yr-4 Yr-5
Shareholder's Equity 439,250 837,436 1,611,988 4,575,291 10,277,760
30,000,000
Salary 564,402 907,289 2,593,034 6,641,278 22,090,425
Total
25,000,000 1,003,652 1,744,725 4,205,021 11,216,569 32,368,185

20,000,000

15,000,000

10,000,000

5,000,000

0
Yr-1 Yr-2 Yr-3 Yr-4 Yr-5

Shareholder's Equity Salary Total

 Yr-4 Yr-5

Total
Customer Growth 28% 273

month-1 month-2 month-3 month-4 month-5 month-6

Daily Customer Base 50 64 82 105 134 172
Average Invoice size 50 50 50 52 52 52
Total Revenue 70,000 89,600 114,688 152,673 195,421 250,139
Cost
Supplier - Consumables 25,200 32,256 41,288 52,848 67,646 86,587
Utility Consulambles 8,167 10,453 13,380 17,127 21,922 28,060
Cook-Salary 10,000 10,000 10,000 15,000 15,000 20,000
Packaging Cost 5,600 7,168 9,175 11,744 15,032 19,241
Delivery Cost 12,600 16,128 20,644 26,424 33,823 43,293

Office Rent 14,000 14,000 14,000 14,000 14,000 14,000

S/W + H/W Maintenance 5,000 5,000 5,000 5,000 5,000 5,000
Telephone/ Internet 3,000 3,000 3,000 3,000 3,000 3,000

Promotional Expenses 5,000 5,500 6,050 6,655 7,321 8,053

Profit -18,567 -13,905 -7,849 875 12,677 22,905

Profitability (%) -27% -16% -7% 1% 6% 9%

Utility Consumption
2 ppl 60 days 1 gas
120 ppl 1 day 1 gas
100 ppl 1 day 0.83
month-7 month-8 month-9 month-10 month-11 month-12 Yearly
220 281 360 461 590 756 NA
52 55 55 55 55 55 NA
320,178 433,471 554,843 710,200 909,056 1,163,591 4,963,860

110,831 141,863 181,585 232,429 297,509 380,812 1,650,853

35,917 45,974 58,847 75,324 96,415 123,411 534,999
20,000 20,000 25,000 25,000 30,000 30,000 230,000
24,629 31,525 40,352 51,651 66,113 84,625 366,856
55,415 70,932 90,793 116,214 148,755 190,406 825,427

14,000 14,000 14,000 14,000 14,000 14,000 168,000

5,000 5,000 5,000 5,000 5,000 5,000 60,000
3,000 3,000 3,000 3,000 3,000 3,000 36,000

8,858 9,744 10,718 11,790 12,969 14,266 106,921

42,527 91,433 125,549 175,791 235,295 318,072 984,803

13% 21% 23% 25% 26% 27% 20%