PROJECT REPORT

MANUFACTURE OF BULK DRUGS &

BULK DRUG INTERMEDIATES

AMRUTHA CHEMICALS PRIVATE LIMITED

PLOT NO. 23 J, APSEZ (DENOTIFIED AREA), ATCHUTAPURAM,
VISHAKHAPATNAM DISTRICT, ANDHRA PRADESH
INDEX

1. INTRODUCTION
2. PROJECT
3. PROMOTERS AND THEIR BACKGROUND
4. PHARMA SECTOR SCENARIO
5. PRODUCTS & PROCESS OF MANUFACTURE
6. LOCATION AND ITS ADVANTAGE
7. PROJECT COST
8. PROFITABILITY PROJECTIONS
INTRODUCTION:

M/s.Amrutha Chemicals Private Limited (AMCL) is a Private Limited Company

(CIN 01-09210 of 1988-89) run by two directors, Sri.B. Satyanarayana and
Sri.D.S.R.K. Prasad, who are having rich experience in the field of chemical
industry. The existing unit is set up in Sy.No.296/7/5, IDA, Bollaram, Medak Dist
for manufacturing of calcium chloride which is used in all chemical & bulk drug
industries. The unit is registered as SSI unit. The unit having all necessary licenses
like pollution control board and Bollaram Gram Panchayat license etc.

The registered office of the company is situated at Plot No. 8, Pragathi Nagar,
Yousafguda, Hyderabad.

Past Performance of the Company:

(in INR)
Particulars 31.03.2014 31.03.2013 31.03.2012
Revenue from Operations 270,89,160 96,45,231 1,63,29,967
Expenditure 262,77,934 110,88,193 1,58,99,215
Profit Before Tax (PBT) 8,11,226 -14,42,962 4,30,752
Profit After Tax (PAT) 11,62,517 -10,91,671 2,90,191
PBT %Sales 2.99 - 2.64
PAT % Sales 4.29 - 1.78

PROJECT:
M/s.Amrutha Chemicals Private Limited is proposing to expand its operations
into Bulk Drug and Intermediates (Pharma APIs) manufacture. It has obtained land
allotment from the Andhra Pradesh Industrial and Infrastructure Corporation
Limited (APIIC Ltd.), Hyderabad for acquiring 8984.56 square meters (about 2.22
acres) land in Plot No. 23 J in APSEZ (De-notified Area), Atchutapuram,
Vishakhapatnam District, Andhra Pradesh. It is proposed to manufacture Omi
Nitro (Bulk Drug Intermediate) and Para Nitro Benzo Phenone (Bulk Drug
Intermediate) to begin with and later diversify into other molecules.

Vishakhapatnam is the hub of manufacturers of bulk drug manufacturers like

Aurobindo Pharma, Laurus Labs, Sriam Labs and other bulk drug industries.
PROMOTERS AND THEIR BACKGROUND: The promoters of the firm and their
experience is as given below:

a. Sri B. Satyanarayana aged about 42 years is graduate in commerce. He is

having marketing, production planning and administration capabilities. He
is working in Pragathi Organics Ltd, a leading pharmaceuticals company,
Hyderabad since 12 years. He is working as a manager marketing. He is
having vast contacts in marketing of pharmaceuticals line of activity.
b. Sri D.S.R.K. Prasad aged about 60 years is graduate in commerce is having
administration and liasioning capabilities.

Key Technical Person:

Sri M.B.R.K. Reddy, aged about 60 years is a science graduate having more
than 25 years of experience in bulk drug industry in various companies like
Hetero Drugs Private Limited.

The above promoters are well acquainted with manufacturing and marketing of
chemicals which is used in bulk & Pharma industry. All the directors are
financially sound to invest their margins in the proposed project.

PHARMA SECTOR SCENARIO

Globally, the Indian pharmaceutical industry is ranked third largest in volume
terms and 10th largest in value terms. The sector is highly knowledge-based and
its steady growth is positively affecting the Indian economy. The organized nature
of the Indian pharmaceutical industry is attracting several companies that are
finding it viable to increase their operations in the country.
The Indian pharmaceutical industry is highly fragmented with about 24,000
players (330 in the organized sector). The top ten companies make up for more
than a third of the market.

Indian pharma companies have a large chunk of their revenues coming from
exports. While some are focusing on the generics market in the US, Europe and
semi-regulated markets, others are turning their attention to custom
manufacturing for innovator companies. Biopharmaceuticals is also increasingly
becoming an area of interest given the complexity in manufacture and limited
competition.

Market Size
India's drugs and pharmaceuticals industry is expected to grow at a compound
annual growth rate (CAGR) of 14 per cent to reach a turnover of Rs 2.91 trillion
(US$ 47.06 billion) by 2018.

The domestic drugs industry, which is valued at Rs 1.6 trillion (US$ 25.87 billion)
at present, according to Care Ratings, is also expected to grow in the local market
with aggressive rural penetration by drug makers, increased government spending
on health, and growing health awareness among people.

India exports pharmaceutical products to more than 200 countries. Pharmaceutical

exports are expected to cross the Rs 1 trillion (US$ 16.17 billion) mark this year.
"The growth would be around 15 per cent and is driven by formulation exports,"
said Dr PV Appaji, Director-General, Pharmaceutical Export Promotion Council
(Pharmexcil). During 2013-14, pharma exports stood at Rs 90,000 crore (US$
14.55 billion). Out of this, the share of formulations was 71 per cent.
India currently exports drug intermediates, Active Pharmaceutical Ingredients
(APIs), Finished Dosage Formulations (FDFs), bio-pharmaceuticals, and clinical
services across the globe.

Government Initiatives
The Government of India has unveiled 'Pharma Vision 2020' aimed at making India
a global leader in end-to-end drug manufacture. It has reduced approval time for
new facilities to boost investments. Further, the government has also put in place
mechanisms such as the Drug Price Control Order and the National
Pharmaceutical Pricing Authority to address the issue of affordability and
availability of medicines.

Some of the major initiatives taken by the government to promote the

pharmaceutical sector in India are as follows:
The Andhra Pradesh government will provide necessary infrastructure,
incentives and skill upgradation facilities for the pharma industry and the
 captains of the industry should come forward to invest on a large scale in
the state, according to Chief Minister N Chandrababu Naidu.
The Government of India and the pharmaceutical industry will jointly float a
trust to promote the brand image of Indian pharma globally and fight
malicious campaigns.
India plans to set up industrial parks in the pharmaceutical and information
technology (IT) sectors in China to strengthen India-China trade and
investment ties.
The Union Cabinet of India has cleared foreign investment proposal worth
US$ 400 million by KKR to acquire stakes in two pharmaceutical companies,
Gland Pharma and Gland Celsus Bio Chemicals.

Road Ahead
Indian generic drug makers are exploring all options to get a foot in the door to
Japan's lucrative but difficult-to-crack US$ 111 billion drug industry. The
penetration of generic drugs in Japan, the world's largest drug market after the US
and Europe, is a little more than 30 per cent.

The domestic market will also see a significant growth in sales on the back of
increasing affluence, changing lifestyles resulting in higher incidence of lifestyle-
related diseases, increasing government expenditure on healthcare through
schemes like the Central Government Health Scheme (CGHS), National Programme
for Healthcare of the Elderly (NPHCE), Rashtriya Arogya Nidhi (RAN) and Janani
Suraksha Yojana (JSY) in the next three years, according to Care analysis.
The rise of pharmaceutical outsourcing and investments by multinational
companies (MNCs), allied with the country's growing economy, committed health
insurance segment and improved healthcare facilities, is expected to drive the
market's growth.
PRODUCTS:
1. OMI NITRO
(Intermediate for Omeprozole)
Raw materials :
1) 3,5 Lutidine
2) Acetic Acid
3) Hydrogen peroxide
4) Sulphuric Acid
5) Nitric Acid
6) Ammonia Gas.

Process :
Charge Acetic Acid and 3,5 Ludidine in GLR, add Hydrogen paraxide at 45 0C and
maintain for 8 hrs. Distilled off the total Acetic Acid. Unload the n-oxide in drums.
Charge Sulphuric Acid in SS Reactor add slowly Nitric Acid to Sulphuric Acid,
Charge n-Oxide at 500C, and maintain for 16 hrs at 80 to 850C, then cool to RT.
Charge water in SS Reactor and transper the reaction mass to water RT, Adjust pH
with Ammonia Gas up to 4.0, maintain for 2.0 hrs, centrifuge the product, dry at
45 to 500C.

Flow chart :

Hydrogen Peroxide

3,5 Lutidine Acetic Acid

Rec. Acetic Acid

n- Oxide
 n-Oxide

Nitric Acid
Sulphuric Acid

Nitro Compound

Water NH3 gas

Omi Nitro

2. PARA NITRO BENZO PHENONE

(Intermediate for Citrazine di hydrochloride)

Raw Materials :
1) Benzyl Chloride
2) Mono Chloro Benzen
3) Aluminum Chloride
4) Ice.

Process :
Charge Mono Chloro Benzen and Aluminum Chloride in GLR add Benzyl Chloride
at reflex temperature, maintain for 8 hrs.
Charge water and Ice in SS Reactor, transper the mass to reactor, separation the
aqueous layer and give two water washing to organic layer. Distilled off the total
Mono Chloro Benzene below 850C under vacuum. Cool to 50c and centrifuge the
product, dry the product at 90 to 950C.

Flow Chart :

Benzyl Chloride

Mono Chloro Benzen Aluminum Chloride

Reaction Mass

Water Ice

Organic Layer

Rec. Mono chloro Benzene

Para Chloro Benzo Phenone

LOCATION AND ITS ADVANTAGE:
The project is being setup at Plot No. 23J in Sy. No. 21P and 837P of APSEZ (De-
Notified Area), Atchutapuram, Vishakhapatnam District. The land of about 2.22
acres extent has been allotted by APIIC Ltd. As it is industrially developed area all
the infrastructure facilities such as transportation, power, communication etc are
available. In this area required manpower is easily available.

Boundaries:
North: 30 M Wide Road
East: 30 M Wide Road
South: Plot No. 23
West: Plot No. 23A

The following advantages are available to the industry:

1. The present land cost in the area as per the revised rates of APIIC Limited is
Rs. 1500 per square meter. However, M/s. Amrutha Chemicals Private
Limited had applied for the land much earlier at the old rate of Rs. 1000 per
square meter, thus saving one-third of the land cost.
2. The following incentives are available to the industrial entrepreneurs (SSIs)
in the state of Andhra Pradesh:
a. Investment Subsidy: 15% subject to a maximum of INR 20 Lakhs.
b. Stamp Duty Reimbursement: 100%
c. Land Purchase Subsidy in Industrial Parks: 25% subject to a
maximum of INR 10 Lakhs.
d. Land Conversion Charges Subsidy: 25% subject to a maximum of
INR 10 Lakhs.
e. Power Charges Reimbursement: INR 0.75 per unit from the
commencement of production for 5 years.
f. VAT / CST Reimbursement: 50% reimbursement from the
commencement of production for 5 years.
g. Interest Subsidy: 3% to 9% (maximum) subsidy on term loans from
the commencement of production for 5 years.
h. Skill Upgradation & Training Reimbursement: 50% (INR 2000 per
individual)
i. Quality Certification / Patent Registration Subsidy: 50% (maximum
INR 2.00 Lakhs)
 j. Specific Cleaner Production Measures Subsidy: 25% (maximum INR
5.00 Lakhs)

Credit Linked Capital Subsidy Scheme (CLCSS) is available from the Government of
India to facilitate Technology Upgradation of SSI units in the specified products /
sub-sectors by providing 15 % capital subsidy for induction of well established and
improved technologies subject a maximum amount of Rs. 15 Lakhs.

PROJECT COST & MEANS OF FINANCE:

Sl. No. Description Cost , (INR %

Lakhs)
1.
Land & Land Development 110.00 15.09
2.
Buildings 80.00 10.97
3.
Plant & Machinery 420.00 57.61
4.
Misc. Fixed Assets 25.00 3.43
5.
Contingencies 15.00 2.06
6. Preliminary & Preoperative
Expenses 9.50 1.30
7. Interest During Construction
(IDC) 35.06 4.81
8. Margin Money for Working
Capital 34.50 4.73
TOTAL 729.06 100.00

MEANS OF FINANCE:

Sl. No. Description Cost , (INR %

Lakhs)
1 Promoters Contribution
129.06 17.70%
2 Unsecured Loans
50.00 6.86%
3 Term Loan from Bank(s)
550.00 75.44%
Total 756.23 100.00
LAND:
The unit is planned to be set up in plot no. 23J of APSEZ (De-notified Area) of
APIIC Limited in Atchutapuram, Vishakhapatnam District.

Item Rate, INR / Total Value,

Sq. M. INR
Land cost of extent 8984.56, Sq. M. 1000/- 8984560.0
Registration Charges 9% 808610.4
Special Impact Fee (CSR) 449228.0
Land Development, Compound Wall, L. S. 500000.0
Storm Water Drains, Greenery etc.
Misc. Expenses 250000.0
Total 10992398.4

The cost of land and land development is Rs. 110.00 Lakhs.

BUILDINGS:
Cost of buildings in about 10000 sft of plinth area @ INR 800/- per sft is estimated
as INR 80 Lakhs.

Item Value, INR

Boiler Shed 500 sft * Rs. 1000/- 5,00,000

Main Shed with AC Sheets of 60 X 50 = 3000 * Rs. 1200/- 36,00,000

Stores & Office 60 X 50 = 3000 * Rs. 800 24,00,000

Effluent Treatment Pits & Water storage Tanks 5,00,000

Misc. buildings like Storage, Warehouse, Canteen, Security 10,00,000

Office, Electrical Panel Room, Engineering workshop,
Weighbridge, Toilets, Rest Rooms, Garage etc.
Total 80,00,000
PLANT & MACHINERY:
The Machinery proposed in the project indigenous is detailed below:

Sl. Description Nos Rate, INR (each) Total, INR

No.
1 Glass Lined Reactor 2 kl 4 1500000 6000000
2 SS Reactor 3 kl 6 1000000 6000000
3 SS Reactor 2 kl 4 700000 2800000
4 SS Reactor 1.5 kl 4 600000 2400000
5 SS Reactor 1 kl 2 400000 800000
6 Centrifuge 6 650000 3900000
7 Boiler 1500 KGH 1 5000000 5000000
8 Tray Dryers 6 200000 1200000
9 Vacuum Pumps 6 100000 600000
10 Multi mill 2 150000 300000
11 SS Condensors 20 100000 2000000
12 MS Reactor 2 150000 300000
13 SS Receivers 6 300000 1800000
14 Air Compressors 2 150000 300000
15 Pulveriser 2 150000 300000
16 Weighing Machine 2 75000 150000
17 Storage Tankers 4 250000 1000000
18 Chilling Plant 2 1500000 3000000
19 Pipe Lines 950000
Total 33400000
Taxes & Duties 70,10,000
Erection & Commissioning 15,00,000
Grand Total 420,00,000

The total estimated cost of Plant & Machinery is INR 420 Lakhs.
MISCELLANEOUS FIXED ASSETS:

Sl. No. Item No. Rate, INR Value, INR

1 Electrical Installation for 1 500000

Power
2 DG Set 250 KVA 1 500000
500000
3 Vehicle 1 500000
500000
4 Water Treatment Plant 1 300000

5 Furniture & Fixtures 200000

6 Fire Fighting System 500000

Total 2500000

CONTINGENCIES
A provision of 3% as contingencies for the entire Plant and Machinery, Misc Fixed
Assets and Civil Works i.e., Rs. 15.00 Lakhs. Any over-run in the cost of Project
will be borne by the Promoters from their own sources.

PRELIMINARY & PRE-OPERATIVE EXPENSES:

Particulars Value, Rs. Lakh
PRELIMINARY EXPENSES
Company Incorporation 0.00
PR Preparation Costs 0.50
Loan Acquiring Cost 1.25
Legal Expenses 0.25
TOTAL 2.00
PRE-OPERATIVE EXPENSES
Travelling expenses 0.50
Admin Expenses 0.75
Salaries and wages 2.00
Start up expenses 2.00
Interest During Construction (IDC) Separately Stated
Insurance During Construction @ 0.25% 0f Civil, P&M 1.25
Misc. costs 1.00
TOTAL 7.50
GRAND TOTAL 9.50
INTEREST DURING CONSTRUCTION (IDC)
The IDC is arrived at based on fund requirement during the construction period
and the rate of interest considered during construction is 12.75 % p.a. ACPL will be
drawing the Term Loan of Rs. 35.06 Lakhs in a span of 12 months in a phased
manner.

WORKING CAPITAL:
The unit is proposed to be manufacturing of omi nitro and para nitro benzo
phenone. Working capital is required for Raw Material, Finished Goods, WIP and
Sundry Debtors (calculations enclosed separately). The working capital loan is
required is INR 138.00 lakhs.

RAW MATERIALS:
The main raw materials required are detailed below for unit production of the
products:

1. Omi Nitro:

Name of the Raw material UOM Quantity RM Price CCs

3,5 Lutidine
Kg 1000 270 0.851
Acetic Acid
Kg 600 45 0.5106
Hydrogen paraxide
Kg 800 32 0.6808
Sulphuric Acid
Kg 4500 7.5 3.829
Nitric Acid
Kg 2250 18 1.9148
Ammonia Gas.
Kg 1830 48 1.5574

2. PARA NITRO BENZO PHENONE (PNBP):

Name of the Raw material UOM Quantity RM Price CCs

Benzyl Chloride
Kg 240 125 0.8
Mono Chloro Benzen
Kg 260 85 0.867
Aluminum Chloride
Kg 240 49 0.8
Ice.
Kg 10 200 0.033
POWER & FUEL:
The total power requirements is 250 HP. In view of the erratic power in state, it is
also proposed to purchase 250 KVA DG set to meet the entire power requirement of
the unit in times of power cuts/interruptions/load shedding. Coal is used for firing
of boiler. It is easily available in the open market and Singareni Collieries Ltd. After
commercial production, the company will apply for DIC for allotment of coal
depending on consumption of coal.

CONSUMABLES:
The following are the main consumables required:
a. Packing Materials
b. Water
c. Water Treatment chemicals
d. Boiler Water Treatment chemicals
e. Other chemicals

LUBRICANT OIL & COOLANT OIL:

These items are easily available in indigenous market in Vishakhapatnam.

MAN POWER:
Apart from the promoters, the total man power requirement of the unit as follows:
Position Category No.

Production Manager Chemist 1

Supervisors 2
Operators Skilled 7
Operators Unskilled 7
Helpers 14
Maintenance 7
Security 7
Marketing staff 2
Accountants staff 3
Total 50
All the required people are locally available. The Production Manager will be a
Pharmacy graduate with sufficient experience in the field. He will be the in-charge
of the plant for production & planning.

TRANSPORT:
Transportation vehicle agencies are available for supply of finished products to
customers as well as getting of raw materials.

ENVIRONMENTAL POLLUTION:
The unit will obtain pollution control board clearance.

MARKETING:
The products are used in all formulation and bulk drug industries. The Company
plans to establish itself both in domestic and foreign markets. Since the Company's
existing products are known for their quality and competitiveness, reputed
companies like Dr. Reddy's Laboratories Ltd, Ranbaxy Laboratories Ltd, Cadila
Health Care Ltd, Alembic Ltd, Glenmark Laboratories Ltd etc., will be approached
to become regular and permanent customers of the Company. Domestic customers
apart, the Company has plans to establish itself as a reputed supplier in countries
like Spain, Brazil, Switzerland, South Korea, Isreal, Turkey etc.

The Company is taking all measures to explore the vast Pharma market in foreign
countries and is confident of entering the overseas market in the years to come. As
a concrete step in this direction, the Company is planning to obtain recognition
from WHO (World Health Organization) for its current Good Manufacturing
Practices (cGMP) which is a condition precedent to export of products to USA and
European Markets. Further, the Company will initiate steps in the process of
upgrading its manufacturing facilities to obtain USFDA approvals once the plant
construction is initiated. As such the Company does not foresee any impediment to
market its products either in domestic or foreign markets on any account.

PROFITABILITY PROJECTIONS:

ASSUMPTIONS:
 S. Particulars Value
No.
1. Capacity Utilization 60% for 1st year; 70% for 2nd year;
and 80% for all other years
2. Number of operating days per year 300
3. Products & Capacity Installed 1. Omi Nitro (360 MTPA)
2. PNBP (192 MTPA)
4. Sale Price, Rs./ kg 1. Omi Nitro: 575 + VAT
2. PNBP: 400 + VAT

5. Raw Material Price, Rs./kg 1. Omi Nitro: 490

2. PNBP: 260

6. Administrative Expenses 0.5% of Sales Revenue.

7. Sales Expenses 0.5% of Sales Revenue
8. Other Manufacturing Expenses 1.0% of Sales Revenue
9. Power Requirement @100% CU 125 kVA
10. Fuel Requirement @100% CU 3 MT per day (Coal)
11. Consumables @100% CU Rs. 12 Lakhs p.a.
12. R & M Expenses 2% of Plant & Machinery cost
12. Direct Wages Rs. 30 Lakhs p.a.
13. Fixed Salaries Rs. 18 Lakhs p.a.
14. Landed Cost of Coal per MT Rs 5000
15. Insurance 0.25% of Fixed Assets value
16. Estimated Project Cost Rs. 729.06 Lakhs
17. Term Loan Rs 550.00 Lakhs
18. COD 1st April 2016
19. Working Capital (1st year) Rs. 138.00 Lakhs
20. Repayment Period 1 year construction period, 6
months moratorium from COD
and repayment of TL in 8.5 years.
(Door to Door schedule: 10 years)
21. Interest rate (TL & WC) 12.75% p.a.
REVENUE PROJECTIONS

INR Lakhs
2016 2017 2018 2019 2020 2021 2022 2023 2024
Description -17 -18 -19 -20 -21 -22 -23 -24 -25

CAPACITY

Capacity Utilization (In %) 60% 70% 80% 80% 80% 80% 80% 80% 80%

Days Operating in Year 300 300 300 300 300 300 300 300 300
5520 5520 5520 5520 5520 5520 5520 5520 5520
Total Capacity (Installed), KGPA 00 00 00 00 00 00 00 00 00
3600 3600 3600 3600 3600 3600 3600 3600 3600
Omi Nitro 00 00 00 00 00 00 00 00 00
1920 1920 1920 1920 1920 1920 1920 1920 1920
PCBP 00 00 00 00 00 00 00 00 00

PRODUCTION AND SALES

Actual Production, KGPA

2160 2520 2880 2880 2880 2880 2880 2880 2880
Omi Nitro 00 00 00 00 00 00 00 00 00
1152 1344 1536 1536 1536 1536 1536 1536 1536
PCBP 00 00 00 00 00 00 00 00 00

UNIT SALE PRICE

Product, Rs./ KG

Omi Nitro 604 604 604 604 604 604 604 604 604

PCBP 457 457 457 457 457 457 457 457 457

GROSS REVENUE - Rs. Lakh

Product
1304. 1521. 1738. 1738. 1738. 1738. 1738. 1738. 1738.
Omi Nitro 10 45 80 80 80 80 80 80 80
526.1 613.8 701.5 701.5 701.5 701.5 701.5 701.5 701.5
PCBP 8 7 7 7 7 7 7 7 7
Gross Annual Revenue from Sales (INR. 1830 2135 2440 2440 2440 2440 2440 2440 2440
Lakhs) .28 .32 .37 .37 .37 .37 .37 .37 .37

COST PROJECTIONS: (RAW MATERIAL)

INR Lakhs
2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
Description 17 18 19 20 21 22 23 24 25
Raw Materials Required per Unit of Product

Raw Materials,
KG/KG

Omi Nitro 9.345 9.345 9.345 9.345 9.345 9.345 9.345 9.345 9.345

PCBP 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500

Cost per Unit of Product

Raw Materials, Rs. /
KG

Omi Nitro 490 490 490 490 490 490 490 490 490

PCBP 260 260 260 260 260 260 260 260 260

Cost of Raw Materials

Raw material, Rs.
Lakh

Omi Nitro 1058.40 1234.80 1411.20 1411.20 1411.20 1411.20 1411.20 1411.20 1411.20

PCBP 299.52 349.44 399.36 399.36 399.36 399.36 399.36 399.36 399.36

TOTAL , INR Lakhs 1357.92 1584.24 1810.56 1810.56 1810.56 1810.56 1810.56 1810.56 1810.56
OTHER MANUFACTURING EXPENSES:

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-

Description 17 18 19 20 21 22 23 24 25

Cost per Annum, INR Lakhs

Other Manufacturing
Expenses 9.15 10.68 12.20 12.20 12.20 12.20 12.20 12.20 12.20

Total , INR Lakhs 9.15 10.68 12.20 12.20 12.20 12.20 12.20 12.20 12.20

ADMINISTRATIVE & SALES EXPENSES:

Cost 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
Component 17 18 19 20 21 22 23 24 25

Cost per Annum, INR Lakhs

Administrative
Expenses ) 9.15 10.68 12.20 12.20 12.20 12.20 12.20 12.20 12.20

Selling Exp 9.15 10.68 12.20 12.20 12.20 12.20 12.20 12.20 12.20
TOTAL INR
Lakhs 18.30 21.35 24.40 24.40 24.40 24.40 24.40 24.40 24.40

PROFITABILITY PROJECTIONS:
2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
Particulars 17 18 19 20 21 22 23 24 25

Income

Gross Sales 1830.28 2135.32 2440.37 2440.37 2440.37 2440.37 2440.37 2440.37 2440.37

Less Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Less: VAT 91.51 106.77 122.02 122.02 122.02 122.02 122.02 122.02 122.02
1738.7 2028.5 2318.3 2318.3 2318.3 2318.3 2318.3 2318.3 2318.3
Net Sales 6 6 5 5 5 5 5 5 5

Expenditure

Raw materials 1357.92 1584.24 1810.56 1810.56 1810.56 1810.56 1810.56 1810.56 1810.56

Consumables 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

Power 30.24 35.28 40.32 40.32 40.32 40.32 40.32 40.32 40.32

Fuel 27.00 31.50 36.00 36.00 36.00 36.00 36.00 36.00 36.00

R & M Expenses 8.40 8.82 9.26 9.72 10.21 10.72 11.26 11.82 12.41

Packing Cost 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00

Direct Wages 30.00 33.00 36.30 39.93 43.92 48.32 53.15 58.46 64.31

Other Manufacturing Expenses 9.15 10.68 12.20 12.20 12.20 12.20 12.20 12.20 12.20
1480.7 1721.5 1962.6 1966.7 1971.2 1976.1 1981.4 1987.3 1993.8
Sub Total 1 2 4 4 2 2 9 6 0

Work in Progress

Add Op WIP 0.00 30.85 35.86 40.89 40.97 41.07 41.17 41.28 41.40

Less Cls WIP 30.85 35.86 40.89 40.97 41.07 41.17 41.28 41.40 41.54
1449.8 1716.5 1957.6 1966.6 1971.1 1976.0 1981.3 1987.2 1993.6
Cost of Production 6 0 2 5 2 2 7 4 7

Finished Goods

Add Op Stock 0.00 61.70 71.73 81.78 81.95 82.13 82.34 82.56 82.81

Less Cl Stock 61.70 71.73 81.78 81.95 82.13 82.34 82.56 82.81 83.08
 1388.1 1706.4 1947.5 1966.4 1970.9 1975.8 1981.1 1987.0 1993.4
Total Cost of Sales 7 7 7 8 4 1 5 0 0

Contribution 350.60 322.09 370.78 351.87 347.41 342.54 337.20 331.35 324.95

Contribution (%) 20.16% 15.88% 15.99% 15.18% 14.99% 14.78% 14.54% 14.29% 14.02%

Fixed & Semi-Variable

Expenses
Admn. Expenses 18.30 21.35 24.40 24.40 24.40 24.40 24.40 24.40 24.40

Insurance 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31 1.31

Fixed Salaries 18.00 19.80 21.78 23.96 26.35 28.99 31.89 35.08 38.58

Management Remuneration 18.00 19.80 21.78 23.96 26.35 28.99 31.89 35.08 38.58

Pre-Expenses Set off 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00

Total Fixed Costs 55.62 62.67 69.68 74.03 78.82 84.09 89.49 95.87 102.89

1443.7 1769.1 2017.2 2040.5 2049.7 2059.9 2070.6 2082.8 2096.2

Total Expenditure 8 3 5 1 6 1 4 7 8

PBIDT 294.98 259.42 301.10 277.84 268.59 258.44 247.71 235.48 222.07

PBIDT (% of Net Sales) 16.96% 12.79% 12.99% 11.98% 11.59% 11.15% 10.68% 10.16% 9.58%

Interest on TL 69.49 64.39 56.87 48.15 39.40 30.64 21.89 13.13 4.38

Interest on WC 13.20 15.33 17.46 17.52 17.58 17.65 17.73 17.81 17.90

Profit/Loss Before Depr. 212.30 179.71 226.77 212.16 211.61 210.15 208.09 204.54 199.79

Less: Depreciation (SLM) 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

Profit Before Tax (PBT) 181.55 148.96 196.03 181.42 180.86 179.40 177.35 173.80 169.04

Provision for Tax 43.97 36.97 56.45 54.45 56.80 58.48 59.63 60.01 59.75

Profit After Tax (PAT) 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Cash Accruals 168.33 143.14 170.73 158.11 155.20 152.07 148.46 144.53 140.04

PBT/Sales 10.44% 7.34% 8.46% 7.83% 7.80% 7.74% 7.65% 7.50% 7.29%

PAT/Sales 7.91% 5.52% 6.02% 5.48% 5.35% 5.22% 5.08% 4.91% 4.71%

% PAT on Cash Accruals 81.74 78.24 81.76 80.30 79.93 79.52 79.29 78.73 78.05
Cumulative Cash
1096.0 1240.5 1380.6
Accrual 168.33 311.47 482.20 640.31 795.51 947.58 4 7 1

INCOME TAX COMPUTATION:

INR Lakhs
2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
17 18 19 20 21 22 23 24 25

Profit Before Tax (PBT) 181.55 148.96 196.03 181.42 180.86 179.40 177.35 173.80 169.04

Add: Dep-normal 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

Total 212.30 179.71 226.77 212.16 211.61 210.15 208.09 204.54 199.79

Less: IT Dep 82.95 70.95 60.71 51.96 44.49 38.11 32.65 27.99 24.00
Taxable Profits under
IT Act 129.35 108.76 166.07 160.20 167.12 172.04 175.44 176.55 175.78

Prov. for Tax @33.99% 43.97 36.97 56.45 54.45 56.80 58.48 59.63 60.01 59.75

MAT @ 20.96% 38.05 31.22 41.09 38.03 37.91 37.60 37.17 36.43 35.43

Income Tax payable 43.97 36.97 56.45 54.45 56.80 58.48 59.63 60.01 59.75
DEPRECIATION SLM:

Description Cost Contingencies Pre-Operative TOTAL

Building & Civil Works 80.00 2.29 6.49 88.77

Plant & Machinery 420.00 12.00 34.05 466.05

Misc. Fixed Assets 25.00 0.71 2.03 27.74

Total, INR Lakhs 525.00 15.00 42.56 582.56

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-

Description 17 18 19 20 21 22 23 24 25

Buildings @ 3.34% 2.96 2.96 2.96 2.96 2.96 2.96 2.96 2.96 2.96
Plant & Machinery @
5.54% 25.82 25.82 25.82 25.82 25.82 25.82 25.82 25.82 25.82

MFA @ 7.07% 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96

Total, INR Lakhs 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

DEPRECIATION - AS PER INCOME TAX ACT, 1962 - WDV METHOD

(INR Lakhs)

Year Cost Dep. Rate Dep. WDV

BUILDINGS

2016-17 88.77 10% 8.88 79.89

2017-18 79.89 10% 7.99 71.90

2018-19 71.90 10% 7.19 64.71

2019-20 64.71 10% 6.47 58.24

2020-21 58.24 10% 5.82 52.42

2021-22 52.42 10% 5.24 47.18

2022-23 47.18 10% 4.72 42.46

2023-24 42.46 10% 4.25 38.21

2024-25 38.21 10% 3.82 34.39

2025-26 34.39 10% 3.44 30.95

2026-27 88.77 10% 8.88 79.89

PLANT & MACHINERY & ELECTRICAL

2016-17 466.05 15.0% 69.91 396.14

2017-18 396.14 15% 59.42 336.72

2018-19 336.72 15% 50.51 286.21

2019-20 286.21 15% 42.93 243.28

2020-21 243.28 15% 36.49 206.79

2021-22 206.79 15% 31.02 175.77

2022-23 175.77 15% 26.37 149.40

2023-24 149.40 15% 22.41 126.99

2024-25 126.99 15% 19.05 107.95

2025-26 107.95 15% 16.19 91.75

Misc. fixed Assets

 2016-17 27.74 15.0% 4.16 23.58

2017-18 23.58 15% 3.54 20.04

2018-19 20.04 15% 3.01 17.04

2019-20 17.04 15% 2.56 14.48

2020-21 14.48 15% 2.17 12.31

2021-22 12.31 15% 1.85 10.46

2022-23 10.46 15% 1.57 8.89

2023-24 8.89 15% 1.33 7.56

2024-25 7.56 15% 1.13 6.43

2025-26 6.43 15% 0.96 5.46

TOTAL DEPRECIATION

YEAR BUILDINGS P&M Mis FA

2016-17 8.88 69.91 4.16 82.95

2017-18 7.99 59.42 3.54 70.95

2018-19 7.19 50.51 3.01 60.71

2019-20 6.47 42.93 2.56 51.96

2020-21 5.82 36.49 2.17 44.49

2021-22 5.24 31.02 1.85 38.11

2022-23 4.72 26.37 1.57 32.65

2023-24 4.25 22.41 1.33 27.99

2024-25 3.82 19.05 1.13 24.00

2025-26 3.44 16.19 0.96 20.59

INTEREST CALCULATIONS:

INR Lakhs

Year Disbursement OB Repayment CB Period Interest Total

2015-16

I Quarter 110.00 0.00 0.00 110.00 3 Months 1.75

II Quarter 165.00 110.00 0.00 275.00 3 Months 6.14

III Quarter 165.00 275.00 0.00 440.00 3 Months 11.40

IV Quarter 110.00 440.00 0.00 550.00 3 Months 15.78

550.00 35.06

2016-17

Commercial Operations

I Quarter 0.00 550.00 0.00 550.00 3 Months 17.53

II Quarter 0.00 550.00 0.00 550.00 3 Months 17.53

III Quarter 0.00 550.00 10.00 540.00 3 Months 17.37

IV Quarter 0.00 540.00 10.00 530.00 3 Months 17.05

20.00 69.49
2017-18

I Quarter 0.00 530.00 12.50 517.50 3 Months 16.69

II Quarter 0.00 517.50 12.50 505.00 3 Months 16.30

III Quarter 0.00 505.00 12.50 492.50 3 Months 15.90

IV Quarter 0.00 492.50 12.50 480.00 3 Months 15.50

0.00 50.00 64.39

2018-19

I Quarter 0.00 480.00 17.00 463.00 3 Months 15.03

II Quarter 0.00 463.00 17.00 446.00 3 Months 14.49

III Quarter 0.00 446.00 17.00 429.00 3 Months 13.95

IV Quarter 0.00 429.00 17.00 412.00 3 Months 13.40

0.00 68.00 56.89

2019-20

I Quarter 0.00 412.00 17.17 394.83 3 Months 12.86

II Quarter 0.00 394.83 17.17 377.67 3 Months 12.31

III Quarter 0.00 377.67 17.17 360.50 3 Months 11.76

IV Quarter 0.00 360.50 17.17 343.33 3 Months 11.22

68.67 48.15

2020-21

I Quarter 0.00 343.33 17.17 326.17 3 Months 10.67

II Quarter 0.00 326.17 17.17 309.00 3 Months 10.12

III Quarter 0.00 309.00 17.17 291.83 3 Months 9.58

IV Quarter 0.00 291.83 17.17 274.67 3 Months 9.03

68.67 39.40

2021-22

I Quarter 0.00 274.67 17.17 257.50 3 Months 8.48

II Quarter 0.00 257.50 17.17 240.33 3 Months 7.93

III Quarter 0.00 240.33 17.17 223.17 3 Months 7.39
IV Quarter 0.00 223.17 17.17 206.00 3 Months 6.84

68.67 30.64

2022-23

I Quarter 0.00 206.00 17.17 188.83 3 Months 6.29

II Quarter 0.00 188.83 17.17 171.67 3 Months 5.75

III Quarter 0.00 171.67 17.17 154.50 3 Months 5.20

IV Quarter 0.00 154.50 17.17 137.33 3 Months 4.65

68.67 21.89

2023-24

I Quarter 0.00 137.33 17.17 120.17 3 Months 4.10

II Quarter 0.00 120.17 17.17 103.00 3 Months 3.56

III Quarter 0.00 103.00 17.17 85.83 3 Months 3.01

IV Quarter 0.00 85.83 17.17 68.67 3 Months 2.46

68.67 13.13
 2024-25

I Quarter 0.00 68.67 17.17 51.50 3 Months 1.92

II Quarter 0.00 51.50 17.17 34.33 3 Months 1.37

III Quarter 0.00 34.33 17.17 17.17 3 Months 0.82

IV Quarter 0.00 17.17 17.17 0.00 3 Months 0.27

68.67 4.38

WORKING CAPITAL PROJECTIONS:

Stock 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
Description Period 17 18 19 20 21 22 23 24 25
IN
Current Assets MONTHS INR Lakhs

Raw Material 1.00 113.16 132.02 150.88 150.88 150.88 150.88 150.88 150.88 150.88
Power & Fuel,
Spares etc. 1.00 9.23 10.44 11.67 12.01 12.39 12.80 13.24 13.73 14.27

Work in Process 0.25 30.85 35.86 40.89 40.97 41.07 41.17 41.28 41.40 41.54

Finished Goods 0.50 61.70 71.73 81.78 81.95 82.13 82.34 82.56 82.81 83.08

Bills Receivables 0.25 36.22 42.26 48.30 48.30 48.30 48.30 48.30 48.30 48.30
Total Current
Assets (CA) 251.16 292.32 333.52 334.11 334.77 335.48 336.27 337.12 338.06
Less: Sundry
Creditors (CL) 1.00 113.16 132.02 150.88 150.88 150.88 150.88 150.88 150.88 150.88
Working Capital
(CA-CL) 138.00 160.30 182.64 183.23 183.89 184.60 185.39 186.24 187.18

Bank Finance 75.00% 103.50 120.22 136.98 137.43 137.92 138.45 139.04 139.68 140.39

Promoter's Margin 25.00% 34.50 40.08 45.66 45.80 45.97 46.15 46.35 46.56 46.79

PROJECTED BALANCE SHEET:

Const. 2016 2017 2018 2019 2020 2021 2022 2023 2024
PARTICULARS Period -17 -18 -19 -20 -21 -22 -23 -24 -25

SOURCE OF FUNDS

Own Funds

Capital 144.56 179.06 179.06 179.06 179.06 179.06 179.06 179.06 179.06 179.06
1101.9
Profit & Loss Account 0.00 137.58 249.58 389.16 516.12 640.18 761.11 878.82 992.61 0
1057.8 1171.6 1280.9
Sub-Total 144.56 316.65 428.64 568.22 695.19 819.25 940.17 9 7 7

Long Term Loans

Shareholders/Directo
rs
Term Loan from
Bank 530.00 480.00 412.00 343.33 274.67 206.00 137.33 68.67 0.00 0.00

Sub-Total 530.00 480.00 412.00 343.33 274.67 206.00 137.33 68.67 0.00 0.00

Current Liabilities

Bank Finance - WC 0.00 103.50 120.22 136.98 137.43 137.92 138.45 139.04 139.68 140.39
Repayment due
within one year 20.00 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67 0.00
Other Current
Liabilities

Current Liabilities 0.00 113.16 132.02 150.88 150.88 150.88 150.88 150.88 150.88 150.88
 Total Current
Liabilities 20.00 266.66 320.24 356.53 356.98 357.47 358.00 358.59 359.23 291.27
TOTAL SOURCE OF 1063.3 1160.8 1268.0 1326.8 1382.7 1435.5 1485.1 1572.2
FUNDS 694.56 1 8 8 3 1 0 4 1530.9 4
APPLICATION OF
FUNDS

Fixed Assets

Gross Block 692.56 692.56 692.56 692.56 692.56 692.56 692.56 692.56 692.56 692.56

Less: Depreciation 0.00 30.75 61.49 92.24 122.98 153.73 184.47 215.22 245.96 276.71

Net Block 692.56 661.82 631.07 600.33 569.58 538.84 508.09 477.34 446.60 415.85

Other Expenditure 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Sub-Total 692.56 661.82 631.07 600.33 569.58 538.84 508.09 477.34 446.60 415.85

Current Assets

Current Assets 0.00 251.16 292.32 333.52 334.11 334.77 335.48 336.27 337.12 338.06

Other current assets 0.00 25.00 35.00 45.00 60.00 78.00 90.00 95.00 97.00
Cash & Bank
Balance 0.00 103.33 137.90 170.04 204.34 235.71 270.93 308.53 344.18 378.32

Sub-Total 0.00 354.49 455.21 538.56 583.45 630.48 684.41 734.80 776.30 813.38

Non Current Asset 0.00 45.00 73.00 128.00 173.00 213.00 243.00 273.00 308.00 343.00

Preliminary Expenses 2.00 2.00 1.60 1.20 0.80 0.40 0.00 0.00 0.00 0.00
TOTAL APPLN. OF 1063.3 1160.8 1268.0 1326.8 1382.7 1435.5 1485.1 1530.9 1572.2
FUNDS 694.56 1 8 8 3 1 0 4 0 4

PROJECTED CASH FLOWS:

Const. 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
PARTICULARS Period 17 18 19 20 21 22 23 24 25
A. SOURCES OF
FUNDS
Profit After Tax
(PAT) 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Increase in Capital 144.56 34.50

Increase in Term
Loan 550.00 0.00
Increase in Bank
Borrowing 103.50 16.72 16.76 0.45 0.49 0.53 0.59 0.64 0.71
Prel. Expenses
W/off 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00

Depreciation 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

Current Liabilities 113.16 18.86 18.86 0.00 0.00 0.00 0.00 0.00 0.00

Total A 694.56 419.49 178.72 206.35 158.56 155.69 152.60 149.05 145.17 140.75
B. DISPOSITION
OF FUNDS

Capital Expenditure 692.56

Other Expenditure
Repayment of Term
Loan 20.00 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67
Increase in Current
assets 251.16 41.15 41.20 0.60 0.65 0.71 0.78 0.86 0.94

Increase in other Current Assets 58.00 15.00 0.00 0.00 0.00 25.00 20.00 15.00
Increase in other Non current
assets 0.00 5.00 55.00 50.00 70.00 65.00 70.00 70.00

Preliminary Expns. 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total B 694.56 316.16 144.15 174.20 124.26 124.32 117.38 111.45 109.52 106.61
Surplus A-B 0.00 103.33 34.57 32.14 34.30 31.37 35.22 37.60 35.65 34.14

Opening Balance 0.00 0.00 103.33 137.90 170.04 204.34 235.71 270.93 308.53 344.18

Closing balance 0.00 103.33 137.90 170.04 204.34 235.71 270.93 308.53 344.18 378.32

BREAK EVEN ANALYSIS:

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
Description 17 18 19 20 21 22 23 24 25

SALES 1738.76 2028.56 2318.35 2318.35 2318.35 2318.35 2318.35 2318.35 2318.35
VARIABLE
EXPENSES

Cost of Sales 1388.17 1706.47 1947.57 1966.48 1970.94 1975.81 1981.15 1987.00 1993.40

Interest on WC 13.20 15.33 17.46 17.52 17.58 17.65 17.73 17.81 17.90

TOTAL 1401.36 1721.79 1965.04 1984.00 1988.52 1993.46 1998.88 2004.80 2011.30

CONTRIBUTION 337.40 306.76 353.31 334.35 329.83 324.89 319.47 313.54 307.05
Fixed/Semi-variable
Expenses

- Depreciation 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

- Fixed Costs 55.62 62.67 69.68 74.03 78.82 84.09 89.49 95.87 102.89

- Interest 69.49 64.39 56.87 48.15 39.40 30.64 21.89 13.13 4.38

Sub Total 155.85 157.80 157.29 152.93 148.97 145.48 142.13 139.75 138.01

BEP (Op Cap) 46.19% 51.44% 44.52% 45.74% 45.16% 44.78% 44.49% 44.57% 44.95%

BEP (In Cap) 27.71% 36.01% 35.61% 36.59% 36.13% 35.82% 35.59% 35.66% 35.96%
BE Sales (Operating
Cap) 803.15 1043.49 1032.08 1060.41 1047.08 1038.15 1031.38 1033.30 1042.01

DEBT SERVICE COVERAGE RATIO (GROSS):

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
PARTICULARS 17 18 19 20 21 22 23 24 25

A. COVERAGE

Profit After Tax (PAT) 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Depreciation 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

Interest on term loan 69.49 64.39 56.87 48.15 39.40 30.64 21.89 13.13 4.38

Prel. Expns W/off 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00

TOTAL COVERAGE 237.82 207.53 227.59 206.26 194.60 182.71 170.35 157.66 144.42

B. SERVICE

Term loan Instalment 20.00 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67

Interest on term loan 69.49 64.39 56.87 48.15 39.40 30.64 21.89 13.13 4.38

TOTAL SERVICE 89.49 114.39 124.87 116.82 108.06 99.31 90.55 81.80 73.04

DSCR 2.66 1.81 1.82 1.77 1.80 1.84 1.88 1.93 1.98
AVERAGE DSCR
(GROSS) 1.92

DEBT SERVICE COVERAGE RATIO (NET):

 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
PARTICULARS 17 18 19 20 21 22 23 24 25

A. COVERAGE

Profit After Tax (PAT) 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Depreciation 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75
Prel. & Pre.op Expns
W/off 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00
TOTAL
COVERAGE 168.33 143.14 170.73 158.11 155.20 152.07 148.46 144.53 140.04

B. SERVICE
Repayment of Term
Loan 20.00 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67

TOTAL SERVICE 20.00 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67

DSCR 8.42 2.86 2.51 2.30 2.26 2.21 2.16 2.10 2.04
AVERAGE DSCR
(NET) 2.51

INTERNAL RATE OF RETURN:

Const. 2016 2017 2018 2019 2020 2021 2022 2023 2024
PARTICULARS Period -17 -18 -19 -20 -21 -22 -23 -24 -25

A. CASH OUTFLOWS

Outflows -729.06

TOTAL ----A -729.06

B. CASH INFLOWS

Profit After Tax (PAT) 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Depreciation 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75

Interest on term loan 69.49 64.39 56.87 48.15 39.40 30.64 21.89 13.13 4.38

Prel. & Pre.op Expns 0.00 0.40 0.40 0.40 0.40 0.40 0.00 0.00 0.00

Working Capital Margin 197.67

Salvage Value 415.85

TOTAL ----B 0.00 237.82 207.53 227.59 206.26 194.60 182.71 170.35 157.66 757.94

CASH FLOWS -729.06 237.82 207.53 227.59 206.26 194.60 182.71 170.35 157.66 757.94
INTERNAL RATE OF 28.06
RETURN (IRR) %

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-

Key Financial Indicators 17 18 19 20 21 22 23 24 25
Sales 1738.76 2028.56 2318.35 2318.35 2318.35 2318.35 2318.35 2318.35 2318.35

Total Variable costs 1037.57 1384.38 1576.80 1614.61 1623.52 1633.27 1643.95 1655.64 1668.45

Contribution 350.60 322.09 370.78 351.87 347.41 342.54 337.20 331.35 324.95
Fixed and Semi Variable
Expenses 55.62 62.67 69.68 74.03 78.82 84.09 89.49 95.87 102.89

Total Expenditure 1443.78 1769.13 2017.25 2040.51 2049.76 2059.91 2070.64 2082.87 2096.28

PBDIT 294.98 259.42 301.10 277.84 268.59 258.44 247.71 235.48 222.07

PBT 181.55 148.96 196.03 181.42 180.86 179.40 177.35 173.80 169.04

PAT 137.58 112.00 139.58 126.96 124.06 120.93 117.71 113.79 109.29

Cumulative Cash Accruals 168.33 311.47 482.20 640.31 795.51 947.58 1096.04 1240.57 1380.61

Cash Surplus 237.82 207.53 227.59 206.26 194.60 182.71 170.35 157.66 757.94

Tangible Net Worth 314.65 427.04 567.02 694.39 818.85 940.17 1057.89 1171.67 1280.97

Term Liabilities 50.00 68.00 68.67 68.67 68.67 68.67 68.67 68.67 0.00

Current Liabilities 266.66 320.24 356.53 356.98 357.47 358.00 358.59 359.23 291.27

Total Outside Liabilities 316.66 388.24 425.19 425.64 426.13 426.66 427.25 427.89 291.27

Net Fixed Assets 661.82 631.07 600.33 569.58 538.84 508.09 477.34 446.60 415.85

Current Assets 354.49 455.21 538.56 583.45 630.48 684.41 734.80 776.30 813.38

2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-

Key Financial Ratios 17 18 19 20 21 22 23 24 25

Contribution (%) 20.16% 15.88% 15.99% 15.18% 14.99% 14.78% 14.54% 14.29% 14.02%

PBDIT (%) 16.96% 12.79% 12.99% 11.98% 11.59% 11.15% 10.68% 10.16% 9.58%

Interest % Sales 4.76% 3.93% 3.21% 2.83% 2.46% 2.08% 1.71% 1.33% 0.96%

PBT (%) Sales 10.44% 7.34% 8.46% 7.83% 7.80% 7.74% 7.65% 7.50% 7.29%

PAT (%) Sales 7.91% 5.52% 6.02% 5.48% 5.35% 5.22% 5.08% 4.91% 4.71%
Sales/ Total Assets
(Times) 1.64 1.75 1.83 1.75 1.68 1.62 1.56 1.51 1.47

Current Ratio 1.33 1.34 1.41 1.51 1.60 1.69 1.80 1.90 2.46

TOL/TNW 1.01 0.91 0.75 0.61 0.52 0.45 0.40 0.37 0.23

Debt Equity Ratio 1.52 0.96 0.60 0.40 0.25 0.15 0.06 0.00 0.00
B.E.P @ Installed
Capacity 27.71% 36.01% 35.61% 36.59% 36.13% 35.82% 35.59% 35.66% 35.96%
B.E.P @ Operating
Capacity 46.19% 51.44% 44.52% 45.74% 45.16% 44.78% 44.49% 44.57% 44.95%
Return on Capital
Employed 37.03% 30.86% 33.03% 28.65% 26.20% 23.99% 21.99% 20.10% 17.34%

Gross DSCR 2.66 1.81 1.82 1.77 1.80 1.84 1.88 1.93 1.98

Average Gross DSCR 1.92

Net DSCR 8.42 2.86 2.51 2.30 2.26 2.21 2.16 2.10 2.04

Average Net DSCR 2.51

IRR (%) 28.06%

Avg Security Margin 53.25%