Particulars 0 1 2

Increase in CapEx 12,500,000

WC Requirement 3,000,000 3,600,000 3,780,000
Incease in WC 600,000 180,000

Sales Volume 100,000 100,000

Sales Price 300 315
Sales 30,000,000 31,500,000
Depreciation 625,000 593,750
Operating Profit 2,375,000 2,556,250
Tax 855,000 920,250
Net Profit 1,520,000 1,636,000
Terminal Value
CFAT 2,145,000 2,229,750

FCF (15,500,000) 1,545,000 2,049,750

Discounting Factor @ 15% 1.000 0.870 0.756

PV FCF (15,500,000) 1,343,478 1,549,905

NPV (1,552,309)

Average Income 2,093,945

Average Investment 9,992,106
ARR 20.96 If only opening and closing balance is averaged (Value is C30 c
21.41 If average of each year opening & closing average is used (Row
16.75 If total capital investment is used

Depreciation
Op Bal 12,500,000 11,875,000
Depreciation 625,000 593,750
Cl Bal 11,875,000 11,281,250
Average 12,187,500 11,578,125
Average Invesment 9,780,787

Salvage Value
Net Profit/(Loss)
Tax Saved/(Paid)
Net Proceeds
 3 4 5 6 7 8

3,969,000 4,167,450 4,375,823 4,594,614 4,824,344 5,065,562

189,000 198,450 208,373 218,791 229,731 241,217

100,000 100,000 100,000 100,000 100,000 100,000

331 347 365 383 402 422
33,075,000 34,728,750 36,465,188 38,288,447 40,202,869 42,213,013
564,063 535,859 509,066 483,613 459,432 436,461
2,743,438 2,937,016 3,137,452 3,345,232 3,560,854 3,784,840
987,638 1,057,326 1,129,483 1,204,283 1,281,908 1,362,543
1,755,800 1,879,690 2,007,970 2,140,948 2,278,947 2,422,298

2,319,863 2,415,549 2,517,036 2,624,561 2,738,379 2,858,759

2,130,863 2,217,099 2,308,663 2,405,770 2,508,649 2,617,541

0.658 0.572 0.497 0.432 0.376 0.327

1,401,077 1,267,634 1,147,814 1,040,081 943,094 855,679

ing balance is averaged (Value is C30 cell)

opening & closing average is used (Row 41)

11,281,250 10,717,188 10,181,328 9,672,262 9,188,649 8,729,216

564,063 535,859 509,066 483,613 459,432 436,461
10,717,188 10,181,328 9,672,262 9,188,649 8,729,216 8,292,755
10,999,219 10,449,258 9,926,795 9,430,455 8,958,932 8,510,986
 9 10

5,318,840 5,584,782
253,278 265,942

100,000 100,000
443 465
44,323,663 46,539,846
414,638 393,906
4,017,729 4,260,079
1,446,382 1,533,628
2,571,346 2,726,450
11,799,098
2,985,984 14,919,454

2,732,706 14,653,512
0.284 0.247

776,806 3,622,124

8,292,755 7,878,118
414,638 393,906
7,878,118 7,484,212
8,085,437 7,681,165

5,500,000
(1,984,212)
 (714,316)
6,214,316
Particulars 0 1 2

Increase in CapEx 30,000,000

WC Requirement 3,000,000 3,600,000 3,780,000

Capacity 100,000 100,000

Capacity Utilization 0.60 0.60
Sales Price 400 420
Sales 24,000,000 25,200,000
Variable Cost 7,200,000 7,560,000
Fixed Cost 5,000,000 5,000,000
Depreciation 1,500,000 1,425,000
Operating Profit 10,300,000 11,215,000
Tax 3,090,000 3,364,500
Net Profit 7,210,000 7,850,500
Terminal Value
CFAT - 8,710,000 9,275,500

FCF (33,000,000) 8,110,000 9,095,500

1.000 0.870 0.756
NPV (33,000,000) 7,052,174 6,877,505
27,118,197

Average Income 13,342,041

Average Investment 29,334,422
ARR 45.48 If only opening and closing balance is averaged (Value is C2
41.90 If average of each year opening & closing average is used (R
29.65 If total capital investment is used

Depreciation
Op Bal 30,000,000 28,500,000
Depreciation 1,500,000 1,425,000
Cl Bal 28,500,000 27,075,000
Average 29,250,000 27,787,500
Average Investment 31,845,755

Salvage Value
Net Profit/(Loss)
Tax Saved/(Paid)
Net Proceeds
 3 4 5 6 7 8

10,000,000 5,000,000
3,969,000 5,556,600 5,834,430 6,126,152 6,432,459 8,442,603

100,000 100,000 100,000 100,000 100,000 100,000

0.60 0.80 0.80 0.80 0.80 1.00
441 463 486 511 536 563
26,460,000 37,044,000 38,896,200 40,841,010 42,883,061 56,284,017
7,938,000 11,113,200 11,668,860 12,252,303 12,864,918 16,885,205
5,000,000 8,500,000 8,500,000 8,500,000 8,500,000 11,000,000
1,853,750 1,761,063 1,673,009 1,589,359 1,759,891 1,671,896
11,668,250 15,669,738 17,054,331 18,499,348 19,758,251 26,726,915
3,500,475 4,700,921 5,116,299 5,549,804 5,927,475 8,018,075
8,167,775 10,968,816 11,938,031 12,949,544 13,830,776 18,708,841

10,021,525 12,729,879 13,611,041 14,538,903 15,590,667 20,380,737

(167,475) 11,142,279 13,333,211 14,247,181 10,284,359 18,370,594

0.658 0.572 0.497 0.432 0.376 0.327
(110,118) 6,370,634 6,628,962 6,159,450 3,866,272 6,005,380

ing balance is averaged (Value is C29 cell)

opening & closing average is used (Row 39)

37,075,000 35,221,250 33,460,188 31,787,178 35,197,819 33,437,928

1,853,750 1,761,063 1,673,009 1,589,359 1,759,891 1,671,896
35,221,250 33,460,188 31,787,178 30,197,819 33,437,928 31,766,032
36,148,125 34,340,719 32,623,683 30,992,499 34,317,874 32,601,980
 9 10

8,864,733 9,307,969

100,000 100,000
1.00 1.00
591 621
59,098,218 62,053,129
17,729,465 18,615,939
11,000,000 11,000,000
1,588,302 1,508,887
28,780,451 30,928,304
8,634,135 9,278,491
20,146,316 21,649,812
22,633,622
21,734,617 45,792,321

21,312,487 45,349,085
0.284 0.247
6,058,339 11,209,600

31,766,032 30,177,730
1,588,302 1,508,887
30,177,730 28,668,844
30,971,881 29,423,287

6,750,000
(21,918,844)
(6,575,653)
13,325,653
Particulars 0 1 2
Increase in CapEx 50,000,000
Installation Charges 10,000,000
WC Requirement 12,500,000 24,000,000 24,000,000

Capacity 20,000 20,000

Capacity Utilization 0.40 0.40
Sales Price 12,000 12,000
Sales 96,000,000 96,000,000
Variable Cost 62,400,000 62,400,000
Fixed Cost 30,000,000 30,000,000
Promotional Expenditure 12,000,000
Depreciation 15,000,000 11,250,000
Operating Profit (23,400,000) (7,650,000)
Tax (8,190,000) (2,677,500)
Net Profit (15,210,000) (4,972,500)
Terminal Value
CFAT - (210,000) 6,277,500

FCF (72,500,000) (11,710,000) 6,277,500

1.000 0.870 0.756
NPV (72,500,000) (10,182,609) 4,746,692
(3,723,778)

Average Income 13,947,982

Average Investment 34,004,517
ARR 41.02 If only opening and closing balance is averaged (Value is C3
53.66 If average of each year opening & closing average is used (R
23.25 If total capital investment is used

Depreciation
Op Bal 60,000,000 45,000,000
Depreciation 15,000,000 11,250,000
Cl Bal 45,000,000 33,750,000
Average 52,500,000 39,375,000
Average Investment 25,995,483

Salvage Value
Net Profit/(Loss)
Tax Saved/(Paid)
Net Proceeds
 3 4 5 6 7

30,000,000 45,000,000 60,000,000 60,000,000 60,000,000

20,000 20,000 20,000 20,000 20,000

0.50 0.75 1.00 1.00 1.00
12,000 12,000 12,000 12,000 12,000
120,000,000 180,000,000 240,000,000 240,000,000 240,000,000
78,000,000 117,000,000 156,000,000 156,000,000 156,000,000
30,000,000 30,000,000 30,000,000 30,000,000 30,000,000

8,437,500 6,328,125 4,746,094 3,559,570 2,669,678

3,562,500 26,671,875 49,253,906 50,440,430 51,330,322
1,246,875 9,335,156 17,238,867 17,654,150 17,965,613
2,315,625 17,336,719 32,015,039 32,786,279 33,364,709
69,303,162
10,753,125 23,664,844 36,761,133 36,345,850 105,337,549

4,753,125 8,664,844 21,761,133 36,345,850 105,337,549

0.658 0.572 0.497 0.432 0.376
3,125,257 4,954,153 10,819,129 15,713,314 39,600,286

ing balance is averaged (Value is C30 cell)

opening & closing average is used (Row 42)

33,750,000 25,312,500 18,984,375 14,238,281 10,678,711

8,437,500 6,328,125 4,746,094 3,559,570 2,669,678
25,312,500 18,984,375 14,238,281 10,678,711 8,009,033
29,531,250 22,148,438 16,611,328 12,458,496 9,343,872

10,000,000
1,990,967
 696,838
9,303,162