projects estimates

8/8/2019 Projects Estimates

http://slidepdf.com/reader/full/projects-estimates 1/99

SWAN SWEETS PRIVATE LIMITED

COSTS OF PROJECT

Existing New Proposal T

Sr. No. Description Amount (Rs.) ncurred Cost roposed Cost Amou

1 Plant and Machinery 26,584,901 575,000 7,241,219 3

2 Other Fixed Assets & Investment 6,846,846 - -

3 Working Capital Requirement 9,611,624 - -

TOTAL 43,043,370 7,241,219 50

MEANS OF FINANCE

Existing New Proposal T

Sr. No. Description Amount (Rs.) Amount (Rs.) Amount (Rs.) Amou

1 Owner's Capital 29,445,242 575,000 1,769,866 3

2 Finance from unsecured borrowing from relati 5,313,886 - -

3 Finance from Bank 8,284,245 5,471,353 1

TOTAL 43,043,373 575,000 7,241,219 50



-




STATEMENT SHOWING COST OF PRODUCTION AND FORECAST THEREOF

Particulars Annual Period Annual Period Annual Period Annual Period Annua

2008 2009 2010 2011 20

(Actual) (Actual) (Actual) (Projected) (Proj

Total Sales 66,277,646.00 ### 146,553,454.36 161,208,799.80 177,329

Gross Profit 15,187,080.50 14,650,064.33 30,555,608.88 30,629,671.96 32,98

G P as a % of sales 22.91% 18.53% 20.85% 19.00% 18.

Cost of Goods Sold 48,532,863.00 61,336,436.96 111,370,408.96 125,370,008.46 138,58

Other operating expenses (incl. dep) 2,557,702.50 3,054,266.71 4,627,436.52 5,209,119.38 5,7

Total Factory Costs 51,090,565.50 64,390,703.67 115,997,845.48 130,579,127.83 144

100.00% 100.00% 100.00% 100.00%

Costs of Goods Sold 48,532,863.00 61,336,436.96 111,370,408.96 125,370,008.46 138,58

Less: Opening stock of finished, wip 2,572,075.00 1,604,562.00 1,574,423.00 1,663,354.87 1,914

Add: Closing stock of finished, wip 1,604,562.00 1,574,423.00 1,663,354.87 1,914,155.49 2,040,

47,565,350.00 61,306,297.96 111,459,340.83 125,620,809.07 138,714

RM Consumption 39,367,119.00 52,311,312.39 95,105,798.11 107,189,466.74 118,36

Direct labour 3,971,870.50 3,588,133.00 6,419,800.14 7,235,467.94 7,989,

Power and Fuel 3,157,661.00 4,753,618.85 5,179,323.87 5,837,382.94 6,445

Other manufacuring cost 1,068,699.50 653,233.72 4,754,418.70 5,358,491.45 5,917

47,565,350.00 ### 111,459,340.83 125,620,809.07 138,714

Costs of goods sold 51,090,566 64,390,704 115,997,845 130,579,128 144,3

Average stock of finished goods; 2,088,318.50 1,589,492.50 1,618,888.93 1,788,755.18 1,977

Finished goods turnover ratio 24.46 40.51 71.65 73.00 73

Finished goods holding period 14.92 9.01 5.09 5.00 5



RAW MATERIALS'

Opening stock 6,845,539.00 7,916,172.00 7,827,481.00 8,254,940.13 3,491

Closing stock 7,916,172.00 7,827,481.00 8,254,940.13 3,491,850.74 9,479

14,761,711.00 15,743,653.00 16,082,421.13 11,746,790.88 12,971

Average stock of raw materials 7,380,855.50 7,871,826.50 8,041,210.57 5,873,395.44 6,485,

RM Turnover ratio 5.33 6.65 11.83 18.25 18

RM Holding period 68.43 54.93 30.86 20.00 20

Total Inventories 9,520,734.00 9,401,904.00 9,918,295.00 5,406,006.23 11,




Particulars Year Year Year Year Year

2008 2009 2010 2011 2012

Total Sales

Debtors Turnover 3.44 4.33 8.65 8.11

Sales 662.78 790.41 1465.53 1370.27 16

Average Debtors 192.94 182.64 169.44 168.94 2

Credit period allowed (DAYS) 106.26 84.34 42.20 45.00

Closing Balance of Debtors 132.41 100.46 137.96 199.91 2

SUNDRY CREDITORS PURCHASES

PURCHASES 40,437,752.00 50,918,252.48 ### ###

AVERAGE CREDITORS 14,898,816.00 12,089,829.50 14,401,090.92 12,627,909.54 10,220,50

CREDITORS TURNOVER RATIO 2.71 4.21 6.96 8.11 1

CREDIT PERIOD AVAILED IN TERMS OF DAYS 134.48 86.66 52.41 45.00 3

AVERAGE CREDITORS FOR PURCHASES 14,898,816.00 12,089,829.50 14,401,090.92 12,627,909.54 10,220,50

OPENING + CLOSING CREDITORS 29,797,632.00 24,179,659.00 28,802,181.83 25,255,819.07 20,441,00

LESS: OPENING CREDITORS 16,754,080.00 13,043,552.00 11,136,107.00 17,666,074.83 7,589,74

CLOSING SUNDRY CREDITORS FOR TRADE 13,043,552.00 11,136,107.00 17,666,074.83 7,589,744.24 12,851,25

Consumption of RM 39,367,119.00 52,311,312.39 95,105,798.11 ###

Add: Closing stock of RM 7,916,172.00 7,827,481.00 8,254,940.13 3,491,850.74 9,479,32

Less: Opening stock of RM 6,845,539.00 7,902,283.00 7,827,481.00 8,254,940.13 3,491,850

Purchases ### ### ### ### ###



ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

Sr. Particulers Year Year Year Year Year Year

No. 2008 2009 2010 2011 2012 2013

I CURRENT ASSETS

1 Raw materials including stores, packing 79.16 78.27 82.55 34.92 94.79 47.11

2 Finished Goods including WIP ( months) 16.05 15.74 16.63 19.14 20.41 22.83

3 Receivables 132.41 100.46 137.96 199.91 215.48 265.50

4 Advances 17.69 8.93 57.24 57.00 75.00 57.00

5 Other current assets due within 12 Months 32.70 15.82 47.67 30.00 42.55 37.20

6 Cash and Bank Balances 11.99 48.78 3.54 6.37 7.60 7.78

TOTAL CURRENT ASSETS (I) 289.99 268.01 345.60 347.34 455.82 437.42

II CURRENT LIABILITIES

1 Creditors for purchases of raw materials

and stores/spare/consumables 130.44 111.36 176.66 75.90 128.51 76.51

2 Advances from customers 3.58 4.21 - 10.00 - 5.00

3 Instalments on term loans due within 12 M 4.24 6.07 7.16 14.61 10.53 11.75

4 Income tax payable 6.97 0.85 33.66 24.89 25.67 32.25

5 Other Statutory Liabilities 7.80 7.48 (0.77) 8.00 6.00 7.00

6 Other Current Liabilities & Provisions 28.39 26.73 56.13 40.00 45.00 50.00

TOTAL CURRENT LIABILITIES (II) 181.41 156.69 272.84 173.40 215.71 182.50

III Working capital gap (I-II) 108.58 111.32 72.77 173.94 240.11 254.92

IV Margin For Working Capital 65.88 46.00 2.25 73.94 140.11 154.92

V Bank Borrowings 42.70 65.31 70.51 100.00 100.00 100.00



46.74 39.27 89.02 82.89 76.67 94.25



Financial Analysis & ForecastingPrepared by Sumit Kumar Jain CA,CS,B.co

Purpose of Spreadsheet: Revised: 11/22/2002 active

To illustrate concepts related to financial analysis and forecasting.

The financial analysis uses a combination of ratios and industry averages to

evaluate the financial performance of the company. Trend line graphs are alsogenerated, comparing the company's performance with the industry averages.

Finally, the historical information is used to prepare a set of pro forma

financial statements using both linear and non-linear functions.

Required Inputs:

You will need to collect financial statements for several reporting periods. If you

want to benchmark the performance against the industry, then you will also need

to collect industry averages. The spreadsheet is setup to capture five reporting

periods (annual, quarterly, monthly). All input fields are highlighted in yellow.

For best results, SEC Filings are suggested since these reports provide more

detail than published financial statements.

Note: A small red triangle in the upper right corner of a cell indicates that a comment has

been inserted. Point your mouse over the cell and the comment will appear.

If a cell appears in red, this indicates a warning concerning a calculation.

Worksheets:

This spreadsheet consists of the following worksheets, divided into three sections:

A) Input Worksheets for financial analysis using historical data:

Worksheet Title Purpose

2 Enter general information here - used on sever

3 Enter comparative balances sheets for up to fiv

4 Enter comparative income statements for up to

5 Enter comparative cash flow statements for up

Caution: If you enter less than five years of historical information, certain wor

formulas may have to be revised.

B) Output Worksheets for evaluating financial performance:

6 Calculates key financial information for further

7 Calculates a series of ratios for further analysis8 Compare ratio analysis to industry averages.

9 Horizontal analysis with corresponding trend lin

10 Common size financials in percentages and gr

C) Pro Forma / Forecasted Financials for Budgeting:

11 Set of pro forma financials using simple assum

Wksh3

Wksh5

Wksh7

Wksh9

Wksh11

Wksh13

Wksh15

General Input

Balance Sheet

Income Statement

Cash Flow Statement

Key Financial Data

Ratio AnalysisBenchmark Analysis

Horizontal Analysis

Vertical Analysis

Pro Forma - Simple

http://opt/scribd/conversion/tmp/scratch2422/


























12 Set of pro forma financials using linear trending

13 Set of pro forma financials using exponential s

14 Example of Scenario Analysis and Goal Seek

15 Preliminary budget analysis

16 Set of budgets per various assumptions and fo

Note: Some additional worksheets (Answer Reports 1 & 2) may appear in the spreadsheet due to the running of Solver.

Macros:

No macros have been used in this spreadsheet to give everyone some assurance that no viruses

are contained in the spreadsheet. However, you are free to add your own macros to save time.

Tools > Macro > Record New Macro

Excel Functions:

This spreadsheet uses certain financial functions (such as =TREND) which might not be

found in your version of Microsoft Excel. To take full advantage of financial and statistical

functions, you should install the Add On package titled: Analysis TookPak. Go to the maintool bar, select Tools => Add-Ins => check the Analysis TookPak option, insert your

Excel CD and install the Analysis ToolPak. Also, you might want to install the Solver

Add-in since this is useful for solving special forecasting issues (such as finding the

optimal exponential factor).

Compatibility:

This spreadsheet was created with Microsoft Excel 2000. Older versions of Excel (such as 97)

may not be compatible with this spreadsheet.

Corrections:

With any “attempt” to build an Excel Model, I can easily make some mistakes.So if you have suggestions to make the model better, drop me an email

and I’ll be glad to improve the financial model. My email address is:

Pro Forma - Regression

Pro Forma - Exponential

Scenario Analysis

Budget Analysis

Final Budgets

[email protected]


mailto:[email protected]

mailto:[email protected]




(Hons.)

l worksheets.

e periods.

five periods.

to five periods.

sheet

nalysis.

.

es.

phs.

tions

Wksh2

Wksh4

Wksh6

Wksh8

Wksh10

Wksh12

Wksh14

Wksh16







oothing

nalysis

ecasts.



General Input PanelThe following general information should be entered:

Note: Sample data has been entered in the input cells to help you get started.

2-1 Name of Company => Swan Sweets Pvt. Ltd.

2-2 Reporting Periods => Annual (Annual, Semi-annual, Quarterly or Monthly)

2-3 Number of Days in Reporting Period are 365

What reporting periods will be entered?

2-4 Most Current Period 2015 (1999, July 1998, 6/30/97, etc.)

2-5 Previous Period 2014 (1999, July 1998, 6/30/97, etc.)

2-6 2nd Previous Period 2013 (1999, July 1998, 6/30/97, etc.)2-7 3rd Previous Period 2012 (1999, July 1998, 6/30/97, etc.)

2-8 4th Previous Period 2011



2-11 7th Previous Period 2008 (1999, July 1998, 6/30/97, etc.)

2-9 Number of historical periods to be analyzed 8

How are the amounts expressed in the financial statements?

(such as: in millions of dollars, thousands of Canadian dollars, etc.)

2-10 Lakhs of Rupees

Home

Wksh3

Wksh5

Wksh7

Wksh9

Wksh11

Wksh13

Wksh15













active

Wksh4

Wksh6

Wksh8

Wksh10

Wksh12

Wksh14

Wksh16







Balance Sheet for

Swan Sweets Pvt. Ltd.

Annual Annual Annual Annual Annual Annual Period Period Period Period Period Period

Description 2008 2009 2010 2011 2012 2013 (Actual) (Actual) (Actual) (Projected) (Projected) (Projected)

Cas an Cas Equiva ents 11.99 48.78 3.54 6.37 7.60 7.78 S ort Term Mar eta e Securities - - - - - - Accounts Receiva e 132.41 100.46 137.96 199.91 215.48 265.50 Inventory 95.07 93.88 99.18 54.06 115.20 69.94 Other Current Assets 50.39 24.75 104.91 87.00 117.55 94.20

Total Current Assets 289.85 267.87 345.60 347.34 455.82 437.42

Fixed Assets 328.13 360.76 459.65 537.82 537.82 537.82 Accumulated Depreciation (111.06) (129.85) (128.66) (149.02) (168.30) (187.74) Net Fixed Assets 217.07 230.91 330.99 388.79 369.52 350.08 Longterm Investments 1.58 2.18 3.33 3.33 3.33 3.33 Investments in Other Companies - - - - - - Intangibles and Other Assets 6.27 6.27 - - - - Tota Non Current Assets 224.92 239.35 334.32 392.12 372.84 353.40 Tota Assets 514.77 507.22 679.92 739.46 828.66 790.82

Accounts Paya e 130.44 111.36 176.66 75.90 128.51 76.51 Short Term Borrowings 42.70 65.31 70.51 100.00 100.00 100.00 Short Term Portion of LT Debt 4.24 6.07 7.16 14.61 10.53 11.75 Other Current Liabilities 46.74 39.27 89.02 82.89 76.67 94.25 Total Current Liabilities 224.11 222.00 343.35 273.40 315.71 282.50

Longterm Debt / Borrowings 15.03 12.33 5.17 38.89 28.36 16.61 Other Longterm Liabilities 75.32 81.63 64.86 80.00 80.00 15.00 Total Non Current Liabilities 90.35 93.96 70.03 118.89 108.36 31.61 Total Liabilities 314.46 315.97 413.38 392.28 424.07 314.11

Preferred Equity - - - - - - Common Equity 100.00 100.00 100.00 125.00 125.00 125.00 A itiona Pai in Capita - - - - - - Retained Earnings 100.31 91.26 166.54 222.21 279.62 351.74 Adj for Foreign Currency Transl - - - - - - Treasury Stock - - - - - Total Shareholder Equity 200.31 191.26 266.54 347.21 404.62 476.74



Balance Sheet for



Description 2008 2009 2010 2011 2012 2013 (Actual) (Actual) (Actual) (Projected) (Projected) (Projected)

Tota L a t es & Equ ty 514.77 507.22 679.92 739.49 828.69 790.85

NonDepreciable Fixed Assets - - - - - - Deferred Taxes 10.52 11.72 11.72 11.72 11.72 11.72

Goodwill Write Off - - - - - - No of Common Shares o/s 10.00 10.00 10.00 12.50 12.50 12.50 Par Value of Common Stock 10.00 10.00 10.00 10.00 10.00 10.00 No of Preferred Shares o/s - - - - - - Par Value of Preferred Stock - - - - - - Market Price of Common Stock - - - - - - Market Price of Preferred Stock - - - - - - Preferred Dividends in Arrears - - - - - - Liqui ating va ue o Pre erre St - - - - - - Boo Va ue per S are 20.03 19.13 26.65 27.78 32.37 38.14 Divi en s per Common S are - - - - - - Divi en Payout Ratio - - - - - - Cash Dividends to Preferred Stock - - - - - - Cash Dividends to Common Stock - - - - - - Total Dividends Paid - - - - -



Income Statement for


Annual Annual Annual Annual Annual Period Period Period Period Period

Description 2008 2009 2010 2011 2012 Net Sales 662.78 790.41 1,465.53 1,612.09 1,773.30 Ot er Operating Revenues 3.77 3.54 1.55 2.00 2.00 Total Revenues 666.55 793.95 1,467.08 1,614.09 1,775.30 Cost of Goods Sold (485.33) (613.36) (1,113.70) (1,253.70) (1,385.88)Other Operating Expenses (25.58) (30.54) (46.27) (52.09) (57.58)Total Direct Expenses (510.91) (643.91) (1,159.98) (1,305.79) (1,443.46)Selling, General & Administrative (92.18) (143.72) (190.61) (209.67) (230.63)

Operat ng Income 63.46 6.32 116.50 98.63 101.20

Interest Expenses (16.87) (13.32) (7.55) (18.07) (18.11)Foreign Exchange (Loss) Gain - - - - - Associated Company (Loss) Gain - - - - - Other NonOperating (Loss) Gain 6.26 - - - - Income Tax Expense (5.79) (2.05) (33.66) (24.89) (25.67)Reserve C arges - - - - - Income Before Extra Ord Items 47.06 (9.05) 75.28 55.67 57.41

Extra Ordinary Items (Loss) Gain - - - - - Tax Effects of Extraordinary Items - - - - Minority Interests - - - - - Net Income 47.06 (9.05) 75.28 55.67 57.41

Primary EPS 4.71 (0.91) 7.53 4.45 4.59

Earnings Before Int & Taxes 69.72 6.32 116.50 98.63 101.20 Depreciation & Amortization (15.46) (18.79) (25.54) (20.36) (19.27)Research & Devel Expenses - - - - - Capitalized Interest Expense - - - - - Interest Income 1.42 0.42 0.88 0.88 0.88 Tota Non Operating Expenses 16.40 15.38 41.22 42.96 43.78 Total Extra Ordinary Items - - - - Tax Rate 0.12 - 0.31 0.31

NET PROFIT AFTER TAX 47.06 (9.05) 75.28 55.67 57.41 DEPRECIATION 15.46 18.79 25.54 20.36 19.27

CASH ACCRUALS 62.52 9.74 100.83 76.03 76.69

INTEREST 16.87 13.32 7.55 18.07 18.11

INSTALLMENTS 4.24 6.07 7.16 14.61 10.53

DEBT SERVICE COVERAGE RATIO 3.76 1.19 7.37 2.88 3.31

AVERAGE DSCR 4.60



Cash Flow Statement for



Description 2008 2009 2010 2011 2012 2013

Net Income 47.06 9.05 75.28 55.67 57.41 72.12 Depreciation an Amortization 15.46 18.79 25.54 20.36 19.27 19.44 Increase Decrease De er Taxes 0.36 1.20 - - - - Gain Loss on Sa e o Assets 6.26 - - - - -

(Increase) Decrease Current Assets (31.33) 58.77 (122.97) 1.09 (107.25) 18.59 Increase (Decrease) Current Liab (25.46) (2.10) 121.35 (69.95) 42.32 (33.21)

Cash Flow from Operations (0.88) 65.21 99.20 7.16 11.75 76.93

Capital Expenditures (30.78) (32.63) (119.36) (78.16) - - Acquisition in Other Co's -Proceeds from Sales of Assets - -Purchases of Investments - (0.60) (1.15) - - - Sale of Investments -Other Investment Activities -Cash Provided (Used) from Inve (30.78) (33.23) (120.51) (78.16) - -

Procee s rom Borrowings - - - 33.71 - - Payments on Borrowings 4.24 2.70 7.16 - 10.53 11.75 Dividends Paid to Shareholders -Proceeds from Minority Interest -Issue Stock / Exercise Options - 25.00Purchase / Retire Common Stock -

Other Financing Activities 15.31 7.52 (16.77) 15.14 - (65.00) Cash Provided (Used) from Fina 11.08 4.81 (23.93) 73.85 (10.53) (76.75)

Increase (Decrease) to Cash (20.58) 36.79 (45.23) 2.86 1.23 0.18

Beginning Cash Balance 32.57 11.99 48.78 3.54 6.37 7.60 Ending Cash Balance 11.99 48.78 3.55 6.40 7.60 7.78



Key Financial Data for


Lakhs of Rupees

Annual Annual Annual Annual Annual A

Period Period Period Period Period Peri

Description 2008 2009 2010 2011 2012 201

EBITDA :

Income before ExtraOrd Items 47.06 (9.05) 75.28 55.67 57.41

Interest Expense 16.87 13.32 7.55 18.07 18.11

Capitalized Interest Expense - - - - -

Income Tax Expense 5.79 2.05 33.66 24.89 25.67

Reserve Charges - - - - -

Depreciation and Amortization 15.46 18.79 25.54 20.36 19.27 EBITDA 85.18 25.12 142.04 118.99 120.47 14

EBITDA Margin 0.13 0.03 0.10 0.07 0.07

Free Cash Flow:

Operating Cash Flow (0.88) 65.21 99.20 7.16 11.75

Investment Cash Flows (30.78) (33.23) (120.51) (78.16) -

Preferred Dividends Paid (fixed) - - - - -

Redemption of Fixed Obligations (4.24) (2.70) (7.16) - (10.53) (

Other Critical Outlays

Free Cash Flow (35.89) 29.27 (28.46) (71.00) 1.23 6

Working Capital:

Current Assets 289.85 267.87 345.60 347.34 455.82 4

Current Liabilities 224.11 222.00 343.35 273.40 315.71 2

Working Capital 65.74 45.87 2.25 73.94 140.11 15

Liquid Capital:

Cash and Cash Equivalents 11.99 48.78 3.54 6.37 7.60

Marketable Securities - - - - -

Accounts Receivable 132.41 100.46 137.96 199.91 215.48 2

Notes Receivable - - - - -

Total Current Liabilities (224.11) (222.00) (343.35) (273.40) (315.71) (28

Long Term Debt (15.03) (12.33) (5.17) (38.89) (28.36) (

Preferred Equity - - - - -

Liquid Capital (94.75) (85.09) (207.01) (106.00) (121.00) (2



Ratio Analysis for


Annual Annual Annual Annual Annual AnPeriod Period Period Period Period Period

Title of Ratio 2008 2009 2010 2011 2012 2013

Acid Test Ratio 0.64 0.67 0.41 0.75 0.71

Current Ratio 1.29 1.21 1.01 1.27 1.44 1

Operating Cash Flow to Net Inc (0.02) (7.20) 1.32 0.13 0.20 1

Liquidity Index:Cash - Days Removed - - - - - Cash Balance 11.99 48.78 3.54 6.37 7.60 Cash Balance Total - - - - - Marketable Sec - Days Removed - - - - - Marketable Securities Balance - - - - - Marketable Securities Total - - - - - Receivables - Days Removed 71.36 53.77 29.69 45.00 45.00 4Receivable Balance 132.41 100.46 137.96 199.91 215.48 26Receivable Balance Total 9,448.19 5,401.41 4,096.19 8,996.05 9,696.44 11,94Inventory - Days Removed 71.11 56.22 31.64 22.31 22.29 2Inventory Balance 95.07 93.88 99.18 54.06 115.20 6Inventory Balance Total 6,760.32 5,277.90 3,137.83 1,205.94 2,567.65 1,55Other - Days Removed 22.00 22.00 22.00 22.00 22.00 2Other Current Assets Balance 50.39 24.75 104.91 87.00 117.55 9

Other Current Assets Total 1,108.58 544.52 2,308.09 1,914.00 2,586.10 2,07Liquidity Index (Days) 59.74 41.90 27.61 34.88 32.58 35

Z Score:1.2 x (working capital / total assets) 0.15 0.11 0.00 0.12 0.20 1.4 x (retained earn / total assets) 0.27 0.25 0.34 0.42 0.47 3.3 x (EBIT / total assets) 0.45 0.04 0.57 0.44 0.40 .6 x (market value equity / b.v. debt 0.00 0.00 0.00 0.00 0.00 .999 x (sales / total assets) 1.29 1.56 2.15 2.18 2.14 Z Score 2.16 1.96 3.07 3.16 3.22 3

Receivable Turnover:Credit Sales 663 790 1,466 1,370 1,685 1Average Receivable Balance 130 116 119 169 208

Receivable Turnover 5.1 6.8 12.3 8.1 8.1



Ratio Analysis for


Annua Annua Annua Annua Annua AnPer o Per o Per o Per o Per o Per o

Title of Ratio 2008 2009 2010 2011 2012 2013

Days Required to Collect A/R 71 54 30 45 45

Inventory Turnover:Average Inventory Ba ance 94.55 94.47 96.53 76.62 84.63 9Inventory Turnover 5.1 6.5 11.5 16.4 16.4 1

Days in Inventory 71 56 32 22 22

Total Asset Turnover 1.3 1.6 2.2 2.2 2.1

Operat ng Assets Rat o 0.98 0.98 1.00 1.00 1.00 1

Gross Profit Margin 27% 22% 24% 22% 22%

Operating Margin 10% 1% 8% 6% 6%

Net Pro t Marg n 7% -1% 5% 3% 3%

Direct Cost to Operating Reven 77% 81% 79% 81% 81%

Capitalization Rate / Asset Return:Net Operating Income 56 6 80 68 70 Total Investments / Operating Asset 507 499 677 736 825 Cap ta zat on Rate / Return 10.96% 1.27% 11.90% 9.26% 8.47% 10.

Return on Shareholder Equity 23% -5% 38% 28% 29%

Debt to Total Assets 0.61 0.62 0.61 0.53 0.51 0

De t to Common Equ ty 1.57 1.65 1.55 1.13 1.05 0

Times Interest Earned 4 0 15 5 6

Price to Earnings (P/E) 0.0 0.0 0.0 0.0 0.0



Ratio Analysis for


Annual Annual Annual Annual Annual AnPeriod Period Period Period Period Period

Title of Ratio 2008 2009 2010 2011 2012 2013Price to Book Value 0.0 0.0 0.0 0.0 0.0



Benchmark Analysis for Swan Sweets Pvt. Ltd.

act ve You nee to co ect enc mar ata on t e respective in ustry or t e su ject company.Enter the benchmark data in the appropriate input cells. This information is used togenerate trend line graphs in this worksheet. If you do not have any benchmark data,then fill in the highlighted yellow cell with numeric zero "0". The "industry" line will be nullin the graph and show only the company specific ratio trend.

Annua Annua Annua Annua Annua Annua Annua APer o Per o Per o Per o Per o Per o Per o Pe

Ref Description 2007 2008 2009 2010 2011 2012 2013 20

8-1 Acid Test Ratio - Industry7-1 Acid Test Ratio - Company 0.64 0.64 0.67 0.41 0.75

8-2 Current Ratio - In ustry7-2 Current Ratio - Company 1.12 1.29 1.21 1.01 1.27

8-3 Receivable Turnover - Industry7-21 Receivable Turnover - Company 3.81 5.12 6.79 12.29 8.11

8-4 Days to Collect A/R - Industry7-22 Days to Collect A/R - Company 96 71 54 30 45

8-5 Inventory Turnover - In ustry7-25 Inventory Turnover - Company #REF! 5.13 6.49 11.54 16.36

8-6 Days in Inventory - Industry

7-26 Days in Inventory - Company #REF! 71 56 32 22

8-7 Asset Turnover - In ustry7-27 Asset Turnover - Company 1.00 1.29 1.56 2.16 2.18

8-8 Gross Profit Margin - Industry7-29 Gross Profit Margin - Company 25.00% 26.77% 22.40% 24.01% 22.23%

8-10 Net Profit Margin - Industry7-31 Net Profit Margin - Company 1.33% 7.06% -1.14% 5.13% 3.45%

8-11 Return on Total Assets - Industry8-12 Return on Total Assets - Company 30.00% 9.44% -1.77% 12.68% 7.84%

8-13 Return on Equity - Industry8-14 Return on Equity - Company 4.22% 23.50% -4.52% 37.58% 27.79%

Home Wksh2Wksh3 Wksh4Wksh5 Wksh6W s 7Wksh9 Wksh10

ksh11Wksh12ksh13Wksh14ksh15Wksh16















8-15 Debt to Equity - Industry7-38 Debt to Equity - Company 215% 157% 165% 155% 113%

8-16 Times Interest Earned - Industry7-39 Times Interest Earned - Company N. A. 4 0 15 5

We added the following two ratios to assess if the Company has excessive growth:4-13 Provision for Taxes 1 (6) (2) (34) (25)8-17 Trading Ratio - Company 1.27 1.12 1.22 1.42 1.218-18 Trading Ratio - Industry

8-19 Net Sales to Net Worth - Company 3.14 3.41 4.18 6.29 5.008-20 Net Sales to Net Worth - Industry

Source for Benchmark Data: Almanac of Business and Industrial Financial Ratios by Leo Troy, Prentice Hall

Graphs appear below for each of the above comparisons:

2007 2008 2009 2010 20110

0.10.2

0.3

0.4

0.5

0.6

0.7

0.8

Acid Ratio Comparison

Acid Test Ratio -Industry

Acid Test Ratio -Company

Periods

Ratio

1

1.2

1.4

Current Ratio Comparison

-



2007 2008 2009 2010 20110

0.2

0.4

0.6

0.8-

Industry

Current Ratio -Company

Periods

Ratio

2007 2008 2009 2010 20110

2

4

6

8

10

12

14

Receivable Turnover Comparison

ReceivableTurnover -Industry

ReceivableTurnover -Company

Periods

TurnoverRate

0

20

40

60

80

100

120

Receivable Collection Comparison

Days to CollectA/R - Industry

Days to CollectA/R - Company

DaystoCo

llectA/R



Periods

2007 2008 2009 2010 20110

2

4

6

8

10

12

14

16

18

Inventory Turnover Comparison

InventoryTurnover -Industry

InventoryTurnover -Company

Periods

TurnoverR

ate

2007 2008 2009 2010 20110

10

20

30

40

50

60

70

80

Inventory Days Comparison

Days in Inventory- Industry

Days in Inventory- Company

Periods

DaysHe

ldinInventory

2.5

Asset Turnover Comparison



2007 2008 2009 2010 20110

0.5

1

1.5

2

Asset Turnover -Industry

Asset Turnover -Company

Periods

TurnoverRate

2007 2008 2009 2010 20110

0.05

0.1

0.15

0.2

0.25

0.3

Gross Profit Margin

Gross ProfitMargin - Industry

Gross ProfitMargin -Company

Periods

GrossProf it

Margin

0

0.02

0.04

0.06

0.08

Net Profit Margin

Net Profit Margin- Industry

Net Profit Margin- Company

tProfitM

argin



2007 2008 2009 2010 2011-0.02

Periods

N

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

-0.05

0

0.05

0.1

0.150.2

0.25

0.3

0.35

Return on Equity Comparison

Return on Total

Assets - IndustryReturn on TotalAssets -Company

Periods

Returnon

Commo

nEquity

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

-0.05

0

0.050.1

0.15

0.2

0.25

0.3

0.35

Return on Total Assets

Return on TotalAssets - Industry

Return on Total

Assets -Company

Periods

Returnon

TotalAssets



2007 2008 2009 2010 20110

0.5

1

1.5

2

2.5

e o qu y ompar son

Debt to Equity -Industry

Debt to Equity -Company

Periods

DebttoEquityRatio

2007 2008 2009 2010 2011

0

2

4

6

8

10

12

14

16

18

Times Interest Earned

Times InterestEarned - Industry

Times InterestEarned -Company

Periods

TimesInterestEarned

1

1.2

1.4

1.6

Trading Ratio Comparison

Trading Ratio -Industry

io



2007 2008 2009 2010 20110

0.2

0.4

0.6

.

Trading Ratio -Company

Periods

Rati

2007 2008 2009 2010 20110

1

2

3

4

5

6

7

Sales to Worth Comparison

Net Sales to NetWorth - Industry

Net Sales to NetWorth - Company

Periods

Ratio



Horizontal Analysis forSwan Sweets Pvt. Ltd.

Horizontal Analysis expresses change between periods as percentages for each account inthe financial statements. The basic formula for horizontal analysis is:% change = (most recent period - previous period) / previous period

Annual Annual Annual Annual Annual AnnuPeriod Period Period Period Period Period

Description 2008 2009 2010 2011 2012 2013

Growth in Net Sales 37.25% 19.26% 85.42% 10.00% 10.00% 10.0

Cost of Goods Sold 34.01% 26.38% 81.57% 12.57% 10.54% 9.3

Growth in Gross Profits 7.09% -16.34% 7.18% -7.40% -1.73% 2.2

Growth in Interest Expense 100.81% -21.02% -43.33% 139.27% 0.24% -7.4Growth in Income Tax Expense -1195.96% -64.49% 1538.51% -26.05% 3.14% 25.6

Growth in Non Operating Expens 108.29% -6.21% 168.01% 4.24% 1.92% 11.9

Growth in Minority Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV

Growth in Net Income 627.49% -119.24% -931.52% -26.05% 3.14% 25.6

Growth in Earnings Per Share 627.49% -119.24% -931.52% -40.84% 3.14% 25.6

Cash and Cash Equivalents -63.19% 306.91% -92.73% 79.70% 19.23% 2.4

Short Term Marketable Securitie #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIVAccounts Receivable 4.47% -24.13% 37.33% 44.90% 7.79% 23.2Inventory 1.10% -1.25% 5.65% -45.49% 113.09% -39.2Other Current Assets 95.64% -50.88% 323.88% -17.07% 35.11% -19.8 Total Current Assets 3.85% -7.58% 29.02% 0.50% 31.23% -4.04

Net Fixed Assets 11.04% 6.37% 43.34% 17.46% -4.96% -5.2Longterm Investments 0.00% 38.10% 52.87% 0.00% 0.00% 0.0Investments in Other Companie #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIVIntangibles and Other Assets 0.00% 0.00% -100.00% #DIV/0! #DIV/0! #DIV Total Non Current Assets 2766.68% 6.42% 39.68% 17.29% -4.92% -5.21

Growth in Total Assets 6.70% -1.47% 34.05% 8.76% 12.06% -4.5

Accounts Payable -22.15% -14.62% 58.64% -57.04% 69.32% -40.4Short Term Borrowings 4.82% 52.95% 7.97% 41.81% 0.00% 0.0



Horizontal Analysis forSwan Sweets Pvt. Ltd.

Horizonta Ana ysis expresses c ange etween perio s as percentages or eac account inthe financial statements. The basic formula for horizontal analysis is:% change = (most recent period - previous period) / previous period

Annual Annual Annual Annual Annual AnnuPeriod Period Period Period Period Period

Description 2008 2009 2010 2011 2012 2013 S ort Term Portion o LT De t 8.56% 43.19% 17.99% 104.08% -27.92% 11.5Other Current Liabilities 25.01% -15.98% 126.70% -6.88% -7.50% 22.9 Total Current Liabilities -10.20% -0.94% 54.66% -20.37% 15.48% -10.5

Longterm Debt / Borrowings -21.99% -17.99% -58.06% 652.04% -27.07% -41.4Other Longterm Liabilities 24.78% 8.39% -20.55% 23.34% 0.00% -81.2 Total Non Current Liabilities 13.46% 4.00% -25.47% 69.76% -8.86% -70.83

Growt in Tota Lia i ities -4.48% 0.48% 30.83% -5.10% 8.10% -25.9



Vertical Analysis forSwan Sweets Pvt. Ltd.

Vertical analysis expresses financial statements as percentages. On the Balance Sheet,active Total Assets is assigned 100% and on the Income Statement, Total Revenues is assigned 100%.

expressed in percentages Annual Annual Annual Annual Annual Period Period Period Period Period

Ref Account Title 2008 2009 2010 2011 2012

B a l a n c e S h e e t

10-1 Cash and Cash Equivalents 2.33% 9.62% 0.69% 1.24% 1.48%10-2 Short Term Marketable Securities 0.00% 0.00% 0.00% 0.00% 0.00%

10-3 Accounts Receivable 25.72% 19.81% 20.29% 27.03%10-4 Inventory 18.47% 18.51% 14.59% 7.31%10-5 Other Current Assets 9.79% 4.88% 15.43% 11.77%10-6 Current Assets 56.31% 52.81% 50.83% 46.97%

10-6 Net Fixed Assets 42.17% 45.52% 48.68% 52.58%10-7 Longterm Investments 0.31% 0.43% 0.49% 0.45%10-8 Investments in Other Companies 0.00% 0.00% 0.00% 0.00%10-9 Intangibles and Other Assets 1.22% 1.24% 0.00% 0.00%10-10 Non Current Assets 43.69% 47.19% 49.17% 53.03%

10-11 Total Assets 100.00% 100.00% 100.00% 100.00%

10-12 Accounts Payable 25.34% 21.95% 25.98% 10.26%10-13 Short Term Borrowings 8.30% 12.88% 10.37% 13.52%10-14 Short Term Portion of LT Debt 0.82% 1.20% 1.05% 1.98%

10-15 Other Current Liabilities 9.08% 7.74% 13.09% 11.21%10-16 Total Current Liabilities 43.54% 43.77% 50.50% 36.97%

10-17 Longterm Debt / Borrowings 2.92% 2.43% 0.76% 5.26%10-18 Other Longterm Liabilities 14.63% 16.09% 9.54% 10.82%10-19 Total NonCurrent Liabilities 17.55% 18.52% 10.30% 16.08%

10-20 Total Liabilities 61.09% 62.29% 60.80% 53.05%

10-21 Preferred Equity 0.00% 0.00% 0.00% 0.00%10-22 Common Equity 19.43% 19.72% 14.71% 16.90%10-23 Additional Paid in Capital 0.00% 0.00% 0.00% 0.00%10-24 Retained Earnings 19.49% 17.99% 24.49% 30.05%10-25 Adj for Foreign Currency Transl 0.00% 0.00% 0.00% 0.00%10-26 Treasury Stock 0.00% 0.00% 0.00% 0.00%10-27 Total Equity 38.91% 37.71% 39.20% 46.95%

Home Wksh2Wksh3 Wksh4Wksh5 Wksh6Wksh7 Wksh8Wksh9

ksh11Wksh12ksh13Wksh14ksh15Wksh16















10-28 Total Liabilities & Equity 100.00% 100.00% 100.00% 100.00%

I n c o m e S t a t e m e n t

10-29 Total Revenues 100.00% 100.00% 100.00% 100.00%

10-30 Cost of Goods Sold 72.81% 77.25% 75.91% 77.67%

10-31 Gross Profit 26.77% 22.40% 24.01% 22.23%

10-32 Operating Expenses 17.67% 21.95% 16.15% 16.22%

10-33 Non Operating Expenses 0.87% 1.94% 0.51% 1.54%

10-34 Income Before Extra Ord Items 7.06% -1.14% 5.13% 3.45%

10-35 Net Income 7.06% -1.14% 5.13% 3.45%

u r r e n t t o R e v e n u e 10-36 Accounts Receivable to Revenues 19.86% 12.65% 9.40% 12.39%

10-37 Inventory to Revenues 14.26% 11.82% 6.76% 3.35%10-38 Other Current Assets to Revenues 7.56% 3.12% 7.15% 5.39%10-39 Current Assets to Revenues 43.49% 33.74% 23.56% 21.52%

10-40 Accounts Payable to Revenues 19.57% 14.03% 12.04% 4.70%10-41 Short Term Borrowings to Revenue 6.41% 8.23% 4.81% 6.20%10-42 Other Current Liabilities to Revenue 7.01% 4.95% 6.07% 5.14%10-43 Current Liabilities to Revenues 33.62% 27.96% 23.40% 16.94%

Graphs for the Vertical Analysis appear below:

20.00%

30.00%

40.00%

50.00%

60.00%

Breakdown of Current Assets

Other Current Assets

Inventory

AccountsReceivable

Short TermMarketableSecurities

Cash and CashofTota

lAssets



2008 2009 2010 20110.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

Current / NonCurrent Assets

Non CurrentAssets

CurrentAssets

Periods

%

ofTotal

2008 2009 2010 20110.00%

.

Equivalents

Periods

%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Breakdown of Current Liabilities

Other CurrentLiabilities

Short TermPortion of LTDebt

Short TermBorrowings

%

ofTotal



2008 2009 2010 20110.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

Liab & Equity to Total Assets

Total Equity

TotalLiabilities

Periods

%of

Total

2008 2009 2010 20110.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

Major Cost Breakdown

NonOperatingExpenses

OperatingExpenses

Cost of Goods Sold

Periods

%

toTotal

Revenues

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

Payable

Periods



The following graph is created directly from the Cash Flow Statement:

2 0 0 8

2 0 1 0

2 0 1 2

($40)($20)

$0

$20

$40

$60

$80

$100

$120

Operating Cash Flow Trend

Increase(Decrease)Current Liab

(Increase)DecreaseCurrent Assets

(Gain) Loss onSale of Assets

(Increase)DecreaseDefer Taxes

DepreciationandAmortization

Net Income

Periods

OperatingCash

Flow



Annual Annual Annual Annual Annual

Period Period Period Period Period

(Actual) (Actual) (Actual) (projected) (projected)

Enter Your Forecast Periods => 2007 2008 2009 2010 2011

Proceeds from Minority Interest 20 60 80 90 100

Other Financing Activities 0 0 0 0 0Total Financing Sources of Cash 1,320 1,060 1,030 840 750

Cash Flow Applied for Financing:

Payments on Loans & Debt (1,500) (1,000) (600) (500) (500)

Dividends Paid to Shareholders (2,500) (3,000) (4,000) (5,500) (7,000)

Purchase / Retire Stock (2,000) (2,000) (1,500) (1,000) (500)

Other Financing Activities 0 0 0 0 0

Total Financing Applications of Cash (6,000) (6,000) (6,100) (7,000) (8,000)

Total Change to Cash (8,756) (9,486) (11,410) (13,035) (14,809)

Beginning Cash Balance 6 (8,749) (18,235) (29,645) (42,681)Forecasted Ending Balance (8,749) (18,235) (29,645) (42,681) (57,490)

Pro Forma Balance Sheet

Cash and Cash Equivalents (8,749) (18,235) (29,645) (42,681) (57,490)

Short Term Marketable Securities 0 0 0 0 0

Accounts Receivable 48 66 79 147 161

Inventory 39 53 63 117 129

Other Current Assets 31 43 51 95 105

Total Current Assets (8,631) (18,073) (29,452) (42,322) (57,095)

Fixed Assets 4,038 7,038 10,138 12,838 15,438

Accumulated Depreciation (619) (1,109) (1,609) (2,129) (2,679)

Net Fixed Assets 3,419 5,929 8,529 10,709 12,759

Longterm Investments 803 2,203 4,803 9,003 14,303

Investments in Other Companies 500 1,250 2,450 3,100 3,450

Intangibles and Other Assets 200 240 320 400 650

Total Non Current Assets 4,922 9,622 16,102 23,212 31,162

Total Assets (3,709) (8,451) (13,350) (19,110) (25,933)

Accounts Payable 82 113 134 249 274

Short Term Borrowings 58 80 95 176 193Short Term Portion of LT Debt 30 30 25 20 15

Other Current Liabilities 29 40 47 88 97

Total Current Liabilities 199 262 302 533 579

Longterm Debt / Borrowings (161) (161) 189 439 589

Other Longterm Liabilities 700 750 800 800 800

Total Non Current Liabilities 539 589 989 1,239 1,389



Annual Annual Annual Annual Annual

Period Period Period Period Period

(Actual) (Actual) (Actual) (projected) (projected)

Enter Your Forecast Periods => 2007 2008 2009 2010 2011

Total Liabilities 738 851 1,291 1,772 1,968

Preferred Equity 0 0 0 0 0

Common Equity 2,200 2,200 2,200 2,200 2,200

Additional Paid in Capital 5,700 5,700 5,700 5,700 5,700

Retained Earnings (2,251) (5,220) (9,193) (14,620) (21,532)

Adj for Foreign Currency Transl (5,000) (4,000) (2,500) (1,500) (500)

Treasury Stock (2,000) (4,000) (5,500) (6,500) (7,000)

Total Equity (1,351) (5,320) (9,293) (14,720) (21,132)

External Financing Required (EFR) (3,096) (3,981) (5,347) (6,161) (6,769)



ProForma Financials (Linear Trend Model)


A set of pro forma (forecasted) financial statements are generated using the results of

the historical analysis in the previous worksheets. A statistical method known as

active linear regression is used to predict future values. If you have important assumptions

that are important to the forecast, then these assumptions should over-ride the

linear calculations since we want our forecast to be as accurate as possible.

Key Point => If your historical information has gradual trends, then linear regression

is an appropriate model for forecasting. However, if your historical information has

distinct steps up or down, then you should consider using a smoothing model .

Before we adopt a regression model, it's a good idea to generate a scatter graph of the actual

and observe if there is a clear trend for fitting a straight regression line into the data:

The calculation of linear values is determined by defining the slope of the line and the y interc

Order Total Rev Linear

Formula for Linear Trendline: Year variable x actual y Value y

2007 1 486 394

y = ( m * x ) + b 2008 2 667 700

2009 3 794 1,006

m: slope of line 2010 4 1,467 1,311

x: independent variable 2011 5 1,614 1,617

b: y intercept 2001 6 1,923

2002 7 2,228

2003 8 2,534

2004 9 2,840

2005 10 3,145

The degree of linear fit with the actual data can be expressed as R Square 0.9224

Annual Annual Annual Annual

Period Period Period Period

Home Wksh2

Wksh3 Wksh4

Wksh5 Wksh6

Wksh7 Wksh8

Wksh9 Wksh10

Wksh11

Wksh13 Wksh14

Wksh15 Wksh16

2006 2008 2010 2012-

500.00

1,000.00

1,500.00

2,000.00

Total Revenues

Row 11

Periods

TotalReve

nues















2007 2008 2009 2010

Pro Forma Income Statement

12-1 Gross Revenues 394 700 1,006 1,311

12-2 Cost of Goods Sold (283) (525) (766) (1,007)

12-3 Operating Expenses (43) (89) (134) (179)

12-4 Operating Income 67 87 106 125

12-5 Non Operating Expenses (6) (15) (25) (34)

4-25 Extra Ordinary Items 0 0 0 0

Net Income 62 72 81 91

Pro Forma Cash Flow Statement

Sources of Operating Cash Flow:

Net Income 62 72 81 91

Depreciation and Amortization 470 490 500 520

(Increase) Decrease Defer Taxes 0 0 0 0

(Gain) Loss on Sale of Assets 15 9 2 3

(Increase) Decrease Current Assets 241 (83) (83) (83)

Increase (Decrease) Current Liab (135) 107 107 107

Operating Cash Flow 652 595 608 639

Investment Sources of Cash Flow:

Planned Sale of Assets 100 60 20 25

Planned Sale of Investments 2,200 2,100 1,900 1,800

Other Investment Sources to be used 0 0 0 0

Total Investment Sources of Cash 2,300 2,160 1,920 1,825

Planned Investments:

Capital Expenditures (3,500) (3,000) (3,100) (2,700)

Acquisitions (500) (750) (1,200) (650)

Purchases of Investments (3,000) (3,500) (4,500) (6,000)

Total Investment Applications of Cash (7,000) (7,250) (8,800) (9,350)

Cash Flow from Financing Activities:

Proceeds from Loans & Debt 1,300 1,000 950 750

Proceeds from Minority Interest 20 60 80 90

Other Financing Activities 0 0 0 0

Total Financing Sources of Cash 1,320 1,060 1,030 840




Payments on Loans & Debt (1,500) (1,000) (600) (500)

Dividends Paid to Shareholders (2,500) (3,000) (4,000) (5,500)

Purchase / Retire Stock (2,000) (2,000) (1,500) (1,000)

Other Financing Activities 0 0 0 0Total Financing Applications of Cash (6,000) (6,000) (6,100) (7,000)

Total Change to Cash (8,728) (9,435) (11,342) (13,046)

Beginning Cash Balance 6 (8,721) (18,156) (29,499)

Forecasted Ending Balance (8,721) (18,156) (29,499) (42,545)


Cash and Cash Equivalents (8,721) (18,156) (29,499) (42,545)

Short Term Marketable Securities 0 0 0 0

Accounts Receivable 39 70 101 131

Inventory 32 56 80 105

Other Current Assets 26 45 65 85Total Current Assets (8,625) (17,985) (29,252) (42,224)

Fixed Assets 4,038 7,038 10,138 12,838

Accumulated Depreciation (619) (1,109) (1,609) (2,129)

Net Fixed Assets 3,419 5,929 8,529 10,709

Longterm Investments 803 2,203 4,803 9,003

Investments in Other Companies 500 1,250 2,450 3,100

Intangibles and Other Assets 200 240 320 400

Total Non Current Assets 4,922 9,622 16,102 23,212

Total Assets (3,703) (8,363) (13,150) (19,012)

Accounts Payable 67 119 171 223

Short Term Borrowings 47 84 121 157

Short Term Portion of LT Debt 30 30 25 20

Other Current Liabilities 24 42 60 79

Total Current Liabilities 168 275 377 479

Longterm Debt / Borrowings (161) (161) 189 439

Other Longterm Liabilities 700 750 800 800

Total Non Current Liabilities 539 589 989 1,239

Total Liabilities 707 864 1,366 1,718

Preferred Equity 0 0 0 0

Common Equity 2,200 2,200 2,200 2,200

Additional Paid in Capital 5,700 5,700 5,700 5,700

Retained Earnings (2,216) (5,145) (9,063) (14,472)

Adj for Foreign Currency Transl (5,000) (4,000) (2,500) (1,500)

Treasury Stock (2,000) (4,000) (5,500) (6,500)

Total Equity (1,316) (5,245) (9,163) (14,572)



External Financing Required (EFR) (3,094) (3,982) (5,353) (6,157)



data

ept:

Slope Intercept

m factor b factor

305.68 88.47

Annual

Period



2011

1,617

(1,248)

(224)

145

(44)

0

101

101

550

0

6

(83)

107

681

35

1,700

0

1,735

(2,600)

(350)

(7,000)

(9,950)

650

100

0

750



(500)

(7,000)

(500)

0

(8,000)

(14,784)

(42,545)

(57,329)

(57,329)

0

162

129

105(56,933)

15,438

(2,679)

12,759

14,303

3,450

650

31,162

(25,770)

275

194

15

97

581

589

800

1,389

1,970

0

2,200

5,700

(21,371)

(500)

(7,000)

(20,971)



(6,769)



ProForma Financials (Exponential Smoothing / Weighted Mo


A set of pro forma (forecasted) financial statements are generated using the r

the historical analysis in the previous worksheets. A statistical method known

exponential smoothing is used to plot a trend over historical data. Additionally

active can use a weighted moving average to forecast future periods.

Key Point => If you have a general upward historical trend, weighted average

to underestimate forecasted values and vice versa (downward trend = overes

Exponential Smoothing and Weighted Moving Averages for Total Reven

Years => 1996 1997

Total Revenues - Historical 486 667

Total Revenues - Exponential 486 486

Total Revenues - Wt Moving Avg 11,105 15,230

Smoothing Factor must be between 0 and 1 0 1

Set Smoothing Factor 1.00

Assign weights to appropriate periods 0.00% 1.50%

Find the Optimal Smoothing Factor:

Total Exponent

Revenues Amounts

486 486

667 486

794 667

1,467 794

1,614 1,467

Mean Squared Error

Find the Optimal Moving Weights:

Total Weighted

Revenues Amounts

486 11,105

667 15,230

794 18,890

1,467 21,605

1,614 1,184

Mean Squared Error

Home Wksh2

Wksh3 Wksh4

Wksh5 Wksh6

Wksh7 Wksh8

Wksh9 Wksh10

Wksh11 Wksh12

Wksh14

Wksh15 Wksh16

1,400

1,600

1,800

Exponential Comparison















Annual Annual

Period Period

2007 2008

Pro Forma Income Statement

Gross Revenues 1,512 1,535

Cost of Goods Sold (1,144) (1,165)

Operating Expenses (286) (276)

Operating Income 83 93

NonOperating Expenses (3,200) (3,200)

ExtraOrdinary Items 650 650

Net Income (2,467) (2,457)

Pro Forma Cash Flow Statement

Sources of Operating Cash Flow:

Net Income (2,467) (2,457)

Depreciation and Amortization 470 490

(Increase) Decrease Defer Taxes 0 0

(Gain) Loss on Sale of Assets 15 9

(Increase) Decrease Current Assets (61) (6)Increase (Decrease) Current Liab 256 8

Operating Cash Flow (1,787) (1,956)

Investment Sources of Cash Flow:

Planned Sale of Assets 100 60

Planned Sale of Investments 2,200 2,100

2007 2008 2009 2010 20110

200400

600

800

1,000

1,200 Histori

Total RExpon

Total RWt Mo

Periods

TotalReve

nue



Other Investment Sources to be used 0 0

Total Investment Sources of Cash 2,300 2,160


Capital Expenditures (3,500) (3,000)

Acquisitions (500) (750)

Purchases of Investments (2,000) (3,000)Total Investment Applications of Cash (6,000) (6,750)

Cash Flow from Financing Activities:

Proceeds from Loans & Debt 1,300 2,000

Proceeds from Minority Interest 20 60

Other Financing Activities 0 0

Total Financing Sources of Cash 1,320 2,060


Payments on Loans & Debt (1,500) (1,800)

Dividends Paid to Shareholders (2,500) (3,000)

Purchase / Retire Stock 0 0Other Financing Activities 0 0

Total Financing Applications of Cash (4,000) (4,800)

Total Change to Cash (8,167) (9,286)

Beginning Cash Balance 6 (8,161)

Forecasted Ending Balance (8,161) (17,447)


Cash and Cash Equivalents (8,161) (17,447)Short Term Marketable Securities 0 0

Accounts Receivable 151 153

Inventory 121 123

Other Current Assets 98 100

Total Current Assets (7,791) (17,071)

Fixed Assets 4,038 7,038

Accumulated Depreciation (619) (1,109)

Net Fixed Assets 3,419 5,929

Longterm Investments (197) 703

Investments in Other Companies 500 1,250

Intangibles and Other Assets 75 100Total Non Current Assets 3,797 7,982

Total Assets (3,993) (9,089)

Accounts Payable 257 261

Short Term Borrowings 181 184

Short Term Portion of LT Debt 30 30



Other Current Liabilities 91 92

Total Current Liabilities 559 567

Longterm Debt / Borrowings (161) 39

Other Longterm Liabilities 700 750

Total Non Current Liabilities 539 789

Total Liabilities 1,098 1,356

Preferred Equity 0 0

Common Equity 2,200 2,200

Additional Paid in Capital 5,700 5,700

Retained Earnings (2,278) (5,278)

Adj for Foreign Currency Transl (5,000) (3,500)

Treasury Stock 0 0

Total Equity 622 (878)

External Financing Required (EFR) (5,714) (9,567)



ving Average)

esults of

as

, we

will tend

timate).

ues:

1998 1999 2000 2001 2002 2003 2004 2005

794 1,467 1,614

667 794 1,467

18,890 21,605 1,184 1,512 1,535 1,529 1,532 1,531

Total weights should add up to => 100.00%

4.50% 34.50% 59.50% 100.00%

Difference Square

0 0

181 32,620

127 16,232

673 453,103

147 21,611

104,713

Difference Square

(10,619) 112,764,514

(14,563) 212,094,142

(18,096) 327,466,954

(20,138) 405,535,764

430 184,881

211,609,251



Annual Annual Annual

Period Period Period

2009 2010 2011

1,529 1,532 1,531

(1,177) (1,176) (1,189)

(277) (248) (248)

76 108 94

(3,600) (3,600) (4,000)

650 700 700

(2,874) (2,792) (3,206)

(2,874) (2,792) (3,206)

500 520 550

0 0 0

2 3 6

1 (1) 0(2) 1 (0)

(2,373) (2,269) (2,651)

20 25 35

1,900 1,800 1,700

-al

evenues -ntial

evenues -ing Avg



0 0 0

1,920 1,825 1,735

(3,100) (3,900) (4,600)

(500) 0 0

(3,000) (1,000) (1,000)(6,600) (4,900) (5,600)

3,000 4,500 7,000

80 90 100

0 0 0

3,080 4,590 7,100

(2,500) (4,000) (6,000)

(4,000) (4,000) (3,000)

0 0 00 0 0

(6,500) (8,000) (9,000)

(10,473) (8,754) (8,416)

(17,447) (27,920) (36,674)

(27,920) (36,674) (45,089)

(27,920) (36,674) (45,089)0 0 0

153 153 153

122 123 122

99 100 99

(27,545) (36,298) (44,714)

10,138 14,038 18,638

(1,609) (2,129) (2,679)

8,529 11,909 15,959

1,803 1,003 303

1,750 1,750 1,750

150 150 10012,232 14,812 18,112

(15,313) (21,486) (26,602)

260 260 260

184 184 184

25 20 15



92 92 92

560 556 551

539 1,039 2,039

800 800 800

1,339 1,839 2,839

1,899 2,395 3,390

0 0 0

2,200 2,200 2,200

5,700 5,700 5,700

(9,278) (13,278) (16,278)

(1,000) 0 0

0 0 0

(2,378) (5,378) (8,378)

(14,834) (18,504) (21,614)



Scenario Analysis for


We can copy our forecast into a new worksheet and do scenario analysis and goa

Although Microsoft Excel includes Scenario Manager, it can be easier and quicker

scenario analysis manually. We can use Goal Seek to find a value for a cell given

active formula in another cell.



2007 2008 2009

Pro Forma Income Statement (Simple Projection Method)

Scenario => Non Operating Expenses will decline by $ 100,000 in year 2003 and

Gross Revenues 483 663 790

Cost of Goods Sold (365) (501) (598)

Operating Expenses (91) (125) (149)

NonOperating Expenses 1 (6) (3,100)

ExtraOrdinary Items 0 0 0

Net Income 27 30 -3,057

Instead of copying our forecast into this worksheet, we can simply do scenario an

the forecast itself.

Pro Forma Income Statement (Linear Trend Method)

Goal Seek => What total revenues are required if Net Income must be $ 13.5 milli

Gross Revenues 32,064 35,940 39,816

Cost of Goods Sold (11,607) (12,847) (14,087)

Operating Expenses (7,750) (8,693) (9,636)

Non Operating Expenses (3,549) (4,088) (4,627)

Extra Ordinary Items 271 271 271

Net Income (formula cells) 9,430 10,584 11,738

Do not chang

when using

This is the ta

to change pe

Home Wksh2

Wksh3 Wksh4

Wksh5 Wksh6

Wksh7 Wksh8

Wksh9 Wksh10

Wksh11 Wksh12

Wksh13

Wksh15 Wksh16















l-seek analysis.

to simply do our

a corresponding

Annual Annual

Period Period

2010 2011

gain in year 2005:

1,466 1,612

(1,108) (1,219)

(277) (305)

(3,100) (3,000)

0 0

-3,020 -2,912

lysis directly in

n in Year 2004?

44,301 47,569

(15,327) (16,567)

(10,579) (11,522)

(5,166) (5,705)

271 271

13,500 14,046

e formula cells (goals) to values

oal Seek (Tools > Goal Seek)

get cell that Goal Seek is seeking

r the value 13,500 in cell G34



Budget Analysis for


Once we complete our forecast, we can summarize and review it before finalizi

into the form of budgets. We also need to summarize our assumptions that sh

go into our final budget. We can start our budget process by reviewing the diff

revenue forecast:

active



2007 2008 2009

Summarize Revenue Forecast:

Simple Projection Model 483 663 790

Linear Trend Model 394 700 1,006

Wt Moving Avg Model 1,512 1,535 1,529

Declining Growth Model 1,743 1,848 1,922

Historical Data 486 667 794

Projection using declining growth rates:

Gross Revenues 1,743 1,848 1,922

In addition to using linear models for forecasting, we can apply several non-lin

Logarithmic - Used when rate of change in data suddenly shifts upward or dow

Power - Used when rate of change in data occurs at a specific rate.

Home Wksh2

Wksh3 Wksh4

Wksh5 Wksh6

Wksh7 Wksh8

Wksh9 Wksh10

Wksh11 Wksh12

Wksh13 Wksh14

Wksh16

2007 2008 2009 2010 20110

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Forecast Comparisons

Simple ProjecModel

Linear TrendModel

Wt Moving AvModel

Declining GroModel

Historical Dat

Periods

TotalReve

nues















Exponential - Used when rate of change is increasing or decreasing at ever hi

Polynomial - Used when rate of change fluctuates with no pattern.

Logarithmic Trend

Actual Predicted

Formula for Logarithmic Trendline x factor Values Value y1 486 (323)

y = ( c * LN (x)) - b 2 667 171

3 794 461

LN: Natural Logarithm 4 1,467 666

5 1,614 825

6 955

7 1,065

8 1,160

9 1,244

10 1,319

Power TrendlineActual Predicted

y = b * x^c x factor Values Value y

1 486 434

2 667 739

3 794 1,009

4 1,467 1,259

5 1,614 1,495

6 1,720

7 1,936

8 2,146

9 2,349

10 2,547

Exponential Trendline

Actual Predicted

x factor Values Value y

y = b * EXP ( c * x ) 1 486 478

2 667 658

3 794 906

4 1,467 1,246

5 1,614 1,714

6 2,358

7 3,244

8 4,4629 6,139

10 8,446

Polynomial Trendline

Actual Predicted

y = (c2 * x^2) + (c1 * x^1) + b x factor Values Value y

1 486 #VALUE!



2 667 #VALUE!

3 794 #VALUE!

4 1,467 #VALUE!

5 1,614 #VALUE!

6 #VALUE!

7 #VALUE!

8 #VALUE!9 #VALUE!

10 #VALUE!

Summarize Non Linear Curves on Graph:

1996 1997 1998

Logarithmic Trendline (323) 171 461

Power Trendline 434 739 1,009

Exponential Trendline 478 658 906

Polynomial Trendline #VALUE! #VALUE! #VALUE!

Actual Revenues 486 667 794

1 9 9 6 1 9 9 8 2 0 0 0 2 0 0 2 2 0

(1,000)0

1,0002,0003,0004,0005,000

6,0007,0008,0009,000

Non Linear Trend

Periods

TotalR

evenues



Variance Analysis of Past Budgets:

Accuracy in the budget process should be examined to determine the degree

variance in the budget process. If the variance is high, this indicates a need to

planning techniques within the company. TBD: To be Determined

2007 2008 2009Income Statement Items

Total Revenues - Budgeted 10,500 14,500 22,500

Total Revenues - Actual 486 667 794

% difference from actual 2061% 2075% 2734%

Cost of Goods Sold - Budgeted (4,500) (6,500) (8,648)

Cost of Goods Sold - Actual (362) (485) (613)


Operating Income - Budgeted 3,100 4,900 9,000

Operating Income - Actual 14 63 6


Net Income - Budgeted 2,100 4,100 6,500

Net Income - Actual 6 47 (9)

% difference from actual 32360% 8612% -71895%

Balance Sheet Items

Current Assets - Budgeted 3,450 4,400 6,250

Current Assets - Actual 279 290 268


NonCurrent Assets - Budgeted 10,900 14,000 22,000

NonCurrent Assets - Actual 8 225 239% difference from actual 138827% 6125% 9091%

Current Liabilities - Budgeted 3,750 5,600 8,200

Current Liabilities - Actual 250 224 222


NonCurrent Liabilities - Budgeted 1,750 2,450 3,750

NonCurrent Liabilities - Actual 80 90 94


Ratio Items

Current Ratio - Budgeted 0.92 0.79 0.76Current Ratio - Actual 1.12 1.29 1.21

% difference from actual -18% -39% -37%

Total Asset Turnover - Budgeted 0.68 0.72 0.80

Total Asset Turnover - Actual 1.00 1.29 1.56

% difference from actual -32% -44% -49%



ng it

uld

rent

Annual Annual

Period Period

2010 2011

1,466 1,612

1,311 1,617

1,532 1,531

1,951 31,000

1,467 1,614

1,951 31,000

ar (curve) models:

nward.

ion

th



her rates.

Slope Intercept

c factor b factor 713.05 322.78

Slope Intercept

c factor b factor

0.77 6.07

433.69

< - calculate using c and b factor - >

Slope Intercept Predicted

c factor b factor ( c * x) EXP Value y

0.32 5.85 0.31898 1.38 478

347.79 0.63796 1.89 658

0.95694 2.6 906

1.27593 3.58 1,246

1.59491 4.93 1,714

1.91389 6.78 2,358

2.23287 9.33 3,244

2.55185 12.83 4,4622.87083 17.65 6,139

3.18981 24.28 8,446

c2 c1 b

#VALUE! #VALUE! #VALUE!



1999 2000 2001 2002 2003 2004 2005

666 825 955 1,065 1,160 1,244 1,319

1,259 1,495 1,720 1,936 2,146 2,349 2,547

1,246 1,714 2,358 3,244 4,462 6,139 8,446

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

1,467 1,614

LogarithmicTrendline

Power Trendline

ExponentialTrendline

PolynomialTrendline

ActualRevenues



f error or

improve

(Wksht 16)

2010 2000 2001

28,500 30,000 30,500

1,467 1,614 TBD

1843% 1759% #VALUE!

(9,650) (11,000) (23,069)

(1,114) (1,254) TBD

766% 777% #VALUE!

11,000 10,500 1,667

116 99 TBD

9342% 10546% #VALUE!

9,000 9,300 (1,493)

75 56 TBD

11855% 16606% #VALUE!

7,500 7,900 159

346 347 TBD

2070% 2174% #VALUE!

27,500 29,500 5,952

334 392 TBD8126% 7423% #VALUE!

9,050 9,400 10,715

343 273 TBD

2536% 3338% #VALUE!

4,900 5,100 1,339

70 119 TBD

6897% 4190% #VALUE!

0.83 0.80 0.011.01 1.27 TBD

-18% -37% #VALUE!

0.80 0.79 4.99

2.16 2.18 TBD

-63% -64% #VALUE!



60% 60% 0.24

24% 22% TBD

150% 170% #VALUE!

30% 28% -5%

5% 3% TBD

485% 712% #VALUE!

0.65 0.55 2.92

1.55 1.13 TBD

-58% -51% #VALUE!

35% 30% -36%

38% 28% TBD

-7% 8% #VALUE!

ght on the

) / n.

hasis on

the

able to the Mean

then use this

rs. Is Error

Error Outside

Error Absolute Squared Limit?(10,014) 10,014 100,281,472 No

(13,833) 13,833 191,364,402 No

(21,706) 21,706 471,152,521 No

(27,033) 27,033 730,778,687 No

(28,386) 28,386 805,760,000 No

(100,972) 100,972 ### Yes

te Error 20,194

Error ###

qr Error 45,156

r Limits 45,156



Final Budgets for


Now that we have analyzed our historical data and placed

forecast, we can pull it all together with our assumptions f

Many of these assumptions should be included in our fore

accuracy. However, we need to fine tune and finalize all a

active so that we can produce a final finished budget for plannin

Budget

Period

Ref 2001

Operating Plan

16-1 Total Revenues 30,500

16-2 Cost of Goods Sold (23,069)

16-3 Operating Expenses (5,764)

16-4 Operating Income 1,667

16-5 Interest Expenses (310)

16-6 Income Taxes (3,300)

16-7 Other Non Operating Expenses (200)

16-8 Earnings Before Extra Ord Items (2,143)

16-9 Extra Ordinary Items 650

16-10 Net Income (1,493)

Financial Plan

Budgeted Cash Flows

16-11 Net Income (1,493)

16-12 Depreciation and Amortization 470

16-13 (Increase) Decrease Defer Taxes 0

16-14 (Gain) Loss on Sale of Assets 15

16-15 (Increase) Decrease Current Assets (7,888)

16-16 (Increase) Decrease Current Liab 10,402

16-17 Operating Cash Flow 1,505

Investment Sources of Cash:

16-18 Planned Sale of Assets 100

16-19 Planned Sale of Investments 2,200

16-20 Other Investment Sources to be used 0

16-21 Total Investment Sources of Cash 2,300


16-22 Capital Expenditures (4,500)

Home Wksh2

Wksh3 Wksh4

Wksh5 Wksh6

Wksh7 Wksh8

Wksh9 Wksh10

Wksh11 Wksh12

Wksh13 Wksh14

Wksh15















16-23 Acquisitions in Other Co's (350)

16-24 Purchases of Investments (2,500)

16-25 Total Investment Applications of Cash (7,350)

Cash Flow from Financing Activities

16-26 Proceeds from Loans & Debt 1,450

16-27 Proceeds from Minority Interest 1516-28 Other Financing Activities 0

16-29 Total Financing Sources of Cash 1,465


16-30 Payments on Loans and Debt (1,250)

16-31 Dividends Paid to Shareholders (2,500)

16-32 Purchase / Retire Stock (1,500)

16-33 Other Financing Activities 0

16-34 Total Financing Applications of Cash (5,250)

16-35 Total Change to Cash (7,330)

16-36 Beginning Cash Balance 6

16-37 Forecasted Ending Balance (7,323)

Budgeted Balance Sheet

16-38 Cash and Cash Equivalents (7,323)

16-39 Short Term Marketable Securities 10

16-40 Accounts Receivable 3,050

16-41 Inventory 2,440

16-42 Other Current Assets 1,983

16-43 Total Current Assets 159

16-44 Fixed Assets 5,038

16-45 Accumulated Depreciation (619)

16-46 Net Fixed Assets 4,419

16-47 Longterm Investments 303

16-48 Investments in Other Companies 1,000

16-49 Intangibles and Other Assets 230

16-50 Total Non Current Assets 5,952

16-51 Total Assets 6,111

16-52 Accounts Payable 5,185

16-53 Short Term Borrowings 3,66016-54 Short Term Portion of LT Debt 40

16-55 Other Current Liabilities 1,830

16-56 Total Current Liabilities 10,715

16-57 Longterm Debt / Borrowings 239

16-58 Other Longterm Liabilities 1,100

16-59 Total Non Current Liabilities 1,339



16-60 Total Liabilities 12,054

16-61 Preferred Stock 0

16-62 Common Equity 2,200

16-63 Additional Paid in Capital 5,700

16-64 Retained Earnings (3,771)16-65 Adj for Foreign Currency Translation (5,000)

16-66 Treasury Stock (1,500)

16-67 Total Equity (2,371)

16-68 Total Liabilities and Equity 9,683

16-69 External Financing Required (3,571)



it into a set of

or a final budget.

cast for improved

ssumptions

g purposes.

Assumptions & Comments

Based on review of Pro Forma Financials, Marketing, etc.

Volume projections, production budgets, and vertical analysis

Average % of Sales per Vertical Analysis

Based on anticipated levels of debt and past history

Based on anticipated taxable income and effective rate

Provision for contingency was added on this line item

Per our Simple Model Forecast

Review of Simple Model Forecast and Capital Expenditure Budget

Per Simple Forecast Model

Same formula as used in forecast models


Per Simple Model Forecast


Budgeted $ 4.5 million in Capital Expenditure Budget



Per forecast, strategic plan, and other budgets

Per forecast, strategic plan, and other budgets

Per Financing Requirements and other budgets

Per historical financials and investment budget

Per forecast and other budgets


Per strategic plan and other budgets

Per above

Per historical financials







Per review of forecast and strategic plans

Per review of forecast and historical balances


Same formula as used in forecast modelsPer review of forecast and historical information



Per review of historical information and expected growth rates.





Same formula as used in forecast modelsPer Simple Model Forecast




Calcuation of principal balance outstanding and yearly interest:

FOR THE NEW TERM LOAN

2010-2011

Opening EMI Interest Principal Closing Bal.

July 5,475,000.00 119,040.00 50,187.50 68,852.50 5,406,147.

Aug. 5,406,147.50 119,040.00 49,556.35 69,483.65 5,336,663.

Sep. 5,336,663.85 119,040.00 48,919.42 70,120.58 5,266,543.Oct. 5,266,543.27 119,040.00 48,276.65 70,763.35 5,195,779.

Nov. 5,195,779.92 119,040.00 47,627.98 71,412.02

Dec 5,124,367.90 119,040.00 46,973.37 72,066.63 5,052,301.

Jan. 5,052,301.27 119,040.00 46,312.76 72,727.24 4,979,574.

Feb 4,979,574.03 119,040.00 45,646.10 73,393.90 4,906,180.

March 4,906,180.13 119,040.00 44,973.32 74,066.68 4,832,113.

1,071,360.00 428,473.45 642,886.55

2011-2012


April 4,832,113.45 119,040.00 44,294.37 74,745.63 4,757,367.May 4,757,367.82 119,040.00 43,609.21 75,430.79 4,681,937.

June 4,681,937.03 119,040.00 42,917.76 76,122.24 4,605,814.

July 4,605,814.78 119,040.00 42,219.97 76,820.03 4,528,994.

Aug. 4,528,994.75 119,040.00 41,515.79 77,524.21 4,451,470.

Sep. 4,451,470.54 119,040.00 40,805.15 78,234.85 4,373,235.

Oct. 4,373,235.68 119,040.00 40,087.99 78,952.01 4,294,283.

Nov. 4,294,283.68 119,040.00 39,364.27 79,675.73

Dec 4,214,607.94 119,040.00 38,633.91 80,406.09 4,134,201.

Jan. 4,134,201.85 119,040.00 37,896.85 81,143.15 4,053,058.

Feb 4,053,058.70 119,040.00 37,153.04 81,886.96 3,971,171.

March 3,971,171.74 119,040.00 36,402.41 82,637.59 3,888,534.

1,428,480.00 484,900.70 943,579.30

2012-2013


April 3,888,534.15 119,040.00 35,644.90 83,395.10 3,805,139.

May 3,805,139.04 119,040.00 34,880.44 84,159.56 3,720,979.

June 3,720,979.48 119,040.00 34,108.98 84,931.02 3,636,048.

July 3,636,048.46 119,040.00 33,330.44 85,709.56 3,550,338.

Aug. 3,550,338.91 119,040.00 32,544.77 86,495.23 3,463,843.Sep. 3,463,843.68 119,040.00 31,751.90 87,288.10 3,376,555.

Oct. 3,376,555.58 119,040.00 30,951.76 88,088.24 3,288,467.

Nov. 3,288,467.34 119,040.00 30,144.28 88,895.72

Dec 3,199,571.62 119,040.00 29,329.41 89,710.59 3,109,861.

Jan. 3,109,861.03 119,040.00 28,507.06 90,532.94 3,019,328.

Feb 3,019,328.09 119,040.00 27,677.17 91,362.83 2,927,965.

March 2,927,965.26 119,040.00 26,839.68 92,200.32 2,835,764.

1,428,480.00 375,710.80 1,052,769.20

2013-2014




1,428,480.00 253,885.57 1,174,594.43

2014-2015


April 1,661,170.52 119,040.00 15,227.40 103,812.60 1,557,357.

May 1,557,357.91 119,040.00 14,275.78 104,764.22 1,452,593.

June 1,452,593.69 119,040.00 13,315.44 105,724.56 1,346,869.

July 1,346,869.14 119,040.00 12,346.30 106,693.70 1,240,175.

Aug. 1,240,175.44 119,040.00 11,368.27 107,671.73 1,132,503.

Sep. 1,132,503.71 119,040.00 10,381.28 108,658.72 1,023,845.

Oct. 1,023,845.00 119,040.00 9,385.25 109,654.75 914,190.

Nov. 914,190.24 119,040.00 8,380.08 110,659.92

Dec 803,530.32 119,040.00 7,365.69 111,674.31 691,856.

Jan. 691,856.01 119,040.00 6,342.01 112,697.99 579,158.

Feb 579,158.03 119,040.00 5,308.95 113,731.05 465,426.

Mar 465,426.97 119,040.00 4,266.41 114,773.59 350,653.

1,428,480.00 117,962.87 1,310,517.13

2015-2016


April 350,653.39 119,040.00 3,188.33 115,851.67 234,801.

May 234,801.72 119,040.00 2,126.36 116,913.64 117,888.

June 117,888.08 119,040.00 1,054.65 117,985.35 (97.

357,120.00 6,369.34 350,750.66

7,142,400.00 1,667,302.73

FOR THE EXISTING TERM LOAN

2010-2011

Opening EMI Interest Closing Bal.

April 1,034,125.00 43,088.54 9,479.48 991,036.

May 991,036.46 43,088.54 9,084.50 947,947.

June 947,947.92 43,088.54 8,689.52 904,859.

July 904,859.38 43,088.54 8,294.54 861,770.

Aug. 861,770.84 43,088.54 7,899.57 818,682.Sep. 818,682.30 43,088.54 7,504.59 775,593.

Oct. 775,593.76 43,088.54 7,109.61 732,505.

Nov. 732,505.22 43,088.54 6,714.63

Dec 689,416.68 43,088.54 6,319.65 646,328.

Jan. 646,328.14 43,088.54 5,924.67 603,239.

Feb 603,239.60 43,088.54 5,529.70 560,151.

March 560,151.06 43,088.54 5,134.72 517,062.

517,062.48 78,205.70

2011-2012



March 43,088.58 43,088.54 428.93 0.

517,062.48 26,102.52



SWAN SWEETS PRIVATE LTD

SCHEDULE FOR FIXED ASSETS

Sr. escription of Asset Balance Addition during Total balance Depreciation Balance Depreciation Balance(W

No. as on the year for 10-11 as on as on

31/03/2010 31/3/2011 31/3/201

1 Plant & Machinery ### 7,816,219.00 ### 1,634,053.20 ### 1,556,435.67 #

2 Furniture & Fixture 942,167.00 - 942,167.00 59,639.17 882,527.83 55,864.01 826,663

3 Weighing Scale 109,836.00 - 109,836.00 5,217.21 104,618.79 4,969.39 2,599,649

4 Air Conditioner 3,168,139.00 - 3,168,139.00 150,486.60 3,017,652.40 143,338.49 2,874,3135 Zerox Machine 60,234.00 - 60,234.00 2,861.12 57,372.89 2,725.21 54,647

6 Electric Fittings 642,426.00 - 642,426.00 30,515.24 611,910.77 29,065.76 582,845

7 Vehicles 745,023.00 - 745,023.00 70,777.19 674,245.82 64,053.35 610,192

8 Computer 419,763.00 - 419,763.00 68,043.58 351,719.42 57,013.72 294,705

9 Fax Machine 5,610.00 - 5,610.00 266.48 5,343.53 253.82 5,089

10 Camara 43,316.00 - 43,316.00 2,057.51 41,258.49 1,959.78 39,298

11 Cylinder 97,081.00 - 97,081.00 4,611.35 92,469.65 4,392.31 88,077

12 Generator 46,720.00 - 46,720.00 2,219.20 44,500.80 2,113.79 42,387

13 Lab Equipment 107,283.00 - 107,283.00 5,095.94 102,187.06 4,853.89 97,333

14 Plastic Bag Ceiling 7,783.00 - 7,783.00 369.69 7,413.31 352.13 7,061

### 2,036,213.47 ### 1,927,391.32 #




ASSESMENT OF WORKING CAPITAL REQUIR

FORM I

Perticulars of the existing/proposed limits from th

(Limits from all Banks and Financial Institution as on

Sr. Name of Bank Nature of Existing

No. Financial Institution fecility limits were utilised during

the last 12 monts

Max.

[1] [2] [3] [4] [5]

A. WORKING CAPITAL LIMITS

1 The Nava Nagar Co-operative Bank

Against stock and Book Debt CC 10,000,000.00

B. Term Loan

Loan for Machinery TL 1,034,000.00

Car loan TL 198,000.00

Total -

Sr. Name of Bank Sanctioned Outstanding as on

No. Financial Institution Limits

C TERM LONS/DPGs

(excldg. working capital term lons)



ENTS

(Amount-Rs. in Lacs)

e Banking System

date of application)

Balance Limits now

outstanding as on required

Min. (28-02-2010)

[6] [7] [8]

-

1,491,457.00 5,500,000.00

5,500,000.00

Overdues if any Remarks



COMPARA

Year Year

NORMS 2008 2009

A. CURRENT ASSETS

1 Raw materials (including stores) 82.27 358.17

a) Imported Days 21 53

(months' consumption)

b) Indigenous


2 Other consumable spares, excluding

those included in (1) above

a) Imported


b) Indigenous


3 Stock-in-process 436.14 487.31

(Months' cost of sales) Days 89.04 53.81

4 Finished goods 18.51 12.49(Months' cost of sales) Days 3.69 1.38

5 Receivables other than export &

deffered receivables (including BP/BD) 372.38 458.14

(Months' domestic sales excluding

deffered payment sales) In Days 73 83

6 Export receivables (including bills

Purchased & Discounted) 260.40 957.68

(Months' export sales) In Days 201 1507 Advances to suppliers of raw materials - -

& stores/spares consumable

8 Other current assets including cash &

bank balances & deffered receivables 108.99 530.35

due within one year

9 TOTAL CURRENT ASSETS 1,278.69 2,804.14



(To agree with item 34 in Form III)

B. CURRENT LIABILITIES

(Other than bank borrowings for working

capital)

10 Creditors for purchase of raw materials, 401.95 728.56

stores & consumable spares

(Months' purchases) In Days 99 98

11 Advances from costomers

12 Statutory liabilities 35.97 96.47

13 Instalments due with in one year - -

14 Other current liabilities 25.09 14.94

(specify major items) - -

15 TOTAL 463.01 839.97

(to agree with sub.total B of Form No.III)

815.68




FORM - IV

TIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

As per balance sheet as at 31st March

Year Year Year Year Year Year Year

2010 2011 2012 2013 2014 2015 2016

370.13 1,303.72 1,372.36 1,819.27 1,837.46 2,356.19 2,403.31

60 60 60 75 75 90 90

332.82 473.79 1,598.18 1,802.28 1,904.44 1,922.12 2,017.91

53.81 53.81 53.81 53.81 53.81 53.81 53.81

13.67 16.46 26.94 39.15 52.10 65.33 79.452.21 1.87 0.91 1.17 1.47 1.83 2.12

1,129.96 562.10 1,762.40 2,095.24 2,560.89 2,517.08 3,001.69

150 60 60 60 60 75 75

163.16 415.89 1,381.50 1,481.12 1,728.37 2,317.09 2,630.18

180 120 120 120 120 120 120- - - - - - -

359.50 294.19 298.66 251.17 342.47 470.58 521.22

2,369.24 3,066.15 6,440.05 7,488.23 8,425.72 9,648.39 10,653.77



152.55 555.28 1,456.99 1,224.21 813.88 747.25 527.46

30 45 45 30 15 15 15

19.84 76.44 82.50 88.47 70.25 72.21 55.62

211.45 196.06 1,025.91 1,025.91 994.91 957.30 825.65

8.00 25.00 12.00 15.00 12.00 15.00 15.00

- - - - - - -

391.84 852.79 2,577.40 2,353.59 1,891.04 1,791.76 1,423.73



Year Year Year Year

2017 2018 2019 2020

2,451.38 2,647.49 2,250.37 2,305.00

90 90 75 75

2,048.62 2,083.08 2,214.95 2,259.12

53.81 53.81 53.81 53.81

94.19 109.86 126.01 143.142.48 2.84 3.06 3.41

3,408.05 3,153.07 3,183.92 2,860.36

75 75 75 75 -

2,642.02 2,836.23 2,985.36 3,241.84

120 120 120 120- - - -

605.16 589.31 541.92 442.15

11,249.43 11,419.05 11,302.52 11,251.62



647.75 692.20 505.18 526.29

15 15 15 15

51.91 57.02 52.58 74.72

791.96 791.96 - -

10.00 16.00 15.00 35.00

- - - -

1,501.62 1,557.18 572.76 636.02



S

F

A

Year Year Year

2007 2008 2009

1 SOURCES

a) Profit before tax 282.18 60.97 570.48

b) Depreciation 205.75 199.96 200.92

c) Gross Funds Generated 487.93 260.93 771.40

d) Less: Taxes paid/payable 103.59 18.84 176.28

e) Less: Dividend paid/payable

f) Less: Payment of Preference dividned

g) Decrease in Other non-current assets - - -

A Sub-Total- Net Funds Generated 384.34 242.09 595.12

LONG TERM SOURCES:

a) Increase in capital 109.56 124.20 1,885.00

aa) Increase in Reserve 52.85 43.55 -

b) Increase in term loans/debentures 668.85 - 5,045.28

c) Increase in payment liabilities - - -

d) Increase in public deposits - - -

e) Decrease in fixed assets/ Work in Progress - - -

B Sub Total 831.26 167.75 6,930.28

SHORT TERM SOURCES

a) Increase in Short Tern Bank Borrowings 688.52 17.19 -

b) Increase in Other Current Liabilities - 204.51 1.61

c) Decrease in current assets including cash & bank - - 54.03

C Sub Total 688.52 221.70 55.63

TOTAL FUNDS AVAILABLE (A+B+C) 1,904.12 631.55 7,581.03

2 USES:

LONG TERM USES:

a) Increase in fixed assets 734.24 157.60 7,344.43 b) Increase in WIP 140.93 - -

c) Repurchase of Capital - - -

d) Decrease in Reserves - - -

e) Decrease in Term Loans - 237.48 -

D Sub Total 875.17 395.08 7,344.43

SHORT TERM USES:



a) Decrease in other current liabilities - - -

b) Increase in inventory 321.04 - 1,077.34

c) Increase in receivables 783.05 - -

d) Increase in other current assets including cash & bank 421.36 19.58 (11.28)

E Sub Total 1,525.45 19.58 1,066.06

TOTAL FUNDS USED (D+E+F) 2,400.62 414.66 8,410.49

SUMMARY

LONG TERM SOURCES 1,215.60 409.84 7,525.40

LESS: LONG TERM USES 875.17 395.08 7,344.43

SURPLUS(+)/SHORT FALL(-) 340.43 14.77 180.97

SHORT TERMS SOURCES 688.52 221.70 55.63

LESS: SHORT TERM USES 1,525.45 19.58 1,066.06

SURPLUS(+)/SHORT FALL (-) (836.93) 202.12 (1,010.43)

(496.50) 216.89 (829.46)



WAN SWEETS PRIVATE LTD

RM VI: FUNDS FLOW STATEMENT

s per balance sheet as at 31st March

Year Year Year Year Year Year

2010 2011 2012 2013 2014 2015

1,796.86 2,166.61 2,281.56 2,279.27 2,305.65 2,226.87

1,131.17 977.63 845.26 731.14 632.72 547.84

2,928.03 3,144.24 3,126.82 3,010.41 2,938.38 2,774.71

545.56 659.48 700.00 704.30 712.45 688.10

26.87 26.87 26.87 26.87 26.87

- - - - - -

2,382.47 2,457.89 2,399.95 2,279.24 2,199.06 2,059.74

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

816.84 3.00 (3.00) 3.00 (219.79) (5.00)

- 41.31 (712.89) - - -

816.84 44.31 (715.89) 3.00 (219.79) (5.00)

3,199.31 2,502.19 1,684.06 2,282.24 1,979.27 2,054.74

- - - - - -- - - - - -

- - - - - 375.00

- - - - - 375.00

723.51 1,025.91 202.94 165.34 33.69 -

723.51 1,025.91 202.94 165.34 33.69 750.00



- - 410.32 66.64 - (120.30)

1,203.52 663.20 133.31 549.64 157.03 93.52

2,165.91 432.46 544.92 797.70 418.21

4.47 (6.18) 91.30 128.10 50.65 83.93

3,373.90 1,089.49 634.93 1,289.30 1,005.38 475.36

4,097.41 2,115.39 837.87 1,454.64 1,039.07 1,225.36

2,382.47 2,457.89 2,399.95 2,279.24 2,199.06 2,059.74

723.51 1,025.91 202.94 165.34 33.69 750.00

1,658.96 1,431.98 2,197.01 2,113.90 2,165.37 1,309.74

816.84 44.31 (715.89) 3.00 (219.79) (5.00)

3,373.90 1,089.49 634.93 1,289.30 1,005.38 475.36

(2,557.06) (1,045.18) (1,350.82) (1,286.30) (1,225.17) (480.36)

(898.10) 386.80 846.19 827.60 940.20 829.37



- - 800.00- - -

375.00 375.00 375.00

375.00 375.00 375.00

- - -

750.00 750.00 1,550.00



(50.45) 188.02 -

246.24 (249.11) 115.94

- 179.98 (67.08)

(47.40)

195.80 71.49 48.86

945.80 821.49 1,598.86

- - -

750.00 750.00 1,550.00

(750.00) (750.00) (1,550.00)

- - -

195.80 71.49 48.86

(195.80) (71.49) (48.86)

(945.80) (821.49) (1,598.86)



COMPUTATION OF M

Year Year Year

2,008 2,009 2,010

1 Total Current Assets (Item 9 of form IV) 1,278.69 2,804.14 2,369.24

2 Other Current Liabilities other than bank borrowing 463.01 839.97 391.84

(Item 14 of form IV)

3 Working Capital Gap (WCG) (Item 1minus item 2) 815.68 1,964.18 1,977.40

4 Min.Stipulated net working capital (i.e.25%of WCG/

25%of TOTAL CURRENT ASSETS as the case may 319.67 701.04 592.31

be depending upon the method of leanding bening

applied) (Export receivables to be excluded under

both methods)

5 Actual / projected N W C (item 46 of Form III) 221.39 681.37 677.40

6 Item (3) minus item (4) 496.01 1,263.14 1,385.09

7 Item (3) minus item (5) 594.29 1,282.81 1,300.00

8 Meximum permissible bank finance

(Item (6) or (7) whichever is lower) 496.01 1,263.14 1,300.00

9 Excess borrowings representing short fall in NWC

(Item 4 minus 5) 98.29 19.67 (85.09)




FORM-V

XIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

As per balance sheet as at 31st March

Year Year Year Year Year Year

2,011 2,012 2,013 2,014 2,015 2,016

3,066.15 6,440.05 7,488.23 8,425.72 9,648.39 10,653.77

852.79 2,577.40 2,353.59 1,891.04 1,791.76 1,423.73

2,213.36 3,862.65 5,134.64 6,534.68 7,856.63 9,230.03

766.54 1,610.01 1,872.06 2,106.43 2,412.10 2,663.44

913.36 2,562.66 3,834.64 5,234.68 6,556.62 7,930.03

1,446.82 2,252.64 3,262.59 4,428.25 5,444.53 6,566.59

1,300.00 1,300.00 1,300.00 1,300.00 1,300.00 1,300.00

1,300.00 1,300.00 1,300.00 1,300.00 1,300.00 1,300.00

(146.83) (952.64) (1,962.58) (3,128.25) (4,144.53) (5,266.59)



( in Lacs)

Year Year Year Year

2,017 2,018 2,019 2,020

11,249.43 11,419.05 11,302.52 11,251.62

1,501.62 1,557.18 572.76 636.02

9,747.81 9,861.87 10,729.76 10,615.60

2,812.36 2,854.76 2,825.63 2,812.90

8,447.80 8,561.87 9,429.76 9,315.60

6,935.45 7,007.11 7,904.13 7,802.69

1,300.00 1,300.00 1,300.00 1,300.00

1,300.00 1,300.00 1,300.00 1,300.00

(5,635.44) (5,707.11) (6,604.13) (6,502.70)



Microsoft Excel 9.0 Answer Report

Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)

Report Created: 3/16/2002 3:42:28 PM

Target Cell (Min)

Cell Name Original Value Final Value

$G$60 Mean Squared Error Square 20,525,549 12,297,836

Adjustable Cells

Cell Name Original Value Final Value

$D$24 Set Smoothing Factor 0.70 1.00

Constraints

Cell Name Cell Value Formula Status Slack

$D$23 Smoothing Factor must be between 0 and 1 0 $D$23>=$D$23 Binding 0

$D$24 Set Smoothing Factor 1.00 $D$24<=$E$23 Binding 0



Microsoft Excel 9.0 Answer Report

Worksheet: [Detail_Analysis.xls]13 - Pro Forma (Exp)

Report Created: 3/16/2002 5:19:05 PM

Target Cell (Min)

Cell Name Original Value

$G$46 Mean Squared Error Square 65,536,151

Adjustable Cells

Cell Name Original Value

$D$25 Assign weights to appropriate periods 0.00%

$E$25 Assign weights to appropriate periods 2.00%

$F$25 Assign weights to appropriate periods Total weights should add up to => 5.00%

$G$25 Assign weights to appropriate periods 35.00%

$H$25 Assign weights to appropriate periods 60.00%

Constraints

Cell Name Cell Value

$I$25 Assign weights to appropriate periods 100.00%













Final Value

59,853,342

Final Value

0.00%

1.50%

4.50%

34.50%

59.50%

Formula Status Slack

$I$25=$E$23 Binding 0

$D$25<=$E$23 Not Binding 1

$E$25<=$E$23 Not Binding 0.99

$F$25<=$E$23 Not Binding 0.96

$G$25<=$E$23 Not Binding 0.66

$H$25<=$E$23 Not Binding 0.41

$D$25>=$D$23 Binding 0.00%

$E$25>=$D$23 Not Binding 1.50%

$F$25>=$D$23 Not Binding 4.50%

$G$25>=$D$23 Not Binding 34.50%

$H$25>=$D$23 Not Binding 59.50%

projects estimates

Documents