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Interest & Principal repayments on Bank Loan

Principal 300000
Repayment period (in years) 5
EMI Index for 60 months @ 12 % pa 22.1834

EMI 6660
Total repayment 399600
Less: Principal 300000
Total Interest 99600
Interest per year 19920
Principal repayment per year 60000
Total debt service per year (equal Annual average) 79920
Projected Profitability Statement
Year I Year II Year III Year IV
No of Months 12 12 12 12
No of Working Days 365 365 365 365
No of Cows 20 20 20 20
Average Milk Yeild Per Cow Per day 5 5 5 5
Sales Price Per Litre of Milk 15 18 21 24

Income

Gross Receipts 5.48 6.57 7.67 8.76


Miscellaneous Income (Manure etc) 0.10 0.11 0.12 0.13

Gross Receipts (A) 5.58 6.68 7.79 8.89

Administrative Expenses:

Salary & Workers Related Expenses 0.72 0.84 0.96 1.08


Administrative Overheads @ 10% on Gross Receipts 0.56 0.67 0.78 0.89
Depreciation 0.75 0.61 0.49 0.40

Total 2.03 2.12 2.23 2.37

Profit Before Interest & Tax 3.54 4.56 5.55 6.52

Interest on Bank Loan


- Term Loan 0.50 0.39 0.28 0.12
- Working Capital Loan 0.14 0.14 0.15 0.15
Total Interest Service 0.64 0.53 0.43 0.27

Profit Before Tax 2.90 4.03 5.13 6.25

Principal Repayment 0.76 0.76 0.76 1.17


Interest Repayment 0.64 0.53 0.43 0.27
Total Debt Service 1.39 1.29 1.18 1.44

DSCR Calculations
PBIT 3.54 4.56 5.55 6.52
Add: Depreciation 0.75 0.61 0.49 0.40
Funds available for disposal 4.30 5.17 6.05 6.92
Less: Income Tax 0.11 0.22 0.35 0.57
4.18 4.95 5.70 6.35
Less: Drawings 1.20 1.80 2.40 3.00
Adjusted Funds availabe at disposal 2.98 3.15 3.30 3.35
Add: Any other receipts 0.00 0.00 0.00 0.75
Net funds available at disposal 2.98 3.15 3.30 4.10
Adjusted DSCR 2.14 2.45 2.79 2.84
Year V
12
365
20
5
27

9.9
0.14

10.00

1.20
1.00
0.32

2.52

7.47

0.03
0.16
0.19

7.28

0.35
0.19
0.54

7.47
0.32
7.80
0.78
7.02
3.60
3.42
0.00
3.42
6.33
Depreciation Schedule
Year I Year II Year III Year IV Year V
Livestock
op bal 3.47 2.78 2.22 1.78 1.42
dep 20% 0.69 0.56 0.44 0.36 0.28
WDV 2.78 2.22 1.78 1.42 1.14

Shed
op bal 0.58 0.52 0.47 0.42 0.38
dep 10% 0.06 0.05 0.05 0.04 0.04
WDV 0.52 0.47 0.42 0.38 0.34

Total Depn 0.75 0.61 0.49 0.40 0.32


A. Project Cost:

Application of Funds: Amount

Cost of 17Jersy Cows (including Insurance) 3.47


Shed 0.58
Working Capital (Say) 0.95

5.00
Source of funds

Promoter's Contribution 0.25


Financial Assistance from bank
- Term Loan 3.78
- Working capital limit 0.97

5.00

This project is assumed to be eligible for a subsidy of 15% on Cost.


Working Capital Loan

Year Opening Balance Closing Balance Average Balance months Interest

1 - 0.97 0.97 12 0.14


2 0.97 0.98 0.98 12 0.14
3 0.98 1.05 1.02 12 0.15
4 1.05 1.06 1.06 12 0.15
5 1.06 1.13 1.10 12 0.16
Working Capital Requirement:
Capacity 100% 75% 75% 80% 80% 85%

Days Amount
1. Consumables 30 1.08 0.81 0.81 0.86 0.86 0.92
2. Salary 30 0.06 0.06 0.07 0.08 0.09 0.10
3. Receivables 7 0.20 0.15 0.15 0.16 0.16 0.17

1.34 1.02 1.03 1.10 1.11 1.19


Less: Margin @ 5% 0.06 0.05 0.05 0.06 0.06 0.06

1.28 0.97 0.98 1.05 1.06 1.13


0.96
Projected Balance Sheet as at the end of :
Sources of Funds:
1st Year 2nd Year 3rd Year 4th Year 5th Year
Proprietor's Capital
Opening Balance 0.25 1.84 3.85 6.23 9.67
Add: Profit for the year 2.90 4.03 5.13 6.25 7.28
Add: Other Capital Additions - 0 0 0.75 0
3.15 5.88 8.98 13.24 16.95
Less: Drawings & Tax 1.31 2.02 2.75 3.57 4.38

Closing Balance 1.84 3.85 6.23 9.67 12.57

Secured Loan:
Term Loan 3.02 2.27 1.51 0.34 -0.01
Working Capital Loan 0.97 0.98 1.05 1.06 1.13

Total Liabilities 5.84 7.10 8.80 11.06 13.69

Application of Funds:

Fixed Assets 3.30 2.69 2.20 1.80 1.48


Current Assets
- Others (Inventory & Receivables) 0.96 0.96 1.02 1.02 1.09
- Cash & Cash Equivalents 1.58 3.45 5.57 8.24 11.12

Total Assets 5.84 7.10 8.80 11.07 13.69


Cash Flow Statement:

Inflow:
1st Year 2nd Year 3rd Year 4th Year 5th Year

Opening Cash & Bank 0.00 1.58 3.45 5.57 8.24


Proprietor's Contribution 0.25
Current Year Profit before Interest & Tax 3.54 4.56 5.55 6.52 7.47
Non Cash Expenditure Charged to P/L 0.75 0.61 0.49 0.40 0.32
Secured Loan:
Term Loan from Bank 3.78 0.00 0.00 0.00 0.00
Working Capital Loan 0.97 0.01 0.07 0.01 0.07
Subsidy Receipt 0.75

9.30 6.76 9.57 13.25 16.10


Outflow:

Fixed Assets 4.05


Additions to Working Capital 0.96 0.00 0.06 0.00 0.06

Interest on Loans
- Term Loan 0.50 0.39 0.28 0.12 0.03
- WC Loan 0.14 0.14 0.15 0.15 0.16
Repayment of Term Loan 0.76 0.76 0.76 1.17 0.35
Income Tax & Drawings 1.31 2.02 2.75 3.57 4.38
Closing Cash & Bank 1.58 3.45 5.57 8.24 11.12

9.30 6.76 9.57 13.25 16.10

Note: The Closing Cash and Bank Balance may vary depending upon the investment/expansion decisions made by the Proprietor/tress