Income Statement

2007 2008 2009 2010 2011 2012

Net Sales 77131 80953 89250 120000 144000 144000
Cost of Goods Sold 62519 68382 72424 97320 116784 116784
Gross Margin 14612 12571 16826 22680 27216 27216

Research and development 3726 4133 4416 6000 7200 7200

Selling, general & administrative 6594 7536 7458 10032 12038 12038
Operating income 4292 902 4952 6648 7978 7978

Interest expenses 480 652 735 937 1323 1687

Other income(expenses) 39 27 35 50 50 50
Income before income taxes 3773 223 4182 5661 6604 6241
Income taxes: 40% 1509 89 1673 2264 2642 2496
Net income 2264 134 2509 3396 3963 3745

Earnings per share 1.52 0.09 1.68 2.28E+00 2.66E+00 2.51E+00

 Balance Sheet
Dec-31
2007 2008 2009 2010 2011 2012
Cash 2536 2218 2934 3960 4752 4752
Accounts Receivable 10988 12864 14671 19726 23671 23671
Inventories 9592 11072 11509 13865 16638 16638
Prepaid Expenses 309 324 357 480 576 576
Total Current Assets 23425 26478 29471 38031 45637 45637

Property, plant & equipment at cost 5306 6116 7282 8182 9082 9982
Less: Accumulated depereciation 792 1174 1633 2179 2793 3474
Net property,plant & equipment 4514 4942 5649 6003 6289 6508

Total Assets 27939 31420 35120 44034 51926 52145

Accounts Payable 3084 4268 3929 4799 5759 5759

Notes Payable 6620 8873 10132 14306 18235 14720
Accrued Expenses 563 591 652 876 1051 1051
Income taxes payable 151 9 167 226 264 253
Other current liabilities 478 502 554 744 893 892.8
Total Current liabilities 10896 14243 15434 20951 26202 22676

Common stock at par value 15 15 15 15 15 15

Paid in capital in excess of par value 7980 7980 7980 7980 7980 7980
Retained Earnings 9048 9182 11691 15087 17729 21474
Total Sharehoder's equity 17043 17177 19686 23082 25724 29469

Total liabilities & shareholder's equity 27939 31420 35120 44034 51926 52145

Number of shares outstanding 1491662 1491662 1491662 1491662 1491662 1491662

 Income Statement for New Product
2010 2011 2012 2013 2014 2015
Net Sales 21.6 28 28 11 5
Less: COGS 17.06 22.12 22.12 8.69 3.95
Gross Margin 4.54 5.88 5.88 2.31 1.05

R&D 0.4
SG&A 1.8 2.34 2.34 0.92 0.42

Operating Income 2.73 3.54 3.54 1.39 0.63

Depereciation 0.44 0.44 0.44 0.44 0.44
EBITDA 3.2 3.98 3.98 1.83 1.07

2010 -7.84
2011 1.20
2012 3.98
2013 8.42
2014 3.40
2015 1.07
34% ₹ 5.43
Depereciation 2.2 mn/5 0.44 For all 5 years

difference
2011 5.648
2012 7.322 -1.67
2013 7.322 0
2014 2.8765 4.45
2015 1.3075 1.57

Cash Flow Statement

2010 2011 2012 2013 2014 2015
Machine -2.2
Advertisement -0.3
Working Capital -5.64 -1.67 0.00 4.45 1.57

EBITDA 3.17 3.98 3.98 1.83 1.07

Cash Flow -7.84 1.20 3.98 8.42 3.40 1.07

2015
5
3.95
1.05

0.42

0.63
 Income

Existing
2010 2011 2012 2013
Net Sales 120000 144000 144000
Cost of Goods Sold 97320 116784 116784
Gross Margin 22680 27216 27216

Research and development 6000 7200 7200

Selling, general & administrative 10032 12038 12038
Operating income 6648 7978 7978

Interest expenses 937 1323 1687

Other income(expenses) 50 50 50
Income before income taxes 5661 6604 6241
Income taxes: 40% 2264 2642 2496
Net income 3396 3963 3745

Earnings per share 2.28 2.66E+00 2.51E+00

 Income Statement

New
2010 2011 2012 2013
Net Sales 21600 28000 28000
Less: COGS 17064 22120 22120
Gross Margin 4536 5880 5880

R&D
SG&A 2106 2341 2341

Operating Income 2430 3539 3539

Depereciation 440 440 440
EBITDA 2870 3979 3979
 Total
2010 2011 2012 2013
Net Sales 120000 165600 172000 28000
Cost of Goods Sold 97320 133848 138904 22120
Gross Margin 22680 31752 33096 5880

Research and development 6000 7200 7200 0

Selling, general & administrative 10032 14144 14379 2341
Operating income 6648 10408 11517 3539

Interest expenses 937 1527 2118

Other income(expenses) 50 50 50
Income before income taxes 5661 8831 9349
Income taxes: 40% 2264 3532 3740
Net income 3396 5299 5609

Earnings per share 2 3.55E+00 3.76E+00

 Balance Sheet
Existing
2010 2011 2012 2013
Cash 3960 4752 4752
Accounts Receivable 19726 23671 23671
Inventories 13865 16638 16638
Prepaid Expenses 480 576 576
Total Current Assets 38031 45637 45637

Property, plant & equipment at cost 8182 9082 9982

Less: Accumulated depereciation 2179 2793 3474
Net property,plant & equipment 6003 6289 6508

Total Assets 44034 51926 52145

Accounts Payable 4799 5759 5759

Notes Payable 14306 18235 14720
Accrued Expenses 876 1051 1051
Income taxes payable 226 264 253
Other current liabilities 744 893 893
Total Current liabilities 20951 26202 22676

Common stock at par value 15 15 15

Paid in capital in excess of par value 7980 7980 7980
Retained Earnings 15087 17729 21474
Total Sharehoder's equity 23082 25724 29469

Total liabilities & shareholder's equity 44034 51926 52145

Number of shares outstanding 1491662 1491662 1491662

Balance Sheet
New Total
2011 2012 2013 2010 2011 2012 2013
713 924 924 3960 5465 5676 924
3551 4603 4603 19726 27222 28274 4603
2431 3151 3151 13865 19069 19789 3151
86 112 112 480 662 688 112
6781 8790 8790 38031 52418 54427 8790

2200 3100 4000 10382 11282 12182 13082

440 880 1320 2179 3233 4354 1320
1760 2220 2680 8203 8049 7828 11762

46234 60467 62255 20552

4799 6601 6850 1091

16505 22896 18719
876 1209 1256 204
226 353 374
744 1027 1066
23151 32086 28265

15 15 15 18
7980 7980 7980 14877 22.99
15087 20386 25995
23082 28381 33990
6648
46234 60467 62255 -50
6698
1491662 1491662 1491662 -735
5963
2345
3618
16130
6654
9476
3396

23082
7995
15087
total curre 38031 38031 38031
ppe 6003 8203 8203
total asset 44034 46234 46234

current lia 20951 23151 16150

common st 15 15 18
equity cont 7980 7980
total liab 15087 15087
 2010 2012 2013

option 1 no new
investment/EPS 2.26 2.66 2.51