Purchase Price
Exptected Rate of Inflation
Tax Rate
Discount Rate
Rate of Increase of Operating Costs
39000000
3.00%
35.00%
9.00%
4.00%
2001
2002
2003
20000
365
8
357
7140000
2004
20200
366
8
358
7231600
4000
1460000
4160
1522560
1560000
4120000
1442000
2678000
4120000
4149040
1452164
2696876
4149040
15000
15450
4241426
Purchase Cost
Depreciation on Purchase Cost
Operating Profit
Tax @ 35%
PAT
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV
500000
2002
2003
20000
365
8
357
7140000
2004
20200
366
8
358
7231600
4000
1460000
4160
1522560
1560000
4120000
4120000
4149040
4149040
15000
15450
5693590
Purchase Cost
Depreciation on Purchase Cost
Operating Profit
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV
500000
2005
20400
365
8
357
7282800
2006
18714
365
8
357
6680898
2007
17283
365
8
357
6170031
2008
17481
366
12
354
6188274
2009
17682
365
12
353
6241746
2010
17886
365
12
353
6313758
2011
18092
365
12
353
6386476
2012
17428
366
12
354
6169512
2013
17628
365
16
349
6152172
60000
60000
60000
350000
60000
70000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
4143664
1450282
2693382
4143664
3478597
1217509
2261088
3478597
2902038
1015713
1886324
2902038
19571.6 20158.75
4237468
3804697
3129442
3414222
3405436
3403675
3400436
2853188
3144501
2005
20400
365
8
357
7282800
2006
18714
365
8
357
6680898
2007
17283
365
8
357
6170031
2008
17481
366
12
354
6188274
2009
17682
365
12
353
6241746
2010
17886
365
12
353
6313758
2011
18092
365
12
353
6386476
2012
17428
366
12
354
6169512
2013
17628
365
16
349
6152172
60000
60000
60000
350000
60000
70000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
4143664
4143664
3478597
3478597
2902038
2902038
2787094
2787094
2774380
2774380
2772498
2772498
2768365
2768365
2465784
2465784
2361015
2361015
19571.6 20158.75
5687751
3716212
5022206
4145155
4389705
4376469
4374049
4369364
3970857
2014
17831
365
16
349
6223019
2015
18036
365
16
349
6294564
2016
18243
366
16
350
6385050
2017
14762
365
16
349
5151938
2018
14932
365
16
349
5211268
2019
15104
365
16
349
5271296
2020
15278
366
16
350
5347300
2021
15454
365
16
349
5393446
2022
14654
365
16
349
5114246
70000
70000
70000
750000
70000
150000
150000
150000
150000
850000
150000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
826743.4
289360.2
537383.2
826743.4
24070.6 24792.71
25536.5 26302.59
3133757
3121201
3114271
1503210
2253359
2223313
2195830
2156204
1047057
2014
17831
365
16
349
6223019
2015
18036
365
16
349
6294564
2016
18243
366
16
350
6385050
2017
14762
365
16
349
5151938
2018
14932
365
16
349
5211268
2019
15104
365
16
349
5271296
2020
15278
366
16
350
5347300
2021
15454
365
16
349
5393446
2022
14654
365
16
349
5114246
70000
70000
70000
750000
70000
150000
150000
150000
150000
850000
150000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
1560000
2345416
2345416
2327057
2327057
24070.6 24792.71
25536.5 26302.59
3954653
2512673
2410217
3935671
3925354
1851002
2558521
2470781
1161944
2023
14823
365
16
349
5173227
2024
14993
366
16
350
5247550
2025
15166
365
16
349
5292934
2026
15341
365
16
349
5354009
2027
13448
365
16
349
4693352
170000
170000
170000
170000
170000
1560000
1560000
1560000
1560000
1560000
244187.2
85465.52
158721.7
244187.2
-779072
-272675
-506397
-779072
29603.8 30491.91
1861630
1820027
1768113
1716987
1193111
2023
14823
365
16
349
5173227
2024
14993
366
16
350
5247550
2025
15166
365
16
349
5292934
2026
15341
365
16
349
5354009
2027
13448
365
16
349
4693352
170000
170000
170000
170000
170000
1560000
1560000
1560000
1560000
1560000
-779072
-779072
29603.8 30491.91
1947096
1725921
1883529
1804111
920436
PURCHASE
CAPITAL EXP
EBITDA
DEPN OF PURCHASE
DEPN OF CAPITAL EXP
EBIT
-3900000
0
TAX
PAT
NET SALVAGE VALUE
INV IN WORKING CAPITAL
0
0
FCF
-3900000
npv
3.00%
4.00%
39000000
Tax Rate
Discount Rate
SCENARIO: 15 YEARS USE WITHOUT TAX
2001
revenues
operating cost
PURCHASE
CAPITAL EXP
EBITDA
DEPN
DEPN OF CAPITAL EXP
EBIT
PAT
NET SALVAGE VALUE
INV IN WORKING CAPITAL
-3900000
FCF
-3900000
Rs. -200,319.06
2003
7140000
2004
2005
2006
2007
2008
2009
7211400 7282800 6680898 6170031 6170793 6241746
-1460000
-3900000 -31200000
0
5680000
2266667
3413333
-300000
5693000 5703664 5038597 4462038 4394480 4394380
2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
3426333 3436997 2771930 2195371 2067813 2067713
0 1194666.6 1199216.6
0 2218666.5 2227116.5
-500000
-15000
-15450
4052030
3376775
3593356
3592770
Rs. -5,932,339.87
35.00%
9.00%
2003
7140000
2004
2005
2006
2007
2008
2009
7211400 7282800 6680898 6170031 6170793 6241746
-1460000
-3900000 -31200000
3413333
-300000
5693000 5703664 5038597 4462038 4394480 4394380
2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
3426333 3436997 2771930 2195371 2067813 2067713
3413333
3426333
-15000
-15450
5680000
2266667
-500000
3436997
2771930
2195371
2067813
2067713
-4400000 -25535000
5677550
5687751
5022206
4145155
4317091
4316469
2010
2011
2012
2013
2014
2015
2016
2017
6313758 6386476 6152084 6152172 6223019 6294564 6366807 5151938
-1921260 -1998111 -2078035 -2161157 -2247603 -2337507 -2431007 -2528248
-350000
-750000
4392498 4388365 4074049 3991015 3975416 3957057 3935800 2623690
2266667 2266667 2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
60000
70000
70000
70000
70000
70000
2065831 2061698 1747382 1654348 1638749 1620390 1599133 287023.4
723040.7 721594.4 611583.6 579021.9 573562.2 567136.5 559696.4 100458.2
1342790 1340104 1135798 1075326 1065187 1053253 1039436 186565.2
5000000
-18448.11 -19001.55 -19571.6 -20158.75 -20763.51 -21386.41 -22028.01 -22688.85
3591009
3587769
3032894
3321835
3311090
3298534
3284075
1680543
2010
2011
2012
2013
2014
2015
2016
2017
6313758 6386476 6152084 6152172 6223019 6294564 6366807 5151938
-1921260 -1998111 -2078035 -2161157 -2247603 -2337507 -2431007 -2528248
-350000
-750000
4392498 4388365 4074049 3991015 3975416 3957057 3935800 2623690
2266667 2266667 2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
60000
70000
70000
70000
70000
70000
2065831 2061698 1747382 1654348 1638749 1620390 1599133 287023.4
2065831
2061698
-18448.11 -19001.55
1747382
1654348
1638749
1620390
1599133 287023.4
3250000
-19571.6 -20158.75 -20763.51 -21386.41 -22028.01 -22688.85
4314049
4309364
3644477
3900857
3884653
3865671
3843772
1781002