Book 1

Page 1
(Amount Tk.in 000)

ANNEXURE - C.I
ESTIMATED FINANCIAL RESULTS

Item
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
70%
75%
80%
85%
85%
90%
95%
95%
95%
95%
1,859,655
2,305,913
2,461,133
2,616,353
2,638,740
2,771,573
2,926,793
2,949,180
2,949,180
2,949,180
Gross Profit
281,328
341,411
361,505
381,425
371,402
383,686
401,949
387,990
367,252
344,445
Operating Profit
229,899
285,631
301,886
318,804
305,851
327,820
342,216
324,375
299,427
271,990
Net Profit before Tax
110,092
168,222
186,856
206,177
199,987
231,795
241,261
233,669
208,071
179,920
Net Profit after Tax
110,092
168,222
186,856
206,177
199,987
231,795
241,261
233,669
208,071
179,920
Retained Earnings
110,092
168,222
186,856
206,177
199,987
231,795
241,261
233,669
208,071
179,920
Gross Profit to Sales
15.13%
14.81%
14.69%
14.58%
14.07%
13.84%
13.73%
13.16%
12.45%
11.68%
Operating Profit to Sales
12.36%
12.39%
12.27%
12.19%
11.59%
11.83%
11.69%
11.00%
10.15%
9.22%
Net Profit to Sales (before Tax)
5.92%
7.30%
7.59%
7.88%
7.58%
8.36%
8.24%
7.92%
7.06%
6.10%
Net Profit to Sales (after Tax)
5.92%
7.30%
7.59%
7.88%
7.58%
8.36%
8.24%
7.92%
7.06%
6.10%
1.65
2.01
2.14
2.28
2.30
2.52
2.54
3.89
3.59
3.26
Weighted Average Cost Of Capital
4.96%
0.00
Financial Internal Rate Of Return (FIRR)
32.91%
0.00
Modified Internal Rate Of Return (MIRR)
17.45%
0.00
2911187.36
0.00
Capacity Utilization
Sales Revenue
Investment-Service Coverage Ratio
Net Present Value (NPV)

Break Even Sales
Break Even Capacity
Pay-Back Period
1103437.99
42%
1232061.40
40%
1218056.92
40%
Of Installed Capacity.
2.89 Years
Page 2
(Amount Tk.in 000)

ANNEXURE - C.II
CAPITAL REQUIREMENT & PROPOSED MEANS OF FINANCE

FIXED COST OF THE PROJECT
Cost
Item
Land
123900
Building & Other Construction
135000
Machinery & Equipment's
240750
Other Assets
20000
Other Costs
45900
Total
565550
MEANS OF FINANCE
a. Term
Against Total Estimated Cost of the Project
Amount
Against Total Cost of Machinery & Equipment
Amount
Long-term Loan
316175
56%
216675
90%
Bridge Financing
0%
0%
249375
44%
24075
10%
565550
100%
240750
100%
Owner's Equity
Total
b. Working Capital
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
Bank's Finance:
Amount
%
Owners Equity
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
47028.66
50490.38
53965.50
57424.19
57756.36
61064.56
64598.63
65022.57
65488.02
66000.00
Page 3
(Amount Tk.in 000)

ANNEXURE - C.III
EARNING FORECAST
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
70%
75%
80%
85%
85%
90%
95%
95%
95%
95%
Sales Revenue
1859655.00
2305912.50
2461132.50
2616352.50
2638740.00
2771572.50
2926792.50
2949180.00
2949180.00
2949180.00
Cost Of Goods Sold
1578327.23
1964501.59
2099627.92
2234927.87
2267337.70
2387886.10
2524843.45
2561189.55
2581928.33
2604735.06
Gross Profit
281327.77
341410.91
361504.58
381424.63
371402.30
383686.40
401949.05
387990.45
367251.67
344444.94
Admin. & General Expenses
51429.14
55779.78
59618.83
62620.48
65551.41
55865.95
59732.70
63615.24
67824.47
72454.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Operating Profit
229898.63
285631.13
301885.74
318804.14
305850.89
327820.45
342216.35
324375.21
299427.21
271990.32
Financial Expenses
119806.40
117408.66
115029.59
112627.60
105864.12
96025.35
100955.38
90706.49
91355.78
92070.00
Net Profit before Tax
110092.23
168222.47
186856.16
206176.55
199986.77
231795.10
241260.97
233668.72
208071.42
179920.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Item
Income From Waste Raw Material
Income Tax (@.0% on sales)
Net Profit after Tax
110092.23
168222.47
186856.16
206176.55
199986.77
231795.10
241260.97
233668.72
208071.42
179920.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
110092.23
168222.47
186856.16
206176.55
199986.77
231795.10
241260.97
233668.72
208071.42
179920.31
Gross Profit to Sales
15.13%
14.81%
14.69%
14.58%
14.07%
13.84%
13.73%
13.16%
12.45%
11.68%
Operating Profit to Sales
12.36%
12.39%
12.27%
12.19%
11.59%
11.83%
11.69%
11.00%
10.15%
9.22%
Net Profit to Sales (before Tax)
5.92%
7.30%
7.59%
7.88%
7.58%
8.36%
8.24%
7.92%
7.06%
6.10%
Net Profit to Sales (after Tax)
5.92%
7.30%
7.59%
7.88%
7.58%
8.36%
8.24%
7.92%
7.06%
6.10%
Dividend Paid
Retained Earnings
Page 4
(Amount Tk.in 000)

ANNEXURE - C.IV
ESTIMATED SALES REVENUE

Item
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
70%
75%
80%
85%
85%
90%
95%
95%
95%
95%
2173080.00
2328300.00
2483520.00
2638740.00
2638740.00
2793960.00
2949180.00
2949180.00
2949180.00
2949180.00
Add. Opening Stock Of WIP
0.00
104475.00
111937.50
119400.00
126862.50
126862.50
134325.00
141787.50
141787.50
141787.50
Less. Closing Stock Of WIP
104475.00
111937.50
119400.00
126862.50
126862.50
134325.00
141787.50
141787.50
141787.50
141787.50
Add.Opening Stock Of FG
0.00
208950.00
223875.00
238800.00
253725.00
253725.00
268650.00
283575.00
283575.00
283575.00
Less: Closing Stock Of FG
208950.00
223875.00
238800.00
253725.00
253725.00
268650.00
283575.00
283575.00
283575.00
283575.00
Total Estimated Sales :
1859655.00
2305912.50
2461132.50
2616352.50
2638740.00
2771572.50
2926792.50
2949180.00
2949180.00
2949180.00
15% on Estimated Sales
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Less adjustment with RM
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net VAT payable
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1859655.00
2305912.50
2461132.50
2616352.50
2638740.00
2771572.50
2926792.50
2949180.00
2949180.00
2949180.00
Total Sales
Adjustment for Inventories:
LESS VAT
Sales after paying VAT
Page 5
(Amount Tk.in 000)

ANNEXURE - C.IV
Yearly Production at 100% Capacity

Rate
Quty(in dozen) (in Taka)
Item
Total (in '000')
Denim Pant
3120000
680
2121600.00
Trousers
1560000
630
982800.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Sales Revenue
3104400.00
Page 6
(Amount Tk.in 000)

ANNEXURE - C.V
COST OF GOODS SOLD

1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
70%
75%
80%
85%
85%
90%
1695330.00
1816425.00
1937520.00
2058615.00
2058615.00
2179710.00
108000.00
118800.00
130680.00
143748.00
158122.80
173935.08
191328.59
Depreciation
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
Utilities
11958.24
12812.40
13666.56
14520.72
14520.72
Stores & Spares
1203.75
1805.63
2407.50
2407.50
Repair & Maintenance
1878.75
2480.63
3082.50
Tax & Insurance
3327.75
3527.75
Rent of Factory Land/Building
0.00
Other Manufacturing Overhead
9th Year
10th Year
95%
95%
95%
2300805.00 2300805.00
2300805.00
2300805.00
210461.45
231507.59
254658.35
28417.50
28417.50
28417.50
28417.50
14520.72
14520.72
14520.72
14520.72
14520.72
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3727.75
3927.75
4627.75
4627.75
4627.75
4627.75
4627.75
4627.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1850115.99
1984268.90
2119501.81
2254718.97
2269793.77
2406701.05
2545189.56 2564322.42
2585368.56
2608519.32
0.00
88947.88
95397.54
101899.13
108399.95
109124.70
122364.88
123284.73
124296.57
1850115.99
2073216.78
2214899.35
2356618.10
2378193.72
2515825.75
2660896.34 2686687.30
2708653.29
2732815.89
Less: Closing Stock Of WIP
88947.88
95397.54
101899.13
108399.95
109124.70
115706.78
123284.73
124296.57
125409.58
Total Cost Of Goods Sold
1761168.11
1977819.24
2113000.23
2248218.15
2269069.02
2400118.97
2538531.46 2563402.57
2584356.73
2607406.30
Add: O.S Of FinishedGoods
0.00
182840.88
196158.53
209530.83
222821.10
224552.42
250473.29
252686.31
255114.71
Goods Available For Sale
1761168.11
2160660.12
2309158.75
2457748.98
2491890.12
2624671.39
2775316.74 2813875.86
2837043.04
2862521.02
Less:C.S.Of Finished Goods
182840.88
196158.53
209530.83
222821.10
224552.42
236785.29
252686.31
255114.71
257785.96
1578327.23
1964501.59
2099627.92
2234927.87
2267337.70
2387886.10
2524843.45 2561189.55
2581928.33
2604735.06
Raw Materials
Salaries & Wages for Factory Stuff
Total
95%
8th Year
Adjustment for Inventories:

Add:Opening Stock Of WIP
C.O.G.S before adjustment of C.S
Net Cost of Goods Sold:
115706.78
122364.88
236785.29
250473.29
Page 7
(Amount Tk.in 000)

(ANNEXURE - C.V Contd)
RAW MATERIALS :
Imported/Basic Raw-Materials:
Item
Quantity
(in MT)
C&F Value
Other Cost
Related to Import
VAT
Landed Cost
Per Unit
Total C & F
Cost
Total VAT
Total Other
Costs
Total Cost
(In Taka)
(In '000' Taka)
(In '000' Taka)
(In'000' Taka)
(In '000' Taka)
0.00
Fabric s
Accessories
7020000
300.00
#VALUE!
1.00
315900000.00
#VALUE!
#VALUE!
315900.00
0.00
0.00
2421900.00
0.00
Local Raw-Material :
2106000.00
Page 8
(Amount Tk.in 000)
0.00
Total (Imported + Local):
2421900.00
Total Raw Material
1st Year
Requirement
1695330.00
2nd Year
1816425.00
3rd Year
1937520.00
4th Year
5th Year
6th Year
2058615.00
2058615.00
2179710.00
7th Year
8th Year
2300805.00 2300805.00
9th Year
2300805.00
10th Year
2300805.00
Page 9
(Amount Tk.in 000)

Factory Staff:Position
No(s)
Salary/ Month
Staff
Worker
50
1000
20000
6500
Sub - Total :
OPERATOR/ LABOR :
Category
1050
No(s)
0
0
0
0
Salary/ Month
0
0
0
0
0
1050
Sub - Total :
GRAND TOTAL :
Annual Salaries & Wages for Factory Stuff
1st Year
Item
Salary
90000.00
Increment
0.00
Sub - Total :
90000.00
Bonus
18000.00
Total:
108000.00
Total Salary
0
12000
78000
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
90000
Total Salary
0
0
0
0
2nd Year
90000.00
9000.00
99000.00
19800.00
118800.00
0
0
0
0
0
90000
3rd Year
99000.00
9900.00
108900.00
21780.00
130680.00
4th Year
108900.00
10890.00
119790.00
23958.00
143748.00
5th Year
119790.00
11979.00
131769.00
26353.80
158122.80
6th Year
131769.00
13176.90
144945.90
28989.18
173935.08
7th Year
144945.90
14494.59
159440.49
31888.10
191328.59
8th Year
159440.49
15944.05
175384.54
35076.91
210461.45
9th Year
175384.54
17538.45
192922.99
38584.60
231507.59
10th Year
192922.99
19292.30
212215.29
42443.06
254658.35
Page 10
(Amount Tk.in 000)

1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
DEPRECIATION :
Building
6750.00
6750.00
6750.00
6750.00
6750.00
6750.00
6750.00
6750.00
6750.00
6750.00
Machinery
21667.50
21667.50
21667.50
21667.50
21667.50
21667.50
21667.50
21667.50
21667.50
21667.50
Total Depreciation :
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
28417.50
UTILITIES :
Water
Power
0.00
300 KW
10483.20
Fuel & Lubricant
1200.00
Gas
5400.00
Total Requirement for Utilities:
11958.24
12812.40
13666.56
14520.72
14520.72
14520.72
14520.72
14520.72
14520.72
14520.72
0.50%
0.75%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1203.75
1805.63
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
1203.75
1805.63
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
675.00
1878.75
2480.63
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
2827.75
2827.75
2827.75
2827.75
2827.75
2827.75
2827.75
2827.75
2827.75
2827.75
500.00
700.00
900.00
1100.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
3327.75
3527.75
3727.75
3927.75
4627.75
4627.75
4627.75
4627.75
4627.75
4627.75
Area of Land/Building :
0.00
Acres
Amount Required :
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
STORE AND SPARES :

Requirement as % of M/C Cost:
Amount Required:
REPAIR AND MAINTENANCE :
.
Building
Total Requirement
TAX AND INSURANCE :
For Fixed Assets
For Inventory
Total Requirement:
RENT OF FACTORY LAND/BUILDING:
Page 11
(Amount Tk.in 000)

ANNEXURE - C.VI
ADMINISTRATIVE, GENERAL AND SELLING EXPENSES

Item
Directors Remuneration
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
Administrative Salary
21600.00
23760.00
26136.00
28749.60
31624.56
34787.02
38265.72
42092.29
46301.52
50931.67
Depreciation & Write-off
13180.00
13180.00
13180.00
13180.00
13180.00
0.00
0.00
0.00
0.00
0.00
Postage, Telephone, Telegram etc.
500.00
550.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
Stationary & Printing
300.00
325.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
Traveling & Conveyance
3000.00
3500.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
Advertisement & Marketing
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
Entertainment
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
4649.14
5764.78
6152.83
6540.88
6596.85
6928.93
7316.98
7372.95
7372.95
7372.95
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2000.00
2500.00
3000.00
3000.00
3000.00
3000.00
3000.00
3000.00
3000.00
3000.00
51429.14
55779.78
59618.83
62620.48
65551.41
55865.95
59732.70
63615.24
67824.47
72454.62
Audit Fee
Selling Expenses (0.25% on sales)
Office Rent
Misc. Expense
TOTAL ADMINISTRATIVE, GENERAL
AND SELLING EXPANSES
Page 12
(Amount Tk.in 000)

(ANNEXURE - VI Contd)
ADMINISTRATIVE SALARY :
Position
Staffs
No(s)
Monthly Salary
Total Sal./ yr.
30
50000
18000
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
18000
Total :
30
Annual Requirement for Administrative Salary:
1st Year
Item
Salary
18000.00
Increment ( @10% per year )
0.00
Sub - Total
18000.00
Bonus
3600.00
Others
0.00
Total Adminis. Salary :
21600.00
2nd Year
18000.00
1800.00
19800.00
3960.00
0.00
23760.00
3rd Year
19800.00
1980.00
21780.00
4356.00
0.00
26136.00
DEPRECIATION AND WRITE-OFF :

Other Assets
4000.00
Pre Operating Expenses
9180.00
Total
13180.00
4th Year
21780.00
2178.00
23958.00
4791.60
0.00
28749.60
5th Year
23958.00
2395.80
26353.80
5270.76
0.00
31624.56
6th Year
26353.80
2635.38
28989.18
5797.84
0.00
34787.02
7th Year
28989.18
2898.92
31888.10
6377.62
0.00
38265.72
8th Year
31888.10
3188.81
35076.91
7015.38
0.00
42092.29
9th Year
35076.91
3507.69
38584.60
7716.92
0.00
46301.52
10th Year
38584.60
3858.46
42443.06
8488.61
0.00
50931.67
Page 13
(Amount Tk.in 000)

ANNEXURE - C.VII
TOTAL INCOME FROM OTHER SOURCES

Item
1st Year
Short Term Investment
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
Waste Raw Material
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total :
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
INCOME FROM SALES OF WASTE RAW MATERIAL

Item
Usable
Quantity (Ton)
Rate
Total Sales Price
351.68
Unusable
Total Salable Waste
Page 14
(Amount Tk.in 000)

ANNEXURE - C.VII
ASSESSMENT OF WORKING CAPITAL

Current Assets
Tide-up Period (days)
Current
Assets
Tide-up Period
Imported Raw Materials(LC & Bills Stage)
Work In Process
15
Finished goods
30
Receivable
15
Store & Spares
21
Inventory of Imported Raw Materials
21
Inventory of Local Raw Materials
1st Year
Current Assets
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
Imported Raw Materials(LC & Bills Stage)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
114108.75
122259.38
130410.00
138560.63
138560.63
146711.25
154861.88
154861.88
154861.88
154861.88
Inventory of Imported Raw Materials

Inventory of Local Raw Materials
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Work in Process
88947.88
95397.54
101899.13
108399.95
109124.70
115706.78
122364.88
123284.73
124296.57
125409.58
Finished Goods
182840.88
196158.53
209530.83
222821.10
224552.42
236785.29
250473.29
252686.31
255114.71
257785.96
91420.44
98079.26
104765.42
111410.55
112276.21
118392.64
125236.65
126343.16
127557.36
128892.98
81.02
121.53
162.04
162.04
162.04
162.04
162.04
162.04
162.04
162.04
477398.97
512016.24
546767.42
581354.27
584676.00
617758.01
653098.74
657338.12
661992.56
667112.43
Receivable
Stores & Spares
Total :
Less-Dep. Involves in WIP,FG & Rec.
7112.40
7112.40
7112.40
7112.40
7112.40
7112.40
7112.40
7112.40
7112.40
7112.40
Total Working Capital Requirement
470286.57
504903.84
539655.01
574241.87
577563.60
610645.60
645986.34
650225.72
654880.15
660000.03
Margin against W/C Finance
47028.66
50490.38
53965.50
57424.19
57756.36
61064.56
64598.63
65022.57
65488.02
66000.00
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
102697.88
110033.44
117369.00
124704.56
124704.56
132040.13
139375.69
139375.69
139375.69
139375.69
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
For WIP Stage
80053.10
85857.79
91709.21
97559.96
98212.23
104136.10
110128.39
110956.26
111866.91
112868.62
For FG Stage
164556.79
176542.67
188577.75
200538.99
202097.18
213106.76
225425.96
227417.68
229603.24
232007.36
W/C for Bank Finance
Break-up of Working Capital for Bank Finance

Non Funded (L/C Stage)
Funded:
For Bills Stage
For Inventory of Imported RM
For Inventory of Local RM
For Receivable Stage
75950.15
81979.55
88033.55
94014.17
94793.26
100298.06
106457.66
107453.52
108546.30
109748.36
Sub-Total (Funded):
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
Total W/C for Bank Finance:
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
Page 15
(Amount Tk.in 000)

ANNEXURE - C.VIII
FINANCIAL EXPENSES
Item
Profit on Long Term Investment
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
46974.57
39747.71
32520.86
25294.00
18067.14
10840.29
3613.43
0.00
0.00
0.00
Profit on Working Capital Investment
65604.98
70434.09
75281.87
80106.74
80570.12
85185.06
90115.09
90706.49
91355.78
92070.00
Profit during Gestation Period on L.T.I
7226.86
7226.86
7226.86
7226.86
7226.86
0.00
7226.86
0.00
0.00
0.00
119806.40
117408.66
115029.59
112627.60
105864.12
96025.35
100955.38
90706.49
91355.78
92070.00
Profit on Bridge Financing
Total Financial Expenses
PROFIT ON LONG TERM INVESTMENT
1st Year
Principal
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
316175.00
271007.14
225839.29
180671.43
135503.57
90335.71
45167.86
0.00
0.00
0.00
45167.86
45167.86
45167.86
45167.86
45167.86
45167.86
45167.86
0.00
0.00
0.00
Closing Balance
271007.14
225839.29
180671.43
135503.57
90335.71
45167.86
0.00
0.00
0.00
0.00
Average Balance
293591.07
248423.21
203255.36
158087.50
112919.64
67751.79
22583.93
0.00
0.00
0.00
46974.57
39747.71
32520.86
25294.00
18067.14
10840.29
3613.43
0.00
0.00
0.00
Principal Re-payment
Profit/Rent
PROFIT/COMMISSION ON WORKING CAPITAL FINANCE
1st Year
Required Total W/C Finance/Investment
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
Working Capital Finance(No-Funded)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Working Capital Investment(Funded)
423257.91
454413.45
485689.51
516817.68
519807.24
549581.04
581387.70
585203.14
589392.14
594000.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Profit on W/C Investment
67721.27
72706.15
77710.32
82690.83
83169.16
87932.97
93022.03
93632.50
94302.74
95040.00
Total Profit/Commission:
67721.27
72706.15
77710.32
82690.83
83169.16
87932.97
93022.03
93632.50
94302.74
95040.00
Commission on W/C Finance
Page 16
(Amount Tk.in 000)

ANNEXURE - IX.A
REPAYMENT SCHEDULE OF LONG TERM LOAN

Principal Loan
316175
Repayment Period
7 Years
Nos. of Installment
Annual Interest Rate
Installment Size
28 Quarterly
16.00%
(18,974.60)
Adjustment of Loan
Principal
Outstanding
Interest
Installment
Paid
Principal
Adjustment
Quarter
Interest
Installment
Paid
Principal
Adjustment
1st'
316175.00
12647.00
18974.60
6327.60
15th'
200431.06
8017.24
18974.60
10957.36
2nd'
309847.40
12393.90
18974.60
6580.71
16th'
189473.70
7578.95
18974.60
11395.65
3rd'
303266.69
12130.67
18974.60
6843.93
17th'
178078.04
7123.12
18974.60
11851.48
4th'
296422.76
11856.91
18974.60
7117.69
18th'
166226.56
6649.06
18974.60
12325.54
5th'
289305.06
11572.20
18974.60
7402.40
19th'
153901.02
6156.04
18974.60
12818.56
6th'
281902.66
11276.11
18974.60
7698.50
20th'
141082.46
5643.30
18974.60
13331.30
7th'
274204.17
10968.17
18974.60
8006.44
21st'
127751.16
5110.05
18974.60
13864.56
8th'
266197.73
10647.91
18974.60
8326.69
22nd'
113886.60
4555.46
18974.60
14419.14
9th'
257871.04
10314.84
18974.60
8659.76
23rd'
99467.46
3978.70
18974.60
14995.90
10th'
249211.28
9968.45
18974.60
9006.15
24th'
84471.56
3378.86
18974.60
15595.74
11th'
240205.13
9608.21
18974.60
9366.40
25th'
68875.82
2755.03
18974.60
16219.57
12th'
230838.73
9233.55
18974.60
9741.05
26th'
52656.25
2106.25
18974.60
16868.35
13th'
221097.68
8843.91
18974.60
10130.70
27th'
35787.90
1431.52
18974.60
17543.09
14th'
210966.98
8438.68
18974.60
10535.92
28th'
18244.81
729.79
18974.60
18244.81
Quarter
Principal
Outstanding
Page 17
(Amount Tk.in 000)
ANNEXURE - C.IX
Page 18
(Amount Tk.in 000)
INVESTMENT - SERVICE COVERAGE RATIO

Income
Operating Profit
Income Available For
Meeting Liability
Liabilities for Re-payment

Installment Of Term Investment
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
229898.63
285631.13
301885.74
318804.14
305850.89
327820.45
342216.35
324375.21
299427.21
271990.32
41597.50
41597.50
41597.50
41597.50
41597.50
28417.50
28417.50
28417.50
28417.50
28417.50
271496.13
327228.63
343483.24
360401.64
347448.39
356237.95
370633.85
352792.71
327844.71
300407.82
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
45167.86
45167.86
45167.86
45167.86
45167.86
45167.86
45167.86
0.00
0.00
0.00
Financial Expenses
119806.40
117408.66
115029.59
112627.60
105864.12
96025.35
100955.38
90706.49
91355.78
92070.00
Total Liability for Re-payment
164974.26
162576.51
160197.45
157795.45
151031.98
141193.20
146123.24
90706.49
91355.78
92070.00
Investment-Service Coverage
Ratio(Times)
1.65
2.01
2.14
2.28
2.30
2.52
2.54
3.89
3.59
3.26
Page 19
(Amount Tk.in 000)
Page 20
(Amount Tk.in 000)
PROJECTED CASH FLOW STATEMENT

Sources of Fund
Owners Equity in Fixed Investment
Const. Year
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
249375.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
423257.91
31155.54
31276.06
31128.17
2989.56
29773.81
31806.66
3815.44
4188.99
316175.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Bridge Financing
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Retained Earnings
0.00
110092.23
168222.47
186856.16
206176.55
199986.77
231795.10
241260.97
233668.72
208071.42
Tax Holiday Reserve
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Depreciation
0.00
41597.50
41597.50
41597.50
41597.50
41597.50
28417.50
28417.50
28417.50
28417.50
Equity Contribution in W/C
0.00
47028.66
3461.73
3475.12
3458.69
332.17
3308.20
3534.07
423.94
465.44
565550.00
621976.30
244437.24
263204.83
282360.90
244906.00
293294.61
305019.21
266325.60
241143.36
Increase in Current Liability

Long Term Bank Loan
Total Fund
Application Of Fund :
Capital Investment
Const. Year
499650.000
1st Year
0.00
2nd Year
0.00
3rd Year
0.00
4th Year
0.00
5th Year
0.00
6th Year
0.00
7th Year
0.00
8th Year
0.00
9th Year
0.00
65900.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
477398.97
45167.86
34617.27
45167.86
34751.17
45167.86
34586.86
45167.86
3321.73
45167.86
33082.01
45167.86
35340.73
45167.86
4239.38
0.00
4654.44
0.00
565550.00
522566.83
79785.13
79919.03
79754.71
48489.59
78249.86
80508.59
4239.38
4654.44
Cash Surplus
0.00
99409.47
164652.11
183285.80
202606.19
196416.41
215044.75
224510.61
262086.22
236488.92
Opening Cash Balance
0.00
0.00
99409.47
264061.58
447347.38
649953.57
846369.98 1061414.73
1285925.34
1548011.57
Closing Cash Balance
0.00
99409.47
264061.58
447347.38
649953.57
846369.98
1061414.73 1285925.34
1548011.57
1784500.49
Increase In Current Assets

Repayment Of Loan
Total Application Of Fund :
Page 21
(Amount Tk.in 000)

ANNEXURE - C.XI
PROJECTED BALANCE SHEET

Assets
Construction Year
Taka
1st Year
%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.65%
88.35%
100.00%
Taka
99409.47
0.00
99409.47
114108.75
88947.88
182840.88
91420.44
81.02
0.00
576808.44
52720.00
471232.50
1100760.94
Long Term Loan

Bridge Financing
Working Capital Loan
Total Liabilities
Taka
316175.00
0.00
0.00
316175.00
%
55.91%
0.00%
0.00%
55.91%
Equity
Paid Up Capital
Equity from IPO
Increment in Equity Participation
Tax Holiday Reserve
Retained Earnings
Total Equity
Total Liability & Equity
Taka
249375.00
0.00
0.00
0.00
0.00
249375.00
565550.00
%
44.09%
0.00%
0.00%
0.00%
0.00%
44.09%
100.00%
Free Cash
Restricted Cash
Cash Balance
Raw & Packing Materials
Work in Process
Finished Goods
Receivable
Store & Spares
Other Current Assets
Current Assets
Fixed Assets
Total Assets
Liabilities
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
65900.00
499650.00
565550.00
Construction Year
2nd Year
%
9.03%
0.00%
9.03%
10.37%
8.08%
16.61%
8.31%
0.01%
0.00%
52.40%
4.79%
42.81%
100.00%
Taka
264061.58
0.00
264061.58
122259.38
95397.54
196158.53
98079.26
121.53
0.00
776077.82
39540.00
442815.00
1258432.82
Taka
271007.14
0.00
423257.91
694265.05
%
24.62%
0.00%
38.45%
63.07%
Taka
225839.29
0.00
454413.45
680252.74
Taka
249375.00
0.00
47028.66
0.00
110092.23
406495.89
1100760.94
%
22.65%
0.00%
4.27%
0.00%
10.00%
36.93%
100.00%
Taka
249375.00
0.00
50490.38
0.00
278314.70
578180.08
1258432.82
1st Year
3rd Year
4th Year
%
Taka
%
Taka
%
20.98%
447347.38
31.18%
649953.57
0.00%
0.00
0.00%
0.00
20.98%
447347.38
31.18% 649953.57
9.72%
130410.00
9.09%
138560.63
7.58%
101899.13
7.10%
108399.95
15.59%
209530.83
14.60%
222821.10
7.79%
104765.42
7.30%
111410.55
0.01%
162.04
0.01%
162.04
0.00%
0.00
0.00%
0.00
61.67%
994114.80
69.28% 1231307.84
3.14%
26360.00
1.84%
13180.00
35.19%
414397.50
28.88%
385980.00
100.00% 1434872.30
100.00% 1630467.84
2nd Year
3rd Year
%
Taka
%
17.95%
180671.43
0.00%
0.00
36.11%
485689.51
54.06%
666360.94
%
Taka
19.82%
249375.00
0.00%
0.00
4.01%
53965.50
0.00%
0.00
22.12%
465170.86
45.94%
768511.36
100.00% 1434872.30
39.86%
0.00%
39.86%
8.50%
6.65%
13.67%
6.83%
0.01%
0.00%
75.52%
0.81%
23.67%
100.00%
4th Year
Taka
%
12.59%
135503.57
0.00%
0.00
33.85%
516817.68
46.44%
652321.25
%
Taka
17.38%
249375.00
0.00%
0.00
3.76%
57424.19
0.00%
0.00
32.42%
671347.40
53.56%
978146.59
100.00% 1630467.84
8.31%
0.00%
31.70%
40.01%
%
15.29%
0.00%
3.52%
0.00%
41.18%
59.99%
100.00%
Page 22
(Amount Tk.in 000)

ANNEXURE - C.XII
EXPECTED KEY RATIOS

Construction Year
1st Year
2nd Year
3rd Year
4th Year
DEBT ( % )
55.91
63.07
54.06
46.44
EQUITY ( % )
44.09
36.93
45.94
53.56
59.99
Current Ratio
1.23
1.55
1.87
2.19
Quick Ratio
0.41
0.72
1.04
1.35
Liquidity Ratio
0.21
0.53
0.84
1.16
Asset Ratio
1.59
1.85
2.15
2.50
Return on Equity Ratio
0.44
0.41
0.32
0.27
Working Capital to Total Assets(X1)
0.38
0.36
0.34
0.32
Retained Earnings to Total Assets(X2)
0.10
0.13
0.13
0.13
EBIT to Total Assets(X3)
0.21
0.23
0.21
0.20
Equity to Total Liabilities(X4)
0.59
0.85
1.15
1.50
Sales to Total Assets(X5)
1.69
1.83
1.72
1.60
Y-SCORE
1st Year
2nd Year
3rd Year
46.44
40.01
4th Year
Current Ratio
1.00
2.00
3.00
4.00
Quick Ratio
1.00
2.00
4.00
4.00
Liquidity Ratio
2.00
4.00
4.00
4.00
Asset Ratio
1.00
2.00
3.00
3.00

Total :
4.00
4.00
4.00
4.00
9.00
14.00
18.00
19.00
Z-SCORE
Z = 0.012 X1 + 0.014 X2 + 0.033 X3 + 0.006 X4 +0.999 X5
1st Year
Z-Score
2.65
2nd Year
2.97
3rd Year
3.00
4th Year
3.07
Page 23
(Amount Tk.in 000)

ANNEXURE - C.XIII
WEIGHTED AVERAGE COST OF CAPITAL

Const. Year
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
Debt ( in % )
55.91
63.07
54.06
46.44
40.01
34.11
6.99
25.96
23.62
21.91
Equity (in % )
44.09
36.93
45.94
53.56
59.99
65.89
93.01
74.04
76.38
78.09
10.09%
8.65%
7.43%
6.40%
5.46%
1.12%
4.15%
3.78%
3.51%
Cost of Debt
16.00%
Cost of Equity
0.00%
Corporate Tax
0.00%
Average Cost of Capital
8.94%
Weighted Average Cost of Capital =
4.96%
Page 24
(Amount Tk.in 000)

ANNEXURE - C.XIV
FINANCIAL INTERNAL RATE OF RETURN(FIRR)

Year
Operating Profit Depreciation
Recovery of
Capital
Year
Recovery of
Operating Profit Depreciation Capital
Cash
In-flow
1st
229898.63
41597.50
271496.13
11th'
0.00
2nd
285631.13
41597.50
#VALUE!
12th'
0.00
3rd
301885.74
41597.50
#VALUE!
13th'
0.00
4th
318804.14
41597.50
#VALUE!
14th'
0.00
5th
305850.89
41597.50
#VALUE!
15th'
0.00
6th
327820.45
28417.50
#VALUE!
7th
342216.35
28417.50
#VALUE!
8th
324375.21
28417.50
#VALUE!
9th
299427.21
28417.50
#VALUE!
10th
271990.32
28417.50
Cost
Rate
715809.33
Recovery Of Capital :
Item
Amount
Land
123900
100%
123900.00
Building
135000
50%
67500.00
Machinery
240750
10%
24075.00
667112.43
75%
500334.33
Inventory
Total
Cash in Flow
715809.33
1016217.14
Page 25
(Amount Tk.in 000)

(ANNEXURE - C.XIV Contd)
CASH FLOW STATEMENT FOR CALCULATION OF IRR :

Cash
Outflow
Cash
Inflow
Net Cash
Inflow
5%
10%
15%
20%
25%
30%
40%
Construction Year
565550.00
0.00
(565550.00)
(565,550)
(565,550)
(565,550)
(565,550)
(565,550)
(565,550)
(565,550)
1st
477398.97
271496.13
-205902.84
(196,098)
(187,184)
(179,046)
(171,586)
(164,722)
(158,387)
(147,073)
2nd
34617.27
#VALUE!
#VALUE!
265,407
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
3rd
34751.17
#VALUE!
#VALUE!
266,694
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
4th
34586.86
#VALUE!
#VALUE!
268,049
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
5th
3321.73
#VALUE!
#VALUE!
269,632
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
6th
0.00
#VALUE!
#VALUE!
265,830
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
7th
0.00
#VALUE!
#VALUE!
263,403
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
8th
0.00
#VALUE!
#VALUE!
238,784
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
9th
0.00
#VALUE!
#VALUE!
211,332
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
10th
0.00
1016217.14
1016217.14
623,869
391,796
251,193
164,125
109,115
73,715
35,132
11th'
0.00
0.00
0.00
12th'
0.00
0.00
0.00
13th'
0.00
0.00
0.00
14th'
0.00
0.00
0.00
15th'
0.00
0.00
0.00
1911352
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Year
Net Present value :

Internal / Financial Rate Of Return =
32.91%
Assumption: All the cash flows will be received at the end of every year.
If we consider that the cash flows will be received monthly basis instead of at the end of every year, as we assumed earlier then,
Internal / Financial Rate Of Return =
38.35%
Page 26
(Amount Tk.in 000)

(ANNEXURE - C.XIV Contd)
GRAPHICAL REPRESENTATION OF INTERNAL RATE OF RETURN

2500000
2000000
NET PRESENT
1500000 VALUE
NPV
1000000
500000
0
5%
10%
15%
20% RATE
DISCOUNT
25%
30%
40%
0
5%
10%
20% RATE
Page
27
DISCOUNT
15%
25%
40%(Amount
30%
ANNEXURE - C.XV
NET PRESENT VALUE (NPV) & MODIFIED INTERNAL RATE OF RETURN (MIRR)
Discount
Net Cash NPV of NCI at Co-efficient
Inflow (NCI) WACC
(F/P)
Cash
Outflow
Cash
Inflow
Construction Year
565550.00
0.00
(565550.00)
(565,550)
1.0050
(565,550)
1st
477398.97
271496.13
-205902.84
(205,801)
1.0045
(205,903)
2nd
34617.27
#VALUE!
#VALUE!
292,321
1.0040
#VALUE!
3rd
34751.17
#VALUE!
#VALUE!
308,273
1.0035
#VALUE!
4th
34586.86
#VALUE!
#VALUE!
325,169
1.0030
#VALUE!
5th
3321.73
#VALUE!
#VALUE!
343,274
1.0025
#VALUE!
6th
0.00
#VALUE!
#VALUE!
355,180
1.0020
#VALUE!
7th
0.00
#VALUE!
#VALUE!
369,350
1.0015
#VALUE!
8th
0.00
#VALUE!
#VALUE!
351,396
1.0010
#VALUE!
9th
0.00
#VALUE!
#VALUE!
326,385
1.0005
#VALUE!
10th
0.00
1016217.14
1016217.14
1,011,190
1.0000
1,016,217
3700844.887
11th'
0.00
0.00
0.00
0.0000
12th'
0.00
0.00
0.00
0.0000
13th'
0.00
0.00
0.00
0.0000
14th'
0.00
0.00
0.00
0.0000
15th'
0.00
0.00
0.00
0.0000
Year
Net Present value :
Modified Internal Rate Of Return :
2911187
17.45%
FV of NCI at WACC
CFI for
MIRR
Tk.in 000)
Page 28
(Amount Tk.in 000)

ANNEXURE - C.XVI
BREAK EVEN ANALYSIS

1st Year of Operation
2nd year of Operation
Income (Net Sales+Other Income)

Break-up Of Cost
3rd year of Operation
1859655.00
Fixed Cost
Variable
Cost
Total Cost
2305912.50
Variable
Cost
Fixed Cost
Total Cost
2461132.50
Fixed Cost
Variable
Cost
Total Cost
Raw Materials
0.00
1695330.00
1695330.00
0.00
1816425.00
1816425.00
Wages & Salary
86400.00
43200.00
129600.00
95040.00
47520.00
142560.00
104544.00
52272.00
156816.00
601.88
601.88
1203.75
902.81
902.81
1805.63
1203.75
1203.75
2407.50
Store & Spares

Utilities
0.00 1937520.00
1937520.00
1195.82
10762.42
11958.24
1281.24
11531.16
12812.40
1366.66
12299.90
13666.56
939.38
939.38
1878.75
1240.31
1240.31
2480.63
1541.25
1541.25
3082.50
Rent , Tax & Insurance
2827.75
500.00
3327.75
2827.75
700.00
3527.75
2827.75
900.00
3727.75
Postage & Telegram
200.00
300.00
500.00
220.00
330.00
550.00
240.00
360.00
600.00
Stationary & Printing
120.00
180.00
300.00
130.00
195.00
325.00
140.00
210.00
350.00
54201.43
65604.98
119806.40
46974.57
70434.09
117408.66
24914.49
90115.09
115029.59
Financial Expenses
1200.00
1800.00
3000.00
1400.00
2100.00
3500.00
1600.00
2400.00
4000.00
41597.50
0.00
41597.50
41597.50
0.00
41597.50
41597.50
0.00
41597.50
0.00
2500.00
2500.00
0.00
2500.00
2500.00
0.00
2500.00
2500.00
720.00
480.00
1200.00
720.00
480.00
1200.00
720.00
480.00
1200.00
0.00
0.00
0.00
0.00
4649.14
4649.14
0.00
6152.83
6152.83
500.00
0.00
500.00
500.00
0.00
500.00
500.00
0.00
500.00
2000.00
0.00
2000.00
2000.00
0.00
2000.00
2000.00
0.00
2000.00
Advertisement & Marketing

Entertainment
Selling Expenses
Audit Fee
Directors Remuneration
Office Rent
Misc. Expenses
Total Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1000.00
1000.00
2000.00
1250.00
1250.00
2500.00
1500.00
1500.00
3000.00
184695.40 2109454.83
2294150.23
193503.75
1823198.64
2016702.39
196084.19
1960257.51
2156341.69
Adjustment for WIP & FG
(26078.29)
(245710.47)
(271788.76)
(1797.52)
(17969.79)
(19767.31)
Net Total
167425.46
1577488.17
1744913.63
194286.67
1942287.71
2136574.39
P . V Ratio
Break Even Sales
Break Even Capacity
0.15
1103437.99
(1599.99)
(18273.90)
(19873.89)
183095.41 2091180.93
2274276.34
0.16
1232061.40
0.15
1218056.92
59% Of Assumed Capacity.
42% Of Installed Capacity.
Page 29
(Amount Tk.in 000)

(ANNEXURE - C.XVI Contd.)
GRAPHICAL REPRESENTATION OF BREAK-EVEN ANALYSIS BASED ON 1ST YEAR OF OPERATION

2500000.00
2000000.00
AMOUNT TAKA IN '000'

1500000.00
Total Cost
Fixed Cost
Variable Cost
Sales
1000000.00
500000.00
0.00
0%
10%
20%
30%
40%
CAPACITY UTILIZATION
50%
60%
70%
80%
0.00
0%
10%
20%
30%
40%
50%
60%
70%
CAPACITY UTILIZATION
Page 30
80%
(Amount Tk.in 000)

ANNEXURE - C.XVII
PAY BACK PERIOD

Year
Net Profit
before Tax
Investment
Depreciation
& write off
Total Cash
inflow
Cumulative
cash flow
Balance
565550.00
0.00
565550
0.00
110092.23
41597.50
151689.73
151689.73
413860.27
0.00
168222.47
41597.50
209819.97
361509.70
204040.30
0.00
186856.16
41597.50
228453.66
589963.36
-24413.36
0.00
206176.55
41597.50
247774.05
837737.40
-272187.40
0.00
199986.77
41597.50
241584.27
1079321.67
-513771.67
0.00
231795.10
28417.50
260212.60
1339534.27
-773984.27
0.00
241260.97
28417.50
269678.47
1609212.74 -1043662.74
0.00
233668.72
28417.50
262086.22
1871298.97 -1305748.97
0.00
208071.42
28417.50
236488.92
2107787.89 -1542237.89
10
0.00
179920.31
28417.50
208337.81
2316125.71 -1750575.71
Pay back
Period (Year)
2.893
Page 31
(Amount Tk.in 000)
ANNEXURE - C.XVIII
ESTIMATED ECONOMIC RESULTS

Item
Contribution to G. D. P
Employment Generation
Cost per Job
Benefit-Cost Ratio
1st Year
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
70%
75%
80%
85%
85%
90%
95%
95%
95%
95%
384086
471479
500465
532763
536846
565643
599385
604219
604214
604214
1080 Person
523.66
1.71
Page 32
(Amount Tk.in 000)
ANNEXURE - C.XIX
Page 33
(Amount Tk.in 000)
CONTRIBUTION TO G. D. P
1st Year
A. Income
2nd Year
3rd Year
4th Year
5th Year
6th Year
7th Year
8th Year
9th Year
10th Year
1859655.00
2305912.50
2461132.50
2616352.50
2638740.00
2771572.50
2926792.50 2949180.00
2949180.00
2949180.00
1695330.00
1816425.00
1937520.00
2058615.00
2058615.00
2179710.00
2300805.00 2300805.00
2300805.00
2300805.00
Store And Spares
1203.75
1805.63
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
2407.50
1878.75
2480.63
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
3082.50
Rent , Tax & Insurance
3327.75
3527.75
3727.75
3927.75
4627.75
4627.75
4627.75
4627.75
4627.75
4627.75
11958.24
12812.40
13666.56
14520.72
14520.72
14520.72
14520.72
14520.72
14520.72
14520.72
Postage & Telegram
500.00
550.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
600.00
Stationery & Printing
300.00
325.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
3000.00
3500.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
4000.00
Advertisement
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
2500.00
Entertainment
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
1200.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
2000.00
7149.14
9152.83
9540.88
9596.85
9928.93
10316.98
10372.95
10372.95
10372.95
1723698.49
1852775.54
1978707.14
2101244.35
2102000.32
2223427.40
2344910.45 2344966.42
2344966.42
2344966.42
248129.59
18341.68
18039.24
17654.98
106.34
17497.56
5.38
0.00
0.00
Total Inter-Firm Transaction (B):
1475568.90
1834433.85
1960667.90
2083589.37
2101893.98
2205929.85
2327407.51 2344961.04
2344966.42
2344966.42
Contribution To G. D. P (A-B):
384086.10
471478.65
500464.60
532763.13
536846.02
565642.65
604213.58
604213.58
B.
Less Inter- Firm Transaction :

Raw Materials
Utilities
Audit Fee
Other Expenses
Sub-Total :
Adjustment for WIP & FG Inventories:
17502.94
599384.99
604218.96
Page 34
(Amount Tk.in 000)

ANNEXURE - C.XX
BENEFIT-COST RATIO DISCOUNTED AT WACC

Capital
Expenditure
Year
Construction Year
Operating
Expenses
Non-Cash
Expenses
Total Cost
Discounted
Present value Total Benefit
Discounted
Present Value
565550
565550
565550
1st
1629756
41598
1588159
1513107
1859655
1771772
2nd
2020281
41598
1978684
1796088
2305913
2093119
3rd
2159247
41598
2117649
1831389
2461133
2128441
4th
2297548
41598
2255951
1858797
2616353
2155750
5th
2332889
41598
2291292
1798698
2638740
2071450
6th
2443752
28418
2415335
1806469
2771573
2072906
7th
2584576
28418
2556159
1821448
2926793
2085551
8th
2624805
28418
2596387
1762682
2949180
2002192
9th
2649753
28418
2621335
1695519
2949180
1907574
10th
28418
-28418
-17512
2949180
1817426
11th
28418
-28418
-16685
2949180
1731539
12th
28418
-28418
-15896
2949180
1649711
13th
28418
-28418
-15145
2949180
1571750
14th
28418
-28418
-14429
2949180
1497473
15th
28418
-28418
-13747
2949180
1426706
Net Present Value
Benefit Cost Ratio
16356331
Employment Generation
Cost Per Job :
1.71
=
:
1080 Person.
523.66 Thousand
27983362
Page 35
(Amount Tk.in 000)
Page 36
(Amount Tk.in 000)

Annexure-B
PRODUCTION PLAN & RAW MATERIAL REQUIREMENT:

Production Plan:
Type of fabrics
No. of
Machine
Machine Speed
(rpm)
Working Hour
per Day
Attainable Speed
Weft/Inch
(rpm)
Production Total Production

per day (Yards)
(yds/day/mc)
Solid Dyed Fabrics

Cotton Gabardine (20x20/108x58/63)
40
1,250
750
58
22
474
18,966
Cotton Poplin (40x40/130x72/63)
35
1,250
750
72
22
382
13,368
Sub-total:
75
32,334
Yarn Dyed Fabrics

Cotton Fil-a-Fil (40x40 / 130x72 /62)
20
1,250
700
72
22
356
7,130
Cotton Check/Stripe (40x40/110x72/62)
20
1,250
700
72
22
356
7,130
Cotton Chambary (40x40 / 130x70 /62)
20
1,250
700
70
22
367
Sub-total:
60
21,593
Total:
135
53,926
7,333
Yarn Requirement (in Kg):

Type of fabrics
Production
(Yards)
Solid Dyed Fabrics
Warp Yarn including Shrinkage & Weft Yarn including Shrinkage

Wastage*
& Wastage*
Ne20
Cotton Gabardine (20x20 / 108x58 /63)
18,966
Cotton Poplin (40x40 / 130x72 /63)
13,368
Sub-total:
32,334
Ne40
Ne20
3,841
Ne40
3,841
Ne20
2,063
1,629
1,629
2,063
Total (in Kg)
Total
Ne40
5,903
5,903
902
2,532
2,532
902
5,903
2,532
8,435
Yarn Dyed Fabrics

Cotton Fil-a-Fil (40x40 / 130x72 /62)
7,130
855
461
1,316
1,316
Cotton Check/Stripe (40x40/110x72/62)
7,130
724
461
1,184
1,184
1,340
1,340
Cotton Chambary (40x40 / 130x70 /62)

Sub-total:
Total
7,333
880
461
21,593
2,458
1,382
3,840
3,840
53,926
3,841
4,087
2,063
2,284
5,903
6,372
12,275
* 10% excess quantity of yarn has been considered for shrinkage & wastage.
Page 37
Reference
Annexure-IV
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-III
Annexure-X
Annexure-XIV
Annexure-XV
Annexure-XVI
Annexure-XVI
Annexure-XVII
Annexure-XVII
Annexure-XVIII
(Amount Tk.in 000)
Page 38
(Amount Tk.in 000)
Page 39
Reference
Annexure-IV
Annexure-V
Annexure-VI
Annexure-VII
Annexure-IX
(Amount Tk.in 000)
Page 40
Reference
Annexure-IV.A
Annexure-V.A
(Amount Tk.in 000)
Page 41
(Amount Tk.in 000)
Page 42
Reference
Annexure-V.A
Annexure-V.B
Annexure-V.C
Annexure-V.C
Annexure-V.C
Annexure-V.C
Annexure-V.C
Annexure-V.C
Annexure-VIII
Annexure-VIII
Annexure-VIII
Annexure-VIII
(Amount Tk.in 000)
Page 43
(Amount Tk.in 000)
Page 44
(Amount Tk.in 000)
Page 45
(Amount Tk.in 000)
Page 46
(Amount Tk.in 000)
Page 47
(Amount Tk.in 000)
Page 48
(Amount Tk.in 000)
Page 49
(Amount Tk.in 000)
Page 50
(Amount Tk.in 000)
Page 51
(Amount Tk.in 000)
Page 52
(Amount Tk.in 000)
Page 53
(Amount Tk.in 000)
Page 54
(Amount Tk.in 000)
Page 55
(Amount Tk.in 000)
Page 56
10th Year
0.00
4607.89
0.00
0.00
179920.31
0.00
28417.50
511.99
213457.69
10th Year
0.00
0.00
5119.88
0.00
5119.88
208337.81
1784500.49
1992838.30
(Amount Tk.in 000)
Page 57
(Amount Tk.in 000)
Page 58
(Amount Tk.in 000)
Page 59
10th Year
20.66
79.34
3.31%
(Amount Tk.in 000)
Page 60
(Amount Tk.in 000)
Page 61
(Amount Tk.in 000)
0%
Page 62
NPV
(Amount Tk.in 000)
0%
Page 63
(Amount Tk.in 000)
Page 64
(Amount Tk.in 000)
Page 65
(Amount Tk.in 000)
Page 66
(Amount Tk.in 000)
Page 67
Reference
Annexure-XX
Annexure-XXI
(Amount Tk.in 000)
Page 68
(Amount Tk.in 000)
Page 69
(Amount Tk.in 000)
Page 70
(Amount Tk.in 000)
Page 71
(Amount Tk.in 000)
Page 72
(Amount Tk.in 000)
Page 73
(Amount Tk.in 000)
Page 74
(Amount Tk.in 000)
Page 75
(Amount Tk.in 000)
Page 76
(Amount Tk.in 000)
Page 77
(Amount Tk.in 000)
Page 78
(Amount Tk.in 000)
Page 79
(Amount Tk.in 000)
Page 80
(Amount Tk.in 000)
Page 81
(Amount Tk.in 000)
Page 82
(Amount Tk.in 000)
Page 83
(Amount Tk.in 000)
Page 84
(Amount Tk.in 000)
Page 85
(Amount Tk.in 000)
Page 86
(Amount Tk.in 000)
Page 87
316175.00
177058.00
493233.00
17615.4642857143
(Amount Tk.in 000)
Page 88
(Amount Tk.in 000)
Page 89
(Amount Tk.in 000)
Page 90
(Amount Tk.in 000)
Page 91
(Amount Tk.in 000)
Page 92
(Amount Tk.in 000)
Page 93
(Amount Tk.in 000)

ANNEXURE - XII
PROJECTED BALANCE SHEET

Assets
Free Cash
Restricted Cash
Cash Balance
Raw & Packing Materials
Work in Process
Finished Goods
Receivable
Store & Spares
Other Current Assets
Current Assets
Fixed Assets
Total Assets
Liabilities
Long Term Loan
Bridge Financing
Working Capital Loan
Total Liabilities
Equity
Paid Up Capital
Equity from IPO
Increment in Equity Participation
Tax Holiday Reserve
Retained Earnings
Total Equity
Total Liability & Equity
5 Year
Taka
846369.98
0.00
6 Year
7 Year
8 Year
9 Year
10
0.00
357562.50
%
Taka
47.32% 1061414.73
0.00%
0.00
47.32% 1061414.73
7.75%
146711.25
6.10%
115706.78
12.55%
236785.29
6.28%
118392.64
0.01%
162.04
0.00%
0.00
80.01% 1679172.73
0.00%
0.00
19.99%
329145.00
%
Taka
52.85% 1285925.34
0.00%
0
52.85% 1285925.34
7.31%
154861.88
5.76%
122364.88
11.79%
250473.29
5.90%
125236.65
0.01%
162.04
0.00%
0.00
83.61% 1939024.08
0.00%
0.00
16.39%
300727.50
%
Taka
%
57.41% 1548011.57
0.00%
0
57.41% 1548011.57
6.91%
154861.88
5.46%
123284.73
11.18%
252686.31
5.59%
126343.16
0.01%
162.04
0.00%
0.00
86.57% 2205349.69
0.00%
0.00
13.43%
272310.00
Taka
%
Taka
62.48% 1784500.49
66.33% 1992838.30
0.00%
0
0.00%
0
62.48% 1784500.49 66.33% 1992838.30
6.25% 154861.88
5.76% 154861.88
4.98% 124296.57
4.62% 125409.58
10.20% 255114.71
9.48% 257785.96
5.10% 127557.36
4.74% 128892.98
0.01%
162.04
0.01%
162.04
0.00%
0.00
0.00%
0.00
89.01% 2446493.05 90.93% 2659950.74
0.00%
0.00
0.00%
0.00
10.99% 243892.50
9.07% 215475.00
1788608.48
100.00%
100.00%
100.00%
100.00%
846369.98
138560.63
109124.70
224552.42
112276.21
162.04
0.00
1431045.98
5 Year
2008317.73
2239751.58
6 Year
2477659.69
7 Year
Taka
8 Year
Taka
90335.71
%
5.05%
Taka
45167.86
%
2.97%
519807.24
610142.95
29.06%
0.34
61064.56
106232.42
4.02%
0.07
581387.70
581387.70
25.96%
0.26
Taka
249375.00
0.00
57756.36
0.00
%
13.94%
0.00%
3.23%
0.00%
Taka
249375.00
0.00
61064.56
0.00
%
16.41%
0.00%
4.02%
0.00%
Taka
249375.00
0.00
64598.63
0.00
%
Taka
11.13%
249375.00
0.00%
0.00
2.88%
65022.57
0.00%
0.00
0.00
2690385.55
%
Taka
0.00%
100.00%
2875425.74
9 Year
Taka
10
Taka
0.00
0.00%
0.00
0.00%
0.00
585203.14
585203.14
23.62%
0.24
589392.14
589392.14
21.91%
0.22
594000.03
594000.03
%
Taka
10.06% 249375.00
0.00%
0.00
2.62%
65488.02
0.00%
0.00
%
Taka
9.27% 249375.00
0.00%
0.00
2.43%
66000.00
0.00%
0.00
871334.17
48.72%
1103129.27
72.58%
1344390.24
60.02%
1578058.97
63.69%
1786130.39
66.39%
1966050.71
1178465.53
65.89%
1413568.83
93.01%
1658363.88
74.04%
1892456.54
76.38%
2100993.41
78.09%
2281425.71
1788608.48
100.00%
1519801.25
100.00%
2239751.58
100.00%
2477659.69
100.00%
2690385.55
100.00%
2875425.74
Page - 24
Page 94
(Amount Tk.in 000)

ANNEXURE - XIII
EXPECTED KEY RATIOS

5 Year
6 Year
7 Year
8 Year
9 Year
10
DEBT ( % )
34.11
6.99
25.96
23.62
21.91
20.66
EQUITY ( % )
65.89
93.01
74.04
76.38
78.09
79.34
Current Ratio
2.53
15.81
3.34
3.77
4.15
4.48
Quick Ratio
1.70
11.11
2.43
2.86
3.24
3.57
Liquidity Ratio
1.50
9.99
2.21
2.65
3.03
3.35
Asset Ratio
2.93
18.90
3.85
4.23
4.56
4.84
0.20
0.20
0.17
0.14
0.11
0.09
Working Capital to Total Assets(X1)
0.29
0.27
0.26
0.24
0.22
0.21
Retained Earnings to Total Assets(X2)
0.11
0.12
0.11
0.09
0.08
0.06
EBIT to Total Assets(X3)
0.17
0.16
0.15
0.13
0.11
0.09
Equity to Total Liabilities(X4)
1.93
13.31
2.85
3.23
3.56
3.84
Sales to Total Assets(X5)
1.48
1.38
1.31
1.19
1.10
1.03
Y-SCORE
5 Year
6 Year
7 Year
8 Year
9 Year
10
Current Ratio
4.00
4.00
4.00
4.00
4.00
4.00
Quick Ratio
4.00
4.00
4.00
4.00
4.00
4.00
Liquidity Ratio
4.00
4.00
4.00
4.00
4.00
4.00
Asset Ratio
4.00
4.00
4.00
4.00
4.00
4.00

Total :
4.00
4.00
4.00
4.00
4.00
3.00
20.00
20.00
20.00
20.00
20.00
19.00
Z-SCORE
Z = 0.012 X1 + 0.014 X2 + 0.033 X3 + 0.006 X4 +0.999 X5

5 Year
Z-Score
3.14
6 Year
9.86
7 Year
3.48
8 Year
3.55
Page -
9 Year
3.61
10
3.67
Page 95
(Amount Tk.in 000)
Page 96
(Amount Tk.in 000)
Page 97
(Amount Tk.in 000)
Page 98
5%
NPV
1911352
(Amount Tk.in 000)
10%
15%
20%
25%
30%
40%
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Page 99
Modified Internal Rate of Return :
17.40%
(This considered the net cash inflow, rate of interest & re-investment rate, but does not considered the debt-equity ratio of the operating years & corporate Tax)
(Amount Tk.in 000)
Page 100
(Amount Tk.in 000)
Page 101
Total Cost
Fixed Cost
Variable Cost
(Amount Tk.in 000)
Sales
0%
167425.46
167425.46
0.00
0.00
10%
392780.92
167425.46
225355.45
265665.00
20%
618136.37
167425.46
450710.91
531330.00
30%
843491.82
167425.46
676066.36
796995.00
40% 1068847.28
167425.46
901421.81
1062660.00
50% 1294202.73
167425.46
1126777.26
1328325.00
60% 1519558.18
167425.46
1352132.72
1593990.00
70% 1744913.63
167425.46
1577488.17
1859655.00
80% 1970269.09
167425.46
1802843.62
2125320.00
Page 102
(Amount Tk.in 000)
Page 103
(Amount Tk.in 000)
Page 104
(Amount Tk.in 000)
Page 105
(Amount Tk.in 000)
Page 106
(Amount Tk.in 000)
Page 107
(Amount Tk.in 000)
Page 108
(Amount Tk.in 000)
Page 109
(Amount Tk.in 000)
Page 110
(Amount Tk.in 000)
Page 111
(Amount Tk.in 000)
Page 112
(Amount Tk.in 000)
Page 113
(Amount Tk.in 000)
Page 114
(Amount Tk.in 000)
Page 115
(Amount Tk.in 000)
Page 116
(Amount Tk.in 000)
Page 117
(Amount Tk.in 000)
Page 118
(Amount Tk.in 000)
Page 119
(Amount Tk.in 000)
Page 120
(Amount Tk.in 000)
Page 121
(Amount Tk.in 000)
Page 122
(Amount Tk.in 000)
Page 123
(Amount Tk.in 000)
Page 124
(Amount Tk.in 000)
Page 125
(Amount Tk.in 000)
Page 126
(Amount Tk.in 000)
Page 127
(Amount Tk.in 000)
Page 128
(Amount Tk.in 000)
Page 129
ANNEXURE - XII
Year
%
69.31%
0.00%
69.31%
5.39%
4.36%
8.97%
4.48%
0.01%
0.00%
92.51%
0.00%
7.49%
100.00%
Year
%
0.00%
20.66%
0.21
%
8.67%
0.00%
2.30%
0.00%
68.37%
79.34%
100.00%
(Amount Tk.in 000)
Page 130
ANNEXURE - XIII
Year
Year
Year
(Amount Tk.in 000)
Page 131
(Amount Tk.in 000)
Page 132
(Amount Tk.in 000)
Page 133
(Amount Tk.in 000)
Page 134
(Amount Tk.in 000)
Page 135
(Amount Tk.in 000)
Page 136
(Amount Tk.in 000)
Page 137
(Amount Tk.in 000)
Page 138
(Amount Tk.in 000)
Page 139
(Amount Tk.in 000)
Page 140
(Amount Tk.in 000)
Page 141
(Amount Tk.in 000)
Page 142
(Amount Tk.in 000)
Page 143
(Amount Tk.in 000)
Page 144
(Amount Tk.in 000)

Book 1

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Page 1

(Amount Tk.in 000)

ESTIMATED FINANCIAL RESULTS

Net Profit before Tax

Net Profit after Tax

Gross Profit to Sales

Operating Profit to Sales

Net Profit to Sales (before Tax)

Net Profit to Sales (after Tax)

Weighted Average Cost Of Capital

Financial Internal Rate Of Return (FIRR)

Modified Internal Rate Of Return (MIRR)

Investment-Service Coverage Ratio

Net Present Value (NPV)

(Amount Tk.in 000)

CAPITAL REQUIREMENT & PROPOSED MEANS OF FINANCE

Building & Other Construction

Machinery & Equipment's

Against Total Cost of Machinery & Equipment

(Amount Tk.in 000)

Cost Of Goods Sold

Admin. & General Expenses

Net Profit before Tax

Income From Waste Raw Material

Income Tax (@.0% on sales)

Net Profit after Tax

Gross Profit to Sales

Operating Profit to Sales

Net Profit to Sales (before Tax)

Net Profit to Sales (after Tax)

(Amount Tk.in 000)

ESTIMATED SALES REVENUE

Add. Opening Stock Of WIP

Less. Closing Stock Of WIP

Less: Closing Stock Of FG

Total Estimated Sales :

15% on Estimated Sales

Less adjustment with RM

Net VAT payable

Sales after paying VAT

(Amount Tk.in 000)

Yearly Production at 100% Capacity

Total (in '000')

(Amount Tk.in 000)

COST OF GOODS SOLD

Stores & Spares

Repair & Maintenance

Tax & Insurance

Rent of Factory Land/Building

Other Manufacturing Overhead

Less: Closing Stock Of WIP

Total Cost Of Goods Sold

Add: O.S Of FinishedGoods

Goods Available For Sale

Less:C.S.Of Finished Goods

Adjustment for Inventories:

Net Cost of Goods Sold:

(Amount Tk.in 000)

(In '000' Taka)

(In '000' Taka)

(In '000' Taka)

(Amount Tk.in 000)

Total Raw Material