P&L Statement

All the figures are in $ Millions unless otherwise mention FY 10 FY 11 FY 12 FY 13 FY 14

Revenue
Sales from Product A 100 120 132 185 222
Sales from Product B 40 60 66 73 88
Total Sales 140 180 198 258 310

Operating Costs
Cost of the Raw Material 42 57 59 74 99
Selling,General & Administration Expenses 28 36 40 52 62
Provisions 21 27 30 39 47
Employee Renumeration & Benefits 14 18 20 26 31
Total Operating Costs 105 138 149 191 239

EBITDA 35 42 50 68 72
Other Income 15 18 20 28 33
Depreciation & Amortization 1 10 17 23 31

EBIT 49 51 52 72 74
Interest & Finance Charges 4 17 17 21 26

Earning Before Taxes 45 34 35 51 48

Taxes 30% 14 10 10 15 14

Profit After Tax 32 23 24 36 33

FY 15

289
114
403

121
81
60
40
302

101
43
37

107
26

81
24

57
Balance Sheet

All the figures are in $ Millions unless otherwise mention FY 10 FY 11 FY 12 FY 13 FY 14

Fixed Assets
Gross Block 0 10 95 174 232 311
Less: Accumulated Depreciation 1 11 28 51 82
Net Block 9 85 146 181 229

Stores & Warehouses - 19 38 55 66

Investments - - - - 50

Current Assets
Cash & Bank Balances 173 320 284 364 364
Short Term Marketable Investment - 5 2 6 8
Receivables 14 18 20 26 31
Inventories 5 8 12 16 19
Sundry Debtors 5 6 7 9 11
Loans & Advances - 12 13 17 20
Other Current Assets 9 17 24 32 42
Total Current Assets 206 386 361 469 495

Total Assets 215 490 545 705 840

Liabilities & Provisions

Debt Funds
Secured Debt 50 150 150 200 200
Unsecured Debt - 50 50 50 100
Total Debt Fund 50 200 200 250 300

Current Liabilities & Provisions

Payables 4 5 6 8 9
Accrued Liabilities 4 5 5 6 8
Other Current Liabilities 5 7 7 10 12
Provisions 21 48 78 116 163
Total Current Liabilities 34 65 96 140 192

Total Liabilities 84 265 296 390 492

Net Worth 132 225 249 315 349

Share Capital and Reserves & Surplus

Share Capital 100 100 150 150 150
Share Application Money - 70 20 50 50
Reserves & Surplus 32 55 79 115 149
Net Worth 132 225 249 315 349

1 1 1 1 1
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

372
119
253

78
50

417
12
40
24
14
26
52
585

966

200
100
300

12
10
15
223
261

561

405

200
 -
205
405

1
Assumption

All the figures are in $ Millions unless otherwise mentioned FY 10 FY 11 FY 12 FY 13

P/L Drivers
Revenue
Sales from Product A 20% 10% 40%
Sales from Product B 50% 10% 11%

Operating Costs
Cost of the Raw Material 30% 32% 30% 29%
Selling,General & Administration Expenses (SG&A) 20% 20% 20% 20%
Provisions 15% 15% 15% 15%
Employee Renumeration & Benefits 10% 10% 10% 10%

Other Income 9% 6% 7% 8%
Depreciation & Amortization 10% 10% 10% 10%
Interest & Finance Charges 8% 9% 9% 8%
Taxes 30%

BS Drivers
Fixed Assets
Capex as %age of revenue 7% 47% 40% 22%
Stores & Warehouses as %age of revenue 0% 11% 19% 21%
Investments -

Current Assets
Short Term Marketable Investments - (1) 2
Receivables in days 32 35 32
Inventories in days 13 18 20
Sundry Debtors in days 11 12 11
Other Current Assets 89% 41% 33%

Current Liabilities & Provisions

Payables 31 35 34
Accrued Liabilities 29% 10% 30%
Other Current Liabilities 29% 10% 30%
FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

20% 30% 24% 25% 28% 25% 26%

21% 30% 24% 19% 21% 23% 23%

32% 30% 30% 30% 30% 31% 30% Av

20% 20% 20% 20% 20% 20% 20% Av
15% 15% 15% 15% 15% 15% 15% Av
10% 10% 10% 10% 10% 10% 10% Av

9% 10% 8% 8% 9% 9% 9% Av
10% 10% 10% 10% 10% 10% 10% Av
9% 9% 9% 9% 9% 9% 9% Av

25% 15% 15% 15% 15% 15% 15% Previous

21% 19% 18% 20% 20% 20% 19% Av
50 50 50 50 50 50 Previous

0 1 64% 60% 47% 9% 15% gr-av

33 32 33 33 33 33 33 av
21 19 18 19 20 19 19 av cogs/sales
12 12 12 12 12 12 12 av
31% 24% 32% 32% 31% 30% 30% gr-av

31 32 33 33 33 32 33 av
20% 30% 24% 23% 25% 24% 25% gr-av
20% 30% 24% 23% 25% 24% 25% gr-av
P&L Statement

All the figures are in $ Millions unless otherwise men FY 10 FY 11 FY 12 FY 13 FY 14

Revenue
Sales from Product A 100 120 132 185 222
Sales from Product B 40 60 66 73 88
Total Sales 140 180 198 258 310

Operating Costs
Cost of the Raw Material 42 57 59 74 99
Selling,General & Administration Expense 28 36 40 52 62
Provisions 21 27 30 39 47
Employee Renumeration & Benefits 14 18 20 26 31
Total Operating Costs 105 138 149 191 239

EBITDA 35 42 50 68 72
Other Income 15 18 20 28 33
Depreciation & Amortization 1 10 17 23 31

EBIT 49 51 52 72 74
Interest & Finance Charges 4 17 17 21 26

Earning Before Taxes 45 34 35 51 48

Taxes 30% 14 10 10 15 14

Profit After Tax 32 23 24 36 33

FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

289 358.5517 447.758 572.4833 717.8731 907.9343

114 141.5195 168.3627 203.3172 249.6584 307.6826
403 500 616 776 968 1,216

121 152.4611 186.3895 235.0872 296.0221 368.6677

81 100.0142 123.2241 155.1601 193.5063 243.1234
60 75.01068 92.4181 116.3701 145.1297 182.3425
40 50.00712 61.61207 77.58006 96.75315 121.5617
302 377 464 584 731 916

101 123 152 192 236 300

43 1.54 2.60 3.96 4.41 5.04
37 44.76932 54.09521 65.8381 80.48312 98.88327

107 79 101 130 160 206

26 25.64 25.668 25.7016 25.80192 25.7623

81 54 75 104 134 180

24 16 23 31 40 54

57 38 53 73 94 126
Cash Flow Statement

All the figures are in $ Millions unless otherwise men FY 10 FY 11 FY 12 FY 13 FY 14

Cash Flow from Operations

PAT
Add: Depreciation
Add: Interest*(1-t)
Change in Working Capital
Less: Increase in Receivables
Less: Increase in Inventories
Less: Increase in Sundry Debtors
Less: Increase in Loans & Advances
Less: Increase in Other Current Assets
Add: Increase in Payables
Add: Increase in Accrued Liabilities
Add: Increase in Current Liabilities
Add: Increase in Provisions
Net Change in Working Capital

Cash Flow from Operations

Cash Flow from Investing

Increase in Gross Block
Increase in Stores & Warehouses
Increase in Investments
Increase in Short Term Marketable Securities

Cash Flow from Investing

Cash Flow from Financing

Less: Interest*(1-t)
Increase in Secured Debt
Increase in Unecured Debt
Increase in Share Capital
Increase in Share Application Money

Cash Flow from Financing

Net change in Cash in the Year

Cash Schedule
Opening Balance
Net Change in Cash in the Year
Closing Balance 173
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
Valuation
Risk free rate 4%
Beta 0.90
Expected return from market 9%
Cost of equity 8.50%
Tax Rate 30%
Terminal Growth Rate 2%
No. of Equity Shares 1,000
All the figures are in $ Millions unless otherwise mentioned FY 10

DCF Valuation using FCFF

Net Income
Add: Depreciation
Add: Interest*(1-tax rate)
Less: Capex
Less: Increase in Working Capital
Free Cashflow to the Firm (FCFF)
Less: Interest*(1-tax rate)
Add: Net Borrowing
Free Cash Flow to the Equity (FCFE)

Terminal Value
No. of Years
Present Value of cash flow

Present Value of FCFE

Value per Share $
FY 11 FY 12 FY 13 FY 14 FY 15
Balance Sheet

All the figures are in $ Millions unless otherwise men FY 10 FY 11 FY 12 FY 13 FY 14

Fixed Assets
Gross Block 0 10 95 174 232 311
Less: Accumulated Depreciation 1 11 28 51 82
Net Block 9 85 146 181 229

Stores & Warehouses - 19 38 55 66

Investments - - - - 50

Current Assets
Cash & Bank Balances 173 320 284 364 364
Short Term Marketable Investme - 5 2 6 8
Receivables 14 18 20 26 31
Inventories 5 8 12 16 19
Sundry Debtors 5 6 7 9 11
Loans & Advances - 12 13 17 20
Other Current Assets 9 17 24 32 42
Total Current Assets 206 386 361 469 495

Total Assets 215 490 545 705 840

Liabilities & Provisions

Debt Funds
Secured Debt 50 150 150 200 200
Unsecured Debt - 50 50 50 100
Total Debt Fund 50 200 200 250 300

Current Liabilities & Provisions

Payables 4 5 6 8 9
Accrued Liabilities 4 5 5 6 8
Other Current Liabilities 5 7 7 10 12
Provisions 21 48 78 116 163
Total Current Liabilities 34 65 96 140 192

Total Liabilities 84 265 296 390 492

Net Worth 132 225 249 315 349

Share Capital and Reserves & Surplus

Share Capital 100 100 150 150 150
Share Application Money - 70 20 50 50
Reserves & Surplus 32 55 79 115 149
Net Worth 132 225 249 315 349

1 1 1 1 1
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

372 447.69 540.95 658.38 804.83 988.83

119 164.17 218.26 284.10 364.59 463.47
253 283.52 322.69 374.28 440.25 525.36

78 91.72 122.60 155.48 191.43 236.86

50 50.00 50.00 50.00 50.00 50.00

417 - - - - -
12 19.71 31.48 46.40 50.50 58.02
40 50.27 61.73 77.88 96.86 122.05
24 26.14 39.09 43.81 59.26 68.68
14 17.08 22.00 27.17 34.54 42.54
26 25.85 25.85 25.85 25.85 25.85
52 68.84 91.14 119.07 154.90 201.16
585 207.90 271.30 340.18 421.90 518.31

966 633.14 766.59 919.94 1,103.58 1,330.53

200 200 200 200 200 200

100 100 100 100 100 100
300 300 300 300 300 300

12 15.12 18.52 23.41 29.06 36.67

10 12.47 15.32 19.22 23.92 29.97
15 18.71 22.99 28.83 35.88 44.96
223 298 391 507 652 835
261 345 448 579 741 946

561 645 748 879 1,041 1,246

405 (11.52) 18.98 41.33 62.44 84.31

200 200 200 200 200 200

 - - - - - -
205 243 295 368 462 588
405 443 495 568 662 788