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2000 2001

(historical) (forecast)

January 2,012,400 2,616,120


February 2,314,260 2,892,825
March 3,421,080 4,447,404
April 7,043,400 8,804,250
May 12,074,400 13,885,560
June 15,294,240 17,588,376
July 14,187,420 16,315,533
August 7,144,020 8,572,824
September 4,024,800 5,031,000
October 3,421,080 4,447,404
November 2,716,740 3,531,762
December 2,213,640 2,767,050

Year 75,867,480 90,900,108

January February March April May June July August

### ### 3,421,080 ### 12,074,400 15,294,240 14,187,420 ###

### ### 4,447,404 ### 13,885,560 17,588,376 16,315,533 ###


SeptemberOctober November December

### ### ### ###

### ### ### ###


1999 2000 2001
(Actual) (Actual) (Forecast)
Gross Sales 64,487,358 75,867,480
Excise Tax 9,673,104 11,380,122
Net Sales 54,814,254 64,487,358
Cost of Goods 44,496,277 53,865,911
Gross Profits 10,317,978 10,621,447
Operating Expenses 3,497,305 4,828,721
Depreciation 769,103 908,608
Interest Expense 910,048 1,240,066
Profit Before Tax 5,141,521 3,644,052
Income Tax 1,542,456 1,093,216
Net Profit 3,599,065 2,550,837
Exhibit 3
KOTA FIBRES, LTD.
Historical Balance Sheets (in Rupees)

2000 2001
(Actual) (Forecast)

Cash 762,323 750,000


Accounts Receivable 2,672,729 3,715,152
Inventories 1,249,185 2,225,373
Total Current Asse 4,684,237 6,690,525
Gross PP&E 10,095,646 11,495,646
Accumulated Deprec 1,484,278 2,558,009
Net PP&E 8,611,368 8,937,637
Total Assets 13,295,604 15,628,161

Accounts Payable 759,535 1,157,298


Notes to Bank (Depos 684,102 3,463,701
Accrued Taxes 0 (180,654)
Total Current Liabil 1,443,637 4,440,345
Owners' Equity 11,851,967 11,187,816
Total Liabilities an 13,295,604 15,628,161
1928080

January

Forecast sales Gross Sales 2,616,120


15% excise tax rate * forecast sales Excise Taxes 392,418
Net Sales 2,223,702
55% Forecast sales * (55% + (55%*34%)) Cost of Goods Sold 1,928,080
34% Gross Profit 295,622
6.00% 6% * total forecast gross sales /12 Operating Expenses 454,501
exhibit 10 Depreciation 84,130
14.5% Interest Expense (Income) (1) 11,058
Profit Before Taxes (254,068)
30% Income Taxes (76,220)
Net Profit (177,847)

Forecasted Monthly Balance Sheets for 2001 (in Rupees)

January
Assets
750,000 Cash (1) 750,000
Accounts Receivable (2) 2,773,349
Inventories (3) 2,308,135
Total Current Assets 5,831,484
Net Prop. Plant & Equip. (4) 8,527,237
Total Assets 14,358,721

Liabilities and Owners' Equity


Accounts Payable (5) 1,614,553
Note Payable- Bank (6) 1,146,268
Accrued Taxes (7) (76,220)
Total Current Liabilities 2,684,601
Shareholders' Equity (8) 11,674,120
Total Liabilities & Equity 14,358,721

(1) See Exhibit 9.


(2) See panel 1, Exhibit 10.
(3) See panel 2, Exhibit 10.
(4) See panel 6, Exhibit 10.
(5) See panel 3, Exhibit 10.
February March April May June July August September October

2,892,825 4,447,404 8,804,250 13,885,560 17,588,376 16,315,533 8,572,824 5,031,000 4,447,404


433,924 667,111 1,320,638 2,082,834 2,638,256 2,447,330 1,285,924 754,650 667,111
2,458,901 3,780,293 7,483,613 11,802,726 14,950,120 13,868,203 7,286,900 4,276,350 3,780,293
2,132,012 3,277,737 6,488,732 10,233,658 12,962,633 12,024,548 6,318,171 3,707,847 3,277,737
326,889 502,557 994,880 1,569,068 1,987,486 1,843,655 968,729 568,503 502,557
454,501 454,501 454,501 454,501 454,501 454,501 454,501 454,501 454,501
84,130 87,047 87,047 87,047 89,964 89,964 89,964 92,880 92,880
24,825 70,867 158,210 268,352 362,187 363,212 259,568 145,898 80,686
(236,566) (109,858) 295,123 759,168 1,080,835 935,979 164,697 (124,776) (125,510)
(70,970) (32,957) 88,537 227,751 324,251 280,794 49,409 (37,433) (37,653)
(165,596) (76,900) 206,586 531,418 756,585 655,185 115,288 (87,343) (87,857)

for 2001 (in Rupees)

February March April May June July August September October

750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000


3,291,542 5,012,144 10,301,737 17,997,155 24,748,757 25,697,603 17,191,189 9,003,739 6,295,049
5,850,125 11,855,841 17,637,315 19,666,227 14,469,652 6,815,272 3,883,970 2,950,257 1,854,837
9,891,667 17,617,985 28,689,052 38,413,382 39,968,409 33,262,875 21,825,159 12,703,996 8,899,886
8,443,107 8,706,060 8,619,013 8,531,966 8,792,002 8,702,038 8,612,075 8,869,194 8,776,314
18,334,774 26,324,045 37,308,065 46,945,348 48,760,411 41,964,914 30,437,233 21,573,190 17,676,200

4,010,818 6,805,539 8,842,088 8,142,024 3,883,534 1,935,531 1,614,553 1,110,950 690,358


2,962,622 8,767,030 17,419,379 26,997,556 32,950,665 27,167,192 15,795,793 8,352,899 5,002,010
(147,190) (180,148) (91,611) 136,140 0 280,794 330,203 0 (37,653)
6,826,250 15,392,421 26,169,856 35,275,720 36,834,199 29,383,517 17,740,548 9,463,849 5,654,715
11,508,524 10,931,623 11,138,209 11,669,627 11,926,212 12,581,397 12,696,685 12,109,341 12,021,484
18,334,774 26,324,045 37,308,065 46,945,348 48,760,411 41,964,914 30,437,233 21,573,190 17,676,200
November December The Year

3,531,762 2,767,050 90,900,108


529,764 415,058 13,635,016
3,001,998 2,351,993 77,265,092
2,602,909 2,039,316 66,993,380
399,089 312,677 10,271,712
454,501 454,501 5,454,006
92,880 95,797 1,073,731
50,025 40,731 1,835,620
(198,317) (278,352) 1,908,355
(59,495) (83,506) 572,506
(138,822) (194,847) 1,335,848

November December

750,000 750,000
5,029,249 3,715,152
1,639,892 2,225,373
7,419,142 6,690,525
8,683,434 8,937,637
16,102,575 15,628,161

1,039,007 1,157,298
3,278,054 3,463,701
(97,148) (180,654)
4,219,913 4,440,345
11,882,662 11,187,816
16,102,575 15,628,161
EXHIBIT 9
KOTA FIBRES, LTD.
Schedule of Cash Receipts and Disbursements (in Rupees)

Assume:

Receipts:

Disburs.:

Receipts - Disbursements

BOP Cash Balance


EOP Cash Balance
(1) Equal to 55 percent of sales in period (T+2).
(2) Equal to purchases in period (T-1).
January February March April May

Sales 2,616,120 ### ### 8,804,250 13,885,560


Purchases (1)
Debt Outstanding 684,102 1,146,268 ### ### 17,419,379 26,997,556

Accts Rcvble Collected


New Borrowings (Repayments)

Accounts Paid (2)


Capital Expenditures
Interest Payments
Excise Tax Paid
Operating Expenses
Accrued Income Tax Paid
Wages
Dividends
Subtotal: Disbursements
June July August September October November December January

17,588,376 16,315,533 8,572,824 5,031,000 4,447,404 3,531,762 2,767,050

32,950,665 27,167,192 15,795,793 8,352,899 5,002,010 3,278,054 3,463,701


JanuaryFebruary

### ###
January February
1. Schedule of Accounts Receivable
Beginning of Period 2,672,729 2,773,349
Plus Sales 2,716,740 2,213,640 2,616,120 2,892,825
Less Collections, Last Month (1) 885,456 1,046,448
Less Collections, Month before Last (2) 1,630,044 1,328,184
End of Period 2,773,349 3,291,542
40% (1) 40% of sales in period (T-1)
60% (2) 60% of sales in period (T-2)

2. Schedule of Inventories
Beginning of Period 1,249,185 2,308,135
Plus Purchases (1) 1,591,054 2,446,072 4,842,338
Plus Labor 540,958 831,665
Less Shipments (COGS) 1,928,080 2,132,012
End of Period 2,308,135 5,850,125
55% (1) Equal to 55 percent of sales in period (T+2).
34%
3. Schedule of Accounts Payable
Beginning of Period 759,535 1,614,553
+ Purchases (1) 2,446,072 4,842,338
- Payments (2) 1,591,054 2,446,072
End of Period 1,614,553 4,010,818
(1) Equal to 55 percent of sales in period (T+2).
(2) Equal to purchases in period (T-1).

4. Schedule of Shareholder's Equity


Beginning of Period 11,851,967 11,674,120
Plus Net Profit (177,847) (165,596)
500,000 Less Dividends 0 0
End of Period 11,674,120 11,508,524

5. Schedule of Accrued Taxes


Beginning of Period 0 (76,220)
Plus Monthly Tax Expense (@ 30%) (76,220) (70,970)
Less Quarterly Tax Payments 0 0
End of Period (76,220) (147,190)

6. Schedule of Property, Plant and Equipment


Beginning Gross PP&E 10,095,646 10,095,646
350,000 Plus Capital Expenditures 0 0
Ending Gross PP&E 0 10,095,646 10,095,646
1% Monthly Depreciation Expense 84,130 84,130
Less Cumulative Depr'n. 1,484,278 1,568,408 1,652,539
Ending Net PP&E (1,484,278) 8,527,237 8,443,107
March April May June July August September October

3,291,542 5,012,144 10,301,737 17,997,155 24,748,757 25,697,603 17,191,189 9,003,739


4,447,404 8,804,250 13,885,560 17,588,376 16,315,533 8,572,824 5,031,000 4,447,404
1,157,130 1,778,962 3,521,700 5,554,224 7,035,350 6,526,213 3,429,130 2,012,400
1,569,672 1,735,695 2,668,442 5,282,550 8,331,336 10,553,026 9,789,320 5,143,694
5,012,144 10,301,737 17,997,155 24,748,757 25,697,603 17,191,189 9,003,739 6,295,049

5,850,125 11,855,841 17,637,315 19,666,227 14,469,652 6,815,272 3,883,970 2,950,257


7,637,058 9,673,607 8,973,543 4,715,053 2,767,050 2,446,072 1,942,469 1,521,878
1,646,395 2,596,600 3,289,026 3,051,005 1,603,118 940,797 831,665 660,439
3,277,737 6,488,732 10,233,658 12,962,633 12,024,548 6,318,171 3,707,847 3,277,737
11,855,841 17,637,315 19,666,227 14,469,652 6,815,272 3,883,970 2,950,257 1,854,837

4,010,818 6,805,539 8,842,088 8,142,024 3,883,534 1,935,531 1,614,553 1,110,950


7,637,058 9,673,607 8,973,543 4,715,053 2,767,050 2,446,072 1,942,469 1,521,878
4,842,338 7,637,058 9,673,607 8,973,543 4,715,053 2,767,050 2,446,072 1,942,469
6,805,539 8,842,088 8,142,024 3,883,534 1,935,531 1,614,553 1,110,950 690,358

11,508,524 10,931,623 11,138,209 11,669,627 11,926,212 12,581,397 12,696,685 12,109,341


(76,900) 206,586 531,418 756,585 655,185 115,288 (87,343) (87,857)
500,000 0 0 500,000 0 0 500,000 0
10,931,623 11,138,209 11,669,627 11,926,212 12,581,397 12,696,685 12,109,341 12,021,484

(147,190) (180,148) (91,611) 136,140 0 280,794 330,203 0


(32,957) 88,537 227,751 324,251 280,794 49,409 (37,433) (37,653)
0 0 0 460,390 0 0 292,770 0
(180,148) (91,611) 136,140 0 280,794 330,203 0 (37,653)

10,095,646 10,445,646 10,445,646 10,445,646 10,795,646 10,795,646 10,795,646 11,145,646


350,000 0 0 350,000 0 0 350,000 0
10,445,646 10,445,646 10,445,646 10,795,646 10,795,646 10,795,646 11,145,646 11,145,646
87,047 87,047 87,047 89,964 89,964 89,964 92,880 92,880
1,739,586 1,826,633 1,913,680 2,003,643 2,093,607 2,183,571 2,276,451 2,369,332
8,706,060 8,619,013 8,531,966 8,792,002 8,702,038 8,612,075 8,869,194 8,776,314
November December

6,295,049 5,029,249
3,531,762 2,767,050
1,778,962 1,412,705
3,018,600 2,668,442
5,029,249 3,715,152

1,854,837 1,639,892
1,870,526 1,988,817
517,438 635,979
2,602,909 2,039,316
1,639,892 2,225,373

690,358 1,039,007
1,870,526 1,988,817
1,521,878 1,870,526
1,039,007 1,157,298

12,021,484 11,882,662
(138,822) (194,847)
0 500,000
11,882,662 11,187,816

(37,653) (97,148)
(59,495) (83,506)
0 0
(97,148) (180,654)

11,145,646 11,145,646
0 350,000
11,145,646 11,495,646
92,880 95,797
2,462,212 2,558,009
8,683,434 8,937,637
Exhibit 11
KOTA FIBRES, LTD.
Assumptions

Debt Balance Summary


Jan '01 1,146,268
June '01 32,950,665
Dec '01 3,463,701
Ratio of:
Income Tax/Profit Before Tax 30%
Excise Tax/Sales 15%
This Month Collections of Last Month's Sales 40%
This Month Collections of Month-before-Last Sales 60%
Purchases/ Sales two months later 55%
Wages/Purchases 34%
Annual Operating Expenses/Annual Sales 6.00%
Capital Expenditures (every third month) 350,000
Interest Rate on Borrowings (and deposits) 14.5%
Minimum Cash Balance 750,000
Depreciation/Gross PP&E (per year) 10%
(per month) 0.83%
Dividends Paid (every third month) 500,000
Cash Flow
Net Profit 1,335,848
Depreciation 1,073,731
Decrease in account receivable (1,042,423)
Decrease in inventories (976,188)
Increase in account payable (397,763)

(6,795)