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Q1 Q2 Q3 Q4 Total
MVA 770 1,414 1,756 1,706 5,645
Sales	
  
Power 10,000,000 13,000,000 15,500,000 14,500,000 53,000,000
Dry 2,500,000 5,499,999 8,499,999 10,500,003 27,000,001
Scrap 150,000 222,000 288,000 300,000 960,000
Total	
  Sales 12,650,000 18,721,999 24,287,999 25,300,003 80,960,001
COGS
Power (6,850,000) (10,160,000) (11,865,000) (10,875,000) (39,750,000)
Dry (1,675,000) (3,514,999) (5,404,999) (6,930,002) (17,525,001)
Depreciation	
   (828,040) (854,673) (872,246) (905,042) (3,460,002)
Overheads (1,383,606) (1,410,236) (1,463,496) (1,463,496) (5,720,833)
Cogs 0 0 0 0 0
Cogs 0 0 0 0 0
Other	
  Cogs 0 0 0 0 0
Total	
  COGS (10,736,646) (15,939,908) (19,605,741) (20,173,540) (66,455,835)
Gross	
  Profit 1,913,354 2,782,091 4,682,258 5,126,463 14,504,166
Selling	
  	
  Expense (330,785) (355,785) (614,805) (631,779) (1,933,154)
G&A	
  Expense (297,754) (319,354) (348,176) (357,186) (1,322,470)
Depreciation	
  S,	
  G&A	
   (52,854) (54,554) (55,675) (57,769) (220,851)
Royalites	
  TEBEA 0 0 0 0 0
Net	
  Operating	
  Profit	
  (EBIT) 1,231,962 2,052,398 3,663,602 4,079,729 11,027,691
Bank	
  Interest	
  &	
  Finanance	
  cost	
   (442,330) (437,738) (792,570) (826,230) (2,498,868)
Ideal	
  Power	
  	
  -­‐	
  	
  Wage 0 0 0 0 0
Ideal	
  Power	
  	
  -­‐	
  	
  Depreciation 0 0 0 0 0
Foreign	
  Exchange	
  Differences 0 0 0 0 0
Net	
  Profit	
  Before	
  Tax 789,632 1,614,660 2,871,032 3,253,499 8,528,823
Deferred	
  Expense (177,500) (400,000) (355,000) (400,000) (1,332,500)
Net	
  Income	
   612,132 1,214,660 2,516,032 2,853,499 7,196,323
Key	
  Profitability	
  Indicators Q1 Q2 Q3 Q4 Total
Gross	
  Profit 15% 15% 19% 20% 18%
Other	
  Sales	
  Gross	
  Profit
EBIT	
  Margin 10% 11% 15% 16% 14%
EBITDA	
  Margin 17% 16% 19% 20% 18%
Net	
  Profit	
  Margin 5% 6% 10% 11% 9%
Depreciation	
  Margin	
  operatinal 7% 5% 4% 4% 5%
Budgeted Income Statement
USD Q1 Q2 Q3 Q4
Assets
Cash 	
  -­‐	
  6,098,740 	
  -­‐	
  5,952,764 129,592 3,038,623
	
  Receivables	
   15,617,390 16,450,723 17,117,389 17,450,726
Finished	
  Goods	
  Inventory 0 0 0 0
Work	
  In	
  Progress	
  Inventory 0 0 0 0
Raw	
  Materials	
  Inventory 17,891,812 20,866,479 22,611,312 24,391,813
Goods	
  in	
  Transit	
  &	
  Others 0 0 0 0
Total	
  Inventory 17,891,812 20,866,479 22,611,312 24,391,813
Dues	
  from	
  Related	
  Parties	
   8,671,420 8,671,420 8,671,420 8,671,420
Other	
  Debit	
  Balances 0 0 0 0
Other	
  Current	
  Assets 0 0 0 0
Total	
  Current	
  Assets 36,081,882 40,035,858 48,529,714 53,552,582
Net	
  Plant	
  Property	
  &	
  Equipment 42,040,199 41,130,972 40,303,051 39,340,240
Total	
  Long-­‐Term	
  Assets 42,040,199 41,130,972 40,303,051 39,340,240
Total	
  Assets 78,122,081 81,166,830 88,832,764 92,892,822
Liabilities
Bank	
  Overdrafts 0 0 0 0
Importation	
  Finance	
  (L/Cs) 0 0 0 0
Secured	
  Borrowings	
  (with	
  Recourse) 0 0 0 0
Total	
  Short-­‐term	
  Facilities 0 0 0 0
Current	
  Portion	
  of	
  Long-­‐Term	
  Debt 0 0 0 0
Accounts	
  &	
  Notes	
  Payable 	
  -­‐	
  5,620,879 	
  -­‐	
  3,547,642 5,847,261 6,653,820
Dues	
  to	
  Related	
  Parties	
  (Specific) 0 0 0 0
0 0 0 0 0
Dues	
  to	
  Related	
  Parties	
   74,574,155 74,574,155 74,574,155 74,574,155
Other	
  Current	
  Liabilities 643,149 0 0 0
Total	
  Current	
  Liabilities 69,596,425 71,026,513 80,421,416 81,227,975
Medium-­‐term	
  Loans
Long-­‐Term	
  Payables 4,600,000 4,600,000 0 0
Total	
  Long-­‐Term	
  Liabilities 4,600,000 4,600,000 0 0
Total	
  Liabilities 74,196,425 75,626,513 80,421,416 81,227,975
Equity
Common	
  Stock
Retained	
  Earning	
  "Opening" 3,522,860 4,579,283 6,653,684 9,380,889
Add:	
  	
  Net	
  Profit 225,297 383,533 825,164 951,459
Less:	
  	
  Dividends 0 0 0 0
Retained	
  Earning	
  "Ending" 3,748,157 4,962,817 7,478,848 10,332,348
Shareholders'	
  loan 0 0 0 0
Total	
  Equity 3,748,157 4,962,817 7,478,848 10,332,348
0 0 0 0 0
Balance Sheet
USD Q1 Q2 Q3 Q4
Cash	
  Flows	
  from	
  Operating	
  Activities
Net	
  Income 225,297 383,533 825,164 951,459
Tax	
  Expense 59,167 133,333 118,333 133,333
Depreciation 0 0 0 0
Forex	
  Differences 0 0 0 0
Adjusted	
  Net	
  income 284,464 516,867 943,497 1,084,792
Decrease	
  (Increase)	
  in	
  Inventory	
  Balances 1,548,333 	
  -­‐	
  1,151,333 	
  -­‐	
  593,500 	
  -­‐	
  593,500
Increase	
  (Decrease)	
  in	
  Receivables	
  	
  	
  and	
  Other	
  
Debit	
  Balances 5,533,332 	
  -­‐	
  0 0 	
  -­‐	
  3
Increase	
  (Decrease)	
  in	
  Payables	
  and	
  
	
  	
  	
  	
  Other	
  Credit	
  Balances 	
  -­‐	
  6,437,380 1,530,197 2,108,213 3,986
Net	
  Cash	
  Flows	
  from	
  Operating	
  Activities 928,750 895,731 2,458,211 495,275
Cash	
  Flows	
  from	
  Investing	
  activities
Capital	
  Expenditures 	
  -­‐	
  1,396,924 303,076 320,937 320,937
Capitalized	
  Interest 0 0 0 0
Net	
  Cash	
  Flows	
  from	
  Investing	
  Activities 	
  -­‐	
  1,396,924 303,076 320,937 320,937
Cash	
  Flows	
  from	
  Financing	
  activities
Proceeds	
  from	
  Capital	
  Increase 0 0 0 0
Increase	
  (Decrease)	
  in	
  Long-­‐Term	
  Liabilities 	
  -­‐	
  4,600,000 0 0 0
Dividends	
  Paid 0 0 0 0
Increase	
  (Decrease)	
  in	
  Shareholders'	
  loan 0 0 0 0
Increase	
  (Decrease)	
  in	
  Bank	
  Overdrafts 0 0 0 0
Increase	
  (Decrease)	
  in	
  Financed	
  L/Cs 0 0 0 0
Increase	
  (Decrease)	
  in	
  Secured	
  Borrowings 0 0 0 0
0 0 0 0
Net	
  Cash	
  Flows	
  from	
  Financing	
  Activities 	
  -­‐	
  4,600,000 0 0 0
Net	
  Increase	
  (Decrease)	
  In	
  Cash	
  Balance 	
  -­‐	
  5,068,174 1,198,806 2,779,148 816,212
Opening	
  cash	
  Balance 	
  -­‐	
  1,089,733 	
  -­‐	
  7,284,903 	
  -­‐	
  2,767,889 2,089,078
Ending	
  Cash	
  Balance (6,157,907)	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   (6,086,097)	
  	
  	
  	
  	
  	
  	
   11,259	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   2,905,290	
  	
  	
  	
  	
  	
  	
  	
  
USD Q1 Q2 Q3 Q4
Cash	
  Flows	
  from	
  Operating	
  Activities 928,750 895,731 2,458,211 495,275
Cash	
  Flows	
  from	
  Investing	
  activities 	
  -­‐	
  1,396,924 303,076 320,937 320,937
Cash	
  Flows	
  from	
  Financing	
  activities 	
  -­‐	
  4,600,000 0 0 0
Net	
  Increase	
  (Decrease)	
  In	
  Cash	
  Balance 	
  -­‐	
  5,068,174 1,198,806 2,779,148 816,212
Ending	
  Cash	
  Balance (6,157,907)	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   (6,086,097)	
  	
  	
  	
  	
  	
  	
   11,259	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   2,905,290	
  	
  	
  	
  	
  	
  	
  	
  
0 0 0 0
Projected Cash Flow
Summarized Cash Flow Statement (Indirect Method)
USD Q1 Q2 Q3 Q4
Short-­‐Term	
  Bank	
  Facilities 0 0 0 0
Spontaneous	
  Financing 69,596,425 71,026,513 80,421,416 81,227,975
0
Long-­‐Term	
  Bank	
  Debt	
  &	
  Equivelants 4,600,000 4,600,000 0 0
0
Equity	
  &	
  Shareholders'	
  loan 3,748,157 4,962,817 7,478,848 10,332,348
Total 77,944,581 80,589,330 87,900,264 91,560,322
	
  -­‐	
  177,500.00 	
  -­‐	
  577,500.00 	
  -­‐	
  932,500.00 	
  -­‐	
  1,332,500.00
USD Q1 Q2 Q3 Q4
Long-­‐Term	
  Assets 42,040,199 41,130,972 40,303,051 39,340,240
Net	
  Operating	
  Working	
  Capital 	
  -­‐	
  33,514,542 	
  -­‐	
  30,990,655 	
  -­‐	
  31,891,702 	
  -­‐	
  27,675,393
Total	
  Bank	
  Debt 4,600,000 4,600,000 0 0
Equity	
  &	
  Shareholders'	
  loan 3,748,157 4,962,817 7,478,848 10,332,348
Net	
  Investment 33,600,459 27,511,220 19,945,105 28,142,667
Item
Dupoint Formula Q1 Q2 Q3 Q4
RETURN	
  ON	
  SALES 4.84% 6.49% 10.36% 11.28%
TOTAL	
  ASSET	
  TURNOVER 0.49 0.69 0.82 0.82
RETURN	
  ON	
  ASSETS 2.35% 4.49% 8.50% 9.22%
ASSET	
  LEVERAGE 20.84 16.35 11.88 8.99
RETURN	
  ON	
  EQUITY 49% 73% 101% 83%
Item Q1 Q2 Q3 Q4
Profitability
Sales	
  Growth N/A 48.0% 29.7% 4.2%
COGS	
  /	
  Sales 84.9% 85.1% 80.7% 79.7%
Gross	
  Profit	
  Margin 15.1% 14.9% 19.3% 20.3%
S	
  G&A	
  /	
  Sales 2.6% 1.9% 2.5% 2.5%
Interest	
  /	
  Sales 3.5% 2.3% 3.3% 3.3%
FX	
  Loss	
  /	
  Sales 0.0% 0.0% 0.0% 0.0%
EBITDA	
  Margin 9.7% 11.0% 15.1% 16.1%
Net	
  Operating	
  Profit	
  Margin 9.7% 11.0% 15.1% 16.1%
NPBT	
  /	
  Sales 6.2% 8.6% 11.8% 12.9%
Profit	
  margin 4.8% 6.5% 10.4% 11.3%
Net	
  Profit	
  Growth N/A 98% 107% 13%
Item Q1 Q2 Q3 Q4
Asset Efficiency & Turnover
Net	
  Investment	
  	
  	
  	
  	
  	
  USD 33,600,459	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   27,511,220	
  	
  	
  	
  	
  	
  	
  	
   19,945,105	
  	
  	
  	
  	
  	
  	
  	
   28,142,667	
  	
  	
  	
  	
  	
  	
  	
  
Fixed	
  Assets	
  Turnover 0.90	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.37	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.81	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.93	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Working	
  Capital	
  Turnover 1.05	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.40	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.50	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   1.42	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Financial Highlights'
Financial Structure
Financial Structure
Item Q1 Q2 Q3 Q4
Business Cycles
Net	
  Cash	
  to	
  Cash	
  Cycle N/A N/A N/A N/A
Total	
  Receivables	
  Days	
  on	
  Hands 86 119 94 369
Third	
  Party	
  Receivables	
  Days	
  on	
  Hand 111 77 62 246
Affiliates	
  Receivables	
  Days	
  On	
  Hand 31 42 96 123
Inventory	
  Days	
  On	
  Hand 150 109 299 419
RM	
  Days	
  On	
  Hand 150 109 299 419
WIP	
  Days	
  On	
  Hand N/A N/A N/A N/A
FG	
  Days	
  On	
  Hand N/A N/A N/A N/A
GIT	
  &	
  Others	
  	
  Days	
  On	
  Hand N/A N/A N/A N/A
Other	
  Current	
  Assets	
  Days	
  On	
  Hand N/A N/A N/A N/A
Total	
  Payables	
  Days	
  on	
  Hands 289 395 1,043 1,442
Third	
  Party	
  payables	
  Days	
  on	
  Hand -­‐47	
   -­‐26	
   16 112
Affiliates	
  payables	
  Days	
  On	
  Hand 313 421 1,027 1,331
Other	
  Current	
  Liabilities	
  Days	
  On	
  Hand 5 2 N/A N/A
Item Q1 Q2 Q3 Q4
LIQUIDITY
Cash	
  Ratio 0.088-­‐	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.08-­‐	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.00	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.04	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Current	
  Ratio 0.5	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.6	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.6	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.7	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
Quick	
  Ratio 0.3	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.3	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.3	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
   0.4	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  
EBITDA	
  	
  	
  	
  	
  	
  	
  	
  	
  USD 14,783,541 24,628,775 43,963,221 48,956,749
Net	
  Working	
  Capital	
  	
  	
  	
  	
  USD -­‐33,514,542	
   -­‐30,990,655	
   -­‐31,891,702	
   -­‐27,675,393	
  
Item Q1 Q2 Q3 Q4
LEVERAGE & CAPITAL STRUCTURE
Financial	
  Leverage 	
  20.8	
   	
  16.4	
   	
  11.9	
   	
  9.0	
  
Gearing	
  (Bank	
  Debt/Equity) 	
  1.2	
   	
  0.9	
   	
  0.0	
   	
  0.0	
  
Current	
  Lab.	
  /	
  Total	
  Assets 89% 88% 91% 87%
Total	
  Bank	
  Debt	
  /	
  EBITDA 	
  0.3	
   	
  0.2	
   	
  0.0	
   	
  0.0	
  
Operating	
  Cash	
  Flows	
  /	
  Interest 	
  2.1	
   	
  2.0	
   	
  3.1	
   	
  0.6	
  
Operating	
  Cash	
  Flows	
  /	
  Bank	
  Debt 	
  2.4	
   	
  2.3	
   N/A N/A
Times	
  Interest	
  Covered	
  (Per	
  EBIT) 	
  2.8	
   	
  4.7	
   	
  4.6	
   	
  4.9	
  
Fixed	
  Charge	
  Coverage	
  (Per	
  EBIT) 	
  2.8	
   	
  4.7	
   	
  4.6	
   	
  4.9	
  
USD Q1 Q2 Q3 Q4 Total
Cash	
  Flows	
  from	
  Operating	
  Activities
Net	
  Cash	
  Collections	
  from	
  Sales 	
  -­‐	
  24,288,810 	
  -­‐	
  833,332 	
  -­‐	
  666,667 	
  -­‐	
  333,337
Suppliers	
  Payments 40,324,818 	
  -­‐	
  16,841,338 	
  -­‐	
  11,955,672 	
  -­‐	
  21,147,481
Other	
  Operating	
  Cash	
  Receipts	
  (Payments) 312,364 	
  -­‐	
  998,934 	
  -­‐	
  614,805 	
  -­‐	
  631,779
Income	
  Taxes	
  Paid 	
  -­‐	
  177,500 	
  -­‐	
  400,000 	
  -­‐	
  355,000 	
  -­‐	
  400,000
Interest	
  Payments 	
  -­‐	
  442,330 	
  -­‐	
  437,738 	
  -­‐	
  792,570 	
  -­‐	
  826,230
Net	
  Cash	
  Flows	
  from	
  Operating	
  Activities 15,728,542 	
  -­‐	
  19,511,342 	
  -­‐	
  14,384,714 	
  -­‐	
  23,338,827
Cash	
  Flows	
  from	
  Investing	
  activities
Capital	
  Expenditures 	
  -­‐	
  1,396,924 303,076 320,937 320,937
Net	
  Cash	
  Flows	
  from	
  Investing	
  Activities 	
  -­‐	
  1,396,924 303,076 320,937 320,937
Cash	
  Flows	
  from	
  Financing	
  activities
Proceeds	
  from	
  Capital	
  Increase 0 0 0 0
Increase	
  (Decrease)	
  in	
  Long-­‐Term	
  Liabilities 	
  -­‐	
  4,600,000 0 0 0
Dividends	
  Paid 0 0 0 0
Increase	
  (Decrease)	
  in	
  Shareholders'	
  loan 0 0 0 0
Increase	
  (Decrease)	
  in	
  Bank	
  Overdrafts 0 0 0 0
Increase	
  (Decrease)	
  in	
  Financed	
  L/Cs 0 0 0 0
Increase	
  (Decrease)	
  in	
  Secured	
  Borrowings 0 0 0 0
Net	
  Cash	
  Flows	
  from	
  Financing	
  Activities 	
  -­‐	
  4,600,000 0 0 0
Net	
  Increase	
  (Decrease)	
  In	
  Cash	
  Balance 9,731,617 	
  -­‐	
  19,208,266 	
  -­‐	
  14,063,777 	
  -­‐	
  23,017,891
Opening	
  cash	
  Balance 	
  -­‐	
  1,089,733 	
  -­‐	
  7,284,903 	
  -­‐	
  2,767,889 2,089,078
Ending	
  Cash	
  Balance 8,641,885 	
  -­‐	
  26,493,170 	
  -­‐	
  16,831,666 	
  -­‐	
  20,928,812
Cash Flow Statement (Direct Method)

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Work sample

  • 1. Q1 Q2 Q3 Q4 Total MVA 770 1,414 1,756 1,706 5,645 Sales   Power 10,000,000 13,000,000 15,500,000 14,500,000 53,000,000 Dry 2,500,000 5,499,999 8,499,999 10,500,003 27,000,001 Scrap 150,000 222,000 288,000 300,000 960,000 Total  Sales 12,650,000 18,721,999 24,287,999 25,300,003 80,960,001 COGS Power (6,850,000) (10,160,000) (11,865,000) (10,875,000) (39,750,000) Dry (1,675,000) (3,514,999) (5,404,999) (6,930,002) (17,525,001) Depreciation   (828,040) (854,673) (872,246) (905,042) (3,460,002) Overheads (1,383,606) (1,410,236) (1,463,496) (1,463,496) (5,720,833) Cogs 0 0 0 0 0 Cogs 0 0 0 0 0 Other  Cogs 0 0 0 0 0 Total  COGS (10,736,646) (15,939,908) (19,605,741) (20,173,540) (66,455,835) Gross  Profit 1,913,354 2,782,091 4,682,258 5,126,463 14,504,166 Selling    Expense (330,785) (355,785) (614,805) (631,779) (1,933,154) G&A  Expense (297,754) (319,354) (348,176) (357,186) (1,322,470) Depreciation  S,  G&A   (52,854) (54,554) (55,675) (57,769) (220,851) Royalites  TEBEA 0 0 0 0 0 Net  Operating  Profit  (EBIT) 1,231,962 2,052,398 3,663,602 4,079,729 11,027,691 Bank  Interest  &  Finanance  cost   (442,330) (437,738) (792,570) (826,230) (2,498,868) Ideal  Power    -­‐    Wage 0 0 0 0 0 Ideal  Power    -­‐    Depreciation 0 0 0 0 0 Foreign  Exchange  Differences 0 0 0 0 0 Net  Profit  Before  Tax 789,632 1,614,660 2,871,032 3,253,499 8,528,823 Deferred  Expense (177,500) (400,000) (355,000) (400,000) (1,332,500) Net  Income   612,132 1,214,660 2,516,032 2,853,499 7,196,323 Key  Profitability  Indicators Q1 Q2 Q3 Q4 Total Gross  Profit 15% 15% 19% 20% 18% Other  Sales  Gross  Profit EBIT  Margin 10% 11% 15% 16% 14% EBITDA  Margin 17% 16% 19% 20% 18% Net  Profit  Margin 5% 6% 10% 11% 9% Depreciation  Margin  operatinal 7% 5% 4% 4% 5% Budgeted Income Statement
  • 2. USD Q1 Q2 Q3 Q4 Assets Cash  -­‐  6,098,740  -­‐  5,952,764 129,592 3,038,623  Receivables   15,617,390 16,450,723 17,117,389 17,450,726 Finished  Goods  Inventory 0 0 0 0 Work  In  Progress  Inventory 0 0 0 0 Raw  Materials  Inventory 17,891,812 20,866,479 22,611,312 24,391,813 Goods  in  Transit  &  Others 0 0 0 0 Total  Inventory 17,891,812 20,866,479 22,611,312 24,391,813 Dues  from  Related  Parties   8,671,420 8,671,420 8,671,420 8,671,420 Other  Debit  Balances 0 0 0 0 Other  Current  Assets 0 0 0 0 Total  Current  Assets 36,081,882 40,035,858 48,529,714 53,552,582 Net  Plant  Property  &  Equipment 42,040,199 41,130,972 40,303,051 39,340,240 Total  Long-­‐Term  Assets 42,040,199 41,130,972 40,303,051 39,340,240 Total  Assets 78,122,081 81,166,830 88,832,764 92,892,822 Liabilities Bank  Overdrafts 0 0 0 0 Importation  Finance  (L/Cs) 0 0 0 0 Secured  Borrowings  (with  Recourse) 0 0 0 0 Total  Short-­‐term  Facilities 0 0 0 0 Current  Portion  of  Long-­‐Term  Debt 0 0 0 0 Accounts  &  Notes  Payable  -­‐  5,620,879  -­‐  3,547,642 5,847,261 6,653,820 Dues  to  Related  Parties  (Specific) 0 0 0 0 0 0 0 0 0 Dues  to  Related  Parties   74,574,155 74,574,155 74,574,155 74,574,155 Other  Current  Liabilities 643,149 0 0 0 Total  Current  Liabilities 69,596,425 71,026,513 80,421,416 81,227,975 Medium-­‐term  Loans Long-­‐Term  Payables 4,600,000 4,600,000 0 0 Total  Long-­‐Term  Liabilities 4,600,000 4,600,000 0 0 Total  Liabilities 74,196,425 75,626,513 80,421,416 81,227,975 Equity Common  Stock Retained  Earning  "Opening" 3,522,860 4,579,283 6,653,684 9,380,889 Add:    Net  Profit 225,297 383,533 825,164 951,459 Less:    Dividends 0 0 0 0 Retained  Earning  "Ending" 3,748,157 4,962,817 7,478,848 10,332,348 Shareholders'  loan 0 0 0 0 Total  Equity 3,748,157 4,962,817 7,478,848 10,332,348 0 0 0 0 0 Balance Sheet
  • 3. USD Q1 Q2 Q3 Q4 Cash  Flows  from  Operating  Activities Net  Income 225,297 383,533 825,164 951,459 Tax  Expense 59,167 133,333 118,333 133,333 Depreciation 0 0 0 0 Forex  Differences 0 0 0 0 Adjusted  Net  income 284,464 516,867 943,497 1,084,792 Decrease  (Increase)  in  Inventory  Balances 1,548,333  -­‐  1,151,333  -­‐  593,500  -­‐  593,500 Increase  (Decrease)  in  Receivables      and  Other   Debit  Balances 5,533,332  -­‐  0 0  -­‐  3 Increase  (Decrease)  in  Payables  and          Other  Credit  Balances  -­‐  6,437,380 1,530,197 2,108,213 3,986 Net  Cash  Flows  from  Operating  Activities 928,750 895,731 2,458,211 495,275 Cash  Flows  from  Investing  activities Capital  Expenditures  -­‐  1,396,924 303,076 320,937 320,937 Capitalized  Interest 0 0 0 0 Net  Cash  Flows  from  Investing  Activities  -­‐  1,396,924 303,076 320,937 320,937 Cash  Flows  from  Financing  activities Proceeds  from  Capital  Increase 0 0 0 0 Increase  (Decrease)  in  Long-­‐Term  Liabilities  -­‐  4,600,000 0 0 0 Dividends  Paid 0 0 0 0 Increase  (Decrease)  in  Shareholders'  loan 0 0 0 0 Increase  (Decrease)  in  Bank  Overdrafts 0 0 0 0 Increase  (Decrease)  in  Financed  L/Cs 0 0 0 0 Increase  (Decrease)  in  Secured  Borrowings 0 0 0 0 0 0 0 0 Net  Cash  Flows  from  Financing  Activities  -­‐  4,600,000 0 0 0 Net  Increase  (Decrease)  In  Cash  Balance  -­‐  5,068,174 1,198,806 2,779,148 816,212 Opening  cash  Balance  -­‐  1,089,733  -­‐  7,284,903  -­‐  2,767,889 2,089,078 Ending  Cash  Balance (6,157,907)                         (6,086,097)               11,259                             2,905,290                 USD Q1 Q2 Q3 Q4 Cash  Flows  from  Operating  Activities 928,750 895,731 2,458,211 495,275 Cash  Flows  from  Investing  activities  -­‐  1,396,924 303,076 320,937 320,937 Cash  Flows  from  Financing  activities  -­‐  4,600,000 0 0 0 Net  Increase  (Decrease)  In  Cash  Balance  -­‐  5,068,174 1,198,806 2,779,148 816,212 Ending  Cash  Balance (6,157,907)                         (6,086,097)               11,259                             2,905,290                 0 0 0 0 Projected Cash Flow Summarized Cash Flow Statement (Indirect Method)
  • 4. USD Q1 Q2 Q3 Q4 Short-­‐Term  Bank  Facilities 0 0 0 0 Spontaneous  Financing 69,596,425 71,026,513 80,421,416 81,227,975 0 Long-­‐Term  Bank  Debt  &  Equivelants 4,600,000 4,600,000 0 0 0 Equity  &  Shareholders'  loan 3,748,157 4,962,817 7,478,848 10,332,348 Total 77,944,581 80,589,330 87,900,264 91,560,322  -­‐  177,500.00  -­‐  577,500.00  -­‐  932,500.00  -­‐  1,332,500.00 USD Q1 Q2 Q3 Q4 Long-­‐Term  Assets 42,040,199 41,130,972 40,303,051 39,340,240 Net  Operating  Working  Capital  -­‐  33,514,542  -­‐  30,990,655  -­‐  31,891,702  -­‐  27,675,393 Total  Bank  Debt 4,600,000 4,600,000 0 0 Equity  &  Shareholders'  loan 3,748,157 4,962,817 7,478,848 10,332,348 Net  Investment 33,600,459 27,511,220 19,945,105 28,142,667 Item Dupoint Formula Q1 Q2 Q3 Q4 RETURN  ON  SALES 4.84% 6.49% 10.36% 11.28% TOTAL  ASSET  TURNOVER 0.49 0.69 0.82 0.82 RETURN  ON  ASSETS 2.35% 4.49% 8.50% 9.22% ASSET  LEVERAGE 20.84 16.35 11.88 8.99 RETURN  ON  EQUITY 49% 73% 101% 83% Item Q1 Q2 Q3 Q4 Profitability Sales  Growth N/A 48.0% 29.7% 4.2% COGS  /  Sales 84.9% 85.1% 80.7% 79.7% Gross  Profit  Margin 15.1% 14.9% 19.3% 20.3% S  G&A  /  Sales 2.6% 1.9% 2.5% 2.5% Interest  /  Sales 3.5% 2.3% 3.3% 3.3% FX  Loss  /  Sales 0.0% 0.0% 0.0% 0.0% EBITDA  Margin 9.7% 11.0% 15.1% 16.1% Net  Operating  Profit  Margin 9.7% 11.0% 15.1% 16.1% NPBT  /  Sales 6.2% 8.6% 11.8% 12.9% Profit  margin 4.8% 6.5% 10.4% 11.3% Net  Profit  Growth N/A 98% 107% 13% Item Q1 Q2 Q3 Q4 Asset Efficiency & Turnover Net  Investment            USD 33,600,459                             27,511,220                 19,945,105                 28,142,667                 Fixed  Assets  Turnover 0.90                                                     1.37                                           1.81                                           1.93                                           Working  Capital  Turnover 1.05                                                     1.40                                           1.50                                           1.42                                           Financial Highlights' Financial Structure Financial Structure
  • 5. Item Q1 Q2 Q3 Q4 Business Cycles Net  Cash  to  Cash  Cycle N/A N/A N/A N/A Total  Receivables  Days  on  Hands 86 119 94 369 Third  Party  Receivables  Days  on  Hand 111 77 62 246 Affiliates  Receivables  Days  On  Hand 31 42 96 123 Inventory  Days  On  Hand 150 109 299 419 RM  Days  On  Hand 150 109 299 419 WIP  Days  On  Hand N/A N/A N/A N/A FG  Days  On  Hand N/A N/A N/A N/A GIT  &  Others    Days  On  Hand N/A N/A N/A N/A Other  Current  Assets  Days  On  Hand N/A N/A N/A N/A Total  Payables  Days  on  Hands 289 395 1,043 1,442 Third  Party  payables  Days  on  Hand -­‐47   -­‐26   16 112 Affiliates  payables  Days  On  Hand 313 421 1,027 1,331 Other  Current  Liabilities  Days  On  Hand 5 2 N/A N/A Item Q1 Q2 Q3 Q4 LIQUIDITY Cash  Ratio 0.088-­‐                                                 0.08-­‐                                           0.00                                           0.04                                           Current  Ratio 0.5                                                         0.6                                               0.6                                               0.7                                               Quick  Ratio 0.3                                                         0.3                                               0.3                                               0.4                                               EBITDA                  USD 14,783,541 24,628,775 43,963,221 48,956,749 Net  Working  Capital          USD -­‐33,514,542   -­‐30,990,655   -­‐31,891,702   -­‐27,675,393   Item Q1 Q2 Q3 Q4 LEVERAGE & CAPITAL STRUCTURE Financial  Leverage  20.8    16.4    11.9    9.0   Gearing  (Bank  Debt/Equity)  1.2    0.9    0.0    0.0   Current  Lab.  /  Total  Assets 89% 88% 91% 87% Total  Bank  Debt  /  EBITDA  0.3    0.2    0.0    0.0   Operating  Cash  Flows  /  Interest  2.1    2.0    3.1    0.6   Operating  Cash  Flows  /  Bank  Debt  2.4    2.3   N/A N/A Times  Interest  Covered  (Per  EBIT)  2.8    4.7    4.6    4.9   Fixed  Charge  Coverage  (Per  EBIT)  2.8    4.7    4.6    4.9   USD Q1 Q2 Q3 Q4 Total Cash  Flows  from  Operating  Activities Net  Cash  Collections  from  Sales  -­‐  24,288,810  -­‐  833,332  -­‐  666,667  -­‐  333,337 Suppliers  Payments 40,324,818  -­‐  16,841,338  -­‐  11,955,672  -­‐  21,147,481 Other  Operating  Cash  Receipts  (Payments) 312,364  -­‐  998,934  -­‐  614,805  -­‐  631,779 Income  Taxes  Paid  -­‐  177,500  -­‐  400,000  -­‐  355,000  -­‐  400,000 Interest  Payments  -­‐  442,330  -­‐  437,738  -­‐  792,570  -­‐  826,230 Net  Cash  Flows  from  Operating  Activities 15,728,542  -­‐  19,511,342  -­‐  14,384,714  -­‐  23,338,827 Cash  Flows  from  Investing  activities Capital  Expenditures  -­‐  1,396,924 303,076 320,937 320,937 Net  Cash  Flows  from  Investing  Activities  -­‐  1,396,924 303,076 320,937 320,937 Cash  Flows  from  Financing  activities Proceeds  from  Capital  Increase 0 0 0 0 Increase  (Decrease)  in  Long-­‐Term  Liabilities  -­‐  4,600,000 0 0 0 Dividends  Paid 0 0 0 0 Increase  (Decrease)  in  Shareholders'  loan 0 0 0 0 Increase  (Decrease)  in  Bank  Overdrafts 0 0 0 0 Increase  (Decrease)  in  Financed  L/Cs 0 0 0 0 Increase  (Decrease)  in  Secured  Borrowings 0 0 0 0 Net  Cash  Flows  from  Financing  Activities  -­‐  4,600,000 0 0 0 Net  Increase  (Decrease)  In  Cash  Balance 9,731,617  -­‐  19,208,266  -­‐  14,063,777  -­‐  23,017,891 Opening  cash  Balance  -­‐  1,089,733  -­‐  7,284,903  -­‐  2,767,889 2,089,078 Ending  Cash  Balance 8,641,885  -­‐  26,493,170  -­‐  16,831,666  -­‐  20,928,812 Cash Flow Statement (Direct Method)