Amount in ThousandsM/S STYLE 31.03.13 31.03.201 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21CMA-Form-II Actual Actual Actual Estimated projected projected projected projected projected

1 Gross Sales (net of returns):(i). Domestic Sales 3,530.00 4,240.70 5,480.92 6,980.56 8,525.40 9,582.62(ii). Export Sales 0.00 0.00 0.00 0.00 0.00 0.00(ii). Duty Drawback

Total: 3,530.00 4,240.70 5,480.92 6,980.56 8,525.40 9,582.622 Less: Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00

Less: Other Items [If any] 0.00 0.00 0.00 0.00 0.00 0.003 Net Sales ( item 1 minus 2 ) 3,530.00 4,240.70 5,480.92 6,980.56 8,525.40 9,582.624

20.13% 29.25% 27.36% 22.13% 12.40%Add other revenue income 2.13 1.93 2.15 6.84 7.50 9.00Total Sales including Rev. Income 3,532.13 4,242.63 5,483.07 6,987.40 8,532.90 9,591.62

5 Cost of Salesi

a. Imported

b. Indigenous 3,227.86 3,657.07 4,940.80 6,456.55 7,639.94 8,540.53ii Other Spares

a. Imported

b. Indigenous 0.00 0.00 0.00 0.00 0.00 0.00iii Power & Fuel 0.00 0.00 0.00 0.00 0.00 0.00iv Factory wages&salary 0.00 0.00 0.00 0.00 0.00 0.00v Other manufacturing expenses 0.00 0.00 0.00 0.00 0.00 0.00vi Depreciation 41.72 47.14 41.71 46.61 53.47 47.73vii Sub-total (items i to vi) 3,269.58 3,704.21 4,982.51 6,503.16 7,693.41 8,588.26viii Add : Opening Stocks in Process 0.00 0.00 0.00 0.00 0.00 0.00

Sub-total 3,269.58 3,704.21 4,982.51 6,503.16 7,693.41 8,588.26ix Deduct : Closing Stocks in Process 0.00 0.00 0.00 0.00 0.00 0.00x Cost of Production 3,269.58 3,704.21 4,982.51 6,503.16 7,693.41 8,588.26xi Add : Opening Stocks of Finished Goods 330.59 385.70 289.97 400.50 645.00 750.00

Sub-total 3,600.17 4,089.91 5,272.48 6,903.66 8,338.41 9,338.26xii Deduct : Closing Stocks of Finished Goods

385.70 289.97 374.26 645.00 750.00 880.00xiii Sub-total: (Total Cost of Sales) 3,214.47 3,799.94 4,898.23 6,258.66 7,588.41 8,458.26

6 Selling General & Administrative Expenses152.41 244.31 296.55 345.40 420.80 470.00

%age rise/fall in Net Sales as compared to previous years

Raw Materials(incl. stores and other items used in the process of mfg )

M/S STYLE 31.03.13 31.03.201 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21CMA-Form-II Actual Actual Actual Estimated projected projected projected projected projected

7 Sub-total : ( 5+6 ) 3,366.88 4,044.25 5,194.78 6,604.06 8,009.21 8,928.268

165.25 198.38 288.30 383.34 523.69 663.37

165.25 198.375 288.295 383.343 523.691 663.365Interest - Bank - Cash Credit 0.00 0.00 0.00 60.00 160.00 180.00Interest - Bank Term Loan 0.00 0.00 0.00 0.00 0.00 0.00

9 Net Interest 0.00 0.00 0.00 60.00 160.00 180.0010 Operating Profit after intrest (8-9) 165.25 198.375 288.295 323.343 363.691 483.36511 (i). Add other non-operating income

a. INTEREST (From Bank) 0 0 0 0 0 0b. RENTAL INCOME

c. DUTY DRAWBACK

d. Others (From IT refund)

Sub-total (income) 0 0 0 0 0 0

11(ii). Deduct other non-operating expenses

a. Exchange loss

b. Salary Paid - Partners

c. Interest Paid - Others 0 0 0 0 0 0d. Previous year's deferred tax/Others 0 0 0 0 0 0Sub-total (expenses) 0 0 0 0 0 0

11 0 0 0 0 0 012 Profit before tax / Loss [10+11(iii)] 165.25 198.38 288.295 323.343 363.691 483.36513 Provision for Taxes 0 0.00 0.00 0.00 0.00 0.0014 Net Profit /Loss (item 12 - 13) 165.25 198.375 288.295 323.343 363.691 483.365

0b. Dividend payable 0c. Transferred to General Reserve 0

15 Retained Profit 016 Retained Profit / Net Profit (%age) 0

Operating Profit before interest (3-7) Including Depreciation

Operating Profit before interest (3-7) - Cont. from Page 1

(iii). Net of other non-operating income/expenses

a. Equity Dividend paid amount (Already paid + B.S. Provisions)- Drawings

M/S STYLE 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18CMA-Form-III Actual Actual Actual Estimated projected projectedLIABILITIESCurrent Liabilitiesfrom Applicant Banks 0.00 0.00 0.00 550.00 680.00 841.00From Other Banks 0.00 0.00 0.00 0.00 0.00 0.00Subtotal-STBB 0.00 0.00 0.00 550.00 680.00 841.00Sundry creditors Trade 139.67 61.28 39.98 17.10 24.00 30.00Sundry creditors expenses 0.00 0.00 0.00 0.00 0.00 0.00Advance from customers 0.00 0.00 0.00 0.00 0.00 0.00Provision for taxation 0.00 0.00 0.00 0.00 0.00 0.00Dividend payable 0.00 0.00 0.00 0.00 0.00 0.00Other SL payable in 1 year 45.00 34.12 20.50 17.50 18.20 14.50Term Loan Inst 1 yearOther Cur liabilites & Prov 0.00 0.00 0.00 0.00 0.00 0.00

OCL 184.665 95.40 60.48 34.60 42.20 44.50

Total CL (OCL + BB) 184.665 95.40 60.48 584.60 722.20 885.50

Term LiabilitiesTerm Loan from our Bank 0.00 0.00 0.00 0.00 0.00 0.00TL from Other Banks 0.00 0.00 0.00 0.00 0.00 0.00Other Term Loans 0.00 0.00 0.00 0.00 0.00 0.00WBIDC 0.00 0.00 0.00 0.00 0.00 0.00Unsecured Loan Quasi 0.00 0.00 0.00 0.00 0.00 0.00Total Term Loans 0.00 0.00 0.00 0.00 0.00 0.00

Total Out Side Liabilities 184.67 95.40 60.48 584.60 722.20 885.50

Net WorthAuthorised Capital 0.00 0.00 0.00 0.00 0.00 0.00Paid Up Capital 450.20 467.58 490.09 533.69 511.63 495.33General Reserve 0.00 0.00 0.00 0.00 0.00 0.00Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 0.00Share Appln Money 0.00 0.00 0.00 0.00 0.00 0.00Profit & Loss Account 165.25 198.38 288.30 323.34 363.69 483.37Security Premium 0.00 0.00 0.00 0.00 0.00 0.00Share premium 0.00 0.00 0.00 0.00 0.00 0.00Total Net Worth 615.45 665.96 778.38 857.03 875.33 978.69

Total Liabilities 800.12 761.35 838.86 1441.63 1597.53 1864.19

Current AssetsCash & Bank Balance 14.87 23.28 14.87 30.80 46.35 55.13Fixed Deposits with Banks 0.00 0.00 0.00 0.00 0.00 0.00Sundry Debtors 27.80 27.80 54.70 189.46 180.14 190.00InventoryRaw Materials 0.00 0.00 0.00 0.00 0.00 0.00Indigenious 0.00 0.00 0.00 0.00 0.00 0.00

M/S STYLE 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18CMA-Form-III Actual Actual Actual Estimated projected projectedImported 0.00 0.00 0.00 0.00 0.00 0.00Stock In Process 0.00 0.00 0.00 0.00 0.00 0.00Finished Goods 385.70 289.97 374.26 645.00 750.00 880.00Other Spares 0.00 0.00 0.00 0.00 0.00 0.00Advance to Suppliers 0.00 0.00 0.00 0.00 0.00 0.00Advance Payment of tax 0.00 0.00 0.00 0.00 0.00 0.00Other Current Assets 13.56 43.56 60.00 115.00 220.00 380.00Interest receivable on FD 0.00 0.00 0.00 0.00 0.00 0.00

Total Current Assets 441.93 384.61 503.83 980.26 1196.49 1505.13

Fixed AssetsGross Block 399.90 423.89 376.75 507.98 454.51 406.79Depreciation 41.72 47.14 41.71 46.61 53.47 47.73Net Block 358.19 376.75 335.03 461.38 401.04 359.06

Non Current AssetsPre-operative Expenses 0.00 0.00 0.00 0.00 0.00 0.00Security Deposit 0.00 0.00 0.00 0.00 0.00 0.00Adv for Capital Goods 0.00 0.00 0.00 0.00 0.00 0.00Other Advances 0.00 0.00 0.00 0.00 0.00 0.00Loan to a Director 0.00 0.00 0.00 0.00 0.00 0.00Total Non Current Assets 0.00 0.00 0.00 0.00 0.00 0.00

Intangible AssetsPreliminary Expenses 0.00 0.00 0.00 0.00 0.00 0.00Others 0.00 0.00 0.00 0.00 0.00 0.00Total Intangible Assets 0.00 0.00 0.00 0.00 0.00 0.00

Total Assets 800.12 761.35 838.86 1441.63 1597.53 1864.19Total Liabilities 800.12 761.35 838.86 1441.63 1597.53 1864.19

Check Diffierence 0.00 0.00 0.00 0.00 0.00 0.00

Tangible Net Worth 615.45 665.96 778.38 857.03 875.33 978.69

Net Working Capital 257.27 289.21 443.35 395.66 474.29 619.63

Current Ratio 2.39 4.03 8.33 1.68 1.66 1.70

TOL/TNW 0.30 0.14 0.08 0.68 0.83 0.90

TOL/TNW - Revaluation 0.30 0.14 0.08 0.68 0.83 0.90

TOL/TNW+QUASI 0.30 0.14 0.08 0.68 0.83 0.90

TOL/TNW adj 0.30 0.14 0.08 0.68 0.83 0.90

Term Debt Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00

Salient Financial Indicators

Salient Financial Indicators 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18M/S STYLE Actual Actual Actual Estimated projected projectedAuthorised Capital 0.00 0.00 0.00 0.00 0.00 0.00Paid Up Capital 450.20 467.58 490.09 533.69 511.63 495.33Net Worth 615.45 665.96 778.38 857.03 875.33 978.69TNW excl Revaluation Reser 615.45 665.96 778.38 857.03 875.33 978.69TNW less Investments 615.45 665.96 778.38 857.03 875.33 978.69in subsidiariesTNW treating Unsecured 615.45 665.96 778.38 857.03 875.33 978.69Loan as quasi EquityLong Term Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00Long Term Un Sec Loans 0.00 0.00 0.00 0.00 0.00 0.00Of which from Promoters 0.00 0.00 0.00 0.00 0.00 0.00Net Fixed Assets 358.19 376.75 335.03 461.38 401.04 359.06Capital Work In ProgressNon current Assets 0.00 0.00 0.00 0.00 0.00 0.00Inventories 385.70 289.97 374.26 645.00 750.00 880.00Receivables 27.80 27.80 54.70 189.46 180.14 190.00Other Current Assets 28.43 66.84 74.87 145.80 266.35 435.13Other Current Liabilities 184.67 95.40 60.48 34.60 42.20 44.50excluding BB including TLBank Borrowings 0.00 0.00 0.00 550.00 680.00 841.00Total Current Liabilities 184.67 95.40 60.48 584.60 722.20 885.50Net Working Capital 257.27 289.21 443.35 395.66 474.29 619.63Current Ratio 2.39 4.03 8.33 1.68 1.66 1.70TL Inst due with in 1 year 0.00 0.00 0.00 0.00 0.00 0.00Current Ratio without TL 2.39 4.03 8.33 1.68 1.66 1.70Debt Equity RatioConsidering all Out side 0.30 0.14 0.08 0.68 0.83 0.90liabilities TOL/TNWTOL/Adj TNW 0.30 0.14 0.08 0.68 0.83 0.90TOL/TNW + Quasi Equity 0.30 0.14 0.08 0.68 0.83 0.90Net Sales 3530.00 4240.70 5480.92 6980.56 8525.40 9582.62Operating Profit 165.25 198.38 288.30 323.34 363.69 483.37Other Income 0.00 0.00 0.00 0.00 0.00 0.00Profit before Depreciation 206.97 245.52 330.01 429.95 577.17 711.09Interest & TaxDepreciation 41.72 47.14 41.71 46.61 53.47 47.73Interest 0.00 0.00 0.00 60.00 160.00 180.00Tax 0.00 0.00 0.00 0.00 0.00 0.00Profit after Tax (PAT) 165.25 198.38 288.30 323.34 363.69 483.37Cash Accruals 206.97 245.52 330.01 369.95 417.17 531.09% increase in Net sales 0.00 0.20 29.25 27.36 22.13 12.40% Op Profit/Net Sales 0.05 4.68 5.26 4.63 4.27 5.04% PBDIT/Net Sales 0.06 5.79 6.02 6.16 6.77 7.42% PAT /Net Sales 0.05 4.68 5.26 4.63 4.27 5.04% Interest /Net Sales 0.00 0.00 0.00 0.86 1.88 1.88Return on Capital Employed 0.27 0.30 0.37 0.27 0.34 0.36Interest cover Times

Break up of Current AssetsParticulars 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21

Actual Actual Actual Estimated projected projected projected projected projectedCash & Bank Balance 14.87 23.278 14.87 30.8 46.35 55.13 76.071 0 0Fixed Deposits with Banks 0 0 0 0 0 0 0 0 0Sundry Debtors 27.8 27.8 54.7 189.457 180.139 190 65 0 0Raw Materials 0 0 0 0 0 0 0 0 0Stock In Process 0 0 0 0 0 0 0 0 0Finished Goods 385.7 289.969 374.255 645 750 880 0 0 0Other Spares 0 0 0 0 0 0 0 0 0Advance Payment of tax 0 0 0 0 0 0 0 0 0Other Current Assets 13.56 43.56 60 115 220 380 10.8 0 0Advance to Suppliers 0 0 0 0 0 0 0 0 0Interest receivable on FD 0 0 0 0 0 0 0 0 0Total 441.93 384.607 503.825 980.257 1196.489 1505.13 151.871 0 0

Break up of Current LiabilitiesParticulars 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21

Actual Actual Actual Estimated projected projected projected projected projectedCC from Applicant Banks 0.00 0.00 0.00 550.00 680.00 841.00 0.00 0.00 0.00CC From Other Banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Sundry creditors Trade 139.67 61.28 39.98 17.10 24.00 30.00 0.00 0.00 0.00Advance from customers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Provision for taxation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Other Cur liabilites & Prov 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Total 139.67 61.28 39.98 567.1 704 871 0 0 0

Funding Pattern of Current Assets31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21Actual Actual Actual Estimated projected projected projected projected projected

NWC To TCA 58.21% 75.20% 88.00% 40.36% 39.64% 41.17% 30.86% #DIV/0! #DIV/0!BB to TCA 0.00% 0.00% 0.00% 56.11% 56.83% 55.88% 0.00% #DIV/0! #DIV/0!Sundry Creditors to TCA 31.60% 15.93% 7.93% 1.74% 2.01% 1.99% 0.00% #DIV/0! #DIV/0!OCL to TCA 10.18% 8.87% 4.07% 1.79% 1.52% 0.96% 69.14% #DIV/0! #DIV/0!Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% #DIV/0! #DIV/0!

Source & Application of Funds31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21Actual Actual Actual Estimated projected projected projected projected projected

Long Term Source 615.45 665.955 778.38 857.034 875.325 978.69 575.38 0 0Long Term Application 358.185 376.745 335.032 461.377 401.036 359.06 72.96 0 0Long Term Surplus/Deficit 257.27 289.21 443.35 395.66 474.29 619.63 502.42 0.00 0.00Short Term Source 184.665 95.397 60.477 584.6 722.2 885.5 105 0 0Short Term Application 441.93 384.607 503.825 980.257 1196.489 1505.13 151.871 0 0Short Term Surplus/Deficit -257.265 -289.21 -443.348 -395.657 -474.289 -619.63 -46.871 0 0

Financial Parameters 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

Current Ratio 2.39 4.03 8.33 1.68 1.66 1.70TNW ( Rs. in lacs) 615.45 665.955 778.38 857.03 875.33 978.69Debt Equity Ratio 0.30 0.14 0.08 0.68 0.83 0.90OpProfit/Sales% 4.68% 467.79% 526.00% 463.20% 426.60% 504.42%Net Working Capital(Rs) 257.265 289.21 443.348 395.657 474.289 619.63

31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

AssumptionsSales Gross 3530 4240.7 5480.92 6980.56 8525.4 9582.62Sales Net 3532.13 4242.63 5483.07 6987.40 8532.90 9591.62Cost of Production 3269.578 3704.207 4982.513 6503.157 7693.409 8588.255Cost of Sales 3214.468 3799.938 4898.227 6258.657 7588.409 8458.255Raw Material con 0 0 0 0 0 0% COP/Sales 92.57% 87.31% 90.87% 93.07% 90.16% 89.54%%COS/Sales 91.01% 89.57% 89.33% 89.57% 88.93% 88.18%% RM/COP 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Level of Holdings 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18audited audited estimated projected projected projected

Raw Material

Imported0.00 0.00 0.00 0.00 0.00 0.00

0 0 0 0 0 0

Indegenious0 0 0 0 0 00 0 0 0 0 0

Conusmable spares0 0 0 0 0 0

Work in Progress0 0 0 0 0 00 0 0 0 0 0

Finished Goods385.7 289.969 374.255 645 750 880

44 28 28 38 36 38

Receivables27.8 27.8 54.7 189.457 180.139 190

3 2 4 10 8 7

Other Current Assets28.43 66.838 74.87 145.8 266.35 435.136.43% 17.38% 14.86% 14.87% 22.26% 28.91%

Sundry Creditors139.665 61.277 39.977 17.1 24 30

16 6 3 1 1 1Other Current Liabilites 45 34.12 20.5 17.5 18.2 14.5

31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18audited audited estimated projected projected projected

Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00Working Progress 0 0 0 0 0 0Finished Goods 385.7 289.969 374.255 645 750 880Consumable Spares 0 0 0 0 0 0Receivables 27.8 27.8 54.7 189.457 180.139 190Advance to Suppliers 0 0 0 0 0 0Cash & Bank Balance 14.87 23.278 14.87 30.8 46.35 55.13Other current assets -1.31 20.282 45.13 84.2 173.65 324.87Total Current Assets 427.06 361.329 488.955 949.457 1150.139 1450Sundry Creditors 139.665 61.277 39.977 17.1 24 30Other Current Liabilities 45 34.12 20.5 17.5 18.2 14.5Working Capital Gap 242.395 265.932 428.478 914.857 1107.939 1405.5

Computation of Permissible Bank Finance2nd Method of lending 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18

Actual Actual Actual Estimated projected projected1. Working Capital Gap 242.395 265.932 428.478 914.857 1107.939 1405.52. Minimum stipulated 106.77 90.33 122.24 237.36 287.53 362.50 NWC(25% of CA)3. Actual/Projected NWC 257.265 289.21 443.348 395.657 474.289 619.634. Item (1) - Item (2) 135.63 175.60 306.24 677.49 820.40 1043.005. Item (1) - Item (3) -14.87 -23.28 -14.87 519.20 633.65 785.876. Permissible Bank Finance -14.87 -23.28 -14.87 519.20 633.65 785.87

Turnover Method 31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

I) 25% of the Sales accepted 883.0325 1060.65675 1370.7675 1746.85 2133.225 2397.905II) 20% of the Sales 706.43 848.53 1096.61 1397.48 1706.58 1918.32

176.61 212.13 274.15 349.37 426.65 479.58IV) Margin (NWC) available 257.265 289.21 443.348 395.657 474.289 619.63V) Item [ I ] minus Item [ III ] 706.43 848.53 1096.61 1397.48 1706.58 1918.32VI) Item [ I ] minus Item [ IV ] 625.7675 771.44675 927.4195 1351.193 1658.936 1778.275VI) higher of ( V ) or( VI ) 706.43 848.53 1096.61 1397.48 1706.58 1918.32Recommended Bank Finance 706.43 848.53 1096.61 1397.48 1706.58 1918.32

III) Margin Required [ I minus II ]

Past Financial Brief 31.03.1331.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

TNW 615.45 665.955 778.38 857.034 875.325 978.69TOL/TNW 0.30 0.14 0.08 0.68 0.83 0.90CURRENT RATIO 2.39 4.03 8.33 1.68 1.66 1.70NET SALES 3530 4240.7 5480.92 6980.56 8525.4 9582.62OPERATING PROFIT 165.25 198.375 288.295 323.343 363.691 483.365PBDIT 206.965 245.515 330.008 429.95 577.165 711.09NET PROFIT (PAT) 165.25 198.375 288.295 323.343 363.691 483.365

26.85% 29.79% 37.04% 27.24% 33.67% 36.45%

total Debt Equit Ratio 31.03.1331.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

Debt Inclduing BB 184.67 95.40 60.48 584.60 722.20 885.50TNW 615.45 665.955 778.38 857.034 875.325 978.69Debt Equity Ratio 0.30 0.14 0.08 0.68 0.83 0.90

ROCE - % (PAT + INTT/TNW+ SEC.TL+UNS.TL+BB))

Fixed Assets Coverage Ratio31.03.1331.03.2014 31.03.15 31.03.16 31.03.17 31.03.18

Actual Actual Actual Estimated projected projectedNet Fixed Assets 358.19 376.75 335.03 461.38 401.04 359.06Secured Term Loan 0.00 0.00 0.00 0.00 0.00 0.00FACR #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest Coverage Ratio 31.03.1331.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

Profit After Tax 165.25 198.375 288.295 323.343 363.691 483.365Depreciation + Exp w/o 41.715 47.14 41.713 46.607 53.474 47.725Interest 0.00 0.00 0.00 60.00 160.00 180.00Total 206.965 245.515 330.008 429.95 577.165 711.09Interest 0.00 0.00 0.00 60.00 160.00 180.00Interest Coverage Ratio #DIV/0! #DIV/0! #DIV/0! 7.17 3.61 3.95

Debt Service Coverage Ratio31.03.1331.03.2014 31.03.15 31.03.16 31.03.17 31.03.18

Actual Actual Actual Estimated projected projectedProfit After Tax 165.25 198.375 288.295 323.343 363.691 483.365Depreciation 41.715 47.14 41.713 46.607 53.474 47.725Interest 0.00 0.00 0.00 60.00 160.00 180.00Total (A) 206.965 245.515 330.008 429.95 577.165 711.09Repayment of Term loan 0.00 0.00 0.00 0.00 0.00 0.00Interest 0.00 0.00 0.00 60.00 160.00 180.00Total (B) 0.00 0.00 0.00 60.00 160.00 180.00DSCR #DIV/0! #DIV/0! #DIV/0! 7.17 3.61 3.95

Break Even Analysis

31.03.13 31.03.2014 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

sales 3,530.00 4,240.70 5,480.92 6,980.56 8,525.40 9,582.62

vairable Expenses 3,172.75 3,752.80 4,856.51 6,212.05 7,534.94 8,410.53

Contribution 357.25 487.90 624.41 768.51 990.47 1,172.09

Fixed Expenses 194.13 291.45 338.26 452.01 634.27 697.73

PV Ratio 1.84 1.67 1.85 1.70 1.56 1.68

BEP Sales 1,918.19 2,533.23 2,969.19 4,105.69 5,459.50 5,704.37

% BEP Sales 54.34 59.74 54.17 58.82 64.04 59.53

Financial High Lights

Particulars31.03.13 31.03.201 31.03.15 31.03.16 31.03.17 31.03.18Actual Actual Actual Estimated projected projected

Equity/Preference share Capital 450.2 467.58 490.085 533.691 511.634 495.325

TNW Including unsecured loan 615.45 665.96 778.38 857.03 875.33 978.69Secured Term Loan 0 0 0 0 0 0Unsecured Loan 0.00 0.00 0.00 0.00 0.00 0.00Bank Borrowings 0.00 0.00 0.00 550.00 680.00 841.00Current Assets 441.93 384.607 503.825 980.257 1196.489 1505.13Other Current Liabilities 184.665 95.397 60.477 34.6 42.2 44.5Current Ratio (incl : TL) 2.39 4.03 8.33 1.68 1.66 1.70Term debt equity ratio 0.00 0.00 0.00 0.00 0.00 0.00TOL/TNW 0.30 0.14 0.08 0.68 0.83 0.90

Profitability ProjectionsFY 31.03.13 31.03.201 31.03.15 31.03.16 31.03.17 31.03.18

Actual Actual Actual Estimated projected projectedInstalled Capacity TpaCapacity Utilisation%Net Sales 3532.13 4242.63 5483.07 6987.40 8532.90 9591.62Other Income 0 0 0 0 0 0Total Revenue 3532.13 4242.63 5483.07 6987.40 8532.90 9591.62Raw Material 0 0 0 0 0 0Consumable Stores 0.00 0.00 0.00 0.00 0.00 0.00Salary & wages 0.00 0.00 0.00 0.00 0.00 0.00Power 0.00 0.00 0.00 0.00 0.00 0.00Other Expenses 0.00 0.00 0.00 0.00 0.00 0.00Cost of Production 3,269.58 3,704.21 4,982.51 6,503.16 7,693.41 8,588.26Cost of Sales 3,214.47 3,799.94 4,898.23 6,258.66 7,588.41 8,458.26Amortization 0 0 0 0 0 0PBDIT 206.97 245.52 330.01 429.95 577.17 711.09Depreciation 41.72 47.14 41.71 46.61 53.47 47.73Interest 0.00 0.00 0.00 60.00 160.00 180.00Profit Before ax 165.25 198.38 288.30 323.34 363.69 483.37Provision for Tax 0 0 0 0 0 0Proftit after Tax 165.25 198.38 288.30 323.34 363.69 483.37PBDIT Margin% 5.86% 5.79% 6.02% 6.15% 6.76% 7.41%PAT/Sales% 4.68% 4.68% 5.26% 4.63% 4.26% 5.04%

FORM.IIFORM.IIISALIENTBREAK UPFUNDINGASSESMENT OF WCRATIOBREAK EVENFINANCIAL HIGH LIGHTS