Company Detals:

Name of the Company TMW Co. Ltd

Last Financial Year 31-Mar-09
First Projected Year 31-Mar-10
Currency Rs.Crores

Revenue Growth Scenario

Scenario Number 1

1. Last 3 years average

2. 2007/2008 average
3. Manual

Capex Projection Scenario 1

1. Opening New Factory

2. Opening New Store

P&L Assumptions
Depreciation Rate (WDV) 15%

Loan Assumptions:
Capital Expenditure Funding by Bank 70%
Minimum cash 1%
Bank Working Capital Limit 60%
Term Loan Interest Rate 12%
Working Capital Loan Interest Rate 15%
Promoters Loan Interest Rate 14%

Long Term Investment Interest Rate 8%

Short Term Investment Interest Rate 4%
TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10

Gross Revenue 1156.8 1481.3 2136.5 2856.3

Less: VAT 37.6 41.2 46.2 78.0
Net Revenue 896 1119.2 1440.1 2090.3 2778.2

Less:
Materials Consumed 786.8 995.7 1420.6 1920.7
Manufacturing Expenses 80.8 110.1 167.1 211.7
Cost of Goods Sold 867.6 1105.8 1587.7 2132.4

Gross Profit 251.6 334.3 502.6 645.8

Gross Margin 22.5% 23.2% 24.04% 23.25%

Selling, General & Admin Exp. 93 119.1 171.7 190.6

Royalty Expenses 13.5 17.3 25 33.4
Other Operating Expenses 34.7 40.4 65.3 72.5

Operating Expenses 141.2 176.8 262 296.4

EBITDA 110.4 157.5 240.6 349.4

EBITDA Margin 9.9% 10.9% 11.5% 12.6%

Depreciation / Amortization 16.6 21.2 30.6 99.1

EBIT 93.8 136.3 210 250.3

Interest Expense 21.2 20.5 48.5 109.4

Interest Income 1.2 3.7 5.6 8.8
Net Interest Expense 20 16.8 42.9 100.6

Earnings Before Tax (EBT) 73.8 119.5 167.1 149.7

Tax Expense 18.5 35.8 31.1 36.7

Profit after Tax (PAT) 55.3 83.7 136 112.9

Mar-11 Mar-12 Mar-13 Mar-14

3796.3 5045.7 6706.2 8913.3

103.7 137.8 183.2 243.5
3692.6 4907.8 6523.0 8669.8

2552.8 3393.0 4509.7 5993.8

281.4 374.0 497.0 660.6
2834.2 3767.0 5006.7 6654.4

858.4 1140.9 1516.4 2015.4

23.25% 23.25% 23.25% 23.25%

211.6 234.8 260.7 289.3

44.4 59.0 78.4 104.1
80.5 89.3 99.1 110.0

336.4 383.1 438.1 503.5

522.0 757.8 1078.2 1511.9

14.1% 15.4% 16.5% 17.4%

149.8 164.7 149.8 140.3

372.2 593.1 928.5 1371.6

154.4 196.1 225.8 257.9

13.2 19.1 31.0 49.7
141.3 177.1 194.8 208.3

231.0 416.1 733.7 1,163.3

56.7 102.1 180.1 285.6

174.3 313.9 553.6 877.8

TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11
P&L Assumptions
Revenue Growth 24.91% 28.67% 45.15% 32.91% 32.91%
Scenarios
1. Last 3 years average 32.91% 32.91%
2. 2007/2008 average 26.79% 26.79%
3. Manual 15.00% 20.00%

VAT as a % of Gross Revenue 3.25% 2.78% 2.16% 2.73% 2.73%

Materials Consumed as % of Net sales 70.30% 69.14% 67.96% 69.13% 69.13%
Manufacturing Exp as % of Net sales 7.22% 7.65% 7.99% 7.62% 7.62%
Royalty expense as % of Net sales 1.21% 1.20% 1.20% 1.20% 1.20%
SG&A expenses % growth rate 11.00% 11.00%
Other operating expenses % growth rate 11.00% 11.00%
Effective Tax Rate (Tax Exp / PBT) 25.07% 29.96% 18.61% 24.55% 24.55%

Balance Sheet Assumptions

Loans and Advances as a % of Net Sales 1.61% 2.47% 2.31% 2.13% 2.13%
Provision as a % of Expenses 8.51% 9.31% 12.91% 10.24% 10.24%

Capex Calculation Scenarios 427.8 436.9

1. Opening New Factory 400 400

2. Opening New Stores 6.30% 175.0 232.6

Maintenance Capex 1.00% 27.8 36.9

Working Capital Adjustments

Debtor Turnover Days 102Days 89Days 74Days 88Days 88Days

Creditor Turnover Days 179Days 150Days 115Days 148Days 148Days
Inventory Turnover Days 145Days 119Days 121Days 128Days 128Days

Working Capital Days 69Days 57Days 80Days 69Days 69Days

Loan Assumptions Year1 Year2 Year3 Year4

Term Loan Repayment Structure 0.00% 5.00% 5.00% 25.00%

 Mar-12 Mar-13 Mar-14

32.91% 32.91% 32.91%

32.91% 32.91% 32.91%

26.79% 26.79% 26.79%
25.00% 25.00% 25.00%

2.73% 2.73% 2.73%

69.13% 69.13% 69.13%
7.62% 7.62% 7.62%
1.20% 1.20% 1.20%
11.00% 11.00% 11.00%
11.00% 11.00% 11.00%
24.55% 24.55% 24.55%

2.13% 2.13% 2.13%

10.24% 10.24% 10.24%

249.1 65.2 86.7

200 0 0

309.2 411.0 546.2

49.1 65.2 86.7

88Days 88Days 88Days

148Days 148Days 148Days
128Days 128Days 128Days

69Days 69Days 69Days

Year5 Year6 Year7

35.00% 15.00% 15.00%

TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

A] Fixed Assets Schedule

Opening Gross Block 497.3 925.1

Add: New Assets (Capex) 427.8 436.9
Less: Assets sold during the year 0.0 0.0
Closing Gross Block 925.1 1362.0

Opening Accumulated Depreciation 264.3 363.4

Add: Current year's Depreciation 99.1 149.8
Less: Depreciation on assets sold
Closing Accumulated Depreciation 363.4 513.2

Depreciation Schedule (WDV Method)

Existing Assets 35.0 29.7

Assets acquired in 2010 64.2 54.5
Assets acquired in 2011 65.5
Assets acquired in 2012
Assets acquired in 2013
Assets acquired in 2014

Total Depreciation 99.1 149.8

A] ECI Bank Term Loan Schedule

Opening Balance 100.0 394.4

Add: Additions 299.4 305.8
Less: Repayment
Existing Loan (5.0) (5.0)
2010 Loan (15.0)
2011 Loan
2012 Loan
2013 Loan
2014 Loan

Closing Balance 394.4 680.3

A] EDFC Working Capital Loan Schedule

Debtors 672.7 894.1

Inventories 749.6 996.2
Minimum Cash 27.8 36.9
Creditors 778.3 1,034.5

Working Capital (D+I+MC - C) 671.7 892.7

Max. Bank WC Limit 403.0 535.6

Opening Balance 384.0 403.0
Add: Additions 19.0 132.6
Less: Repayment
Closing Balance 403.0 535.6

Interest Calculation
ECI Bank Term Loan Interest 47.9 84.0
EDFC Bank WC Loan Interest 59.0 70.4
Promoter Loan Interest 2.4 -

Long Term Investment Interest 4.7 4.7

Short Term Investment Interest 4.1 8.4

Net Interest Cash Expense 100.6 141.3

Promoter Loan Schedule

Opening Balance 34.6 -
Add: Additions - -
Less: Repayment 34.6 -
Closing Balance - -

Short Term Investments Schedule

Opening Balance 31.2 172.9
Add: Additions 141.7 76.3
Less: Sale of short term investments - -
Closing Balance 172.9 249.3
Mar-12 Mar-13 Mar-14

1362.0 1611.1 1676.3

249.1 65.2 86.7
0.0 0.0 0.0
1611.1 1676.3 1763.0

513.2 677.9 827.7

164.7 149.8 140.3

677.9 827.7 968.0

25.3 21.5 18.2

46.4 39.4 33.5
55.7 47.4 40.2
37.4 31.8 27.0
9.8 8.3
13.0

164.7 149.8 140.3

680.3 799.4 711.2

174.4 45.7 60.7

(25.0) (35.0) (15.0)

(15.0) (74.9) (104.8)
(15.3) (15.3) (76.5)
(8.7) (8.7)
(2.3)

799.4 711.2 564.6

1,188.3 1,579.4 2,099.2

1,324.1 1,759.9 2,339.1
49.1 65.2 86.7
1,374.9 1,827.5 2,428.9

1,186.5 1,577.0 2,096.0

711.9 946.2 1,257.6

535.6 711.9 946.2
176.3 234.3 311.4

711.9 946.2 1,257.6

102.6 101.4 92.6

93.6 124.4 165.3
- - -

4.7 4.7 4.7

14.4 26.3 45.0

177.1 194.8 208.3

- - -
- - -
- - -
- - -

249.3 468.7 846.3

219.5 377.6 554.9
- - -
468.7 846.3 1,401.2
TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10

Share Capital 44.6 44.6 44.6 44.6

Securities Premium Account 100.0 100.0 100.0 100.0
Reserves & Surplus 228.2 288.3 399.9 512.8
Shareholders Funds 372.8 432.9 544.5 657.4

ECI Bank - Term Loan - - 100.0 394.4

EDFC Bank - Working Capital Loan 180.0 254.1 384.0 403.0
Net Working Capital Loan
Promoter Loan 24.6 24.6 34.6 -
Loan Funds 204.6 278.7 518.6 797.5

Deferred Tax Liability 17.7 23.8 17.4 17.4

TOTAL SOURCES OF FUNDS 595.1 735.4 1,080.5 1,472.3

APPLICATIONS OF FUNDS

Gross Block 350.0 410.2 497.3 925.1

Less: Accumulated Depreciation 212.5 233.7 264.3 363.4
Net Block 137.5 176.5 233.0 561.7
Capital WIP
Net Fixed Assets 137.5 176.5 233.0 561.7

Investments 25.0 27.0 58.9 58.9

Inventories 345.2 374.4 677.5 749.6

Sundry Debtors (Receivables) 312.6 390.1 458.9 672.7
Cash & Cash Equivalents 20.7 42.3 86.7 27.8
Loans & Advances 18.0 35.6 48.3 59.2
Short-term Investments 140.0 151.3 31.2 172.9
Current Assets, Loans & Advances 836.5 993.7 1,302.6 1,682.1
Less:
Creditors (Payables) 385.0 435.1 458.6 778.3
Provisions 18.9 26.7 55.4 52.1
Provision for Dividend
Current Liabilities & Provisions 403.9 461.8 514.0 830.4

Net Current Assets 432.6 531.9 788.6 851.7

TOTAL APPLICATIONS OF FUNDS 595.1 735.4 1,080.5 1,472.3

Mar-11 Mar-12 Mar-13 Mar-14

44.6 44.6 44.6 44.6

100.0 100.0 100.0 100.0
687.1 1,001.0 1,554.7 2,432.4
831.7 1,145.6 1,699.3 2,577.0

680.3 799.4 711.2 564.6

535.6 711.9 946.2 1,257.6

- - - -
1,216.0 1,511.3 1,657.4 1,822.2

17.4 17.4 17.4 17.4

2,065.1 2,674.4 3,374.1 4,416.7

1,362.0 1,611.1 1,676.3 1,763.0

513.2 677.9 827.7 968.0
848.8 933.2 848.7 795.1

848.8 933.2 848.7 795.1

58.9 58.9 58.9 58.9

996.2 1,324.1 1,759.9 2,339.1

894.1 1,188.3 1,579.4 2,099.2
36.9 49.1 65.2 86.7
78.7 104.6 139.0 184.7
249.3 468.7 846.3 1,401.2
2,255.1 3,134.8 4,389.8 6,110.9

1,034.5 1,374.9 1,827.5 2,428.9

63.3 77.5 95.8 119.2

1,097.8 1,452.5 1,923.3 2,548.1

1,157.4 1,682.3 2,466.5 3,562.7

2,065.1 2,674.4 3,374.1 4,416.7

TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

Cash Flow from Operating Activities

Net Profit after tax 112.9 174.3
+ Depreciation ALT + I + S 99.1 149.8
+ Amortization
+ Net Interest Paid 100.6 141.3

Adjustments for operating working capital

Δ in debtors (213.8) (221.4)
Δ in inventories (72.1) (246.7)
Δ in creditors 319.7 256.2
Δ in Provisions (3.3) 11.2
Δ in Loans & Advances (10.9) (19.5)

Net Cash Generated from Operating Activities 332.3 245.2

Cash flow from Investing Activities

- Purchase of fixed assets (427.8) (436.9)

+ Proceeds from sale of assets - -
- (Increase) / Decrease in LT Investments - -
Net Cash Generated from Investing Activities (427.8) (436.9)

Cash Flow from Financing Activities

Net proceeds from issue of additional equity - -

Net proceeds from new borrowings 313.5 418.5
Dividends paid - -
Net Interest Paid (100.6) (141.3)
Net Cash from Financing Activities 212.9 277.2

Net Cash Flows during the Year 117.4 85.5

Opening Cash 86.7 27.8
Minimum Cash 27.8 36.9
Closing Cash 176.3 76.3

A. Sell Short Term Investments - -

B. Additional Promoter's Loan - -
C. Repay Promoter's Loan (34.6) -
D. Buy more Short Term Investments (141.7) (76.3)
Balance
Mar-12 Mar-13 Mar-14

313.9 553.6 877.8

164.7 149.8 140.3

177.1 194.8 208.3

(294.2) (391.1) (519.8)

(327.9) (435.8) (579.2)
340.5 452.5 601.4
14.3 18.2 23.5
(25.9) (34.4) (45.7)

362.4 507.6 706.5

(249.1) (65.2) (86.7)

- - -
- - -
(249.1) (65.2) (86.7)

- - -
295.4 146.1 164.8
- - -
(177.1) (194.8) (208.3)
118.3 (48.7) (43.4)

231.6 393.7 576.4

36.9 49.1 65.2
49.1 65.2 86.7
219.5 377.6 554.9

- - -
- - -
- - -
(219.5) (377.6) (554.9)
TMW Co. Ltd
Financial Year End March LFY
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11
Mar-12 Mar-13 Mar-14