Income Statement

Salient Warrior Ltd.

Current
Period Prior Period
INCOME STATEMENT 3/31/2020 % of Net 3/31/2019 % of Net Difference Difference
Comments
Sales Sales Amount %

Net Revenue / Sales 400,000,000 100% 250,000,000 100% 150,000,000 60.0%

Change in Stock 37,100,000 9% 100 0%

Direct Material (79,100,000) -20% (30,000,000) -12%
Contractual labour (88,000,000) -22% (55,000,000) -22%
Technical Manpower (8,000,000) -2% (5,000,000) -2%
Direct Expenses (16,000,000) -4% (10,000,000) -4%
Total Cost of Goods Sold 0%

GROSS PROFIT 0%

Administration (25,000,000) -6% (20,000,000) -8%

Selling and Marketing (30,000,000) -8% (22,000,000) -9%
Other Operating Expenses (21,090,000) -5% (15,000,000) -6%
Depreciation / Amortization (33,000,000) -8% (30,000,000) -12%
OPERATING INCOME 0%

Interest Expense (32,400,000) (36,000,000) -14%

INCOME BEFORE TAXES 0%

Income Taxes @ 34% 0 0 0%

NET INCOME 0 0 0%

Accounts

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 Balance Sheet

Salient Warrior Ltd.

Current period vs.
Current Period Prior Period
Prior period
Difference Difference
BALANCE SHEET 3/31/2020 3/31/2019 Comments
Amount %

Cash 151,600,000 75,000,000 76,600,000 102.1%

Marketable Securities 120,000,000 120,000,000
Accounts Receivable (net) 125,000,000 25,000,000
QUICK ASSETS

Inventory 60,000,000 22,900,000

Prepaid Assets 10,000 100,000
Other Current Assets 152,000,000 152,000,000
TOTAL CURRENT ASSETS

Property, Plant & Equipment (net) 1,067,000,000 1,000,000,000

Intangible Assets 15,000,000 20,000,000
Investment in Shares - -
Other Long-Term Assets 200,000,000 200,000,000
TOTAL ASSETS

Trade Payables -22,900,000 30,000,000

Other Current Liabilities 10,000,000 10,000,000
Long-Term Debt (excl. Dfd. Taxes) 270,000,000 300,000,000
Other Long-Term Liabilities 125,000,000 25,000,000
TOTAL LIABILITIES

Preferred Stock - -
Common Equity or Paid in Capital 50,000,000 50,000,000
Retained Earnings 1,200,000,000 1,200,000,000
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Green Green

* Our Company is passionate in manufacturing world class indigenous fighter aircrafts. We are the exclusive supplier to all G-7 countries. We are the top dogs in this business.

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Sales Registers (Month Wise)- Only Amounts

FY 18-19 FY 19-20 Variance

Variance Percentage
Month Amount Month Amount Amount
Apr' 18 20,092,738 Apr' 19 19,918,936
May' 18 20,295,907 May' 19 20,681,123
Jun' 18 22,875,991 Jun' 19 22,566,433
Jul' 18 20,387,548 Jul' 19 20,366,941
Aug' 18 20,352,236 Aug' 19 20,094,013
Sep' 18 21,471,517 Sep' 19 21,768,875
Oct' 18 21,004,013 Oct' 19 21,492,215
Nov' 18 20,558,354 Nov' 19 20,583,666
Dec' 18 21,278,547 Dec' 19 20,902,372
Jan' 19 20,946,371 Jan' 20 21,456,256
Feb' 19 20,875,991 Feb' 20 170,062,446
Mar' 19 19,860,785 Mar' 20 20,106,724
Total 250,000,000 400,000,000
Sales Register (Feb-20 Party wise)

S.No. Invoice Invoice Customer ID Customer Name Material description Quantity

No. date
1 76665 2-Feb-20 7544 Sri Lanka Govt Machine Gun MH728 28
2 85839 5-Feb-20 36957 Bangladesh Govt AK 47 25
3 92650 10-Feb-20 1803 Nepal Govt Grenade Kit 256 5
4 38479 12-Feb-20 53607 Bhutan Govt Bullet Proof Jackets 250
5 54631 20-Feb-20 40168 Indian Govt Rafale & MIRAJ Air Jets10
Total
Rate Amount

151,078
200,100
560,000
32,119
15,000,000
Trade Receivables Register (31st March'20 Party wise)

S.No. Custo Customer Name Against Invoice date Amount

mer ID Invoice No.

1 7544 Sri Lanka Govt 76665 2-Feb-20 7,000,000

2 92650 Nepal Govt 27613 2-Feb-20 2,000,000
3 1803 Indian Govt 12376 2-Jul-19 5,000,000
4 36957 Bangladesh Govt 85839 5-Oct-19 1,000,000
5 1803 Indian Govt 92650 10-Feb-20 110,000,000
Trade Payables
Details of Account Payable- Party wise

Nature Vendor Name Amount Amount Due Date of

31-3-20 31-3-19 Payment
Direct Material Genetronics Aero Ltd 10,000,000 500,000 21-Apr-20

Direct Material Yamana Resources Inc. 5,000,000 1,000,000 1-Aug-20

Direct Material Junior Ambani 90,000,000 5,000,000 1-Dec-20

Moondrops Overseas
Contractual Labour Services LLP 1,500,000 200,000 21-Apr-20
T.V.G. Technologies
Technical Manpower Ltd. 12,000,000 14,000,000 5-Jul-20

Direct Expenses Lastminute.com Ltd. 8,500,000 1,200,000 8-Sep-21

Direct Expenses PowerGen Ltd. 4,100,000 8,100,000 6-Nov-20
Total 131,100,000 30,000,000
Mgmt. comments

Routine expenses

For part of Rafale purchase

For part of Rafale purchase

Routine expenses

Routine expenses
Increase on account of
Rafale order
Routine expenses
Other Long Term Liabilities
Party wise Outstanding Amounts 31st march'20
Amount Amount Due Date of
Vendor Name 31-3-20 31-3-19 Payment Mgmt. comments
Previous Contract
YUPS Pvt. Ltd. 10,000,000 6,000,000 21-Apr-23 Order Fulfilment
No new orders during
POLY Mat Ltd. - 5,000,000 NA the year
Previous Contract
HTUO Ltd. 15,000,000 14,000,000 5-May-25 Order Fulfilment
Purchase of Plant &
Machinery- P&M-
M21, 3RD edition
HAL Ltd. 100,000,000 - 8-Sep-26 during the year
Total 125,000,000 25,000,000

Fixed Assets Register [Extract]

Asset Number Asset Name Category Vendor Date of Capitalisation Life Years

Opening Assets

P&M- M21, 3RD

155546 edition, Broad Plant & Machinery HAL Ltd. 17-Jan-20 20
Load Max, 2018
Total
Cost of Net Book Dep. Amt. Net Book
Acquisition Value 31-3-19 for the Year Value 31-3-20
(Gross Block) 19-20
1,000,000,000 30,000,000 970,000,000

100,000,000 - 3,000,000 97,000,000

1,000,000,000 33,000,000 1,067,000,000

Direct Material Cost

Info Given
Rate Chart
Particulars Qty Rate/ unit Comments
RM1 Upto 100 50,000 Above 100 units @ 0.04 Mn
RM2 Upto 8 5,000,000 Above 8 units @ 4.00 Mn

Qty Consumed
Qty Used (in units) FY20 FY19
RM1 125 100
RM2 7.20 5

Direct Material Consumption

Particulars FY20 FY19 Variance Variance %
Change in Stock -37,100,000 -100 -37,099,900 37099900.0%
Direct Material 79,100,000 30,000,000 49,100,000 163.7%
Total 42,000,000 29,999,900 12,000,100 40.0%

Direct Material Computation

Particulars Amount 2020 Amount 2019
RM1 6,000,000 5,000,000
RM2 36,000,000 25,000,000
Total 42,000,000 30,000,000

Difference - -100
NMHI

* Sipplier charges finalizes price on the basis of actual usage

Contractual labour

Info Given -

1) Contractual & Technical Labour Cost in Other Companies

Company Revenue Contractual % Sales Technical Labour % Sales
labour
360Networks Ltd. 900,000,000 79,330,000 15,850,000
Calais Resources Ltd. 450,000,000 44,890,000 9,225,000
Enitel Ltd. 200,000,000 24,350,000 4,400,000
Kappa Beheer Ltd. 80,000,000 10,705,000 2,420,000
Pegasus Hellas Ltd. 35,000,000 5,100,000 1,225,000
Median
Mean
Higher

2) Partywise- Monthly Schedule for Contactual Labour

Amount Accord ZStar Moondrops R.K.Internationa
Services Overseas l Manpower
Month Services LLP

Apr-19 4,084,334 913,041 2,418,253 753,041

May-19 4,541,397 932,660 2,596,077 1,012,660
Jun-19 4,993,567 1,194,234 2,741,751 1,057,582
Jul-19 4,155,013 798,721 2,592,280 764,011
Aug-19 4,674,752 891,236 2,758,191 1,025,326
Sep-19 4,285,036 822,230 2,680,475 782,330
Oct-19 4,308,217 841,239 2,613,822 853,157
Nov-19 4,073,850 812,312 2,610,301 651,238
Dec-19 3,552,892 1,144,005 1,641,167 767,721
Jan-20 15,831,091 3,211,134 8,694,870 3,925,086
Feb-20 16,154,160 3,713,240 8,900,880 3,540,040
Mar-20 17,345,691 4,516,753 9,613,267 3,215,671
Total 88,000,000

3) Quotations Received for

Particulars Bid Submitted Rank Alloted
Price/Labour No. of Hours by Company
Hrs Bid Bid (in lacs)
Accord ZStar Services 55.15 1,000,000 2
Moondrops Overseas S 60.75 1,000,000 1
R.K.International Man 55.15 1,000,000 2
Vina Concha Services 56.35 1,000,000 3
Total 4,000,000
 Ratios

Salient Warrior Ltd.

Ratio Report

Current period vs.

Current Period Prior Period
Prior period
31-Mar-20 31-Mar-19 Change % Change Impact Comments Definition
Total Current Assets - N/A
Total Current Liabilities - N/A
Total Quick Assets - N/A
Total Cash - N/A
Total Working Capital Employed (incl. Cash &
Mkt. Securities) - N/A

Liquidity Ratios S. No. Account 1

Current Ratio #DIV/0! #DIV/0! N/A N/A See comment 1 Net Revenue / Sales
Quick Ratio #DIV/0! #DIV/0! N/A N/A See comment 2 Trade Payables
Cash Ratio #DIV/0! #DIV/0! N/A N/A See comment 3 Prepaid Assets
Working Capital Ratio #DIV/0! #DIV/0! N/A N/A See comment 4 Other Long Term Liabilities
5 Direct Material Cost
Operating Ratios 6 Contractual labour
Asset Turnover #DIV/0! #DIV/0! N/A N/A See comment 7 Liquidity Ratios
Days in Receivables 37 -36.5 -100.0% See comment 8 Operating Ratios
Days in Inventory #DIV/0! #DIV/0! N/A N/A See comment 9 Profitability
Days in Trade Payables #DIV/0! #DIV/0! N/A N/A See comment 10 Low ROE
Operating Cycle/ Working Capital Days #DIV/0! N/A N/A 11 Non-usable Ratios
Working Capital Turnover #DIV/0! #DIV/0! N/A N/A See comment 12 Solvency Ratios

Profitability Ratios
Gross Margin 0% 0% See comment
EBIT Margin 14% -14% See comment
EBITDA Margin 26% -26% See comment
Pre-tax Margin 0% 0% See comment
Effective Tax Rate #DIV/0! #DIV/0! N/A See comment
Post-tax Margin 0% 0% 0% See comment

Return Ratios
Return on Equity #DIV/0! N/A See comment
Return on Common Equity 0% 0% 0% See comment

Solvency Ratios
Interest Coverage Ratio 1.0 -100% See comment
Debt/Equity #DIV/0! N/A See comment

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 Graphs

Salient Warrior Ltd.

NET SALES / GROSS PROFIT NET SALES / NET INCOME

450,000,000 450,000,000
350,000,000 350,000,000
250,000,000 250,000,000
150,000,000 150,000,000
50,000,000 50,000,000
3/31/2019 3/31/2020 3/31/2019 3/31/2020 3/31/2019 3/31/2020 3/31/2019 3/31/2020
Net Revenue / Sales 250,000,000 400,000,000 Net Revenue / Sales 250,000,000 400,000,000
Gross Profit 0 0 Net Income 0 0

NET INCOME EBITDA MARGIN

28%
1 23%
18%
13%
0 8%
3%
3/31/2019 3/31/2020
Net Income 0 0

WORKING CAPITAL TURNOVER EFFECTIVE TAX RATE

1100% 1100%
900% 900%
700% 700%
500% 500%
300% 300%
100% 100%
3/31/2019 3/31/2020 3/31/2019 3/31/2020
Working Capital Turnover #FMT #FMT Effective Tax Rate #FMT #FMT

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 3/31/2019 3/31/2020
Net Revenue / Sales 250,000,000 400,000,000
Cost of Sales / Cost of Goods Sold 0 0
3/31/2019 3/31/2020
Gross Profit 0 0
Administration (20,000,000) (25,000,000)
Selling and Marketing (22,000,000) (30,000,000)
Other Operating Expenses (15,000,000) (21,090,000)
Depreciation / Amortization (30,000,000) (33,000,000)
Operating Income 0 0
Interest Expense (36,000,000) (32,400,000)
Income before taxes 0 0
Income Taxes 0 0
3/31/2019 3/31/2020
Net Income 0 0

Working Capital Turnover #DIV/0! #DIV/0!

EBITDA Margin 26% 0%
Effective Tax Rate #DIV/0! #DIV/0!