Muhammad Tariq

Project Cost of Edible Oil Processing Units Control PLANT CAPACITY IRR (%) NPV "000" Minimum Capacity TPD 100 Project IRR 19.35% 470,115 Maximum Capacity TPD 125 Equity IRR 25.17% 110,535 Working Days per Annum days 330 % % % % 1.0% 2.0% 0.0% 0.0% Neutralisation Loss Soap Stock Trade Discount Commission Canola Oil Sunflower Oil 1 Litre Pouch % % % 60% 16 Litre Tin Pack % 20% 5 Litre PET Bottle % 20% 50% 50% -% 10.0% - Annual Increase in Sales Price Net Profit (PKR mln) - Net Profit & Oil Production Oil Prod. (Tons) 70,000 580.00 SELLING PRICES Rs. Rs. Rs. Rs./Kg 855 2,- Rs. 19.00 UTILITIES COST Electricity Rate per KWH Gas Rate per CM3 Insurance Rate PKR/USD $ PKR/EURO (€) Tax Rate Discount Rate Annual Increase in Cost PRODUCT / SALES MIX 1 Litre Pouch 16 Litre Tin Pack 5 Litre PET Bottle Soap Stock Macroeconomic Assumptions 55,000 380.00 40,000 180.00 25,000 (20.00) 10,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Net Profit (Loss) Rs. % 6.00 3.0% DEBT FINANCING Year 7 Year 8 94.90 Year 2 Year 3 Year 4 Year 5 - Year 6 352.73 50.00 % Year 7 356.38 Debt 50.00 % Year 8 357.54 3-month KIBOR Rate 13.49% Year 9 358.57 Year 10 359.49 Years % 3.00% 16.49% 6.00 Quarterly 16.4% 14.0% CAPACITY UTILIZATION % Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 100.00% 100.00% 100.00% 100.00% Year 10 Rs. (Million) Year 1 Equity Premium/ Spread Interest Rate Repayment Period- Years Repayment Method Leasing Rate Short Term Running Finance Year 9 IDC 6% Land 7% Building 17% Plant and Machinery 17% Working Capital 47% Furniture 1% Preliminiary Exp. 1% Vehicles 4% 1% 4% Project Cost of Edible Oil Processing Units PROJECT COST (All figrues are in PKR "000") PKR Land and Development 59,854 Building and Civil Works 139,650 Plant and Machinery Imported 115,891 Local 25,504 Furniture and Fixtures 7,705 Vehicles 34,495 Preliminiary Expenses 10,780 Contingency @ 5% 16,162 Total Fixed Assets 410,041 Working Capital 387,385 Interest During Construction 51,531 Total Project Cost 848,957 % PKR "000" FINANCING PLAN Equity Capital Debt - Long Term Loan Leasing LAND 50% 50% 407,231 407,231 34,495 100% 848,957 Units Area Rate PKR Land Cost Acres 8 5,600,000 44,800,000 Development Cost Sq.Ft 348,480 30 10,454,400 Internal Roads Sq.Ft 2,000 2,300 4,600,000 59,854,400 BUILDING Cooking Oil Refinery Area (Sq.Ft) 10,000 Rate/Sq.Ft 2,200 PKR 22,000,000 Filling Section 8,000 2,200 17,600,000 Soap Section 6,000 2,200 13,200,000 Boiler House 2,500 2,200 5,500,000 Platform for Storage Tank 6,000 1,600 9,600,000 10,000 1,600 16,000,000 3,000 1,600 4,800,000 Laboratory 600 1,600 960,000 Gate Room 800 1,600 1,280,000 Pump Room 200 1,600 320,000 Overhead Water Tank 500 1,600 800,000 Tube Well Room 175 1,600 280,000 Weighing Bridge 150 1,600 240,000 Wapda Control Room 200 1,600 320,000 15,000 1,600 24,000,000 Office Block 6,000 1,600 9,600,000 Boundry Wall 5,000 1,000 5,000,000 Parking Area 1,500 1,000 1,500,000 Stores / Godown Control Room / Electrical Workshop Residential Quarters Architect's Fees @ 5% Total MACHINERY & EQUIPMENT Total Price Transportation & Installation Custom Duties @ 5% Sales Tax on Local Purchases @ 17% Grand Total Price 75,625 - IMPORTED LOCAL TOTAL MACHINERY MACHINERY AMOUNT Rs. 110,372,187 5,518,609 115,890,796 Rs. 19,321,000 2,898,150 3,284,570 25,503,720 Price IMPORTED MACHINERY Complete Physical Refining Plant 6,650,000 139,650,000 Qty USD ($) Rs. 129,693,187 2,898,150 5,518,609 3,284,570 141,394,516 Exchange Rate Amount PKR 1 694,742 156.06 108,421,437 1 12,500 156.06 1,950,750 (Equiment +Engineering + Commissioning) Mass Flowmeters for Feed Oil 110,372,187 LOCAL MACHINERY Crude Oil Storage Tank Capacity 100 M.Ton 10 M.Ton 5 M.Ton 50 Kgs Qty Rate Amount 2 2,340,000 4,680,000 1 450,000 450,000 1 250,000 250,000 30 2,500 75,000 Soap Cutting Machine Manual 1 150,000 150,000 Soap Stamping Machine 1 50,000 50,000 Packaging Machine - Tin 1 2,400,000 2,400,000 2 2,000,000 4,000,000 1 1 1 1 2 3,000,000 1,200,000 650,000 1,300,000 58,000 3,000,000 Soap Stock Collection Tank Sponification Tank Soap Drying Trays Packaging Machine - Pouch 2400 Pouch/h Packaging Machine - Pet Bottles Scales & Weigh Bridge Workshop Equipment Labortary Equipment Deep Freezers Tube Well 1,200,000 650,000 1,300,000 116,000 1,000,000 19,321,000 FURNITURE & FIXTURES Furniture For Office 3,875,000 Electrical Fittings 1,050,000 Computers / Laptops 650,000 Power & Water Connection 2,130,000 7,705,000 VEHICLES Vehicles for CEO- VTI Vehicles for Senior Managers- Toyota GLI Vehicles for Managers- 1000 CC Transport Van- MAZDA T3500 Passenger Van- Toyota Hiace 1 3 3 4 1 3,897,000 3,897,000 2,883,000 8,649,000 1,433,000 4,299,000 3,000,000 12,000,000 5,650,000 5,650,000 34,495,000 CONTINGENCY Rate % Amount Land & Development 0% - Building & Civil Works 5% 6,983 Plant & Machinery 5% 7,070 Furniture, Fixtures & Utilities 5% 385 Vehicles 5% 1,725 16,162 PRE-OPERATING EXPENSES PKR Incorporation Fee 1,000,000 Consultancy Fees 3,000,000 Legal Documentation 1,250,000 Pre-Production Overheads 5,530,000 Total WORKING CAPITAL 10,780,000 PKR"000" Salaries & Wages 29,376 332,929 Raw Materials Utilities 25,080 387,385 INTEREST DURING CONSTRUCTION Notional Loan Amount 500,000,000 IDC Drawdown Quarterly KIBOR Factor 25.00% 4 4.12% 0.04123 20,612,500 25.00% 3 4.12% 0.03092 15,459,375 25.00% 2 4.12% 0.02061 10,306,250 25.00% 1 4.12% 0.01031 5,153,125 51,531,250 PROFIT & LOSS ACCOUNT PROFIT & LOSS (All figrues are in PKR "000") Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Sales Revenue Cooking Oil Soap Stock 2,483,075 4,950 2,488,025 3,086,107 5,940 3,092,047 3,604,006 6,930 3,610,936 4,121,904 7,920 4,129,824 4,639,803 8,910 4,648,713 5,157,701 9,900 5,167,601 5,178,985 9,900 5,188,885 5,178,985 9,900 5,188,885 5,178,985 9,900 5,188,885 5,178,985 9,900 5,188,885 Less: Cost of Sales 2,235,673 2,758,580 3,204,445 3,650,728 4,097,366 4,544,307 4,560,864 4,559,188 4,557,703 4,556,383 252,351 333,468 406,491 479,096 551,347 623,295 628,021 629,697 631,182 632,502 37,305 51,600 88,905 163,446 37,110 51,600 88,710 244,758 36,941 51,600 88,541 317,949 36,794 51,600 88,394 390,702 36,666 51,600 88,266 463,081 36,553 51,600 88,153 535,142 36,453 51,600 88,053 539,967 36,366 51,600 87,966 541,732 36,288 51,600 87,888 543,294 36,219 51,600 87,819 544,683 19,653 143,794 15,138 229,620 10,318 307,631 6,296 384,406 3,498 459,583 700 534,443 (0) 539,967 (0) 541,732 (0) 543,294 544,683 48,890 78,071 104,595 130,698 156,258 181,711 183,589 184,189 184,720 185,192 94,904 151,549 203,037 253,708 303,325 352,732 356,378 357,543 358,574 359,491 94,904 94,904 94,904 151,549 94,904 246,453 246,453 203,037 246,453 449,489 449,489 253,708 449,489 703,198 703,198 303,325 703,198 1,006,523 1,006,523 352,732 1,006,523 1,359,255 1,359,255 356,378 1,359,255 1,715,633 1,715,633 357,543 1,715,633 2,073,176 2,073,176 358,574 2,073,176 2,431,750 2,431,750 359,491 2,431,750 2,791,241 2,791,241 Gross Profit Less : Operating Expenses General & Admin. Expenses Selling & Distribution Expenses Operating Profit Interest Expense Profit/Loss before Tax Income tax Profit/Loss after Tax Appropriations: Net Profit for the year Add: Unappropriated Profit brought forward Subtotal Less: Dividends Unappropriated Profit carried forward BALANCE SHEET BALANCE SHEET (All figrues are in PKR "000") Fixed assets Land Building Plant & Equipment Furniture & Fixture Vehicles Pre-operating Expenses Total Fixed Assets Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 59,854 146,633 199,995 8,090 36,220 10,780 461,572 59,854 139,301 179,996 7,281 28,976 8,624 424,032 59,854 132,336 161,996 6,553 23,181 6,468 390,388 59,854 125,719 145,797 5,898 18,545 4,312 360,124 59,854 119,433 131,217 5,308 14,836 2,156 332,804 59,854 113,461 118,095 4,777 11,868 308,057 59,854 107,788 106,286 4,299 9,495 287,723 59,854 102,399 95,657 3,870 7,596 269,376 59,854 97,279 86,092 3,483 6,077 252,784 59,854 92,415 77,482 3,134 4,861 237,747 59,854 87,794 69,734 2,821 3,889 224,093 332,929 54,456 387,385 332,929 95,815 204,088 11,178 49,893 693,903 399,515 114,118 253,653 13,793 61,727 842,806 466,100 132,443 296,220 16,022 120,678 1,031,463 532,686 150,784 338,787 18,254 240,790 1,281,300 599,272 169,139 381,354 20,487 407,959 1,578,210 665,858 187,507 423,921 22,722 620,132 1,920,140 665,858 187,430 425,670 22,804 926,592 2,228,354 665,858 187,361 425,670 22,796 1,300,666 2,602,351 665,858 187,300 425,670 22,789 1,674,223 2,975,840 665,858 187,246 425,670 22,782 2,047,321 3,348,877 TOTAL ASSETS 848,957 1,117,935 1,233,194 1,391,587 1,614,104 1,886,267 2,207,862 2,497,730 2,855,135 3,213,587 3,572,970 Capital & Reserves Paid up Capital Retained earnings Total Equity 407,231 407,231 407,231 94,904 502,135 407,231 246,453 653,684 407,231 449,489 856,721 407,231 703,198 1,110,429 407,231 1,006,523 1,413,754 407,231 1,359,255 1,766,486 407,231 1,715,633 2,122,864 407,231 2,073,176 2,480,407 407,231 2,431,750 2,838,981 407,231 2,791,241 3,198,472 Long Term Liabilities Leasing 407,231 34,495 339,359 13,418 271,487 - 203,616 - 135,744 - 67,872 - 67,872 11,397 183,754 263,023 67,872 13,418 226,733 308,023 67,872 263,379 331,251 67,872 300,060 367,932 67,872 336,770 404,642 67,872 373,505 441,376 374,866 374,866 374,728 374,728 374,606 374,606 374,497 374,497 1,117,935 - 1,233,194 - 1,391,587 - 1,614,104 - 1,886,267 - 2,207,862 - 2,497,730 - 2,855,135 - 3,213,587 - 3,572,970 - Current Assets Stock in Trade Finished Goods Accounts Receivable Advances & Prepayment Cash and Bank Balances Total Current Assets (0) - (0) - (0) - (0) - (0) - Current Liabilities Current Portion of LT loan Current Portion of Leases Short Term Running Finance Creditors & Other Payables Total Current Liabilities TOTAL LIABILITIES Balance Sheet Check - 848,957 - PRODCUTION OIL PRODUCTION Units Capacity Utilization % 50% 60% 70% 80% 90% 100% 100% 100% 100% 100% Cooking Oil Processing Capacity TPD 100 100 100 100 100 100 100 100 100 100 Working Days per Annum days 330 330 330 330 330 330 330 330 330 330 Oil Processed per Annum Tons 16,500 19,800 23,100 26,400 29,700 33,000 33,000 33,000 33,000 33,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Neutralisation Loss % 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Soap Stock % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Oil available after neuralisation Tons 16,005 19,206 22,407 25,608 28,809 32,010 32,010 32,010 32,010 32,010 Canola Oil 50% 8,250 9,900 11,550 13,200 14,850 16,500 16,500 16,500 16,500 16,500 Sunflower Oil 50% 8,250 9,900 11,550 13,200 14,850 16,500 16,500 16,500 16,500 16,500 16,500 19,800 23,100 26,400 29,700 33,000 33,000 33,000 33,000 33,000 16,005 19,206 22,407 25,608 28,809 32,010 32,010 32,010 32,010 32,010 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 15,204,750 18,245,700 21,286,650 24,327,600 27,368,550 30,409,500 30,409,500 30,409,500 30,409,500 30,409,500 624,853 749,823 874,794 999,764 1,124,735 1,249,705 1,249,705 1,249,705 1,249,705 18,870,553 22,036,473 25,202,394 28,368,314 31,534,235 31,659,205 31,659,205 31,659,205 31,659,205 (1,124,735) (1,249,705) (1,249,705) (1,249,705) (1,249,705) (1,249,705) Cooking Oil Blend Finished Goods Stock Oil available after neuralisation Tons Conversion Factor Oil available after neuralisation Ltrs Add: Beginning Stock - Available for Sale 15,204,750 Less: Closing Stock (624,853) Quantity Sold (749,823) (874,794) (999,764) 14,579,897 18,120,729 21,161,679 24,202,629 27,243,579 30,284,529 30,409,500 30,409,500 30,409,500 30,409,500 Sales Maix 1 Litre Pouch 60% 8,747,938 10,872,438 12,697,008 14,521,578 16,346,148 18,170,718 18,245,700 18,245,700 18,245,700 18,245,700 16 Litre Tin Pack 20% 2,915,979 3,624,146 4,232,336 4,840,526 5,448,716 6,056,906 6,081,900 6,081,900 6,081,900 6,081,900 5 Litre PET Bottle 20% 2,915,979 3,624,146 4,232,336 4,840,526 5,448,716 6,056,906 6,081,900 6,081,900 6,081,900 6,081,900 14,579,897 18,120,729 21,161,679 24,202,629 27,243,579 30,284,529 30,409,500 30,409,500 30,409,500 30,409,500 CASH FLOW STATEMENT CASH FLOW STATEMENT (All figrues are in PKR "000") Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 CASH FLOW FROM OPERATING ACTIVITIES Profit/(Loss) before taxation Adjustments for non cash items: - 143,794 229,620 307,631 384,406 459,583 534,443 539,967 541,732 543,294 544,683 Depreciation/Amortization etc. Net cash generated before working capital changes - 37,540 181,334 33,644 263,264 30,264 337,895 27,320 411,727 24,747 484,331 20,334 554,777 18,347 558,314 16,592 558,323 15,037 558,331 13,655 558,338 (95,815) (204,088) (11,178) 183,754 (48,890) (176,217) 5,117 (66,586) (18,304) (49,564) (2,615) 42,979 (78,071) (172,161) 91,103 (66,586) (18,324) (42,567) (2,229) 36,646 (104,595) (197,654) 140,241 (66,586) (18,341) (42,567) (2,231) 36,681 (130,698) (223,743) 187,984 (66,586) (18,356) (42,567) (2,233) 36,710 (156,258) (249,290) 235,041 (66,586) (18,368) (42,567) (2,235) 36,735 (181,711) (274,731) 280,046 78 (1,749) (83) 1,361 (183,589) (183,983) 374,332 69 8 (138) (184,189) (184,250) 374,074 61 7 (122) (184,720) (184,774) 373,557 54 7 (108) (185,192) (185,240) 373,098 CASH FLOW - WORKING CAPITAL CHANGES Stock in Trade Finished Goods Accounts Receivable Advances & Prepayment (Decrease)/Increase in trade and other Payables Taxes Paid Net Cash From Operating Activities (332,929) (332,929) (332,929) CASH FLOW FROM INVESTING ACTIVITIES Land Building Plant & Equipment Furniture & Fixture Vehicles Pre-operating Expenses Net Cash from Investing Activities (59,854) (146,633) (199,995) (8,090) (36,220) (10,780) (461,572) - - - - - - - - - - CASH FLOW FROM FINANCING ACTIVITIES Long Term Loan Injection of Equity Capital Leases Short Term Running Finance Principal Repayments - Loan Principal Repayments - Leases Dividend Paid Net Cash from Financing Activities 407,231 407,231 34,495 848,957 (9,680) (9,680) (67,872) (11,397) (79,269) (67,872) (13,418) (81,290) (67,872) (67,872) (67,872) (67,872) (67,872) (67,872) (67,872) (67,872) - - - 54,456 54,456 (4,563) 54,456 49,893 11,834 49,893 61,727 58,951 61,727 120,678 120,112 120,678 240,790 167,169 240,790 407,959 212,174 407,959 620,132 306,460 620,132 926,592 Net Increase/(Decrease) in Cash Cash at the Beginning of the Year Cash at the Year End 374,074 926,592 1,300,666 373,557 1,300,666 1,674,223 373,098 1,674,223 2,047,321 RAW MATERIAL CONSUMPTION COST OF SALES (All figrues are in PKR "000") Units Raw Material Consumed Chemicals Consumed Packing Materials Consumed Salaries, wages & benefits Stores and spares parts consumed Power and Fuel Cost Repairs and maintenance Insurance Depreciation Rs. Rs. Adjustment of Finished Goods Opening Stock Closing Stock Year 1 2,025,317 28,123 132,314 29,376 3,466 59,730 7,819 11,728 33,615 2,331,488 (95,815) (95,815) Cost of Sales Rs. COST OF RAW MATERIAL Units Canola Oil Sunflower Oil 2,235,673 Year 1 Year 2 2,430,381 33,748 158,776 29,376 3,466 71,676 7,819 11,728 29,914 2,776,883 95,815 (114,118) (18,304) 2,758,580 Year 2 Year 3 2,835,444 39,372 185,239 29,376 3,466 83,622 7,819 11,728 26,702 3,222,769 114,118 (132,443) (18,324) 3,204,445 Year 3 Year 4 3,240,508 44,997 211,702 29,376 3,466 95,568 7,819 11,728 23,906 3,669,070 132,443 (150,784) (18,341) 3,650,728 Year 4 Year 5 3,645,571 50,621 238,165 29,376 3,466 107,514 7,819 11,728 21,462 4,115,722 150,784 (169,139) (18,356) 4,097,366 Year 5 Year 6 4,050,635 56,246 264,627 29,376 3,466 119,460 7,819 11,728 19,317 4,562,674 169,139 (187,507) (18,368) 4,544,307 Year 6 Year 7 4,050,635 56,246 264,627 29,376 3,466 119,460 7,819 11,728 17,430 4,560,787 187,507 (187,430) 78 4,560,864 Year 7 Year 8 4,050,635 56,246 264,627 29,376 3,466 119,460 7,819 11,728 15,762 4,559,119 187,430 (187,361) 69 4,559,188 Year 8 Year 9 4,050,635 56,246 264,627 29,376 3,466 119,460 7,819 11,728 14,285 4,557,642 187,361 (187,300) 61 4,557,703 Year 9 Year 10 4,050,635 56,246 264,627 29,376 3,466 119,460 7,819 11,728 12,972 4,556,329 187,300 (187,246) 54 4,556,383 Year 10 Rs. Rs. 980,471,250 1,044,846,000 2,025,317,250 1,176,565,500 1,253,815,200 2,430,380,700 1,372,659,750 1,462,784,400 2,835,444,150 1,568,754,000 1,671,753,600 3,240,507,600 1,764,848,250 1,880,722,800 3,645,571,050 1,960,942,500 2,089,692,000 4,050,634,500 1,960,942,500 2,089,692,000 4,050,634,500 1,960,942,500 2,089,692,000 4,050,634,500 1,960,942,500 2,089,692,000 4,050,634,500 1,960,942,500 2,089,692,000 4,050,634,500 Raw Material Canola Oil Sunflower Oil M.Ton M.Ton 8,250 8,250 9,900 9,900 11,550 11,550 13,200 13,200 14,850 14,850 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 16,500 Price of Raw Material Canola Oil Sunflower Oil Rs./Ton Rs./Ton 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 118,845 126,648 Ex- Factory Price of Raw Material-Multan Canola Oil Sunflower Oil Price per M.Ton 117,045 124,848 Transpt. Cost to Lahore 1,800 1,800 Price per M.Ton 118,845 126,648 Transpt. Cost to KPK 2,000 2,000 Price per M.Ton 120,845 128,648 Price of Raw Material - Dalda Karachi Canola Oil Sunflower Oil Price per M.Ton 117,950 125,800 Transpt. Cost to Lahore 4,250 4,250 Price per M.Ton 122,200 130,050 Transpt. Cost to KPK 1,500 1,500 Price per M.Ton 123,700 131,550 Total PER KG COST BREAKUP PER KG COST Capacity Utilization Year 1 50% Year 2 60% Year 3 70% Year 4 80% Year 5 90% Year 6 100% Year 7 100% Year 8 100% Year 9 100% Year 10 100% Oil Processed per Annum - Tons 16,500 19,800 23,100 26,400 29,700 33,000 33,000 33,000 33,000 33,000 Selling Price Less: Trade Discount Commission Net Revenue - - - - - - - - - - Raw Material Consumed Chemicals Consumed Packing Materials Consumed Salaries, wages & benefits Stores and spares parts consumed Power and Fuel Cost Repairs and maintenance Insurance Total Direct Cost Total Contribution per Kg - - - - - - - - - - Depreciation allocated to Cost of Sales Inventory of Finished Goods Consumed Total Gross Profit per Kg Less : Operating Expenses General & Admin. Expenses Selling & Distribution Expenses Interest Expense Profit/Loss before Tax Income tax Profit/Loss after Tax 2.04 (5.81) - 1.51 - 1.16 - 0.91 - 0.72 - 0.59 - - - - - - - - - - - 1.10 1.56 (0.00) 2.67 1.10 1.56 (0.00) 2.67 1.10 1.56 (0.00) 2.66 - - - - - - - - - - - NPV NET PRESENT VALUE - NPV (All figrues are in PKR "000") Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Project Cash Flows Profit before Interest & Tax 163,446 244,758 317,949 390,702 463,081 535,142 539,967 541,732 543,294 544,683 Add: Depreciation & Amortization Earnings before Interest & Depreciation 37,540 200,986 33,644 278,401 30,264 348,213 27,320 418,022 24,747 487,828 20,334 555,476 18,347 558,314 16,592 558,323 15,037 558,331 13,655 558,338 Less: Taxes Paid (48,890) (78,071) (104,595) (130,698) (156,258) (181,711) (183,589) (184,189) (184,720) (185,192) 152,097 200,331 243,619 287,324 331,570 373,766 374,725 374,135 373,611 373,146 (311,081) 183,754 24,769 (137,069) 42,979 106,241 (129,706) 36,646 150,559 (129,725) 36,681 194,279 (129,742) 36,710 238,538 (129,755) 36,735 280,745 (1,755) 1,361 374,332 77 (138) 374,074 68 (122) 373,557 61 (108) 373,098 24,769 106,241 150,559 194,279 238,538 280,745 374,332 374,074 373,557 373,098 (331,594) (163,896) (158,301) (158,285) (158,271) (158,259) Net Profit after tax 94,904 151,549 203,037 253,708 303,325 352,732 356,378 357,543 358,574 359,491 Add: Depreciation & Amortization 37,540 33,644 30,264 27,320 24,747 20,334 18,347 16,592 15,037 13,655 (311,081) 183,754 5,117 (137,069) 42,979 91,103 (129,706) 36,646 140,241 (129,725) 36,681 187,984 (129,742) 36,710 235,041 (129,755) 36,735 280,046 (1,755) 1,361 374,332 77 (138) 374,074 68 (122) 373,557 61 (108) 373,098 (407,231) (9,680) (79,269) (81,290) (67,872) (67,872) (67,872) (67,872) (407,231) (4,563) 11,834 58,951 120,112 167,169 212,174 3 4 5 140,241 187,984 235,041 Add/Less: Changes in Working Capital Increase (Decrease) in Current Assets Increase (Decrease) in Current Liabilities Subtotal Debt Financing Equity Investment Total Free Cash Flows to Firm (FCFF) (407,231) (407,231) (814,462) Project IRR NPV 19.3% 470,115 (1,557) (73) (65) (58) Free Cash Flows to Equity (FCFE) Add/Less: Changes in Working Capital Increase (Decrease) in Current Assets Increase (Decrease) in Current Liabilities Subtotal Less: Debt Repayments Equity Investment Undiscounted FCFE Equity IRR on Operating Cash Flows - - 306,460 374,074 373,557 373,098 6 7 8 9 10 280,046 374,332 374,074 373,557 373,098 192,091 174,508 158,425 143,845 169,861 328,286 472,131 25.2% NPV 110,535 Payback Period- Years 0 1 Total Free Cash Flows to Firm (FCFF) (814,462) Discounted CashFlows (814,462) Accumulated Cash Flows (814,462) Payback Period- Years - 7.00 2 5,117 4,651 (809,811) 91,103 75,292 105,365 128,396 145,942 158,078 (734,519) (629,154) (500,759) (354,817) (196,738) (4,647) Year 1 Net Profit Oil Production Land Building Plant and Machinery Furniture Vehicles Preliminiary Exp. Working Capital IDC Land Building Plant and Machinery Furniture Vehicles Preliminiary Exp. Working Capital IDC 95 16,005 Year 2 152 19,206 7% 17% 17% 1% 4% 1% 47% 6% 59,854 139,650 141,395 7,705 34,495 10,780 387,385 51,531 7.2% 16.8% 17.0% 0.9% 4.1% 1.3% 46.5% 6.2% Year 3 203 22,407 Year 4 254 25,608 Year 5 303 28,809 Year 6 353 32,010 Year 7 356 32,010 Year 8 358 32,010 Year 9 359 32,010 Year 10 359 32,010 832,795 RATIO ANALYSIS RATIO ANALYSIS Units Profitability Gross Profit Margin Operating Profit Net Profit Margin Total Equity- Opening ROE % % % Rs. ('000') % Liquidity Current Ratio Quick Ratio Cash to Current Liabilities Cashflow from Operations to Sales Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 10.14% 6.57% 3.81% 10.78% 7.92% 4.90% 11.26% 8.81% 5.62% 11.60% 9.46% 6.14% 11.86% 9.96% 6.52% 12.06% 10.36% 6.83% 12.10% 10.41% 6.87% 12.14% 10.44% 6.89% 12.16% 10.47% 6.91% 12.19% 10.50% 6.93% 407,231 23.3% 502,135 30.2% 653,684 31.1% 856,721 29.6% 1,110,429 27.3% 1,413,754 25.0% 1,766,486 20.2% 2,122,864 16.8% 2,480,407 14.5% 2,838,981 12.7% Times Times Times Times 2.64 : 1 0.97 : 1 0.19 : 1 0:1 2.74 : 1 1.02 : 1 0.2 : 1 0.03 : 1 3.11 : 1 1.26 : 1 0.36 : 1 0.04 : 1 3.48 : 1 1.58 : 1 0.65 : 1 0.05 : 1 3.9 : 1 1.95 : 1 1.01 : 1 0.05 : 1 4.35 : 1 2.37 : 1 1.4 : 1 0.05 : 1 5.94 : 1 3.61 : 1 2.47 : 1 0.07 : 1 6.94 : 1 4.61 : 1 3.47 : 1 0.07 : 1 7.94 : 1 5.61 : 1 4.47 : 1 0.07 : 1 8.94 : 1 6.6 : 1 5.47 : 1 0.07 : 1 Times Times 46 : 54 39 : 61 35 : 65 29 : 71 24 : 76 20 : 80 15 : 85 13 : 87 9 : 91 7 : 93 4 : 96 3 : 97 0 : 100 0 : 100 0 : 100 0 : 100 0 : 100 0 : 100 0 : 100 0 : 100 Rs. 2.33 3.72 4.99 6.23 7.45 8.66 8.75 8.78 8.81 8.83 Leverage Total Debt to Equity LT Debt to Assets Earning per share LOAN Repayment Terms Interest Rate Interest Rate Loan Amount Grace Period- Years No of Years No of Installments Installments per year DEBT REPAYMENT SCHEDULE (All figrues are in PKR "000") Opening Balance First Quarter Repayment Oustanding Balance KIBOR + 3% 16.49% 407,- Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 407,231 407,231 407,231 16,968 390,263 339,359 16,968 322,391 271,487 16,968 254,519 203,616 16,968 186,648 135,744 16,968 118,776 67,872 16,968 50,904 (0) (0) (0) (0) (0) (0) 16,788 16,788 13,990 11,192 8,394 5,596 2,798 (0) (0) (0) 407,231 16,968 373,295 16,968 305,423 16,968 237,551 16,968 169,680 16,968 101,808 16,968 33,936 (0) (0) (0) 16,788 16,089 13,291 10,493 7,695 4,897 2,099 (0) (0) (0) 407,231 16,968 356,327 16,968 288,455 16,968 220,584 16,968 152,712 16,968 84,840 16,968 16,968 (0) (0) (0) 16,788 15,389 12,591 9,793 6,995 4,197 1,399 (0) (0) (0) 407,231 16,968 339,359 16,968 271,487 16,968 203,616 16,968 135,744 16,968 67,872 16,968 (0) (0) (0) (0) 16,788 14,690 11,892 9,094 6,296 3,498 (0) (0) (0) 407,231 407,231 407,231 67,872 339,359 339,359 67,872 271,487 271,487 67,872 203,616 203,616 67,872 135,744 135,744 67,872 67,872 67,872 67,872 (0) (0) (0) (0) Interest Expense 67,152 62,955 51,763 40,571 29,379 18,187 Total LT Loan Liability Current Maturity LT Loan Outstanding 407,231 67,872 339,359 339,359 67,872 271,487 271,487 67,872 203,616 203,616 67,872 135,744 135,744 67,872 67,872 67,872 67,872 (0) Interest Expense Second Quarter Repayment Outstanding Balance Interest Expense Third Quarter Repayment Outstanding Balance Interest Expense Fourth Quarter Repayment Outstanding Balance Interest Expense Opening Balance Repayments Oustanding Balance 700 - - - (0) (0) (0) 6,995 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) LEASES Repayment Terms Interest Rate Loan Amount No of Years No of Installments Installments per year Installments amount 16.44% 34,-,220 S. No- Rental 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 Principal-,009 1,022 1,036 1,051 1,065 1,080 Markup- Balance 33,747 32,989 32,221 31,442 30,653 29,853 29,041 28,219 27,385 26,540 25,683 24,815 23,935 23,042 22,138 21,221 20,291 19,349 18,394 17,426 16,444 15,449 14,441 13,418 12,382 11,331 10,266 9,187 - DEBT REPAYMENT SCHEDULE (All figrues are in PKR "000") Opening Balance Repayments Oustanding Balance Interest Expense Total LT Loan Liability Current Maturity LT Loan Outstanding Year 1 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,220 1,094 1,109 1,125 1,140 1,156 1,171 1,187 1,204 - 43,929 34,495 9,434 Year 2 Year 3 Year 4 34,495 9,680 24,815 24,815 11,397 13,418 13,418 13,418 - 4,963 3,246 1,225 24,815 11,397 13,418 13,418 13,418 - - 8,092 6,983 5,858 4,718 3,563 2,391 1,204 (0) Year 5 - - - - POWER COST POWER COST Units Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Oil Processed per Annum Electricity Requirements Rate per Unit Electricity Cost per Annum Tons KWhs Rs. Rs. 16,500 1,320,-,080,000 19,800 1,584,-,096,000 23,100 1,848,-,112,000 26,400 2,112,-,128,000 29,700 2,376,-,144,000 33,000 2,640,-,160,000 33,000 2,640,-,160,000 33,000 2,640,-,160,000 33,000 2,640,-,160,000 33,000 2,640,-,160,000 Ton 82,500 99,000 115,500 132,000 148,500 165,000 165,000 165,000 165,000 165,000 3 cm cm3 Rs./cm3 70.00 5,775,-,650,000 70.00 6,930,-,580,000 70.00 8,085,-,510,000 70.00 9,240,-,440,000 70.00 10,395,-,370,000 70.00 11,550,-,300,000 70.00 11,550,-,300,000 70.00 11,550,-,300,000 70.00 11,550,-,300,000 70.00 11,550,-,300,000 KWh/T Ton/M.T cm3 - Steam Requirements Gas required per Ton of Steam Total Gas Requirements Gas Rate Total Gas Cost Power & Utilities Electricity Requirements Steam Requirements Gas Required per Ton of Steam FIXED ASSETS DEPRECIATION Year 1 Land Building Machiery & Equipment Laboratory Equipment Furniture Vehicles Total Allocation of Depreciation Charge Cost of Sales Administrative Expenses 95% 5% Amortization Pre-Operating Expenses FIXED ASSETS SCHEDULE : ASSETS W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION W.D.V. ON June 30 ADDITIONS DEPRECIATION Year 1 2 3 4 5 6 7 8 9 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 7,332 20,-,244 35,384 6,965 18,-,795 31,488 6,617 16,-,636 28,108 6,286 14,-,709 25,164 5,972 13,-,967 22,591 5,673 11,-,374 20,334 5,389 10,-,899 18,347 5,120 9,-,519 16,592 4,864 8,-,215 15,037 4,621 7,-,655 33,615 1,769 35,384 29,914 1,574 31,488 26,702 1,405 28,108 23,906 1,258 25,164 21,462 1,130 22,591 19,317 1,017 20,334 17,-,347 15,-,592 14,-,037 12,-,655 2,156 2,156 2,156 2,156 2,156 Land 0% 59,854 59,854 59,854 59,854 59,854 59,854 59,854 59,854 59,854 59,854 - Building 5% 146,633 7,332 139,301 6,965 132,336 6,617 125,719 6,286 119,433 5,972 113,461 5,673 107,788 5,389 102,399 5,120 97,279 4,864 92,415 4,621 Machinery 10% 199,995 20,000 179,996 18,000 161,996 16,200 145,797 14,580 131,217 13,122 118,095 11,810 106,286 10,629 95,657 9,566 86,092 8,609 77,482 7,748 Lab. Equip 10% - Furniture 10% 8,-,-,-,-,-,-,-,-,-,134 313 Vehicles 20% 36,220 7,244 28,976 5,795 23,181 4,636 18,545 3,709 14,836 2,967 11,868 2,374 9,495 1,899 7,596 1,519 6,077 1,215 4,861 972 Total 450,792 35,384 415,408 31,488 383,920 28,108 355,812 25,164 330,648 22,591 308,057 20,334 287,723 18,347 269,376 16,592 252,784 15,037 237,747 13,655 W.D.V. ON June 30 10 59,854 87,794 69,734 - 2,821 3,889 224,093 PERSONNEL SALARIES & WAGES (All figrues are in PKR "000") Cost of Sales Administrative Selling & Distribution Annual Increase in Salaries Year 1 Year 2 29,376 12,036 18,600 60,012 Year 3 29,376 12,036 18,600 60,012 Year 4 29,376 12,036 18,600 60,012 Year 5 29,376 12,036 18,600 60,012 0.00% No. of People Monthly Salary / Person Total Monthly Salary Total Salary Management Chief Executive Plant Manager 1 1 600 300 600 300 7,200 3,600 Refinery Section Supervisor Forman Operators Helpers 1 2 4 8 - - -,200 1,728 Oil Filling Section Forman Operator Helpers / Attendants 1 4 4 40 25 18 - 1,200 864 Main Store Store Incharge Store Assistants 1 3 50 30 50 90 600 1,080 Boiler Section Boiler Engineer Forman Operators 1 2 4 50 40 25 - -,200 Soap Section Forman Operator Assistant 1 1 2 40 25 20 40 25 40 - Maintenance Electrical Supervisor Electricians Mechanical Supervisor Mechanical Attendants Fitter Helpers /Assistants 1 4 1 2 3 2 - - 720 1,- 29,376 12,036 18,600 60,012 Year 6 29,376 12,036 18,600 60,012 Year 7 29,376 12,036 18,600 60,012 Year 8 29,376 12,036 18,600 60,012 Year 9 29,376 12,036 18,600 60,012 Year 10 29,376 12,036 18,600 60,012 Labortary Senior Lab Chemist Assistant Lab Chemist Lab Attendants 1 2 2 40 30 18 40 60 36 - Administration Chief Financial Officer Manager Accounts & Finance Accounts Officer HR & Admin Manager Assistant HR & Admin Computer Network Administrator Assistant IT Officer Office Assistant Reception Security Head Security Guards Drivers Sweeper - - - 2,100 1,020 1,-,-,-,080 - -,878 -,041 2,100 3,000 7,500 6,000 60,012 Selling & Distribution Marketing Manager Assistant Sales Manager Area Sales Manager Sales Executives EXPENSES ADMIN & GENERAL EXP. (All figrues are in PKR "000") Salaries and Wages Travelling & Conveyance Exp. Entertainment Printing & Stationery Communication Expenses Rent, Rates & Taxes Vehicle Running & Maintenance Exp. Legal & Professional Exp. Power, Fuel & Lubricants Auditor's Remuneration Depreciation Other Expenses Total Stores & Spares Expenses (%) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,769 1,800 37,305 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,574 1,800 37,110 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,405 1,800 36,941 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,258 1,800 36,794 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,130 1,800 36,666 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,017 1,800 36,553 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,800 36,453 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,800 36,366 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,800 36,288 12,036 4,000 1,000 1,800 1,200 3,500 5,500 1,800 2,-,800 36,219 3,466 3,466 3,466 3,466 3,466 3,466 3,466 3,466 3,466 3,466 Cost of Plant & Equipment Stores & Spares Expenses (%) 346,628 1.00% Insurance Fixed Assets (excluding land) 390,938 390,938 390,938 390,938 390,938 390,938 390,938 390,938 390,938 390,938 Insurance @ 3% Repair & Maintenance @ 2% 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 11,728 7,819 SELLING & DISTRIBUTION EXP. (All figrues are in PKR "000") Salaries and Wages Travelling,Conveyance Advertising & Sales Promotion Carriage Outwards Annual Increase Year 1 18,600 3,000 20,000 10,000 51,600 0.0% Year 2 18,600 3,000 20,000 10,000 51,600 Year 3 18,600 3,000 20,000 10,000 51,600 Year 4 18,600 3,000 20,000 10,000 51,600 Year 5 18,600 3,000 20,000 10,000 51,600 Year 6 18,600 3,000 20,000 10,000 51,600 Year 7 18,600 3,000 20,000 10,000 51,600 Year 8 18,600 3,000 20,000 10,000 51,600 Year 9 18,600 3,000 20,000 10,000 51,600 Year 10 18,600 3,000 20,000 10,000 51,600 PACKING COST PACKING MATERIAL COST 1 Litre Pouch (1x5) 16 Litre Tin Pack 5 Litre PET Bottle 10 Kg Soap Pack SKUs 1 Litre Pouch (1x5) 16 Litre Tin Pack 5 Litre PET Bottle 10 Kg Soap Pack Units 10 Kg Soap Pack Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rs. 82,105,650 13,304,156 36,491,400 412,500 132,313,706 98,526,780 15,964,988 43,789,680 495,000 158,776,448 114,947,910 18,625,819 51,087,960 577,500 185,239,189 131,369,040 21,286,650 58,386,240 660,000 211,701,930 147,790,170 23,947,481 65,684,520 742,500 238,164,671 164,211,300 26,608,313 72,982,800 825,000 264,627,413 164,211,300 26,608,313 72,982,800 825,000 264,627,413 164,211,300 26,608,313 72,982,800 825,000 264,627,413 164,211,300 26,608,313 72,982,800 825,000 264,627,413 164,211,300 26,608,313 72,982,800 825,000 264,627,413 Rs. Rs. Rs. Rs. - - - - - - - - - - 9,122,850 3,040,950 3,040,950 15,204,750 10,947,420 3,649,140 3,649,140 18,245,700 12,771,990 4,257,330 4,257,330 21,286,650 14,596,560 4,865,520 4,865,520 24,327,600 16,421,130 5,473,710 5,473,710 27,368,550 18,245,700 6,081,900 6,081,900 30,409,500 18,245,700 6,081,900 6,081,900 30,409,500 18,245,700 6,081,900 6,081,900 30,409,500 18,245,700 6,081,900 6,081,900 30,409,500 18,245,700 6,081,900 6,081,900 30,409,500 8,250 9,900 11,550 13,200 14,850 16,500 16,500 16,500 16,500 16,500 Annual Increase in Cost Production 1 Litre Pouch (1x5) 16 Litre Tin Pack 5 Litre PET Bottle Year 1 0.00% 60% 20% 20% SALES SALES (All figrues are in PKR "000") Pouch Pack Tin Pack PET Bottle Units Rs. Ex- Factory Sales Price - Dalda 1 Litre Pouch (1x5) 2.5 Litres Tin 5 Litres Tin 10 Litre Tin Jerry Can 16 Litre Tin Pack Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 1,859,404 597,044 629,659 3,086,107 3,086,107 2,171,442 697,238 735,326 3,604,006 3,604,006 2,483,480 797,431 840,993 4,121,904 4,121,904 2,795,518 897,625 946,660 4,639,803 4,639,803 3,107,556 997,818 1,052,327 5,157,701 5,157,701 3,120,380 1,001,936 1,056,669 5,178,985 5,178,985 3,120,380 1,001,936 1,056,669 5,178,985 5,178,985 3,120,380 1,001,936 1,056,669 5,178,985 5,178,985 3,120,380 1,001,936 1,056,669 5,178,985 5,178,985 1,749,588 182,249 583,196 2,174,488 226,509 724,829 2,539,402 264,521 846,467 2,904,316 302,533 968,105 3,269,230 340,545 1,089,743 3,634,144 378,557 1,211,381 3,649,140 380,119 1,216,380 3,649,140 380,119 1,216,380 3,649,140 380,119 1,216,380 3,649,140 380,119 1,216,380 Rs. 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 855 2,636 869 Rs. -,925 2,928 Rs. Sales Mix 1 Litre Pouch Carton (1x5) 16 Litre Tin Pack 5 Litre PET Bottle Ex- Factory Sales Price 1 Litre Pouch (1x5) 16 Litre Tin Pack 5 Litre PET Bottle Year 2 1,496,072 480,380 506,622 2,483,075 2,483,075 Rs. Less: Trade Discount Commission Net Sales Year 1 CHEMICALS COST OF CHEMICALS Units Oil Processed per Annum Tons Phosphoric Acid Caustic Soda Required Bleaching /Fuller Earth Antioxidants Consumption per Ton Phosphoric Acid Caustic Soda Required Bleaching /Fuller Earth Antioxidants Price per Kg Phosphoric Acid Caustic Soda Required Bleaching /Fuller Earth Antioxidants Rs. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 16,500 19,800 23,100 26,400 29,700 33,000 33,000 33,000 33,000 33,000 2,904,000 10,296,000 14,784,000 138,996 28,122,996 3,484,800 12,355,200 17,740,800 166,795 33,747,595 4,065,600 14,414,400 20,697,600 194,594 39,372,194 4,646,400 16,473,600 23,654,400 222,394 44,996,794 5,227,200 18,532,800 26,611,200 250,193 50,621,393 5,808,000 20,592,000 29,568,000 277,992 56,245,992 5,808,000 20,592,000 29,568,000 277,992 56,245,992 5,808,000 20,592,000 29,568,000 277,992 56,245,992 5,808,000 20,592,000 29,568,000 277,992 56,245,992 5,808,000 20,592,000 29,568,000 277,992 56,245,992 - - - - - - - - - Kg/Ton - per Kg - WORKING CAPITAL WORKING CAPITAL (All figrues are in PKR "000") CURRENT ASSETS Raw Materials Finished Goods Accounts Receivable Advances & Prepayment TOTAL CURRENT ASSETS CURRENT LIABILITIES Accounts Payable Start Basis Days-% 332,929 - 332,929 30 NET WORKING CAPITAL No. of Days Year 1 332,929 365 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 332,929 95,815 204,088 11,178 644,010 399,515 114,118 253,653 13,793 781,079 466,100 132,443 296,220 16,022 910,785 532,686 150,784 338,787 18,254 1,040,510 599,272 169,139 381,354 20,487 1,170,252 665,858 187,507 423,921 22,722 1,300,007 665,858 187,430 425,670 22,804 1,301,762 665,858 187,361 425,670 22,796 1,301,685 665,858 187,300 425,670 22,789 1,301,617 665,858 187,246 425,670 22,782 1,301,556 183,754 226,733 263,379 300,060 336,770 373,505 374,866 374,728 374,606 374,497 460,256 554,346 647,406 740,450 833,482 926,502 926,896 926,957 927,011 927,059 SOAP SOAP PRODUCTION Units Soap Stock available Soap Waste Tons Tons Tons Sales Revenue Sales Price per Kg Annual Increase Soap Waste Rs. Rs./Kg Year 1 Year 2 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 - - - - - - - - - - 4,950,000 5,940,000 6,930,000 7,920,000 8,910,000 9,900,000 9,900,000 9,900,000 9,900,000 9,900,000 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 0.00% % % Year 3 75% 25% CAPACITY UTILIZAITN SHEET Capacity Utilization (%) 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 100.00% 100.00% 100.00% 100.00% Total Revenue ("Million") Cost of Sales ("Million") Gross Profit ("Million") Gross Ratio (%) EBIT ("Million") EBIT Ratio (%) Interest Exp. ("Million") Tax ("Million") Profit After Tax ("Million") Net Profit Ratio (%) YEAR 1 2,488.02 2,-%-%-% YEAR 2 3,092.05 2,-%-%-% YEAR 3 3,610.94 3,-%-%-% YEAR 4 4,129.82 3,-%-%-% YEAR 5 4,648.71 4,-%-%-% YEAR 6 5,167.60 4,-%-%-% YEAR 7 5,188.88 4,-%-% -% YEAR 8 5,188.88 4,-%-% -% YEAR 9 5,188.88 4,-%-% -% YEAR 10 5,188.88 4,-%-%-% GRAPHS Year-1 Net Profit Ratio Year-2 3.8% Year-3 4.9% Year- 4 5.6% Year- 5 6.1% Year- 6 6.5% Year- 7 6.8% Year- 8 6.9% Net Profit Ratio 8.0% Percentage (%) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 4 Year-1 7 Year-2 8 9 Year-3 10 Year- 4 Year- 5 Year- 6 Year- 7 Year- 8 5 80 185 314 460 618 810 984 814 814 814 814 814 814 814 814 Cash Inflows Capital Expenditures Year- 8 Year- 7 Payback Period Year- 6 PKR mln 1,500 1,400 1,300 1,200 1,100 1,- Year- 5 Capital Expenditures 6 Year- 4 Cash Inflows 5 Year-3 3 Year-2 2 Year-1 1 6.9% Year-9 Year-10 6.9% 6.9%