The document provides operational and financial projections for TARAhaat Information & Marking Services Limited from FY 2010-11 through FY 2017-18. Key highlights include an expected increase in the number of TARA Kendras (training centers) from 391 in FY 2011 to over 10,000 by FY 2018 along with growth in total revenue from INR 80 million to over INR 3 billion. While losses are projected in early years, the company expects to become profitable by FY 2014 with net profits growing over 25% annually through FY 2018. The projections assume continued expansion of training centers and programs along with increasing student placements and associated revenues.

1. TARAhaat Information & Mark
New Delhi, Ind
OPERATIONAL AND FINANCI
FY 2010 - 11 through FY 2
Prepared August 20
STRICTLY CONFIDENTIAL. NOT F
INSTRUCTIONS TO USER
Number These are input cells and can be changed.
Text These are information cells and SHOULD NOT be changed.
Number These are output cells are SHOULD NOT be changed.
Please refer to "Model Flow" to understand the structure of the model.
For running sensitivity, please utilize the option provided in "Summary".
For running equity infusion & debt related exercises, please refer to "Cash Flow (INR)" and "Funding Details

2. on & Marketing Services Limited
New Delhi, India
ND FINANCIAL PROJECTIONS
0 - 11 through FY 2017 - 18
Prepared August 2009
IDENTIAL. NOT FOR CIRCULATION.
INR)" and "Funding Details" respectively.

3. d

4. P&L Statement
Franchisee Fees Marketing Expenses
Product Development Cost Training Institute P&L
Consultancy
AO P&L Other Revenue Lines
ZO Annual Expenses HO Annual Expenses
TK Capacity Utilization
Employee Headcount AO
& ZO Employee Headcount HO
Business Expansion Sizing Opportunity

5. Balance Sheet Cash Flow
Depreciation
Other Revenue Lines
TK Capacity Utilization TK Total Capacity
Sizing Opportunity Assumptions

6. Cash Flow
Working Capital
Security Deposit
ation Capex HO
Capex ZO
Capex AO

7. Summary Information
Monetary Values in INR '000
Select Scenario Here
Base Case Scenario (BC) Normal Case 100% 100%
FY09A FY10E FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
OPERATIONAL INFORMATION
Number of TARA Kendras (TK) Added (19) 106 155 544 934 1,267 1,683 1,749 2,096 1,897
Number of TARA Kendras (TK) Cumulative 130 236 391 935 1,869 3,136 4,819 6,568 8,664 10,561
Number of Area Offices (AO) Added 2 - 14 20 20 25 25 25 25 18
Number of Area Offices (AO) Cumulative 9 9 23 43 63 88 113 138 163 181
TKs per AO 14 26 17 22 30 36 43 48 53 58
Number of Zonal Offices (ZO) Added 2 2 2 3 3 3 3 -
Number of Zonal Offices (ZO) Cumulative - - 2 4 6 9 12 15 18 18
AOs per ZO 12 11 11 10 9 9 9 10
Total Headcount (HO) 27 27 47 57 61 63 63 65 66 68
Total Headcount (Field) 83 83 219 431 730 1,124 1,536 1,981 2,446 2,845
Total Headcount (Field) Growth (%) 0% 164% 97% 69% 54% 37% 29% 23% 16%
Total Students Placed 633 6,310 22,708 38,100 97,581 133,004 175,450 213,868
Total Placement Staff (All AOs) 14 34 68 113 172 242 326 414
Students Placed Per AO Placement Staff Per Month 4 15 28 28 47 46 45 43
FINANCIAL INFORMATION
Total Revenue 16,648 17,140 80,864 186,275 377,056 659,699 1,149,827 1,738,377 2,434,138 3,212,570
Revenue growth (%) 372% 130% 102% 75% 74% 51% 40% 32%
EBIDTA (3,106) (4,010) (31,692) (32,775) 10,373 117,451 324,125 582,470 893,044 1,256,169
EBIDTA Margin (%) -19% -23% -39% -18% 3% 18% 28% 34% 37% 39%
Net Profit / (Loss) (2,576) (3,960) (37,380) (45,792) (11,162) 79,298 200,306 358,008 565,418 808,157
Net Profit Margin (%) -15% -23% -46% -25% -3% 12% 17% 21% 23% 25%
TK Related [Field] Revenue 8,272 12,940 42,959 131,210 324,852 619,687 1,100,994 1,661,763 2,326,015 3,064,648
Revenue per TK 64 55 110 140 174 198 228 253 268 290
Revenue per TK growth (%) -14% 101% 28% 24% 14% 16% 11% 6% 8%
Revenue per AO 1,850 1,904 3,516 4,332 5,985 7,497 10,175 12,597 14,933 17,749
Revenue per AO growth (%) 85% 23% 38% 25% 36% 24% 19% 19%
EBIDTA per AO (345) (446) (1,378) (762) 165 1,335 2,868 4,221 5,479 6,940
Revenue Per Employee (Field) 100 156 196 304 445 551 717 839 951 1,077
Revenue Per Employee Growth (%) 56% 26% 55% 46% 24% 30% 17% 13% 13%
TKs per field employee 1.57 2.84 1.78 2.17 2.56 2.79 3.14 3.32 3.54 3.71
Marketing Spend per TK 9.05 10.97 13.75 15.56 18.06 19.87 20.97 22.58
Summary businessplansample-091111061657-phpapp02.xls 7 of 158

8. Funding Details (INR '000)
FY11P FY12P FY13P FY14P
Total Capital Required 85,000 90,000 60,000
Fixed Assets 28,555 49,115 58,969 72,238
Total Debt Available (xFA) 0.75 0.75 0.75 0.75
Total Debt Possible [1] 21,417 36,836 44,227 54,179
Debt Portion 20% 30% 40% 0%
Debt Raised 17,000 27,000 24,000 -
Total Debt 18,200 44,000 68,000 68,000
Repayment Schedule 0% 0% 0% 20%
Repayment 1,200 13,600
O/S Debt 17,000 44,000 68,000 54,400
12% 12% 12% 12%
Interest Cost Accrued 2,040 3,660 6,720 7,344
Interest Paid - - - 19,764
EBIT (35,340) (42,132) (4,442) 96,774
Interest Coverage Ratio (17.32) (11.51) (0.66) 3.57
Debt Service Coverage Ratio (10.91) (11.51) (0.66) 4.62
Equity Raised 68,000 63,000 36,000 0
Total Equity 103,298 166,298 202,298 202,298
Debt / Equity 0.18 0.26 0.34 0.34
[1] Based on the assumption that a bank will not extend more debt than 0.75x Net Fixed Assets as collatera
FUND UTILIZATION SCHEDULE (INR '000)
Total Capital Raised 85,000 90,000 60,000
Capex 31,825 29,917 24,669 86,411
Repayment of Debt 1,200 - - 1,200
Working Capital 1,012 4,390 15,094 20,496
Opex 50,963 55,694 20,237 126,893

9. FY15P FY16P FY17P FY18P TOTAL USD ('000)
235,000 5,000
78,695 76,826 70,646 52,111
0.75 0.75 0.75 0.75
59,022 57,619 52,985 39,084
0% 0% 0% 0%
- - - - 68,000 1,447
54,400 40,800 27,200 13,600
20% 20% 20% 20%
13,600 13,600 13,600 13,600
40,800 27,200 13,600 -
12% 12% 12% 12%
5,712 4,080 2,448 816
5,712 4,080 2,448 816
296,662 551,930 863,472 1,228,837
25.97 67.64 176.36 752.96
15.36 31.22 53.81 85.24
0 0 0 0 167,000 3,553
202,298 202,298 202,298 202,298
0.27 0.20 0.13 0.07
et Fixed Assets as collateral.
37%
1%
9%
54%

10. Discounted Cash Flow Analysis (INR '000)
FY11P FY12P
EBIDTA (31,692) (32,775)
Less: Taxes - -
Less: Capex 31,825 29,917
Less: Increase in WC 1,012 4,390
Net Operating Cash Flow (64,529) (67,082)
Capital Cash Flow (64,529) (67,082)
Net Present Value of Cash Flows 1,427,776
Post-Tax IRR 81%
INR '000 USD '000
Post Money Enterprise Value (as on Mar 31, 2010) 1,427,776 30,378
Less: Debt 1,200 26
Add: Cash 600 13
Post Money Equity Value (as on Mar 31, 2010) 1,427,176 30,365
Equity Investment 167,000 3,553
Stake (%) 11.70% 11.70%
Sensitivity of Enterprise Value (USD '000) to Changes in Cost of Debt & Cost of Equity
20%
23%
Cost of Equity 25%
27%
30%

11. FY13P FY14P FY15P FY16P FY17P FY18P
10,373 117,451 324,125 582,470 893,044 1,256,169
- 10,132 90,644 189,842 295,605 419,864
24,669 33,945 33,921 28,670 23,392 8,798
15,094 26,094 40,116 44,998 52,937 57,705
(29,390) 47,279 159,445 318,959 521,109 769,803
(29,390) 47,279 159,445 318,959 521,109 5,734,764
t of Equity
Cost of Debt
10% 11% 12% 13% 14%
40,340 39,945 39,554 39,167 38,785
34,395 34,063 33,735 33,410 33,088
30,967 30,671 30,378 30,088 29,802
27,908 27,644 27,382 27,123 26,867
23,917 23,694 23,473 23,253 23,037

12. Terminal Value
4,964,961

13. Assumption Set (INR)
Inflation Rate (%) 5%
Exchange Rate (INR / USD) 47
Corporate Tax Rate (%) 33.99%
Minimum Alternate Tax Rate (%) 11.33%
Max. Computer Time/Day (Hours) 10
No. of Students per Computer 2
Average Duration of a Course (Hours) 96
Value Per Student Per Hour (At Full Capacity):
Computers
TARAkendras Type
(Nos.)
Type A 15
Type B 10
Type C 5
FY11P
Capacity Utilization for Newly Established Units
Type A 30%
Type B 30%
Type C 30%
No of Students at Estimated Capacity Utilsation
Type A 9
Type B 6
Type C 3
Revenue Share Arrangement
AOs Revenue share 25%
TK's Retained Earnings 75%
Contribution of TARAkendras to Area 0ffices (AO)
Type A 55%
Type B 31%
Type C 14%
Capacity Utilization for Newly Established Units (Weighted Average)
Type A 11%
Type B 12%
Type C 6%
Revenue Share Accruing To AO
Type A 42,188
Type B 46,875
Type C 21,094

14. Total 110,156
Other Services (%) 30%
Other services 33,047
Revenue Share Accruing To AO 0%
Revenue Accruing To AO -
TK's Additional Services (%)
Type A 5%
Type B 5%
Type C 5%
Manpower Training Costs
Induction training (for New Joinees) Costs 30,000
Refresher training 15,000
Franchise Fees for New TK's
Type A 26,000
Type B 18,000
Type C 15,000
Franchise Fees for New TK's
Type A 5,200
Type B 7,200
Type C 6,000
Total 18,400
Franchise Fees for Existing TK's
Type A 26,000
Type B 18,000
Type C 15,000
Franchise Fees for Exisitng TK's
Type A 5,200
Type B 7,200
Type C 6,000
Total 18,400
FF becomes due but not paid at the end of the year 10%
Security Deposits
Type A 5,000
Type B 5,000
Type C 4,000
Security Deposits
Type A 1,000
Type B 2,000
Type C 1,600

15. Total 4,600
Marketing Budget (as a % of Revenue Share) 10%
Assumptions for Job Placements
Number of Students Registering For Placements 10%
Placement Registration Fees -
% of Placement Registration Fees Accruing To AO 10%
Of Those Registered, No. Of Students Getting Placed 10%
Actual salary of placed student per month 3,500
Incremental salary of placed student per month 1,000
Placement Fees @ Half Month's Salary (from Employer) 1,750
% of Placement Fees Accruing To AO 75%
Additional Assumptions for Social Value Creation
Imputed Earnings of Students Not Registering For Placement 1,250
Improvement in Imputed Earnings 5%
Value Added Per Query Through Query Response (INR) 1
Value Added Per Rupee Of E-Commerce Transactions (INR) 0.20
Discounted Cash Flow Assumptions
Steady State Growth Rate 5.00%
Debt / Equity 0.22
Cost of Debt 12.00%
Cost of Equity 25.00%
Tax Rate 33.99%
WACC 21.28%

16. Course Duration Course Fees Revenue / Hour
Hours / Day
(Hrs) (Rs.) (Rs.)
10 96 3,000 31
10 96 2,500 26
10 96 2,250 23
FY12P FY13P FY14P FY15P FY16P
50% 60% 60% 60% 60%
50% 60% 60% 60% 60%
50% 60% 60% 60% 60%
15 18 18 18 18
10 12 12 12 12
5 6 6 6 6
25% 25% 25% 25% 25%
75% 75% 75% 75% 75%
55% 55% 55% 55% 55%
31% 31% 31% 31% 31%
14% 14% 14% 14% 14%
11% 11% 11% 11% 11%
12% 12% 12% 12% 12%
6% 6% 6% 6% 6%
73,828 93,023 97,675 102,558 107,686
82,031 103,359 108,527 113,954 119,651
36,914 46,512 48,837 51,279 53,843

17. 192,773 242,895 255,039 267,791 281,181
25% 20% 20% 20% 20%
48,193 48,579 51,008 53,558 56,236
0% 0% 0% 0% 0%
- - - - -
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
31,500 33,075 34,729 36,465 38,288
15,750 16,538 17,364 18,233 19,144
32,000 42,000 48,000 48,000 49,500
21,000 27,500 31,000 31,000 31,500
18,000 23,000 25,500 25,500 25,500
6,400 8,400 9,600 9,600 9,900
8,400 11,000 12,400 12,400 12,600
7,200 9,200 10,200 10,200 10,200
22,000 28,600 32,200 32,200 32,700
32,000 38,000 44,000 44,000 44,000
21,000 24,000 27,000 27,000 27,000
18,000 21,000 24,000 24,000 24,000
6,400 7,600 8,800 8,800 8,800
8,400 9,600 10,800 10,800 10,800
7,200 8,400 9,600 9,600 9,600
22,000 25,600 29,200 29,200 29,200
8,000 12,000
8,000 10,000
6,000 8,000
1,600 2,400
3,200 4,000
2,400 3,200

18. 7,200 9,600
9% 9% 9% 9% 9%
25% 25% 25% 25% 25%
- 100 100 100 100
10% 10% 10% 10% 10%
10% 15% 15% 25% 25%
3,675 3,859 4,052 4,254 4,467
1,100 1,210 1,331 1,464 1,611
1,838 1,929 2,026 2,127 2,233
75% 75% 75% 75% 75%
1,288 1,324 1,360 1,395 1,428
5% 5% 5% 5% 5%
1 1 1 1 1
0.20 0.20 0.20 0.20 0.20

19. FY17P FY18P
60% 60%
60% 60%
60% 60%
18 18
12 12
6 6
25% 25%
75% 75%
55% 55%
31% 31%
14% 14%
Weight
11% 11% 20%
12% 12% 40%
6% 6% 40%
113,071 118,724
125,634 131,916
56,535 59,362

20. 295,240 310,002
20% 20%
59,048 62,000
0% 0%
- -
5% 5%
5% 5%
5% 5%
40,203 42,213
20,101 21,107
49,500 49,500
31,500 31,500
25,500 25,500
Weight
9,900 9,900 20%
12,600 12,600 40%
10,200 10,200 40%
32,700 32,700
44,000 44,000
27,000 27,000
24,000 24,000
Weight
8,800 8,800 20%
10,800 10,800 40%
9,600 9,600 40%
29,200 29,200
Weight
20%
40%
40%

21. 9% 9%
25% 25%
100 100
10% 10%
25% 25%
4,690 4,925
1,772 1,949
2,345 2,462
75% 75%
1,459 1,488
5% 5%
1 1
0.20 0.20

22. Profit and Loss Statement (INR '000)
FY08A FY09A FY10E
Revenue
Education Related Services (TKs) 4,815 5,953 10,580
Franchisee Fee (TKs) 2,011 2,318 2,360
E-Commerce - - -
Query Response - - -
TARA Akshar 178 5,990 2,926
Training Institute - - -
Market Research - - -
Advertising - - -
Projects 7,498 2,387 1,274
Insurance Commissions - - -
Total Revenue 14,502 16,648 17,140
Growth Rate % 15% 3%
Expenses
Salaries 12,946 12,818 10,789
Other Operating Expenses 6,047 4,437 9,013
Marketing expenses 280 194
Product Development Expenses [#] - -
TARA Akshar Costs 2,305 1,347
Insurance Commission Costs - - -
Total Expenses 19,273 19,755 21,150
Growth Rate % 3% 7%
EBITDA (4,771) (3,106) (4,010)
Margin % -33% -19% -23%
Other Income 1,075 838 300
Depreciation 207 140 100
EBIT (3,903) (2,409) (3,810)
Interest - - 150
EBT (3,903) (2,409) (3,960)
Tax 162 167 -
Net profit (4,065) (2,576) (3,960)
Margin % -28% -15% -23%
Accumulated Profit/(Loss) (35,073) (37,650) (41,610)
[#] For FY10E, Product Development Expenses are included in Manpower Cost

23. FY11P FY12P FY13P FY14P FY15P FY16P
35,340 113,966 285,616 542,090 966,783 1,450,421
7,618 14,918 31,880 59,640 96,894 144,550
- 352 1,193 3,109 6,375 11,436
- 1,406 4,069 9,114 17,742 31,128
36,698 52,426 47,184 33,028 34,680 48,552
187 639 1,634 3,430 10,191 23,445
- - 200 240 480 960
- - 187 314 482 657
1,020 2,000 3,000 3,000 3,000 3,000
- 569 2,095 5,734 13,200 24,228
80,864 186,275 377,056 659,699 1,149,827 1,738,377
372% 130% 102% 75% 74% 51%
56,393 113,044 200,358 305,762 469,279 652,363
23,329 53,480 102,201 158,784 235,250 323,667
3,534 10,257 25,705 48,788 87,010 130,538
1,300 1,300 1,400 1,400 2,250 2,250
28,000 40,000 36,000 25,200 26,460 37,044
- 970 1,019 2,314 5,451 10,045
112,556 219,051 366,683 542,248 825,702 1,155,908
432% 95% 67% 48% 52% 40%
(31,692) (32,775) 10,373 117,451 324,125 582,470
-39% -18% 3% 18% 28% 34%
3,648 9,357 14,815 20,677 27,463 30,540
(35,340) (42,132) (4,442) 96,774 296,662 551,930
2,040 3,660 6,720 7,344 5,712 4,080
(37,380) (45,792) (11,162) 89,430 290,950 547,850
- - - 10,132 90,644 189,842
(37,380) (45,792) (11,162) 79,298 200,306 358,008
-46% -25% -3% 12% 17% 21%
(78,990) (124,782) (135,944) (56,646) 143,660 501,668

24. FY17P FY18P
2,018,666 2,649,897
202,721 261,981
18,270 27,178
49,463 74,476
67,973 95,162
34,364 44,864
1,920 3,840
866 1,056
3,000 3,000
36,895 51,116
2,434,138 3,212,570
40% 32%
869,542 1,109,727
421,809 514,639
181,680 238,491
2,250 2,250
51,862 72,606
13,952 18,689
1,541,095 1,956,401
33% 27%
893,044 1,256,169
37% 39%
29,572 27,332
863,472 1,228,837
2,448 816
861,024 1,228,021
295,605 419,864
565,418 808,157
23% 25%
1,067,086 1,875,243

25. Cash Flow Statement (INR '000)
FY11P FY12P FY13P
Sources Of Funds
Net Profit (37,380) (45,792) (11,162)
Add: Unpaid Interest 2,040 3,660 6,720
Earnings Less Interest (35,340) (42,132) (4,442)
Depreciation 3,648 9,357 14,815
Equity Raised 68,000 63,000 36,000
Debt Raised 17,000 27,000 24,000
Security Deposits 1,119 3,382 7,551
Total 54,427 60,607 77,925
Application Of Funds
Capital Assets - Additions 31,825 29,917 24,669
AO's capex 10,346 14,041 13,555
ZO's capex 2,675 2,541 2,414
HO's capex 7,914 1,052 1,052
First Training Institute cost 8,650 9,083 4,768
Second Training Institute cost - - -
Consultancy Projects 2,240 3,200 2,880
Interest Due Paid
Increase in Working Capital 1,012 4,390 15,094
Refund of security deposit 224 676 1,510
Repayment of Debt 1,200 - -
Total 34,261 34,983 41,274
Opening Balance 600 20,766 46,391
Cash Surplus/(deficit) during the year 20,166 25,624 36,651
Closing Balance 20,766 46,391 83,042
Total Funding Required 85,000 90,000 60,000
Cash Requirement for 2 months of Operations
Salaries 4,699 9,420 16,696
Other Operating Expenses 1,944 4,457 8,517
Marketing Expenses 295 855 2,142
Product Development Expenses 108 108 117
14,093 29,680 54,944
Free Cash Flow
Net Income (37,380) (45,792) (11,162)
Unpaid Interest 2,040 3,660 6,720
Depreciation 3,648 9,357 14,815
Change in WC (1,012) (4,390) (15,094)
Capex (31,825) (29,917) (24,669)
Total - FCF (64,529) (67,082) (29,390)

26. FY14P FY15P FY16P FY17P FY18P
79,298 200,306 358,008 565,418 808,157
79,298 200,306 358,008 565,418 808,157
20,677 27,463 30,540 29,572 27,332
0 0 0 0 0
0 0 0 0 0
14,865 21,959 28,303 33,573 36,249
114,839 249,729 416,851 628,563 871,738
33,945 33,921 28,670 23,392 8,798
17,256 17,229 17,124 16,471 3,379
3,650 3,707 3,532 3,455 594
1,106 742 67 67 67
- - - - -
10,014 10,514 5,520 - -
1,920 1,728 2,428 3,399 4,758
12,420
26,094 40,116 44,998 52,937 57,705
2,230 3,294 4,245 5,036 5,437
13,600 13,600 13,600 13,600 13,600
88,289 90,931 91,514 94,965 85,540
83,042 109,592 268,390 593,727 1,127,324
26,550 158,798 325,337 533,598 786,198
109,592 268,390 593,727 1,127,324 1,913,523
These values are manually entered to avoid circular reference.
25,480 39,107 54,364 72,462 92,477
13,232 19,604 26,972 35,151 42,887
4,066 7,251 10,878 15,140 19,874
117 188 188 188 188
85,789 132,298 184,803 245,880 310,851
79,298 200,306 358,008 565,418 808,157
0 0 0 0 0
20,677 27,463 30,540 29,572 27,332
(26,094) (40,116) (44,998) (52,937) (57,705)
(33,945) (33,921) (28,670) (23,392) (8,798)
39,935 153,733 314,879 518,661 768,987

27. Balance Sheet (INR '000)
FY08A FY09A FY10E FY11P
Liabilities
Share Capital 30,043 32,802 35,298 103,298
Accumulated Profits (35,073) (37,650) (41,610) (78,990)
Reserves 4,546 5,233 5,857 5,857
Unsecured Loans 1,750 1,750 1,200 17,000
Bank Overdraft 0 389 0 0
Security Deposits 1,294 1,624 2,224 3,119
Unpaid Interest 0 0 0 2,040
Current Liabilities 5,730 5,341 3,627 9,380
Total 8,289 9,488 6,596 61,703
Assets
Gross Fixed Assets 2,335 2,329 2,329 34,153
Less: Accumulated Depreciation
1,736 1,850 1,950 5,598
Net Fixed Assets 598 479 379 28,555
Current Assets 5,101 5,878 5,617 12,381
Cash balance 2,590 3,131 600 20,766
Total 8,289 9,488 6,596 61,703

28. FY12P FY13P FY14P FY15P FY16P FY17P
166,298 202,298 202,298 202,298 202,298 202,298
(124,782) (135,944) (56,646) 143,660 501,668 1,067,086
5,857 5,857 5,857 5,857 5,857 5,857
44,000 68,000 54,400 40,800 27,200 13,600
0 0 0 0 0 0
5,825 11,866 24,501 43,166 67,223 95,760
5,700 12,420 0 0 0 0
18,254 30,557 45,187 68,808 96,326 128,425
121,152 195,054 275,597 504,589 900,572 1,513,026
64,070 88,739 122,685 156,605 185,276 208,668
14,955 29,770 50,447 77,910 108,450 138,022
49,115 58,969 72,238 78,695 76,826 70,646
25,646 53,042 93,767 157,504 230,019 315,055
46,391 83,042 109,592 268,390 593,727 1,127,324
121,152 195,053 275,596 504,589 900,572 1,513,025

29. FY18P
202,298
1,875,243
5,857
0
0
126,572
0
163,033
2,373,003
217,465
165,354
52,111
407,368
1,913,523
2,373,002

30. Profit and Loss Statement (USD '000)
FY09A FY10E FY11P
Revenue
Education Related Services (TKs) 127 225 752
Franchisee Fee (TKs) 49 50 162
E-Commerce - - -
Query Response - - -
TARA Akshar 127 62 781
Training Institute - - 4
Market Research - - -
Advertising - - -
Projects 51 27 22
Insurance Commissions - - -
Total Revenue 354 365 1,721
Growth Rate % 3% 372%
Expenses
Salaries 273 230 1,200
Other Operating Expenses 94 192 496
Marketing expenses 4 - 75
Product Development Expenses [#] - - 28
TARA Akshar Costs 49 29 596
Insurance Commission Costs - - -
Total Expenses 420 450 2,395
Growth Rate % 7% 432%
EBITDA (66) (85) (674)
Margin % -19% -23% -39%
Other Income 18 6 -
Depreciation 3 2 78
EBIT (51) (81) (752)
Interest - 3 43
EBT (51) (84) (795)
Tax 4 - -
Net profit (55) (84) (795)
Margin % -15% -23% -46%
Accumulated Profit/(Loss) (801) (885) (1,681)
[#] For FY10E, Product Development Expenses are included in Manpower Cost

31. FY12P FY13P FY14P FY15P FY16P FY17P
2,425 6,077 11,534 20,570 30,860 42,950
317 678 1,269 2,062 3,076 4,313
7 25 66 136 243 389
30 87 194 377 662 1,052
1,115 1,004 703 738 1,033 1,446
14 35 73 217 499 731
- 4 5 10 20 41
- 4 7 10 14 18
43 64 64 64 64 64
12 45 122 281 515 785
3,963 8,022 14,036 24,464 36,987 51,790
130% 102% 75% 74% 51% 40%
2,405 4,263 6,506 9,985 13,880 18,501
1,138 2,174 3,378 5,005 6,887 8,975
218 547 1,038 1,851 2,777 3,866
28 30 30 48 48 48
851 766 536 563 788 1,103
21 22 49 116 214 297
4,661 7,802 11,537 17,568 24,594 32,789
95% 67% 48% 52% 40% 33%
(697) 221 2,499 6,896 12,393 19,001
-18% 3% 18% 28% 34% 37%
- - - - - -
199 315 440 584 650 629
(896) (95) 2,059 6,312 11,743 18,372
78 143 156 122 87 52
(974) (237) 1,903 6,190 11,656 18,320
- - 216 1,929 4,039 6,289
(974) (237) 1,687 4,262 7,617 12,030
-25% -3% 12% 17% 21% 23%
(2,655) (2,892) (1,205) 3,057 10,674 22,704

32. FY18P
56,381
5,574
578
1,585
2,025
955
82
22
64
1,088
68,353
32%
23,611
10,950
5,074
48
1,545
398
41,626
27%
26,727
39%
-
582
26,145
17
26,128
8,933
17,195
25%
39,899

33. Cash Flow Statement (USD '000)
FY11P FY12P FY13P
Sources Of Funds
Net Profit (795) (974) (237)
Add: Unpaid Interest 43 78 143
Earnings Less Interest (752) (896) (95)
Depreciation 78 199 315
Equity Raised 1,447 1,340 766
Debt Raised 362 574 511
Security Deposits 24 72 161
Total 1,158 1,290 1,658
Application Of Funds
Capital Assets - Additions 677 637 525
AO's capex 220 299 288
ZO's capex 57 54 51
HO's capex 168 22 22
First Training Institute cost 184 193 101
Second Training Institute cost 0 0 0
Consultancy Projects 48 68 61
Interest Due Paid 0 0 0
Increase in Working Capital 22 93 321
Refund of security deposit 5 14 32
Repayment of Debt 26 0 0
Total 729 744 878
Opening Balance 13 442 987
Cash Surplus/(deficit) during the year 429 545 780
Closing Balance 442 987 1,767
Total Funding Required 1,809 1,915 1,277
Cash Requirement for 2 months of Operations
Salaries 100 200 355
Other Operating Expenses 41 95 181
Marketing Expenses 6 18 46
Product Development Expenses 2 2 2
300 631 1,169
Free Cash Flow
Net Income (795) (974) (237)
Unpaid Interest 43 78 143
Depreciation 78 199 315
Change in WC (22) (93) (321)
Capex (677) (637) (525)
Total - FCF (1,373) (1,427) (625)

34. FY14P FY15P FY16P FY17P FY18P
1,687 4,262 7,617 12,030 17,195
0 0 0 0 0
1,687 4,262 7,617 12,030 17,195
440 584 650 629 582
0 0 0 0 0
0 0 0 0 0
316 467 602 714 771
2,443 5,313 8,869 13,374 18,548
722 722 610 498 187
367 367 364 350 72
78 79 75 74 13
24 16 1 1 1
0 0 0 0 0
213 224 117 0 0
41 37 52 72 101
264 0 0 0 0
555 854 957 1,126 1,228
47 70 90 107 116
289 289 289 289 289
1,878 1,935 1,947 2,021 1,820
1,767 2,332 5,710 12,632 23,986
565 3,379 6,922 11,353 16,728
2,332 5,710 12,632 23,986 40,713
These values are manually entered to avoid circular reference.
542 832 1,157 1,542 1,968
282 417 574 748 912
87 154 231 322 423
2 4 4 4 4
1,825 2,815 3,932 5,231 6,614
1,687 4,262 7,617 12,030 17,195
0 0 0 0 0
440 584 650 629 582
(555) (854) (957) (1,126) (1,228)
(722) (722) (610) (498) (187)
850 3,271 6,700 11,035 16,361

35. Balance Sheet (USD '000)
FY09A FY10E FY11P
Liabilities
Share Capital 698 751 2,198
Accumulated Profits (801) (885) (1,681)
Reserves 111 125 125
Unsecured Loans 37 26 362
Bank Overdraft 8 0 0
Security Deposits 35 47 66
Unpaid Interest 0 0 43
Current Liabilities 114 77 200
Total 202 140 1,313
Assets
Gross Fixed Assets 50 50 727
Less: Accumulated Depreciation 39 41 119
Net Fixed Assets 10 8 608
Current Assets 125 120 263
Cash balance 67 13 442
Total 202 140 1,313

36. FY12P FY13P FY14P FY15P FY16P FY17P
3,538 4,304 4,304 4,304 4,304 4,304
(2,655) (2,892) (1,205) 3,057 10,674 22,704
125 125 125 125 125 125
936 1,447 1,157 868 579 289
0 0 0 0 0 0
124 252 521 918 1,430 2,037
121 264 0 0 0 0
388 650 961 1,464 2,049 2,732
2,578 4,150 5,864 10,736 19,161 32,192
1,363 1,888 2,610 3,332 3,942 4,440
318 633 1,073 1,658 2,307 2,937
1,045 1,255 1,537 1,674 1,635 1,503
546 1,129 1,995 3,351 4,894 6,703
987 1,767 2,332 5,710 12,632 23,986
2,578 4,150 5,864 10,736 19,161 32,192

37. FY18P
4,304
39,899
125
0
0
2,693
0
3,469
50,489
4,627
3,518
1,109
8,667
40,713
50,489

38. Social Value Creation (INR '000)
FY11P FY12P
DIRECT INCOME GENERATION
Entrepreneurs' Income* 70,988 171,025
Number of Direct Jobs Created 1,308 2,579
Direct Employees' Income 112,338 218,428
INDIRECT INCOME GENERATION
Total Number of Students Trained 63,271 252,418
Total Number of Students Registering For Placements 6,327 63,104
Total Number of Students Placed 633 6,310
Cumulative Number of Students Placed 633 6,943
Students Placed Per AO 28 147
Annual Incremental Income of Placed Students 7,592 91,650
INDIRECT WEALTH CREATED
Capital Mobilized By Entrepreneurs 49,985 176,033
TOTAL WEALTH GENERATED 240,903 657,136
Cumulative Wealth Generated 240,903 898,040
PRODUCTIVITY INCREASE
Students Not Registered / Not Placed 62,638 246,107
Increase in Productivity Per Student (INR) 63 64
Increase in Productivity Through Training 3,915 15,843
Increase in Productivity Through Query Response - 1,122
Increase in Productivity Through E-Commerce - 7
TOTAL PRODUCTIVTY INCREASE 3,915 16,972
Cumulative Productivity Increase 3,915 20,887
TOTAL SOCIAL VALUE GENERATED 244,818 674,108
Social Value Generated Annually $5,209 $14,343
Social Value Generated Cumulative $5,209 $19,552
Net Worth $642 $1,008
Social Value Generated Per Dollar Investment $8.12 $19.40
Wealth Generated Per Dollar Investment $7.99 $18.96
Productivity Increase Per Dollar Investment $0.13 $0.44

39. FY13P FY14P FY15P FY16P FY17P
346,475 620,989 977,127 1,356,852 1,781,877
5,330 9,586 15,747 23,283 32,132
444,836 807,266 1,341,269 2,023,643 2,868,012
605,543 1,015,999 1,561,291 2,128,064 2,807,201
151,386 254,000 390,323 532,016 701,800
22,708 38,100 97,581 133,004 175,450
29,651 67,751 165,332 298,336 473,786
360 433 864 964 1,076
430,533 1,082,119 2,904,745 5,765,672 10,072,084
302,081 409,696 544,282 565,724 677,879
1,523,925 2,920,070 5,767,424 9,711,890 15,399,852
2,421,965 5,342,035 11,109,458 20,821,348 36,221,200
582,835 977,899 1,463,711 1,995,060 2,631,751
66 68 70 71 73
38,595 66,514 102,100 142,471 192,037
3,364 7,526 17,348 31,527 51,985
27 83 173 284 416
41,986 74,123 119,621 174,282 244,438
62,872 136,995 256,616 430,898 675,336
1,565,911 2,994,192 5,887,045 9,886,171 15,644,290
$33,317 $63,706 $125,256 $210,344 $332,857
$52,869 $116,575 $241,831 $452,175 $785,033
$1,536 $3,224 $7,485 $15,103 $27,133
$34.41 $36.16 $32.31 $29.94 $28.93
$33.54 $35.26 $31.58 $29.33 $28.40
$0.87 $0.90 $0.73 $0.61 $0.53

40. FY18P
2,145,251
41,633
3,829,781
3,421,894
855,473
213,868
687,654
1,182
16,080,520
613,554
22,669,106
58,890,306
3,208,025
74
238,688
76,042
558
315,288
990,624
22,984,394
$489,030
$1,274,062
$44,328
$28.74
$28.27
$0.48

41. Market Sizing
Estimates provided by Govt. of India in the Community Service Centre project
Total Number of CSCs projected 100,000 Nos.
Total Number of CSCs - Hindi Belt 50,000 Nos.
Total Number of villages covered 600,000 Nos.
Total Population - Rural (*) 743,000 '000 People
Coverage Per CSC 7,430 People
Actual Coverage Envisaged Per CSC 910 Households
Actual Coverage Envisaged Per CSC 3,640 People
Within the given market, TKs will address a larger market per TK with services different from the ones provid
No.of Blocks TKs TKs
State
Statewide Per Block Opportunity
Uttar Pradesh 809 6 4,854
Madhya Pradesh 313 6 1,878
Bihar 535 6 3,210
Punjab 138 6 828
Jharkhand 119 6 714
Chattisgarh 146 6 876
Haryana 114 6 684
Uttarakhand 95 6 570
Himachal Pradesh 72 6 432
Rajasthan 237 6 1,422
2,578 15,468
(*) Source: Census of India 2001 Revised
Current FY11P FY12P
Total TKs 236 391 935
New TKs Opened 155 544
Penetration Rate (%) 0% 1% 2%
Target Achievement (%) 2% 2% 6%
Growth Rate (%) 65% 139%
Current FY11P FY12P
Established States 86% 80% 77%
Emerging States 10% 13% 13%
New States 4% 7% 10%
100% 100% 100%
Current FY11P FY12P
Established States 203 312 720
Emerging States 24 51 122
New States 9 27 93

42. 236 391 935

43. ent from the ones provided by CSCs.
Population (*) Avg Pop Served TKs Mean TKs
'000 Per TK Opportunity Target
166,197 30,000 5,540 5,197
60,348 30,000 2,012 1,945
82,999 30,000 2,767 2,988
24,359 30,000 812 820
26,946 30,000 898 806
20,834 30,000 694 785
21,145 30,000 705 694
8,489 30,000 283 426
6,078 30,000 203 317
56,507 30,000 1,884 1,653
473,902 15,797 15,632
FY13P FY14P FY15P FY16P FY17P
1,869 3,136 4,819 6,568 8,664
934 1,267 1,683 1,749 2,096
4% 6% 10% 13% 17%
12% 20% 31% 42% 55%
100% 68% 54% 36% 32%
FY13P FY14P FY15P FY16P FY17P
71% 66% 62% 57% 54%
16% 18% 20% 23% 24%
13% 16% 18% 20% 22%
100% 100% 100% 100% 100%
FY13P FY14P FY15P FY16P FY17P
1,327 2,070 2,988 3,744 4,679
299 564 964 1,511 2,079
243 502 867 1,314 1,906

44. 1,869 3,136 4,819 6,568 8,664

45. FY18P
10,561
1,897
21%
68%
22%
FY18P
51%
26%
24%
101%
FY18P
5,386
2,746
2,535

46. 10,667

47. Business Expansion
FY08A FY09A FY10E FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
Head Office 1 1 1 1 1 1 1 1 1 1 1 1
Zonal Office
Zonal Office - Additions
ZO Added in year 2 2 2 3 3 3 3 -
Total ZOs - - - 2 4 6 9 12 15 18 18 18
Area Office
Area Office - Additions
AO Added in year 4 2 - 14 20 20 25 25 25 25 18
Total AOs 7 9 9 23 43 63 88 113 138 163 181 181
AOs Per ZO 12 11 11 10 9 9 9 10
Area Office - Staffing
Assistant Managers per AO 1 1 1 1 2 2 2 2 2 2 2
Total Expansion Staff 7 9 9 23 81 139 207 275 343 411 465
Prospects (Per AO Expansion Staff / Year) 12 276 972 1,668 2,484 3,300 4,116 4,932 5,580
Prospect Conversion Rate 70% 70% 70% 60% 60% 50% 50% 40%
Gross TK Addition 130 81 136 193 680 1,168 1,490 1,980 2,058 2,466 2,232
TK Attrition Rate 53% 123% 22% 20% 20% 20% 15% 15% 15% 15% 15%
Drop-outs 69 100 30 39 136 234 224 297 309 370 335
NET New TKs Added In A Year 61 (19) 106 155 544 934 1,267 1,683 1,749 2,096 1,897
Total TKs 149 130 236 391 935 1,869 3,136 4,819 6,568 8,664 10,561
TKs per AO 21 14 26 17 22 30 36 43 48 53 58

48. TARAkendras's per year Revenue at Full Capacity (INR)
No. of Computers / Hrs. Available / Students /
Types of TK's TARAkendra Day Computer
A Types 15 10 2
B Types 10 10 2
C Types 5 10 2

49. INR)
Revenue per Revenue / Hour Revenue /
Computer / Hour (per TK) Day Total Revenue / Month
63 938 9,375 234,375
52 521 5,208 130,208
47 234 2,344 58,594

50. Total Revenue /
Year
2,812,500
1,562,500
703,125

51. TK's Revenue at Actual Capacity Utilization (INR)
FY11P FY12P FY13P
1 2 3
Types of TK's
A type 843,750 1,476,563 1,860,469
AO's Share 210,938 369,141 465,117
Contribution to Wtd. Avg. Revenue Share 55% 55% 55%
B type 468,750 820,313 1,033,594
AO's Share 117,188 205,078 258,398
Contribution to Wtd. Avg. Revenue Share 31% 31% 31%
C type 210,938 369,141 465,117
AO's Share 52,734 92,285 116,279
Contribution to Wtd. Avg. Revenue Share 14% 14% 14%
Total (AO's share) 380,859 666,504 839,795
Capacity Utilization for Newly Established Units
Type A 30% 50% 60%
Type B 30% 50% 60%
Type C 30% 50% 60%

52. FY14P FY15P FY16P FY17P FY18P
4 5 6 7 8
1,953,492 2,051,167 2,153,725 2,261,411 2,374,482
488,373 512,792 538,431 565,353 593,620
55% 55% 55% 55% 55%
1,085,273 1,139,537 1,196,514 1,256,340 1,319,157
271,318 284,884 299,128 314,085 329,789
31% 31% 31% 31% 31%
488,373 512,792 538,431 565,353 593,620
122,093 128,198 134,608 141,338 148,405
14% 14% 14% 14% 14%
881,785 925,874 972,168 1,020,776 1,071,815
60% 60% 60% 60% 60%
60% 60% 60% 60% 60%
60% 60% 60% 60% 60%

53. Franchisee Fees (INR '000)
Annual Phasing Factor For Year 1 0.5
New TKs Total TKs FY11P FY12P
Weighted Average FF per New TK 18 22
Weighted Average FF per Existing TK 18 22
Year -3 88 2,570 2,570
Year -2 61 149 1,781 1,781
Year -1 (19) 130 (486) (555)
Year 0 106 236 2,332 2,714
Year 1 155 391 1,422 3,400
Year 2 544 935 5,008
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568
Year 7 2,096 8,664
Year 8 1,897 10,561
Yearly Contribution to HO 7,618 14,918

54. FY13P FY14P FY15P FY16P FY17P FY18P
29 32 32 33 33 33
26 29 29 29 29 29
2,570 2,570 - - - -
1,781 1,781 1,781 - - -
(555) (555) (555) (555) - -
3,095 3,095 3,095 3,095 3,095 -
4,420 4,977 4,977 5,054 5,054 5,054
11,975 15,568 17,527 17,527 17,799 17,799
8,594 20,550 26,715 30,077 30,077 30,544
11,655 27,870 36,232 40,792 40,792
15,484 37,026 48,134 54,193
16,094 38,485 50,030
19,284 46,114
17,454
31,880 59,640 96,894 144,550 202,721 261,981

55. Security Deposit (INR '000)
Phasing out factor 0.5
New TKs FY11P FY12P FY13P
Average SD Per TK 4.6 7.2 9.6
Year 0 106 763 1,018 -
Year 1 155 355 1,113 1,484
Year 2 544 1,252 3,919
Year 3 934 2,148
Year 4 1,267
Year 5 1,683
Year 6 1,749
Year 7 2,096
Year 8 1,897
Total 1,119 3,382 7,551

56. FY14P FY15P FY16P FY17P FY18P
- - - - -
- - - - -
- - - - -
5,225 - - - -
6,725 8,967 - - -
2,914 9,121 12,162 - -
3,871 12,118 16,157 -
4,023 12,595 16,793
4,821 15,092
4,364
14,865 21,959 28,303 33,573 36,249

57. Query Response & E-Commerce (INR '000)
FY11P
Query Response System
USAGE PER TARAKENDRA
No of users per month per TK -
No of users per annum per TK -
Revenue per TK per annum -
Charge per user (INR) 10
Revenue share of TARAhaat 30%
Revenue share of franchisee 70%
USAGE ACROSS TARAHAAT
New TKs Cumulative
Opening TKs
Year 0 106 236 -
Year 1 155 391 -
Year 2 544 935
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568
Year 7 2,096 8,664
Year 8 1,897 10,561
Total no of users per annum -
Total revenue generated -
Total revenue for Franchisee -
Total revenue for TARAhaat -
E-Commerce
Total transaction value per month per TK -
Total transaction value per annum per TK -
Total Commission 7.5% -
Franchisee commission 5.0% -
TARAhaat commission 2.5% -
New TKs Cumulative
Opening TKs
Year 0 106 236 -
Year 1 155 391 -
Year 2 544 935
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568
Year 7 2,096 8,664

58. Year 8 1,897 10,561
Total revenue generated -
Total revenue for Franchisee -
Total revenue for TARAhaat -

59. FY12P FY13P FY14P FY15P FY16P
100 150 200 300 400
1,200 1,800 2,400 3,600 4,800
12 18 24 36 48
283,200 424,800 566,400 849,600 1,132,800
185,472 278,208 370,944 556,416 741,888
- 653,184 979,776 1,306,368 1,959,552
- 1,120,896 1,681,344 2,241,792
- 1,520,208 2,280,312
- 2,019,600
-
468,672 1,356,192 3,038,016 5,913,936 10,375,944
4,687 13,562 30,380 59,139 103,759
3,281 9,493 21,266 41,398 72,632
1,406 4,069 9,114 17,742 31,128
3 6 11 15 18
36 72 132 180 216
3 5 10 14 16
2 4 7 9 11
1 2 3 5 5
637 1,274 2,336 3,186 3,823
417 835 1,530 2,087 2,504
- 1,470 2,939 5,389 7,348
- 2,522 5,044 9,247
- 3,420 6,841
- 4,544
-

60. 1,055 3,579 9,328 19,126 34,308
703 2,386 6,219 12,751 22,872
352 1,193 3,109 6,375 11,436

61. FY17P FY18P
500 600
6,000 7,200
60 72
1,416,000 1,699,200
927,360 1,112,832
2,612,736 3,265,920
3,362,688 4,483,584
3,040,416 4,560,624
3,029,400 4,039,200
2,099,160 3,148,740
- 2,515,320
-
16,487,760 24,825,420
164,878 248,254
115,414 173,778
49,463 74,476
20 22
240 264
18 20
12 13
6 7
4,248 4,673
2,782 3,060
8,818 9,798
12,610 15,132
12,542 17,102
9,088 16,662
4,723 9,446
- 5,659

62. -
54,811 81,533
36,541 54,355
18,270 27,178

63. Project Implementation (INR '000)
FY11P FY12P FY13P
Adult Literacy Programs
Per Head Gross Revenue 2.4 2.4 2.4
Number of People Covered (For Projects Currently in Pipeline)
Madhya Pradesh 17,500 17,500
Chattisgrah - 7,500 7,500
Jharkhand - - 15,000
Bihar - - -
New Projects
New Students
Total 17,500 25,000 22,500
Revenue from Pipeline 41,388 59,125 53,213
New Projects Revenue 0% 0% 0%
Total Gross Revenue 41,388 59,125 53,213
Service Tax (%) 11.33% 11.33% 11.33%
Total Net Revenue 36,698 52,426 47,184
Per Head Recurring Cost 1.6 1.6 1.6
Per Head Capital Cost 0.1 0.1 0.1
Specific Cost Incurred 28,000 40,000 36,000
76% 76% 76%
Operating Margin for TH 8,698 12,426 11,184
24% 24% 24%
Capex Undertaken (IT Systems) 2,240 3,200 2,880
6% 6% 6%

64. FY14P FY15P FY16P FY17P FY18P
2.5 2.6 2.7 2.9 3.0
7,500 7,500
100% 100%
7,500 7,500 17,734 23,645 31,527
15,000 15,000 17,734 23,645 31,527
37,249 39,111 48,552 67,973 95,162
0% 0% 40% 40% 40%
37,249 39,111 54,756 76,658 107,321
11.33% 11.33% 11.33% 11.33% 11.33%
33,028 34,680 48,552 67,973 95,162
1.7 1.8 1.9 1.9 2.0
0.1 0.1 0.1 0.1 0.1
25,200 26,460 37,044 51,862 72,606
76% 76% 76% 76% 76%
7,828 8,220 11,508 16,111 22,555
24% 24% 24% 24% 24%
1,920 1,728 2,428 3,399 4,758
6% 5% 5% 5% 5%

65. Training Institute - P&L Statement (INR '000)
Type A 9
Type B 12
Space Per
Total Space
Construction Cost (INR) Units Person Per No of Persons Per Unit Cost
Requirment
Room
Type Total Cost
(Nos.) (Sq. Metre) (Nos.) (Sq. Metres) (Rs./Sq. Metre)
Large Training Hall 1 2 70 140 A 9 1,260
Small Training Hall 1 2 30 60 A 9 540
Resource Center 2 2 20 80 A 9 720
Toilets 30 B 12 360
Office Space 1 8 4 32 A 9 288
Small Meeting Rooms 2 2 20 80 A 9 720
IT Room 1 25 A 9 225
Small Studio 1 50 A 9 450
Library 1 3 20 60 A 9 540
Residence for double rooms 8 70 560 B 12 6,720
Cafeteria + Kitchen 100 B 12 1,200
Service Rooms 50 B 12 600
1,267 13,623
Equipment Cost (INR) Units Cost per unit Amount
Computer Terminals 45 25 1,125
Software 45 25 1,125
UPS 45 6 270
Colour Printer 1 20 20
Black and White Printer 3 10 30
Xerox Machine 1 100 100
Generator 1 700 700
LAN Network Cost Per Terminal 45 12 540
LCD Projector 4 60 240
Video Camera 4 50 200
Still Camera 4 10 40
Switch 1 5 5
Connectors 50 0 1
Hardware Computer Kit 10 15 150
UTP Cable 100 0 2
Total 4,548
Buffer For Cost Overruns 10%
Total Equipment Cost 5,003
Total cost of 1st training institute 21,626 Location: Orcha
Furniture 3,000
Equipment 5,003
Construction 13,623
Infrastructure cost of 2nd training institute 21,626 Location: Pahuj
Furniture 3,000
Equipment 5,003
Construction 13,623
Total Fixed Cost Estimated 43,251
1 2 3 4 5 6 7 8
FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
Capex Schedule 1st institute 40% 40% 20% 0% 0% 0% 0% 0%
Completion 40% 80% 100% 100% 100% 100% 100% 100%
Capex on 1st institute 8,650 9,083 4,768 - - - - -
Capex Schedule 2nd institute 0% 0% 0% 40% 40% 20% 0% 0%
Completion 0% 0% 0% 40% 80% 100% 100% 100%
Capex on 2nd institute - - - 10,014 10,514 5,520 - -
Actual Capex for The Year 8,650 9,083 4,768 10,014 10,516 5,521 1 1
Cumulative Capex 8,650 17,733 22,501 32,516 43,031 48,553 48,554 48,555
Construction Cost 5,449 5,722 3,004 6,308 6,624 3,477 - -
Furniture Cost 1,200 1,260 662 1,389 1,459 766 - -
Equipment Cost 2,001 2,101 1,103 2,316 2,432 1,277 - -
Total Capex 8,650 9,083 4,768 10,014 10,514 5,520 - -
Total number of working days in a year 300 300 300 300 300 300 300 300
Average Batch Size 20 20 20 20 20 20 20 20
Average Training Session Duration 3 3 3 3 3 3 3 3
Total Student Capacity Per Day 28 56 70 98 126 140 140 140
Actual Batches Per Day 1.00 1.25 1.50 2.00 2.50 3.50 4.50 5.50
Functional Capacity 2,113 2,642 3,170 4,227 5,284 7,397 9,510 11,624
FRANCHISEE TRAINING
Total TKs 391 935 1,869 3,136 4,819 6,568 8,664 10,561
No of New TKs (Gross) 193 680 1,168 1,490 1,980 2,058 2,466 2,232
% of new franchisees coming for Induction Training 0% 50% 50% 70% 70% 70% 70% 70%
Number of New Franchisees Coming for Induction Training - 340 584 1,043 1,386 1,441 1,726 1,562
Number of Days of Induction Training 4 4 4 4 4 4 4 4
Class Size 25 25 25 25 25 25 25 25
Number of New Franchisees Paying for Induction Training - - 1,168 1,490 1,980 2,058 2,466 2,232
Fees of Induction training (INR) [#] 2,500 2,500 3,000 3,000 3,000 3,500 3,500 3,500
Total fees of Induction Training (INR '000) - - 3,503 4,471 5,940 7,203 8,631 7,812
Number of Days - 54 93 167 222 230 276 250
[#] Induction Training Cost is incuded in Franchisee Fee from FY13
% of franchisees coming for Additional Training 3% 5% 10% 20% 25% 25%
No of franchisees coming for Additional Training 28 93 314 964 1,642 2,166
Number of Days of Additional Training 2 2 2 2 2 2 2 2
Class Size 25 25 25 25 25 25 25 25
Fees of Additional training (INR) 4,250 4,463 4,686 4,920 5,166 5,424
Total fees of Additional Training (INR '000) - - 119 417 1,451 4,681 8,374 11,599
Number of Days - - 2 7 25 77 131 173
Total Fees of Franchisee Trainings - - 3,622 4,888 7,391 11,884 17,005 19,411
INSTRUCTOR TRAINING
Avg No of Instructors per franchise 1.2 1.8 1.8 1.8 1.8 1.8 1.8 1.8
Total No of Instructors 469 1,683 3,364 5,644 8,674 11,823 15,596 19,011
% of Instructors coming for Basic Courses 0% 3% 5% 5% 10% 15% 15% 15%
Number of Instructors coming for Basic Courses - 50 168 282 867 1,773 2,339 2,852
Average Number of Days of Basic Courses 3 3 3 3 3 3 3 3
Class Size 20 20 20 20 20 20 20 20
Fees Per Person of Basic Courses (INR) 5,075 5,329 5,595 5,875 6,169 6,477 6,801 7,141
Total fees of trainings for Basic Courses - 269 941 1,658 5,351 11,486 15,910 20,363
Number of Days - 7 23 39 119 244 322 392
% of Instructors coming for Advanced Courses 0% 1.5% 2.5% 5% 10% 15% 15% 15%
Number of Instructors coming for Advanced Courses - 25 84 282 867 1,773 2,339 2,852
Average Number of Days of Advanced Courses 2 2 2 2 2 2 2 2
Class Size 20 20 20 20 20 20 20 20
Fees Per Person of Advanced Courses (INR) 3,215 3,376 3,545 3,722 3,908 4,104 4,309 4,524
Total fees of trainings for Advanced Courses - 85 298 1,050 3,390 7,278 10,080 12,902
Number of Days - 3 8 28 87 177 234 285
Total fees of Instructor Trainings - 354 1,239 2,709 8,741 18,764 25,990 33,265
INTERNAL STAFF TRAINING
Internal Staff Trained - Induction 150 249 302 381 410 445 463 396
Number of Days of First Training 4 4 4 4 4 4 4 4
Class Size 14 14 14 14 14 14 14 14
Number of Days 43 71 86 109 117 127 132 113
Internal Staff Trained - Refresher 77 186 342 396 475 480 409 502
Total Staff 110 266 488 791 1,187 1,599 2,046 2,512 2,913
% of Total Staff Trained - Refresher 70% 70% 70% 50% 40% 30% 20% 20%
Number of Days of Refresher Training 2 2 2 2 2 2 2 2
Class Size 14 14 14 14 14 14 14 14
Number of Days 11 27 49 57 68 69 58 72
Total No of People Coming For Training 227 851 1,508 2,478 4,319 6,876 8,919 10,330
Spare Capacity 89% 68% 52% 41% 18% 7% 6% 11%
No of unutilized days 107 163 157 174 99 42 37 67
Total revenue earned from training - 354 4,861 7,597 16,131 30,648 42,995 52,676
Total Rent 50% 187 285 275 304 - - - -
Rent per day earned (INR '000) 3.50
Total Revenue Earned (Including Induction Training Fee) 187 639 5,137 7,901 16,131 30,648 42,995 52,676
Total Revenue Earned (Excluding Induction Training Fee) 187 639 1,634 3,430 10,191 23,445 34,364 44,864
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Total Operating Cost 1,020 2,655 4,899 9,425 17,834 31,349 43,213 53,081
Maintenance as a percentage of total cost 5% - 433 887 1,125 1,626 2,152 2,428 2,428
Training camp in Punjab 30 180 180 180 180 180 180 180 180
Total Salary Cost 624 686 889 2,252 2,477 2,725 2,997 3,297
Induction Training Instructors - - 11 49 54 60 66 72
Salary per month 19 20 22 25 27 30 33 36
No of Instructors - - 1 2 2 2 2 2
Technical Support 10 11 12 27 29 32 35 39
Salary per month 10 11 12 13 15 16 18 19
No of tech support staff 1 1 1 2 2 2 2 2
Reception & Adm Officer 8 9 10 21 23 26 28 31
Salary per month 8 9 10 11 12 13 14 16
No of receptionist 1 1 1 2 2 2 2 2
Accounts Officer 12 13 15 32 35 39 43 47
Salary per month 12 13 15 16 18 19 21 23
No of accounts officers 1 1 1 2 2 2 2 2
Training Coordinators 12 13 15 32 35 39 43 47
Salary per month 12 13 15 16 18 19 21 23
No of coordinators 1 1 1 2 2 2 2 2
Office Boys 10 11 12 27 29 32 35 39
Number of Office Boys 2 2 2 4 4 4 4 4
Salary per month 5 6 6 7 7 8 9 10
Increase in salaries 10%
Cost of Induction Training Per Head (INR) 2,287 2,401 2,521 2,647 2,780 2,919 3,065 3,218
Total Cost of Induction Training - 817 1,472 2,762 3,853 4,205 5,290 5,028
Cost of Additional Training Per Head (INR) 3,625 3,806 3,996 4,196 4,406 4,626 4,857 5,100
Total Cost of Additional Training - - 112 392 1,382 4,458 7,976 11,047
Cost of Basic Course Per Instructor Trained (INR) 4,771 5,009 5,260 5,523 5,799 6,089 6,394 6,713
Total Cost of Basic Courses (Instructor) - 253 885 1,559 5,030 10,798 14,957 19,143
Cost of Advanced Courses Per Instructor Trained (INR) 2,936 3,083 3,237 3,399 3,569 3,748 3,935 4,132
Total Cost of Advanced Courses (Instructor) - 78 272 959 3,096 6,646 9,205 11,782
Broadband Line 180 171 162 154 147 139 132 126
Broadband Per Month 15.0 14.3 13.5 12.9 12.2 11.6 11.0 10.5
Communication Expenses 36 38 40 42 44 46 48 51
Communication Per Month 3.0 3.2 3.3 3.5 3.6 3.8 4.0 4.2

66. Training List & Expenditure Details (INR)
Trainings for Instructors
Type Name Total Cost Total Fees Total Days
Basic IT MSOffice 6,555 7,000 4
Basic IT plus WDF 2,924 3,300 2
Basic IT plus DMF 2,917 3,300 2
Language PELP 3,577 3,800 2
Language IELTS 4,691 5,000 2
DTP PageMaker 2,917 3,200 2
DTP CorelDraw 2,917 3,200 2
DTP Photoshop 2,927 3,200 2
Accounts Tally9 4,262 4,500 3
Hardware MCH 2,927 3,200 2
Hardware Networking 2,916 3,200 2
DIT C 2,955 3,200 2
DIT C++ 2,985 3,200 2
DIT FoxPro 2,965 3,200 2
DIT Access 2,975 3,200 2
DIT VB 2,935 3,200 2
DIT SQL 2,915 3,200 2
Training for Franchisee
List of Trainings FY11P FY12P FY13P
Induction training - Cost 2,287 2,401 2,521
Induction training - Fees 2,500 2,500 3,000
Sales and Marketing - Cost 3,360 3,528 3,704
Sales and Marketing - Fees 4,000 4,000 4,000
Entrepreneurial training - Cost 3,889 4,083 4,288
Entrepreneurial training - Fees 4,500 4,500 4,500
Average Cost for Additional Training 3,625 3,806 3,996
Average Fees for Additional Training 4,250 4,250 4,250

67. Per Day By Type By Timing
Cost Fees Avg Cost Avg Fees Avg Cost
1,639 1,750 Basic IT 1,639 1,750 Basic 4,771
1,462 1,650 Basic IT plus 1,460 1,650 Advanced 2,936
1,458 1,650
1,789 1,900 Language 2,067 2,200
2,345 2,500
1,458 1,600 DTP 1,460 1,600
1,458 1,600
1,463 1,600
1,421 1,500 Accounts 1,421 1,500
1,463 1,600 Hardware 1,461 1,600
1,458 1,600
1,478 1,600 DIT 1,478 1,600
1,493 1,600
1,483 1,600
1,488 1,600
1,468 1,600
1,458 1,600
FY14P FY15P FY16P FY17P FY18P
2,647 2,780 2,919 3,065 3,218
3,000 3,000 3,500 3,500 3,500
3,890 4,084 4,288 4,503 4,728
4,500 4,500 4,500 5,000 5,000
4,502 4,727 4,963 5,212 5,472
5,000 5,000 5,500 5,500 6,000
4,196 4,406 4,626 4,857 5,100
4,750 4,750 5,000 5,250 5,500

68. By Timing
Avg Fees Avg Days
5,075 3
3,215 2

69. Insurance Sales
FY11P FY12P
Renewal Rate 66% 66%
New Policies Sold - 3,000
Policies Renewed - -
Total Policies O/S - 3,000
Total Commission 15% 15%
Total Revenue Per Policy - 450
TH's Share 3% 3%
Monthly TH Revenue - 90
Annual TH Revenue - 1,080
Annual TK Revenue (INR) - 4,320
Premium Per Policy 500 500
New Policies Issued Annually - 72
Total Policies O/S Per AO - 1,565
TKs Per AO 17 22
Total Policies O/S per AO per Month - 130
Multiplier 25%
New TKs Cumu - 1,080
236 - 254,880
155 391 - 166,925
544 935 146,966
934 1,869
1,267 3,136
1,683 4,819
1,749 6,568
2,096 8,664
1,897 10,561
Annual TH Revenue - 569
New TKs Cumu - 72
236 - 16,992
155 391 - 11,128
544 935 9,798
934 1,869
1,267 3,136
1,683 4,819
1,749 6,568
2,096 8,664
1,897 10,561
New Policies Sold - 38
New TKs Cumu
236 - 16,992
155 391 - 11,128

70. 544 935 - 9,798
934 1,869 -
1,267 3,136
1,683 4,819
1,749 6,568
2,096 8,664
1,897 10,561
Total Policies Outstanding - 38
New TKs Cumu
236 -
155 391 -
544 935 -
934 1,869
1,267 3,136
1,683 4,819
1,749 6,568
2,096 8,664
1,897 10,561
Total Policies Renewded - -
Operating Expenses
Salary Expenses
Slab Salary
# of Office Adm 1
Office Administrator 2 20 20
# of Asst. Manager 1
Assistant Manager 3 35 35
# of Support Staff -
Support Staff 1 8 -
Overheads 40%
Inflation 5%
Year 1
Salary 970
Other Expenses
Other Expenses (%) 0%
Other Expenses -
Total Expenses 970
Expenses As % of TH Revenue 171%

71. FY13P FY14P FY15P FY16P FY17P FY18P
66% 66% 66% 66% 66% 66%
3,000 4,000 5,500 6,000 6,000 6,000
1,980 3,287 4,809 6,804 8,451 9,537
4,980 7,287 10,309 12,804 14,451 15,537
15% 15% 15% 15% 15% 15%
747 1,093 1,546 1,921 2,168 2,331
3% 3% 3% 3% 3% 3%
149 219 309 384 434 466
1,793 2,623 3,711 4,609 5,202 5,593
7,171 10,493 14,845 18,438 20,809 22,374
500 500 500 500 500 500
72 96 132 144 144 144
3,546 6,232 10,551 14,626 18,435 21,759
30 36 43 48 53 58
295 519 879 1,219 1,536 1,813
1,793 2,623 3,711 4,609 5,202 5,593
423,101 619,087 875,877 1,087,839 1,227,734 1,320,064
277,095 405,449 573,625 712,442 804,062 864,530
975,857 1,427,886 2,020,159 2,509,036 2,831,695 3,044,650
418,655 2,450,323 3,466,692 4,305,629 4,859,328 5,224,769
830,809 4,701,679 5,839,482 6,590,433 7,086,060
1,561,548 7,757,766 8,755,406 9,413,848
2,015,844 9,100,316 9,784,696
2,726,115 11,724,520
2,652,993
2,095 5,734 13,200 24,228 36,895 51,116
72 96 132 144 144 144
16,992 22,656 31,152 33,984 33,984 33,984
11,128 14,838 20,402 22,257 22,257 22,257
39,191 52,255 71,850 78,382 78,382 78,382
16,813 89,672 123,299 134,508 134,508 134,508
30,404 167,223 182,425 182,425 182,425
55,539 242,352 242,352 242,352
62,975 251,899 251,899
75,460 301,838
68,299
84 210 469 757 1,021 1,316
28,207 41,272 58,392 72,523 81,849 88,004
18,473 27,030 38,242 47,496 53,604 57,635

72. 45,658 82,389 126,227 161,692 185,099 200,547
16,813 100,769 189,806 259,779 305,962 336,442
- 30,404 187,290 306,036 384,409 436,135
- 55,539 279,008 426,497 523,840
- 62,975 293,463 445,584
- 75,460 351,642
- 68,299
109 282 655 1,190 1,806 2,508
11,215 18,616 27,240 38,539 47,865 54,020
7,345 12,192 17,840 25,240 31,347 35,379
6,467 30,134 54,377 83,310 106,717 122,165
- 11,097 66,507 125,272 171,454 201,935
- 20,067 123,611 201,984 253,710
- 36,656 184,145 281,488
- 41,563 193,685
- 49,803
-
25 72 186 433 785 1,192
1 1 1 1 1 1
20 20 20 20 20 20
1 1 2 2 2 2
35 35 70 70 70 70
- 8 10 12 15 20
- 64 80 96 120 160
40% 40% 40% 40% 40% 40%
5% 5% 5% 5% 5% 5%
2 3 4 5 6 7
1,019 2,314 3,471 3,988 4,728 5,910
0% 0% 15% 25% 25% 25%
- - 1,980 6,057 9,224 12,779
1,019 2,314 5,451 10,045 13,952 18,689
49% 40% 41% 41% 38% 37%

73. Product Development Costs (INR '000)
FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
Total product development cost 1,300 1,300 1,400 1,400 2,250 2,250 2,250 2,250
Revamping existing products
Cost of revamping one product 100 100 100 100 150 150 150 150
Total Cost of Revamping 300 300 400 400 750 750 750 750
Products revamped in the year 3 3 4 4 5 5 5 5
Total number of existing products 20
Addition of new Products
Cost of adding new product 500 500 500 500 750 750 750 750
Total Cost of Adding New Products 1,000 1,000 1,000 1,000 1,500 1,500 1,500 1,500
Number of new products added 2 2 2 2 2 2 2 2
Note:
Revamping of existing products are major initiatives, routine maintainance and improvements continues to be reflected in exisitng manpower
In addition, personnel for non educational product development are catered for in manpower

74. Depreciation (INR '000)
FY11P FY12P
Written Down Value Method
Gross Fixed Asset Split
Buildings 5,449 5,722
Furniture & Fixtures 2,720 3,196
Office Equipment 1,552 1,969
IT Systems 22,103 19,030
Total 31,825 29,917
Depreciation Rates (WDV)
Buildings 10.0%
Furniture & Fixtures 18.1%
Office Equipment 18.1%
IT Systems 18.1%
Weighted Avg Depreciation 16.9%
Opening Balance 2,329 31,062
Add: Additions 31,825 29,917
Less: Depreciation 3,092 7,800
Closing Balance 31,062 53,179
Straight Line Method
Depreciation Rate (SLM) 20%
Capex FY11P FY12P
Year 0 2,329 466
Year 1 31,825 3,182 6,365
Year 2 29,917 2,992
Year 3 24,669
Year 4 33,945
Year 5 33,921
Year 6 28,670
Year 7 23,392
Year 8 8,798
Depreciation for the year 3,648 9,357
Gross Fixed Assets
Opening Balance 2,329 34,153
Add: Additions 31,825 29,917
Closing Balance 34,153 64,070
Accumulated Depreciation
Opening Balance 1,950 5,598
Add: Depreciation for the year 3,648 9,357
Closing Balance 5,598 14,955
Net Fixed Assets 28,555 49,115

75. FY13P FY14P FY15P FY16P FY17P FY18P
3,004 6,308 6,624 3,477 - -
2,501 3,640 3,597 2,797 1,930 -
1,871 2,294 2,179 2,070 1,967 -
17,294 21,703 21,521 20,325 19,496 8,798
24,669 33,945 33,921 28,670 23,392 8,798
53,179 66,744 86,501 102,886 111,689 114,170
24,669 33,945 33,921 28,670 23,392 8,798
11,104 14,189 17,535 19,867 20,912 20,096
66,744 86,501 102,886 111,689 114,170 102,872
FY13P FY14P FY15P FY16P FY17P FY18P
6,365 6,365 6,365 3,182
5,983 5,983 5,983 5,983 2,992
2,467 4,934 4,934 4,934 4,934 2,467
3,395 6,789 6,789 6,789 6,789
3,392 6,784 6,784 6,784
2,867 5,734 5,734
2,339 4,678
880
14,815 20,677 27,463 30,540 29,572 27,332
64,070 88,739 122,685 156,605 185,276 208,668
24,669 33,945 33,921 28,670 23,392 8,798
88,739 122,685 156,605 185,276 208,668 217,465
14,955 29,770 50,447 77,910 108,450 138,022
14,815 20,677 27,463 30,540 29,572 27,332
29,770 50,447 77,910 108,450 138,022 165,354
58,969 72,238 78,695 76,826 70,646 52,111

76. Total
30,584 14%
20,382 9%
13,902 6%
150,270 70%
215,137 100%
0
1
2
3
4
5
6
7

77. Working Capital (INR '000)
FY10E FY11P FY12P
Receivables
Average Monthly Revenue 882 2,945 9,497
Receivable Months 1.8 1.8 1.5
Receivables 1,584 5,301 14,246
Franchisee Fee Due 762 1,492
Total Receivables 1,584 6,063 15,738
Loans & Advances
Loans & Advances 2,933 3,226 3,549
Growth Rate 10% 10%
Payables
Avg. Monthly Expenses 1,763 9,380 18,254
Payable Months 2.1 1.0 1.0
Payables for 30 days 3,627 9,380 18,254
Inventory
Inventory per AO / Month 10,185 11,204 12,324
Inventory growth 10% 10%
Total Yearly Inventory 1,100 3,092 6,359
Working Capital
Net Working Capital 1,990 3,002 7,391
Change In Working Capital 1,012 4,390
Check
Change in Receivable 4,479 9,675
Change in Loans & Advances 293 323
Change in Payables 5,752 8,875
Change in Inventory 1,992 3,267
Change in working capital 1,012 4,390

78. FY13P FY14P FY15P FY16P FY17P
23,801 45,174 80,565 120,868 168,222
1.5 1.5 1.5 1.5 1.5
35,702 67,761 120,848 181,303 252,333
3,188 5,964 9,689 14,455 20,272
38,890 73,725 130,537 195,758 272,605
3,904 4,294 4,724 5,196 5,716
10% 10% 10% 10% 10%
30,557 45,187 68,808 96,326 128,425
1.0 1.0 1.0 1.0 1.0
30,557 45,187 68,808 96,326 128,425
13,556 14,912 16,403 17,552 18,780
10% 10% 10% 7% 7%
10,249 15,747 22,243 29,065 36,734
22,486 48,579 88,695 133,693 186,630
15,094 26,094 40,116 44,998 52,937
23,152 34,835 56,812 65,220 76,848
355 390 429 472 520
12,303 14,630 23,621 27,517 32,099
3,889 5,499 6,496 6,822 7,669
15,094 26,094 40,116 44,998 52,937

79. FY18P
220,825
1.5
331,237
26,198
357,435
6,287
10%
163,033
1.0
163,033
20,095
7%
43,646
244,335
57,705
84,830
572
34,609
6,912
57,705

80. Marketing Spend Across TARAhaat (INR '000)
FY11P FY12P FY13P FY14P
Spend by TH 3,534 10,257 25,705 48,788
Share of Franchisee (%) 60% 60% 50% 50%
Franchisee Spend 2,120 6,154 12,853 24,394
Total Overalll Spend 5,654 16,411 38,558 73,182
Spend Per TK (Franchisees) 5.43 6.58 6.88 7.78
Spend Per TK (Overall) 14.48 17.55 20.63 23.34

81. FY15P FY16P FY17P FY18P
87,010 130,538 181,680 238,491
40% 40% 40% 40%
34,804 52,215 72,672 95,396
121,815 182,753 254,352 333,887
7.22 7.95 8.39 9.03
25.28 27.82 29.36 31.61

82. Tax (INR '000)
FY11P FY12P FY13P
EBIDTA (31,692) (32,775) 10,373
Less: Depreciation 3,092 7,800 11,104
Less: Interest Charges 2,040 3,660 6,720
Total Income (36,823) (44,235) (7,450)
Total Income After Carried Forward Loss (78,433) (122,668) (130,118)
Taxable Income - - -
Minimum Alternate Tax - - -
Corporate Tax - - -
Tax Paid - - -

83. FY14P FY15P FY16P FY17P FY18P
117,451 324,125 582,470 893,044 1,256,169
14,189 17,535 19,867 20,912 20,096
7,344 5,712 4,080 2,448 816
95,918 300,878 558,522 869,684 1,235,257
(34,201) 266,678 558,522 869,684 1,235,257
- 266,678 558,522 869,684 1,235,257
10,132 32,965 62,071 97,554 139,135
- 90,644 189,842 295,605 419,864
10,132 90,644 189,842 295,605 419,864

84. Annual Expenses - HO (INR '000)
PARTICULARS
Growth (%) [#] FY11P FY12P
Bank Charges 30 32
Manpower Costs 22,750 30,847
Consumables 120 126
Courier/ Speed Post 15% 60 69
Electricity Exp. 300 315
Freight & Cartage 15% 60 69
Generator Operations 120 126
Generator Expenses 60 63
Insurance Expense 120 126
Legal Charges 15% 100 115
Newspaper & Magazine 12 13
Office supply (Tea, Coffee, Water etc.) 60 63
Printing Expenses 2,531 10,097
Professional Charges 120 126
Public Relations 200 210
Recruitment Expenses [*] 222 299
Rent 600 630
Repair & Maintenance 60 63
Stationary 120 126
Stipend 72 76
Sundry Expenses 15% 60 69
Telephone/ Fax/ Email Local 210 281
STD/ ISD 20% 60 72
Mobile 20% 120 144
Training Expenses 1,005 1,906
Travel Local 360 378
Travel National 840 882
Office Support Wages 10% 60 66
Xeroxing 30 32
Total Operating Expenses 30,462 47,419
Other expenses 7,712 16,572
Personnel expense 22,750 30,847
Total expense 30,462 47,419
[#] For items with no growth rate, inflation rate is assumed as growth rate
[*] Includes a 10% buffer over actual calculated costs for unforeseen circumstances
[1] Includes cost for outsourcing email, internet connection & video conferencing

85. FY13P FY14P FY15P FY16P FY17P FY18P
33 35 36 38 40 42
35,786 40,802 51,759 58,984 65,701 73,696
132 139 146 153 161 169
79 91 105 121 139 160
331 347 365 383 402 422
79 91 105 121 139 160
132 139 146 153 161 169
66 69 73 77 80 84
132 139 146 153 161 169
132 152 175 201 231 266
13 14 15 15 16 17
66 69 73 77 80 84
24,222 40,640 62,452 85,123 112,288 136,876
132 139 146 153 161 169
221 232 243 255 268 281
409 587 587 590 592 384
662 761 989 1,137 1,308 1,504
66 69 73 77 80 84
132 139 146 153 161 169
79 83 88 92 96 101
79 91 105 121 139 160
377 505 677 907 1,215 1,628
86 104 124 149 179 215
173 207 249 299 358 430
1,075 1,129 1,149 1,283 1,347 1,477
397 417 438 459 482 507
926 972 1,021 1,072 1,126 1,182
73 80 88 97 106 117
33 35 36 38 40 42
66,126 88,278 121,753 152,480 187,258 220,765
30,340 47,476 69,993 93,496 121,557 147,069
35,786 40,802 51,759 58,984 65,701 73,696
66,126 88,278 121,753 152,480 187,258 220,765

86. Capex Details - HO (INR '000)
Initial Set-Up Cost Quantity Rate FY11P
Rack Mount Servers DC/ADC 2 315 630
Web Tower Servers 1 125 125
Notebook Computer 30 45 1,350
Desktop Computer 39 35 1,365
Network Printer 2 40 80
Switch (48 PORT) 3 15 45
Cabling and Networking 1 150 150
UPS 5KVA 3 85 255
UPS Battery 6 9 54
Backup Storage Drive 1TB 2 10 20
Router 1 150 150
42 U Rack 1 40 40
Internet Data Card 20 4 80
Software
Tally Multi User 1 41 41
SQL Server 2005 with 5 CAL FPP 3 73 219
Visual Studio.Net 2008 PRO 5 license FPP 5 35 175
Windows Server 2003 + 5 CAL FPP 3 35 105
Windows CAL 70 2 105
Corel Draw 14.0 5 30 150
Adobe Photoshop CS4 5 40 200
Pagemaker 7.0 5 30 150
Adobe Flash CS4 5 40 200
Adobe Premier CS4 5 45 225
Query Response System (FAQ) 2,000
TOTAL CAPEX 7,914

87. FY12P FY13P FY14P FY15P FY16P FY17P FY18P
50
20
200
350
40
15
54 15 15 15 15
40 40 40 40 40 40 40
12 12 12 12 12 12 12
1,000 1,000 1,000 - - - -
1,052 1,052 1,106 742 67 67 67

88. Manpower Costs - HO (INR '000)
Slab (Year 1 - 4)
Slab No.
Min
0 0
1 5
2 10
3 30
4 40
5 50
6 60
7 70
8 80
9 150
10 200
Annual Increment 10%
Churn Rate (Below Asst. GM) 5%
Average 1 Month Salary 29
Department Designation
Senior Management CEO
COO
CFO
CTO
Operations & Franchisee Management Assistant General Manager
Senior Manager
Senior Manager
Support Staff
Support Staff
Support Staff
Support Staff
Support Staff
Business Development Senior Manager
New products & services Manager
Non-traditional educational products Manager
Drive tie ups and alliances Assistant Manager
Marketing Assistant General Manager
Assistant Manager
Support Staff
IT IT Manager
Support Staff
Support Staff
System Administrator
Senior Software Engineer
Software Engineer
Software Engineer
Software Engineer
Software Engineer

89. Software Engineer
E-commerce system Admin
Accounts & Finance Assistant General Manager
Manager
Manager
Manager
HR Deputy General Manager
Senior Manager
Assistant Manager
Assistant Manager
QA Assistant Manager
Senior Manager
Assistant Manager
Senior Manager
Deputy General Manager
Senior Manager
Senior Manager
Manager
Manager
Assistant General Manager
Support Staff
Placement Officer Placement Head
Placement executive
Product Development Team Team Leader
Basic IT Course
Advanced IT Course
Non- IT Courses
Editor/ Proof Reader
Illustrator
Graphic Designer
Translator (Hindi)
Translator (Punjabi)
Multimedia Designer
Audio/Video Editor
Product Management Deputy General Manager
After Roll out of all products & services Asst. General Manager
Asst. General Manager
Asst. General Manager
Non-educational Product Development Team Data analysis executive
Data analysis executive
Year 1
Team Size 47
New Joinees 20
Existing Employees 27
Below Asst. GM (*) 27
Cost of Hiring 40
* Manpower Requirements for Training Institute & Insurance Commission are accounted for in their separat

90. ab (Year 1 - 4) Slab (Year 5 - 8)
Designation
Max Min Max
0 - 0 0
10 Support Staff 7 12
30 Assistant Manager 12 32
40 Manager 32 45
50 Senior Manager 45 61
60 Assistant General Manager 61 71
70 Deputy General Manager 71 81
80 General Manager 81 90
130 COO 90 140
200 CFO 170 220
260 CEO 220 290
Time of Recruitment Applicable Salary Slab (Yr 1 - 4)
Function Slab No.
Year Month Min Max
10 1 1 200 260
8 1 1 80 130
9 1 6 150 200
9 1 1 150 200
Operations 5 1 1 50 60
Sales 4 1 1 40 50
Expansion 4 1 1 40 50
1 1 1 5 10
1 1 1 5 10
1 1 1 5 10
1 2 6 5 10
1 3 1 5 10
4 1 6 40 50
3 1 6 30 40
3 2 1 30 40
2 2 1 10 30
5 1 1 50 60
2 1 1 10 30
1 1 1 5 10
5 1 1 50 60
IT Support 2 1 1 10 30
IT Support 2 1 1 10 30
4 1 1 40 50
4 1 1 40 50
2 1 1 10 30
2 1 1 10 30
2 1 1 10 30
2 1 1 10 30

91. 2 2 1 10 30
2 1 6 10 30
Co. Secy. 5 1 1 50 60
Bookkeeper 3 1 1 30 40
Bookkeeper 3 4 1 30 40
Bookkeeper 3 7 1 30 40
HOD 6 1 1 60 70
Training 4 1 6 40 50
2 2 1 10 30
2 3 1 10 30
CRM (COO) 2 1 6 10 30
Audit 4 2 1 40 50
Audit 2 1 1 10 30
Financial Control 4 2 1 40 50
Financial Control 6 3 1 60 70
Financial Control 4 6 1 40 50
Financial Control 4 6 1 40 50
Financial Control 3 8 1 30 40
Financial Control 3 8 6 30 40
Controller 5 2 1 50 60
1 1 1 5 10
Job placement 5 1 1 50 60
Job placement 2 1 1 10 30
6 1 1 60 70
Developer 3 1 1 30 40
Developer 3 1 1 30 40
Developer 3 1 1 30 40
2 1 1 10 30
2 1 1 10 30
Graphics 2 1 1 10 30
Translator 2 1 1 10 30
Translator 2 1 1 10 30
2 1 1 10 30
2 1 1 10 30
6 1 1 60 70
5 2 1 50 60
5 3 6 50 60
5 4 6 50 60
Data Mining 2 1 1 10 30
Data Mining 2 1 1 10 30
Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
57 61 63 63 65 66
37 4 2 - 2 1
47 57 61 63 63 65
32 33 34 34 36 37
47 49 50 50 53 55
accounted for in their separate sheets.

92. alary Slab (Yr 1 - 4) Applicable Salary Slab (Yr 5 - 8) Year 1
Average Min Max Average Month Total
230 220 290 255 2,760
105 90 140 115 1,260
175 170 220 195 1,225
175 170 220 195 2,100
55 61 71 66 660
45 45 61 53 540
45 45 61 53 540
8 7 12 10 90
8 7 12 10 90
8 7 12 10 90
8 7 12 10 0
8 7 12 10 0
45 45 61 53 315
35 32 45 39 245
35 32 45 39 0
20 12 32 22 0
55 61 71 66 660
20 12 32 22 240
8 7 12 10 90
55 61 71 66 660
20 12 32 22 240
20 12 32 22 240
45 45 61 53 540
45 45 61 53 540
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240

93. 20 12 32 22 0
20 12 32 22 140
55 61 71 66 660
35 32 45 39 420
35 32 45 39 0
35 32 45 39 0
65 71 81 76 780
45 45 61 53 315
20 12 32 22 0
20 12 32 22 0
20 12 32 22 140
45 45 61 53 0
20 12 32 22 240
45 45 61 53 0
65 71 81 76 0
45 45 61 53 0
45 45 61 53 0
35 32 45 39 0
35 32 45 39 0
55 61 71 66 0
8 7 12 10 90
55 61 71 66 660
20 12 32 22 240
65 71 81 76 780
35 32 45 39 420
35 32 45 39 420
35 32 45 39 420
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
20 12 32 22 240
65 71 81 76 780
55 61 71 66 0
55 61 71 66 0
55 61 71 66 0
20 12 32 22 240
20 12 32 22 240
22,750
Year 8
68
2
66
39
58

94. 2 3 4 5 6 7
Total Total Total Total Total Total
3,036 3,340 3,674 4,480 4,928 5,421
1,386 1,525 1,677 2,020 2,223 2,445
2,310 2,541 2,795 3,426 3,769 4,145
2,310 2,541 2,795 3,426 3,769 4,145
726 799 878 1,160 1,276 1,403
594 653 719 931 1,024 1,127
594 653 719 931 1,024 1,127
99 109 120 167 184 202
99 109 120 167 184 202
99 109 120 167 184 202
58 109 120 167 184 202
0 109 120 167 184 202
594 653 719 931 1,024 1,127
462 508 559 676 744 818
462 508 559 676 744 818
264 290 319 387 425 468
726 799 878 1,160 1,276 1,403
264 290 319 387 425 468
99 109 120 167 184 202
726 799 878 1,160 1,276 1,403
264 290 319 387 425 468
264 290 319 387 425 468
594 653 719 931 1,024 1,127
594 653 719 931 1,024 1,127
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468

95. 264 290 319 387 425 468
264 290 319 387 425 468
726 799 878 1,160 1,276 1,403
462 508 559 676 744 818
0 0 559 676 744 818
0 0 0 0 0 818
858 944 1,038 1,335 1,469 1,616
594 653 719 931 1,024 1,127
264 290 319 387 425 468
0 290 319 387 425 468
264 290 319 387 425 468
594 653 719 931 1,024 1,127
264 290 319 387 425 468
594 653 719 931 1,024 1,127
0 944 1,038 1,335 1,469 1,616
0 0 0 0 1,024 1,127
0 0 0 0 1,024 1,127
0 0 0 0 0 0
0 0 0 0 0 0
726 799 878 1,160 1,276 1,403
99 109 120 167 184 202
726 799 878 1,160 1,276 1,403
264 290 319 387 425 468
858 944 1,038 1,335 1,469 1,616
462 508 559 676 744 818
462 508 559 676 744 818
462 508 559 676 744 818
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
264 290 319 387 425 468
858 944 1,038 1,335 1,469 1,616
726 799 878 1,160 1,276 1,403
0 466 878 1,160 1,276 1,403
0 0 512 1,160 1,276 1,403
264 290 319 387 425 468
264 290 319 387 425 468
30,847 35,786 40,802 51,759 58,984 65,701

96. 8
Total
5,963
2,689
4,560
4,560
1,543
1,239
1,239
222
222
222
222
222
1,239
900
900
514
1,543
514
222
1,543
514
514
1,239
1,239
514
514
514
514

97. 514
514
1,543
900
900
900
1,777
1,239
514
514
514
1,239
514
1,239
1,777
1,239
1,239
900
525
1,543
222
1,543
514
1,777
900
900
900
514
514
514
514
514
514
514
1,777
1,543
1,543
1,543
514
514
73,696

98. Annual Expenses - All ZOs (INR '000)
Annual Phasing Factor 0.5
New AOs New ZOs Cumulative
Opening Opening ZOs FY11P
Operating Expenditure Per ZO 3,608
Total Operating Expenditure - All ZOs
Year 1 2 2 3,608
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 - 18
Total Expenditure For ZOs 3,608
DETAILING
Operating Expediture Per ZO 3,608
Manpower expense ZO 2,707
Year 1 2 2 2,707
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 - 18
Total 2,707
Other operating expenses of ZO 901
Year 1 2 2 901
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 - 18
Total 901

99. Total Expenditure For ZOs 3,608
Check -

100. FY12P FY13P FY14P FY15P FY16P FY17P FY18P
4,615 5,489 6,309 8,543 9,299 10,884 12,354
9,229 10,978 12,619 17,087 18,598 21,767 24,709
3,788 9,690 11,527 13,250 17,941 19,528 22,855
3,977 10,175 12,104 13,912 18,838 20,504
6,264 16,026 19,063 21,912 29,670
6,577 16,827 20,016 23,007
6,906 17,668 21,017
7,252 18,552
-
13,017 24,646 40,585 65,043 93,247 126,981 160,314
4,615 5,489 6,309 8,543 9,299 10,884 12,354
3,620 4,360 5,091 7,148 7,863 9,234 10,579
7,240 8,719 10,182 14,297 15,727 18,469 21,157
2,842 7,602 9,155 10,691 15,012 16,513 19,392
2,984 7,982 9,613 11,226 15,762 17,339
4,700 12,572 15,140 17,681 24,826
4,935 13,201 15,897 18,565
5,181 13,861 16,692
5,440 14,554
-
10,082 19,305 32,019 52,108 75,487 103,623 132,524
994 1,130 1,218 1,395 1,436 1,649 1,776
1,989 2,259 2,437 2,790 2,871 3,299 3,552
946 2,088 2,372 2,558 2,929 3,015 3,464
993 2,193 2,491 2,686 3,076 3,166
1,565 3,453 3,923 4,231 4,844
1,643 3,626 4,119 4,442
1,725 3,807 4,325
1,811 3,998
-
2,935 5,341 8,566 12,935 17,761 23,358 27,790

101. 13,017 24,646 40,585 65,043 93,247 126,981 160,314
- - - - - - -

102. Annual Expenses - Typical ZO (INR '000)
PARTICULARS Growth (%) [#] Year 1
Consultancy Fee 2,707
Bank Charges 1
Consumables 10% 12
Courier/ Speed post 10% 12
Electricity Exp. 18
Freight & Cartage 10% 4
Generator expenses 12
Legal charges 10% 10
Newspaper & magazine 2
Office supply (Tea, Coffee, Mineral Water etc.) 9
Photographs/ Slides/ Display 10% 2
Printing Expenses 10% 6
Rent 180
Repair & Maintenance -
Stationary 9
Sundry Expenses 10% 9
Telephone/ Fax/ Email 15% 24
STD/ ISD 15% 24
Mobile 15% 24
Wages 18
Xeroxing 10% 12
Training Expenses 270
Local Travel Per Team Member 15
Travel Local 135
National Travel Per Team Member 12
Travel National 108
Total Operating Expenses 3,608
Other expenses 901
Personnel 2,707
Total Operating Expenses 3,608
[#] Inflation rate is used as rate of growth where growth rate is not explicitly mentioned

103. Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
3,620 4,360 5,091 7,148 7,863 9,234
1 1 1 1 2 2
13 15 16 18 19 21
13 15 16 18 19 21
19 20 21 22 23 24
4 5 5 6 6 7
13 13 14 15 15 16
11 12 13 15 16 18
2 2 2 2 2 2
9 10 10 11 11 12
2 2 3 3 3 4
7 7 8 9 10 11
189 198 208 219 230 241
- 10 11 11 12 12
9 10 10 11 11 12
10 11 12 13 14 16
28 32 37 42 48 56
28 32 37 42 48 56
28 32 37 42 48 56
19 20 21 22 23 24
13 15 16 18 19 21
236 252 252 299 268 331
16 17 17 18 19 20
189 232 260 310 325 382
13 13 14 15 15 16
151 185 208 248 260 306
4,615 5,489 6,309 8,543 9,299 10,884
994 1,130 1,218 1,395 1,436 1,649
3,620 4,360 5,091 7,148 7,863 9,234
4,615 5,489 6,309 8,543 9,299 10,884

104. Year 8
10,579
2
23
23
25
8
17
19
3
13
4
12
253
13
13
18
64
64
64
25
23
331
21
422
17
338
12,354
1,776
10,579
12,354

105. Capex Details - Typical ZO (INR '000)
Rate per unit
Particulars No of Units (INR) FY11P
Computer Systems
Notebooks 7 45 315
Desktops 12 35 420
Switch (24 PORT) 1 4 4
Cabling and Networking 150
UPS 5 KVA with 1 Battery 1 90 90
Backup Drive 1 5 5
Laser Printer 1 15 15
Tally-Single User 1 13 13
TOTAL IT CAPEX 1,012
Furniture
Area Manager Table 1 3 3
AM Chair 1 2 2
Reception Chair 5 1 5
Computer Table 10 2 15
Table OA 1 2 2
Office Table Drawer 12 2 18
Chairs 10 1 6
White Board 3 2 6
Almirah 1 5 5
Settee 1 1 1
Small Table / Stool 2 1 1
Notice Board 5 2 8
Painting (Wall & Fittings) 5
Glow Board Signage 1 10 10
Curtains 5
Filing Cabinet 6 6 36
Wooden Partition 30
TOTAL FURNITURE CAPEX 156
Electricals
Earthings 4
Ceiling Fans 8 1 10
Electrical Fittings 4
Flooring 4
Exhaust Fan 2 2 4
Tube Lights/CFL 8 0 3
Generator(KV) 1 25 25
Electric Meter Installation 1 10 10
Desert Cooler 2 6 12
Air Conditioners 2 20 40
Blowers 4 5 20
Telephone / ISDN Network 1 4 4
EPABX 3 Line 1 15 15

106. Miscellaneous 15
TOTAL EQUIPMENT CAPEX 169
Total 1,337
OVERALL CAPEX
New ZOs Total ZOs FY11P
Year 1 2 2 2,675
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 0 18
Total Capex 2,675
IT Systems
Year 1 2 2 2,024
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 0 18
Total IT Systems Capex 2,024
Furniture & Fixtures
Year 1 2 2 312
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15
Year 7 3 18
Year 8 0 18
Total Furniture Capex 312
Office Equipment
Year 1 2 2 339
Year 2 2 4
Year 3 2 6
Year 4 3 9
Year 5 3 12
Year 6 3 15

107. Year 7 3 18
Year 8 0 18
Total Office Equipment Capex 339
Check -

108. FY12P FY13P FY14P FY15P FY16P FY17P FY18P
40
75
90 5 5 5 5
15
- - 105 120 5 5 5
- - - - - - -

109. - - - - - - -
- - 105 120 5 5 5
FY12P FY13P FY14P FY15P FY16P FY17P FY18P
- - 210 240 10 10 10
2,541 - - 200 228 10 10
2,414 - - 190 217 9
3,440 - - 270 309
3,268 - - 257
3,104 - -
2,949 -
-
2,541 2,414 3,650 3,707 3,532 3,455 594
- - 210 240 10 10 10
1,923 - - 200 228 10 10
1,827 - - 190 217 9
2,603 - - 270 309
2,473 - - 257
2,349 - -
2,232 -
-
1,923 1,827 2,813 2,912 2,777 2,738 594
- - - - - - -
296 - - - - - -
282 - - - - -
401 - - - -
381 - - -
362 - -
344 -
-
296 282 401 381 362 344 -
- - - - - - -
322 - - - - - -
306 - - - - -
435 - - - -
414 - - -
393 - -

110. 373 -
-
322 306 435 414 393 373 -
- - - - - - -

111. Annual Revenue & Expenses - All AOs (INR '000)
Annual Phasing Factor 0.5
New TKs Cumulative New AOs
Opening TKs Opening
REVENUE LINES
Revenue Share from TKs
Year 0 106 236 9
Year 1 155 391 14
Year 2 544 935 20
Year 3 934 1,869 20
Year 4 1,267 3,136 25
Year 5 1,683 4,819 25
Year 6 1,749 6,568 25
Year 7 2,096 8,664 25
Year 8 1,897 10,561 18
Total Revenue Share (A)
Revenue from Other Services
Year 0 106 236 9
Year 1 155 391 14
Year 2 544 935 20
Year 3 934 1,869 20
Year 4 1,267 3,136 25
Year 5 1,683 4,819 25
Year 6 1,749 6,568 25
Year 7 2,096 8,664 25
Year 8 1,897 10,561 18
Total revenue from Other Services (B)
Revenue from Placement Service
Revenue from Placement Registration
Revenue from Placements
Total Revenue from Placement Service
TOTAL REVENUE FROM EDUCATION RELATED ACTIVITIES (C = A+B)
OPERATING EXPENSES
Operating Expenses Per AO
Year 0 9
Year 1 14
Year 2 20
Year 3 20
Year 4 25
Year 5 25

112. Year 6 25
Year 7 25
Year 8 18
Total (D)
EBITDA (E = C - D)
MANPOWER EXPENSES
Manpower Expenses Per AO
Year 0 9
Year 1 14
Year 2 20
Year 3 20
Year 4 25
Year 5 25
Year 6 25
Year 7 25
Year 8 18
Total Manpower Expenses (F)
OTHER OPERATING EXPENSES
Other Operating Expenses Per AO
Year 0 9
Year 1 14
Year 2 20
Year 3 20
Year 4 25
Year 5 25
Year 6 25
Year 7 25
Year 8 18
Total Other Operating Expenses (G)
TOTAL OPERATING EXPENSES - AO (H = F + G)

113. Cumulative
AOs FY11P FY12P FY13P FY14P FY15P
110 193 243 255 268
9 25,997 45,495 57,323 60,189 63,199
23 8,513 29,795 37,542 39,419 41,390
43 29,980 104,930 132,212 138,823
63 51,447 180,066 226,883
88 69,775 244,213
113 92,696
138
163
181
34,510 105,270 251,243 481,661 807,204
- - - - -
9 - - - - -
23 - - - - -
43 - - - -
63 - - -
88 - -
113 -
138
163
181
- - - - -
- - 1,514 2,540 3,903
830 8,697 32,859 57,888 155,676
830 8,697 34,373 60,428 159,579
35,340 113,966 285,616 542,090 966,783
2,790 3,224 4,715 5,035 6,719
9 25,106 29,012 42,432 45,314 60,469
23 19,527 45,130 66,006 70,489 94,063
43 29,290 67,696 99,008 105,734
63 30,754 71,080 103,959
88 40,365 93,293
113 42,383

114. 138
163
181
44,632 103,433 206,888 326,257 499,901
(9,292) 10,534 78,728 215,833 466,882
126% 91% 72% 60% 52%
1,895 2,241 3,323 3,656 5,185
9 17,051 20,166 29,909 32,900 46,666
23 13,262 31,370 46,526 51,178 72,592
43 19,892 47,055 69,789 76,767
63 20,887 49,407 73,278
88 27,414 64,847
113 28,785
138
163
181
30,312 71,428 144,377 230,689 362,935
895 983 1,391 1,379 1,534
9 8,055 8,846 12,523 12,414 13,803
23 6,265 13,761 19,480 19,311 21,471
43 9,398 20,641 29,220 28,966
63 9,867 21,673 30,681
88 12,951 28,446
113 13,598
138
163
181
14,320 32,004 62,511 95,569 136,966
44,632 103,433 206,888 326,257 499,901

115. FY16P FY17P FY18P
281 295 310
66,359 69,677 73,160
43,459 45,632 47,914
145,764 153,052 160,705
238,227 250,138 262,645
307,709 323,094 339,249
324,438 408,791 429,231
96,348 337,219 424,895
115,449 404,072
104,494
1,222,304 1,703,053 2,246,366
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- -
-
- - -
5,320 7,018 8,555
222,798 308,595 394,976
228,118 315,613 403,531
1,450,421 2,018,666 2,649,897
7,301 8,428 9,174
65,713 75,856 82,569
102,220 117,998 128,440
141,094 153,330 176,998 1
111,020 148,149 160,997 2
136,446 145,714 194,445 3
97,958 143,268 153,000 4

116. 44,502 102,856 150,432 5
46,727 107,998 6
35,326 7
698,954 887,172 1,046,881
751,467 1,131,494 1,603,016
48% 44% 40%
5,704 6,657 7,322
51,333 59,910 65,901
79,851 93,193 102,512
108,887 119,776 139,789
80,606 114,332 125,765
96,177 105,795 150,060
68,090 100,986 111,085
30,224 71,494 106,036
31,735 75,069
23,992
515,167 697,221 900,209
1,598 1,772 1,852
14,380 15,946 16,668
22,370 24,805 25,928
32,207 33,554 37,208
30,415 33,817 35,232
40,269 39,919 44,385
29,868 42,282 41,915
14,278 31,361 44,396
14,992 32,930
11,334
183,787 236,678 289,996
698,954 933,899 1,190,205

117. Annual Expenses - Typical AO (INR '000)
Growth (%) [#] Year 1
Manpower Expenses 1,895
Bank Charges 1
Consumables 10% 9
Courier/ Speed post 10% 12
Electricity Exp. 12
Generator expenses 24
Legal charges 10% 10
Newspaper & magazine 2
Office supply (Tea, Coffee, Mineral Water etc.) 12
Photographs/ Slides/ Display 10% 6
Printing Expenses 10% 6
Rent 120
Repair & Maintenance (Computer equipments) -
Stationary 6
Sundry Expenses 10% 6
Telephone/ Fax/ Email 15% 24
STD/ ISD 15% 12
Mobile 15% 36
Wages 15
Xeroxing 10% 6
Training Expenses 240
Local Travel Per Team Member 36
Travel Local 288
National Travel Per Team Member 6
Travel National 48
Total Operating Expenses 2,790
Manpower Expenses 1,895
Other Expenses 895
Total Expenses 2,790

118. Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
2,241 3,323 3,656 5,185 5,704 6,657
1 1 1 1 2 2
10 11 12 13 14 16
13 15 16 18 19 21
13 13 14 15 15 16
25 26 28 29 31 32
11 12 13 15 16 18
2 2 2 2 2 2
13 13 14 15 15 16
7 7 8 9 10 11
7 7 8 9 10 11
126 132 139 146 153 161
8 8 9 9 10 10
6 7 7 7 8 8
7 7 8 9 10 11
28 32 37 42 48 56
14 16 18 21 24 28
41 48 55 63 72 83
16 17 17 18 19 20
7 7 8 9 10 11
189 315 236 268 252 284
38 40 42 44 46 48
378 595 625 700 735 820
6 7 7 7 8 8
63 99 104 117 123 137
3,224 4,715 5,035 6,719 7,301 8,428
2,241 3,323 3,656 5,185 5,704 6,657
983 1,391 1,379 1,534 1,598 1,772
3,224 4,715 5,035 6,719 7,301 8,428

119. Year 8
7,322
2
18
23
17
34
19
3
17
12
12
169
11
8
12
64
32
96
21
12
268
51
861
8
144
9,174
7,322
1,852
9,174

120. Capex Details - Typical AO (INR '000)
Rate per unit
Particulars No of Units INR
Computer Hardware
Computer Systems
Notebooks 5 40
Desktops 8 25
Switch (24 PORT) 1 40
Cabling and Networking 1 3
UPS 5 KVA with 1 Battery 1 90
Backup Drive 1 5
Laser Printer 1 15
Tally - Single User 1 13
TOTAL IT SYSTEM CAPEX
Furniture
Territory Manager Table 1 2
TM Chair 1 2
Reception chair 3 1
Computer Table 3 2
Table OA 1 2
Office Table 1 Drawer 5 1
Chairs 8 1
White Board 2 2
Almirah 2 3
Settee 1 1
Small Table / Stool 2 1
Notice Board 5 1
Painting (Wall & Fittings)
Glow board Signage 2 10
Curtains
Filing Cabinet 1 6
Wooden Partition
TOTAL FURNITURE CAPEX
Electricals
Earthings
Ceiling Fans 4 2
Electrical Fittings
Flooring
Exhaust Fan 2 2
Tube Lights/CFL 8 0
Generator(KV) 1 25
Electric Meter Installation 1 3
Desert Cooler 2 6
Blowers 2 5
Telephone / ISDN Network 1 2
Miscellaneous
TOTAL EQUIPMENT CAPEX

121. Total
OVERALL CAPEX
New AOs Total AOs
Year 0 9
Year 1 14 23
Year 2 20 43
Year 3 20 63
Year 4 25 88
Year 5 25 113
Year 6 25 138
Year 7 25 163
Year 8 18 181
Total Capex
IT Systems
Year 0 9
Year 1 14 23
Year 2 20 43
Year 3 20 63
Year 4 25 88
Year 5 25 113
Year 6 25 138
Year 7 25 163
Year 8 18 181
Total IT Systems Capex
Furniture & Fixtures
Year 0 9
Year 1 14 23
Year 2 20 43
Year 3 20 63
Year 4 25 88
Year 5 25 113
Year 6 25 138
Year 7 25 163
Year 8 18 181
Total Furniture Capex
Office Equipment
Year 0 9
Year 1 14 23
Year 2 20 43
Year 3 20 63
Year 4 25 88
Year 5 25 113
Year 6 25 138

122. Year 7 25 163
Year 8 18 181
Total Office Equipment Capex
Check

123. FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
200 40
200 75
40
3
90 9 5 5 5 5
5
15 15
13
566 - - 24 120 5 5 5
2
2
3
5
2
3
5
4
6
1
1
5
3
20
1
6
20
86 - - - - - - -
4
6
4
4
4
3
25
3
12
10
2
10
87 - - - - - - -

124. 739 - - 24 120 5 5 5
FY11P FY12P FY13P FY14P FY15P FY16P FY17P FY18P
- - 216 1,080 45 45 45 -
10,346 - - 336 1,680 70 70 70
14,041 - - 456 2,280 95 95
13,339 - - 433 2,166 90
15,840 - - 514 2,572
15,048 - - 489
14,296 - -
13,581 -
63
10,346 14,041 13,555 17,256 17,229 17,124 16,471 3,379
- - 216 1,080 45 45 45 -
7,924 - - 336 1,680 70 70 70
10,754 - - 456 2,280 95 95
10,216 - - 433 2,166 90
12,132 - - 514 2,572
11,525 - - 489
10,949 - -
10,402 -
63
7,924 10,754 10,432 13,548 13,706 13,777 13,292 3,379
- - - - - - - -
1,208 - - - - - - -
1,640 - - - - - -
1,558 - - - - -
1,850 - - - -
1,757 - - -
1,669 - -
1,586 -
-
1,208 1,640 1,558 1,850 1,757 1,669 1,586 -
- - - - - - - -
1,214 - - - - - - -
1,647 - - - - - -
1,565 - - - - -
1,858 - - - -
1,765 - - -
1,677 - -

125. 1,593 -
-
1,214 1,647 1,565 1,858 1,765 1,677 1,593 -
- - - - - - - -

126. Manpower Costs - Typical ZO & AO (INR '000)
Slab (Yr 1 - 4)
Slab No.
Min Max
0 - -
1 5 10
2 10 20
3 12 25
4 25 40
5 35 50
Annual Increment 10%
Incentives 25%
Churn Rate (Asst. Manager & Above) 10%
Average 1 Month Salary (Asst. Manager & Above) - ZO 33
Average 1 Month Salary (Asst. Manager & Above) - AO 23
Zonal Office (ZO)
Department Designation Function
Management Senior Manager Area Manager
Operations & Franchisee Mgmt. Manager Expansion
Manager Sales & Mktg.
Assistant Manager Product Incharge
Support Staff Marketing
HR Manager HR
Assistant Manager HR
Placement Assistant Manager Placements
Admin Office Administrator
Assistant Manager Accounts
Support Staff Accounts
Support Staff Accounts
Support Staff Accounts
Office Administrator Audit
Office Administrator Audit
Assistant Manager Audit
Office Administrator Audit
Office Administrator Audit
Office Administrator Audit
Support Staff MIS
Year 1 Year 2
Team Size 9 12
New Joinees 9 3
Existing Employees 0 9
Managerial Cadre (Total) 5 6
Area Office (AO)

127. Department Designation Function
Management Manager Area Manager
Operations Assistant Manager Expansion & Franchisee Relations
Assistant Manager Sales & Marketing
Assistant Manager Expansion & Franchisee Relations
Assistant Manager Product Incharge
Support Staff Marketing
Support Staff Field Executive
Support Staff Field Executive
Office Administrator TGC
Support Staff TGC
Admin Office Administrator Accounts
Support Staff Accounts
Support Staff MIS
Placement Office Administrator Placements
Office Administrator Placements
Office Administrator Placements
Office Administrator Placements
Year 1 Year 2
Team Size 8 10
New Joinees 8 2
Existing Employees - 8
Managerial Cadre 4 4
Cost of Hiring
Cost of Hiring Managers (ZO) 33 39
Cost of Hiring Managers (AO) 130 185
Total Cost 162 224
FY10E FY11P
Total Number of People Hired
ZONAL OFFICES
1 2 18
2 2
3 2
4 3
5 3
6 3
7 3
8 0
Total ZO Hires 18
Total ZO Staff - 18
1 14 112
2 20

128. 3 20
4 25
5 25
6 25
7 25
8 18
Total AO Hires 112
Total AO Staff 83 195
Field Insurance Personnel -
Training Institute Personnel 6
Total Field Staff 83 219
Total ZO Placement Staff
Placement Personnel Per ZO 1
1 2 2
2 2
3 2
4 3
5 3
6 3
7 3
8 -
Total ZO Placement Staff 2
Total AO Placement Staff
Placement Personnel Per AO 1
1 14 14
2 20
3 20
4 25
5 25
6 25
7 25
8 18
Total AO Placement Staff 14

129. Slab (Yr 5 - 8)
Designation
Min Max
- - -
Support Staff 7 12
Office Administrator 12 24
Assistant Manager 15 30
Manager 30 45
Senior Manager 40 60
Time of Recruitment Applicable Salary Slab (Yr 1-4)
Slab No. Year Month Min Max Average
5 1 1 35 50 53
4 1 1 25 40 41
4 1 1 25 40 33
3 3 1 12 25 19
1 1 1 5 10 8
4 1 1 25 40 33
3 2 1 12 25 19
3 1 6 12 25 19
2 1 1 10 20 15
3 1 1 12 25 19
1 3 1 5 10 8
1 5 1 5 10 8
1 7 1 5 10 8
2 1 1 10 20 15
2 2 1 10 20 15
3 4 1 12 25 19
2 5 1 10 20 15
2 7 1 10 20 15
2 8 1 10 20 15
1 2 1 5 10 8
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
14 15 17 17 19 20
2 1 2 0 2 1
12 14 15 17 17 19
7 8 8 8 8 8

130. Time of Recruitment Applicable Salary Slab (Yr 1-4)
Slab No.
Year Month Min Max Average
4 1 1 25 40 41
3 1 1 12 25 23
3 1 1 12 25 19
3 1 1 12 25 23
3 3 1 12 25 19
1 2 6 5 10 8
1 1 1 5 10 8
1 3 1 5 10 8
2 1 1 10 20 15
1 3 1 5 10 8
2 1 1 10 20 15
1 3 1 5 10 8
1 2 1 5 10 8
2 1 1 10 20 15
2 3 1 10 20 15
2 5 1 10 20 15
2 7 1 10 20 15
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
15 15 16 16 17 17
5 - 1 - 1 -
10 15 15 16 16 17
6 7 7 7 7 7
46 78 78 78 78 -
278 405 405 405 405 292
323 483 483 483 483 292
FY12P FY13P FY14P FY15P FY16P FY17P
6 4 2 4 0 4
18 6 4 2 4 0
18 6 4 2 4
27 9 6 3
27 9 6
27 9
27
24 28 39 46 48 53
42 70 109 155 203 256
28 70 - 14 - 14
160 40 100 - 20 -

131. 160 40 100 - 20
200 50 125 -
200 50 125
200 50
200
188 270 340 364 395 409
383 653 993 1,357 1,752 2,161
- - 8 10 12 15
6 7 14 14 14 14
431 730 1,124 1,536 1,981 2,446
1 1 1 1 1 1
2 2 2 2 2 2
2 2 2 2 2 2
2 2 2 2 2
3 3 3 3
3 3 3
3 3
3
4 6 9 12 15 18
1 2 2 3 3 4
14 28 28 42 42 56
20 20 40 40 60 60
20 20 40 40 60
25 25 50 50
25 25 50
25 25
25
34 68 113 172 242 326

132. Applicable Salary Slab (Yr 5-8) Year 1 2 3
Min Max Average Month Total Total Total
40 60 63 638 701 771
30 45 47 488 536 590
30 45 38 390 429 472
15 30 23 - - 269
7 12 10 90 99 109
30 45 38 390 429 472
15 30 23 - 244 269
15 30 23 130 244 269
12 24 18 180 198 218
15 30 23 222 244 269
7 12 10 - - 109
7 12 10 - - -
7 12 10 - - -
12 24 18 180 198 218
12 24 18 - 198 218
15 30 23 - - -
12 24 18 - - -
12 24 18 - - -
12 24 18 - - -
7 12 10 - 99 109
2,707 3,620 4,360

133. Applicable Salary Slab (Yr 5-8) Year 1 2 3
Min Max Average Month Total Total Total
30 45 47 488 536 590
15 30 28 278 305 336
15 30 23 222 244 269
15 30 28 278 305 336
15 30 23 - - 269
7 12 10 - 58 109
7 12 10 90 99 109
7 12 10 - - 109
12 24 18 180 198 218
7 12 10 - - 109
12 24 18 180 198 218
7 12 10 - - 109
7 12 10 - 99 109
12 24 18 180 198 218
12 24 18 - - 218
12 24 18 - - -
12 24 18 - - -
1,895 2,241 3,323
FY18P
2
4
0
6
3
6
9
0
30
286
-
20

134. -
25
-
125
50
144
364
2,525
20
14
2,845
1
2
2
2
3
3
3
3
-
18
4
56
80
60
75
50
50
25
18
414

135. 4 5 6 7 8
Total Total Total Total Total
849 1,098 1,208 1,329 1,462
649 824 906 997 1,096
519 659 725 797 877
295 395 435 478 526
120 167 184 202 222
519 659 725 797 877
295 395 435 478 526
295 395 435 478 526
240 316 348 383 421
295 395 435 478 526
120 167 184 202 222
- 167 184 202 222
- - - 202 222
240 316 348 383 421
240 316 348 383 421
295 395 435 478 526
- 316 348 383 421
- - - 383 421
- - - - 421
120 167 184 202 222
5,091 7,148 7,863 9,234 10,579

136. 4 5 6 7 8
Total Total Total Total Total
649 824 906 997 1,096
369 494 544 598 658
295 395 435 478 526
369 494 544 598 658
295 395 435 478 526
120 167 184 202 222
120 167 184 202 222
120 167 184 202 222
240 316 348 383 421
120 167 184 202 222
240 316 348 383 421
120 167 184 202 222
120 167 184 202 222
240 316 348 383 421
240 316 348 383 421
- 316 348 383 421
- - - 383 421
3,656 5,185 5,704 6,657 7,322

138. TK P&L - Standalone (INR)
Set-Up Costs Type A
Number of computers 15
Cost of a PC 25,000
Software Cost 10,000
IT Equipment Cost 525,000
Furniture & Equipment Cost 12,000
Total Set-Up Cost 537,000
Amortization p.a. 20%
Funding Through Loan 50%
Loan Amount 268,500
Interest Rate 20%
Year 1
Weighted Avg. TK EBIDTA 153,341
TYPE A TARAKENDRA
Gross Revenue (Education) 843,750
Less: Pass through to AO 210,938
Net Revenue (Education) 632,813
Gross Revenue (Query Response) -
Less: Pass through to AO -
Net Revenue (Query Response) -
Gross Revenue (E-Commerce) -
Less: Pass through to AO -
Net Revenue (E-Commerce) -
Gross Revenue (Other Services) 12,656
Less: Pass through to AO -
Net Revenue (Other Services) 12,656
Number of Students Trained 270
Number of Students Opting For Placements 27
Placement Registration Fees -
Net Registration Fees To TK -
Number of Students Getting Placed 3
Placement Fees 4,725
Net Placement Fees To TK 1,181
Gross Revenue 861,131
TK's Additional Service 43,057
Revenue Per Month 3,588
Total Gross Revenue 904,188
Total Net Revenue 689,707

139. Growth (%)
Expense Pro-rata Multiple 75%
Franchise Fee 26,000
Manpower Expenses 252,000
Operating Expenses 112,500
Marketing Expenses 4,072
Total Expenses 394,572
EBIDTA 295,135
Margin % 43%
Loan Opening 268,500
Repayment Schedule 0%
Repaid -
Loan O/S 268,500
Interest 53,700
Set Up Cost (Amortization@20%) 107,400
EBT 134,035
Margin % 19%
Capex 537,000
Security Deposit 5,000
Net Cash Flow (246,865)
IRR
Manpower Workings
Sales People 1
Salary 8,000
Increment 10%
Instructors 2
Salary 10,000
Increment 10%
QR + Ecom + Insurance Sales -
Salary 8,000
Increment 5%
Total Manpower Cost 336,000
Total Employees 3
Average Annual Salary 112,000
Operating Expenses
Rent 96,000
Operating Expenses 54,000
Total Operating Expenses 150,000

140. TYPE B TARAKENDRA
Gross Revenue (Education) 468,750
Less: Pass through to AO 117,188
Net Revenue (Education) 351,563
Gross Revenue (Query Response) -
Less: Pass through to AO -
Net Revenue (Query Response) -
Gross Revenue (E-Commerce) -
Less: Pass through to AO -
Net Revenue (E-Commerce) -
Gross Revenue (Other Services) 14,063
Less: Pass through to AO -
Net Revenue (Other Services) 14,063
Number of Students Trained 180
Number of Students Opting For Placements 18
Placement Registration Fees -
Net Registration Fees To TK -
Number of Students Getting Placed 2
Placement Fees 3,150
Net Placement Fees To TK 788
Gross Revenue 485,963
TK's Additional Service 24,298
Total Gross Revenue 971,925
Total Net Revenue 390,711
Growth (%)
Franchise Fee 18,000
Manpower Expenses 99,000
Operating Expenses 99,000
Marketing Expenses 3,257
Total Expenses 219,257
EBIDTA 171,453
Margin % 44%
Interest 35,900
Set Up Costs 71,800
EBT 63,753
Margin % 16%
Capex 359,000
Security Deposit 5,000
Net Cash Flow (228,447)

141. Manpower Workings
Sales People 1
Salary 5,000
Increment 7%
Instructors 1
Salary 6,000
Increment 7%
QR + Ecom + Insurance Sales -
Salary 5,000
Increment 5%
Total Manpower Cost 132,000
Total Employees 2
Average Annual Salary 66,000
Operating Expenses
Rent 84,000
Operating Expenses 48,000
Total Operating Costs 132,000
TYPE C TARAKENDRA
Gross Revenue (Education) 210,938
Less: Pass through to AO 52,734
Net Revenue (Education) 158,203
Gross Revenue (Query Response) -
Less: Pass through to AO -
Net Revenue (Query Response) -
Gross Revenue (E-Commerce) -
Less: Pass through to AO -
Net Revenue (E-Commerce) -
Gross Revenue (Other Services) 6,328
Less: Pass through to AO -
Net Revenue (Other Services) 6,328
Number of Students Trained 90
Number of Students Opting For Placements 9
Placement Registration Fees -
Net Registration Fees To TK -
Number of Students Getting Placed 1
Placement Fees 1,575
Net Placement Fees To TK 394
Gross Revenue 218,841

142. TK's Additional Service 10,942
Total Gross Revenue 229,783
Total Net Revenue 175,867
Franchise Fee 15,000
Manpower Expenses 27,000
Operating Expenses 67,500
Marketing Expenses 2,036
Total Expenses 111,536
EBIDTA 64,331
37%
Interest 18,100
Set Up Cost (Amortization@20%) 36,200
EBT 10,031
Margin % 6%
Capex 181,000
Security Deposit 4,000
Net Cash Flow (138,769)
Manpower Workings
Instructors 1
Salary 3,000
Increment 5%
QR + Ecom + Insurance Sales -
Salary 3,000
Increment 5%
Total Manpower Cost 36,000
Total Employees 1
Average Annual Salary 36,000
Operating Expenses
Rent 60,000
Operating Expenses 30,000
Total Operating Cost 90,000
OTHER INFORMATION
People Employed (Across TKs) 1.8
Average Salary Paid (Weighted Avg) 7,000
Average Set Up Cost 323,400
Avg # of Instructors 1.2
Weighted Average Payroll Per TK 134,400
Weighted Average Salary per Employee per Month 6,222

143. New TKs Total TKs FY11P
Weighted Average FTEs per TK 1.8
Year -3 88 440
Year -2 61 149 305
Year -1 (19) 130 (76)
Year 0 106 236 360
Year 1 155 391 278
Year 2 544 935
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568
Year 7 2,096 8,664
Year 8 1,897 10,561
Weighted Average FTE's in TKs 1,308
New TKs Total TKs FY11P
Weighted Average Compensation / Payroll per TK 134
Year -3 88 42,637
Year -2 61 149 27,146
Year -1 (19) 130 (6,533)
Year 0 106 236 28,315
Year 1 155 391 20,773
Year 2 544 935
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568
Year 7 2,096 8,664
Year 8 1,897 10,561
Weighted Average Compensation / Payroll in TKs 112,338
New TKs Total TKs FY11P
Weighted Average EBIDTA per TK 153,341
Year -3 88 17,563,048
Year -2 61 149 12,704,077
Year -1 (19) 130 (5,519,489)
Year 0 106 236 22,540,478
Year 1 155 391 23,700,328
Year 2 544 935
Year 3 934 1,869
Year 4 1,267 3,136
Year 5 1,683 4,819
Year 6 1,749 6,568

144. Year 7 2,096 8,664
Year 8 1,897 10,561
Weighted Average EBIDTA in TKs 70,988,442

145. Type B Type C
10 5
25,000 25,000
10,000 10,000
350,000 175,000
9,000 6,000
359,000 181,000
20% 20%
50% 50%
179,500 90,500
20% 20%
Year 2 Year 3 Year 4 Year 5 Year 6
212,646 290,499 208,264 199,580 178,203
1,476,563 1,860,469 1,953,492 2,051,167 2,153,725
369,141 465,117 488,373 512,792 538,431
1,107,422 1,395,352 1,465,119 1,538,375 1,615,294
12 18 24 36 48
4 5 7 11 14
8 13 17 25 34
3 5 10 14 16
1 2 4 5 6
2 3 6 8 10
18,457 18,605 19,535 20,512 21,537
- - - - -
18,457 18,605 19,535 20,512 21,537
450 540 540 540 540
113 135 135 135 135
- 13,500 13,500 13,500 13,500
- 12,150 12,150 12,150 12,150
11 20 20 34 34
20,672 39,070 41,023 71,791 75,380
5,168 9,767 10,256 17,948 18,845
1,515,706 1,931,667 2,027,584 2,157,019 2,264,207
75,785 96,583 101,379 107,851 113,210
6,315 8,049 8,448 8,988 9,434
1,591,491 2,028,250 2,128,964 2,264,870 2,377,417
1,206,842 1,532,473 1,608,462 1,696,869 1,781,080

146. 75% 27% 5% 5% 5%
32,000 42,000 48,000 48,000 49,500
602,400 773,760 956,976 1,041,560 1,134,048
170,400 193,920 221,088 252,528 288,978
6,583 6,877 7,779 7,223 7,950
811,383 1,016,557 1,233,843 1,349,311 1,480,476
395,459 515,916 374,619 347,558 300,604
33% 34% 23% 20% 17%
268,500 268,500 214,800 161,100 107,400
0% 20% 20% 20% 20%
- 53,700 53,700 53,700 53,700
268,500 214,800 161,100 107,400 53,700
53,700 48,330 37,590 26,850 16,110
107,400 107,400 107,400 107,400 -
234,359 360,186 229,629 213,308 284,494
19% 24% 14% 13% 16%
- - - - -
8,000 12,000 - - -
387,459 503,916 374,619 347,558 300,604
1 2 2 2 2
8,800 9,680 10,648 11,713 12,884
3 3 3 3 3
11,000 12,100 13,310 14,641 16,105
1 1 2 2 2
8,400 8,820 9,261 9,724 10,210
602,400 773,760 956,976 1,041,560 1,134,048
5 6 7 7 7
120,480 128,960 136,711 148,794 162,007
105,600 116,160 127,776 140,554 154,609
64,800 77,760 93,312 111,974 134,369
170,400 193,920 221,088 252,528 288,978

147. 820,313 1,033,594 1,085,273 1,139,537 1,196,514
205,078 258,398 271,318 284,884 299,128
615,234 775,195 813,955 854,653 897,385
12 18 24 36 48
4 5 7 11 14
8 13 17 25 34
3 5 10 14 16
1 2 4 5 6
2 3 6 8 10
20,508 20,672 21,705 22,791 23,930
- - - - -
20,508 20,672 21,705 22,791 23,930
450 540 540 540 540
113 135 135 135 135
- 13,500 13,500 13,500 13,500
- 12,150 12,150 12,150 12,150
11 20 20 34 34
20,672 39,070 41,023 71,791 75,380
5,168 9,767 10,256 17,948 18,845
861,507 1,106,859 1,161,536 1,247,668 1,309,389
43,075 55,343 58,077 62,383 65,469
1,723,014 2,213,718 2,323,072 2,495,336 2,618,778
683,996 873,143 916,166 969,958 1,017,824
75% 28% 5% 6% 5%
21,000 27,500 31,000 31,000 31,500
287,400 385,590 490,299 532,383 578,328
147,600 165,120 184,806 206,937 231,828
5,266 5,502 6,223 5,778 6,360
461,266 583,712 712,328 776,098 848,016
222,729 289,432 203,838 193,860 169,807
33% 33% 22% 20% 17%
35,900 32,310 25,130 17,950 10,770
71,800 71,800 71,800 71,800 -
115,029 185,322 106,908 104,110 159,037
17% 21% 12% 11% 16%
- - - - -
8,000 10,000 - - -
178,829 247,122 178,708 175,910 159,037

148. 1 2 2 2 2
5,500 6,050 6,655 7,321 8,053
2 2 2 2 2
6,600 7,260 7,986 8,785 9,663
1 1 2 2 2
5,250 5,513 5,788 6,078 6,381
287,400 385,590 490,299 532,383 578,328
4 5 6 6 6
71,850 77,118 81,717 88,731 96,388
92,400 101,640 111,804 122,984 135,283
55,200 63,480 73,002 83,952 96,545
147,600 165,120 184,806 206,937 231,828
369,141 465,117 488,373 512,792 538,431
92,285 116,279 122,093 128,198 134,608
276,855 348,838 366,280 384,594 403,823
12 18 24 36 48
4 5 7 11 14
8 13 17 25 34
3 5 10 14 16
1 2 4 5 6
2 3 6 8 10
9,229 9,302 9,767 10,256 10,769
- - - - -
9,229 9,302 9,767 10,256 10,769
300 360 360 360 360
75 90 90 90 90
- 9,000 9,000 9,000 9,000
- 8,100 8,100 8,100 8,100
8 14 14 23 23
13,781 26,047 27,349 47,861 50,254
3,445 6,512 6,837 11,965 12,563
392,165 509,489 534,523 579,958 608,518

149. 19,608 25,474 26,726 28,998 30,426
411,773 534,964 561,249 608,955 638,944
309,148 398,242 417,733 443,946 465,725
18,000 23,000 25,500 25,500 25,500
79,200 87,120 143,748 158,123 173,935
97,500 105,825 115,084 125,401 136,918
3,291 3,438 3,890 3,611 3,975
197,991 219,383 288,221 312,635 340,328
111,156 178,859 129,512 131,311 125,397
36% 45% 31% 30% 27%
18,100 16,290 12,670 9,050 5,430
36,200 36,200 36,200 36,200 -
56,856 126,369 80,642 86,061 119,967
18% 32% 19% 19% 26%
- - - - -
6,000 8,000 - - -
87,056 154,569 116,842 122,261 119,967
1 1 1 1 1
3,300 3,630 3,993 4,392 4,832
1 1 2 2 2
3,300 3,630 3,993 4,392 4,832
79,200 87,120 143,748 158,123 173,935
2 2 3 3 3
39,600 43,560 47,916 52,708 57,978
63,000 66,150 69,458 72,930 76,577
34,500 39,675 45,626 52,470 60,341
97,500 105,825 115,084 125,401 136,918
3.4 4.0 5.0 5.0 5.0
7,341 7,990 8,287 9,021 9,825
1.8 1.8 1.8 1.8 1.8
267,120 343,836 445,014 484,514 527,715
6,547 7,163 7,417 8,075 8,795

150. FY12P FY13P FY14P FY15P FY16P
3.4 4.0 5.0 5.0 5.0
440 440 440 440 440
305 305 305 305 305
(95) (95) (95) (95) (95)
424 530 530 530 530
526 618 773 773 773
980 1,851 2,177 2,722 2,722
1,681 3,176 3,736 4,670
2,280 4,307 5,067
3,029 5,722
3,149
2,579 5,330 9,586 15,747 23,283
FY12P FY13P FY14P FY15P FY16P
267 344 445 485 528
46,439 50,598 55,148 55,148 55,148
29,555 32,191 35,073 38,228 38,228
(8,455) (9,206) (10,027) (10,924) (11,907)
36,447 47,171 51,359 55,938 60,947
41,286 53,143 68,781 74,887 81,564
73,157 145,399 187,157 242,230 263,731
125,540 249,511 321,170 415,679
170,263 338,398 435,585
226,195 449,563
235,106
218,428 444,836 807,266 1,341,269 2,023,643
FY12P FY13P FY14P FY15P FY16P
212,646 290,499 208,264 199,580 178,203
15,681,831 13,441,151 10,701,783 10,701,783 10,701,783
12,174,385 10,870,360 9,317,162 7,418,281 7,418,281
(3,957,008) (3,792,022) (3,385,850) (2,902,067) (2,310,612)
30,792,941 22,075,937 21,155,489 18,889,478 16,190,478
32,866,569 44,899,593 32,189,216 30,847,098 27,542,997
83,466,372 115,747,482 158,124,655 113,362,021 108,635,433
143,232,417 198,628,395 271,349,716 194,534,827
194,258,046 269,388,485 368,016,309
258,072,283 357,883,253
268,238,767

151. 171,025,090 346,474,919 620,988,895 977,127,079 1,356,851,515

152. Year 7 Year 8
152,740 121,611
2,261,411 2,374,482
565,353 593,620
1,696,059 1,780,861
60 72
18 22
42 50
18 20
7 8
11 12
22,614 23,745
- -
22,614 23,745
540 540
135 135
13,500 13,500
12,150 12,150
34 34
79,149 83,107
19,787 20,777
2,376,753 2,494,925
118,838 124,746
9,903 10,396
2,495,591 2,619,672
1,869,500 1,962,342

153. 5% 5%
49,500 49,500
1,235,200 1,345,855
331,313 380,569
8,388 9,033
1,624,401 1,784,956
245,100 177,385
13% 9%
53,700 -
20% 0%
53,700 -
- -
5,370 -
- -
239,730 177,385
13% 9%
- -
- -
245,100 177,385
2 2
14,172 15,590
3 3
17,716 19,487
2 2
10,721 11,257
1,235,200 1,345,855
7 7
176,457 192,265
170,070 187,077
161,243 193,492
331,313 380,569

154. 1,256,340 1,319,157
314,085 329,789
942,255 989,367
60 72
18 22
42 50
18 20
7 8
11 12
25,127 26,383
- -
25,127 26,383
540 540
135 135
13,500 13,500
12,150 12,150
34 34
79,149 83,107
19,787 20,777
1,374,194 1,442,238
68,710 72,112
2,748,388 2,884,477
1,068,081 1,120,852
5% 5%
31,500 31,500
628,504 683,313
259,838 291,373
6,710 7,226
926,552 1,013,413
141,530 107,439
13% 10%
3,590 -
- -
137,940 107,439
13% 10%
- -
- -
137,940 107,439

155. 2 2
8,858 9,744
2 2
10,629 11,692
2 2
6,700 7,036
628,504 683,313
6 6
104,751 113,886
148,811 163,692
111,027 127,681
259,838 291,373
565,353 593,620
141,338 148,405
424,015 445,215
60 72
18 22
42 50
18 20
7 8
11 12
11,307 11,872
- -
11,307 11,872
360 360
90 90
9,000 9,000
8,100 8,100
23 23
52,766 55,405
13,192 13,851
638,504 669,989

156. 31,925 33,499
670,429 703,489
488,591 512,601
25,500 25,500
191,329 210,461
149,798 164,227
4,194 4,516
370,820 404,704
117,771 107,896
24% 21%
1,810 -
- -
115,961 107,896
24% 21%
- -
- -
115,961 107,896
1 1
5,315 5,846
2 2
5,315 5,846
191,329 210,461
3 3
63,776 70,154
80,406 84,426
69,392 79,801
149,798 164,227
5.0 5.0
10,703 11,665
1.8 1.8
574,973 626,681
9,583 10,445

157. FY17P FY18P
5.0 5.0
440 440
305 305
(95) (95)
530 530
773 773
2,722 2,722
4,670 4,670
6,334 6,334
6,732 8,415
5,948 6,997
3,773 7,127
3,415
32,132 41,633
FY17P FY18P
575 627
55,148 55,148
38,228 38,228
(11,907) (11,907)
66,428 66,428
88,868 96,860
287,246 312,969
452,575 492,928
563,762 613,802
578,676 748,959
467,273 601,472
281,716 559,910
254,984
2,868,012 3,829,781
FY17P FY18P
152,740 121,611
10,701,783 10,701,783
7,418,281 7,418,281
(2,310,612) (2,310,612)
12,890,784 12,890,784
23,607,549 18,796,222
96,999,252 83,139,630
186,423,768 166,455,506
263,836,609 252,836,037
488,910,556 350,507,572
371,981,684 508,170,668

158. 321,417,298 445,727,325
290,917,846
1,781,876,951 2,145,251,043