A comprehensive financial plan from ARB financial consultants !

1. Private and Confidential ARB Financial Consultants
Strictly Private & Confidential
Family Financial Planning Service
For : Kumar and Kumari
Planning year Feb 2013 to Jan 2014
A Plan designed by
Plan By : Ashish Ramesh Bhave CFP CM Page 1 of 43

2. Family financial plan
Table of contents.
Sr. No. Description Page no.
1 Disclaimer and Disclosures. 3
2 Family financial plan - Scope of work. 4
3 Cover - Planned financial goals. 5
4 Planned financial goals. 6
5 Financial planner's summery - Cover 7
6 Financial planner's comment. 8
7 Action plan for the planning year. 9
8 Investment strategy for planning year. 10
9 Investment - Graphical for planning year. 11
10 Financial assessment & goals quantification - Cover 12
11 Data & assumptions for plan construction. 13
12 Net-worth statement. 14
13 Financial assessment - Graphical representation - 1. 15
14 Financial assessment - Graphical representation - 2. 16
15 Life insurance need analysis. 17
16 Contingency fund calculation. 18
17 Child Education & marriage funding calculations. 19
18 Car Purchase calculations. 20
19 International tour calculations. 21
20 Retirement planning. 22
21 PF calculations. 23
22 Retirement expense calculations. 24
23 Other goals calculations. 25
24 Financial goals at a glance. 26
25 Life cash flow at a glance. 27
26 Data & ARB's recommendations - Cover. 28
27 Personal details. 29
28 Regular income and regular expenses. 30
29 Equity investments. 31
30 MF investments. 32
31 Retrial's. 33
32 Fixed income instruments. 34
33 Real estate. 35
34 Tangible assets. 36
35 Liquid assets. 37
36 Life insurance. 38
37 Health insurance. 39
38 General insurance. 40
39 Liabilities. 41
40 Last page 42

3. Private and Confidential ARB Financial Consultants
Disclaimer
A Financial Plan is a generic direction to your cash flows over a period of time. Your future financial
condition may alter due to changes in income/expense patterns, new family commitments, macro
economic scenario etc. which may prompt you to alter some aspects of your goals and add new goals.
Therefore this Financial Plan and the Cashflows depicted in it should be used to give you a long term
direction for managing your personal finances while taking immediate actions as a step towards
accomplishing your financial objectives.
These recommendations are subject to review at the time when you are actually taking actions as
recommended because of changes in legal circumstances, economic conditions etc. If considerable time has
elapsed since the date of this plan, you should not act on any specific recommendation without further
consideration with the planner.
Returns from each recommended investment will vary in line with market conditions and investment policies
of the fund manager. Income and growth assumptions are intended as a guide only and should be treated
with caution. The planner should not be held responsible for the accuracy of the same. Most equity/ growth
investment are long term in nature and significant variations including capital loss, may occur over shorter
periods. Neither the authorized representative nor the company guarantees the performance or return of
capital on any of these investments. Performances of investments are subject to market risks. Past
performances of a particular asset class or investment may not be the true indicator of their performance in
future.
These recommendations are based on the information you have supplied. If any material information has
been withheld or any inaccurate, these recommendations could prove to be inappropriate for you.
While we have made every attempt to ensure that the calculations contained in this Financial Plan are correct
and complete, kindly note the plan may contain inaccuracies or errors due the manual-computer interface
involved in making the calculations and we expressly exclude liability for any such inaccuracies or errors. In
the case where a error or omission is involved, you can request us to rectify the error or omission, we shall do
needful.
Disclosure
If the product recommendation are implemented through us, we would receive applicable brokerage from
all/some the investments recommended. We will be entitled to commission directly from product providers.
We will be also eligible to other incentives including allowances and incentives based on volumes, discounted
services and awards.
Plan By : Ashish Ramesh Bhave CFP CM Page 3 of 43

4. Private and Confidential ARB Financial Consultants
Scope of Work For Family Financial Planning consultancy
Service.
Further to the Data Gathering Meeting held, we shall be covering the following in the your Personal
Financial Plan to give you Financial Planning Recommendations & a Goal-Oriented Investment
Strategy;
Life Goals
Insurance Planning (Need based analysis Method )
Contingency Planning & Funding
Children Higher education & Marrige Exp. Planning
Retirement Planning
Purchase of House
Purchase of Car
International Vacation
Analysis
Inflow/Outflow
Assets/Liabilities
Life Cashflows & Goal feasibility study
Insurance Policies
Mutual Funds
Equity Portfolio
Debt Instruments
Plan By : Ashish Ramesh Bhave CFP CM Page 4 of 43

5. Private and Confidential ARB Financial Consultants
Planned Financial Goals
Plan By : Ashish Ramesh Bhave CFPCM Page 5 of 43

6. Private and Confidential ARB Financial Consultants
Planned financial Goals
Child 1 Education / Name of child Little angle
Particulars Present value of expenses At Age Years till expenses Priority
Graduation 10,00,000 18 High
PG 30,00,000 22 High
Marriage 15,00,000 26 High
Vehicle 65,000 18 High
Child 2 Education / Name of child 0
Particulars Present value of expenses At Age Years till expenses Priority
Graduation 18 High
PG 22 High
Marriage 25 High
Bike / Scooter 18 High
Reduction in exp. Post
Retirement @ age Choice of Std. of living Priority
retirement in %
55 Maintining Std. of living High
Medical corpus 10,00,000 High
Tours Cost of tour as on today Frequency of Tour first Such Exp. After Priority
International tours 5,00,000 5 8 High
Car Cost of car as on today Frequency of Change first Such Exp. After Priority
Car 1 7,00,000 5 5 High
Other goals Cost of exp. as on today years from now Priority
International tour 3,00,000 2
Farm house 25,00,000 10
Plan By : Ashish Ramesh Bhave CFPCM Page 6 of 43

7. Private and Confidential ARB Financial Consultants
Financial Planner's Summary
Plan By : Ashish Ramesh Bhave CFPCM Page 7 of 43

8. Private and Confidential ARB Financial Consultants
Planner's Comment
Planning year Feb 2013 to Jan 2014
Sr. No Goals Year of goal Future value of Goal Goal can be achived
children education and other expanses
Little angle
1 Graduation Feb-31 65,43,553 Yes Successfully
2 PG Feb-35 87,75,782 Yes Successfully
3 PG Feb-39 2,26,19,797 Yes Successfully
4 Vehicle Feb-31 1,31,678 Yes Successfully
0
1 Graduation Feb-31 0 Yes Successfully
2 PG Feb-35 0 Yes Successfully
3 Marriage Feb-38 0 Yes Successfully
4 Bike / Scooter Feb-31 0 Yes Successfully
Retirement funding
1 Retirement Fund Feb-36 11,76,74,283 Yes Successfully
Tours
1 Intenational tour Feb-21 11,52,269 Yes Successfully
2 Intenational tour Feb-26 19,41,640 Yes Successfully
3 Intenational tour Feb-31 32,71,776 Yes Successfully
4 Intenational tour Feb-36 55,13,134 Yes Successfully
5 Intenational tour Feb-41 92,89,951 Yes Successfully
6 Intenational tour Feb-46 1,56,54,107 Yes Successfully
Car
1 Car 1 Yes Successfully
Changes as desiered
2 Car 2 Yes Successfully
Other golals
1 International tour Feb-15 3,73,608 Yes Successfully
2 Farm house Feb-23 74,88,833 Yes Successfully
2 0 Feb-13 0 Yes Successfully
2 0 Feb-13 0 Yes Successfully
Plan By : Ashish Ramesh Bhave CFPCM Page 8 of 43

9. Private and Confidential ARB Financial Consultants
Actions to be taken - Planning year Feb 2013 to Jan 2014
Sr. No Description Need Calculation criteria Amount / Action to take
Contingency Financial plan - Protection system.
This is the fund required 6 X (monthly Household Exp +
as a support to Families Monthly Life style exp. + Monthly Rs. 5,07,000/- to be maintained ( Savings Flexi Fix
Contingency Fund
requirements in committed Exp. Like insurance a/c & FD )
emergencies. premiums, EMI Etc.)
Have to take a family floater plan. cover : 3 Lac, the
General Insurance
To protect our existing
Medical Insurance The Life style of Individual & Age. plan suggested to you is Optima restore-Floater
asset.
from Apollo munich.
Personal accident and Disability plan of Rs. 1crore
To protect our existing For earning member in the family.
Accidental & Disability Policy for you, the plan suggested to you is PA premium
asset. Monthly income X 75
plan -Apollo munich.
Take additional cover of Rs. 1 crores for 15 years,
insurance
Term Life
Creation of Fund to take care of Basic
To protect the important we recommend you to buy online term insurance
Self Financial Goals & liabilities less
financial goals & liabilities plan from HDFC life insurance or ICICI prudential
Existing life insurance.
life insurance.
Financial Plan - Existing Investment
Investments to be made
Fixed Income
Life insurance Yield from investment Continue existing life insurance policies
instrument
in Efficient way
Cope up with possible
FD's Existing financial and social situation Continue till maturity.
needs
optimisation of Gradually Liquidate portfolio to enter in the ARB's
investments
Equity and
Equity investment Management in efficient way .
investments suggested portfolio.
MF
optimisation of Gradually Liquidate portfolio to enter in the ARB's
Mutual funds Management in efficient way .
investments suggested portfolio.
estate
optimisation of cash Returns from the property and need
Real
Existing real estate Hold
flows of cash flow
New investments in this financial planning year.
ARB's Portfolio Mutual funds SIP amount Execution No. of SIP's per month
ICICI focused bluechip fund 3200 Once in a month 1
DSPBR top 100 equity fund 3,500 Once in a month 1
IDFC Premier equity fund 6,000 Once in a month 1
HDFC midcap opportunities 4000 Once in a month 1
Mutual Funds
SBI Magnum emerging business - Growth 5,000 Twice in a month 2
ICICI dynamic fund 3200 Once in a month 1
UTI Dividend yield fund 3,500 Once in a month 1
DSPBR small and midcap fund 2,200 Once in a month 1
Debt. ( FD's) Bank Fixed deposits 78,786 One time investment NA
Commodity ( Gold ) Gold ETF of any company. 2,200 Once in a month 1
Accumulation in this year
In this year you are expecting investible surplus of Rs. 4,45,600/- . The investment plan would be designed separately for the amounts as and when these are available.
Goals in this year
Particulars Amount needed
Part of contingency fund to be kept in Savings a/c. 2,07,000/- made available for this goals in current year
Part of contingency fund to be kept in FD. 5,00,000/- made available for this goals in current year
Cash flow changes, made on the basis of information given by you.
Your spouse's salary is taken in to consideration from year 2015 and the amount considered is Rs.3,00,000/- as then. The growth in salary is considered @ 8% from then.
The additional income of Rs.1,20,000/- is considered as rental income as you are expecting to rent out the property you have.
Plan By : Ashish Ramesh Bhave CFPCM Page 9 of 43

10. Private and Confidential ARB Financial Consultants
Investment strategy
Planning year Feb 2013 to Jan 2014
Investment Statistics
Existing Financial Asset 10,39,545
Goals Funding for current year. 5,07,160
Net asset 5,32,386
Available funds for regular investment 5,32,386
Investment Product recommnendation
Products Weekly SIP Amount Yearly amount
ICICI focused bluechip fund 3,200 38,400
DSPBR top 100 equity fund 3,500 42,000
IDFC Premier equity fund 6,000 72,000
HDFC midcap opportunities 4,000 48,000
SBI Magnum emerging business - Growth 5,000 1,20,000
ICICI dynamic fund 3,200 38,400
UTI Dividend yield fund 3,500 42,000
DSPBR small and midcap fund 2,200 26,400
Gold ETF of any company. 2,200 26,400
Total Equity & Gold 4,53,600
Bank FD
Nationlised Bank 3,00,000 Part of Contingency Fund
Savings A/C with Auto
2,07,160 Part of Contingency Fund
sweep facility
Debt Portion of asset
Nationlised Bank 78,786
allocation
Total Debt 5,85,945
Plan By : Ashish Ramesh Bhave CFPCM Page 10 of 43

11. Private and Confidential ARB Financial Consultants
Investment strategy
Planning year Feb 2013 to Jan 2014
Asset Class Amount investment % Distribution
Large cap Equity 80,400 15%
Midcap Equity 2,40,000 45%
Small cap Equity 26,400 5%
Opportunity Equity 80,400 15%
Gold 26,400 5%
Debt 78,786 15%
Total 5,32,386 100%
Investment strategy
Planning year Feb 2013 to Jan 2014
Debt Large cap Equity
Gold 15% 15%
5%
Opportunity Equity
15%
Midcap Equity
45%
Small cap Equity
5%
Plan By : Ashish Ramesh Bhave CFPCM Page 11 of 43

12. Financial assessment & Goals quantification

13. Private and Confidential ARB Financial Consultants
Data & Assumptions For Financial plan structuring
Particulars Self Spouce
Client Kumar Kumari
Date of Birth 06-Sep-80 05-Jan-83
Current Age 32 30
Retirement Age 55 52
Life Expectancy 80 80
% Income Increase 8% 8%
Dependents
Particulars Child-1 Child-2 Father Mother
Name Little angle
Date of Birth 15-10-2012
Current Age 0
Growth rate assumptions
Real estate Auto. International tour Education Rental Income
14% 4% 11% 11% 6%
Portfolio Return Assumptions
Investment
Aggressive Cautious Conservative Protective
Strategy
Expected returns 15% 12% 10% 8%
The above said portfolio return assumptions are just indicative figures and are not guarantee of the
returns, returns are subject to financial market risks.
Other Assumptions
Plan Date
16-Feb-13 Growth rate
Inflation Post Post tax return post
Economic Inflation Life style inflation Foreign education
retirement retirement
11.60% 8% 9% 11% 5%
Plan By : Ashish Ramesh Bhave CFPCM Page 13 of 43

14. Private and Confidential ARB Financial Consultants
Networth Statement
Particulars Total Percentage
Residential Property 40,00,000
Vehicle 0
Jewellery 0
Inheritance of Wealth 0
Others 0
Personal Assets 40,00,000 34%
Savings Bank/Cash in Hand 4,00,000
Receivables 0
Total Liquid Assets 4,00,000 3%
Fixed Deposits 4,78,323
PPF (Public Provident Fund) 1,50,480
EPF + Superannuation +
0
Gratuity
NSC / POMIS / KVP / RDs etc 0
Debt Mutual Funds 0
Traditional Insurance Policies
0
SV
Bonds/Debentures/CDs 0
Total Debt Assets 6,28,803 5%
Direct Equity 1,49,298
Equity & Hybrid Mutual Funds 4,90,247
Unit-linked Insurance Policies
0
SV
Total Equity Assets 6,39,545 5%
Gold/Silver (ETFs, MF, Bars) 0 0%
Real Estate 60,00,000 51%
Total Assets 1,16,68,348 100%
Home Loan 27,00,000
Vehicle Loan 2,98,000
Personal Loan 0
Total Liabilities 29,98,000 26%
Networth (Assets-Liabilities) 86,70,348 74%
Plan By : Ashish Ramesh Bhave CFPCM Page 14 of 43

15. Private and Confidential ARB Financial Consultants
Financial assessment - graphical representation.
Networth %
Networth 86,70,348 74% Networth
Total Liabilities 29,98,000 26%
Total Assets 1,16,68,348 100% 100%
74%
ARB's Comment : The Solvency ratio is very Good .
Requested to maintain the same. 26%
Networth Total Liabilities Total Assets
Monthly Cashflow %
Monthly Income 1,25,000 100% Monthly Cashflow
Monthly Exp. 80,943 65% 1,25,000
Investible Surplus 44,057 35%
80,943
44,057
ARB's Comment : The expenses are with in limits &
investible surplus ratio is healthy, a good sign.
Monthly Income Monthly Exp. Investible Surplus
Plan By : Ashish Ramesh Bhave CFPCM Page 15 of 43

16. Private and Confidential ARB Financial Consultants
Financial assessment - graphical representation.
Existing investment portfolio
Existing investment portfolio %
Debt 6,28,803 9% Equity
Equity 6,39,545 9% Debt 9%
9%
Commodity 0 0%
Cash
Cash 4,00,000 5% 5%
Real estate 57,02,000 77%
Total Assets 73,70,348 100%
ARB's Comment : The Investment portfolio is having a real estate majorly, Real estate
no added exposure to real estate is suggested, very less exposure to 77%
equity, debt and no to commodity. Imbalanced portfolio have to build
equity, Debt and commodity in portfolio.
Current Income - Expenses distribution %
Income 1,25,000 100%
Current income and expenses
Household
15,000 12% distribution
Expenses Household
Expenses
Lifestyle Expenses 22,100 18% 12%
Dependents
0 0%
Expenses
Pure Insurance Surplus Lifestyle
1,843 1% 27% Expenses
Premiums
18%
Loan Serving 42,000 34%
Regular Dependents
9,583 8%
Investments Expenses
Loan Serving
Surplus 34,473 28% Regular 0%
34%
Investments
Pure
8%
Insurance
ARB's Comment : Proportion to House hold and Life style expenses are in Premiums
the limits, Loan serving to Income is with in limits, Good investible surplus 1%
ratio.
Plan By : Ashish Ramesh Bhave CFPCM Page 16 of 43

17. Private and Confidential ARB Financial Consultants
Life insurance need analysis
Type Description Present value of Financial goals
Child higher Education 41,76,593
Retirement 50,80,350
Goals
Contingency Fund 0
Other goals 0
Household Exp. 34,87,077 This is a calculation of your life
Life style Exp. 51,37,627 insurance requirement, here we
Liabilities
Dependent's exp. 8,73,885 have considered the
Loans 29,98,000 nonnegotiable expenses in your
Total liability 2,17,53,533 life the figures you are able to see
Existing Asset 10,39,545 are discounted figures of all the
Additional required 2,07,13,988 expenses @ 10%.
Incomewise breck up of
Insurance cover required Existing insurance cover Additional insurance required
insurance cover
Self 2,07,13,988 1,00,00,000 1,07,13,988
Spouse 0 0 0
Life insurance need analysis
Existing Asset
5%
Additional required
95%
Plan By : Ashish Ramesh Bhave CFPCM Page 17 of 43

18. Private and Confidential ARB Financial Consultants
Contingency Fund
Particulars Amount
Current Monthly Expenses
Household Exp. 15,000
Life style exp 22,100
Commited Exp. 0
Insurance premiums 5,427
You are requested to maintain 6 months expenses as liquidity with you, this
Loan EMI 42,000
table gives you calculation of the fund required considering your fixed, non
Total Monthly Expenses 84,527
negotiable expenses per month.
Contingency Funding Requirement
Contingency Period (No. of Months) 6
Contingency Funds 5,07,160
Planners Comment : This is the Fund which is required to be maintained in the
easily accassible form. This will help a Family to Sustain in any type of
contingency.
CM
Plan By : Ashish Ramesh Bhave CFP Page 18 of 43

19. Private and Confidential ARB Financial Consultants
Child's Education.
Children's Future
Child-1 Name Little angle
Goal Graduation PG Marriage Bike / Sotter
Goal @ Age 18 22 26 18
Years to Goal 18 22 26 18
You are planning to educate your child as per his/her major milestones in
Current Value 10,00,000 30,00,000 15,00,000 65,000
education. This table will give you the idea of year of goal and amount required
Year OF Goal Feb-31 Feb-35 Feb-39 Feb-31
at that time.
Future value of
65,43,553 87,75,782 2,26,19,797 1,31,678
Goal
Plan By : Ashish Ramesh Bhave CFPCM Page 19 of 43

20. Private and Confidential ARB Financial Consultants
Car Purchase Planning
Car 1
Today's price of a Future Projected price
Year to buy Year Count
Car of a car
15-Feb-18 7,00,000 8,51,657 5
14-Feb-23 7,00,000 10,36,171 10 You are planning to buy cars in the respective years as per given table ( the
13-Feb-28 7,00,000 12,60,660 15 1st column.), and the third column will give you the amount required for the
11-Feb-33 7,00,000 15,33,786 20 same.
10-Feb-38 7,00,000 18,66,085 25
Car 2
Today's price of a Future Projected price
Year to buy Year Count
Car of a car
0
You are planning to buy cars in the respective years as per given table ( the 1st
column.), and the third column will give you the amount required for the
same.
Plan By : Ashish Ramesh Bhave CFPCM Page 20 of 43

21. Private and Confidential ARB Financial Consultants
International Tours
Today's price of Future Projected
Year to tour Year Count
Tour price
Feb-21 5,00,000 11,52,269 8
Feb-26 5,00,000 19,41,640 13
Feb-31 5,00,000 32,71,776 18
Feb-36 5,00,000 55,13,134 23
Feb-41 5,00,000 92,89,951 28
Feb-46 5,00,000 1,56,54,107 33
Feb-51 5,00,000 2,63,78,081 38
You are planning to visit different destinations in the world, in the respective years as per given in above table ( the 1st
column.), and the third column will give you the amount required for the same.
Plan By : Ashish Ramesh Bhave CFPCM Page 21 of 43

22. Private and Confidential ARB Financial Consultants
Retirement Planning
Particulars Amount Remarks/Notes
Current Expenses
Household Exp. 15,000
Life style exp. 22,100
Dependent Exp. 0
Total Monthly Expenses 37,100
Total Annual Expenses 4,45,200
Future Expenses at Retirement
Retirement Age 55
Reduction is considered as family
Reduction in Exp. 25%
size will reduce to 2 from 3.
Inflation 11.60%
No. of Years for Retirement 23
Retirement Year Feb-36
Expenses in the First Year of
41,63,963
Retirement
Corpus Required to Fund Retirement
Expenses
No. of Years in Retirement 25
Inflation during Retirement Years 8.00%
Tax adjusted Investment Returns on
9.00%
Retirement Corpus
Net Returns 0.93%
Retirement Corpus Required
10,66,48,016
considering rental income
Medical corpus
Amount at present value 10,00,000
Inflation 11%
Amount at the time of retirement 1,10,26,267
Total Corpus required
Retirement Fund ( Cost of living ) 10,66,48,016
Medical corpus 1,10,26,267
Total 11,76,74,283
Retirement benefits ( less ) 4,18,55,962
Additional funding required 7,58,18,321
Plan By : Ashish Ramesh Bhave CFPCM Page 22 of 43

23. Retirement benefits
Self
PF
Maturity amount 41855962.09
Corpus @ Monthly Corpus @
Year Self's Age
BOY contri. EOY
Feb-13 32 1,50,480.00 25,000 4,74,707
Feb-14 33 4,74,707 27,000 8,51,322
Feb-15 34 8,51,322 29,160 12,86,756
Feb-16 35 12,86,756 31,493 17,88,145
Feb-17 36 17,88,145 34,012 23,63,404
Feb-18 37 23,63,404 36,733 30,21,300
Feb-19 38 30,21,300 39,672 37,71,548
Feb-20 39 37,71,548 42,846 46,24,900
Feb-21 40 46,24,900 46,273 55,93,256
Feb-22 41 55,93,256 49,975 66,89,774
Feb-23 42 66,89,774 53,973 79,29,004
Feb-24 43 79,29,004 58,291 93,27,021
Feb-25 44 93,27,021 62,954 1,09,01,581
Feb-26 45 1,09,01,581 67,991 1,26,72,289
Feb-27 46 1,26,72,289 73,430 1,46,60,784
Feb-28 47 1,46,60,784 79,304 1,68,90,937
Feb-29 48 1,68,90,937 85,649 1,93,89,079
Feb-30 49 1,93,89,079 92,500 2,21,84,238
Feb-31 50 2,21,84,238 99,900 2,53,08,406
Feb-32 51 2,53,08,406 1,07,893 2,87,96,834
Feb-33 52 2,87,96,834 1,16,524 3,26,88,348
Feb-34 53 3,26,88,348 1,25,846 3,70,25,703
Feb-35 54 3,70,25,703 1,35,914 4,18,55,962
Feb-36 55 4,18,55,962 1,46,787 4,72,30,920
Feb-37 56 4,72,30,920 1,58,530 5,32,07,562
Feb-38 57 5,32,07,562 1,71,212 5,98,48,568
Feb-39 58 5,98,48,568 1,84,909 6,72,22,867

24. Retirement calculator
Year Age self Age spouse Corpus @ BOY Passive income Other exp. Expenses Corpus @ EOY
Feb-36 55 53 10,66,48,016 4,32,424 41,63,963 11,21,78,960
Feb-37 56 54 11,21,78,960 4,58,370 44,97,080 11,78,72,872
Feb-38 57 55 11,78,72,872 4,85,872 48,56,847 12,37,17,069
Feb-39 58 56 12,37,17,069 5,15,024 52,45,394 12,96,95,502
Feb-40 59 57 12,96,95,502 5,45,926 56,65,026 13,57,88,278
Feb-41 60 58 13,57,88,278 5,78,682 61,18,228 14,19,71,117
Feb-42 61 59 14,19,71,117 6,13,402 66,07,686 14,82,14,748
Feb-43 62 60 14,82,14,748 6,50,207 71,36,301 15,44,84,233
Feb-44 63 61 15,44,84,233 6,89,219 77,07,205 16,07,38,208
Feb-45 64 62 16,07,38,208 7,30,572 83,23,782 16,69,28,049
Feb-46 65 63 16,69,28,049 7,74,406 89,89,684 17,29,96,920
Feb-47 66 64 17,29,96,920 8,20,871 97,08,859 17,88,78,736
Feb-48 67 65 17,88,78,736 8,70,123 1,04,85,568 18,44,96,988
Feb-49 68 66 18,44,96,988 9,22,330 1,13,24,413 18,97,63,446
Feb-50 69 67 18,97,63,446 9,77,670 1,22,30,366 19,45,76,718
Feb-51 70 68 19,45,76,718 10,36,330 1,32,08,795 19,88,20,636
Feb-52 71 69 19,88,20,636 10,98,510 1,42,65,499 20,23,62,475
Feb-53 72 70 20,23,62,475 11,64,421 1,54,06,739 20,50,50,971
Feb-54 73 71 20,50,50,971 12,34,286 1,66,39,278 20,67,14,118
Feb-55 74 72 20,67,14,118 13,08,343 1,79,70,420 20,71,56,724
Feb-56 75 73 20,71,56,724 13,86,844 1,94,08,054 20,61,57,711
Feb-57 76 74 20,61,57,711 14,70,055 2,09,60,698 20,34,67,103
Feb-58 77 75 20,34,67,103 15,58,258 2,26,37,554 19,88,02,709
Feb-59 78 76 19,88,02,709 16,51,753 2,44,48,558 19,18,46,435
Feb-60 79 77 19,18,46,435 17,50,858 2,64,04,443 18,22,40,207
Feb-61 80 78 18,22,40,207 18,55,910 2,85,16,799 16,95,81,457
Feb-62 81 79 16,95,81,457 19,67,265 3,07,98,143 15,34,18,131
Feb-63 82 80 15,34,18,131 20,85,300 3,32,61,994 13,32,43,167
Feb-64 83 81 13,32,43,167 22,10,419 3,59,22,953 10,84,88,390
Feb-65 84 82 10,84,88,390 23,43,044 3,87,96,790 7,85,17,761
Feb-66 85 83 7,85,17,761 24,83,626 4,19,00,533 4,26,19,932
Feb-67 86 84 4,26,19,932 26,32,644 4,52,52,575 0

25. Private and Confidential ARB Financial Consultants
Other Goals
Future
Today's Year
Plan For Year Of Goal Projected
Amount Count
Amount
International tour Feb-15 3,00,000 3,73,608 2
Farm house Feb-23 25,00,000 74,88,833 10
0 Feb-13 0 0 0
0 Feb-13 0 0 0
0 Feb-13 0 0 0
0 Feb-13 0 0 0
0 Feb-13 0 0 0
0 Feb-13 0 0 0
0 Feb-13 0 0 0
Plan By : Ashish Ramesh Bhave CFPCM Page 25 of 43

26. Goals Outflow at a glance.
Year Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-27 Feb-28 Feb-29 Feb-30 Feb-31 Feb-32 Feb-33 Feb-34 Feb-35 Feb-36 Feb-37 Feb-38 Feb-39 Feb-40 Feb-41 Feb-42
Child 1 Education & Marriage 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 66,75,231 0 0 0 87,75,782 0 0 0 2,26,19,797 0 0 0
Child 2 Education & Marriage 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contingency Fund 5,07,160 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Car 1 0 0 0 0 0 8,51,657 0 0 0 0 10,36,171 0 0 0 0 12,60,660 0 0 0 0 15,33,786 0 0 0 0 18,66,085 0 0 0 0
Car 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
International vacation 0 0 0 0 0 0 0 0 11,52,269 8 0 0 0 19,41,640 0 0 0 0 32,71,776 0 0 0 0 55,13,134 0 0 0 0 92,89,951 0
Other Goal 0 0 3,73,608 0 0 0 0 0 0 0 74,88,833 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retirement Fund 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7,58,18,321 0 0 0 0 0 0
Total 5,07,160 0 3,73,608 0 0 8,51,657 0 0 11,52,269 8 85,25,004 0 0 19,41,640 0 12,60,660 0 0 99,47,007 0 15,33,786 0 87,75,782 8,13,31,455 0 1866085.43 22619797.2 0 9289950.72 0

27. Life cash flow at a glance.
Year of goal 16-Feb-13 16-Feb-14 16-Feb-15 16-Feb-16 15-Feb-17 15-Feb-18 15-Feb-19 15-Feb-20 14-Feb-21 14-Feb-22 14-Feb-23 14-Feb-24 13-Feb-25 13-Feb-26 13-Feb-27 13-Feb-28 12-Feb-29 12-Feb-30 12-Feb-31 12-Feb-32 11-Feb-33 11-Feb-34 11-Feb-35 11-Feb-36 10-Feb-37 10-Feb-38 10-Feb-39 10-Feb-40 09-Feb-41 09-Feb-42 09-Feb-43 09-Feb-44
Self Age 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
spouse Age 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61
Salary Self 15,00,000 16,20,000 17,49,600 18,89,568 20,40,733 22,03,992 23,80,311 25,70,736 27,76,395 29,98,507 32,38,387 34,97,458 37,77,255 40,79,436 44,05,790 47,58,254 51,38,914 55,50,027 59,94,029 64,73,552 69,91,436 75,50,751 81,54,811 0 0 0 0 0 0 0 0 0
Cash inflow
Salary Spouce 0 0 0 3,00,000 3,24,000 3,49,920 3,77,914 4,08,147 4,40,798 4,76,062 5,14,147 5,55,279 5,99,701 6,47,677 6,99,492 7,55,451 8,15,887 8,81,158 9,51,651 10,27,783 11,10,005 11,98,806 0 0 0 0 0 0 0 0 0 0
Rental income 0 1,20,000 1,27,200 1,34,832 1,42,922 1,51,497 1,60,587 1,70,222 1,80,436 1,91,262 2,02,737 2,14,902 2,27,796 2,41,464 2,55,951 2,71,308 2,87,587 3,04,842 3,23,133 3,42,521 3,63,072 3,84,856 4,07,948 0 0 0 0 0 0 0 0 0
Other sources 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investment maturing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Inflow 15,00,000 17,40,000 18,76,800 23,24,400 25,07,655 27,05,409 29,18,812 31,49,105 33,97,629 36,65,831 39,55,272 42,67,639 46,04,752 49,68,577 53,61,234 57,85,013 62,42,388 67,36,027 72,68,813 78,43,855 84,64,513 91,34,413 85,62,758 0 0 0 0 0 0 0 0 0
Household Exp. 1,80,000 2,00,872 2,24,165 2,50,158 2,79,166 3,11,537 3,47,662 3,87,976 4,32,964 4,83,169 5,39,196 6,01,719 6,71,493 7,49,357 8,36,250 9,33,219 10,41,432 11,62,194 12,96,958 14,47,349 16,15,179 18,02,470 20,11,479 0 0 0 0 0 0 0 0 0
Life style exp. 2,65,200 2,95,952 3,30,269 3,68,566 4,11,304 4,58,998 5,12,222 5,71,617 6,37,900 7,11,869 7,94,415 8,86,533 9,89,333 11,04,053 12,32,075 13,74,943 15,34,377 17,12,299 19,10,851 21,32,428 23,79,697 26,55,640 29,63,579 0 0 0 0 0 0 0 0 0
Insurace premium Exp. 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 22,119 0 0 0 0 0 0 0 0 0
Cash Out flow
EMI 5,04,000 5,04,000 4,32,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 3,60,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Additional premium Suggested 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 0 0 0 0 0 0 0 0 0
Dependent Exp. 0 0 0 80,000 88,800 98,568 1,09,410 1,21,446 1,34,805 1,49,633 1,66,093 1,84,363 2,04,643 2,27,154 2,52,141 2,79,876 3,10,662 3,44,835 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investment Insurance premium 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 0 0 0 0 0 0 0 0 0
PPF / VPF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Recurring Deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Cash outflow 10,54,319 11,05,943 10,91,553 11,63,844 12,44,389 13,34,222 14,34,413 15,46,158 16,70,788 18,09,791 19,64,823 21,37,735 23,30,588 25,45,683 27,85,585 26,93,157 29,91,591 33,24,447 33,12,928 36,84,896 40,99,996 45,63,229 50,80,178 0 0 0 0 0 0 0 0 0
Inflow -outflow ( Surplus ) 4,45,681 6,34,057 7,85,247 11,60,556 12,63,266 13,71,188 14,84,399 16,02,948 17,26,841 18,56,040 19,90,449 21,29,905 22,74,165 24,22,894 25,75,648 30,91,856 32,50,797 34,11,581 39,55,884 41,58,959 43,64,517 45,71,184 34,82,581 0 0 0 0 0 0 0 0 0
Returns 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
Investment
portfolio
Corpus @ BOY 10,39,545 10,16,237 18,02,729 24,28,736 39,53,603 58,09,910 70,73,179 96,18,555 1,26,64,286 1,49,65,661 1,90,66,541 1,41,13,218 1,83,60,105 2,33,88,285 2,70,86,536 3,37,25,164 4,04,26,035 4,97,40,738 6,06,13,429 6,22,22,269 7,38,47,901 8,53,56,326 10,01,70,268 10,58,44,405 2,74,54,504 3,07,49,045 3,23,48,915 1,08,96,611 1,22,04,205 32,63,964 36,55,640 40,94,317
Goals Outflow 5,07,160 0 3,73,608 0 0 8,51,657 0 0 11,52,269 8 85,25,004 0 0 19,41,640 0 12,60,660 0 0 99,47,007 0 15,33,786 0 87,75,782 8,13,31,455 0 18,66,085 2,26,19,797 0 92,89,951 0 0 0
Net. Corpus 5,32,386 10,16,237 14,29,121 24,28,736 39,53,603 49,58,253 70,73,179 96,18,555 1,15,12,017 1,49,65,653 1,05,41,538 1,41,13,218 1,83,60,105 2,14,46,645 2,70,86,536 3,24,64,504 4,04,26,035 4,97,40,738 5,06,66,422 6,22,22,269 7,23,14,115 8,53,56,326 9,13,94,486 2,45,12,950 2,74,54,504 2,88,82,959 97,29,117 1,08,96,611 29,14,254 32,63,964 36,55,640 40,94,317
Corpus @ EOY 10,16,237 18,02,729 24,28,736 39,53,603 58,09,910 70,73,179 96,18,555 1,26,64,286 1,49,65,661 1,90,66,541 1,41,13,218 1,83,60,105 2,33,88,285 2,70,86,536 3,37,25,164 4,04,26,035 4,97,40,738 6,06,13,429 6,22,22,269 7,38,47,901 8,53,56,326 10,01,70,268 10,58,44,405 2,74,54,504 3,07,49,045 3,23,48,915 1,08,96,611 1,22,04,205 32,63,964 36,55,640 40,94,317 45,85,635
Life cash flow at a glance.
14,00,00,000
12,00,00,000
10,00,00,000
8,00,00,000
Axis Title
Corpus @ EOY
Goals Outflow
6,00,00,000
4,00,00,000
2,00,00,000
0
01-Jan-13 01-Jan-15 01-Jan-17 01-Jan-19 01-Jan-21 01-Jan-23 01-Jan-25 01-Jan-27 01-Jan-29 01-Jan-31 01-Jan-33 01-Jan-35 01-Jan-37 01-Jan-39 01-Jan-41 01-Jan-43

28. Private and Confidential ARB Financial Consultants
Data & ARB's Recommendation
Plan By : Ashish Ramesh Bhave CFPCM Page 28 of 43

29. Private and Confidential ARB Financial Consultants
Personal & Dependent Details
Today's Date 16-Feb-13
Particulars Self Spouse
Title(Mr,Mrs,Ms) Mr. Mrs. Mr.
First Name Kumar Kumari Mrs.
Gender Male Female
Date of Birth 6-Sep-80 5-Jan-83 Male
PAN No. KYC complied ? Yes Yes Female
Residential Status Resident Resident
Critical illness? No No Service Govt.
Smoker? No No Self employed
Date of Marriage(if applicable) 04-Dec-08 Professional
Occupation Service housewife Housewife
Retirement age 55 50
Life Expectancy 80 80 Retired
NA
Dependent Details
Name of Dependent Date of Birth Relationship Occupation Critical illnes ?
Little angle 15-Oct-12 Daughter NA No
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 29 of 43

30. Private and Confidential ARB Financial Consultants
Income & Expenses details
Monthly Income
Income Head Self Spouse Total
Income from salary( NET) 1,25,000 0 1,25,000
Income from Business or Profession 0 0 0
Income from Other Sources 0 0 0
Gross Total 1,25,000 0 1,25,000
Deductions if any 0 0 0
Net Income 1,25,000 0 1,25,000
Growth in salary in % 8% 8% 0%
Income from House property 0 0 0
Total income 125000 0 125000
Monthly Expenditure
Particulars Monthly Annual % of Income Inflation rate
Food & Grocery 15,000 1,80,000
House Rent / Maintenance / Repair 0 0
Conveyance, Fuel & Maintenance 0 0
Medicines / Doctor / Healthcare 0 0
Electricity / Water / Labour / AMCs 0 0
Mobile / Telephone / Internet 0 0
Household Expenses 15,000 1,80,000 12% 11%
Clothes & Accessories 15,000 1,80,000
Shopping, Gifts, Whitegoods, Gadgets 0 0
Dining / Movies / Sports 0 0
Personal Care / Others 2,100 25,200
Travel & Annual Vacations 5,000 60,000
Lifestyle Expenses 22,100 2,65,200 18% 12%
Children's Schooling/College Expenses 0 0
Contribution to Parents, Siblings etc 0 0
Dependent Expenses 0 0 0% 11%
Life Insurance (Term) 750 9,000
Mediclaim/PA/CI 0 0
Motor Insurance 1,093 13,119
Pure Insurance Premiums 1,843 22,119 1% 0%
Home Loan 1 EMIs 30,000 3,60,000
Home Loan 2 EMIs 0 0
Personal Loan EMIs 12,000 1,44,000
Loan Servicing 42,000 5,04,000 34% 0%
Net Outflows 80,943 9,71,319 65%
Savings (Inflows-Outflows) 44,057 5,28,681 35%
PF + VPF+PPF 0 0
Recurring Deposits (RDs) 0 0
Insurance Premiums (Investments) 3,583 43,000
Mutual Fund SIPs 6,000 72,000
Regular Monthly Investments 9,583 1,15,000 8%
Surplus (Savings-Investments) 34,473 4,13,681 28%
Customised Economic inflation 11.60% 37,100
End of page
Plan By : Ashish Ramesh Bhave CFP CM Page 30 of 43

31. Private and Confidential ARB Financial Consultants
Equity Investments
ARB's
Sr. No. Holder Script Market rate No of script Total value
Recommendation
1 0 BHEL 205 85 17,387
2 0 DLFLIM 249 25 6,218
3 0 UTIBAN 1,449 2 2,899
4 0 HDIL 67 25 1,671
5 0 LARTOU 1,444 19 27,436
6 0 NTPC 150 20 3,000
7 0 ONGC 323 20 6,455
8 0 RELCAP 400 50 20,008
9 0 POWGRI 106 385 40,675
10 0 RELIND 846 20 16,916 Sell and align to the
11 0 RELPOW 79 25 1,966 ARB's portfolio.
12 0 SESGOA 165 25 4,125
13 0 SUZENE 22 25 543
14
15
16
17
18
19
20
Total 1,49,298
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 31 of 43

32. Private and Confidential ARB Financial Consultants
Mutual Funds
Sr. Total Latest Present
Fund Name Option (gr./div.) Fund category Holder SIP Y/N Amount Locked in (Y/N)
No Units NAV Value
Equity Schemes
1 HDFC Top 200 fund Growth Largecap 0 Yes 3,000 401 222 89,213 No
2 Reliance Equity Opportunities fund Growth Largecap 0 Yes 3,000 2,232 43 94,851 No
3 HDFC Top 200 fund Growth Largecap 0 No 0 287 222 63,739 No
4 Reliance Equity Opportunities fund Growth Largecap 0 No 0 1,946 43 82,695 No
5 Sundaram SMILE Growth Multicap 0 No 0 2,405 30 72,663 0
6 Sundaram select midcap Growth Midcap 0 No 0 413 158 65,399 0
7 Tata Infra Growth Sectoral 0 No 0 457 28 12,748 0
8 Reliance diversified power sector Growth Sectoral 0 No 0 169 53 8,938 0
9 0 0 0 0 0 0 0 0 0 0
10 0 0 0 0 0 0 0 0 0 0
Total 4,90,247
Balanced Schemens
1
2
3
4
5
6
CM
Plan By : Ashish Ramesh Bhave CFP Page 32 of 43

33. Private and Confidential ARB Financial Consultants
Retirement Related investments / Benefits
Current
Monthly Investment Interest Date of ARB's
Sr.No Particulars Holder Accumulated Maturity Value
contribution. start date rate maturity Recommendation
value
1 PF Self 12,500 1,50,480 41153 0.00% 0 0 Continue
2
3
4
5
6
7
Total 12,500 1,50,480 0
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 33 of 43

34. Private and Confidential ARB Financial Consultants
Fixed Income Instruments
Current Coupon/ Passive
Invested Investment Date of ARB's
Sr.No Particulars Accumula Interest income Maturity Value
amount date maturity Recommendation
ted value rate p.a
1 FD 4,78,323 0 41179 0.0875 0 41545 5,20,296
Continue till
2
maturity
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Total 4,78,323 0 0 0 520296
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 34 of 43

35. Private and Confidential ARB Financial Consultants
Real Estate Investments
Willing to
Purchase Purchase Passive ARB's
Sr.No Type of Property Present Value On loan Liquidate
Value Date income recommendation
(Y/N)
1 Resi House 20,00,000 10-08-2005 40,00,000 No No No Hold
2 Resi House 50,00,000 29-03-2012 50,00,000 Yes No Yes Hold
3 Land 10,00,000 dd-mm-yyyy 10,00,000 No No No Hold
4
5
6
7
8
9
Total 80,00,000 1,00,00,000 0
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 35 of 43

36. Private and Confidential ARB Financial Consultants
Tangible Asset Investments
Purchase Purchase Present Willing to Liquidation Liquidation ARB's
Sr. No Particulars
Value Date Value Liquidate (Y/N) Proportion Amount Recommendation
1
2 Vehicles 4,50,000 41202 N/A No 0 0 Hold
3
4
5
6
7
8
9
Total Value 0
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 36 of 43

37. Private and Confidential ARB Financial Consultants
Liquid Assets
Sr No. Particulars Present balance ARB's Recommendation
1 Savings a/c 4,00,000 Align to main portfolio
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total 4,00,000
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 37 of 43

38. Private and Confidential ARB Financial Consultants
Life Insurance
Yearly Surrender Maturity ARB's
Sr No. Type Name of policy Mode Date of Issue Maturity Date Cover
premium Value Amount Recommendation
Self
1 Term Aviva Life Insurence Yearly 9000 16-11-2011 16-11-2046 1,00,00,000 0 0 Continue
Total 9000 1,00,00,000 0 0
Spouse
Total 0 0 0 0 0
Children's
0 0 0 0 0
0
Plan By : Ashish Ramesh Bhave CFPCM Page 38 of 43

39. Private and Confidential ARB Financial Consultants
Health Insurance
Individual / Insurance Cover Premium ARB's
Sr No. Type Company Name Date of Start
Family cover Amount Amount Recommendation
1 Others Tata AIG Individual 26-Nov-04 3,00,000 21,000 Continue
2
3
4
5
6
7
8
9
Premium Total 3,00,000 21,000
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 39 of 43

40. Private and Confidential ARB Financial Consultants
General Insurance
Date of Premium Insured ARB's
Sr No. Policy Name Policy Type Policy Holder Valid Upto Claims ( if any )
Commencement Amount Amount Recommendation
1 Vehicle Comprehensive Self 20-Oct-12 19-Oct-13 13,119 N/A 0
2
3
4
5
6
13,119 0
End of page
Plan By : Ashish Ramesh Bhave CFP CM Page 40 of 43

41. Private and Confidential ARB Financial Consultants
Liabilities
No.of
Current rate of Balance
Sr.No Liability Type Borrers Name. Current EMI installments ARB's Recommendation
interest p.a Outstanding
Remaining
1 Housing loan Self 10.75% 30,000 2 27,00,000 Continue
2 Others Self 9.50% 12,000 30 2,98,000
3
4
5
6
7
8
9
Total 42,000 29,98,000
End of page
Plan By : Ashish Ramesh Bhave CFPCM Page 41 of 43

42. Private and Confidential ARB Financial Consultants
Financial plan Prepared by
Ashish Ramesh Bhave.
MBA. CPFA.CFPCM
Chief financial planner.
ARB financial consultants.
Office address :
1st Floor, "Snehashanti", Chatrapati Shivaji Hsg. Soc., off LBS raod, Navi peth
Pune -411030
email : arbfinancials@gmail.com
Mobile : 8793107044
Plan By : Ashish Ramesh Bhave CFPCM Page 42 of 43