experience in accounting, financial management and controlling in a multinational manufacturing companies.

1. Q1 Q2 Q3 Q4 Total
MVA 770 1,414 1,756 1,706 5,645
Sales
Power 10,000,000 13,000,000 15,500,000 14,500,000 53,000,000
Dry 2,500,000 5,499,999 8,499,999 10,500,003 27,000,001
Scrap 150,000 222,000 288,000 300,000 960,000
Total
Sales 12,650,000 18,721,999 24,287,999 25,300,003 80,960,001
COGS
Power (6,850,000) (10,160,000) (11,865,000) (10,875,000) (39,750,000)
Dry (1,675,000) (3,514,999) (5,404,999) (6,930,002) (17,525,001)
Depreciation
(828,040) (854,673) (872,246) (905,042) (3,460,002)
Overheads (1,383,606) (1,410,236) (1,463,496) (1,463,496) (5,720,833)
Cogs 0 0 0 0 0
Cogs 0 0 0 0 0
Other
Cogs 0 0 0 0 0
Total
COGS (10,736,646) (15,939,908) (19,605,741) (20,173,540) (66,455,835)
Gross
Profit 1,913,354 2,782,091 4,682,258 5,126,463 14,504,166
Selling
Expense (330,785) (355,785) (614,805) (631,779) (1,933,154)
G&A
Expense (297,754) (319,354) (348,176) (357,186) (1,322,470)
Depreciation
S,
G&A
(52,854) (54,554) (55,675) (57,769) (220,851)
Royalites
TEBEA 0 0 0 0 0
Net
Operating
Profit
(EBIT) 1,231,962 2,052,398 3,663,602 4,079,729 11,027,691
Bank
Interest
&
Finanance
cost
(442,330) (437,738) (792,570) (826,230) (2,498,868)
Ideal
Power
-­‐
Wage 0 0 0 0 0
Ideal
Power
-­‐
Depreciation 0 0 0 0 0
Foreign
Exchange
Differences 0 0 0 0 0
Net
Profit
Before
Tax 789,632 1,614,660 2,871,032 3,253,499 8,528,823
Deferred
Expense (177,500) (400,000) (355,000) (400,000) (1,332,500)
Net
Income
612,132 1,214,660 2,516,032 2,853,499 7,196,323
Key
Profitability
Indicators Q1 Q2 Q3 Q4 Total
Gross
Profit 15% 15% 19% 20% 18%
Other
Sales
Gross
Profit
EBIT
Margin 10% 11% 15% 16% 14%
EBITDA
Margin 17% 16% 19% 20% 18%
Net
Profit
Margin 5% 6% 10% 11% 9%
Depreciation
Margin
operatinal 7% 5% 4% 4% 5%
Budgeted Income Statement

2. USD Q1 Q2 Q3 Q4
Assets
Cash
-­‐
6,098,740
-­‐
5,952,764 129,592 3,038,623
Receivables
15,617,390 16,450,723 17,117,389 17,450,726
Finished
Goods
Inventory 0 0 0 0
Work
In
Progress
Inventory 0 0 0 0
Raw
Materials
Inventory 17,891,812 20,866,479 22,611,312 24,391,813
Goods
in
Transit
&
Others 0 0 0 0
Total
Inventory 17,891,812 20,866,479 22,611,312 24,391,813
Dues
from
Related
Parties
8,671,420 8,671,420 8,671,420 8,671,420
Other
Debit
Balances 0 0 0 0
Other
Current
Assets 0 0 0 0
Total
Current
Assets 36,081,882 40,035,858 48,529,714 53,552,582
Net
Plant
Property
&
Equipment 42,040,199 41,130,972 40,303,051 39,340,240
Total
Long-­‐Term
Assets 42,040,199 41,130,972 40,303,051 39,340,240
Total
Assets 78,122,081 81,166,830 88,832,764 92,892,822
Liabilities
Bank
Overdrafts 0 0 0 0
Importation
Finance
(L/Cs) 0 0 0 0
Secured
Borrowings
(with
Recourse) 0 0 0 0
Total
Short-­‐term
Facilities 0 0 0 0
Current
Portion
of
Long-­‐Term
Debt 0 0 0 0
Accounts
&
Notes
Payable
-­‐
5,620,879
-­‐
3,547,642 5,847,261 6,653,820
Dues
to
Related
Parties
(Specific) 0 0 0 0
0 0 0 0 0
Dues
to
Related
Parties
74,574,155 74,574,155 74,574,155 74,574,155
Other
Current
Liabilities 643,149 0 0 0
Total
Current
Liabilities 69,596,425 71,026,513 80,421,416 81,227,975
Medium-­‐term
Loans
Long-­‐Term
Payables 4,600,000 4,600,000 0 0
Total
Long-­‐Term
Liabilities 4,600,000 4,600,000 0 0
Total
Liabilities 74,196,425 75,626,513 80,421,416 81,227,975
Equity
Common
Stock
Retained
Earning
"Opening" 3,522,860 4,579,283 6,653,684 9,380,889
Add:
Net
Profit 225,297 383,533 825,164 951,459
Less:
Dividends 0 0 0 0
Retained
Earning
"Ending" 3,748,157 4,962,817 7,478,848 10,332,348
Shareholders'
loan 0 0 0 0
Total
Equity 3,748,157 4,962,817 7,478,848 10,332,348
0 0 0 0 0
Balance Sheet

3. USD Q1 Q2 Q3 Q4
Cash
Flows
from
Operating
Activities
Net
Income 225,297 383,533 825,164 951,459
Tax
Expense 59,167 133,333 118,333 133,333
Depreciation 0 0 0 0
Forex
Differences 0 0 0 0
Adjusted
Net
income 284,464 516,867 943,497 1,084,792
Decrease
(Increase)
in
Inventory
Balances 1,548,333
-­‐
1,151,333
-­‐
593,500
-­‐
593,500
Increase
(Decrease)
in
Receivables
and
Other
Debit
Balances 5,533,332
-­‐
0 0
-­‐
3
Increase
(Decrease)
in
Payables
and
Other
Credit
Balances
-­‐
6,437,380 1,530,197 2,108,213 3,986
Net
Cash
Flows
from
Operating
Activities 928,750 895,731 2,458,211 495,275
Cash
Flows
from
Investing
activities
Capital
Expenditures
-­‐
1,396,924 303,076 320,937 320,937
Capitalized
Interest 0 0 0 0
Net
Cash
Flows
from
Investing
Activities
-­‐
1,396,924 303,076 320,937 320,937
Cash
Flows
from
Financing
activities
Proceeds
from
Capital
Increase 0 0 0 0
Increase
(Decrease)
in
Long-­‐Term
Liabilities
-­‐
4,600,000 0 0 0
Dividends
Paid 0 0 0 0
Increase
(Decrease)
in
Shareholders'
loan 0 0 0 0
Increase
(Decrease)
in
Bank
Overdrafts 0 0 0 0
Increase
(Decrease)
in
Financed
L/Cs 0 0 0 0
Increase
(Decrease)
in
Secured
Borrowings 0 0 0 0
0 0 0 0
Net
Cash
Flows
from
Financing
Activities
-­‐
4,600,000 0 0 0
Net
Increase
(Decrease)
In
Cash
Balance
-­‐
5,068,174 1,198,806 2,779,148 816,212
Opening
cash
Balance
-­‐
1,089,733
-­‐
7,284,903
-­‐
2,767,889 2,089,078
Ending
Cash
Balance (6,157,907)
(6,086,097)
11,259
2,905,290
USD Q1 Q2 Q3 Q4
Cash
Flows
from
Operating
Activities 928,750 895,731 2,458,211 495,275
Cash
Flows
from
Investing
activities
-­‐
1,396,924 303,076 320,937 320,937
Cash
Flows
from
Financing
activities
-­‐
4,600,000 0 0 0
Net
Increase
(Decrease)
In
Cash
Balance
-­‐
5,068,174 1,198,806 2,779,148 816,212
Ending
Cash
Balance (6,157,907)
(6,086,097)
11,259
2,905,290
0 0 0 0
Projected Cash Flow
Summarized Cash Flow Statement (Indirect Method)

4. USD Q1 Q2 Q3 Q4
Short-­‐Term
Bank
Facilities 0 0 0 0
Spontaneous
Financing 69,596,425 71,026,513 80,421,416 81,227,975
0
Long-­‐Term
Bank
Debt
&
Equivelants 4,600,000 4,600,000 0 0
0
Equity
&
Shareholders'
loan 3,748,157 4,962,817 7,478,848 10,332,348
Total 77,944,581 80,589,330 87,900,264 91,560,322
-­‐
177,500.00
-­‐
577,500.00
-­‐
932,500.00
-­‐
1,332,500.00
USD Q1 Q2 Q3 Q4
Long-­‐Term
Assets 42,040,199 41,130,972 40,303,051 39,340,240
Net
Operating
Working
Capital
-­‐
33,514,542
-­‐
30,990,655
-­‐
31,891,702
-­‐
27,675,393
Total
Bank
Debt 4,600,000 4,600,000 0 0
Equity
&
Shareholders'
loan 3,748,157 4,962,817 7,478,848 10,332,348
Net
Investment 33,600,459 27,511,220 19,945,105 28,142,667
Item
Dupoint Formula Q1 Q2 Q3 Q4
RETURN
ON
SALES 4.84% 6.49% 10.36% 11.28%
TOTAL
ASSET
TURNOVER 0.49 0.69 0.82 0.82
RETURN
ON
ASSETS 2.35% 4.49% 8.50% 9.22%
ASSET
LEVERAGE 20.84 16.35 11.88 8.99
RETURN
ON
EQUITY 49% 73% 101% 83%
Item Q1 Q2 Q3 Q4
Profitability
Sales
Growth N/A 48.0% 29.7% 4.2%
COGS
/
Sales 84.9% 85.1% 80.7% 79.7%
Gross
Profit
Margin 15.1% 14.9% 19.3% 20.3%
S
G&A
/
Sales 2.6% 1.9% 2.5% 2.5%
Interest
/
Sales 3.5% 2.3% 3.3% 3.3%
FX
Loss
/
Sales 0.0% 0.0% 0.0% 0.0%
EBITDA
Margin 9.7% 11.0% 15.1% 16.1%
Net
Operating
Profit
Margin 9.7% 11.0% 15.1% 16.1%
NPBT
/
Sales 6.2% 8.6% 11.8% 12.9%
Profit
margin 4.8% 6.5% 10.4% 11.3%
Net
Profit
Growth N/A 98% 107% 13%
Item Q1 Q2 Q3 Q4
Asset Efficiency & Turnover
Net
Investment
USD 33,600,459
27,511,220
19,945,105
28,142,667
Fixed
Assets
Turnover 0.90
1.37
1.81
1.93
Working
Capital
Turnover 1.05
1.40
1.50
1.42
Financial Highlights'
Financial Structure
Financial Structure

5. Item Q1 Q2 Q3 Q4
Business Cycles
Net
Cash
to
Cash
Cycle N/A N/A N/A N/A
Total
Receivables
Days
on
Hands 86 119 94 369
Third
Party
Receivables
Days
on
Hand 111 77 62 246
Affiliates
Receivables
Days
On
Hand 31 42 96 123
Inventory
Days
On
Hand 150 109 299 419
RM
Days
On
Hand 150 109 299 419
WIP
Days
On
Hand N/A N/A N/A N/A
FG
Days
On
Hand N/A N/A N/A N/A
GIT
&
Others
Days
On
Hand N/A N/A N/A N/A
Other
Current
Assets
Days
On
Hand N/A N/A N/A N/A
Total
Payables
Days
on
Hands 289 395 1,043 1,442
Third
Party
payables
Days
on
Hand -­‐47
-­‐26
16 112
Affiliates
payables
Days
On
Hand 313 421 1,027 1,331
Other
Current
Liabilities
Days
On
Hand 5 2 N/A N/A
Item Q1 Q2 Q3 Q4
LIQUIDITY
Cash
Ratio 0.088-­‐
0.08-­‐
0.00
0.04
Current
Ratio 0.5
0.6
0.6
0.7
Quick
Ratio 0.3
0.3
0.3
0.4
EBITDA
USD 14,783,541 24,628,775 43,963,221 48,956,749
Net
Working
Capital
USD -­‐33,514,542
-­‐30,990,655
-­‐31,891,702
-­‐27,675,393
Item Q1 Q2 Q3 Q4
LEVERAGE & CAPITAL STRUCTURE
Financial
Leverage
20.8
16.4
11.9
9.0
Gearing
(Bank
Debt/Equity)
1.2
0.9
0.0
0.0
Current
Lab.
/
Total
Assets 89% 88% 91% 87%
Total
Bank
Debt
/
EBITDA
0.3
0.2
0.0
0.0
Operating
Cash
Flows
/
Interest
2.1
2.0
3.1
0.6
Operating
Cash
Flows
/
Bank
Debt
2.4
2.3
N/A N/A
Times
Interest
Covered
(Per
EBIT)
2.8
4.7
4.6
4.9
Fixed
Charge
Coverage
(Per
EBIT)
2.8
4.7
4.6
4.9
USD Q1 Q2 Q3 Q4 Total
Cash
Flows
from
Operating
Activities
Net
Cash
Collections
from
Sales
-­‐
24,288,810
-­‐
833,332
-­‐
666,667
-­‐
333,337
Suppliers
Payments 40,324,818
-­‐
16,841,338
-­‐
11,955,672
-­‐
21,147,481
Other
Operating
Cash
Receipts
(Payments) 312,364
-­‐
998,934
-­‐
614,805
-­‐
631,779
Income
Taxes
Paid
-­‐
177,500
-­‐
400,000
-­‐
355,000
-­‐
400,000
Interest
Payments
-­‐
442,330
-­‐
437,738
-­‐
792,570
-­‐
826,230
Net
Cash
Flows
from
Operating
Activities 15,728,542
-­‐
19,511,342
-­‐
14,384,714
-­‐
23,338,827
Cash
Flows
from
Investing
activities
Capital
Expenditures
-­‐
1,396,924 303,076 320,937 320,937
Net
Cash
Flows
from
Investing
Activities
-­‐
1,396,924 303,076 320,937 320,937
Cash
Flows
from
Financing
activities
Proceeds
from
Capital
Increase 0 0 0 0
Increase
(Decrease)
in
Long-­‐Term
Liabilities
-­‐
4,600,000 0 0 0
Dividends
Paid 0 0 0 0
Increase
(Decrease)
in
Shareholders'
loan 0 0 0 0
Increase
(Decrease)
in
Bank
Overdrafts 0 0 0 0
Increase
(Decrease)
in
Financed
L/Cs 0 0 0 0
Increase
(Decrease)
in
Secured
Borrowings 0 0 0 0
Net
Cash
Flows
from
Financing
Activities
-­‐
4,600,000 0 0 0
Net
Increase
(Decrease)
In
Cash
Balance 9,731,617
-­‐
19,208,266
-­‐
14,063,777
-­‐
23,017,891
Opening
cash
Balance
-­‐
1,089,733
-­‐
7,284,903
-­‐
2,767,889 2,089,078
Ending
Cash
Balance 8,641,885
-­‐
26,493,170
-­‐
16,831,666
-­‐
20,928,812
Cash Flow Statement (Direct Method)