V-Glow (Most Likely Scenario) : Income Statement

V-Glow Income Statement (Most Likely Scena
Year of Operation 2011

Particulars July Aug Sept Oct Nov Dec Jan Feb Mar Apr May
Price/unit (net of discounts) 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000
Units volume 30 32 34 36 38 40 42 44 46 48 50
TOTAL SALES ### ### ### ### ### ### ### ### ### ### 5000000
Unit direct cost 33396 33396 33396 33396 33396 33396 33396 33396 33396 33396 33396
COST OF GOODS SOLD ### ### ### ### ### ### ### ### ### ### 1669800
% of Total Sales 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
GROSS PROFIT ### ### ### ### ### ### ### ### ### ### 3330200
% Gross Margin 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67%
OPERATING EXPENSES
Setup costs 0 0 0 0 0 0 0 0 0 0
Sales and Marketing 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000
General and Administrative 1011000 1011000 1011000 1011000 1011000 ### ### ### 1011000 1011000 1011000
Depreciation of P&E 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000
Depreciation of R&D & Pre-operative 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333
TOTAL OPERATING EXPENSES ### ### ### ### ### ### ### ### ### ### 2399333
% of Total Sales 80% 75% 71% 67% 63% 60% 57% 55% 52% 50% 48%
INCOME BEFORE INTEREST & TAXES -401213 ### ### -1589 131619 264827 398035 531243 664451 797659 930867
Mnth
Interest income 0.3% 0 0 0 0 0 0 0 0 0 0 0
Interest expense 2% ### ### ### ### ### ### ### ### ### ### ###
NET INTEREST INCOME -291667 ### ### -291667 ### ### ### ### -291667 -291667 -291667
INCOME BEFORE TAXES -692880 ### ### -293256 ### -26840 106368 239576 372784 505992 639200
Taxes on income 33% 0 0 0 0 0 0 35101 79060 123019 166977 210936
NET INCOME -692880 ### ### -293256 ### -26840 71267 160516 249765 339015 428264
% of Total Sales -23% -17% -13% -8% -4% -1% 2% 4% 5% 7% 9%
GRANTS RECEIVED 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (opening) 0 -692880 ### ### ### ### ### ### ### ### -1338598
Available for Distribution -692880 ### ### ### ### ### ### ### ### ### -910334
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0
RETAINED EARNINGS (CLOSING) -692880 ### ### ### ### ### ### ### ### ### -910334
V-Glow Balance Sheet (INR000s) (Most Likely Scena
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES ### ### ### ### ### ### ### ### ### ### ###
A/R Opening Balance 0 0 2400000 2560000 2720000 ### ### ### 3360000 3520000 3680000
A/R Closing Balance 80% 2400000 2560000 2720000 2880000 3040000 ### ### ### 3680000 3840000 4000000
ACCOUNTS RECEIVABLES ### ### ### ### ### ### ### ### ### ### 4000000
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0 0

TOTAL CURRENT ASSETS 391393 ### ### ### ### ### ### 114001 820496 ### 2501233
PLANT AND EQUIPMENT ### ### ### ### ### ### ### ### ### ### 19500000
Less: (Accum. Depr) 325000 650000 975000 1300000 1625000 ### ### ### 2925000 3250000 3575000
NET PLANT AND EQUIPMENT ### ### ### ### ### ### ### ### ### ### ###
R&D AND PRE-OPERATIVE EXPENSES ### ### ### ### ### ### ### ### ### ### 15500000
Less: (Accum. Depr) 258333 516667 775000 1033333 1291667 ### ### ### 2325000 2583333 2841667
NET INTANGIBLE ASSETS ### ### ### ### ### ### ### ### ### ### ###
TOTAL ASSETS ### ### ### ### ### ### ### ### ### ### ###
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0 0 0 0
Accounts Payable 80% 500940 534336 567732 601128 634524 667920 701316 734712 768108 801504 834900
TOTAL CURRENT LIABILITIES 500940 534336 567732 601128 634524 667920 701316 734712 768108 801504 834900
Shareholders Loans 0 0 0 0 0 0 0 0 0 0 0
Long Term Debt ### ### ### ### ### ### ### ### ### ### 14000000
TOTAL LIABILITIES ### ### ### ### ### ### ### ### ### ### ###
OWNERS' EQUITY
Common Stock - Promotors ### ### ### ### ### ### ### ### ### ### 10500000
Common Stock - Venture Capitalists ### ### ### ### ### ### ### ### ### ### 10500000
Retained Earnings -692880 ### ### ### ### ### ### ### ### ### -910334
TOTAL OWNER'S EQUITY ### ### ### ### ### ### ### ### ### ### ###
TOTAL LIABILITIES & EQUITY ### ### ### ### ### ### ### ### ### ### ###
Check difference 0 0 0 0 0 0 0 0 0 0 0
V-Glow Cashflow Statement (INR000s) (Most Likely Scena

CASH INFLOW FROM OPERATIONS
Sales Revenue ($000s) 3000000 3200000 3400000 3600000 3800000 ### ### ### 4600000 4800000 5000000
Plus: A/R opening balance 0 0 2400000 2560000 2720000 ### ### ### 3360000 3520000 3680000
Less: A/R ending balance 80% 2400000 2560000 2720000 2880000 3040000 ### ### ### 3680000 3840000 4000000
CASH INFLOW FROM OPERATIONS 600000 640000 ### ### ### ### ### ### ### ### 4680000
CASH OUTFLOW FROM OPERATIONS

SETUP COSTS 0 0 0 0 0 0 0 0 0 0 0
Cost of Goods Sold 1001880 1068672 1135464 1202256 1269048 ### ### ### 1536216 1603008 1669800
Plus: A/P opening balance 0 500940 534336 567732 601128 634524 667920 701316 734712 768108 801504
Less: A/P ending balance 50% 500940 534336 567732 601128 634524 667920 701316 734712 768108 801504 834900
CASH PURCHASES 500940 ### ### ### ### ### ### ### ### ### 1636404
Sales & Marketing Expenses 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000
General & Administrative Exp 1011000 1011000 1011000 1011000 1011000 ### ### ### 1011000 1011000 1011000
Research & Development 500000 0 0 0 0 0 0 0 0 0 0
Pre-operative expenses ### 0 0 0 0 0 0 0 0 0 0
Taxes payable 0 0 0 0 0 0 35101 79060 123019 166977 210936
Net increase in Inventory 0% 0 0 0 0 0 0 0 0 0 0 0
Net increase in Equipment ### 0 0 0 0 0 0 0 0 0 0
CASH EXPENSE DISBURSEMENTS ### ### ### ### ### ### ### ### ### ### 2026936
NET OPERATING CASH FLOWS ### ### 161932 295140 428348 561556 659663 748912 838161 927411 1016660
CASH INFLOW FROM FINANCING

Interest earned 0 0 0 0 0 0 0 0 0 0 0
Grants Received 0 0 0 0 0 0 0 0 0 0 0
Equity funding - Promotors ### 0 0 0 0 0 0 0 0 0 0
Equity funding - Venture capitalists ### 0 0 0 0 0 0 0 0 0 0
Proceeds from Debt funding ### 0 0 0 0 0 0 0 0 0 0
CASH INFLOW FROM FINANCING ### 0 0 0 0 0 0 0 0 0 0
CASH OUTFLOW FROM FINANCING

Interest payable 291667 291667 291667 291667 291667 291667 291667 291667 291667 291667 291667
Debt retirement 0 0 0 0 0 0 0 0 0 0 0
Cash Dividends 0 0 0 0 0 0 0 0 0 0 0
CASH OUTFLOW FROM FINANCING 291667 291667 291667 291667 291667 291667 291667 291667 291667 291667 291667
NET FINANCING CASH FLOWS ### ### ### -291667 ### ### ### ### -291667 -291667 -291667
NET CASH FLOW ### ### ### 3473 136681 269889 367996 457245 546495 635744 724993
OPENING CASH BALANCES 0 ### ### ### ### ### ### ### ### ### ###
ENDING CASH BALANCES ### ### ### ### ### ### ### ### ### ### ###
V-Glow Depreciation Schedules (Most Likely Scena
2011
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May
PLANT AND EQUIPMENT Mnths
Asset Purchases ### 0 0 0 0 0 0 0 0 0 0
Cum. Plant and Equipment 60 ### ### ### ### ### ### ### ### ### ### 19500000
TOTAL ASSET DEPRECIATION 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000
Cumulative Depreciation 325000 650000 975000 1300000 1625000 ### ### ### 2925000 3250000 3575000
NET PLANT AND EQUIPMENT ### ### ### ### ### ### ### ### ### ### ###
R&D EXPENDITURES
Chemical Engineer 40.0 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 0 0
0 0 0 0 0 0 0 0 0 0 0
TOTAL R&D SALARIES/BENEFITS 0 0 0 0 0 0 0 0 0 0 0
R&D Project Materials 500000 0 0 0 0 0 0 0 0 0 0
TOTAL R&D EXPENDITURES 500000 0 0 0 0 0 0 0 0 0 0
Pre - operative expenditure ### 0 0 0 0 0 0 0 0 0 0
TOTAL R&D AND PRE-OPERATIVE EXP. Mnths ### 0 0 0 0 0 0 0 0 0 0
Cum. R&D and Pre-Operative expenses 60 ### ### ### ### ### ### ### ### ### ### 15500000
DEPRECIATION - R&D AND Pre-operative 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333
Cumulative Depreciation 258333 516667 775000 1033333 1291667 ### ### ### 2325000 2583333 2841667
NET R&D AND PRE0OPERATIVE EXPENSES ### ### ### ### ### ### ### ### ### ### ###
V-Glow Human Resource Worksheet (Most Likely Scena
2011
RESEARCH AND DEVELOPMENT
Chemical Engineer
R&D Senior Staff
R&D Junior Staff
TOTAL R&D STAFF NUMBERS
SALES & MARKETING STAFF

V.P. - Marketing
Marketing Staff
V.P. - Sales
Sales Staff
TOTAL SALES & MARKETING STAFF
GENERAL & ADMINISTRATIVE STAFF

CEO
CFO
COO
Administrative Staff
TOTAL GENERAL & ADMIN. STAFF
TOTAL STAFF PROJECTIONS
SALARY RELATED ISSUES

Salary Increases - CEO / VP R&D
Across Board Salary Increases
V-Glow Category Expense Details (Most Likely Scena

2011
SALES & MKT SALARIES/BENEFITS -
TOTAL SALES & MKT SALARIES/BENEFITS 155000 155000 155000 155000 155000 155000 155000 155000 155000 155000 155000
Marketing Travel expenses - 650000 650000 650000 650000 650000 650000 650000 650000 650000 650000 650000
TOTAL SALES & MARKETING EXPENSES 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000 805000
% of Sales 27% 25% 24% 22% 21% 20% 19% 18% 18% 17% 16%
TOTAL G&A SALARIES/BENEFITS 219000 219000 219000 219000 219000 219000 219000 219000 219000 219000 219000
% of Sales 7% 7% 6% 6% 6% 5% 5% 5% 5% 5% 4%
MISCELLANEOUS GEN & ADMIN EXPENSE
Lease Expenses 0 0 0 0 0 0 0 0 0 0 0
Adminstration cost 520000 520000 520000 520000 520000 520000 520000 520000 520000 520000 520000
Gen Expense (IT, Supplies) 272000 272000 272000 272000 272000 272000 272000 272000 272000 272000 272000
TOTAL MISC GEN & ADMIN EXPENSE 792000 792000 792000 792000 792000 792000 792000 792000 792000 792000 792000
TOTAL GEN & ADMIN EXPENSES ### ### ### ### ### ### ### ### ### ### 1011000
% of Sales 33.7% 31.6% 29.7% 28.1% 26.6% 25.3% 24.1% 23.0% 22.0% 21.1% 20.2%
V-Glow (Most Likely Scenario)
2011
Year of Operation
Particulars June Total
Price/unit (net of discounts) 100000 100000

Units volume 52 492
TOTAL SALES ### ###
Unit direct cost 33396 33396

COST OF GOODS SOLD ### ###
% of Total Sales 33% 33%
GROSS PROFIT ### ###
% Gross Margin 67% 67%
OPERATING EXPENSES
Setup costs 0 0
Sales and Marketing 805000 9660000
General and Administrative 1011000 12132000
Depreciation of P&E 325000 3900000
Depreciation of R&D & Pre-operative 258333 3100000
TOTAL OPERATING EXPENSES ### ###
INCOME BEFORE INTEREST & TAXES ### 3977168

Mnth
Interest income 0 0
Interest expense ### ###
NET INTEREST INCOME -291667 ###
INCOME BEFORE TAXES 772408 477168

Taxes on income 254895 157465
NET INCOME 517513 319703
GRANTS RECEIVED 0 0
Retained Earnings (opening) -910334 0

Available for Distribution -392820 -392820
Dividends Paid 0 0
RETAINED EARNINGS (CLOSING) -392820 -392820
1 Year of Operation
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES -684524 -684524
A/R Opening Balance 3840000 3840000
A/R Closing Balance 4160000 4160000
ACCOUNTS RECEIVABLES ### 4160000
INVENTORY (% of Cost of Goods Sold) 0 0

TOTAL CURRENT ASSETS ### 3475476
PLANT AND EQUIPMENT ### 19500000

Less: (Accum. Depr) 3900000 3900000
NET PLANT AND EQUIPMENT ### ###
R&D AND PRE-OPERATIVE EXPENSES ### 15500000

Less: (Accum. Depr) 3100000 3100000
NET INTANGIBLE ASSETS ### ###
TOTAL ASSETS ### ###
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0
Accounts Payable 868296 868296
TOTAL CURRENT LIABILITIES 868296 868296
Shareholders Loans 0 0
Long Term Debt ### 14000000
TOTAL LIABILITIES ### ###
OWNERS' EQUITY
Common Stock - Promotors ### 10500000
Common Stock - Venture Capitalists ### 10500000
Retained Earnings -392820 -392820
TOTAL OWNER'S EQUITY ### ###
TOTAL LIABILITIES & EQUITY ### ###

Check difference 0 0

1 Year of Operation
Sales Revenue ($000s) 5200000 49200000
Plus: A/R opening balance 3840000 0
Less: A/R ending balance 4160000 4160000
CASH INFLOW FROM OPERATIONS ### ###

SETUP COSTS 0 0
Cost of Goods Sold 1736592 16430832
Plus: A/P opening balance 834900 0
Less: A/P ending balance 868296 868296
CASH PURCHASES ### ###
Sales & Marketing Expenses 805000 9660000

General & Administrative Exp 1011000 12132000
Research & Development 0 500000
Pre-operative expenses 0 15000000
Taxes payable 254895 157465
Net increase in Inventory 0 0
Net increase in Equipment 0 19500000
CASH EXPENSE DISBURSEMENTS ### ###
NET OPERATING CASH FLOWS ### ###

Interest earned 0 0
Grants Received 0 0
Equity funding - Promotors 0 10500000
Equity funding - Venture capitalists 0 10500000
Proceeds from Debt funding 0 14000000
CASH INFLOW FROM FINANCING 0 ###

Interest payable 291667 3500000
Debt retirement 0 0
Cash Dividends 0 0
CASH OUTFLOW FROM FINANCING 291667 3500000
NET FINANCING CASH FLOWS -291667 ###
NET CASH FLOW 814243 4027999

OPENING CASH BALANCES ### 0
ENDING CASH BALANCES -684524 -684524
1
June Total
PLANT AND EQUIPMENT
Asset Purchases 0 ###
Cum. Plant and Equipment ### ###
TOTAL ASSET DEPRECIATION 325000 3900000
Cumulative Depreciation 3900000 3900000
NET PLANT AND EQUIPMENT ### ###
R&D EXPENDITURES
Chemical Engineer 0 0
0 0
0 0
0 0
TOTAL R&D SALARIES/BENEFITS 0 0
R&D Project Materials 0 500000
TOTAL R&D EXPENDITURES 0 500000
Pre - operative expenditure 0 15000000
TOTAL R&D AND PRE-OPERATIVE EXP. 0 ###
Cum. R&D and Pre-Operative expenses ### 15500000
DEPRECIATION - R&D AND Pre-operative 258333 3100000
Cumulative Depreciation 3100000 3100000
NET R&D AND PRE0OPERATIVE EXPENSES ### ###
1
June Total
Chemical Engineer
R&D Senior Staff
R&D Junior Staff

V.P. - Marketing
Marketing Staff
V.P. - Sales
Sales Staff

CEO
CFO
COO


2011
June Total
SALES & MKT SALARIES/BENEFITS
TOTAL SALES & MKT SALARIES/BENEFITS 155000 1860000

Marketing Travel expenses 650000 7800000
TOTAL SALES & MARKETING EXPENSES 805000 9660000
% of Sales 15% 20%
TOTAL G&A SALARIES/BENEFITS 219000 2628000

% of Sales 4% 5%
Lease Expenses 0 0
Adminstration cost 520000 6240000
Gen Expense (IT, Supplies) 272000 3264000
TOTAL MISC GEN & ADMIN EXPENSE 792000 9504000
TOTAL GEN & ADMIN EXPENSES ### ###

% of Sales 19.4% 24.7%
V-Glow Income Statement (Most Likely Sc
Particulars Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr
Price/unit (net of discounts) 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000
Units volume 54 56 58 60 62 64 68 70 72 74
TOTAL SALES 5400000 5600000 ### ### 6200000 6400000 6800000 7000000 7200000 7400000
Unit direct cost 35066 35066 35066 35066 35066 35066 35066 35066 35066 35066
COST OF GOODS SOLD 1893553 1963685 ### ### 2174092 2244224 2384488 2454620 2524752 2594884
% of Total Sales 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
GROSS PROFIT 3506447 3636315 ### ### 4025908 4155776 4415512 4545380 4675248 4805116
% Gross Margin 65% 65% 65% 65% 65% 65% 65% 65% 65% 65%
OPERATING EXPENSES
Setup costs 0 0 0 0 0 0 0 0 0 0
Sales and Marketing 860750 860750 860750 860750 860750 860750 860750 860750 860750 860750
General and Administrative 1061550 1061550 ### ### 1061550 1061550 1061550 1061550 1061550 1061550
Depreciation of P&E 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000
Depreciation of R&D & Pre-operative 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333
TOTAL OPERATING EXPENSES 2505633 2505633 ### ### 2505633 2505633 2505633 2505633 2505633 2505633
% of Total Sales 46% 45% 43% 42% 40% 39% 37% 36% 35% 34%
INCOME BEFORE INTEREST & TAXES 1000813 1130682 ### ### 1520275 1650143 1909879 2039747 2169615 2299483
Mnth
Interest income ### 0 331 2483 4856 7451 10267 13306 16472 20262 24188
Interest expense 2% ### 291666.67 ### ### ### ### ### 0.00 291666.67 291666.67
NET INTEREST INCOME -291667 -291336 ### ### -284216 -281400 -278361 16472 -271405 -267479
INCOME BEFORE TAXES 709147 839346 971355 ### 1236059 1368743 1631518 2056219 1898210 2032004
Taxes on income 33% 234018 276984 320547 364187 407899 451685 538401 678552 626409 670561
NET INCOME 475128 562362 650808 739409 828159 917058 1093117 1377667 1271801 1361442
% of Total Sales 9% 10% 11% 12% 13% 14% 16% 20% 18% 18%
GRANTS RECEIVED 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained Earnings (opening) -392820 82308 644670 ### 2034887 2863046 3780104 4873221 6250887 7522688
Available for Distribution 82308 644670 ### ### 2863046 3780104 4873221 6250887 7522688 8884131
Dividends Paid 0 0 0 0 0 0 0 0 0 0
RETAINED EARNINGS (CLOSING) 82308 644670 ### ### 2863046 3780104 4873221 6250887 7522688 8884131
V-Glow Balance Sheet (INR000s) (Most Likely Sc
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES 132418 993179 ### ### 4106759 5322216 6588798 8104864 9675064 11334906
A/R Opening Balance 4000000 4160000 ### ### 4640000 4800000 4960000 5120000 5440000 5600000
A/R Closing Balance 80% 4320000 4480000 ### ### 4960000 5120000 5440000 5600000 5760000 5920000
ACCOUNTS RECEIVABLES 4320000 4480000 ### ### 4960000 5120000 5440000 5600000 5760000 5920000
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0

TOTAL CURRENT ASSETS 4452418 5473179 ### ### 9066759 ### ### ### ### 17254906
PLANT AND EQUIPMENT ### 19500000 ### ### ### ### ### 19500000 19500000 19500000
Less: (Accum. Depr) 4225000 4550000 ### ### 5525000 5850000 6175000 6500000 6825000 7150000
NET PLANT AND EQUIPMENT ### ### ### ### ### ### ### ### ### 12350000
R&D AND PRE-OPERATIVE EXPENSES ### 15500000 ### ### ### ### ### 15500000 15500000 15500000
Less: (Accum. Depr) 3358333 3616667 ### ### 4391667 4650000 4908333 5166667 5425000 5683333
NET INTANGIBLE ASSETS ### ### ### ### ### ### ### ### ### 9816667
TOTAL ASSETS ### ### ### ### ### ### ### ### ### 45181573
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0 0 0
Accounts Payable 946777 981842 ### ### 1087046 1122112 1192244 1227310 1262376 1297442
TOTAL CURRENT LIABILITIES 946777 981842 ### ### 1087046 1122112 1192244 1227310 1262376 1297442
Shareholders Loans 0 0 0 0 0 0 0 0 0 0
Long Term Debt ### 14000000 ### ### ### ### ### 14000000 14000000 14000000
TOTAL LIABILITIES ### ### ### ### ### ### ### ### ### 15297442
OWNERS' EQUITY
Common Stock - Promotors ### 10500000 ### ### ### ### ### 10500000 10500000 10500000
Common Stock - Venture Capitalists ### 10500000 ### ### ### ### ### 10500000 10500000 10500000
Retained Earnings 82308 644670 ### ### 2863046 3780104 4873221 6250887 7522688 8884131
TOTAL OWNER'S EQUITY ### ### ### ### ### ### ### ### ### 29884131
TOTAL LIABILITIES & EQUITY ### ### ### ### ### ### ### ### ### 45181573
Check difference 0 0 0 0 0 0 0 0 0 0
V-Glow Cashflow Statement (INR000s) (Most Likely Sc

Sales Revenue ($000s) 5400000 5600000 ### ### 6200000 6400000 6800000 7000000 7200000 7400000
Plus: A/R opening balance 4000000 4160000 ### ### 4640000 4800000 4960000 5120000 5440000 5600000
Less: A/R ending balance 80% 4320000 4480000 ### ### 4960000 5120000 5440000 5600000 5760000 5920000
CASH INFLOW FROM OPERATIONS 5080000 5280000 ### ### 5880000 6080000 6320000 6520000 6880000 7080000

SETUP COSTS 0 0 0 0 0 0 0 0 0 0
Cost of Goods Sold 1893553 1963685 ### ### 2174092 2244224 2384488 2454620 2524752 2594884
Plus: A/P opening balance 868296 946777 981842 ### 1051980 1087046 1122112 1192244 1227310 1262376
Less: A/P ending balance 50% 946777 981842 ### ### 1087046 1122112 1192244 1227310 1262376 1297442
CASH PURCHASES 1815073 1928619 ### ### 2139026 2209158 2314356 2419554 2489686 2559818
Sales & Marketing Expenses 860750 860750 860750 860750 860750 860750 860750 860750 860750 860750
General & Administrative Exp 1061550 1061550 ### ### 1061550 1061550 1061550 1061550 1061550 1061550
Research & Development 0 0 0 0 0 0 0 0 0 0
Pre-operative expenses 0 0 0 0 0 0 0 0 0 0
Taxes payable 234018 276984 320547 364187 407899 451685 538401 678552 626409 670561
Net increase in Inventory 0% 0 0 0 0 0 0 0 0 0 0
Net increase in Equipment 0 0 0 0 0 0 0 0 0 0
CASH EXPENSE DISBURSEMENTS 2156318 2199284 ### ### 2330199 2373985 2460701 2600852 2548709 2592861
NET OPERATING CASH FLOWS 1108609 1152097 ### ### 1410775 1496857 1544943 1499594 1841605 1927321

Interest earned 0 331 2483 4856 7451 10267 13306 16472 20262 24188
Grants Received 0 0 0 0 0 0 0 0 0 0
Equity funding - Promotors 0 0 0 0 0 0 0 0 0 0
Equity funding - Venture capitalists 0 0 0 0 0 0 0 0 0 0
Proceeds from Debt funding 0 0 0 0 0 0 0 0 0 0
CASH INFLOW FROM FINANCING 0 331 2483 4856 7451 10267 13306 16472 20262 24188

Interest payable 291667 291667 291667 291667 291667 291667 291667 0 291667 291667
Debt retirement 0 0 0 0 0 0 0 0 0 0
Cash Dividends 0 0 0 0 0 0 0 0 0 0
CASH OUTFLOW FROM FINANCING 291667 291667 291667 291667 291667 291667 291667 0 291667 291667
NET FINANCING CASH FLOWS -291667 -291336 ### ### -284216 -281400 -278361 16472 -271405 -267479
NET CASH FLOW 816942 860761 949213 ### 1126559 1215457 1266582 1516066 1570200 1659842
OPENING CASH BALANCES -684524 132418 993179 ### 2980201 4106759 5322216 6588798 8104864 9675064
ENDING CASH BALANCES 132418 993179 ### ### 4106759 5322216 6588798 8104864 9675064 11334906
V-Glow Depreciation Schedules (Most Likely Sc
2012
Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr
PLANT AND EQUIPMENT
Asset Purchases Mnths 0 0 0 0 0 0 0 0 0 0
Cum. Plant and Equipment 60 ### 19500000 ### ### ### ### ### 19500000 19500000 19500000
TOTAL ASSET DEPRECIATION 325000 325000 325000 325000 325000 325000 325000 325000 325000 325000
Cumulative Depreciation 4225000 4550000 ### ### 5525000 5850000 6175000 6500000 6825000 7150000
NET PLANT AND EQUIPMENT ### ### ### ### ### ### ### ### ### 12350000
R&D EXPENDITURES Base Salary

Chemical Engineer ### 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 0 0 0 0 0 0 0 0
TOTAL R&D SALARIES/BENEFITS 0 0 0 0 0 0 0 0 0 0
R&D Project Materials 0 0 0 0 0 0 0 0 0 0
TOTAL R&D EXPENDITURES 0 0 0 0 0 0 0 0 0 0
Pre - operative expenditure 0 0 0 0 0 0 0 0 0 0
TOTAL R&D AND PRE-OPERATIVE EXP. Mnths 0 0 0 0 0 0 0 0 0 0
Cum. R&D and Pre-Operative expenses 60 ### 15500000 ### ### ### ### ### 15500000 15500000 15500000
DEPRECIATION - R&D AND Pre-operative 258333 258333 258333 258333 258333 258333 258333 258333 258333 258333
Cumulative Depreciation 3358333 3616667 ### ### 4391667 4650000 4908333 5166667 5425000 5683333
NET R&D AND PRE0OPERATIVE EXPENSES ### ### ### ### ### ### ### ### ### 9816667
V-Glow Human Resource Worksheet (Most Likely Sc
2012
Chemical Engineer
R&D Senior Staff
R&D Junior Staff

V.P. - Marketing
Marketing Staff
V.P. - Sales
Sales Staff

CEO
CFO
COO

V-Glow Category Expense Details (Most Likely Sc

2012
SALES & MKT SALARIES/BENEFITS Mnt Base Salary
TOTAL SALES & MKT SALARIES/BENEFITS 178250 178250 178250 178250 178250 178250 178250 178250 178250 178250
Marketing Travel expenses - 682500 682500 682500 682500 682500 682500 682500 682500 682500 682500
TOTAL SALES & MARKETING EXPENSES 860750 860750 860750 860750 860750 860750 860750 860750 860750 860750
% of Sales 16% 15% 15% 14% 14% 13% 13% 12% 12% 12%
TOTAL G&A SALARIES/BENEFITS 229950 229950 229950 229950 229950 229950 229950 229950 229950 229950
% of Sales 4% 4% 4% 4% 4% 4% 3% 3% 3% 3%
Lease Expenses 0 0 0 0 0 0 0 0 0 0
Adminstration cost 546000 546000 546000 546000 546000 546000 546000 546000 546000 546000
Gen Expense (IT, Supplies) 285600 285600 285600 285600 285600 285600 285600 285600 285600 285600
TOTAL MISC GEN & ADMIN EXPENSE 831600 831600 831600 831600 831600 831600 831600 831600 831600 831600
TOTAL GEN & ADMIN EXPENSES 1061550 1061550 ### ### 1061550 1061550 1061550 1061550 1061550 1061550
% of Sales 19.7% 19.0% 18.3% 17.7% 17.1% 16.6% 15.6% 15.2% 14.7% 14.3%
V-Glow (Most Likely Scenario) Income Statement (Most Likely Scenario) Income
675
Year2012
of Operation 2013
Particulars May June Total Q1 Q2 Q3 Q4 Total
Price/unit (net of discounts) 100000 100000 100000 100000 100000 100000 100000 100000
Units volume 76 78 792 228 258 288 318 1091
TOTAL SALES 7600000 7800000 ### 22770000 ### ### ### ###
Unit direct cost 35066 35066 35066 36819 36819 36819 36819 36819
COST OF GOODS SOLD 2665016 2735148 ### 8383754.61 9E+006 1E+007 1E+007 4E+007
% of Total Sales 35% 35% 35% 37% 37% 37% 37% 37%
GROSS PROFIT 4934984 5064852 ### 14386245.39 2E+007 2E+007 2E+007 7E+007
% Gross Margin 65% 65% 65% 63% 63% 63% 63% 63%
OPERATING EXPENSES
Setup costs 0 0 0 0 0 0 0 0
Sales and Marketing 860750 860750 10329000 2764838 2764838 2764838 2764838 11059350
General and Administrative 1061550 1061550 12738600 3412868 3412868 3412868 3412868 13651470
Depreciation of P&E 325000 325000 3900000 975000 975000 975000 975000 3900000
Depreciation of R&D & Pre-operative 258333 258333 3100000 775000 775000 775000 775000 3100000
TOTAL OPERATING EXPENSES 2505633 2505633 ### 7927705 ### ### ### ###
% of Total Sales 33% 32% 38% 35% 31% 28% 25% 29%
INCOME BEFORE INTEREST & TAXES 2429351 2559219 ### 6458540 ### ### ### ###
Qtr Qtr
Interest income 28337 32711 160663 0.8% 111931 85038 122314 169303 488586 0.8%
Interest expense 291666.67 291666.67 ### 6% 875000 875000 875000 875000 3500000 6%
NET INTEREST INCOME -263329 -258955 -3047670 -763069 ### ### ### ###
INCOME BEFORE TAXES 2166021 2300263 ### 5695471 ### ### ### ###
Taxes on income 714787 759087 6043118 33% 1879506 2496145 3133938 3774936 11284526 33%
NET INCOME 1451234 1541176 ### 3815966 ### ### ### ###
% of Total Sales 19% 20% 15% 17% 20% 22% 24% 21%
GRANTS RECEIVED 0.00 0.00 0.00 0 0 0 0 0
Retained Earnings (opening) 8884131 10335365 -392820 11876541 ### ### ### 11876541
Available for Distribution 10335365 11876541 11876541 15692507 ### ### ### 34787548
Dividends Paid 0 0 0 0 0 0 0 0
RETAINED EARNINGS (CLOSING) ### ### ### 15692507 ### ### ### ###
V-Glow (Most Likely Scenario) Balance Sheet (INR000s)
2012
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES ### ### ### 11338384 ### ### ### ###
A/R Opening Balance 5760000 5920000 4320000 6240000 ### ### ### 18216000
A/R Closing Balance 6080000 6240000 6240000 80% 18216000 ### ### ### 25416000 80%
ACCOUNTS RECEIVABLES 6080000 6240000 6240000 18216000 ### ### ### ###
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0

TOTAL CURRENT ASSETS ### ### ### 29554384 ### ### ### ###
PLANT AND EQUIPMENT 19500000 19500000 19500000 19500000 ### ### ### 19500000
Less: (Accum. Depr) 7475000 7800000 7800000 8775000 9750000 ### ### 11700000
NET PLANT AND EQUIPMENT ### ### ### 10725000 ### ### ### 7800000
R&D AND PRE-OPERATIVE EXPENSES 15500000 15500000 15500000 15500000 ### ### ### 15500000
Less: (Accum. Depr) 5941667 6200000 6200000 6975000 7750000 8525000 9300000 9300000
NET INTANGIBLE ASSETS 9558333 9300000 9300000 8525000 ### ### ### 6200000
TOTAL ASSETS ### ### ### 54884384 ### ### ### ###
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0
Accounts Payable 1332508 1367574 1367574 4191877 4744128 5296413 5848698 5848698 80%
TOTAL CURRENT LIABILITIES 1332508 1367574 1367574 4191877 ### ### ### 5848698
Shareholders Loans 0 0 0 0 0 0 0 0
Long Term Debt 14000000 14000000 14000000 14000000 ### ### ### 14000000 0%
TOTAL LIABILITIES ### ### ### 18191877 ### ### ### ###
OWNERS' EQUITY
Common Stock - Promotors 10500000 10500000 10500000 10500000 ### ### ### 10500000
Common Stock - Venture Capitalists 10500000 10500000 10500000 10500000 ### ### ### 10500000
Retained Earnings 10335365 11876541 11876541 15692507 ### ### ### 34787548
TOTAL OWNER'S EQUITY ### ### ### 36692507 ### ### ### ###
TOTAL LIABILITIES & EQUITY ### ### ### 54884384 ### ### ### ###
Check difference 0 0 0 0 0 0 0 0
V-Glow (Most Likely Scenario) Cashflow Statement (INR000s)

2012
Sales Revenue ($000s) 7600000 7800000 79200000 22770000 3E+007 3E+007 3E+007 1.1E+008
Plus: A/R opening balance 5760000 5920000 4000000 6240000 2E+007 2E+007 2E+007 6240000
Less: A/R ending balance 6080000 6240000 6240000 80% 18216000 2E+007 2E+007 3E+007 25416000 80%
CASH INFLOW FROM OPERATIONS 7280000 7480000 ### 10794000 2E+007 3E+007 3E+007 ###

SETUP COSTS 0 0 0 0 0 0 0 0
Cost of Goods Sold 2665016 2735148 27772250 8383755 9488256 ### ### 40162234
Plus: A/P opening balance 1297442 1332508 868296 1367574 4191877 4744128 5296413 1367574
Less: A/P ending balance 1332508 1367574 1367574 50% 4191877 4744128 5296413 5848698 5848698 50%
CASH PURCHASES 2629950 2700082 ### 5559451 ### ### ### ###
Sales & Marketing Expenses 860750 860750 10329000 2764838 2764838 2764838 2764838 11059350
General & Administrative Exp 1061550 1061550 12738600 3412868 3412868 3412868 3412868 13651470
Research & Development 0 0 0 0 0 0 0 0
Pre-operative expenses 0 0 0 0 0 0 0 0
Taxes payable 714787 759087 6043118 1879506 2496145 3133938 3774936 11284526
Net increase in Inventory 0 0 0 0% 0 0 0 0 0 0%
Net increase in Equipment 0 0 0 0 0 0 0 0
CASH EXPENSE DISBURSEMENTS 2637087 2681387 ### 8057211 ### ### ### ###
NET OPERATING CASH FLOWS 2012963 2098531 ### -2822662 ### ### ### ###

Interest earned 28337 32711 160663 111931 85038 122314 169303 488586
Grants Received 0 0 0 0 0 0 0 0
Equity funding - Promotors 0 0 0 0 0 0 0 0
Equity funding - Venture capitalists 0 0 0 0 0 0 0 0
Proceeds from Debt funding 0 0 0 0 0 0 0 0
CASH INFLOW FROM FINANCING 28337 32711 160663 111931 85038 122314 169303 488586

Interest payable 291667 291667 3208333 875000 875000 875000 875000 3500000
Debt retirement 0 0 0 0 0 0 0 0
Cash Dividends 0 0 0 0 0 0 0 0
CASH OUTFLOW FROM FINANCING 291667 291667 3208333 875000 875000 875000 875000 3500000
NET FINANCING CASH FLOWS -263329 -258955 -3047670 -763069 ### ### ### ###
NET CASH FLOW 1749634 1839576 ### -3585731 ### ### ### ###
OPENING CASH BALANCES ### ### -684524 14924115 ### ### ### ###
ENDING CASH BALANCES ### ### ### 11338384 ### ### ### ###
V-Glow (Most Likely Scenario) Depreciation Schedules
2012 2013
May June Total Q1 Q2 Q3 Q4 Total
PLANT AND EQUIPMENT
Asset Purchases 0 0 0 Qtrs 0 0 0 0 0 Qtrs
Cum. Plant and Equipment 19500000 19500000 0 20 19500000 ### ### ### ### 20
TOTAL ASSET DEPRECIATION 325000 325000 3900000 975000 975000 975000 975000 3900000
Cumulative Depreciation 7475000 7800000 7800000 8775000 9750000 ### ### 11700000
NET PLANT AND EQUIPMENT ### ### -7800000 10725000 ### ### ### 7800000
R&D EXPENDITURES
Chemical Engineer 0 0 0 - 0 0 0 0 0 32.5
0 0 0 ### #DIV/0! #DIV/0! #DIV/0! #DIV/0! ###
0 0 0 #VALUE! ### ### ###
0 0 0 0 #DIV/0! #DIV/0! #DIV/0!
TOTAL R&D SALARIES/BENEFITS 0 0 0 0 0 0 0 0
R&D Project Materials 0 0 0 0 0 0 0 0
TOTAL R&D EXPENDITURES 0 0 0 0 0 0 0 0
Pre - operative expenditure 0 0 0 0 0 0 0 0
TOTAL R&D AND PRE-OPERATIVE EXP. 0 0 0 Qtrs 0 0 0 0 0 Qtrs
Cum. R&D and Pre-Operative expenses 15500000 15500000 15500000 20 15500000 ### ### ### 15500000 20
DEPRECIATION - R&D AND Pre-operative 258333 258333 3100000 775000 775000 775000 775000 3100000
Cumulative Depreciation 5941667 6200000 6200000 6975000 7750000 8525000 9300000 9300000
NET R&D AND PRE0OPERATIVE EXPENSES 9558333 9300000 9300000 8525000 ### ### ### 6200000
V-Glow (Most Likely Scenario) Human Resource Worksheet
2012 2013
Chemical Engineer
R&D Senior Staff
R&D Junior Staff

V.P. - Marketing
Marketing Staff
V.P. - Sales
Sales Staff

CEO
CFO
COO

V-Glow (Most Likely Scenario) Category Expense Details

2012 2013
SALES & MKT SALARIES/BENEFITS Mnt Base Salary Mnt Base Salary
TOTAL SALES & MKT SALARIES/BENEFITS 178250 178250 2139000 614963 614963 614963 614963 2459850
Marketing Travel expenses 682500 682500 8190000 - 2149875 2149875 2149875 2149875 8599500 -
TOTAL SALES & MARKETING EXPENSES 860750 860750 ### 2764838 ### ### ### ###
% of Sales 11% 11% 13% 12% 11% 10% 9% 10%
TOTAL G&A SALARIES/BENEFITS 229950 229950 2759400 793328 793328 793328 793328 3173310
% of Sales 3% 3% 3% 3% 3% 3% 2% 3%
Lease Expenses 0 0 0 0 0 0 0 0
Adminstration cost 546000 546000 6552000 1719900 1719900 1719900 1719900 6879600
Gen Expense (IT, Supplies) 285600 285600 3427200 899640 899640 899640 899640 3598560
TOTAL MISC GEN & ADMIN EXPENSE 831600 831600 9979200 2619540 ### ### ### ###
TOTAL GEN & ADMIN EXPENSES 1061550 1061550 ### 3412868 ### ### ### ###
% of Sales 14.0% 13.6% 16.1% 15.0% 13.2% 11.9% 10.7% 12.5%
V-Glow Income Statement Income Statement
720
Year of Operation 2014 2015
Particulars Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
Price/unit (net of discounts) 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000
Units volume 358 398 438 478 1671 523 568 613 658 2361
TOTAL SALES ### ### ### ### ### ### ### ### ### ###
Unit direct cost 38660 38660 38660 38660 38660 40593 40593 40593 40593 40593
COST OF GOODS SOLD 1E+007 2E+007 2E+007 2E+007 6E+007 2E+007 2E+007 2E+007 3E+007 95831954
% of Total Sales 39% 39% 39% 39% 39% 41% 41% 41% 41% 41%
GROSS PROFIT 2E+007 2E+007 3E+007 3E+007 1E+008 3E+007 3E+007 4E+007 4E+007 1.4E+008
% Gross Margin 61% 61% 61% 61% 61% 59% 59% 59% 59% 59%
OPERATING EXPENSES
Setup costs 0 0 0 0 0 0 0 0 0 0
Sales and Marketing 2964576 2964576 2964576 2964576 ### 3183525 3183525 3183525 3183525 12734100
General and Administrative 3662844 3662844 3662844 3662844 ### 3937218 3937218 3937218 3937218 15748874
Depreciation of P&E 975448 975448 975448 975448 3901790 975448 975448 975448 975448 3901790
Depreciation of R&D & Pre-operative 775000 775000 775000 775000 3100000 775060 775119 775179 775239 3100597
TOTAL OPERATING EXPENSES ### ### ### ### ### 8871251 8871310 8871370 8871430 35485361
% of Total Sales 23% 21% 19% 18% 20% 17% 16% 14% 13% 15%
INCOME BEFORE INTEREST & TAXES ### ### ### ### ### ### ### ### ### ###
Qtr
Interest income 226052 288001 360464 445621 1320138 0.8% 543535 649761 766491 897241 2857028
Interest expense 875000 875000 875000 875000 3500000 6% 875000 875000 875000 875000 3500000
NET INTEREST INCOME -648948 ### ### -429379 ### -331465 -225239 -108509 22241 -642972
INCOME BEFORE TAXES ### ### ### ### ### ### ### ### ### ###
Taxes on income 4261792 5091917 5925518 6763308 ### 33% 7210277 8127505 9048201 9973522 34359505
NET INCOME ### ### ### ### ### ### ### ### ### 69760207
% of Total Sales 24% 26% 27% 29% 27% 28% 29% 30% 31% 30%
GRANTS RECEIVED 0 0 0 0 0 0 0 0 0 0
Retained Earnings (opening) ### ### ### ### ### 79540574 94179620 ### ### 79540574
Available for Distribution ### ### ### ### ### 94179620 ### ### ### 149300781
Dividends Paid 0 0 0 0 0 0 0 0 0 0
RETAINED EARNINGS (CLOSING) ### ### ### ### ### ### ### ### ### ###
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES ### ### ### ### ### ### ### ### ### ###
A/R Opening Balance ### ### ### ### ### 38216000 41816000 45416000 ### 41816000
A/R Closing Balance ### ### ### ### ### 80% 41816000 45416000 49016000 ### 52616000
ACCOUNTS RECEIVABLES ### ### ### ### ### ### ### ### ### 52616000
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0

TOTAL CURRENT ASSETS ### ### ### ### ### ### ### ### ### ###
PLANT AND EQUIPMENT ### ### ### ### ### 19508950 19508950 19508950 ### 19508950
Less: (Accum. Depr) ### ### ### ### ### 16577238 17552685 18528133 ### 19503580
NET PLANT AND EQUIPMENT ### ### ### ### ### 2931713 1956265 980818 5370 5370
R&D AND PRE-OPERATIVE EXPENSES ### ### ### ### ### 15501194 15502389 15503583 ### 15504777
Less: (Accum. Depr) ### ### ### ### ### 13175060 13950179 14725358 ### 15500597
NET INTANGIBLE ASSETS ### ### ### ### ### 2326135 1552210 778225 4180 4180
TOTAL ASSETS ### ### ### ### ### ### ### ### ### ###
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0 0 0
Accounts Payable 6914332 7687541 8460741 9233941 9233941 80% 10608981 11522323 12435666 ### 13349008
TOTAL CURRENT LIABILITIES ### ### ### ### ### ### ### ### ### 13349008
Shareholders Loans 0 0 0 0 0 0 0 0 0 0
Long Term Debt ### ### ### ### ### 0% 14000000 14000000 14000000 ### 14000000
TOTAL LIABILITIES ### ### ### ### ### ### ### ### ### 27349008
OWNERS' EQUITY
Common Stock - Promotors ### ### ### ### ### 10500000 10500000 10500000 ### 10500000
Common Stock - Venture Capitalists ### ### ### ### ### 10500000 10500000 10500000 ### 10500000
Retained Earnings ### ### ### ### ### 94179620 ### ### ### 149300781
TOTAL OWNER'S EQUITY ### ### ### ### ### ### ### ### ### ###
TOTAL LIABILITIES & EQUITY ### ### ### ### ### ### ### ### ### ###
Check difference 0 0 0 0 0 0 0 0 0 0

Sales Revenue ($000s) 4E+007 4E+007 4E+007 5E+007 2E+008 52270000 56770000 61270000 7E+007 236080000
Plus: A/R opening balance 3E+007 3E+007 3E+007 4E+007 3E+007 38216000 41816000 45416000 5E+007 38216000
Less: A/R ending balance 3E+007 3E+007 4E+007 4E+007 4E+007 80% 41816000 45416000 49016000 5E+007 52616000
CASH INFLOW FROM OPERATIONS 3E+007 4E+007 4E+007 4E+007 ### 5E+007 5E+007 6E+007 6E+007 ###

SETUP COSTS 0 0 0 0 0 0 0 0 0 0
Cost of Goods Sold ### ### ### ### ### 21217961 23044646 24871331 ### 95831954
Plus: A/P opening balance 5848698 6914332 7687541 8460741 5848698 9233941 10608981 11522323 ### 9233941
Less: A/P ending balance 6914332 7687541 8460741 9233941 9233941 50% 10608981 11522323 12435666 ### 13349008
CASH PURCHASES ### ### ### ### ### ### ### ### ### 91716887
Sales & Marketing Expenses 2964576 2964576 2964576 2964576 ### 3183525 3183525 3183525 3183525 12734100
General & Administrative Exp 3662844 3662844 3662844 3662844 ### 3937218 3937218 3937218 3937218 15748874
Research & Development 0 0 0 0 0 1194 1194 1194 1194 4777
Pre-operative expenses 0 0 0 0 0 0 0 0 0 0
Taxes payable 4261792 5091917 5925518 6763308 ### 7210277 8127505 9048201 9973522 34359505
Net increase in Inventory 0 0 0 0 0 0% 0 0 0 0 0
Net increase in Equipment 8950 0 0 0 8950 0 0 0 0 0
CASH EXPENSE DISBURSEMENTS ### ### ### ### ### ### ### ### ### 62847257
NET OPERATING CASH FLOWS ### ### ### ### ### ### ### ### ### 67115856

Interest earned 226052 288001 360464 445621 1320138 543535 649761 766491 897241 2857028
Grants Received 0 0 0 0 0 0 0 0 0 0
Equity funding - Promotors 0 0 0 0 0 0 0 0 0 0
Equity funding - Venture capitalists 0 0 0 0 0 0 0 0 0 0
Proceeds from Debt funding 0 0 0 0 0 0 0 0 0 0
CASH INFLOW FROM FINANCING 226052 288001 360464 445621 ### 543535 649761 766491 897241 2857028

Interest payable 875000 875000 875000 875000 3500000 875000 875000 875000 875000 3500000
Debt retirement 0 0 0 0 0 0 0 0 0 0
Cash Dividends 0 0 0 0 0 0 0 0 0 0
CASH OUTFLOW FROM FINANCING 875000 875000 875000 875000 ### 875000 875000 875000 875000 3500000
NET FINANCING CASH FLOWS -648948 ### ### -429379 ### -331465 -225239 -108509 22241 -642972
NET CASH FLOW ### ### ### ### ### ### ### ### ### 66472884
OPENING CASH BALANCES ### ### ### ### ### ### ### ### ### 72471355
ENDING CASH BALANCES ### ### ### ### ### ### ### ### ### ###
2014 2015
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total
PLANT AND EQUIPMENT
Asset Purchases 8950 0 0 0 8950 Qtrs 0 0 0 0 0
Cum. Plant and Equipment ### ### ### ### ### 20 19508950 19508950 19508950 ### 19508950
TOTAL ASSET DEPRECIATION 975448 975448 975448 975448 ### 975448 975448 975448 975448 3901790
Cumulative Depreciation ### ### ### ### ### 16577238 17552685 18528133 ### 19503580
NET PLANT AND EQUIPMENT ### ### ### ### ### 2931713 1956265 980818 5370 5370
R&D EXPENDITURES
Chemical Engineer 0 0 0 0 0 - 0 0 0 0 0
### ### ### #VALUE! ### #VALUE! #VALUE! #VALUE! #VALUE!
### ### ### #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0 ### ### #VALUE! 0 #VALUE! #VALUE! #VALUE!
TOTAL R&D SALARIES/BENEFITS 0 0 0 0 0 1119 1119 1119 1119 4477
R&D Project Materials 0 0 0 0 0 75 75 75 75 300
TOTAL R&D EXPENDITURES 0 0 0 0 0 1194 1194 1194 1194 4777
Pre - operative expenditure 0 0 0 0 0 0 0 0 0 0
TOTAL R&D AND PRE-OPERATIVE EXP. 0 0 0 0 0 Qtrs 1194 1194 1194 1194 4777
Cum. R&D and Pre-Operative expenses ### ### ### ### ### 20 15501194 15502389 15503583 ### 15504777
DEPRECIATION - R&D AND Pre-operative 775000 775000 775000 775000 ### 775060 775119 775179 775239 3100597
Cumulative Depreciation ### ### ### ### ### 13175060 13950179 14725358 ### 15500597
NET R&D AND PRE0OPERATIVE EXPENSES ### ### ### ### ### 2326135 1552210 778225 4180 4180
2014 2015
Chemical Engineer
R&D Senior Staff
R&D Junior Staff

V.P. - Marketing
Marketing Staff
V.P. - Sales
Sales Staff

CEO
CFO
COO


2014 2015
SALES & MKT SALARIES/BENEFITSMnt Base Salary Mnt Base Salary
TOTAL SALES & MKT SALARIES/BENEFITS 707207 707207 707207 707207 ### 813288 813288 813288 813288 3253152
Marketing Travel expenses 2257369 2257369 2257369 2257369 9029475 - 2370237 2370237 2370237 2370237 9480949
TOTAL SALES & MARKETING EXPENSES ### ### ### ### ### 3183525 3183525 3183525 3183525 12734100
% of Sales 8% 7% 7% 6% 7% 6% 6% 5% 5% 5%
TOTAL G&A SALARIES/BENEFITS 912327 912327 912327 912327 ### 1049176 1049176 1049176 1049176 4196702
% of Sales 3% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Lease Expenses 0 0 0 0 0 0 0 0 0 0
Adminstration cost 1805895 1805895 1805895 1805895 7223580 1896190 1896190 1896190 1896190 7584759
Gen Expense (IT, Supplies) 944622 944622 944622 944622 3778488 991853 991853 991853 991853 3967412
TOTAL MISC GEN & ADMIN EXPENSE ### ### ### ### ### 2888043 2888043 2888043 2888043 11552171
TOTAL GEN & ADMIN EXPENSES ### ### ### ### ### 3937218 3937218 3937218 3937218 15748874
% of Sales 10.2% 9.2% 8.4% 7.7% 8.8% 7.5% 6.9% 6.4% 6.0% 6.7%

V-Glow (Most Likely Scenario) : Income Statement

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V-Glow (Most Likely Scenario) : Income Statement

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V-Glow Income Statement (Most Likely Scena

Year of Operation 2011

INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0 0

V-Glow Cashflow Statement (INR000s) (Most Likely Scena

CASH OUTFLOW FROM OPERATIONS

CASH INFLOW FROM FINANCING

CASH OUTFLOW FROM FINANCING

SALES & MARKETING STAFF

GENERAL & ADMINISTRATIVE STAFF

TOTAL STAFF PROJECTIONS

SALARY RELATED ISSUES

V-Glow Category Expense Details (Most Likely Scena

Price/unit (net of discounts) 100000 100000

Unit direct cost 33396 33396

INCOME BEFORE INTEREST & TAXES ### 3977168

INCOME BEFORE TAXES 772408 477168

Retained Earnings (opening) -910334 0

INVENTORY (% of Cost of Goods Sold) 0 0

PLANT AND EQUIPMENT ### 19500000

R&D AND PRE-OPERATIVE EXPENSES ### 15500000

TOTAL ASSETS ### ###

TOTAL LIABILITIES & EQUITY ### ###