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Tutorial

1 This spreadsheet consists of the following worksheets (see tabs below):


1a Tutorial (red tab)
1b Funding (blue tab)
1c Inputs (purple tab)
1d I-Statement (Income Statement)
1e B-Sheet (Balance Sheet)
1f Cash flow (excluding GroFin's working capital requirement)
1g Ratios (Indicators and ratios)
Note 1: Throughout the spreadsheet you will notice popup comments which change depending on the selected cell.
Note 2: The user will only be allowed to enter data into cells with the green colour.
2 Click on the "Funding" tab and enter the following information:
TABLE 1 Enter the names and values of all assets
TABLE 1 Enter a month,between 1 and 6, in which it will be acquired. For existing assets, enter 1
TABLE 1 Enter the depreciation rate for each asset section
TABLE 2 Enter the portion of own funds that will be available or have already been put into the business
TABLE 2 Enter the portion of other funds that are available or have already been put into the business
TABLE 2 Enter the total working capital (cash) requirement, and allocate to Own and Other. The remainder will come from GroFin
TABLE 3 Choose the term of the GroFin loan, and an interest rate similar to the prime lending rate
TABLE 3 Enter an incentive rate after discussing this with your BDM
TABLE 3 Choose the term of the Other loan, if any
TABLE 3 For the other loan, enter the lending rate applicable
3 Click on the "Inputs" tab and enter the following information:
3a Enter the company name and entrepreneur name
3b Choose the country from the drop-down list
3c Enter the exchange rate (USD:Local), and the company tax rate
3d Enter the Business Development fee (ask your BDM for more information)
3e Enter the debtors and creditors payment periods (ensure that it adds up to 100%)
3f Choose names for departments and enter projected sales for month 1 to month 12
3g Enter the applicable gross profit %, where cost of sales is taken as all direct material used to produce the product
3h Enter the expected increase in inventory in year 1 (include existing inventory in month 1)
3i Enter the appropriate names for overhead expenses, if different
3j Enter the value of overhead expenses for month 1 to month 12
3k Similar to the above, enter projected sales, gross profit % and value of overhead expenses for month 13 to month 24
3l Similar, enter the total projected sales, gross profit and total value of overhead expenses for year 3
Note 3: Please ask your Business Development Manager for help if any of these steps are not clear © GroFin 2007
05/31/2011 GroFin Client Model

TABLE 1 UGX TABLE 2 © GroFin 2007


Pre-operational expenses - Funds required and sources of funds UGX
Travel costs - Description GroFin Other Own funds Total
- Pre-operational expenses - - - -
Company registration costs - Initial inventory/raw material - -
Permits and licences - Land & buildings - - - -
Deposits - Plant & equipment - 378,000,000 80,000,000 458,000,000
Vehicles - 50,000,000 - 50,000,000
Total capital expenditure 528,000,000 Office furniture & equipment - 20,000,000 - 20,000,000
Mnth acquired % Depreciation Working capital - 50,000,000 50,000,000
Land & buildings - 0% Total - 448,000,000 130,000,000 578,000,000
Land - 1 0.0% 77.5% 22.5% 100.0%
Improvements 1
Buildings 1
Pipeline - 1 GroFin Loan details UGX $
Plans - 1 Loan amount - $0.00
Other - 1 Term of loan (years) 3 Please note:
Interest rate (pa) 18%
Plant & equipment 458,000,000 20% Payment frequency monthly incentives may be
Plant / equipment 400,000,000 1 Number of instalments 36 charged. Please
Shipment & insurance 30,000,000 1 Monthly instalment - $0.00
Customs & clearance 20,000,000 1 Capital moratorium 6 months
discuss this with
Transport to business premises 5,000,000 1 Incentives 0% of sales your BDM.
Commissioning & testing 2,000,000 1 Other Loan details UGX $
Other 1,000,000 1 Loan amount 448,000,000 $172,307.69
Term of loan (years) 3
Vehicles 50,000,000 20% Interest rate (pa) 18%
Vehicle #1 50,000,000 1 Payment frequency monthly
Vehicle #2 - 1 Number of instalments 36
Other - 1 Monthly instalment 16,196,273 $6,229.34

Office furniture & equipment 20,000,000 20%


Office furniture 20,000,000 1
Office equipment - 1
Other equipment - 1
Other - 1
© GroFin 2007
05/31/2011 GroFin Client Model

GroFin Repayment Schedule Other Loan Repayment Schedule


Month Principle Interest Instalment Balance Month Principle Interest Instalment Balance
1 - - - - 1 - - - 448,000,000
2 - - - - 2 9,476,272 6,720,001 16,196,273 438,523,728
3 - - - - 3 9,618,417 6,577,857 16,196,273 428,905,311
4 - - - - 4 9,762,693 6,433,580 16,196,273 419,142,618
5 - - - - 5 9,909,133 6,287,140 16,196,273 409,233,485
6 - - - - 6 10,057,770 6,138,503 16,196,273 399,175,715
7 - - - - 7 10,208,637 5,987,636 16,196,273 388,967,078
8 - - - - Year 1 8 10,361,766 5,834,507 16,196,273 378,605,311
9 - - - - 9 10,517,193 5,679,080 16,196,273 368,088,119
10 - - - - 10 10,674,951 5,521,322 16,196,273 357,413,168
11 - - - - 11 10,835,075 5,361,198 16,196,273 346,578,093
12 - - - - 12 10,997,601 5,198,672 16,196,273 335,580,491
13 - - - - 13 11,162,565 5,033,708 16,196,273 324,417,926
14 - - - - 14 11,330,004 4,866,269 16,196,273 313,087,922
15 - - - - 15 11,499,954 4,696,319 16,196,273 301,587,968
16 - - - - 16 11,672,453 4,523,820 16,196,273 289,915,515
17 - - - - 17 11,847,540 4,348,733 16,196,273 278,067,975
18 - - - - 18 12,025,253 4,171,020 16,196,273 266,042,722
19 - - - - 19 12,205,632 3,990,641 16,196,273 253,837,090
20 - - - - Year 2 20 12,388,716 3,807,557 16,196,273 241,448,374
21 - - - - 21 12,574,547 3,621,726 16,196,273 228,873,827
22 - - - - 22 12,763,165 3,433,108 16,196,273 216,110,661
23 - - - - 23 12,954,613 3,241,660 16,196,273 203,156,048
24 - - - - 24 13,148,932 3,047,341 16,196,273 190,007,116
25 - - - - 25 13,346,166 2,850,107 16,196,273 176,660,950
26 - - - - 26 13,546,359 2,649,915 16,196,273 163,114,591
27 - - - - 27 13,749,554 2,446,719 16,196,273 149,365,037
28 - - - - 28 13,955,797 2,240,476 16,196,273 135,409,240
29 - - - - 29 14,165,134 2,031,139 16,196,273 121,244,105
30 - - - - 30 14,377,611 1,818,662 16,196,273 106,866,494
31 - - - - 31 14,593,276 1,602,998 16,196,273 92,273,218
32 - - - - Year 3 32 14,812,175 1,384,098 16,196,273 77,461,044
33 - - - - 33 15,034,357 1,161,916 16,196,273 62,426,686
34 - - - - 34 15,259,873 936,400 16,196,273 47,166,813
35 - - - - 35 15,488,771 707,502 16,196,273 31,678,043
36 - - - - 36 15,721,103 475,171 16,196,273 15,956,940
37 - - - - 37 15,956,919 239,354 16,196,273 21
38 - - - - 38 21 0 21 -
39 - - - - 39 - - - -
40 - - - - 40 - - - -
41 - - - - 41 - - - -
42 - - - - 42 - - - -
43 - - - - 43 - - - -
44 - - - - Year 4 44 - - - -
45 - - - - 45 - - - -
46 - - - - 46 - - - -
47 - - - - 47 - - - -
48 - - - - 48 - - - -
49 - - - - 49 - - - -
50 - - - - 50 - - - -
51 - - - - 51 - - - -
52 - - - - 52 - - - -
53 - - - - 53 - - - -
54 - - - - 54 - - - -
55 - - - - 55 - - - -
56 - - - - Year 5 56 - - - -
57 - - - - 57 - - - -
58 - - - - 58 - - - -
59 - - - - 59 - - - -
60 - - - - 60 - - - -
61 - - - - 61 - - - -
62 - - - - 62 - - - -
63 - - - - 63 - - - -
64 - - - - 64 - - - -
65 - - - - 65 - - - -
66 - - - - 66 - - - -
67 - - - - 67 - - - -
05/31/2011 GroFin Client Model

Please note:
incentives may be
charged. Please
discuss this with
your BDM.
05/31/2011 GroFin Client Model
05/31/2011 GroFin Client Model

Business: victoria seeds Country: Uganda Payment periods: Debtors


Entrepreneur: Currency: UGX Cash 85%
© GroFin 2005 GP% Year 1 GP% Year 2 GP% Year 3 Foreign exchange rate (amount per $1): 2,600 30 days 10%
maize 40% 40% 40% Company tax rate: 30.0% 60 days 5%
Rice 40% 40% 40% BDA recovery fee 0.0% 100%
Soybean 60% 60% 60%
victoria seeds Millet 65% 65% 65%
UGX Sorghum 70% 70% 70%
Sales forecast Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
maize 100,000,000 102,000,000 104,040,000 106,120,800 108,243,216 110,408,080 112,616,242 114,868,567 117,165,938 119,509,257 121,899,442
Rice 40,000,000 42,000,000 44,100,000 46,305,000 48,620,250 51,051,263 53,603,826 56,284,017 59,098,218 62,053,129 65,155,785
Soybean 49,000,000 50,960,000 52,998,400 55,118,336 57,323,069 59,615,992 62,000,632 64,480,657 67,059,883 69,742,279 72,531,970
Millet 60,000,000 61,200,000 62,424,000 63,672,480 64,945,930 66,244,848 67,569,745 68,921,140 70,299,563 71,705,554 73,139,665
Sorghum - - - - - - - - - - -
Total 249,000,000 256,160,000 263,562,400 271,216,616 279,132,465 287,320,183 295,790,445 304,554,381 313,623,602 323,010,218 332,726,862

Increase in inventory 128,080,000 131,781,200 135,608,308 139,566,233 143,660,092 147,895,222 152,277,190 156,811,801 161,505,109 166,363,431

Overhead expenses 72,100,000 78,820,001 78,677,857 75,533,580 75,387,140 75,238,503 75,087,636 74,934,507 74,779,080 74,621,322 74,461,198
Bank charges 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Employee benefits - - - - - - - - - - -
Inspection costs 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Insurance & Legal fees 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Lease - - - - - - - - - - -
Marketing 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000
Other - - - - - - - - - - -
Protective clothing 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Protective clothing 3,000,000 3,000,000 3,000,000 - - - - - -
Protective clothing - - - - - - - - - - -
Rent - - - - - - - - - - -
Rent
Repairs & maintenance 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
Repairs & maintenance - - - - - - - - - - -
Salaries & wages 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Security expenses 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Telephone & fax 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Telephone & fax - - - - - - - - - - -
Transport & delivery 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Travel & Entertainment - - - - - - - - - - -
Unforseen expenses 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Pre-operational expenses - - - - - - - - - - -
Interest Fund - - - - - - - - - - -
Incentives - - - - - - - - - - -
Interest Other - 6,720,001 6,577,857 6,433,580 6,287,140 6,138,503 5,987,636 5,834,507 5,679,080 5,521,322 5,361,198
Depreciation 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000
05/31/2011 GroFin Client Model

Creditors
50%
25%
25%
100%

Month 12 Total
124,337,431 1,341,208,973
68,413,574 636,685,061
75,433,249 736,264,468
74,602,459 804,725,384
- -
342,786,712 3,518,883,885

171,393,356 1,634,941,943

74,298,672 903,939,497
300,000 3,600,000
- -
1,000,000 12,000,000
5,000,000 60,000,000
- -
12,000,000 144,000,000
- -
6,000,000 72,000,000
- 9,000,000
- -
- -
-
4,000,000 48,000,000
- -
20,000,000 240,000,000
5,000,000 60,000,000
1,000,000 12,000,000
- -
5,000,000 60,000,000
- -
1,000,000 12,000,000
- -
- -
- -
5,198,672 65,739,497
8,800,000 105,600,000
05/31/2011 GroFin Client Model

victoria seeds
0
© GroFin 2005

UGX
Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Total
### 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 600,000,000
60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 60,000,000 720,000,000
75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 75,000,000 900,000,000
- - - - - - - - - - - - -
- - - - - - - - - - - - -
185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 2,220,000,000

### 83,383,708 83,216,269 83,046,319 82,873,820 82,698,733 82,521,020 82,340,641 82,157,557 81,971,726 81,783,108 81,591,660 81,397,341 988,981,903
350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 4,200,000
- - - - - - - - - - - -
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 18,000,000
6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 72,000,000
- - - - - - - - - - - - -
12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 12,000,000 144,000,000
- - - - - - - - - - - - -
- - - - - - - - - - - -
7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 84,000,000
- - - - - - - - - - - - -
- - - - - - - - - - - - -
- - - - - - - - - - - - -
4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 54,000,000
- - - - - - - - - - - - -
25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 300,000,000
5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 60,000,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 18,000,000
- - - - - - - - - - - - -
5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 66,000,000
- - - - - - - - - - - - -
1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 14,400,000
- - - - - - - - - - - - -
- - - - - - - - - - - - -
- - - - - - - - - - - - -
5,033,708 4,866,269 4,696,319 4,523,820 4,348,733 4,171,020 3,990,641 3,807,557 3,621,726 3,433,108 3,241,660 3,047,341 48,781,903
8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000 105,600,000
05/31/2011 GroFin Client Model

Year 3
650,000,000
750,000,000
1,000,000,000
-
-
2,400,000,000

987,905,102
4,500,000
-
18,000,000
80,000,000
-
145,000,000
-
-
86,000,000

-
-
60,000,000
-
310,000,000
60,000,000
18,000,000
-
66,000,000
-
14,500,000
-
-
-
20,305,102
105,600,000
05/31/2011 GroFin Client Model

Applicant: victoria seeds


© GroFin 2005 Estimate Estimate Estimate
Income statement Year 1 Year 2 Year 3

Breakeven/month - profit 150,952,935 171,312,408 170,328,466


Breakeven/month - cash 152,091,755 183,169,414 182,130,220
Average turnover per month 293,240,324 185,000,000 200,000,000
B/E (cash) as % of Average turnover 51.87% 99.01% 91.07%

Sales 3,518,883,885 2,220,000,000 2,400,000,000

Less: Cost of sales 1,762,896,092 1,152,000,000 1,240,000,000


Opening stock - 1,634,941,943 1,634,941,943
Add: Purchases 1,634,941,943 - -
Less: Closing stock 1,634,941,943 1,634,941,943 1,634,941,943

Gross profit 1,755,987,793 1,068,000,000 1,160,000,000


Gross profit % 49.9% 48.1% 48.3%

Less: Overheads 838,200,000 940,200,000 967,600,000


Bank charges 3,600,000 4,200,000 4,500,000
Employee benefits - - -
Inspection costs 12,000,000 18,000,000 18,000,000
Insurance & Legal fees 60,000,000 72,000,000 80,000,000
Lease - - -
Marketing 144,000,000 144,000,000 145,000,000
Other - - -
Protective clothing 72,000,000 - -
Protective clothing 9,000,000 84,000,000 86,000,000
Protective clothing - -
Rent - - -
Rent - - -
Repairs & maintenance 48,000,000 54,000,000 60,000,000
Repairs & maintenance - - -
Salaries & wages 240,000,000 300,000,000 310,000,000
Security expenses 60,000,000 60,000,000 60,000,000
Telephone & fax 12,000,000 18,000,000 18,000,000
Telephone & fax - - -
Transport & delivery 60,000,000 66,000,000 66,000,000
Travel & Entertainment - - -
Unforseen expenses 12,000,000 14,400,000 14,500,000
Pre-operational expenses - - -
Incentives - - -
Depreciation 105,600,000 105,600,000 105,600,000

NPBIT 917,787,793 127,800,000 192,400,000


Less: Interest - Fund loans - - -
Interest - Other loans 65,739,497 48,781,903 20,305,102

NPBT 852,048,297 79,018,097 172,094,898


NPBT% 24.2% 3.6% 7.2%
Less: Tax 255,614,489 23,705,429 51,628,469

Net profit after tax 596,433,808 55,312,668 120,466,428


NPAT% 16.9% 2.5% 5.0%

Add: Depreciation 105,600,000 105,600,000 105,600,000

Funds generated 702,033,808 160,912,668 226,066,428


Less: Capital - Fund loans - - -
Capital - Other loans 112,419,509 174,050,176 174,050,176

Net funds generated 814,453,316 334,962,844 400,116,604


05/31/2011 GroFin Client Model

victoria seeds
Balance sheet © GroFin 2005

Estimate Estimate Estimate


Year 1 Year 2 Year 3

Capital employed 1,062,014,299 971,753,592 918,169,844

Shareholders equity 726,433,808 781,746,476 902,212,904


Capital 130,000,000 130,000,000 130,000,000
Net income - this period 596,433,808 55,312,668 120,466,428
Retained income (b/fwd) - 596,433,808 651,746,476

Long term loans 335,580,491 190,007,116 15,956,940


GroFin - - -
Other 335,580,491 190,007,116 15,956,940

Employment of capital 1,062,014,299 971,753,592 918,169,844

Fixed assets (net) 422,400,000 316,800,000 211,200,000

Net current assets 639,614,299 654,953,592 706,969,844


Current assets 1,702,996,293 1,671,941,943 1,674,941,943
Bank - - -
Inventory 1,634,941,943 1,634,941,943 1,634,941,943
Trade debtors 68,054,350 37,000,000 40,000,000
Deposits - - -

Current liabilities 1,063,381,993 1,016,988,351 967,972,098


Trade creditors 127,678,583 72,000,000 525,613,457
Bank overdraft 935,703,410 944,988,351 442,358,641
Company tax due - - -

Check - - -
05/31/2011 GroFin Client Model

Cash Flows victoria seeds © GroFin 2005


CASH INFLOW Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total
Cash sales 211,650,000 217,736,000 224,028,040 230,534,124 237,262,595 244,222,156 251,421,878 258,871,224 266,580,062 274,558,686 282,817,833 291,368,706 2,991,051,302
Debtors - 30 days - 24,900,000 25,616,000 26,356,240 27,121,662 27,913,247 28,732,018 29,579,044 30,455,438 31,362,360 32,301,022 33,272,686 317,609,717
Debtors - 60 days - - 12,450,000 12,808,000 13,178,120 13,560,831 13,956,623 14,366,009 14,789,522 15,227,719 15,681,180 16,150,511 142,168,516
GroFin Loan - - - - - - - - - - - - -
Existing Loan 448,000,000 - - - - - - - - - - - 448,000,000
Own contribution 130,000,000 - - - - - - - - - - - 130,000,000
Total inflow 789,650,000 242,636,000 262,094,040 269,698,364 277,562,377 285,696,233 294,110,519 302,816,277 311,825,022 321,148,765 330,800,035 340,791,903 4,028,829,535

CASH OUTFLOW
Increase in inventory - 128,080,000 131,781,200 135,608,308 139,566,233 143,660,092 147,895,222 152,277,190 156,811,801 161,505,109 166,363,431 171,393,356 1,634,941,943
Cash purchases 62,300,000 64,102,000 65,965,880 67,894,091 69,889,191 71,953,850 74,090,852 76,303,106 78,593,647 80,965,643 83,422,404 85,967,382 881,448,046
Creditors - 30 days - 31,150,000 32,051,000 32,982,940 33,947,046 34,944,596 35,976,925 37,045,426 38,151,553 39,296,823 40,482,822 41,711,202 397,740,332
Creditors - 60 days - - 31,150,000 32,051,000 32,982,940 33,947,046 34,944,596 35,976,925 37,045,426 38,151,553 39,296,823 40,482,822 356,029,130
Capital expenditure 528,000,000 - - - - - - - - - - - 528,000,000
Overhead expenses 63,300,000 70,020,001 69,877,857 66,733,580 66,587,140 66,438,503 66,287,636 66,134,507 65,979,080 65,821,322 65,661,198 65,498,672 798,339,497
Company Tax - - - - - - - - - - - 255,614,489 -
Other repayment - 9,476,272 9,618,417 9,762,693 9,909,133 10,057,770 10,208,637 10,361,766 10,517,193 10,674,951 10,835,075 10,997,601 112,419,509
Incentives - - - - - - - - - - - - -
GroFin repayment - - - - - - - - - - - - -
Total outflow 653,600,000 302,828,273 340,444,353 345,032,612 352,881,683 361,001,856 369,403,868 378,098,921 387,098,700 396,415,402 406,061,753 671,665,523 4,708,918,456

Surplus / (Deficit) 136,050,000 (60,192,273) (78,350,313) (75,334,249) (75,319,306) (75,305,623) (75,293,349) (75,282,643) (75,273,678) (75,266,637) (75,261,718) (330,873,621) (680,088,921)

Bank balance 136,050,000 75,857,727 -2,492,586 -77,826,835 -153,146,141 -228,451,764 -303,745,112 -379,027,756 -454,301,434 -529,568,071 -604,829,789 -935,703,410

CASH INFLOW Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Total Year 3
Cash sales 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 157,250,000 1,887,000,000 2,040,000,000
Debtors - 30 days 34,278,671 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 18,500,000 237,778,671 238,500,000
Debtors - 60 days 16,636,343 17,139,336 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 9,250,000 126,275,679 118,500,000
GroFin Loan - - - - - - - - - - - - - -
Existing Loan - - - - - - - - - - - - - -
Own contribution - - - - - - - - - - - - - -
Total inflow 208,165,014 192,889,336 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 185,000,000 2,251,054,350 2,397,000,000

CASH OUTFLOW
Cash purchases 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 576,000,000 620,000,000
Creditors - 30 days 42,983,691 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 306,983,691 83,448,292
Creditors - 60 days 41,711,202 42,983,691 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 324,694,893 82,938,251
Capital expenditure - - - - - - - - - - - - - -
Overhead expenses 74,583,708 74,416,269 74,246,319 74,073,820 73,898,733 73,721,020 73,540,641 73,357,557 73,171,726 72,983,108 72,791,660 72,597,341 883,381,903 882,305,102
Company Tax - - - - - - - - - - - 23,705,429 23,705,429 51,628,469
Other repayment 11,162,565 11,330,004 11,499,954 11,672,453 11,847,540 12,025,253 12,205,632 12,388,716 12,574,547 12,763,165 12,954,613 13,148,932 145,573,375 174,050,176
Incentives - - - - - - - - - - - - - -
GroFin repayment - - - - - - - - - - - - - -
Total outflow 218,441,166 200,729,964 181,746,273 181,746,273 181,746,273 181,746,273 181,746,273 181,746,273 181,746,273 181,746,273 181,746,273 205,451,702 2,260,339,291 1,894,370,291

Surplus / (Deficit) (10,276,151) (7,840,628) 3,253,727 3,253,727 3,253,727 3,253,727 3,253,727 3,253,727 3,253,727 3,253,727 3,253,727 (20,451,702) (9,284,941) 502,629,709

Bank balance -945979561 -953820190 -950566463 -947312736 -944059009 -940805283 -937551556 -934297829 -931044102 -927790375 -924536649 -944988351 -442358641
05/31/2011 GroFin Client Model

RATIO ANALYSIS
Applicant: Yr 1 Yr 2 Yr 3
victoria seeds Estimate Estimate Estimate
© GroFin 2005 Ratio Comment

STRUCTURE:
Shareholder's equity / Total funding 34.2% 39.3% 47.8% Financial gearing - Owner's equity (including Fund equity)
Fund funds / Total funding 0.0% n/a n/a Fund funds proportionate to total funds (excluding Fund equity)
Other (outside) funds / Total funding 15.8% n/a n/a Other funds proportionate to total funds (incl. non-Fund shareholder's loan)

RISK
Interest cover (NPBIT / Total interest) 13.96 2.62 9.48 Times - Income cover for interest
Current ratio 1.60 1.64 1.73 Times - Current assets cover for current liabilities
Quick ratio 0.06 0.04 0.04 Times - Current assets (excluding stock) cover for current liabilities
Cash flow 0.86 n/a n/a Times - Cash in proportionate to cash out

RETURN
Return on Shareholders' Funds (PBT / SH's Funds) 117.3% 10.1% 19.1% ROI for shareholders
ROA (PBIT / Total assets) 43.2% 6.4% 10.2% Return on asset investment
Asset Turnover (Sales / Total assets) 165.6% 111.6% 127.2% Turnover contribution of assets

SENSITIVITY (% movement to reach cash breakeven)


Change in sales 48.1% 1.0% 8.9% The % that sales can change to maintain cash breakeven
Change in GP % 48.1% 1.0% 8.9% The % that GP % can change to maintain cash breakeven
Change in overheads 111.2% 40.1% 46.4% The % that overheads can change to maintain cash breakeven
Change in interest rate 1238.9% 686.7% 1970.5% The % that interest can change to maintain cash breakeven

TURNOVER INDICATORS
Stock turnover in days 169.59 268.81 248.65 Indicates the inventory efficiency
Debtor collection period (days) 7.06 6.08 6.08 Show customer payment behaviour
Creditor payment period (days) 26.44 22.81 154.72 Shows company's payment behaviour

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