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					                                                                        M/s. COSMO CONSTRUCTION CO
                                                                    140, Shri Gopal Nagar, Gopalpura Bye Pas
                                                            PROFIT & LOSS ACCOUNT FOR THE YEAR END
                                                                                       CONTRACT ACCOU
        Previous Year Figure in                     Particular
                 (Rs.)


 5.99              6,454,584.12 To Opening Work In Progress
29.02             31,290,527.93 To Labour Charges

33.55             36,183,088.00   To Raw Material
 3.32              3,581,171.64   To Direct Expenses
    -                         -   To Deduction in Bills
 9.25              9,972,809.00   To Service Tax Expenses
 2.72              2,934,196.00   To Work Contract Tax Expenses
20.63             22,250,155.39   To Gross Profit

             112666532.1                             TOTAL

                                                                         M/s. COSMO CONSTRUCTION CO
                                                                 PROFIT & LOSS ACCOUNT FOR THE YEAR
        Previous Year Figure in                     Particular
                 (Rs.)
 0.03                 34,144.00 To Advertisement Expenses
 0.06                 60,000.00 To Audit Fees Expenses

 0.06                 69,860.40   To Bank & Loan Processing Charges
 0.01                 11,874.00   To Brokerage Charges
 0.34                367,127.00   To Depreciation ( As Per Schedule - E )
 0.15                163,539.00   To Electricity Expenses
 0.10                111,860.00   To Insurance Expenses
 2.04              2,202,827.85   To Interest Expenses
                     283,537.00   To Interest on Partners Capital
 0.04                 40,763.00   To Legal & Professional Expenses
 0.22                234,370.00   To Office & General Expenses
 2.23              2,400,000.00   To Partners Salary Expenses
 0.01                  6,839.50   To Postage & Courier Expenses
 0.13                141,884.00   To Printing & Stationery Expenses
 0.20                214,475.00   To Rent Expenses
 0.11                123,017.00   To Repair & Maintenance Expenses
 3.10              3,346,800.00   To Salary & Staff Welfare Expenses
                      11,392.75   To Sundry Balances W/off
 0.02                 22,400.00   To Sale Tax Expenses
 0.48                514,889.00   To Telephone Expenses
 2.50              2,695,946.08   To Travelling & Conveyance Expenses
 8.54              9,205,377.81   Net Profit
            22,228,779.39   TOTAL


                                                                 M/s. COSMO CONSTRUCTION
                                              PROFIT & LOSS APPROPRIATION ACCOUNT FOR TH
Previous Year Figure in                     Particular
         (Rs.)
                71,500.00 To Fringe Benefit Tax Expenses
                54,809.00 To Income Tax
             -            To Provision For FBT
             3,000,000.00 To Provision For Income Tax
             6,079,068.81 To Net Profit Tr. To Partners Capital A/c

             9,205,377.81 Total

          M/S. COSMO CONSTRUCTION COMPANY
       GROUPING OF TRADING AND PROFIT & LOSS A/C.
              FOR THE YEAR ENDED 31.03.2009

LIST - 01          SALES
Bharti Hexacom Ltd.                                        4,240,306.95
Indus Tower Ltd.                                          65,889,795.00
Reliance Infratel Ltd.                                    13,490,778.00
Ericsson India Pvt. Ltd.                                     807,307.00
Bharti Infratel Ltd.                                      19,913,956.00

                                                         104,342,142.95


LIST - 02        LABOUR CHARGES
Contract Wages                                            29,480,317.02
Consultancy Charges                                        1,505,117.00
Labour Charges                                               645,208.98

                                                          31,630,643.00


LIST - 03        RAW MATERIAL
Electrical Items                                           5,195,161.00
Cement                                                     7,397,423.00
Steel                                                     18,981,141.00
Other Raw Material                                           417,822.00

                                                          31,991,547.00


LIST - 04         DIRECT EXPENSES
Consumable Stores                                   171834.00
Fright & Transportation Charges                    1706258.00
Securtiy Service Charges                           1258437.00
Equipment Hire Charges                               44043.00
Fuel & Power Charges                                 85430.00
Designing & Testing Charges                         275737.00
Water Charges                                        32703.00
Misc. Site Expenses                                  86645.00

                                                  3,661,087.00


LIST - 05         INTEREST
Interest to Bank                                  1,952,386.00
Interest on Service Tax                              14,051.00
Interest on Unsecured Loan                          532,500.00
Interest on Tata Capital Car Loan                   154,848.00
Interest on ICICI Car Loan                            7,133.00

                                                  2,660,918.00


LIST - 06        PRINTING & STATIONERY EXPENSES
Printing & Stationery Expenses                       314045.00
Books & Other Expenses                                 1303.00

                                                   315,348.00
LIST - 07         SALARY & STAFF WELFARE EXPENSES
Salary                                          3,999,014.00
Employer's Contribution to P.F.                   170,842.00
P.F. Administration charges                        10,268.00
Staff & Labour Welfare Expenses                    566201.00
Medical Expenses                                     4796.00
Staff Uniform Expenses                              65694.00

                                                  4,816,815.00

LIST - 08        TRAVELLING EXPENSES & CONVEYANCE EXPENSES
Convayance Expenses                            349,445.00
Lodging & Boarding Expenses                    1640760.00
Tours & Travelling Expenses                  2,703,847.00

                                                  4,694,052.00
       M/s. COSMO CONSTRUCTION COMPANY
   140, Shri Gopal Nagar, Gopalpura Bye Pass Road, Jaipur - 302015
T & LOSS ACCOUNT FOR THE YEAR ENDING 31st MARCH 2009
                      CONTRACT ACCOUNT
              Current Year Figure in                   Previous Year Figure in       Particular
                       Rs.                                       Rs.


                         4,827,066.00           4.63            107,839,466.08 By Sales
                        31,630,643.00          30.31              4,827,066.00 By Closing Work In
                                                                               Progress
                        31,991,547.00          30.66
                         3,661,087.00           3.51
                           443,578.00           0.43
                         9,230,986.00           8.85
                         2,135,491.00           2.05
                        25,986,760.95          24.91

                    109907159                               112666532.1               TOTAL

       M/s. COSMO CONSTRUCTION COMPANY
ROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st MARCH 2009
              Current Year Figure in                   Previous Year Figure in       Particular
                       Rs.                                       Rs.
                            88,518.00           0.08             22,250,155.39 By Gross Profit
                            60,000.00           0.06              -            By Interest on Bank
                                                                               FDR
                           316,014.00           0.30                  12768.00 By Other Income
                                   -               -
                           898,222.00           0.86
                           205,426.00           0.20
                           256,632.00           0.25
                         2,660,918.00           2.55
                           720,000.00
                           254,556.00           0.24
                           205,237.42           0.20
                                     -
                            23,251.00
                           315,348.00           0.30
                           503,800.00           0.48
                           235,630.00           0.23
                         4,816,815.00           4.62
                            34,422.21
                           111,420.00           0.11
                           728,753.88           0.70
                         4,694,052.00           4.50
                         8,950,888.84           8.58
                    25,991,386.35                    22,262,923.39   TOTAL


         M/s. COSMO CONSTRUCTION COMPANY
OSS APPROPRIATION ACCOUNT FOR THE YEAR ENDING 31ST MARCH 2009
          Current Year Figure in           Previous Year Figure in       Particular
                   Rs.                               Rs.
                       109,615.00   0.11              9,205,377.81 By Net Profit
                                -      -
                       313,251.00
                     2,800,000.00   2.68
                     5,728,022.84   5.49

                     8,950,888.84                     9,205,377.81
ANCE EXPENSES
Current Year Figure in
         Rs.


        104,342,142.95
          5,565,016.00

                                 790.93
                          31,356,022.00




         109,907,158.95




Current Year Figure in
         Rs.
         25,986,760.95
             93,143.40

         0.00
         26,079,904.35




Current Year Figure in
         Rs.
          8,950,888.84




          8,950,888.84
                                                                                M/s. COSMO CONSTRUCTION COMPANY
                                                                       140, Shri Gopal Nagar, Gopalpura Bye Pass Road, Jaipur - 302015
                                                                                BALANCE SHEET AS AT 31st MARCH, 2009


  Previous Year Figure in     Liabilities                                                     Current Year Figure in Rs.
           (Rs.)

                              CAPITAL ACCOUNT
               5,385,394.00 Partners Capital A/c (As per Schedule "A)                                      24,134,910.84


                              LOAN LIABILITIES
              22,005,819.70 Secured Loan ( As Per Schedule "B" )                                           30,201,337.83



               7,697,983.17 Unsecured Loans (As per Schedule "C")                                           5,500,000.00


                              CURRENT LIABILITIES & PROVISIONS




               1,662,953.58 Current Libilities (As per Schedule "D")                                        3,560,484.30
                 780,982.59 Provision for Expenses (As per Schedule "E")                                    1,494,247.88


               4,434,000.00   Provision For Taxation                                                        7,234,000.00




              41,967,133.04                                                                                72,124,980.85




                        M/S. COSMO CONSTRUCTION COMPANY
                     GROUPING OF BALANCE SHEET AS ON 31.03.2009


SCHEDULE "B"                SECURED LOAN


Bank of India CC A/c                                                          28,526,689.83
Tata Capital Car Loan                                                          1,674,648.00


Total                                                                         30,201,337.83


SCHEDULE "C"                UNSECURED LOANS


Shri A.K. Bhandari                                                               510,000.00
Shri P.N. Bhandari                                                             2,500,000.00
Smt. Kaushalya Bhandari                                                        1,000,000.00
Smt. Prem Lata Bhandari                                                        1,490,000.00


Total                                                                          5,500,000.00


SCHEDULE "D"              SUNDRY CREDITORS
A G Tour & Travels                                        1,828.00
Ankur Agencies                                            1,689.00
Arun Sharma                                             16,000.00
B. P. Sharma                                              6,279.00
Balaji Paints & Sanitary                                  6,690.00
Bses India P. Ltd.                                        4,794.00
Core Logistic Pvt. Ltd.                                154,736.00
Dalmia Sales                                            14,640.00
First Flights Couriers                                    1,838.00
Gadia Sales                                               2,711.00
Green Cross                                               9,795.00
H. C. Bothra & Associates                               53,820.00
Heights Consultants P. Ltd.                             35,089.00
Johri Lal Lohawala                                      42,460.00
K. K. Singh                                             12,000.00
Khandelwal Hardwaer Store                               13,401.00
Krishna Road Lines                                      38,034.00
Krishna Tubes                                           57,418.00
Manish Jain                                               4,124.00
Phool Chand Pooran Bihari                               22,052.00
R. N. Trade Link Pvt. Ltd.                             178,670.00
Rathi Traders                                             4,999.00
Regal Offset                                              2,026.00
S. K. Goods                                               1,979.54
Shri Prakesh Industries                                   6,614.00
Somc Cavaliers P. Ltd.                                 209,605.00
Staff Imprest                                          136,756.00
Sub- Contractors                GPS & Campus
Sub- Contractors ( Withhold/Retention Amount )        1,054,919.57
Lt. Col. Sudhir Nathan                                  12,500.00
Suman Prajpati                                            4,750.00
Super Engineering Works                                   5,569.00
Swastika Elect. & Fertilisers                           55,640.00
Usha Engineering Co.                                      2,978.00
Vasumal Lalchand                                          6,305.00


                                                      2,182,709.11


SCHEDULE "E"                 PROVISION FOR EXPENSES


Provision for Expenses                                  29,076.00
Salary Payable                                         533,101.00
Consultancy Charges Payable                            262,634.00
FBT Payable                                            313,251.00
Service Tax Payable                                    248,905.88
TDS A/c Payable                                         50,843.00
P F ( Payable )                                         56,437.00


                                                      1,494,247.88


SCHEDULE "G"                 SUNDRY DEPOSITS


N S C Gujrat                                            25,000.00
FDR with BOI                                          2,583,553.40
Rent Security                                           66,300.00
ElectriCity Security                                    17,738.00


                                                      2,692,591.40


SCHEDULE "H"               SUNDRY DEBTORS


Bharti Hexacon Ltd.                                    488,950.23
Bharti Infratel Ltd.                                  9,756,431.79
Indus Tower Ltd.                                     28,711,848.70
Reliance Infratel Ltd.                                8,205,840.00
Corbett Ripe                                            37,000.00
Power Grid Corporation                                  30,680.00


                                                     47,230,750.72


SCHEDULE "I"             SUNDRY ADVANCES


Swati Enterprises                                     3,821,929.00
J K Laxmi Cement Ltd.                                   51,097.00
Sahri Ram Cement Works                                    1,725.00
Harkesh Saini                                           26,000.00
Vastuaar                                                10,000.00
Prepaid Expenses                                        32,367.00
Staff Advance                                           74,730.00


                                                      4,017,848.00


SCHEDULE "J"             CASH & BANK BALANCE
Bank of India ( OD A/c )                                17,195.91
Bank of India ( Current A/c )                           36,608.00
Bank of Rajasthan                                       18,483.32
Cash in Hand                                            16,000.00


                                                        88,287.23


SCHEDULE "K"             DUTIES & TAXES


TDS Bharti Hexacom Ltd. - A.Y.- 2006-07                685,669.00
TDS Bharti Hexacom Ltd. - A.Y.- 2007-08                592,827.50
TDS Bharti Televenture Ltd. Gujrat - A.Y.- 2007-08     175,073.00
TDS Bharti Hexacom Ltd. - A.Y.- 2008-09               1,086,545.00
TDS Bharti Infratel Ltd. A.Y. - 2008-09               1,147,707.00
Income Tax - A.Y. - 2008-09 Self Ass. Tax              690,470.00
TDS Bharti Infratel Ltd. A.Y. - 2009-10                851,172.00
TDS Bharti Hexacom Ltd. A.Y. - 2009-10                  49,219.00
TDS Reliance - A.Y. - 2009-10                          233,937.00
TDS - Interest BOI FDR - A.Y. 2009-10                     9,590.00
TDS Ericsson - A.Y. - 2009-10                           91,469.00
TDS Indus Towers Ltd. - A.Y. - 2009-10                1,587,804.00
WCTL Airtel - A.Y. - 2007- 08                          829,414.00


Total                                                 8,030,896.50
                                                                          M/S. COS
                                                              Dppreciation Chart As


S.No.                              Particulars   Rate



 1      AC & Cooling Unit
        Air Condition                                   15%
        Air Cooling Unit                                15%


 1      AC & Cooling Unit


 2      CAR
        Honda City 3915                                 15%
        Car ( Neeraj Ji Old )                           15%
        Car Satpal Ji                                   15%
        Santro Car                                      15%
        Car Matiz                                       15%
        Car Alto - Mathur Ji                            15%
        Car Honda City 0020                             15%
        Car Honda City 5005                             15%


        Total
        Addition during the year
        Car Honda City 5140                             15%
        Car RJ 14 C 7052                                15%


        Total Addition


 2      CAR                                             15%


 3      Computers
        Desktop                                         60%
        Lap Top                                         60%


 3      Computers


 4      Furniture & Fixture
        Furniture & Fixture                             10%


 4      Furniture & Fixture


 5      Office Equipments
        Refrigertor                                     15%
        T.V. Camera                                     15%
        Water Cooler                                    15%
        Mobile Phone                                    15%
        Invertor                                        15%
        EPBX                                            15%
        Telephone Instruments                           15%


 5      Office Equipments
       5   Machinery & Equipments
           Plant & Machinery                          15%
           Tools & Equipments                         15%
           GPS & Campus                               15%
           Baino Coolers                              15%
           Digital Camera                             15%
           Shuttrings                                 15%


       6   Machinery & Equipments


           Two Wheelers
           Scooter                                    15%
           Motor Cycle Splendor                       15%
           Motor Cycle                                15%
           Motor Cycles - 7633                        15%
           Motor Cycles - 1347                        15%
           Motor Cycles - 5960                        15%
           Cycle                                      15%


       7   Two Wheelers


           Total



                                                              M/S. COSMO


                                                            PARTNERS CAPI




S.No           Partner's Name       %age of holding


   1       N.N. Bhandari                      50%



   2       Rajneesh Bhandari                  50%
TION COMPANY
ye Pass Road, Jaipur - 302015
31st MARCH, 2009


               Previous Year Figure in Rs. Assets                       Current Year Figure in Rs.


                                                FIXED ASSETS
                                 2,108,720.00 Fixed Assets (As per                    4,499,591.00
                                              Schedule "F")


                                                CURRENT ASSETS
                                                AND LOANS&
                                                ADVANCES

                                 4,827,066.00 Raw Material & Work In                  5,565,016.00
                                              Progress
                                   34,094.00 Sundry Deposits (As per                  2,692,591.40
                                             Schedule "G")
                                25,149,641.28 Sundry Debtors (As per                 47,230,750.72
                                              Schedule "H)                                           64,844,511.22   52555779.04
                                  249,343.73 Cash & Bank Balance                         88,287.23


                                                OTHER CURRENT
                                                ASSETS
                                 4,042,955.53 Sundry Advances (As per                 4,017,848.00
                                              Schedule "I")
                                 5,555,312.50 Duties & Taxes ( As per                 8,030,896.50
                                              Schedule "J")
                                41,967,133.04                                        72,124,980.85
                  M/S. COSMO CONSTRUCTION COMPANY
     Dppreciation Chart As Per Income Tax Act -1961 , For The Year -2008-09
                                SCHEDULE "F"
W.D.V. as on 1.4.2008                           Addition                             Deduction       Total
                             Before 30.9.2008              After 30.9.2009



                68598.00                  22350.00                      22990.00                      113938.00
                36576.00                                                                               36576.00


               105174.00                  22350.00                      22990.00             0.00     150514.00




                                                                       150000.00
                                       1135000.00
                                       1135000.00


                                          2270000                        150000                  0            0




                        0                        0                               0               0            0


                1532018                   2270000                        150000            210000    3742018.00



                  41965                   26750.00                      65000.00                      133715.00
                  33488                   80808.00                     282760.00                      397056.00


                  75453                    107558                        347760                  0       530771



                 181549                  134479.00                      37057.00                      353085.00


                 181549                    134479                            37057               0       353085



                    6460                                                                                6460.00
                       0                  16734.00                                                     16734.00
                14837.00                                                                               14837.00
                  90413                                                  1800.00                       92213.00
                    8446                                                                                8446.00
                    7369                                                48250.00                       55619.00
                        0                                               13600.00                       13600.00


                 127525                     16734                            63650               0       207909
                      20471                                                                                       20471.00
                      23529                    10353.00                60582.00              1200.00              93264.00
                                                                       34876.00                                   34876.00
                                                2510.00                                                            2510.00
                                               45244.00                18120.00                                   63364.00
                                               95380.00                                                           95380.00


                      44000                     153487                   113578                1200                 309865



                       7301                                                                                        7301.00
                      19550                                                                                       19550.00
                      16150                                                                                       16150.00
                                               19000.00                                                           19000.00
                                               19000.00                                                           19000.00
                                               20000.00                                                           20000.00
                                                                        2650.00                                    2650.00


                      43001                       58000                    2650                      0              103651

                  2108720.00                 2762608.00               737685.00            211200.00            5397813.00



                  M/S. COSMO CONSTRUCTION COMPANY


            PARTNERS CAPITAL ACCOUNT AS ON 31.03.2009
                                 SCHEDULE "A"


                               Introduced during the
Opening Balance                                           Interest                Salary                 Share of Profit
                               year


              1,175,244.08                   20,151,284              240,000.00                  -            2,864,011.42



              4,210,149.92                   29,350,822              480,000.00                  -            2,864,011.42


              5,385,394.00                   49,502,106              720,000.00                  -            5,728,022.84
Depreciation       Net Block as on 31.3.2009




       15366.00                           98572.00
        5486.00                           31090.00


       20852.00                          129662.00



           0.00
           0.00
           0.00
           0.00
           0.00
       11250.00
      170250.00
      170250.00


               0                                    0




               0                                    0


      550053.00                         3191965.00



       60729.00                           72986.00
      153406.00                          243650.00


        214135                                 316636



       33456.00                          319629.00


         33456                                 319629



         969.00                            5491.00
        2510.00                           14224.00
        2226.00                           12611.00
       13697.00                           78516.00
        1267.00                            7179.00
        4724.00                           50895.00
        1020.00                           12580.00


         26413                                 181496
              3071.00                     17400.00
              9446.00                     83818.00
              2616.00                     32260.00
               377.00                      2133.00
              8146.00                     55218.00
             14307.00                     81073.00


                37963                       271902



              1095.00                      6206.00
              2933.00                     16617.00
              2423.00                     13727.00
              2850.00                     16150.00
              2850.00                     16150.00
              3000.00                     17000.00
               199.00                      2451.00


             15350.00                     88301.00

            898222.00                   4499591.00




Total                   Withdrawal                   Closing Balance


        24,430,539.50                15,856,682.00         8,573,857.50



        36,904,983.34                21,343,930.00        15,561,053.34


        61,335,522.84                37,200,612.00        24,134,910.84
                                                              M/s. COSMO CONSTRUCTION COMPANY
                                                   PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st M
                                                                      CONTRACT ACCOUNT
Previous Year Figure in (Rs.)                      Particular



                4,827,066.00 To Opening Work In Progress
               31,630,643.00 To Labour Charges


               31,991,547.00    To Raw Material (List - 01)
                3,661,087.00    To Direct Expenses (List - 02)
                  443,578.00    To Deduction in Bills
                9,230,986.00    To Service Tax Expenses
                2,135,491.00    To Work Contract Tax Expenses
               25,986,760.95    To Gross Profit

         109907159                                   TOTAL

                                                   PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st M
Previous Year Figure in (Rs.)                      Particular

                     88,518.00 To Advertisement Expenses

                     60,000.00 To Audit Fees Expenses

                  316,014.00 To Bank & Loan Processing Charges

                  898,222.00    To Depreciation ( As Per Schedule - E )
                  205,426.00    To Electricity Expenses
                  256,632.00    To Insurance Expenses
                2,660,918.00    To Interest Expenses (List - 03)
                  720,000.00    To Interest on Partners Capital
                  254,556.00    To Legal & Professional Expenses
                  205,237.42    To Office & General Expenses
                   23,251.00    To Postage & Courier Expenses
                  315,348.00    To Printing & Stationery Expenses
                  503,800.00    To Rent Expenses
                  235,630.00    To Repair & Maintenance Expenses
                4,816,815.00    To Salary & Staff Welfare Exp. (List - 04)
                   34,422.21    To Sundry Balances W/off
                  111,420.00    To Sale Tax Expenses
                  728,753.88    To Telephone Expenses
                4,694,052.00    To Travelling & Conveyance Exp. (List - 05)
                8,950,888.84    Net Profit

               26,079,904.35    TOTAL
                                  PROVISIONAL PROFIT & LOSS APPROPRIATION ACCOUNT FOR THE YEAR
 Previous Year Figure in (Rs.)                  Particular

                    109,615.00   To Fringe Benefit Tax Expenses
                             -   To Income Tax
                    313,251.00   ToInterest on FBT
                  2,800,000.00   To Provision For Income Tax
                  5,728,022.84   To Net Profit Tr. To Partners Capital A/c

                  8,950,888.84 Total

                   M/S. COSMO CONSTRUCTION COMPANY
              GROUPING OF TRADING AND PROFIT & LOSS A/C.
                       FOR THE YEAR ENDED 31.03.2010
LIST - 01        RAW MATERIAL
Electrical Items
Cement                                                    3010144.3
Steel                                                      6038691
Electrical & Other Items                                 8751736.62

Total                                                                17,800,571.92

LIST - 02        DIRECT EXPENSES
Fright & Transportation Charges                                            2265458
Securtiy Charges                                                         2016025.97
Equipment Hire Charges                                                       439500
Fuel & Power Charges                                                         147262
Designing & Testing Charges                                                   85489
Site Expenses                                                                681051

Total                                                                  5,634,785.97

LIST - 03        INTEREST

Interest to Bank                                                             1876832
Interest on Service Tax                                                        17004
Interest on Unsecured Loan                                                    417333
Interest on Tds                                                                  995
Interest on Car Loan ( Tata Capital Ltd.)                                     232066

Total                                                                  2,544,230.00

LIST - 04        SALARY & STAFF WELFARE EXPENSES

Salary                                                                       5142322
Employer's Contribution to P.F.                                               158708
P.F. Administration charges                                                    15600
Staff & Labour Welfare Expenses                                               907579
Recruitment Expenses                                        147577
Professional Tax (Kolkata)                                    6865
Staff Mess Expenses (Kolkata)                               319025
Medical Expenses                                             78527
Staff Uniform Expenses                                       84618

Total                                                6,860,821.00

LIST - 05       TRAVELLING EXPENSES & CONVEYANCE EXPENSES

Convayance Expenses                                       423203
Lodging & Boarding Expenses                              2663134
Tours & Travelling Expenses                              5798467

Total                                                8,884,804.00
. COSMO CONSTRUCTION COMPANY
CCOUNT FOR THE YEAR ENDING 31st MARCH 2010
     CONTRACT ACCOUNT
          Current Year Figure in Previous Year Figure in      Particular    Current Year Figure in
                   Rs.                     Rs.                                       Rs.

                       5,565,016.00         104,342,142.95 By Sales                 114,422,229.39
                      35,320,616.19           5,565,016.00 By Closing                 7,504,505.00
                                                           Work In
                                                           Progress
                      17,800,571.92
                       5,634,785.97
                       2,607,387.27
                      14,265,311.00
                       3,733,707.98
                      36,999,338.06

                 121926734.4              109907159            TOTAL             121926734.4

CCOUNT FOR THE YEAR ENDING 31st MARCH 2010
          Current Year Figure in Previous Year Figure in   Particular    Current Year Figure in
                   Rs.                     Rs.                                    Rs.
                    -                      25,986,760.95 By Gross Profit          36,999,338.06

                          72,000.00              93,143.40 By Interest on               247,428.68
                                                           Bank FDR
                        329,887.31                         By Interest on               151,380.00
                                                           VAT Refund
                       1,298,292.00
                         331,580.00
                         164,581.00
                       2,544,230.00
                         946,849.00
                         180,601.00
                         195,880.00
                          51,174.20
                         450,999.00
                       1,426,138.00
                         287,287.00
                       6,860,821.00
                           1,319.33
                       -
                       1,482,615.19
                       8,884,804.00
                      11,889,088.71

                      37,398,146.74          26,079,904.35   TOTAL                   37,398,146.74
                      11,864,170.00              24,918.71
PROPRIATION ACCOUNT FOR THE YEAR ENDING 31ST MARCH 2010
           Current Year Figure in Previous Year Figure in   Particular    Current Year Figure in
                    Rs.                     Rs.                                    Rs.
                     -                       8,950,888.84 By Net Profit            11,889,088.71
                     -
                         36,642.00
                     4,050,000.00
                     7,802,446.71

                      11,889,088.71            8,950,888.84                        11,889,088.71
77,422,891.33
36,999,338.06
                                                                           COSMO CONSTRUCTION COMPANY
                                                                          BALANCE SHEET AS AT 31st MARCH, 2010


 Previous Year Figure in (Rs.)      Liabilities                    Schedule     Current Year Figure in Rs.   Previous Year
                                                                                                             Figure in Rs.
                                    CAPITAL ACCOUNT


                   24,134,910.84    Partners Capital                  A                      19,058,454.56      4,499,591.00
                                    LOAN
                   30,201,337.83    Secured Loan (BOI CC                                      9,646,149.02
                                    Account)



                     5,500,000.00   Unsecured Loans                   B                       3,500,000.00      5,565,016.00


                                                                                                                2,692,591.40
                                    CURRENT                                                                   47,230,750.72
                                    LIABILITIES &
                                    PROVISIONS
                     3,560,484.30   Current Liabilities               C                       2,516,979.25        88,287.23


                     8,728,247.88   Provisions                        D                       9,463,604.37
                                                                                                        -



                                                                                                                4,017,848.00
                                                                                                                8,030,896.50
                   72,124,980.85    Total                                                    44,185,187.20    72,124,980.85


        M/S. COSMO CONSTRUCTION COMPANY
GROUPING OF BALANCE SHEET AS ON 31.03.2010


SCHEDULE "B"                UNSECURED LOANS


Shri P.N. Bhandari                                2,500,000.00
Smt. Kaushalya Bhandari                           1,000,000.00


Total                                             3,500,000.00


SCHEDULE "C"                CURRENT LIABILITIES


A. K. Bhandari                                         3,500.00
A.G. Travels & Tours                               207,647.80
Abode Electronic Security Atu. Pvt Ltd.             26,828.64
Acme Tele Power Ltd.                                99,669.00
B. H. Limited                                      248,310.57
Assam Timber Traders                                18,661.00
B.C.S. Tour & Travels Pvt. Ltd.                        7,000.00
B.K. Enterprises                                          846.00
B.L. Tandon & Company                               45,257.00
B.P. Sharma                                            6,300.00
Balaji Paints & Sanitary                               5,280.00
Banwari Lal                                            9,028.00
Binod Kumar Yadav                          23,627.00
BNB Enterprises                           255,005.00
BSES India Pvt. Ltd.                         2,947.00
Core Logistic Private Limited             243,334.00
Dheerawat Engineering Works                18,011.00
Diamond Tailors                              2,035.00
Fighting Suraksha Guard                      4,303.00
First Flight Courier Ltd                     2,361.00
G.P Giri & Brothers                          6,635.00
Gadia Sales                                  5,682.00
Girdhar Iron Store                         39,240.00
Green Cross Engineers                        1,192.00
H.C Bothra & Associates                    75,706.00
Heights Consultants Pvt. Ltd.                4,770.00
Hotel Safari & Restaurant                    4,282.00
Indo Power Systems                         43,000.00
Jaipur Publicity Centre                    29,975.00
Johari Lal Lohewala                        16,934.00
Jupiter Computers                            7,100.00
Karni Kripa Travels                          1,171.35
Krishna Traders                            88,926.00
Krishna Enterprises                          1,895.00
Lambda Eastern Telecommunication Limited 121,281.00
New Plywood & Glass Agencies               25,376.00
New Raat Deen Services                     13,568.80
NLB Steel Private Limited                 110,214.00
Prakash Electric House                     14,000.00
Pyare Lal                                  13,420.00
R.D Sales Corporation                      27,001.00
Rakesh Bohra                               13,823.00
Reegaal Offset                             15,768.00
S.M Electric Trading Co. Pvt Ltd.          30,744.00
Sai Techno Tech                            32,954.00
Saini & Son`s                              20,940.00
Sambhu Ray -Vendar                           8,536.00
Sanjay Electrical                          20,436.00
Shree Radha Govind Electricals             11,260.00
Shri Prakash Industries                      6,614.00
Shweta Construction                        22,769.00
Sky Voice Pvt. Ltd.                        14,241.00
Solace                                     30,500.00
Somc Cavaliers Pvt Ltd                     12,971.58
                                          291,289.51
Sub- Contractors (Withhold/Retention Amount)
Suresh Kaswa                                  573.00
Svarn Telecom Limited                      22,051.00
Swayamsiddh Diagnostic Care Pvt. Ltd.        6,200.00
                                         1
Tanusree Roy Chowdhury (Warehouse Kolkata) 5,000.00
Techno Center (India) Pvt. Ltd             34,186.00
Tirupati Diesels                             8,820.00
Universal Trade Centre                       4,958.00
Zeppelin Mobile Systems India Ltd.         11,025.00


Total                                    2,516,979.25


SCHEDULE "D"                PROVISIONS
P F Payable                                   14,162.00
Professional Tax Payable (Kolkata)              6,865.00
Provision for Expenses                      1,445,605.00
Provision for Taxation                      6,850,000.00
Service Tax Payable                         1,084,709.37
TDS Payable                                   38,620.00
VAT Payable (Kolkata)                         23,643.00


Total                                       9,463,604.37


SCHEDULE "F"               SUNDRY DEPOSITS


FDR (for Bank Gurantee)                     3,006,242.08
NSC                                           25,000.00
Security Deposit (JVVNL)                      17,738.00
Security Deposit (Rent)                      188,500.00


Total                                       3,237,480.08


SCHEDULE "G"               SUNDRY DEBTORS


Bharti Infratel Ltd.                          63,904.85
Corbett Ripe                                  37,000.00
Indus Tower Ltd.                           15,138,173.41
Power Grid Corporation                        30,680.00
Reliance Infratel Ltd.                      1,240,074.70


Total                                      16,509,832.96


SCHEDULE "H"              CASH & BANK BALANCE


Bank of India ( OD A/c )                      17,130.91
Bank of India ( Current A/c)                  29,701.00
Bank of Rajasthan Limited                     73,746.26
ICICI Bak Limited                            233,497.69
Cash in Hand                                  55,668.00


Total                                        409,743.86


SCHEDULE "I"              SUNDRY ADVANCES


Balaji Enterprises (UP East)                     126.00
Contec Impex Private Limited                    1,740.00
Creative Landscape Designer & Contractor      11,000.00
Deepali Enterprises                           22,207.00
Disha Enterprises                                459.00
Dugar Designs                                    365.00
Kasem Ali Carpenter                           43,500.00
Khandelwal Hardware Store                    147,636.00
Kumawat Construction                          23,220.00
Lead Security Services                          3,315.00
Monsinka Logistic                            291,334.00
Pavtar Singh                                  14,400.00
Pratap Singh                                 23,350.00
Prepaid Expenses                             94,948.00
Rajendra Singh                               16,188.00
S.K. GOODS CARREIR                             3,498.74
Sam Electrotech                              13,788.00
Santosh Sharma                               30,000.00
Sastech                                        5,042.00
Staff Imprest & Advance                     181,287.50
Subhash Kaswa                                   945.00
Sumit Bhattacharya                             6,351.00
Swiss Concepts                                 5,000.00
Syal & Associates                              2,205.00
Tata Capital(TDS Recovery)                     7,449.00


Total                                       949,354.24


SCHEDULE "J"           DUTIES & TAXES


TDS (A.Y. 2009-10)                         2,823,191.00
TDS (A.Y. 20010-11)                        5,753,213.05


Total                                      8,576,404.05


                                                                                                        M/S. COSMO CONSTRUCTION COMPANY
                                                                                       Dapreciation Chart As Per Income Tax Act -1961 , For The Year
                                                                                                                          SCHEDULE "F"
               S.No.                  Particulars         Rate         W.D.V. as on 1.4.2009                           Addition
                                                                                                      Put to use for
                                                                                                      more then 180
                 1            AC & Cooling Unit                  15%                 129,662.00            days -


                 2            CAR                                15%               3,191,965.00                    -


                 3            Computers                          60%                 316,636.00          329225


                 4            Furniture & Fixture                10%                 319,629.00          127956


                 5            Office Equipments                  15%                 181,496.00         24947.00


                 6            Machinery &                        15%
                              Equipments                                             271,902.00          291371


                 7            Two Wheelers                       15%                  88,301.00          2600.00


                 8            Office Building Ist                10%
                              Floor                                                            -                   -


                              Total                                                4,499,591.00            776,099.00



                                                                                                   M/S. COSMO CONSTRUCTION COMPANY


                                                                                          PARTNERS CAPITAL ACCOUNT AS ON 31.03.2010
                                                                              SCHEDULE "A"


                            %age of                                Introduced
S.No       Partner's Name             Opening Balance
                            holding                                during the year


   1   N.N. Bhandari           50%                  8,573,857.50          5,772,616



   2   Rajneesh Bhandari       50%                 15,561,053.34          4,099,573


       Total                                       24,134,910.84          9,872,189
Y
010


      Assets             Schedule   Current Year
                                    Figure in Rs.
      FIXED ASSETS


      Fixed Assets          E          6,997,867.00


      CURRENT
      ASSETS AND
      LOANS&
      ADVANCES

      Raw Material &                   7,504,505.00
      Work In Progress
      Sundry Deposits       F          3,237,480.08
      Sundry Debtors        G        16,509,832.96



      Cash & Bank           H           409,743.86
      Balance


      OTHER
      CURRENT ASSETS


      Sundry Advances       I           949,354.24
      Duties & Taxes        J          8,576,404.05
      Total                          44,185,187.19
M/S. COSMO CONSTRUCTION COMPANY
 Chart As Per Income Tax Act -1961 , For The Year -2009-10
               SCHEDULE "F"
           Addition                   Deduction         Total          Depreciation     Net Block as on 31.3.2010
                Put to use for less
                  then 180 days
                      296851                   -      426513.00          41713.00              384800.00


                      1370206                  -      4562171.00        581560.00              3980611.00


                      172200                   -      818061.00         439177.00              378884.00


                      695186                   -      1142771.00         79518.00              1063253.00


                      56043.00                 -      262486.00          35170.00              227316.00


                                                                         95947.00
                      160329            3790          719812.00                                623865.00


                        0.00          21000.00         69901.00          10485.00               59416.00


                                                                         14722.00
                      294444                   -      294444.00                                279722.00


                       3,045,259.00     24,790.00       8,296,159.00     1,298,292.00                  6,997,867.00



OSMO CONSTRUCTION COMPANY


RS CAPITAL ACCOUNT AS ON 31.03.2010
SCHEDULE "A"


     Interest                Salary       Share of Profit      Total               Withdrawal                   Closing Balance


                541,931.00            -         3,901,223.36       18,789,627.86                 9,742,795.00        9,046,832.86



                404,918.00            -         3,901,223.36       23,966,767.70                13,955,146.00      10,011,621.70


                946,849.00            -         7,802,446.72      42,756,395.56                 23,697,941.00      19,058,454.56
                                                                                                13,825,752.00
                                                                                                                    (5,076,456.28)
                                  M/s. COSMO CONSTRUCTION COMPANY
             PROVISIONAL PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st MARCH 2011
                                    PROVISIONAL CONTRACT ACCOUNT
        Particular          Current Year Figure in Rs.             Particular      Current Year Figure in Rs.


To Opening Work In                         7,504,505.00 By Sales                               147,090,637.82
Progress
To Raw Material                           45,302,014.90 By Closing Work In                      35,650,000.00
                                                        Progress
To Direct Expenses                        48,702,729.94
To Service Tax Expenses                   10,552,405.00


To Gross Profit                           70,678,982.98
         TOTAL                     182740637.8                      TOTAL                 182740637.8


             PROVISIONAL PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st MARCH 2011
        Particular          Current Year Figure in Rs.             Particular      Current Year Figure in Rs.
To Bank & Loan                              620,015.68 By Gross Profit                          70,678,982.98
Processing Charges
To Depreciation                           2,788,985.00 By Interest on Bank FDR &                   354,755.72
                                                       Other
To Electricity Expenses                     525,770.00 By Sundry Balances W/off                         131.80


To Interest Expenses                      3,644,837.20
To Interest on Partners                   1,310,598.00
Capital
To Legal & Professional
Expenses                                    406,353.00
To Office & General                       2,257,904.00
Expenses
To Printing, Stationery &                 1,109,816.11
Postage Expenses
To Rent Expenses                          3,808,420.00
To Salary & Staff Welfare                20,713,347.70
Expenses
To Telephone Expenses                     2,308,244.90


To Travelling &                          16,870,430.50
Conveyance Expenses
Net Profit                               14,669,148.41
TOTAL                                    71,033,870.50    TOTAL                                 71,033,870.50


 PROVISIONAL PROFIT & LOSS APPROPRIATION ACCOUNT FOR THE YEAR ENDING 31ST MARCH 2011
        Particular          Current Year Figure in Rs.             Particular      Current Year Figure in Rs.
To Interest on FBT                                        By Net Profit                         14,669,148.41
To Provision For Income                   4,500,000.00
Tax
To Net Profit Tr. To                     10,169,148.41
Partners Capital A/c
Total                                    14,669,148.41                                          14,669,148.41
 28,145,495.00    76,411,654.84   70,678,982.98
 17,156,519.90




147,445,525.34
104,557,149.84
 56,364,722.09
(13,476,346.59)
COSMO CONSTRUCTION COMPANY
                                   PROVISIONAL BALANCE SHEET AS AT 31st MARCH, 2011


Liabilities                                  Current Year Figure Assets
                                                   in Rs.
CAPITAL ACCOUNT                                                       FIXED ASSETS
Partners Capital                                      42,006,173.95 Fixed Assets
LOAN
Secured Loan (BOI CC Account)                         33,048,121.97 CURRENT ASSETS
                                                                    AND LOANS &
                                                                    ADVANCES
Secured Loans                                          4,113,640.20
Unsecured Loans                                        6,951,042.00 Raw Material &
                                                                    Work In Progress
                                                                      Sundry Deposits
CURRENT LIABILITIES & PROVISIONS                                      Sundry Debtors
                                                                      Cash & Bank
                                                                      Balance
Current Liabilities                                   23,941,051.60
Provisions                                            11,366,500.00 OTHER CURRENT
                                                                    ASSETS


                                                                      Sundry Advances
                                                                      Duties & Taxes
Total                                                121,426,529.72 Total



                                                                                        PROVISIONAL PARTNERS CAPITAL ACCOU
                                                                                                          SCHEDULE "A"



S.No                                            Partner's Name        %age of holding



     1                                      N.N. Bhandari                    50%




     2                                      Rajneesh Bhandari                50%


                                             Total
31st MARCH, 2011


                    Current Year Figure in Rs.



                                          14,190,393.00




                                          35,650,000.00


                                           8,066,528.52
                                          49,853,318.68
                                             196,040.18




                                           1,878,914.00
                                          11,591,335.35
                                         121,426,529.73



                   PROVISIONAL PARTNERS CAPITAL ACCOUNT AS ON 31.03.2010
                                            SCHEDULE "A"


                                                           Introduced during
            Opening Balance                                                       Interest                  Salary       Share of Profit
                                                           the year


                                            9,046,832.86              6,459,030               993,276.00             -        5,084,574.20




                                          10,011,621.69               5,008,943               317,322.00             -        5,084,574.20


                                          19,058,454.55              11,467,973              1,310,598.00            -      10,169,148.40
Total               Withdrawal       Closing Balance



    21,583,713.06                             21,583,713.06




    20,422,460.89                             20,422,460.89


   42,006,173.95                 -           42,006,173.95

                                        30,526,427.55
                                        11,467,973.00
Cosmos Construction Company
Projected Balance Sheet
ASSETS                        FY09           FY10           FY11
Fixed Assets
Gross Block                          53.98          82.96      169.79
Depreciation Reserve                  8.98          12.98          27.89
Net Block                            45.00          69.98      141.90


Current Assets


Debtors                          472.31         165.10         498.53


Bank & Cash                           0.88           4.10           1.96


Loans, Adv, and Deposits             40.18           9.49          18.79


Inventories                      111.30         150.09          375.29
                                 669.67         398.76        1,036.48


LIABILITIES                   FY09           FY10           FY11
Share Capital                    241.35         190.58         420.06
Term Loan                        357.01        131.46               0.00
Reserves
Differed Tax Liabilities


Currebt Liabilities
Creditors                         35.60          25.17         239.41
                                 633.97         347.22         659.47


                                 -35.70         -51.54        -377.00
                                 Cosmo Construction Company
                                    Statement of Income Tax
                       Provision of
                       Taxation as                                  Self
                       per Balance    Tax Payable    Tax Deducted Assessment
S.No.   Financial Year Sheet          as per ITR     at Source      Tax Deposited
      1 2007-08         3,000,000.00    2,864,693.00   2,233,952.00    630,741.00
      2 2008-09         2,800,000.00    2,795,134.00   2,823,191.00           -
      3 2009-10         4,050,000.00    3,673,837.00   5,753,213.00
Schedule -I




Refund
           -
     28,057.00
  2,079,376.00
                                                                Qty
                                           New Build       Active               Upgradation
Geography        Client                FY09 FY10 FY11 FY09 FY10 FY11        FY09 FY10
                 Indus                                                       #REF! #REF!
AP               Nokia-Siemens
Assam
Bihar
                 Indus                                                      #REF! #REF!
Delhi NCR        Reliance
                 Indus                                                      #REF! #REF!
                 Tower Vision
Gujarat          Ericsson                                 #### #### #REF!
                 Indus                                                      #REF! #REF!
Punjab/Haryana   Aircel
HP
J&K
Karnataka
kerala
MP               Ericsson                                 #### #### #REF!
                 Indus                                                      #REF! #REF!
                 Ericsson                                 #### #### #REF!
Maharashtra      Vodafone
NE
Orissa
Rajasthan        Indus                 #REF! #REF! ####                     #REF! #REF!
                 Ericsson                                                   #REF! #REF!
                 Reliance              #REF! #REF! ####
TN
UP-East/ West    Indus                                                      #REF! #REF!
                 WTTL(VOIM)                                                 #REF! #REF!
                 Bharti Infratel Ltd                                        #REF! #REF!
                 Ericsson                                 #### #### #REF!
WB               Indus                                                      #REF! #REF!
                 Idea
                 Reliance                                                   #REF! #REF!
Bangladesh
Africa
                                       #REF! #REF! #### #### #### #REF! #REF! #REF!
                                       #REF!            ####            #REF!
                                       #REF! #REF! ####
                                                                        #REF!
                                                                        #REF!
                                             Value (Rs Lacs)                                                                           Ratio
Upgradation            New Build                 Active                  Upgradation             New Build                    Active
          FY11 FY09     FY10     FY11       FY09 FY10 FY11         FY09    FY10      FY11    FY09 FY10 FY11           FY09
          #REF!                                                       0.00      0.00   16.55




         #REF!                                                       49.88   102.70   189.80

         #REF!                                                        0.00     0.00    45.31

                                             0.00   0.00    4.82                                                         0
         #REF!                                                        0.00     0.00   158.57




         #REF!                                                        0.00     0.00    20.88
                                             0.00   0.00   12.28                                                       0.00




         #REF! #REF!      639.49   341.59                             5.17     0.00   104.08   8.07   13.90   10.05
         #REF!                                                        2.90     0.00     0.00
               #REF!        0.00     0.00                                                      8.07

         #REF!                                                       81.14    17.60   146.84
         #REF!                                                        0.00     0.00
         #REF!                                                                 0.00     0.00

         #REF!                                                        0.00   384.43   424.75

         #REF!                                                        0.00     0.00     5.43


         #REF! #REF!        639      342       0      0      17       139      505     1112
        Ratio                                                                                                    Val
Active                 Upgradation                       New Build                 Active Upgradation
FY10 FY11 FY09          FY10      FY11      FY12         FY13      FY14       FY12      FY13     FY14
                      0         0      0.01
                                                                                      25        100        200


                    0.25     0.78       0.07

                    0.00     0.00       0.47

   0     0.01                                                                        100        200        400
                    0.00     0.00       0.54




                                                                                        0         0          0
                    0.00     0.00       0.04
 0.00    0.03                                                                          0          0          0
                                                                                      25         50        100


                    0.06     0.00       0.34       275           0        0
                    0.06     0.00       0.00
                                                     0           0        0

                    0.09 #DIV/0!        0.34
                #DIV/0! #DIV/0!            0
                       0 #DIV/0!    #DIV/0!                                           25        100        200
                                                                                       0          0          0
                      0      0.14       0.42
                                                                                      25         50        100
                      0                 0.42


                                                   275           0        0          200        500       1000




                                                                              use same states as before
       Value
     Passive Upgradation                 Wimax                      Composite
FY12       FY13     FY14         FY12    FY13 FY14       FY12       FY13      FY14
         0        0          0




      500       500        500
                                        20   100   200
        0         0          0
      200       233        250

        0         0          0
      200       233        300




      300       300        300




      400       400        400
        0         0          0
                                              50   100

      300       300        300
        0         0          0
      200       233        300

        0         0          0

        0         0          0                50   100
                                                                          150         375
                                                                         1350        2125
     2100      2199    2350             20   200   400          0        1500        2500
          Revenue->            Key                      FY12                            FY13
Services                Scenario Consider Optimistic Realistic Pessimistic Optimistic Realistic
New Build                      0         1    412.5         0.0          0.0
Upgradation                    0         1
Active Infrastructure          0         1
Composite                      0         1
Power                          0         1
Wimax                          0         1
Net Revenue                                   412.5         0.0          0.0       0.0       0.0

Scenario Matrix                    Key
Optimistic                   1.5         0
Realistic                      1         1
Pessimistic                 0.75         2

                                   Key
Consider                                 1
Not Consider                             0
FY13                                  FY14
       Pessimistic    Optimistic    Realistic    Pessimistic




                0.0           0.0          0.0            0.0
Cosmos Construction Company
All figs in Rs Lacs


Revenues                           FY09             FY10           FY11
New Build                             904.33           639.49         341.59
Upgradation                           139.09           504.73        1,112.21
Active Infrastructure                      0.00             0.00          17.10
Composite
Wimax
Power
By Interest on Bank FDR                    0.93             2.47           3.55
Misc Income                                0.00             0.00           0.00
Total Net Revenue                    1,044.35         1,146.69       1,474.45
Growth %                                                   10%            29%
Direct Expenses                    FY09             FY10           FY11
Consumable Stores                          1.72             0.00          11.90
Fright & Transportation Charges           17.06            22.65      124.00
Securtiy Service Charges                  12.58            20.16           5.21
Equipment Hire Charges                     0.44             4.40           0.00
Fuel & Power Charges                       0.85             1.47           5.98
Designing & Testing Charges                2.76             0.85           0.00
Water Charges                              0.33             0.00           0.00
Misc. Site Expenses                        0.87             6.81           8.85
Field staff                           316.31           353.21         310.00
Raw Materials                         312.54           158.61         171.57
Bills Deductions                           4.44            26.07           0.00
To Service Tax Expenses                   92.31        142.65         105.52
To Work Contract Tax Expenses             21.35            37.34          27.00
Total Direct Costs                    783.55           774.23         770.03
Gross Profit                          260.80           372.47         704.42
Gross Profit (%)                          25%              32%            48%


Indirect Expenses                  FY09             FY10           FY11
Advertising Expenses                       0.89 -                            0
Audit Fee Expenses                         0.60            0.72            0.00
Bank loan and Processing charges           3.16            3.30            6.20
Brokerage Charges                          0.00             0.00           0.00
Electricity Expenses                       2.05             3.32           5.26
Insurance Expenses                         2.57             1.65           0.00
Legal & Professional Expenses              2.55             1.81           4.06
Office & General Expenses                  2.05             1.96          22.58
Partners Salary Expenses                   0.00             0.00
Postage & Courier Expenses                 0.23             0.51
Printing & Stationery Expenses             3.15             4.51          11.10
Rent Expenses                              5.04            14.26       38.08
Repair & Maintenance Expenses              2.36             2.87
Salary & Staff Welfare Expenses           48.17            68.61      207.13
Sundry Balances W/off                      0.34             0.01           0.00
Sale Tax Expenses                          1.11             0.00           0.00
Telephone Expenses                         7.29            14.83          23.08
Travelling & Conveyance Expenses          46.94            88.85      168.70
Total Indirect costs                  128.50           207.20         486.20


                                   FY09             FY10           FY11
EBITDA                                                                132.30      165.27     218.21
EBITDA %                                                              12.67%      14.41%     14.80%
Depreciation                                                             8.98      12.98      27.89
Financial Exp.                                                         33.81       34.91      49.55
                                              Interest Charges         26.61       25.44      36.45
                                   Interest to Capital Partners          7.20        9.47     13.11
                                                           PBT         89.51      117.37     140.77
                                                         PBT%          8.57%      10.24%      9.55%
Tax                                                                    27.95       36.74      45.00
Profit After Tax (PAT)                                                 61.56       80.64      95.77
PAT %                                                                  5.89%       7.03%      6.50%
Add/ Less: Income Tax of Earliar Years                                   0.00        0.00       0.00
Interest on VAT Refund                                                   0.00        1.51       0.00


CASH FLOWS
Free Cash Flows
EBIT                                                                  123.32      152.29     190.32
EBIAT                                                                  82.62      102.03     127.52
Depreciation                                                             8.98      12.98      27.89
Change in WC                                                          242.42      (309.96)   421.07
Capex                                                                    0.00      24.98      71.93
Free Cash Flow                                                        (150.82)    399.99     (337.58)


Financing Cash flow
Debt flows                                                             59.98      (225.55)   309.67
Partners capital/Equity                                               123.01      (138.26)   114.68


Net cash flow                                                          32.17       36.18      86.76



Debt                                                                        357      131        441
Equity                                                                      241      191        420
Debt ratio                                                                  60%      41%        51%
Assets                                                                       45       70        142
CAPEX                                                                                 25         72
Cash and equivalents                                                   27.81       36.47      82.63
Net Debt                                                              329.20       94.99     358.50


Staff and labour salary cost                                                364      422        517
% of sales                                                               0.35        0.37       0.35


Investor cash flows                                                      0.09        0.27       0.11
Equity infusion'
Contribution from PAT                                             #DIV/0!
Net cash flows
IRR                                                               #VALUE!
         FY12E             FY13E       FY14E        FY15E       FY16E




Growth should be 164%      #DIV/0!     #DIV/0!      #DIV/0!     #DIV/0!
         FY12E             FY13E       FY14E        FY15E       FY16E




                    0.00        0.00         0.00        0.00        0.00
                    0.00        0.00         0.00        0.00        0.00
        #DIV/0!            #DIV/0!     #DIV/0!      #DIV/0!     #DIV/0!


         FY12E             FY13E       FY14E        FY15E       FY16E




                    0.00        0.00         0.00        0.00        0.00


         FY12E             FY13E       FY14E        FY15E       FY16E
             0.00          0.00          0.00          0.00          0.00
#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!




             0.00          0.00          0.00          0.00          0.00
             0.00          0.00          0.00          0.00          0.00
#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!




             0.00          0.00          0.00          0.00          0.00
             0.00          0.00          0.00          0.00          0.00
             0.00          0.00          0.00          0.00          0.00
          (636.66)         0.00          0.00          0.00          0.00
           70.95         106.43         79.82         99.78        124.72
          565.71        (106.43)       (79.82)       (99.78)      (124.72)



          (441.13)         0.00          0.00          0.00          0.00
          800.00


          924.58        (106.43)       (79.82)       (99.78)      (124.72)



                  0             0             0             0             0
           1,220          1,220         1,220         1,220         1,220
              0%            0%            0%            0%            0%
             213           319           399           499           624
              71           106            80           100           125


              -             -             -


              -             -             -             -             -
#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!


#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
          -800.00          0.00          0.00          0.00          0.00
#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
#DIV/0!               #DIV/0!       #DIV/0!       #DIV/0!       #DIV/0!
0.488571429
composite serevice- active/ passive
Cosmos Construction Company
Discounted Cash Flow analysis

All figs in Rs Lacs                         FY09            FY10         FY11            FY12


Sales                                           1,044         1,147        1,474                     0
sales growth %                                                     10%          29% Growth should be 164%


EBITDA                                        132.30         165.27       218.21            0.00
EBITDA %                                        13%            14%          15%        #DIV/0!

Profit After Taxes                             61.56          80.64        95.77                     0
PAT %'                                                6%            7%           6%     #DIV/0!
PAT growth %                               #DIV/0!                 31%          19%          -100%


Depreciation                                    8.98          12.98        27.89                -
Capex                                               0             25           72                    71
Debt ratio                                       60%            41%          51%                    0%
Working capital                                   526            216          637                     0
working capital %                                    50%           19%          43%             40%
change in woking capital                           242         (310)        421              (637)

Free cash flow to equity                             (33)      257          (131)            566

Retention ratio                                 100%            0%         100%              80%
Average shareholder equity                        148           216          305              820
Return on equity                                 15%           37%          31%               0%
Minimum Expected Growth rate of earnings         15%            0%          31%               0%

Stable growth rate                               5%
Risk free rate                                8.50%
Market risk premium                           8.50%
Cost of equity                               21.25%
Terminal value
                                                                                                1
Total cash flow to equity                                                                     566
PV factor                                                                                   0.825
PV of terminal value
PV of cash flows                                                                                467
Value of equity ( Rs lakhs)                #DIV/0!
 FY13            FY14              FY15            FY16


           0                 0               0              0
#DIV/0!         #DIV/0!           #DIV/0!         #DIV/0!


     0.00            0.00              0.00            0.00
#DIV/0!         #DIV/0!           #DIV/0!         #DIV/0!

           0                 0               0              0
#DIV/0!         #DIV/0!           #DIV/0!         #DIV/0!
#DIV/0!         #DIV/0!           #DIV/0!         #DIV/0!


        -               -                 -               -
        106                  80           100             125
          0%                0%              0%              0%
           0                  0              0               0
        35%             35%               35%             35%
           0                 0               0              0

    (106)               (80)          (100)           (125)

     80%             80%               80%             80%
     1220            1220              1220            1220
      0%              0%                0%              0%
      0%              0%                0%              0%




                                                  #DIV/0!
        2               3                 4               5
     -106             -80              -100       #DIV/0!
    0.680           0.561             0.463           0.382

          -72               -45             -46   #DIV/0!

				
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