SUMMARY OF INVESTMENT ANALYSIS

xyz HOTEL

Hotel name, location : Radisson Plaza, Udaipur

Year of opening : Jul-08

No of Rooms
Present 164
To be added 81
Total 245 by 2009

Stable occupany : 80% In Year 2011 - 12

ARR-room in opening year : 14000 Rs.

ARR-Suites in opening year : 16000 Rs.
Average yearly increase in room rent : 5%
F&B as % of room revenues : 26% Average

Total investment : 204.33 Rs. in Crores

Cumulative revenues (2009-2017) : 1366.98 Rs. in Crores

Cumulative PBT (2009-2017) : 458.18 Rs. in Crores
PBT % : 34%
Profit after tax (2009-2017) : 313.37 Rs. in Crores
PAT % : 23%

Internal Rate of Return : 30.6%

RoI for 9 year period (2009-2017) : 21.3%
Total cash accumulation (2009-17) : 391.49 Rs. in Crores
Cash return on equity : 33%

Total management fee to be paid (2009-17) : 150.80 incl franchise, incentive, mgmt fee
as % of revenues : 11%

Returns to Investors
2010 - 11 (2.5 years) 175%
2011 - 12 (3.5 years) 210%
COST OF THE PROJECT AND MEANS OF FINANCE (Rs. in Lakhs)

Project under
Sr. No. Particulars Expansion Total
Implementation

I COST OF THE PROJECT

1 Land (incl. Development Cost) 3512.00 - 3512.00

2 Building (Hotel ) 2510.00 1060.00 3570.00
3 Plant & Equipment 3850.00 2150.00 6000.00
4 Misc. Fixed Assets 2540.00 2700.00 5240.00
5 Pre-operative Expenses 1617.25 90.00 1707.25
6 Preliminary Expenses 403.75 - 403.75

Total 14433.00 6000.00 20433.00

II MEANS OF FINANCE

1 Promoters' Equity 1,500.00 - 1,500.00

2 Share Premium 3,500.00 - 3,500.00
3 Quasi Equity of Promoters 2,083.00 - 2,083.00
4 Term Loans from Banks 7,350.00 - 7,350.00
5 Private Equity Funding - 6,000.00 6,000.00

Total 14,433.00 6,000.00 20,433.00

Debt Equity Ratio: 51:49 % - 36:64 %

Profit & Loss Account (Rs. in Lakhs)

Details 0
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

INCOME
Sales 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58

EXPENDITURE
Cost of Services 1,932.56 3,841.46 4,973.74 5,641.89 6,203.37 6,726.38 7,005.88 7,268.30 7,663.48
Admin. Overheads 86.50 99.48 114.40 131.56 151.29 167.93 188.08 210.65 235.93
Selling & Dist Overheads 966.99 2,391.22 2,609.77 2,882.74 2,995.47 3,146.50 3,286.66 3,432.13 3,592.59

Total Expenditure 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
EBIDTA 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58

Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
PBIT 1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81

Interest on term loan 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Interest Subsidy rebate 41.25 40.73 38.74 34.72 30.70 26.68 22.66 18.64
Profit Before Tax 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18

Tax 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
Profit After Tax 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66

EBDITA % 46% 50% 45% 44% 42% 42% 41% 41% 41%
PAT % 19% 26% 24% 23% 22% 22% 23% 23% 23%

NOTES:-
1) 164 rooms will be operational from 31st July, 2008

2) Repair & Maintenance estimated @ 5% of the cost of the building & Machinery is charged from 2010-11 onwards
From 2012-13 onwards repairs is taken @ 10%
Therefore, the profibitability in these years is less as compared to 2008-09 and 2009-10

3) The Promoters have substantially funded the project out of their own funds, which has resulted into a better debt equity ratio.
Although the present planning of total rooms is at 245 (existing 164 + addl. 81 in 2009), the promoters have planned to increase the total rooms to 350,
making use of the attractive cash accruals over the next 3-5 years, as well as use a part of it for other Hotels planned in the vicinity, for which land is already acquired.
 0
Balance Sheet
(Rs. in Lakhs)
Particulars FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Share Capital 1,500.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Share Premium 3,500.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00
Quasi Capital 2,083.00 2,083.00 1,333.00 833.00 583.00 333.00 - - - -
Reserves & Surplus - 1,050.82 4,360.48 7,401.56 10,702.04 14,067.68 17,574.44 21,246.76 25,081.37 29,129.05
Networth (x) 7,083.00 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05
Secured Loan from banks 7,350.00 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04

CAPITAL EMPLOYED (x) 14,433.00 21,417.10 23,849.52 25,675.60 28,011.08 30,411.72 32,870.48 35,827.80 38,947.41 42,280.09
Fixed Assets
Gross Block 14,029.25 20,433.00 20,433.00 20,433.00 20,433.00 21,433.00 22,448.00 23,433.00 24,383.00 25,233.00
Depreciation - 526.73 1,354.31 2,181.89 3,009.47 3,882.09 4,800.43 5,763.13 6,768.62 7,812.39
Net Block (a) 14,029.25 19,906.28 19,078.70 18,251.11 17,423.53 17,550.91 17,647.58 17,669.87 17,614.39 17,420.61

Current Assets (b) 403.75 1,524.27 4,795.97 7,452.52 10,616.78 12,892.27 15,259.35 18,194.88 21,369.98 24,898.43
Inventory - 362.35 720.27 932.58 1,057.85 1,163.13 1,261.20 1,313.60 1,362.81 1,436.90
Debtors - 228.55 522.91 582.51 639.20 672.31 717.69 746.38 774.40 811.82
Advance for Capital Goods - - - 1,000.00 1,015.00 985.00 950.00 850.00 850.00
Cash & Bank Balance 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77 21,799.71
Less: Current Liabilities(c) - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Sundry Creditors - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Net Current Assets d (b-c) 403.75 1,510.82 4,770.82 7,424.48 10,587.54 12,860.81 15,222.90 18,157.93 21,333.03 24,859.48
Preliminary Expenses not w/off
CAPITAL DEPLOYED(a+d) 14,433.00 21,417.10 23,849.52 25,675.60 28,011.08 30,411.72 32,870.48 35,827.80 38,947.41 42,280.09

- - - - - - - - - -
CURRENT RATIO

TOTAL CURRENT ASSETS(A) 403.75 1,524.27 4,795.97 7,452.52 10,616.78 12,892.27 15,259.35 18,194.88 21,369.98 24,898.43

CURRENT LIABILITIES
Sundry Creditors - 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95
Loan Installments - 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00
TOTAL (B) - 80.17 152.39 743.04 744.24 746.46 751.45 751.95 751.95 753.95
CURRENT RATIO (A / B) #DIV/0! 19.01 31.47 10.03 14.27 17.27 20.31 24.20 28.42 33.02
 0

Cash Flow Statement

(Rs. in Lakhs)

Particulars FINANCIAL YEAR ENDED 31ST MARCH

2007 - 08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Inflows:

Net Profit After Tax - 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Depreciation - 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Decrease in CWIP - - - - - - - - - -
Increase in Capital 1,500.00 500.00 - - - - - - - -
Increase in res. (Share Premium) 3,500.00 5,500.00
Increase in Capital Quazi 2,083.00 -
Increase in Loans 7,350.00 - - - - - - -
Increase in Working Capital - - - - - - - - - -
Increase in Current Liabilities - 13.45 11.70 2.89 1.20 2.23 4.99 0.50 - 2.00

TOTAL INFLOWS: 14,433.00 7,590.99 4,148.94 4,116.87 4,374.58 4,485.81 4,798.06 5,003.51 5,208.08 5,461.43

Outflows:
Increase in Fixed Assets 14,029.25 6,403.75
Capital Work In Progress - - - - - - - - -
Advance for capital goods - - - 1,000.00 1,015.00 985.00 950.00 850.00 850.00
Preliminary expenses - - - - - - - - -
Decrease in Loans 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00
Increase in Current Assets - 590.90 652.28 271.90 181.97 138.39 143.44 81.09 77.23 111.51
Dividend Payment (incl. DDT) 245.32 245.32 245.32 367.98 367.98 367.98 367.98
Decrease in Quasi Capital 750.00 500.00 250.00 250.00 333.00
TOTAL OUTFLOWS: 14,029.25 7,061.37 1,529.52 1,732.22 2,392.29 2,363.71 2,544.42 2,114.07 2,010.21 2,044.49

Opening Cash Balance - 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77

Excess/Deficit 403.75 529.62 2,619.42 2,384.65 1,982.30 2,122.10 2,253.64 2,889.43 3,197.87 3,416.94

Closing Cash Balance 403.75 933.37 3,552.79 5,937.44 7,919.73 10,041.83 12,295.47 15,184.90 18,382.77 21,799.71
 26% 6000 4000
0
#VALUE!

Calculation of return on investment by a VC at different valuation for 26% stake in equity of the company

Direct Income Appropriations i.e. PAT/cash accruals to Equity Investment

(Rs. in Lakhs)
(A) Equity Investment of Rs. 60 Crores for 26% stake.

1) PAT Basis

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
26% of PAT 273.21 860.51 854.46 921.91 938.85 1007.43 1050.48 1092.67 1148.07 905.29
% of Return 4.55 14.34 14.24 15.37 15.65 16.79 17.51 18.21 19.13 15.09

2) Cash Accural Basis

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77 910.71
Cash Accurals 1577.55 4137.24 4113.98 4373.38 4483.58 4793.07 5003.01 5208.08 5459.43 4696.47
26% of PAT 410.16 1075.68 1069.63 1137.08 1165.73 1246.20 1300.78 1354.10 1419.45 1221.08
% of Return 6.84 17.93 17.83 18.95 19.43 20.77 21.68 22.57 23.66 20.35

(B) Equity Investment of Rs. 40 Crores for 26% stake.

1) PAT Basis

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
26% of PAT 273.21 860.51 854.46 921.91 938.85 1007.43 1050.48 1092.67 1148.07 905.29
% of Return 6.83 21.51 21.36 23.05 23.47 25.19 26.26 27.32 28.70 22.63

2) Cash Accural Basis

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3785.76
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77 910.71
Cash Accurals 1577.55 4137.24 4113.98 4373.38 4483.58 4793.07 5003.01 5208.08 5459.43 4696.47
26% of PAT 410.16 1075.68 1069.63 1137.08 1165.73 1246.20 1300.78 1354.10 1419.45 1221.08
% of Return 10.25 26.89 26.74 28.43 29.14 31.15 32.52 33.85 35.49 30.53

2008-2009- Hotel operational only for eight months with 164 rooms

2009- onwards - Hotel opeartional with 164 + 81 = 245

2010-11 onwards- repayment of TL & provision made for repairs & maintenance, in progression of 5% p.a. (1st year), 7% pa.(2nd year) & 10% p.a. thereafter.

PAT returns, if calcuated from the Hotel's full operations, effective 2009 onwards, the average for 8 years
On Rs. 60 Crores will be 16.40%
on Rs. 40 will be 24.61%

AND

On Cash Accruals the numbers will be -

for Rs. 60 Crores- 20.35%

For Rs. 40 Crores- 30.53%
 0
0

Valuation on earning basis as Company is going to get listed

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17 Avg for a period of 9 Yrs
PAT (Rs in lacs) 1050.82 3309.66 3286.40 3545.80 3610.96 3874.74 4040.31 4202.59 4415.66 3481.88
No of Shares (in lacs) 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00 200.00
EPS (in Rs) 5.25 16.55 16.43 17.73 18.05 19.37 20.20 21.01 22.08 17.41
based on Pe of 10
valuation is (in Rs) 52.54 165.48 164.32 177.29 180.55 193.74 202.02 210.13 220.78 174.09

Value of VC's Share (Rs in lacs) 2627.05 8274.14 8216.00 8864.50 9027.40 9686.84 10100.77 10506.47 11039.15 8704.70
 0

SNAPSHOT

FINANCIAL YEAR ENDED 31ST MARCH (Rs. in Lakhs)

Particulars 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Revenue 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
Expenditure 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
PBDIT 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81
Interest on Term Loan # 825.00 773.29 734.16 655.71 579.29 502.88 426.46 350.05 273.63
1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
Taxes 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
NPAT 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Dividend Payments - - 245.32 245.32 245.32 367.98 367.98 367.98 367.98
Cash Accurals 1,577.55 4,137.24 3,868.66 4,128.06 4,238.26 4,425.09 4,635.03 4,840.10 5,091.45
Repayment of Term Loan 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00

Networth 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05
Secured Loans 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04

Debt equity Ratio (%) 34:66% 30:70% 26:74% 22:78% 19:81% 15:85% 12:88% 9:91% 7:93%
DSCR - - 3.28 3.60 3.84 4.27 4.67 5.13 5.71
Avg. DSCR 4.36
Net Margins (NP/Gross Revenue) 19% 26% 24% 23% 22% 22% 23% 23% 23%

#Interest on Term Loan is taken after incl. rebate i.e. Interest Subsidy
f&b to room revenue 35.92% 26.17% 25.94% 24.15% 24.75% 27.31% 26.37% 25.11% 25.21%

ROCKWOOD HOTELS & RESORTS LIMITED

REVENUE ESTIMATE
Details FINANCIAL YEAR ENDED 31ST MARCH
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

TOTAL REVENUE 548,514,000 1,254,981,325 1,398,012,506 1,534,070,107 1,613,547,612 1,722,447,705 1,791,301,028 1,858,566,861 1,948,358,485

Room Rent 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610
Standard Rooms 174,720,000 604,691,850 680,278,331 761,911,731 800,007,318 840,007,683 882,008,068 926,108,471 972,413,895
Suits 9,984,000 17,169,600 19,315,800 21,633,696 22,715,381 23,851,150 25,043,707 26,295,893 27,610,687
Club rooms 87,360,000 150,234,000 169,013,250 189,294,840 198,759,582 208,697,561 219,132,439 230,089,061 241,593,514
Super Deluxe rooms 87,360,000 150,234,000 169,013,250 189,294,840 198,759,582 208,697,561 219,132,439 230,089,061 241,593,514

Total Room Revenue 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610

SPA
Spa Revenue 60,000,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000

F&B Revenue 129,090,000 241,401,875 269,141,875 280,685,000 302,055,750 349,943,750 354,734,375 354,734,375 373,896,875

Restaurant 17,010,000 40,651,875 40,651,875 44,347,500 45,825,750 51,738,750 55,434,375 55,434,375 55,434,375
Lunch 5,040,000 12,045,000 12,045,000 13,140,000 13,578,000 15,330,000 16,425,000 16,425,000 16,425,000
Dinner 7,560,000 18,067,500 18,067,500 19,710,000 20,367,000 22,995,000 24,637,500 24,637,500 24,637,500
Snacks 1,890,000 4,516,875 4,516,875 4,927,500 5,091,750 5,748,750 6,159,375 6,159,375 6,159,375
Breakfast 2,520,000 6,022,500 6,022,500 6,570,000 6,789,000 7,665,000 8,212,500 8,212,500 8,212,500
Restaurant Revenue 17,010,000 40,651,875 40,651,875 44,347,500 45,825,750 51,738,750 55,434,375 55,434,375 55,434,375

Bar 8,400,000 20,075,000 23,725,000 25,550,000 26,280,000 29,930,000 31,025,000 31,025,000 31,025,000
Lunch 1,680,000 4,015,000 4,745,000 5,110,000 5,256,000 5,986,000 6,205,000 6,205,000 6,205,000
Dinner 2,520,000 6,022,500 7,117,500 7,665,000 7,884,000 8,979,000 9,307,500 9,307,500 9,307,500
Service/Other income 4,200,000 10,037,500 11,862,500 12,775,000 13,140,000 14,965,000 15,512,500 15,512,500 15,512,500
Bar Revenue 8,400,000 20,075,000 23,725,000 25,550,000 26,280,000 29,930,000 31,025,000 31,025,000 31,025,000

Party Hall 103,680,000 180,675,000 204,765,000 210,787,500 229,950,000 268,275,000 268,275,000 268,275,000 287,437,500
ASSUMPTION SHEET
Details Operational Period
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

No. of working Days 240 365 365 365 365 365 365 365 365
Standard rooms 80 161 161 161 161 161 161 161 161
Suites 4 4 4 4 4 4 4 4 4
Club Rooms 40 40 40 40 40 40 40 40 40
Super Deluxe Rooms 40 40 40 40 40 40 40 40 40
Total No. of Rooms - 164 245 245 245 245 245 245 245 245

Installed Occupancy for Standard Rooms - 19200 58765 58765 58765 58765 58765 58765 58765 58765
Installed Occupancy for Suites - 960 1460 1460 1460 1460 1460 1460 1460 1460
Installed Occupancy for Club Rooms 9600 14600 14600 14600 14600 14600 14600 14600 14600
Installed Occupancy for Super Deluxe Rooms 9600 14600 14600 14600 14600 14600 14600 14600 14600
Total Occupancy - 39360 89425 89425 89425 89425 89425 89425 89425 89425

Assumed Capacity Utilisation - 65% 70% 75% 80% 80% 80% 80% 80% 80%
-
Occupancy for Standard Rooms 12480 41136 44074 47012 47012 47012 47012 47012 47012
Occupancy for Suites 624 1022 1095 1168 1168 1168 1168 1168 1168
Occupancy for Club Rooms 6240 10220 10950 11680 11680 11680 11680 11680 11680
Occupancy for Super Deluxe Rooms 6240 10220 10950 11680 11680 11680 11680 11680 11680
Total Occupancy of all the rooms 25584 62598 67069 71540 71540 71540 71540 71540 71540

Tariff Structure
For Std. rooms Rooms(Rs.) 14000 14700 15435 16207 17017 17868 18761 19699 20684
For Suite /(AppartmentsRs.) 16000 16800 17640 18522 19448 20421 21442 22514 23639
For Club Rooms 14000 14700 15435 16207 17017 17868 18761 19699 20684
For Super Deluxe Rooms 14000 14700 15435 16207 17017 17868 18761 19699 20684

SPA
No of persons 50 50 50 50 50 50 50 50 50
Occupancy of the SPA (no of persons) 12000 18250 18250 18250 18250 18250 18250 18250 18250
Spa revenue per head (rs.) 5000 5000 5000 5000 5000 5000 5000 5000 5000
ASSUMPTION SHEET
Details Operational Period
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17
Restaurant
Capacity( seats) - 150 150 150 150 150 150 150 150 150
Capacity Utilisation in % - 35% 55% 55% 60% 62% 70% 75% 75% 75%
Lunch per head (Rs.) - 400 400 400 400 400 400 400 400 400
Dinner per head ( Rs.) - 600 600 600 600 600 600 600 600 600
Snacks per head (Rs.) - 150 150 150 150 150 150 150 150 150
Breakfast per head (Rs.) - 200 200 200 200 200 200 200 200 200

Bar
Capacity- no. of persons - 50 50 50 50 50 50 50 50 50
Capacity Utilisation in % - 35% 55% 65% 70% 72% 82% 85% 85% 85%
Lunch per head (Rs.) - 400 400 400 400 400 400 400 400 400
Dinner per head ( Rs.) - 600 600 600 600 600 600 600 600 600
Bar/Drinks income per head ( Rs.) - 1000 1000 1000 1000 1000 1000 1000 1000 1000

Party Hall
Capacity- no of persons that can be - 600 600 600 600 600 600 600 600 600
accomodated at any one time
Actual Capacity of the Hall 960 990 1020 1050 1050 1050 1050 1050 1050
Capacity Utilisation days in % - 45% 50% 55% 55% 60% 70% 70% 70% 75%
Rate per head (Rs.) - 1000 1000 1000 1000 1000 1000 1000 1000 1000
COST OF SERVICES
Details FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

TOTAL COST OF SERVICE

Cost of Consumables 64,545,000 120,700,938 134,570,938 140,342,500 151,027,875 174,971,875 177,367,188 177,367,188 186,948,438
Estimated at 50% of the earnings from
Restaurant, Bar, Food & Beverages
consumed at Banquet Hall & Board
room

Utilities - 56,552,400 129,563,320 143,866,438 157,841,761 165,937,336 177,418,646 184,673,540 191,400,124 200,379,286

Fuel - LPG & HSD estimated @10% of

restaurant sales - 1,701,000 4,065,188 4,065,188 4,434,750 4,582,575 5,173,875 5,543,438 5,543,438 5,543,438
Power- Estimated @10% of the Total
Revenue - 54,851,400 125,498,133 139,801,251 153,407,011 161,354,761 172,244,771 179,130,103 185,856,686 194,835,849

Repair & Maintenance - 67,278,465 94,710,839 118,005,308 119,279,097 120,245,730 120,468,720 119,913,829
Estimated @ 15% of the cost of the
Building, Machinery, Furniture, sanitary
fittings, crockery uniformly beginning
the second year. .

Room Maintenance Costs 35,942,400 92,232,945 103,762,063 116,213,511 122,024,186 128,125,396 134,531,665 141,258,249 148,321,161

Includes linen washing, dry cleaning,

ironing, change of cosmetics and
toileteries, pest control etc. estimated
@ 10% of the Room rent receipts.

Salaries & Wages - 36,216,000 41,648,400 47,895,660 55,080,009 63,342,010 72,843,312 83,769,809 96,335,280 110,785,572
Direct and indirect salaries payable to
the staff

Total Cost of Service - 193,255,800 384,145,603 497,373,563 564,188,619 620,336,716 672,638,325 700,587,932 726,829,559 766,348,285
COST OF SERVICES
Details FINANCIAL YEAR ENDED 31ST MARCH
2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Commissions & Discounts - 17,971,200 46,116,473 51,881,032 58,106,755 61,012,093 64,062,698 67,265,833 70,629,124 74,160,581
Payable to travel agents and other
booking agents and payable to
Raddisons estimated @ 5% of the
Room Rent.

Advertisement - 17,971,200 46,116,473 51,881,032 58,106,755 61,012,093 64,062,698 67,265,833 70,629,124 74,160,581
Estimated @5% of the room rent to
cover Brochures, meetings,
conferences, Media, Travel Agent etc.

Total Selling & Dist. Exp. - 35,942,400 92,232,945 103,762,063 116,213,511 122,024,186 128,125,396 134,531,665 141,258,249 148,321,161

Administrative Expenses - 8,650,000 9,947,500 11,439,625 13,155,569 15,128,904 16,793,084 18,808,254 21,065,244 23,593,073

Total Administrative Exp. - 8,650,000 9,947,500 11,439,625 13,155,569 15,128,904 16,793,084 18,808,254 21,065,244 23,593,073

Payment to Raddissons:
Gross Room Rent 359,424,000 922,329,450 1,037,620,631 1,162,135,107 1,220,241,862 1,281,253,955 1,345,316,653 1,412,582,486 1,483,211,610
1) Royalty @ 3 % 10,782,720 27,669,884 31,128,619 34,864,053 36,607,256 38,437,619 40,359,500 42,377,475 44,496,348

2) Marketing Fees @ 2.5 % 8,985,600 23,058,236 25,940,516 29,053,378 30,506,047 32,031,349 33,632,916 35,314,562 37,080,290

3) Reservation fee of @ 1% 3,594,240 9,223,295 10,376,206 11,621,351 12,202,419 12,812,540 13,453,167 14,125,825 14,832,116

4) Third Party Reservation

@ $4.10 per reservation 0 0 0 0 0 0 0 0 0

Payment to Raddissons 23,362,560 59,951,414 67,445,341 75,538,782 79,315,721 83,281,507 87,445,582 91,817,862 96,408,755

Payment to Banyan Tree Spa :

Spa Revenue 60,000,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000
1) Basic Mgt Fee
7% of spa revenue 4,200,000 6,387,500 6,387,500 6,387,500 6,387,500 6,387,500 6,387,500 6,387,500 6,387,500

2) Incentive Fee
10% of Gross Operating Profit 29,393,560 77,813,012 80,644,121 87,396,781 89,081,989 94,118,263 97,563,474 101,012,315 105,403,982

3) Furn. Fittings & equip. Contb. 1,800,000 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500 2,737,500
3% of Spa Revenue

4) Technical asst.
US$ 50000 (US$1= Rs 40) 2,000,000

Payment to Banyan Tree Spa : 37,393,560 86,938,012 89,769,121 96,521,781 98,206,989 103,243,263 106,688,474 110,137,315 114,528,982
 Term Loan Repayment Schedule
(Rs. in Lakhs)

Quarter Balance Principal Interest @ Balance Principal Interest @ Total Total Prin. Total Yearly prin. Yearly int. Year
Outstanding Repayment 11.25% Outstanding Repayment 11.25% Outstanding Repayment Interest repayment payment
Rs. 5750 Lakhs Loan Rs. 1600 Lakhs Loan Rs. 7350 Lakhs Loan

1st 5,750.00 - 161.72 1,600.00 45.00 7,350.00 - 206.72

2008-09 2nd 5,750.00 - 161.72 1,600.00 22.24 45.00 7,350.00 22.24 206.72
3rd 5,750.00 - 161.72 1,577.76 22.24 44.37 7,327.76 22.24 206.09
4th 5,750.00 - 161.72 1,555.52 22.24 43.75 7,305.52 22.24 205.47 66.72 825.00 I
5th 5,750.00 - 161.72 1,533.28 22.24 43.12 7,283.28 22.24 204.84
2009-10 6th 5,750.00 - 161.72 1,511.04 35.00 42.50 7,261.04 35.00 204.22
7th 5,750.00 - 161.72 1,476.04 35.00 41.51 7,226.04 35.00 203.23
8th 5,750.00 - 161.72 1,441.04 35.00 40.53 7,191.04 35.00 202.25 127.24 814.54 II
9th 5,750.00 143.75 161.72 1,406.04 35.00 39.54 7,156.04 178.75 201.26
2010-11 10th 5,606.25 143.75 157.68 1,371.04 35.00 38.56 6,977.29 178.75 196.24
11th 5,462.50 143.75 153.63 1,336.04 35.00 37.58 6,798.54 178.75 191.21
12th 5,318.75 143.75 149.59 1,301.04 35.00 36.59 6,619.79 178.75 186.18 715.00 774.89 III
13th 5,175.00 143.75 145.55 1,266.04 35.00 35.61 6,441.04 178.75 181.15
2011-12 14th 5,031.25 143.75 141.50 1,231.04 35.00 34.62 6,262.29 178.75 176.13
15th 4,887.50 143.75 137.46 1,196.04 35.00 33.64 6,083.54 178.75 171.10
16th 4,743.75 143.75 133.42 1,161.04 35.00 32.65 5,904.79 178.75 166.07 715.00 694.45 IV
17th 4,600.00 143.75 129.38 1,126.04 35.00 31.67 5,726.04 178.75 161.04
18th 4,456.25 143.75 125.33 1,091.04 35.00 30.69 5,547.29 178.75 156.02
2012-13 19th 4,312.50 143.75 121.29 1,056.04 35.00 29.70 5,368.54 178.75 150.99
20th 4,168.75 143.75 117.25 1,021.04 35.00 28.72 5,189.79 178.75 145.96 715.00 614.02 V
21st 4,025.00 143.75 113.20 986.04 35.00 27.73 5,011.04 178.75 140.94
2013-14 22nd 3,881.25 143.75 109.16 951.04 35.00 26.75 4,832.29 178.75 135.91
23rd 3,737.50 143.75 105.12 916.04 35.00 25.76 4,653.54 178.75 130.88
24th 3,593.75 143.75 101.07 881.04 35.00 24.78 4,474.79 178.75 125.85 715.00 533.58 VI
25th 3,450.00 143.75 97.03 846.04 35.00 23.79 4,296.04 178.75 120.83
2014-15 26th 3,306.25 143.75 92.99 811.04 35.00 22.81 4,117.29 178.75 115.80
27th 3,162.50 143.75 88.95 776.04 35.00 21.83 3,938.54 178.75 110.77
28th 3,018.75 143.75 84.90 741.04 35.00 20.84 3,759.79 178.75 105.74 715.00 453.14 VII
29th 2,875.00 143.75 80.86 706.04 35.00 19.86 3,581.04 178.75 100.72
2015-16 30th 2,731.25 143.75 76.82 671.04 35.00 18.87 3,402.29 178.75 95.69
31st 2,587.50 143.75 72.77 636.04 35.00 17.89 3,223.54 178.75 90.66
32nd 2,443.75 143.75 68.73 601.04 35.00 16.90 3,044.79 178.75 85.63 715.00 372.70 VIII
33rd 2,300.00 143.75 64.69 566.04 35.00 15.92 2,866.04 178.75 80.61
2016-17 34th 2,156.25 143.75 60.64 531.04 35.00 14.94 2,687.29 178.75 75.58
35th 2,012.50 143.75 56.60 496.04 35.00 13.95 2,508.54 178.75 70.55
36th 1,868.75 143.75 52.56 461.04 35.00 12.97 2,329.79 178.75 65.53 715.00 292.27 IX
37rd 1,725.00 143.75 48.52 426.04 35.00 11.98 2,151.04 178.75 60.50
2017-18 38th 1,581.25 143.75 44.47 391.04 35.00 11.00 1,972.29 178.75 55.47
39th 1,437.50 143.75 40.43 356.04 35.00 10.01 1,793.54 178.75 50.44
40th 1,293.75 143.75 36.39 321.04 35.00 9.03 1,614.79 178.75 45.42 715.00 211.83 IX
41st 1,150.00 143.75 32.34 286.04 35.00 8.04 1,436.04 178.75 40.39
2018-19 42th 1,006.25 143.75 28.30 251.04 35.00 7.06 1,257.29 178.75 35.36
43rd 862.50 143.75 24.26 216.04 35.00 6.08 1,078.54 178.75 30.33
44th 718.75 143.75 20.21 181.04 35.00 5.09 899.79 178.75 25.31 715.00 131.39 IX
45th 575.00 143.75 16.17 146.04 35.00 4.11 721.04 178.75 20.28
2019-20 46th 431.25 143.75 12.13 111.04 35.00 3.12 542.29 178.75 15.25
47th 287.50 143.75 8.09 76.04 35.00 2.14 363.54 178.75 10.22
48th 143.75 143.75 4.04 41.04 41.04 1.15 184.79 184.79 5.20 721.04 50.95 IX

Total Interest payment 7,350.00 5,768.75

Interest paid during construction period 1,102.50
Interest payment charged to Profit and Loss Account 4,666.25
Depreciation schedule (Regular) (Rs. in Lakhs)

Particulars WDV Rate FINANCIAL YEAR ENDED 31ST MARCH

2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Land 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00

Building 3.34%
Opening Balance - 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00
Additions 2,510.00 1,060.00 - - - 400.00 406.00 394.00 380.00 340.00
Total(a) 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00 5,490.00
Deductions - - - - - - - - - -
GROSS BLOCK 2,510.00 3,570.00 3,570.00 3,570.00 3,570.00 3,970.00 4,376.00 4,770.00 5,150.00 5,490.00

Depreciation till date - - 83.83 203.07 322.31 441.55 574.15 720.30 879.62 1,051.63
Dep for the year 83.83 119.24 119.24 119.24 132.60 146.16 159.32 172.01 183.37
Total Depreciation - 83.83 203.07 322.31 441.55 574.15 720.30 879.62 1,051.63 1,235.00
Net Block 2,510.00 3,486.17 3,366.93 3,247.69 3,128.45 3,395.85 3,655.70 3,890.38 4,098.37 4,255.00

Plant & Machinery 5.28%

Opening Balance - 2,350.00 4,366.76 4,366.76 4,366.76 4,366.76 4,966.76 5,575.76 6,166.76 6,736.76
Additions 2,350.00 2,016.76 - - 600.00 609.00 591.00 570.00 510.00
Total(a) 2,350.00 4,366.76 4,366.76 4,366.76 4,366.76 4,966.76 5,575.76 6,166.76 6,736.76 7,246.76
Deductions - - - - - - - - - -
GROSS BLOCK 2,350.00 4,366.76 4,366.76 4,366.76 4,366.76 4,966.76 5,575.76 6,166.76 6,736.76 7,246.76

Depreciation till date - - 124.08 354.65 585.21 815.78 1,078.02 1,372.42 1,698.03 2,053.73
Dep for the year 124.08 230.57 230.57 230.57 262.25 294.40 325.61 355.70 382.63
Total Depreciation - 124.08 354.65 585.21 815.78 1,078.02 1,372.42 1,698.03 2,053.73 2,436.36
Net Block 2,350.00 4,242.68 4,012.12 3,781.55 3,550.99 3,888.74 4,203.34 4,468.74 4,683.04 4,810.41

Other Misc Asets 5.28%

Opening Balance - 1,540.00 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17
Additions 1,540.00 2,611.17 - - - - - - - -
Total(a) 1,540.00 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17
Deductions - - - - - - - - - -
GROSS BLOCK 1,540.00 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17 4,151.17

Depreciation till date - - 81.31 300.49 519.68 738.86 958.04 1,177.22 1,396.40 1,615.59
Dep for the year 81.31 219.18 219.18 219.18 219.18 219.18 219.18 219.18 219.18
Total Depreciation - 81.31 300.49 519.68 738.86 958.04 1,177.22 1,396.40 1,615.59 1,834.77
Net Block 1,540.00 4,069.86 3,850.68 3,631.50 3,412.32 3,193.13 2,973.95 2,754.77 2,535.59 2,316.41
Depreciation schedule (Regular) (Rs. in Lakhs)

Particulars WDV Rate FINANCIAL YEAR ENDED 31ST MARCH

2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Furniture Fixture 9.50%

Opening Balance - 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24
Additions 1,500.00 133.24 - - - - - - -
Total(a) 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24
Deductions - - - - - - - - - -
GROSS BLOCK 1,500.00 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24 1,633.24

Depreciation till date - - 142.50 297.66 452.82 607.97 763.13 918.29 1,073.45 1,228.60
Dep for the year 142.50 155.16 155.16 155.16 155.16 155.16 155.16 155.16 155.16
Total Depreciation - 142.50 297.66 452.82 607.97 763.13 918.29 1,073.45 1,228.60 1,383.76
Net Block 1,500.00 1,490.74 1,335.58 1,180.42 1,025.27 870.11 714.95 559.79 404.63 249.48

Vehicles 9.50%

Opening Balance - 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83
Additions 1,000.00 88.83 - - - - - - -
Total(a) 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83
Deductions - - - - - - - - - -
GROSS BLOCK 1,000.00 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83 1,088.83

Depreciation till date - - 95.00 198.44 301.88 405.32 508.75 612.19 715.63 819.07
Dep for the year 95.00 103.44 103.44 103.44 103.44 103.44 103.44 103.44 103.44
Total Depreciation - 95.00 198.44 301.88 405.32 508.75 612.19 715.63 819.07 922.51
Net Block 1,000.00 993.83 890.39 786.95 683.51 580.07 476.63 373.19 269.76 166.32

Total Gross Block 12,412.00 18,322.00 18,322.00 18,322.00 18,322.00 19,322.00 20,337.00 21,322.00 22,272.00 23,122.00

Total Depreciation - 526.73 1,354.31 2,181.89 3,009.47 3,882.09 4,800.43 5,763.13 6,768.62 7,812.39

Net Block 12,412.00 17,795.27 16,967.69 16,140.11 15,312.53 15,439.91 15,536.57 15,558.87 15,503.38 15,309.61
12,412.00 17,795.27 16,967.69 16,140.11 15,312.53 15,439.91 15,536.57 15,558.87 15,503.38 15,309.61

Depreciation for the year - 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
Depreciation schedule (Income Tax) (Rs. in Lakhs)

Particulars WDV Rate FINANCIAL YEAR ENDED 31ST MARCH

2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Land 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00 3,512.00

Building 10%
Opening Balance - 2,510.00 2,962.00 2,057.80 1,852.02 1,666.82 1,860.14 2,039.52 2,190.17 2,313.15
Additions 2,510.00 1,060.00 - - - 400.00 406.00 394.00 380.00 340.00
Total(a) 2,510.00 3,570.00 2,962.00 2,057.80 1,852.02 2,066.82 2,266.14 2,433.52 2,570.17 2,653.15
Deductions - - - - - - - - - -
GROSS BLOCK 2,510.00 3,570.00 2,962.00 2,057.80 1,852.02 2,066.82 2,266.14 2,433.52 2,570.17 2,653.15

Depreciation till date - 251.00 608.00

Dep for the year 251.00 357.00 296.20 205.78 185.20 206.68 226.61 243.35 257.02 265.32
Total Depreciation 251.00 608.00 904.20
Net Block 2,259.00 2,962.00 2,057.80 1,852.02 1,666.82 1,860.14 2,039.52 2,190.17 2,313.15 2,387.84

Plant & Machinery 15%

15%
Opening Balance - 1,997.50 3,412.12 2,900.30 2,465.26 2,095.47 2,291.15 2,465.13 2,597.71 2,692.55
Additions 2,350.00 2,016.76 - - 600.00 609.00 591.00 570.00 510.00
Total(a) 2,350.00 4,014.26 3,412.12 2,900.30 2,465.26 2,695.47 2,900.15 3,056.13 3,167.71 3,202.55
Deductions 2150 - - - - - - - - - -
GROSS BLOCK 2,350.00 4,014.26 3,412.12 2,900.30 2,465.26 2,695.47 2,900.15 3,056.13 3,167.71 3,202.55

Depreciation till date

Dep for the year 352.50 602.14 511.82 435.05 369.79 404.32 435.02 458.42 475.16 480.38
Total Depreciation
Net Block 1,997.50 3,412.12 2,900.30 2,465.26 2,095.47 2,291.15 2,465.13 2,597.71 2,692.55 2,722.17

Misc. Fixed Assets 15%

15%
Opening Balance - 1,309.00 3,332.15 2,832.33 2,407.48 2,046.36 1,739.40 1,478.49 1,256.72 1,068.21
Additions 1,540.00 2,611.17 - - - - - - - -
Total(a) 1,540.00 3,920.17 3,332.15 2,832.33 2,407.48 2,046.36 1,739.40 1,478.49 1,256.72 1,068.21
Deductions - - - - - - - - - -
GROSS BLOCK 1,540.00 3,920.17 3,332.15 2,832.33 2,407.48 2,046.36 1,739.40 1,478.49 1,256.72 1,068.21

Depreciation till date

Dep for the year 231.00 588.03 499.82 424.85 361.12 306.95 260.91 221.77 188.51 160.23
Total Depreciation
Net Block 1,309.00 3,332.15 2,832.33 2,407.48 2,046.36 1,739.40 1,478.49 1,256.72 1,068.21 907.98
Depreciation schedule (Income Tax) (Rs. in Lakhs)

Particulars WDV Rate FINANCIAL YEAR ENDED 31ST MARCH

2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Furniture Fixture 10.00%

Opening Balance - 1,350.00 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49
Additions 1,500.00 133.24 - - - - - - - -
Total(a) 1,500.00 1,483.24 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49
Deductions - - - - - - - - - -
GROSS BLOCK 1,500.00 1,483.24 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49

Depreciation till date

Dep for the year 150.00 148.32 133.49 120.14 108.13 97.32 87.58 78.83 70.94 63.85
Total Depreciation
Net Block 1,350.00 1,334.91 1,201.42 1,081.28 973.15 875.84 788.25 709.43 638.49 574.64

Vehicles 15.00%

Opening Balance - 850.00 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82
Additions 1,000.00 88.83 - - - - - - -
Total(a) 1,000.00 938.83 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82
Deductions - - - - - - - - - -
GROSS BLOCK 1,000.00 938.83 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82

Depreciation till date

Dep for the year 150.00 140.82 119.70 101.75 86.48 73.51 62.48 53.11 45.14 38.37
Total Depreciation
Net Block 850.00 798.00 678.30 576.56 490.07 416.56 354.08 300.97 255.82 217.45

Depreciation for the year 1,134.50 1,836.31 1,561.03 1,287.56 1,110.72 1,088.78 1,072.61 1,055.48 1,036.77 1,008.15
 0

Computation of Land and Building Construction Cost:

(Rs. in Lakhs)
Total
Srl No. Particulars Earlier project Expansion Project Cost

1 LAND COST alongwith developmental Cost

Particulars Area Rate Amount
42306 square feet leasehold land 42,306 0.04 1,512.0000

100000 sq ft land owned 97,694 0.02 2,000.000 3,512.00

TOTAL 140,000 1,512.00 2000.00 3512.00

2 BUILDING CONSTRUCTION COST

Ground floor/ 1st floor/ 2nd floor
27000 per floor. Constructing
total 140 rooms 81,000 0.0175 1,417.50 1,417.50
Basement: Party Hall 12,500 0.0200 250.00 250.00
Health club 4,000 0.0175 70.00 70.00
Kitchen 4,000 0.0175 70.00 70.00
Shops 10,000 0.0175 175.00 175.00
Staff changing room 2,000 0.0175 35.00 35.00
Stores 2,000 0.0175 35.00 35.00
Admin Office 1,000 0.0175 17.50 17.50
-
41 Club Rooms - 22000 sq feet 22,000 0.0200 440.00 440.00
-
Expansion -
51 Rooms 35,852 0.0220 788.74 788.74
Utilities Area 12,563 0.0160 271.26 271.26

TOTAL 186,915 2,510.00 1,060.00 3,570.00

3 Plants and Equipments 3,850.00 3,850.00

Plumbing and Sanitary Installations. Water
Treatment Plant and Pumps. Electrical Dist.Fitting
& HT/LT sub-station. DG Set - 125 KVA, Lifts at
Medium Speed 2/3 Nos., Hot water System,
Electrical works, Music System, Conference &
P.A.System, Air Conditioning of Rooms/Suites,
Cold Storage & Ventilation, Fire protection & Fire
fighting Equipment, Telephones (incl of Cell
Phones and pagers etc)., TV System, Kitchen,
Foods, Beverages Equipment, Bar Equipment,
Housekeeping, Laundry & Other Operating
Equipment, Beauty Parlour, Barbar Shop, Health
Club Equipment and other Sundry Equipments.

Expansion

New Equipment for New Rooms

2150 2150
Including upgradation of spa and health club

Total 3,850.00 2,150.00 6,000.00

 0

Computation of Land and Building Construction Cost:

(Rs. in Lakhs)
Total
Srl No. Particulars Earlier project Expansion Project Cost
4 Miscelleneous fixed assets 2,540.00 2,540.00
Vehicles, Guest Room Furniture and Interiors,
Public area Furniture and Interior, Customery
House Furnitures and Sundry Fixed Assets.

Expansion
New MFA 2700 2,700.00

Total 2,540.00 2,700.00 5,240.00

5 Preliminary Expenses 403.75 403.75

Company formation Expenses, Cost of Feasibility
Studies, Architects and Hotel consultation Fees,
Project Management Fees, Brokerage and
Commission on Capital Issue, other Capital Issue
Expenses, Advertisement, Printing, Stationery, and
Legal Expenses etc.

6 Pre-Operative Expenses 1,617.25 1,617.25

Deposit - EB, Sales Tax, Telephones, Customs etc
Establishment Expenses, Rent, Rates & Taxes,
Travelling Expenses, Insurance, Initial Promotion
Campaign, Lease Rentals, Interest during
construction period.

For Expansion 90.00 90.00

Total 2,021.00 90.00 2,111.00

TOTAL PROJECT COST 12,433.00 8,000.00 20,433.00

 Details of Pre-operative Expenses
1st Year

(Rs. in Lakhs)
Srl No. Particulars Amount For Expansion Projection for PE

1 Expenses incured for preparation of Project Report, Printing of Memorandum and

increase in Share capital 30.00 - 30.00

2 Loan application processing fee @ 1% of the loan amount of Rs.7350.00 lakhs 73.50 73.50

3 Interest on Term Loan during construction period for a period of 16 months 1102.50 - 1,102.50

4 Architect fee@ 0.75% of project cost 47.70 24.08 71.78

5 Consultants fees 0.25% of the project cost 36.08 15.00 51.08

6 Lump sum Royalty to Raddisons 12.00 - 12.00

(Pre-commissioning fees)

7 Technical fees to Raddissons 17.50 - 17.50

8 Travelling Expenses 78.20 - 78.20

9 Insurance 80.00 20.00 100.00

10 Advertisements 90.00 - 90.00

11 Legal Charges & Other incedental expenses 75.00 - 75.00

12 Initial Promotion Expenses 100.00 - 100.00

13 Other Misc expenses 278.52 30.92 309.44

Total 2021.00 90.00 2111.00

Calcualtion of working capital
(Rs. in Lakhs)
Particualrs No. of Months FINANCIAL YEAR ENDED 31ST MARCH
level 2007-08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Current Assets

Raw Material Stocks 2.25 0.00 0.00 362.35 720.27 932.58 1057.85 1163.13 1261.20 1313.60 1362.81 1436.90
Debtors 0.5 0.00 0.00 228.55 522.91 582.51 639.20 672.31 717.69 746.38 774.40 811.82

Total Current Assets 0.00 0.00 590.90 1243.18 1515.08 1697.05 1835.44 1978.88 2059.98 2137.21 2248.72

Current Liabilities

Sundry Creditors 0.25 0.00 0.00 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95

Total Current Liabilities 0.00 0.00 13.45 25.15 28.04 29.24 31.46 36.45 36.95 36.95 38.95

Net Current Assets 0.00 0.00 577.46 1218.04 1487.05 1667.81 1803.98 1942.43 2023.03 2100.26 2209.77

Margin@25% 0.00 0.00 144.36 304.51 371.76 416.95 450.99 485.61 505.76 525.06 552.44

Bank Borrowings 0.00 0.00 433.09 913.53 1115.28 1250.86 1352.98 1456.82 1517.27 1575.19 1657.33

Int. On Bank Borrowings@12% 0.00 0.00 51.97 109.62 133.83 150.10 162.36 174.82 182.07 189.02 198.88
 Rockwood Hotal Resorts Ltd

Administrative Expenses

Srl No. Particulars Amount

1 Printing & Stationery 1,500,000

2 Communication Cost 1,200,000

3 Insurance 750,000

4 Rent Rates & Taxes 600,000

5 Books & Periodicals 100,000

6 License Fees 1,000,000

7 Travelling Expenses 1,000,000

8 Stores, Spares & upkeep 1,500,000

9 Misc. Expenses 1,000,000

Total Annual Exp. 8,650,000

 ROCKWOOD HOTELS & RESORTS LIMITED
0

Computation of Salaries & wages

Srl No. Position Nos. Salary Annual Salary

Per month

1 General Manager 2 100,000 2,400,000

2 Resident Manager 6 50,000 3,600,000

3 Department Head 18 30,000 6,480,000

4 Supervisors 25 15,000 4,500,000

5 Semi Skilled Staff 60 10,000 7,200,000

6 Unskilled Staff 80 5,000 4,800,000

7 Directors Remuneration 1 100,000 1,200,000

Total Annual Wages 30,180,000

Add: 20% Fringe Benefits 6,036,000

Annaul Compensation Package 36,216,000

Calculation of Tax
(Rs. in Lakhs)

FINANCIAL YEAR ENDED 31ST MARCH

Particulars 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Profit before Tax 1,147.37 4,616.79 4720.48 5201.23 5333.44 5762.45 6043.23 6319.05 6674.18

Add: Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1005.49 1043.77

Sub Total (a) 1,674.10 5,444.37 5548.06 6028.81 6206.06 6680.78 7005.93 7324.54 7717.95

Ded: IT Depreciation 1,836.31 1,561.03 1287.56 1110.72 1088.78 1072.61 1055.48 1036.77 1008.15

Income as per IT (162.21) 3,883.34 4260.50 4918.09 5117.28 5608.17 5950.45 6287.77 6709.80

Tax @ 33.66% (54.60) 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52

Minimum Alternate Tax:

Profit Before Tax 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18

IT as per MAT @ 8.415% 96.55 388.50 397.23 437.68 448.81 484.91 508.54 531.75 561.63

IT considered in P/L A/c 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52
Debt Service Coverage Ratio

(Rs. in Lakhs)

FINANCIAL YEAR ENDED 31ST MARCH

Particualrs 2005-06 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Profit after Tax ### 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Add:
Depreciation ### 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77

Interest on Term Loan### 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27

Total Inflow (A) ### 2,402.55 4,951.78 4,888.87 5,067.84 5,097.60 5,326.65 5,456.15 5,580.78 5,751.70

Interest on Term Loans

### 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Instalment of Term Loan
### 66.72 127.24 715.00 715.00 715.00 715.00 715.00 715.00 715.00

Total Outflow (B) ### 891.72 941.78 1,489.89 1,409.45 1,329.02 1,248.58 1,168.14 1,087.70 1,007.27

Annual DSCR (A/B) ### - - 3.28 3.60 3.84 4.27 4.67 5.13 5.71

Average DSCR 4.36

 0
Break Even Analysis
(Rs. in Lakhs)

Particulars % FINANCIAL YEAR ENDED 31ST MARCH

2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16 2016 - 17

Net Sales 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58

VARIABLE COSTS
Consumables 645.45 1,207.01 1,345.71 1,403.43 1,510.28 1,749.72 1,773.67 1,773.67 1,869.48
Utilities 80% 452.42 1,036.51 1,150.93 1,262.73 1,327.50 1,419.35 1,477.39 1,531.20 1,603.03
Repair & Maintenance 40% - - 269.11 378.84 472.02 477.12 480.98 481.87 479.66
Room Maintenance Cost 20% 71.88 184.47 207.52 232.43 244.05 256.25 269.06 282.52 296.64
Commission & Discounts 100% 179.71 461.16 518.81 581.07 610.12 640.63 672.66 706.29 741.61
Advertisement 25% 44.93 115.29 129.70 145.27 152.53 160.16 168.16 176.57 185.40
Salaries & Wages 20% 83.30 95.79 110.16 126.68 145.69 167.54 192.67 221.57
Administrative Overheads 25% 21.63 24.87 28.60 32.89 37.82 41.98 47.02 52.66 58.98

Total Variable Costs 1,416.02 3,112.60 3,746.18 4,146.81 4,481.00 4,890.89 5,056.49 5,197.46 5,456.38

Contribution 4,069.12 9,437.21 10,233.94 11,193.89 11,654.47 12,333.59 12,856.52 13,388.21 14,027.21

FIXED COSTS
utilities 20% 113.10 259.13 287.73 315.68 331.87 354.84 369.35 382.80 400.76
Repair & Maintenance 60% - - 403.67 568.27 708.03 715.67 721.47 722.81 719.48
Room Maintenance Cost 80% 287.54 737.86 830.10 929.71 976.19 1,025.00 1,076.25 1,130.07 1,186.57
Advertisement 75% 143.77 368.93 415.05 464.85 488.10 512.50 538.13 565.03 593.28
Salaries & Wages 80% - 333.19 383.17 440.64 506.74 582.75 670.16 770.68 886.28
Administrative Expenses 75% 64.88 74.61 85.80 98.67 113.47 125.95 141.06 157.99 176.95
Int. On term loans 100% 825.00 814.54 774.89 694.45 614.02 533.58 453.14 372.70 292.27
Depreciation 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77

Total Fixed& Semi variable Costs 1,961.01 3,415.84 4,007.98 4,339.85 4,611.04 4,768.63 4,932.26 5,107.58 5,299.37

Profit Volume Ratio(Cont./Sales)% - - 73.20 72.97 72.23 71.61 71.77 72.04 72.00
Cash Break Even Rs. 2,850.31 5,700.86 6,926.58 7,659.08 8,219.42 8,741.18 9,026.05 9,299.55 9,711.97
Break Even Sales Rs. 3,377.03 6,528.44 7,754.16 8,486.66 9,092.04 9,659.51 9,988.75 10,305.04 10,755.74
BE Sales% 62% 52% 55% 55% 56% 56% 56% 55% 55%
Cash BE sales % 52% 45% 50% 50% 51% 51% 50% 50% 50%

55.91%
49.87%
Annexure for the Information Memorandum

As on 31st 2008 -09 2009 -10 2010 - 11 2011 -12 2012 -13 2013-14 2014-15 2015-16 2016-17
March 
Gross 5,485.14 12,549.81 13,980.13 15,340.70 16,135.48 17,224.48 17,913.01 18,585.67 19,483.58
Revenues
Total 2,986.04 6,332.15 7,697.90 8,656.18 9,350.13 10,040.82 10,480.62 10,911.08 11,492.00
Expenditur
e

EBIDTA 2,499.10 6,217.66 6,282.23 6,684.52 6,785.35 7,183.66 7,432.39 7,674.59 7,991.58
Depreciati 526.73 827.58 827.58 827.58 872.62 918.34 962.70 1,005.49 1,043.77
on

PBIT 1,972.37 5,390.08 5,454.65 5,856.94 5,912.73 6,265.32 6,469.69 6,669.10 6,947.81
Interest on 825.00 773.29 734.16 655.71 579.29 502.88 426.46 350.05 273.63
term loans
from banks

PBT 1,147.37 4,616.79 4,720.48 5,201.23 5,333.44 5,762.45 6,043.23 6,319.05 6,674.18
Tax 96.55 1,307.13 1,434.09 1,655.43 1,722.48 1,887.71 2,002.92 2,116.46 2,258.52

PAT 1,050.82 3,309.66 3,286.40 3,545.80 3,610.96 3,874.74 4,040.31 4,202.59 4,415.66
Equity 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
Capital
Share 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00
Premium
Quasi 2,083.00 1,333.00 833.00 583.00 333.00 0.00 0.00 0.00 0.00
Equity
Reserves 1,050.82 4,360.48 7,401.56 10,702.04 14,067.68 17,574.44 21,246.76 25,081.37 29,129.05
& Surplus
Net Worth 14,133.82 16,693.48 19,234.56 22,285.04 25,400.68 28,574.44 32,246.76 36,081.37 40,129.05

Secured 7,283.28 7,156.04 6,441.04 5,726.04 5,011.04 4,296.04 3,581.04 2,866.04 2,151.04
Loans