Executive Summary

Morningstar Bakery is a new expansion of organic bakery specializing in gluten, wheat and dairy free products. Within the last three years there have been significant increases in demand for these bakery products. People are affected by many diseases now days. It has been only in the last few years that medical doctors have begun to diagnosis food allergies correctly. What was once an unknown problem that affected so many people with no recourse has become a manageable ailment that is easily dealt with through modification of diets. This is very positive for both those people that are affected as well as bakeries such as Morningstar that specialize in these products.

The ProductsMorningstar offers a wide range of exciting products. The first group is spelt breads, muffins, and pastries. Spelt is used as there are far fewer people that are allergic to this grain. Yeast allergies are also common and Morningstar offers a menu of yeast free breads. Dairy free muffins and pastries are offered for vegans. Lastly, egg free breads, muffins, and pastries are offered.

CustomersMorningstar will focus on three distinct customer segments. The first group is the Allergy group. This segment is growing at 15% a year with 32,000 potential customers. The second niche is the Doctor group. This segment is also growing at 15% with 14,200 potential people. The last group is the Dieters group. This segment is typically making modifications to their diet based on their desire to lose weight. This niche also is growing at 15% with 48,000 possible customers.

Management TeamRecognizing the importance of human capital, Morningstar has assembled a strong management team. The team is led by Mr Abhishek Acharya. Mr Abhishek Acharya ha s been with Morningstar with 10 years of baking experience. In addition to his industry specific experience, Abhishek has had 2 years of management experience. Devangi Chauhan brings financial skills to Morningstar after a MBA with B Com background. Rosismita Baral will lead the marketing efforts having participated in her own PR firm. Lastly, Archana Rungta will be on the team as an assistant baker with over five years of experience.

Morningstar is an exciting opportunity that combines, fresh baked goods with spelt, yeast free, dairy free, and egg free products, addressing the recent need for these new products. Demand for these products is expected to grow exponentially as medical doctors become more and more aware of food allergies Indians are afflicted with. Profitability is forecasted to

occur by month three. Through a combination of a strong management team, a solid business model, and exciting, market demanded products will allow Morningstar to quickly gain market penetration and cash richness.

1.1 Objectives

1. To establish a working storefront for Morningstar bakery.

2. To develop the strong presence in the community needed to support sales goals.

3. To develop a full menu by the end of the second quarter.

1.2 Mission

Morningstar Bakery aims to be a cornerstone in the community creating a neighborhood atmosphere where customers feel comfortable and become instant regulars. We are sensitive to the often over-looked population of allergy sufferers and cater to their needs for healthy, delicious baked goods. We seek fair and responsible profit, enough to keep the company financially healthy for the long term and to fairly compensate owners and investors for their money and risk.

Company Summary

Morningstar Bakery is located in Bhubaneswar. It is also a prime location for all the employees of the surrounding businesses. The bakery sells non-wheat and other health specific breads, sweets and pastries to the surrounding community every Monday through Friday.

2.1 Company Ownership

Currently Morningstar Bakery is a sole proprietorship owned by Abhishek Acharya. Eventually, as the company becomes established in the new extension, Morningstar Bakery will apply to be incorporated.

2.2 The new extension Summary

Initial costs include:

Advertising brochures.

Bakery ingredients.

Insurance.

Bakery accessories, i.e. paper bags, cartons, etc.

Products

Morningstar Bakery provides non-gluten baked goods and pastries to diet-conscious and wheat-allergic consumers. Special considerations are made for all common food allergies such as dairy, yeast, wheat, and eggs.

Example of goods:

Spelt breads, muffins and pastriesSpelt flour is the most common wheat-alternative flour as it has the same characteristics as wheat which provides similar taste, consistency and behaviors creating goods that are just as good as any wheat baked good.Yeast-free breadsMany people have an allergy to yeast, or have been warned by their doctors not to eat it. We provide a line of yeast-free breads.Dairy-free muffins and pastriesMost breads do not require any dairy products, so they are not a consideration. Muffins and pastries most often require butter. To avoid this, we use a soy substitute.Egg-free breads, muffins and pastriesEggs are most common in muffins and pastries. Applesauce can be used as a substitute as it provides the same amount of moisture that is required

Market Analysis Summary

Our target market includes people who are health conscious and/or have common food allergies. This is a niche market since most bakeries do not cater to these needs with the exception of high-fiber diets. That is why Morningstar is now extending its business into this new sector.

4.1 Market Segmentation

Our target market consists of three groups:

The Allergy GroupAccording to Health Magazine, one out of five people suffer from a common food allergy, however many bakeries do not cater to their needs.

The Doctor Diet GroupFor health reasons, many people are warned off certain foods by their doctors because of high cholesterol and blood pressure. Currently the main killer in the India is heart disease according the Indian Heart Association. Many Indians aged 50+ are going on special diets to prevent heart disease.

The Diet Craze GroupAccording to Self Magazine, the year 2000 saw 20 new diet fads that discouraged certain foods such as wheat and dairy. The best selling book on the New York Time list for health was the "Blood Type Diet" which encourages readers to eat only non-gluten flours such as spelt, and to avoid dairy. While this target market is quite large, it is ever fluctuating since most people who diet yo-yo between different diets (Self MagazineSeptember 2000).

4.2 Target Market Segment Strategy

In our target market, we will mainly focus on the "allergy group" since they are the most prevalent and steady of customers. We expect that the "doctor diet group" and the '"diet craze" group will make up a smaller portion of our customers. We have not listed "regular customers" as a target group since the customers who do not fit into any of our groups are too varied to segment. We are specifically filling the needs of the "allergy group" so we expect the most business from this group.

4.3 Industry Analysis

Morningstar bakery competes in the Food Services Industry. In addition to competing with other organic and non-wheat bakeries, it competes with all restaurants, delis, bakeries and supermarkets for a share of its customers's food rupees. Morningstar is most concerned with competitors who differentiate their products and services with a healthy, organic focus.

Because this group is so large, Morningstar has chosen to limit its analysis to other gluten-free bakeries.

4.3.1 Competition and Buying Patterns

Currently there are two bakeries in town that provide non-wheat goods.

Great Harvest Bread CompanyStrengths: Makes spelt bread, muffins and cookies every Monday, Wednesday and Friday. Well-established bakery in town. Sells breads in local grocery stores.

Weaknesses: Does not provide a wide selection of non-wheat goods. Furthermore the texture and flavor of their spelt goods is very dense and flavorless. They use whole spelt bread which makes a denser, crumby consistency bread. We use white spelt in our spelt breads and other goods which has a texture and flavor similar to wheat.

The Sweet Life PatisserieStrengths: Makes spelt bread, muffins and brownies every day. Will make custom-ordered non-gluten cakes.

Weaknesses: Does not produce a wide selection or large quantity of non-wheat goods. Their main focus is wheat goods.

Strategy and Implementation Summary

Our strategy focuses on serving a niche market with quality goods. We are determined to become a part of the community - an establishment that becomes as much of the community or local grocery store. To achieve these goals, we will provide the following:

Friendly, neighborhood-feel atmosphere.

Quality baked goods for everyone to enjoy at a fair price.

Special diet menus in relation to the advice of local healthcare providers.

5.1 Sales Strategy

Our strategy focuses on building a customer base by providing good customer experience. With the addition of the coffee bar and lunch menu in early spring, we hope to have customers make the bakery their one-stop destination for breakfast or lunch. In the summer, when we open the outdoor patio, more and more customers will make the bakery a destination for their lunches more often since the atmosphere will be so pleasing.

We would also like to work closely with local doctors and elder care homes to bring in customers with health problems.

5.1.1 Sales Forecast

Our sales forecast assumes the following changes:

Bread sales in the summer months will be slightly higher since more people will be having small fist and picnics requiring items such as burger and hotdog buns.

Bread and pastry sales will be higher in November and December because of the food-oriented holidays.

Coffee sales will be higher in winter months, and for summer months sales of sodas and iced beverages will increase.

5.2 Competitive Edge

Our competitive edge is our quality of goods. We use only organic flours of the highest quality that create incredible non-gluten goods that can't be matched anywhere else in town. We also focus mainly on non-gluten goods. The other bakeries in town focus on wheat goods and sometimes, as an afterthought, use alternative flours.

Management Summary

Abhishek acharya is the founder of Morningstar Bakery. He brings to the bakery his experience as a baker and as an entrepreneur. He has worked as a baker for over 10 years including two years as an apprentice in a well-known Nissan patisserie. As a teenager he helped his parents at the family's general store, both in sales and marketing. For his last two years at his family's store, he was the general employee manager. His duties at the bakery will include employee hiring and training, head baker and store management.

Devangi Chauhan has run his own successful family business and has recently completed her MBA. Her duties will include the bookkeeping, inventory management and stock fulfillment.

Rosismita Baral will be assisting the Morningstar Bakery in its marketing campaigns on a part-time basis.

Archana Rungta has worked as a baker for over five years and will be the assistant baker. Her responsibilities will also include the management of the bakery shopping list.

Important Financial Indicators:    

2008-09

2009-10 2010-11 2011-2012 2012-13 2013-14 2014-15

PBIT .59 1.46 18.66 61.58 75.13 182.16 148.61PAT .40 .95 1.65 25.83 32.51 128.12 89.51Share Capital 2 2 49.93 65 85 21 21D/E RatioIRRDSCRTotal turnover 100.23 132.77 299.62 800 960 900.24 1012.77

Financial Plan

The following sections will outline important financial assumptions.

7.1 Important Assumptions

The current economic climate in the U.S. appears to be on the brink of recession. However, we do not believe that if the country does enter a recession that our business will be unduly affected. Since our products are ones that help contribute to and maintain good health, we believe that people will continue to buy our products over traditional wheat bread. We are operating in a niche market, and in addition, the price of our breads and sweets although slightly higher than traditional bakeries they are not positioned as expensive, luxury items.

7.2 Break-even Analysis

Our Break-Even Analysis includes running costs of production. These are fairly low since we manufacture all of our goods at a low cost to us. Here are the items included in the average percent variable cost:

Manufacturing ingredients, i.e. flour, sugar, yeast and butter.

Payroll.

Mortgage.

Utilities.

Advertising

7.3 Projected Balance Sheet

The following table represents the financial position of the Morningstar Bakery at the end of each of the three upcoming fiscal years

(Rs in Lacs)

Balance Sheet as at 31st March

2009 2010 2011 2012 2013 2014 2015

Particulars AUDITED AUDITED AUDITED PROVISINAL PROJ. PROJ. PROJ.

1 FIXED ASSETS              

Gross Block 1.50 1.00 58.00 170.99 148.93 138.70 122.25

(Plant & machinery) 1.50 1.00 29.46 103.14 87.67 138.70 122.25

(Misc. Fixed Assets) 0.00 0.00 28.54 67.85 61.26 0.00 0.00

vehicle 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Depreciation 0.50 0.32 6.22 22.06 18.72 16.45 14.29

1.1

Net Block1.00 0.69 51.78 148.93 130.21 122.25 107.96

1.2

Capital WIP0.00 13.76 100.49 0.00      

2 NON CURRENT ASSETS

INVESTMENTS 0.08 0.00 0.00 0.00 0.00 0.00 0.00

(Debtors > 6 months) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Security Deposits) 0.08 0.00 0.00 0.00 0.00 0.00 0.00

(Tax Deducted at Source) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Priliminary expenditure Not yet written off)     0.19 0.00 0.00    

2.1 Total NCA 0.08 0.00 0.19 0.00 0.00 0.00 0.00

3 CURRENT ASSETS

3.1

Cash & Bank balance1.10 0.27 4.12 3.20 4.96 609.84 671.11

(Liquid Cash) 1.10 0.10 0.70 1.95 3.46 609.84 671.11

(FDR) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Current account) 0.00 0.16 3.42 1.25 1.50 0.00 0.00

(Interest on FDR) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3.2

Sundry Debtors3.16 1.13 8.06 48.00 57.00 50.65 53.19

3.3

Misc. Current Assets0.56 0.46 0.08 28.08 28.08 0.08 0.00

(Adv. Receivable) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Balance with Excise Dept.) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Advance to Supplier) 0.00 0.00 0.00 28.00 28.00 0.00 0.00

(Advance IT/TDS) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Others 0.56 0.46 0.08 0.08 0.08 0.08 0.00

3.4

SUB-TOTAL(3.1+3.2+3.3) 4.82 1.85 12.26 79.28 90.04 660.57 724.30

3.5

Inventory40.81 51.49 122.17 145.00 155.00 109.97 123.72

(Cl. Stock of RM) 24.11 2.04 15.96 0.00 0.00 109.97 123.72

(Cl. Stock of FG) 16.70 49.45 106.21 145.00 155.00    

Total CA(3.4+3.5) 45.63 53.33 134.43 224.28 245.04 770.54 848.02

Total CA+NCA 45.71 53.33 134.62 224.28 245.04 770.54 848.02

Tally With BS 45.71 53.33 134.62 224.28 245.04 770.54 848.02

Diff. 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4 CURRENT LIABILITIES

4.1

Sundry Creditors for goods 17.70 23.17 20.50 16.00 20.00 5.00 5.00

I) Other CL & Provisions 2.66 17.30 2.94 1.50 2.25 0.00 0.00

II) Advance against Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.2

Misc. Current Liabilities- TL inst.due 0.00 0.00 25.06 0.00 0.00 0.00 0.00

4.3

SUB-TOTAL (4.1+4.2)20.36 40.47 48.50 17.50 22.25 5.00 5.00

4.4

Bank Borrowing0.00 0.00 59.76 140.00 140.00 120.00 120.00

(Allahabad Bank) 0.00 0.00 59.76 140.00 140.00 120.00 120.00

4.5

Total CL(4.3+4.4)20.36 40.47 108.26 157.50 162.25 125.00 125.00

5 Net Current Assets 25.26 12.87 26.17 66.78 82.79 645.54 723.02

CURRENT RATIO 2.24 1.32 1.24 1.42 1.51 6.16 6.78

QUICK RATIO 0.24 0.05 0.25 4.53 4.05 132.11 144.86

TOTAL APPLICATION 26.35 27.32 178.63 215.71 213.00 767.79 830.98

FINANCED BY :-

6 LONG TERM LOANS

6.1

Secured Loans0.00 0.00 105.52 76.72 49.00 52.47 26.23

(Allahabad Bank) 0.00 0.00 105.52 76.72 49.00 52.47 26.23

(Interest on TL) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(From Financial Institutions) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.2

Unsecured Loans 0.00 0.00 0.00 24.50 12.00 14.00 14.00

(Interest bearing from friends) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(From Friends and Relatives) 0.00 0.00 0.00 24.50 12.00 14.00 14.00

6.3

Deferred Tax Liability0.10 0.07 0.00 0.00 0.00 0.00 0.00

6.4

SUB-TOTAL (6.1+6.2+6.3) 0.10 0.07 105.52 101.22 61.00 66.47 40.23

7 SHARE HOLDER'S FUND

7.1

Paid-up Capital1.00 1.00 45.00 65.00 85.00 21.00 21.00

7.2

Add: Share Premium Account 0.00 0.00 0.00 20.00 5.00 0.00 0.00

Add:Share Application Money 24.50 24.50 24.50 0.00 0.00 0.00 0.00

7.3

Genral Reserve0.34 0.75 1.75 3.66 29.49 62.00 190.13

7.4

Add: P/L Account0.40 1.00 1.91 25.83 32.51 128.13 89.50

Net Worth 26.25 27.25 73.16 114.49 152.00 211.13 300.64

Less: Deffered Tax Assets 0.00 0.00 0.06 0.00 0.00    

7.5

Tangible Net Worth26.25 27.25 73.10 114.49 152.00 211.13 300.64

7.6

Capital Employed 26.35 27.32 178.62 215.71 213.00 277.60 340.87

TOTAL SOURCES 26.35 27.32 178.62 215.71 213.00 277.60 340.87

Diff. 0.00 0.00 0.00 0.00 0.00 490.19 490.11

7.4 Projected Profit and Loss

    (Rs/Lacs)

Year ending 2009 2010 2011 2012 2013 2014 2015

Particulars AUDITED AUDITED AUDITED PROVISINAL PROJ. PROJ. PROJ.

1 Gross sales 100.23 132.77 299.62 800.00 960.00 900.24 1012.77

Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00

less : Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Net sales 100.23 132.77 299.62 800.00 960.00 900.24 1012.77

Growth in Gross Sales - - - - - - -

Discount & Incentives 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Net Income 100.23 132.77 299.62 800.00 960.00 900.24 1012.77

2 Expenditure

a. Cost of Production 94.03 148.69 316.10 691.57 790.09 596.80 734.83

Op.Stock of RM 7.42 24.11 2.04 15.96 0.00 0.00 64.96

Purchase of Raw Materials 110.72 126.62 330.02 675.61 790.09 661.75 742.95

(Cl. Stock of RM) 24.11 2.04 15.96 0.00 0.00 64.96 73.08

b.Trading Expenses 4.83 2.63 10.11 45.66 47.72 65.64 69.60

c. Power & Fuel 0.21 0.36 1.53 12.00 14.50 10.69 12.02

d.

Other manufacturing expenses 0.00 0.26 0.45 2.40 3.50 1.44 1.62

e. Processing expenses 4.13 1.70 1.91 9.20 11.00 37.06 41.67

f. Depreciation 0.50 0.32 6.22 22.06 18.72 16.45 14.29

g. Cost of Production (COP)(sum a…e) 98.87 151.32 326.21 737.23 837.81 662.44 804.43

Add: Op. Stock of FG 5.14 16.70 49.45 106.21 145.00 39.39 45.01

Less : Cl. Stock of FG 16.70 49.45 106.21 145.00 155.00 45.01 50.64

h. Cost of Goods Sold 87.30 118.57 269.45 698.44 827.81 656.81 798.80

i Admn.,Selling & Distribution&Other Exps 12.33 12.74 11.51 39.98 57.06 61.26 65.36

               

j. Financial Expenses 0.00 0.00 16.09 24.21 28.08 22.27 19.12

(Interest to bank) 0.00 0.00 14.20 22.96 26.73 22.27 19.12

(Interest on vehicle Loan) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(bank Charges & commission) 0.00 0.00 1.89 1.25 1.35 0.00 0.00

(Others) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

j. Cost of Sales 99.63 131.31 297.05 762.63 912.95 740.34 883.29

(g+h+I+j)

k. Operating Profit 0.60 1.45 2.57 37.37 47.05 159.90 129.48

Add: Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Interest Received) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(Comm. Received) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

l. PBT 0.60 1.45 2.57 37.37 47.05 159.90 129.48

m. Tax Provisions 0.19 0.48 0.79 11.54 14.54 31.77 39.98

Deffered For Tax Assets/ liability   0.03 0.13        

n. PAT 0.40 1.00 1.91 25.83 32.51 128.13 89.50

o. Adjustment 0.00 0.00 0.00 0.00 0.00 0.00 0.00

p. PAT After Adjustment 0.40 1.00 1.91 25.83 32.51 128.13 89.50

Profit distributed through :              

q. Withdrawal 0.00 0.00 0.00 0.00 0.00 0.00 0.00

r. Net Profit-Transf. To Capital account 0.40 1.00 1.91 25.83 32.51 128.13 89.50

s. Depreciation 0.50 0.32 6.22 22.06 18.72 16.45 14.29

t.Cash Generation 0.90 1.32 8.13 47.89 51.23 144.58 103.79

7.5 Operating and financial Performance

SL.NO. Year ending 2009 2010 2011 2012 2013

Operating parameters AUDITED AUDITED AUDITED PROVISINAL PROJ.

1a Gross sales 100.23 132.77 299.62 800.00 960.00

1b Net Sales 100.23 132.77 299.62 800.00 960.00

% INCREASE IN GROSS SALE - - - -

1c Net Income 100.23 132.77 299.62 800.00 960.00

2 Cost of Goods Sold 87.30 124.44 269.45 698.44 827.81

3 Gross Profit (1-2) 12.92 8.33 30.17 101.56 132.19

GPM 12.90% 6.27% 10.07% 12.70% 13.77%

4

Operating , Admn.,Selling,Genl. Expenses 12.33 7.62 11.51 39.98 57.06

5 PBIT (3-4) 0.60 0.71 18.66 61.58 75.13

6 Interest 0.00 0.00 16.09 24.21 28.08

7Operating Profit (5-6) 0.60 0.71 2.57 37.37 47.05

OPM 0.60% 0.53% 0.86% 4.67% 4.90%

8Add: Non Operating Income 0.00 0.00 0.00 0.00 0.00

9 PBT (7+8) 0.60 0.71 2.57 37.37 47.05

PBT / Gross Sales (%) 0.60% 0.53% 0.86% 4.67% 4.90%

10Provision for Taxation 0.19 0.22 0.66 11.54 14.54

11 Net Profit (9-10) 0.40 0.49 1.91 25.83 32.51

NPM 0.40% 0.37% 0.64% 3.23% 3.39%

PBDIT 1.10 1.02 24.88 83.64 93.85

PBDIT/Gross Sales 1.09% 0.77% 8.30% 10.46% 9.78%

12 Withdrawal 0.00 0.00 0.00 0.00 0.00

13

Net Profit Transf. To Capital a/c (11-12) 0.40 0.49 1.91 25.83 32.51

14 Drawing 0.00 0.00 0.00 0.00 1.00

15Retained Profit (12+13-14) 0.40 0.49 1.91 25.83 31.51

16 Depreciation 0.50 0.32 6.22 22.06 18.72

17Cash Generation (11+16) 0.90 0.80 8.13 47.89 51.23

18 Drawing (%) 0.00% 0.00% 0.00% 0.00% 3.08%

Financial Parameters

19 Paid-up Capital 1.00 1.00 45.00 65.00 85.00

20Add: Share Premium Account 0.00 0.00 0.00 20.00 5.00

21Add: Share Application Money 24.50 24.50 24.50 0.00 0.00

22Add: General Reserve 0.75 1.75 3.60 29.49 62.00

23 Tangible Net Worth 26.25 27.25 73.10 114.49 152.00

24Long Term Liabilities 0.10 0.07 105.52 101.22 61.00

(Secured Loans) 0.00 0.00 105.52 76.72 49.00

(Unsecured Loans) 0.00 0.00 0.00 24.50 12.00

(Deffered Tax Liabilities) 0.10 0.07 0.00 0.00 0.00

Capital Employed/Total Sources 26.35 27.32 178.62 215.71 213.00

25 Gross Block 1.50 1.00 58.00 170.99 148.93

26 Net Block 1.00 0.69 51.78 148.93 130.21

27 Capital WIP 0.00 13.76 100.49 0.00 0.00

28 Non-Current Assets0.08 0.00 0.19 0.00 0.00

(Investments) 0.08 0.00 0.00 0.00 0.00

(Debtors > 6 months) 0.00 0.00 0.00 0.00 0.00

(Security Deposits) 0.08 0.00 0.00 0.00 0.00

(Other Non Current Assets) 0.00 0.00 0.00 0.00 0.00

29Total Current Assets 45.63 53.33 134.43 224.28 245.04

(Inventory) 40.81 51.49 122.17 145.00 155.00

(Receivables - Export) < 6 months 3.16 1.13 8.06 48.00 57.00

(Other current assets) 1.66 0.72 4.20 31.28 33.04

30Total Current Liabilities 20.36 40.47 108.26 157.50 162.25

(Creditors) 17.70 23.17 20.50 16.00 20.00

(Other curent liabilities) 2.66 17.30 28.00 1.50 2.25

(Bank Borrowings) 0.00 0.00 59.76 140.00 140.00

31 Net Current 25.26 12.87 26.17 66.78 82.79

Assets

Total Application 26.35 27.32 178.63 215.71 213.00

32 Current Ratio 2.24 1.32 1.24 1.42 1.51

33 Debt Equity Ratio 0.00 0.00 1.44 0.67 0.32

34 TOL / TNW Ratio 0.78 1.49 2.92 2.26 1.47

35Interest Coverage Ratio #DIV/0! #DIV/0! 1.55 3.45 3.34

36Return on Avg. Capital Employed 2.82% 2.63% 18.12% 31.23% 35.05%

37Income Value of the bank #DIV/0! #DIV/0! 23.76% 16.40% 19.09%