JAIPUR

TOTAL PROJECT COST INCLUDING LAND AND BUILDING

Area Total Cost

Description Number Of Total Cost
In Area Per
Units
Sq. Ft. Sq. Ft. Sq. Ft.
Restoration/Constructing motor-able 50
road, acquiring additional land
Building of 50 Rooms, pool, etc. 250,000,000
Cost Of Land Acquisition & Building 1.5 Acres 80,000,000
Working Capital required 20,000,000
Total Project Cost 350,000,000

INR USD
Total Project Cost 350,000,000 8,750,000
DEBT 105,000,000 2,625,000
EQUITY 245,000,000 6,125,000

DESCRIPTION UNITS
Restaurants 2
Bars 1
Room Service Area 2
Admin Offices areas 1
Engineering Plant Areas 1
Staff Locker areas 1
Parking Lots 1
Spa 1

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
The renovation of the property will commence beginning October 2007. After a trial
run from May to July 2009 the property will commence its operations from August
2009. The property will have 50 rooms

Projection

YEAR 2007-2008

Total Average Total

Total Average Room Occupancy in Number Of Revenue In Revenue in
Rooms ARR In INR Nights Year 2007-2008 Rooms Sold INR Per Year US$ Per Year
Per Year Of Operation Per Year
Jaipur

Total Room Revenue

Total F&B Revenue
Total Miscellaneous Revenue
Total Revenue in US$
Total Revenue in INR
Energy & Water Cost
Cost Of Salaries
Marketing & Promotional Expenses
Administrative Expenses
Food & Beverage Cost
Other Miscellaneous Cost
EBITDA
Reserve
Cost of Debt
Payment for Outstanding Debt
Depreciation
Taxes
Net Profit after tax
Net Cash Inflows
Cash in Hand

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR 2008-2009

Total Average Total

Total Average Room Occupancy in Number Of Revenue In Revenue in
Rooms ARR In INR Nights Year 2008-2009 Rooms Sold INR Per Year US$ Per Year
Per Year Of Operation Per Year
Jaipur

Total Room Revenue

Total F&B Revenue
Total Miscellaneous Revenue
Total Revenue in US$
Total Revenue in INR
Energy & Water Cost
Cost Of Salaries
Marketing & Promotional Expenses
Administrative Expenses
Food & Beverage Cost
Other Miscellaneous Cost
EBITDA
Reserve
Cost of Debt
Payment for Outstanding Debt
Depreciation
Taxes
Net Profit after tax
Net Cash Inflows
Cash in Hand

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR 2009-2010

Average Total
Total
Occupancy Number
Total Average ARR In Room Revenue In Revenue in
in Year Of Rooms
Rooms INR Nights INR Per Year US$ Per Year
2009-2010 Sold Per
Per Year
Of Operation Year
Jaipur 50 8,000 12,000 55% 6,600 52,800,000 1,320,000
US$ 200 52,800,000 1,320,000

Total Room Revenue 52,800,000 1,320,000

Total F&B Revenue 18,480,000 462,000
Total Miscellaneous Revenue 9,504,000 237,600
Total Revenue in US$ 2,019,600
Total Revenue in INR 80,784,000
Energy & Water Cost 9,694,080 242,352
Cost Of Salaries 10,501,920 262,548
Marketing & Promotional Expenses 4,039,200 100,980
Administrative Expenses 807,840 20,196
Food & Beverage Cost 4,804,800 120,120
Other Miscellaneous Cost 3,231,360 80,784
EBITDA 47,704,800 1,192,620
Reserve 0 0
Cost of Debt 13,650,000 341,250
Payment for Outstanding Debt 0 0
Depreciation 10,000,000 250,000
Taxes 7,938,084 198,452
Net Profit after tax 16,116,716 402,918
Net Cash Inflows 26,116,716 652,918
Cash in Hand 26,116,716 652,918

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR
2010 - 2011

Total Room Average Occupancy Total Number

Total Average ARR Revenue In INR Revenue in US$
Nights Per in Year 2010-2011 Of Rooms
Rooms In INR Per Year Per Year
Year Of Operation Sold Per Year

Jaipur 50 10,000 18,250 60% 10,950 109,500,000 2,737,500

250 18,250 109,500,000 2,737,500

Total Room Revenue 109,500,000 2,737,500

Total F&B Revenue 38,325,000 958,125
Total Miscellaneous Revenue 19,710,000 492,750
Total Revenue in US$ 4,188,375
Total Revenue in INR 167,535,000
Energy & Water Cost 20,104,200 502,605
Cost Of Salaries 21,779,550 544,489
Marketing & Promotional Expenses 8,376,750 209,419
Administrative Expenses 1,675,350 41,884
Food & Beverage Cost 9,964,500 249,113
Other Miscellaneous Cost 6,701,400 167,535
EBITDA 98,933,250 2,473,331
Reserve 26,116,716 652,918
Cost of Debt 13,650,000 341,250
Payment for Outstanding Debt 25,000,000 625,000
Depreciation 14,400,000 360,000
Taxes 23,391,473 584,787
Net Profit after tax 55,429,862 1,385,747
Net Cash Inflows 69,829,862 1,745,747
Cash in Hand 70,946,578 1,773,664

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR
2011- 2012

Total Room Average Occupancy Total Number

Total Average ARR Revenue In INR Revenue in US$
Nights Per in Year 2011-2012 Of Rooms
Rooms In INR Per Year Per Year
Year Of Operation Sold Per Year

Jaipur 50 11,000 18,250 62% 11315 124,465,000 3,111,625

275 18,250 124,465,000 3,111,625

Total Room Revenue 124,465,000 3,111,625

Total F&B Revenue 43,562,750 1,089,069
Total Miscellaneous Revenue 22,403,700 560,093
Total Revenue in US$ 4,760,786
Total Revenue in INR 190,431,450
Energy & Water Cost 22,851,774 571,294
Cost Of Salaries 24,756,089 618,902
Marketing & Promotional Expenses 9,521,573 238,039
Administrative Expenses 1,904,315 47,608
Food & Beverage Cost 11,326,315 283,158
Other Miscellaneous Cost 7,617,258 190,431
EBITDA 112,454,128 2,811,353
Reserve 70,946,578 1,773,664
Cost of Debt 10,400,000 260,000
Payment for Outstanding Debt 30,000,000 750,000
Depreciation 13,536,000 338,400
Taxes 29,210,982 730,275
Net Profit after tax 59,307,145 1,482,679
Net Cash Inflows 72,843,145 1,821,079
Cash in Hand 113,789,723 2,844,743

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR
2012- 2013

Total Room Average Occupancy Total Number

Total Average ARR Revenue In INR Revenue in US$
Nights Per in Year 2012-2013 Of Rooms
Rooms In INR Per Year Per Year
Year Of Operation Sold Per Year

Jaipur 50 13,000 18,250 70% 12,775 166,075,000 4,151,875

325 166,075,000 4,151,875

Total Room Revenue 166,075,000 4,151,875

Total F&B Revenue 58,126,250 1,453,156
Total Miscellaneous Revenue 29,893,500 747,338
Total Revenue in US$ 6,352,369
Total Revenue in INR 254,094,750
Energy & Water Cost 30,491,370 762,284
Cost Of Salaries 33,032,318 825,808
Marketing & Promotional Expenses 12,704,738 317,618
Administrative Expenses 2,540,948 63,524
Food & Beverage Cost 15,112,825 377,821
Other Miscellaneous Cost 10,163,790 254,095
EBITDA 150,048,763 3,751,219
Reserve 154,775,847 3,869,396
Cost of Debt 0 0
Payment for Outstanding Debt 0 0
Depreciation 11,960,410 299,010
Taxes 45,569,156 1,139,229
Net Profit after tax 92,519,196 2,312,980
Net Cash Inflows 104,479,606 2,611,990
Cash in Hand 259,255,453 6,481,386

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR
2013- 2014

Total Room Average Occupancy Total Number

Total Average ARR Revenue In INR Revenue in US$
Nights Per in Year 2013-2014 Of Rooms
Rooms In INR Per Year Per Year
Year Of Operation Sold Per Year

Jaipur 65 8,250 23,725 80% 18,980 156,585,000 3,914,625

US$ 206 156,585,000 3,914,625

Total Room Revenue 156,585,000 3,914,625

Total F&B Revenue 43,843,800 1,096,095
Total Miscellaneous Revenue 7,829,250 195,731
Total Revenue in US$ 5,206,451
Total Revenue in INR 208,258,050
Energy & Water Cost 18,743,225 468,581
Cost Of Salaries 21,867,095 546,677
Marketing & Promotional Expenses 10,412,903 260,323
Administrative Expenses 2,082,581 52,065
Food & Beverage Cost 10,960,950 274,024
Other Miscellaneous Cost 6,247,742 156,194
EBITDA 137,943,556 3,448,589
Reserve 107,636,745 2,690,919
Cost of Debt 0 0
Payment for Outstanding Debt 0 0
Depreciation 11,008,560 275,214
Taxes 41,888,548 1,047,214
Net Profit after tax 85,046,447 2,126,161
Net Cash Inflows 96,055,007 2,401,375
Cash in Hand 203,691,753 5,092,294

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 YEAR
2014 - 2015

Total
Total Room Average Occupancy Number Of
Total Average ARR Revenue In INR Per Revenue in US$
Nights Per in Year 2014-2015 Rooms
Rooms In INR Year Per Year
Year Of Operation Sold Per
Year

Jaipur 50 14,000 18,250 72% 13,140 183,960,000 4,599,000

US$ 350 18,250 183,960,000 4,599,000

Total Room Revenue 183,960,000 4,599,000

Total F&B Revenue 64,386,000 1,609,650
Total Miscellaneous Revenue 33,112,800 827,820
Total Revenue in US$ 7,036,470
Total Revenue in INR 281,458,800
Energy & Water Cost 33,775,056 844,376
Cost Of Salaries 36,589,644 914,741
Marketing & Promotional Expenses 14,072,940 351,824
Administrative Expenses 2,814,588 70,365
Food & Beverage Cost 16,740,360 418,509
Other Miscellaneous Cost 11,258,352 281,459
EBITDA 166,207,860 4,155,197
Reserve 259,255,453 6,481,386
Cost of Debt 0 0
Payment for Outstanding Debt 0 0
Depreciation 11,242,785 281,070
Taxes 51,138,475 1,278,462
Net Profit after tax 103,826,600 2,595,665
Net Cash Inflows 115,069,385 2,876,735
Cash in Hand 374,324,838 9,358,121

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 CONSOLIDATED FIGURES AFTER FIVE YEARS

INR US$

Total Room Revenue 787,362,500 19,684,063

Total F& B Revenue 275,576,875 6,889,422
Total Miscellaneous Revenue 141,725,250 3,543,131
Total Gross Revenue in US$ 30,116,616
Total Gross Revenue in INR 1,204,664,625
Energy & Water Cost 144,559,755 3,613,994
Cost Of Salaries 156,606,401 3,915,160
Marketing & Promotional Expenses 60,233,231 1,505,831
Administrative Expenses 12,046,646 301,166
Food & Beverage Cost 71,649,988 1,791,250
Other Miscellaneous Cost 48,186,585 1,204,665
EBITDA 711,382,019 17,784,550
Reserve 366,386,754 9,159,669
Total Cost paid for the Debt 44,200,000 1,105,000
Amount of Debt paid 105,000,000 2,625,000
Depreciation 73,863,035 1,846,576
Taxes 195,795,265 4,894,882
Net Profit after tax 397,523,719 9,938,093
Net Cash Inflows 471,386,754 11,784,669
Net Reserves 366,386,754 9,159,669

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 REVENUES IN 10 YEARS

1 2 3 4 5 6 7 8 9 10
TOTAL MIL MIL MIL MIL MIL MIL MIL MIL MIL MIL MIL
ROOMS (INR) (INR) (INR) (INR) (INR) (INR) (INR) (INR) (INR) (INR) (INR)
65 81 168 190 230 254 281 296 310 326 342
65 81 168 190 230 254 281 296 310 326 342

COSTS OF OPERATION & EXPENSES

1 2 3 4 5 6 7 8 9 10 11
Energy & Water Cost 10 20 23 28 30 34 35 37 39 41
Cost Of Salaries 11 22 25 30 33 37 38 40 42 44
Marketing &
Promotional
Expenses 4 8 10 12 13 14 15 16 16 17
Administrative
Expenses 1 2 2 2 3 3 3 3 3 3
Food & Beverage
Cost 5 10 11 14 15 17 18 18 19 20
Other Misc. Cost 3 7 8 9 10 11 12 12 13 14
EBITDA (INR Million) 48 99 112 136 150 166 175 183 192 202
EBITDA (US $
Million) 1.19 2.47 2.81 3.40 3.75 4.16 4.36 4.58 4.81 5.05
Present Value (PV) of
cash flow from
operations 1.06 1.97 2.00 2.16 2.13 2.11 1.97 1.85 1.73 1.63

Residual Value 25.55

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
PRESENT VALUE & IRR Operations
Total PV of cash flow from operations 44.17
Investments: Improvements -6
NPV of operations (excluding real estate value) 37.92
IRR calculated using goal seek 43%

PRESENT VALUE & IRR Real Estate

Projected Value of Real estate at end of 5 years (Million
US $) 7.62
PV of real estate gains 4.3
Investments: Real estate -3
NPV of real estate purchase 1.8
IRR calculated using goal seek 25%

COMBINED REAL ESTATE & IRR (Operations & Real Estate)

Total NPV 39.74
Total IRR 39%

Key assumptions
ARR do not increase beyond inflation over long term
No further real estate gains factored beyond 5 year period
INR/$ exchange rate 40
Long term Inflation rate 5%
WACC 12%

Investment required Real estate Improvements

Peppermint 2.5 6.25
TOTAL 8.75
Year 1 Year 2 Year 3 Year 4 Year 5
Real estate gains (percent) 20% 25% 25% 25% 30%

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 PROFIT & LOSS ACCOUNT

AS AT AS AT AS AT AS AT AS AT AS AT AS AT AS AT
2008 2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 31.03.2014 31.03.2015
(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)
I . INCOME

52,800 109,5 124,465 150,56 166, 183,

A. Room Revenue ,000 00,000 ,000 2,500 075,000 960,000

18,480 38,32 43,562, 52,69 58, 64,

B. F&B Income ,000 5,000 750 6,875 126,250 386,000

9,504 19,71 22,403, 27,10 29,

C. Other Income ,000 0,000 700 1,250 893,500 33,112,800

TOTAL 80,784 167,5 190,431 230,36 254, 281,

I ,000 35,000 ,450 0,625 094,750 458,800

II. EXPENDITURES
C. Energy & Water 9,694 20,10 22,851, 27,64 30,
Cost ,080 4,200 774 3,275 491,370 33,775,056
10,501 21,77 24,756, 29,94 33,
D. Cost of Salaries ,920 9,550 089 6,881 032,318 36,589,644
E. Marketing & 4,039 8,37 9,521, 11,518 12,
Promotional ,200 6,750 573 ,031 704,738 14,072,940
807 1,67 1,904, 2,30 2,
F. Administrative ,840 5,350 315 3,606 540,948 2,814,588
4,804 9,96 11,326, 13,70 15,
G. Food Cost ,800 4,500 315 1,188 112,825 16,740,360
H Other 3,231 6,70 7,617, 9,21 10,
Miscellaneous ,360 1,400 258 4,425 163,790 11,258,352
33,079 68,60 77,977, 94,32 104, 115,
TOTAL II ,200 1,750 323 7,406 045,988 250,940

47,704 98,93 112,454 136,03 150, 166,

EBITDA ,800 3,250 ,128 3,219 048,763 207,860

LESS : 10,000 14,40 13,536, 12,72 11,

DEPRECIATION ,000 0,000 000 3,840 960,410 11,242,785

Profit/(Loss) after
Depreciation
Before Interest & 37,704 84,53 98,918, 123,30 138, 154,
Taxes ,800 3,250 128 9,379 088,353 965,075

13,650 13,65 10,400, 6,50

INTEREST ,000 0,000 000 0,000 - 0

Profit/(Loss) After
Interest 24,054 70,88 88,518, 116,80 138, 154,
Before Taxes ,800 3,250 128 9,379 088,353 965,075

LESS : Provision for 7,938 23,39 29,210, 38,54 45, 51,

Tax ,084 1,473 982 7,095 569,156 138,475

Profit/(Loss) after 16,116 47,49 59,307, 78,26 92, 103,

Taxes ,716 1,778 145 2,284 519,196 826,600

Balance Brought
Forward 16,11 63,608, 122,91 201, 293,
From Previous Year - 6,716 494 5,639 177,923 697,119

Balance Carried to 16,116 63,60 122,915 201,17 293, 397,

Balance Sheet ,716 8,494 ,639 7,923 697,119 523,719
H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA
Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 SIGNIFICANT RATIOS

NP Ratio 46.67 50.46 51.94 53.53 54.35 55.06

Retained Earnings
Ratio 19.95 28.35 31.14 33.97 36.41 36.89
ROI (before interest) 10.77 24.15 28.26 35.23 39.45 44.28
ROI (after interest) 6.58 19.38 24.21 31.94 37.76 42.38

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]
 BALANCE SHEET

AS AT AS AT AS AT AS AT AS AT AS AT AS AT AS AT
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 31.03.2014 31.03.2015
(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)
SOURCES OF
FUNDS
I.
SHAREHOLDERS'
FUNDS
(a) Share Capital 245,000,000 245,000,000 245,000,000 245,000,000 245,000,000 245,000,000 245,000,000 245,000,000
(b) Reserves and
Surplus 0 - 16,116,716 63,608,494 122,915,639 201,177,923 293,697,119 397,523,719
2.LOAN FUNDS
(a) SECURED 69,2 1 80, 50,
LOANS - 25,000 05,000,000 000,000 000,000 - - -
(b) UNSECURED
LOAN - - - - - - - -
TOTAL 245,000,000 314,225,000 366,116,716 388,608,494 417,915,639 446,177,923 538,697,119 642,523,719
APPLICATION OF
FUNDS
I. FIXED ASSETS
(a) Gross Block 150,000,000 294,225,000 334,225,000 324,225,000 309,825,000 296,289,000 283,565,160 271,604,750
(b) Less :
Depreciation - - 10,000,000 14,400,000 13,536,000 12,723,840 11,960,410 11,242,785
(c) Net Block 150,000,000 294,225,000 324,225,000 309,825,000 296,289,000 283,565,160 271,604,750 260,361,965
2. INVESTMENTS
3. CURRENT
ASSETS, LOANS
& ADVANCES
(a) Inventories - - - - - - - -
(b) Cash and Bank
Balance 95,000,000 20,000,000 41,891,716 78,783,494 121,626,639 162,612,763 267,092,369 382,161,754
(c) Sundry Debtors - - - - - - - -
(d) Loans and
Advances - - - - - - - -
95,000,000 20,000,000 41,891,716 78,783,494 121,626,639 162,612,763 267,092,369 382,161,754
LESS: CURRENT
LIABILITIES &
PROVISIONS
(a) Liabilities - - - - - - - -
(b) Provisions - - - - - - - -
- - - - - - - -

Net Current Assets 95,000,000 20,000,000 41,891,716 78,783,494 121,626,639 162,612,763 267,092,369 382,161,754
4. Deferred Tax
Assets - - - - - - - -
3. (a.)
MISCELLANEOUS

EXPENDITURE
(to the extent
not written off or
adjusted) - - - - - - -
(b) Unadjusted
Forex loss
(c.) Profit &
Loss A/c - - - - - - -

245, 314,2 3 388 417, 446,17 538,697 642,52

TOTAL 000,000 25,000 66,116,716 ,608,494 915,639 7,923 ,119 3,719

H 23 / 13, DLF Phase 1, Gurgaon, Haryana 122 002, INDIA

Phone: +91 124 4381150; Fax: +91 124 4381150
Email: [email protected]