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RUBY RUSHI PVT LTD.

BUSINESS PLANCAR CARRIER MANUFACTURING

HEER PATEL (094118)1/17/2011



INDEX

TOPIC PAGE NO.

EXECUTIVE SUMMARY 2

COMPANY BACKGROUND 3

MANAGEMENT TEAM 5

INDUSTRY AN ALYSIS 7

DEMAND CHARACTERISTICS 8

TECHNICAL ANALYSIS 18

FINANCIALS 22

APENDIX 24

Page | 2



Executive summary

According to SIAM (The Society of Indian Automobile Manufacturers), car sales in January saw

a growth of 32% as it was reported 145000 units in the first month of 2010. The data for car sales

surprised the analysts as it beats the previous best of 133000 sales recorded in November 2009.

This is the highest ever sales by the auto industry and has come on the back of economic growth,

reduced interest rates and better money supply in the system. Now the expectations are there by

the industry experts that the total domestic industry will end the current financial year at over 11

million units, which will be a growth of 22.6% over 2008-09.

As the automobile industry is growing, the demand for car carriers, which is a very important

part of the supply chain of the automobile industry, will also increase. Based on the demand for

automobile and based on the estimates of the Gujarat Transport Association, the car carriers’

demand would increase by 30-40% in the coming years. Also this unit would be the first of its

kind in Gujarat. There are no other manufacturers in the organized sector in Gujarat.

Currently in India there are 2 major car carrier manufacturers in the organized sector which is the

LOHR and TATA. Both of these companies are located outside the state and manufacture about

4, 00,000 carriers jointly annually, while the demand on the basis of the car sales can be

estimated at about 11, 00,000 carriers annually. The unorganized sector manufactures about2,00,000 carriers. Thus there is a gap between the supply and the demand. It is an upcoming

industry as the current car manufacturers are also growing and demand for cars is sky high.

There are about 200 car carrier fleet owners in Gujarat alone and to order in bulk you need to go

to huge companies only. This increases the cost also and the time taken to deliver the trailer is

also more. The players in the unorganized sector take about 60 days to manufacture a carrier and

they can make only 2-3 at a time.

Page | 3



Company Background

Ruby Bus Pvt. Ltd., is primarily engaged in coach building activity and was incorporated in the

year 1947.Ruby Bus has been a part of the Indian Bus Body Building as well as in Tipper Body

Building industries for over Six Decades. Its headquarters are located in Mumbai and the plants

are located in Ahmedabad, Gujarat. From 1972 onwards Ruby has started manufacturing bus

bodies for the export market and has exported over 17000 buses, in 31 countries till date for M/s

Ashok Leyland and M/s Tata Motors Ltd. Ruby Bus stands as a leader in India, in the fields of

Design, Manufacturing and Marketing of Urban Transit Buses. Throughout its evolution, Ruby

Bus has been guided by the needs and requirements of transit authorities, maintenance personnel,

drivers and users. As a result of significant research and customer input, Ruby Bus meets the

growing need for a vehicle that is easily accessible to mobility-impaired people and the elderly.

Presently the company supplies bus bodies to the major chassis manufacturers like Ashok

Leyland for their export orders of fully built buses. They also supply bus bodies to major State

Transport Undertakings (STUs) and Municipal Corporations like Gujarat State Road Transport

Corporation, BEST, Ahmedabad Municipal Corporation and the like. They are also the major

suppliers of School Buses, Contract Carriages and Staff Buses in Western India. They are the

manufacturers of Tippers till the year 1998, producing 20,000 Tipper Bodies for Tata Motors for

the domestic and export markets. They also have dealership of full range of Commercial

Vehicles and Passenger Cars of Tata Motors for 7 Districts in Gujarat.

The advancement in design, plant and machinery, the installation, and the production as well as

the development of the new products and process is executed with the help of professionals and

technical staff.

Plants & Business Locations:

There are three production plants at Ahmedabad, each having its own individual production

infrastructure and capabilities independent of each other in as much as that they have their own

machinery and production facilities sufficient for their separate production. The Ahmedabad

plants are situated at GIDC, Phase lll, in the Naroda Industrial Estate, in Ahmedabad, on an area

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of approximately 50,000 sq. metres, employing approximately 1800 workers and 70 staff

members.

Vision

We will provide quality containers at a competitive price, will ensure shortest delivery time in

the industry and will maximize customers' satisfaction.

Mission

We will be a market leader in the car carrier segment in the west zone that it operates in namelyAutomobile Carrier Manufacturing.

Page | 5



Management Team

Nimish Patel- Marketing/Financial Director

With over 15 years of experience in logistics and transportation of automobile business, Mr

Nimish Patel has a vast knowledge of the trends of markets of this business. His current

company Deep Roadlines has a customer list of TATA Motors, Maruti Udyog, Toyota,

Mahindra, etc. He has his offices in Bombay, Pune and Bangalore apart from a head office in

Ahmedabad.

Pankaj Kapasi- Production/HR Director

As a chairman of Ruby Rushi since last 20 years he has a vast knowledge about the production of

the automobile carriers. Moreover with existing facilities with Ruby Rushi, it will be easier to

start the production in the initial phases.

Hiten Vasant- Advisor

Mr. Hiten Vasant is in the business of Transportation and Logistics since last 25 years. He has

various businesses such as Schools, Agriculture, Textiles, etc. He is the current Vice President of All India Motor Transport Association.

Page | 6



Heer Patel – Project Manager/Operational Head

Roles

She has to ensure that the product is delivered on time, to budget and to the required quality

standard (within agreed specifications). She ensures the product is effectively resourced.

She is also responsible for managing the work of consultants, allocating and utilising resources

in an efficient manner and maintaining a co-operative, motivated and successful team.

Responsibilities

• Managing and leading the project team.

• Recruiting project staff and consultants.

• Managing co-ordination of the partners and working groups engaged in project work.

• Detailed project planning and control including:

• Developing and maintaining a detailed project plan.

• Managing project deliverables in line with the project plan.

• Recording and managing project issues and escalating where necessary.

• Resolving cross-functional issues at project level.

• Managing project scope and change control and escalating issues where necessary.

• Monitoring project progress and performance.

• Providing status reports to the project sponsor.

• Managing project training within the defined budget.

• Liaison with, and updates progress to, project steering board/senior management.

• Managing project evaluation and dissemination activities.

• Managing consultancy input within the defined budget.

• Final approval of the design specification.

• Working closely with users to ensure the project meets business needs.

Page | 7



• Definition and management of the User Acceptance Testing programme.

Industry Analysis

The 4 wheeler industry in India has not been able to match up to the performance of its

counterparts in other parts of the world. The main reason for this has been the regulatory

atmosphere that prevailed till the deregulation in the mid 1990s. After the Liberalisation the

passenger car segment saw a boom and many companies from India as well as foreign entered

the market.

However, the smooth sailing was suddenly disrupted in the last quarter of FY1996. The

automobile industry, which contributed substantially to industrial growth in FY1996, failed to

maintain the same momentum between FY1997 and FY1999. The overall slowdown in the

economy and the resultant slowdown in industrial production, political uncertainty and

inadequate infrastructure development were some of the factors responsible for the slowdown

experienced by the automobile industry. In FY2000, the sector experienced a turnaround, posted

positive growth rates and witnessed the launch of many new models. But the spectacular growth

in FY2000 was followed by a decline in FY2001 and only a marginal growth of 0.5% in

FY2002. However, since FY2003, industry sales have increased at a 3-year CAGR of 17.4% to

1.14 million in FY2006.

DEMAND CHARACTERISTICS:

(A) Passenger Cars:

In developed markets, engine capacity and wheel-base are the bases of segmentation of

passenger cars: price does play a role but only up to a point. Since affordability is the mostimportant demand driver in India, the domestic car market has until now been segmented on the

basis of vehicle price. Price-based competition takes place in a continuum rather than in

segments since nearly all the models are launched in multiple versions at different price points.

As a result, a higher-end variant may compete with a lower-end variant of a car in a segment

above it.Page | 8



(B) Multi Utility Vehicle (MUVs):

The MUV segment consists of vehicles that are suited to both rural and urban areas. In rural

areas where the roads are usually bad, these vehicles are used as goods carriers and also for

public transportation. Northern and Western India account for nearly two-thirds of the demand

for MUV. Specifically, in States like Rajasthan, Madhya Pradesh, Uttar Pradesh and

Maharashtra, the demand for MUVs is the largest. There are three segments of buyers for

MUVs: the private market, Government, and the Defence. Until the 1990s, the Government and

Defence segments accounted for the largest share of the market. The reduction in Government

and defence spending since the 1990s has substantially reduced sales to these two segments. This

has pushed private sector purchases into greater prominence.

There are three sub-segments of the UV / MUV segment: the hard-top, soft-top and pick-up. The

hard-top version consists of the higher-end Sports Utility Vehicles (SUVs) that have been

present in the Indian markets since FY1999. Following the success of the higher-end SUVs, the

share of the hard top segment in total MUV sales has registered an increase. Soft-top MUVs,

which are largely dependent on sales in the rural and semi-urban markets where the vehicles

serve as modes of mass transportation (maxi taxi); have witnessed a contraction in volumes in

recent years. The declining share of the soft-top sub-segment is attributable largely to the

increasing acceptance of SUVs as an alternative to soft-tops (and even higher end-cars). That

apart, soft-top sale have also been affected by a decline in rural income, increase in sales tax in

some states, increase in diesel prices, enforcement of strict emission control norms, and restraints

on the issue of licences to use soft-top vehicles as rural taxis.

Page | 9



INDUSTRY OVERVIEW:

The Indian automobile industry posted a spectacular growth of 32%, powered by improving

economic environment, gradual dissipation of job & business uncertainty, new offerings and

good consumer spending in urban and rural India. The upbeat market sentiment spanned all

segments of motor vehicles, with passenger vehicles, commercial vehicles, two-wheelers and

three-wheelers - all recording decent double-digit growth.

Passenger vehicles, continuing its good run, stole the limelight by notching up 35% rise in

domestic sales. While Maruti Suzuki remained the leader without much of a challenge and

recorded spectacular sales numbers, new players in the segment such as Ford Motor, General

Motors and Volkswagen too benefited from a robust demand for their recently launched small

cars - Figo, Beat and Polo.

Riding on the continuing strong performance of industry and the increased pace of infrastructure

development, commercial vehicles sustained the momentum of the last six months during

May,2010, growing by a whopping 57.7% in domestic market. The smart growth numbers of

CVs were, to a great extent, aided by the low base of the previous year, though.

(A) Maruti Suzuki India Limited(MSIL):

Maruti Suzuki sells one car out of every two cars sold in the country, crossed yet another

landmark, clocking over one-lakh units of sales in a month for the first time. MSIL sold 102,175

units in May 2010, of which 12,134 units accounted for exports. Incidentally, the company's

domestic sales tally of 90,041 units was also the highest ever in a month. The previous highest

monthly domestic sale was 84,765 units in February 2010. Maruti Suzuki registered highest

ever-domestic sales in A2, A3 and C segments respectively. A2 segment (comprising of Alto,

WagonR, Estilo, Swift, Ritz, A-Star) grew by 16.6% to clock sales of 62,679 units. A3 segment

(SX4, Dzire) rose by 60.5% to 10,883 units, while domestic sales volume in C segment (Omni,

Versa, Eeco) at 12,953 units soared by 70% y-o-y during the month.

(B) Hyundai Motor India Ltd (HMIL):

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Hyundai Motors stayed on course with its domestic sales at 27,151for May,2010, units growing

by 15.5% over the same month last year. HMIL's total sales for May'10 (including exports) stood

at 46,808 units as against 43,624 units in May 2009, registering a 7.3% growth. The exports

declined by 2.3% from 20,121 units in May 2009 to 19,657 units in May 2010. The segment-

wise cumulative sales of HMIL during May 2010 were as follows: A2 segment (Santro, i10,

Getz & i20) - 42,460 units; A3 segment (Accent & Verna)-4,310 units; A4 segment (Elantra) -1

unit; andA5 segment (Sonata Transform) - 37 units. The demand for the i20 continues to swell,

as demand has shot up by almost 35% following the launch of the new model and addition of

two trims.

(C) General

Motors

India:

Chevrolet Beat bolstered an impressive growth for General Motors India of 61%, selling 8,225

units against 5,109 units in May last year. The May 2010 sales comprised of 2,812 units of the

Chevrolet Spark, 2,296 units of Chevrolet Beat, 1,418 units of the Chevrolet Tavera, 854 units of

the Cruze, 396 Units of Chevrolet Aveo, 312 units of Chevrolet Aveo U-VA, 84 units of the

Chevrolet Captiva and 53 units of Chevrolet Optra.

(D)Tata Motors:

Tata Motors domestic sales of commercial and passenger vehicles in May 2010 were 52,801

units, a 38% growth over 38,392 units sold in May 2009. Of this, commercial vehicles racked up

Page | 11



31,475 units - up 37% over 23,004 vehicles sold in May last year. While LCV sales at 13,755

units grew by 26.6% y-o-y. Passenger Vehicles Business Unit of Tata Motors reported a total

sale of 21,477 units in the domestic market during May 2010, which translates into a good 38.9%

increase compared to 15,459 units a year earlier. Domestic sales of Tata passenger cars at 21,326

units surged by 39% y-o-y. Sales of the Tata Nano were 3,550 units. The Indica range sales at

8,468 units witnessed a 15% slide, while the Indigo range logging 6,600 units grew by a robust

133%. The Sumo/ Safari range accounted for sales of 2,708 units, higher by 6% over May 2009.

Exports of Tata Motors at 3,978 units in May 2010 registered a growth of 121% compared to

1,804 units in May 2009.

(E) Mahindra & Mahindra Ltd (M&M):

M&M clocked 13,476 units of its UV sales in domestic market during May 2010, growing by a

healthy 67.8% over 8,033 units in May 2009. CV and 3-wheeler sales of M&M in domestic

market were also on a high growth trajectory. While CV sales at 7,796 units were up 43.9%, 3-

wheeler domestic sales volume increased by 59.4% y-o-y to 4,309 units during the month.

FOREIGN DIRECT INVESTMENT IN AUTOMOBILE INDUSTRY:

FDI Inflows to Automobile Industry have been at an increasing rate as India has witnessed a

major economic liberalization over the years in terms of various industries. The automobile

sector in India is growing by 18 percent per year.

The automobile sector in the Indian industry is one of the high performing sectors of the Indian

economy. This has contributed largely in making India a prime destination for many

international players in the automobile industry who wish to set up their businesses in India. The

automobile industry in India is growing by 18 percent per year. The automobile sector in India

was opened up to foreign investments in the year 1991. 100% Foreign Direct Investment (FDI) is

allowed in the automobile industry in India. The production level of the automobile sector has

Page | 12



increased from 2 million in 1991 to 9.7 million in 2006 after the participation of global players in

the sector.

Advantages of FDI in the Automobile Sector in India:

The basic advantages provided by India in the automobile sector include, advanced technology,

cost-effectiveness, and efficient manpower. Besides, India has a well-developed and competent

Auto Ancillary Industry along with automobile testing and R&D centres. The automobile sector

in India ranks third in manufacturing three wheelers and second in manufacturing of two

wheelers.

Opportunities of FDI in the Automobile Sector in India:

Opportunities of FDI in the Automobile Sector in India exist in

• Establishing Engineering Centres.

• Two Wheeler Segment.

• Exports.

• Establishing Research and Development Centres.

• Heavy truck Segment.

• Passenger Car Segment.

Important Aspects of FDI in Automobile Industry:

a) FDI up to 100 percent has been permitted under automatic route to this sector, which has

led to a turnover of USD 12 billion in the Indian auto industry and USD 3 billion in the

auto parts industry.

b) The manufacturing of automobiles and components are permitted 100 percent FDI under

automatic route.

c) The automobile industry in India does not belong to the licensed agreement.

Page | 13



d) Import of components is allowed without any restrictions and also encouraged.

PESTL ANALYSIS:

Political:

• In 2002, the Indian government formulated an auto policy that aimed at promoting

integrated, phased, enduring and self-sustained growth of the Indian automotive industry

• Allows automatic approval for foreign equity investment up to 100% in the automotive

sector and does not lay down any minimum investment criteria.

• Formulation of an appropriate auto fuel policy to ensure availability of adequate amount

of appropriate fuel to meet emission norms

• Confirms the government’s intention on harmonizing the regulatory standards with the

rest of the world

• Indian government auto policy aimed at promoting an integrated, phased and conductive

growth of the Indian automobile industry.

• Allowing automatic approval for foreign equity investment up to 100% with no minimum

investment criteria.

• Establish an international hub for manufacturing small, affordable passenger cars as well

as tractor and two wheelers.

• Ensure a balanced transition to open trade at minimal risk to the Indian economy and

local industry.

• Assist development of vehicle propelled by alternate energy source.

• Lying emphasis on R&D activities carried out by companies in India by giving a

weighted tax deduction of up to 150% for in house research and R&D activities.

• Plan to have a terminal life policy for CVs along with incentives for replacement for such

vehicles.

Page | 14



• Promoting multi-model transportation and the implementation of mass rapid transport

system.

Economic:

• The level of inflation Employment level per capita is right.

• Economic pressures on the industry are causing automobile companies to reorganize the

traditional sales process.

• Weighted tax deduction of up to 150% for in-house research and R & D activities.

• Govt. has granted concessions, such as reduced interest rates for export financing.

• The Indian economy has grown at 8.5% per annum.

• The manufacturing sector has grown at 8-10 % per annum in the last few years.

• More than 90% of the CV purchase is on credit.

• Finance availability to CV buyers has grown in scope during the last few years.

• The increased enforcement of overloading restrictions has also contributed to an increase

in the no. of CVs plying on Indian roads.

• Several Indian firms have partnered with global players. While some have formed joint

ventures with equity participation, other also has entered into technology tie-ups.

• Establishment of India as a manufacturing hub, for mini, compact cars, OEMs and for

auto components.

Social:

• Since changed lifestyle of people, leads to increased purchase of automobiles, so

automobile sector have a large customer base to serve.

• The average family size is 4, which makes it favorable to buy a four wheeler.

Page | 15



• Growth in urbanization, 4th largest economy by ppp index.

• Upward migration of household income levels.

• 85% of cars are financed in India.

• Car priced below USD 12000 accounts for nearly 80% of the market.

• Vehicles priced between USD 7000-12000 form the largest segment in the passenger car

market.

• Indian customers are highly discerning, educated and well informed. They are price

sensitive and put a lot of emphasis on value for money.

• Preference for small and compact cars. They are socially acceptable even amongst the

well off.

• Preference for fuel efficient cars with low running costs.

Technological:

• More and more emphasis is being laid on R & D activities carried out by companies in

India.

• Weighted tax deduction of up to 150% for in-house research and R & D activities.

• The Government of India is promoting National Automotive Testing and R&D

Infrastructure Project (NATRIP) to support the growth of the auto industry in India

• Technological solutions helps in integrating the supply chain, hence reduce losses and

increase profitability.

• Customized solutions (designer cars, etc) can be provided with the proliferation of

technology

• Internet makes it easy to collect and analyse customer feedback

• With the entry of global companies into the Indian market, advanced technologies, both

in product and production process have developed.

Page | 16



• With the development or evolution of alternate fuels, hybrid cars have made entry into

the market.

• Few global companies have setup R &D centers in India.

• Major global players like audi, BMW, Hyundai etc have setup their manufacturing units

in India.

Environmental:

• Physical infrastructure such as roads and bridges affect the use of automobiles. If there is

good availability of roads or the roads are smooth then it will affect the use of

automobiles.

• Physical conditions like environmental situation affect the use of automobiles. If the

environment is pleasant then it will lead to more use of vehicles.

• Technological solutions helps in integrating the supply chain, hence reduce losses and

increase profitability.

• With the entry of global companies into the Indian market, advanced technologies, both

in product and production process have developed.

• With the development or evolution of alternate fuels, hybrid cars have made entry into

the market.

• Few global companies have setup R &D centers in India.

• Major global players like audi, BMW, Hyundai etc have setup their manufacturing units

in India.

Legal:

• Legal provision relating to environmental population by automobiles.

• Legal provisions relating to safety measures.

Page | 17



• Confirms the government’s intention on harmonizing the regulatory standards with the

rest of the world

• Indian government auto policy aimed at promoting an integrated, phased and conductive

growth of the Indian automobile industry.

• Establish an international hub for manufacturing small, affordable passenger cars as well

as tractor and two wheelers.

Ensure a balanced transition to open trade at minimal risk to the Indian economy and local

industry.

Technical specifications:

Model 1 - Basic Model

Page | 18

Model 10 TR low bed two axle car carrier

Overall length of trailer 22400 mm

Overall width of trailer 2600 mm

Un laden height of trailer 4750 ± 50 mm

Inner clear passage width (mudguard) 1975 mm

Inner clear width (elsewhere) 2100 mm



Steel Body Body structure fabricated with well integrated rectangular cross tubings for

excellent torsional strength and high strength. High strength to weight ratio and

maximized load bearing. Side and roof panels are corrugated with CR sheets for

high rigidity with lesser weight. 3 inspection doors (600x1000mm) on left side.

Main Chassis MIG welded construction comprising 02 No. longitudinal-beams of ISMB 300/

ISMB 250 suitable flitched. Cross Bearers are ISMC 125x65/100x50 & 75x40

closely pitched and reinforced with longitudinal angles ISA 40x40x5 &

ISA50x50x5 for higher cubic volume.

Axles 10 T capacity tandem solid axles (diameter 118 mm) with highly precision

engineered spindle ends to receive taper roller bearings, hub (made of S.G iron)

and brake drum. Hubs have 10 bolts at PCD 335 mm for drum/ rim fixation.

Upper deck

Platform

3 Platform constructions, manual, hydraulic cylinder operated for flexibility in

multiple car loading. Platform made from tubular rectangular pipes reinforced

with cross members of ISMC 75x40. In addition, our range also has box and anti-

skid perforated sheet.

Lower

Platform

Made with perforated sheet of with chequered sheet 3.2 mm in the middle and

side of the track.

Hoisting

System

Conventional hydraulic kit powered kit powered with HYVA battery. Well-

designed hydraulic circuit with high quality equipment and accessories.

Rear door cum

loading ramp

Loading / unloading operated with twin hydraulic cylinders. Tubular construction

with 1.6 mm thick M.S. plain sheet (outer side) adn 2.5 mm M.S. sheet (inner side

wheel track). Antiskid rod to avoid slipping of tyres.

Page | 19



Additional model

There is a wide range of Car Carriers that is fabricated with well integrated rectangular cross

tubings. The upper deck platform has 3 platform constructions for flexibility at the time of

multiple car loading. Loading and unloading is operated using twin hydraulic cylinders. In

addition, there are various other accessories available such as SUPD, RUPD, toolbox and

stepney bracket. Following are the features of of Car Carriers:

• High load bearing capacity

• Easy loading and unloading

• Available with various accessories

Model SVK-CC

Trailer type 10 TR Low bed/Two Axle Car Carrier

Overall Length of Traller 22400 mm

Overall Width of Traller 2600mm

Unladen Hight of Trailler 4750 ± 50 mm

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Inner Clear Passage Width(mudguard) 1975 mm

Inner Clear Width(Elsewhere) 2100 mm

Dimension(L×W×H) (mm) 12200x2700x1250

Axle number 3

Wheel base 4450

Spring leaf (front/rear) 07/07/09

Quantity of tyre 12

Inner Clear Width(Elsewhere) 2100 mm

TYRE Size 10.00-20

Axles number 2

Wheelbase 3050

Spring Leaf (Front/Rear) 07/07/09

Quantity of Tyre 8

Material of Beam ISMB450

Financials

Page | 21



Assets

Non-cash Assets from Start-up 8,000,000

Cash Requirements from Start-up 200,000

Cash Balance on Starting Date 150,000

Total Assets 8,350,000

Capital

Planned Investment

Owner 4,175,000

Investor 4,175,000

Additional Investment Requirement 0Total Planned Investment 8,350,000

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Income Statement

2011 2012 2013 2014 Totals

Sales

Sales 64,447,953 72,503,947 80,559,941 88,615,935 306,127,776Total Sales 64,447,953 72,503,947 80,559,941 88,615,935 306,127,776

LessCost of Goods Sold

Materials 800,000 960,000 1,152,000 1,175,040 4,087,040

Labor 105,000 126,000 151,200 181,440 563,640

Overhead 50,000 60,000 70,000 80,000 260,000

Total Cost of Goods Sold 955,000 1,146,000 1,373,200 1,436,480 4,910,680

Gross Profit 63,492,953 71,357,947 79,186,741 87,179,455 301,217,096

Operating Expenses

Salaries and wages 200,000 220,000 240,000 260,000 920,000

Utilities 30,000 40,000 50,000 60,000 180,000

Repairs and maintenance 100,000 120, 000 140,000 160,000 520,000

Insurance 100,000 110,000 120,000 130,000 460,000

Office supplies 60,000 65,000 70,000 75,000 270,000Professional fees 500,000 600,000 700,000 800,000 2,600,000

Training and development 100, 000 150, 000 200, 000 250,000 700,000

Depreciation 1,000,000 120,000 160,000 200,000 1,480,000

Total Operating Expenses 2,090,000 1,425,000 1,680,000 1,935,000 7,130,000

Operating I ncome 61,402,953 69,932,947 77,506,741 85,244,455 294,087,096

Interest income (expense) 0 0 0 0 0

Other income (expense) 0 0 0 0 0

Total Nonoperating Income (Expense) 0 0 0 0 0

Income Before Taxes 61,402,953 69,932,947 77,506,741 85,244,455 294,087,096

Income Taxes 18,420,886 20,979,884 23,252,022 25,573,337 88,226,129

Net I ncome 42,982,067 48,953,063 54,254,719 59,671,119 205,860,967

Cumulative Net Income 42,982,067 91,935,130 146,189,849 205,860,967 411,721,935

Operating Cash Flow 43,982,067 92,055,130 146,349,849 206,060,967 413,201,935

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