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Round off 100,000

Cost of Project Rs In Lakhs

Sl.No. Particulars Amount

A Cost of Project

1 Equipments 65.002 Interiors 25.00 90.00

3 Lease Deposit 20.00

4 Working Capital

Total 110.00

B Means of Finance

1 Equity 36.67

2 Debt 73.33

Total 110.00

Debt:Equity 2 :1

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16

No. of Centers 2 3 3 3 3

Investment 220.00 330.00 330.00 330.00 330.00

Equity 73.33 110.00 110.00 110.00 110.00

Debt 146.67 220.00 220.00 220.00 220.00

Total Centres 3 6 9 12 15

Fitch Clubs Private Limited

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Assumptions: Revenue

Excisiting GYM

Sl.No. Particulars UOMIncrement

Factor2011-12 2011-12

A GENERAL GYM MEMBERSHIP

I GENERAL ANNUAL MEMBERSHIP

1 General Gym Membership - Numbers

a. No of Members - Existing Nos 274 302

b. No of Members - Additions Nos 60% 165 182

c. No of Members - Attrition Nos 50% 137 151

d. No of Members - Closing Nos 302 333

2 Membership Fee Structure

a. Membership Fee - Existing Rs. Per Annum 14,500.00 14,500.00

b. Membership Fee - New Rs. Per Annum 14,500.00 14,500.00

3 Revenue from General Gym Membership

a. Existing Members (1a x 2a x 1/100,000) Rs. In Lacs 39.73 43.79

b. New Members (1b x 2b x 1/100,000) Rs. In Lacs 23.93 26.39

Note: It is assumed that the attrition takes place at the beginning of the year

4 Total Revenue from General Annual Membership (3a + 3b) Rs. In Lacs 63.66 70.18

Sl.No. Particulars UOMIncrement

Factor2011-12 2011-12

A GENERAL GYM MEMBERSHIPCOUPLES ANNUAL MEMBERSHIP

1 General Gym Membership Numbers

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Sl.No. Particulars UOMIncrement

Factor2011-12 2011-12

A GENERAL GYM MEMBERSHIP

STUDENT ANNUAL MEMBERSHIP

1 General Gym Membership - Numbers

a. No of Members - Existing Nos 74 82

b. No of Members - Additions Nos 60% 45 50

c. No of Members - Attrition Nos 50% 37 41

d. No of Members - Closing Nos 82 91

2 Membership Fee Structure

a. Membership Fee - Existing Rs. Per Annum 11,786.00 11,786.00

b. Membership Fee - New Rs. Per Annum 11,786.00 11,786.00

3 Revenue from General Gym Membership

a. Existing Members (1a x 2a x 1/100,000) Rs. In Lacs 8.72 9.66

b. New Members (1b x 2b x 1/100,000) Rs. In Lacs 5.30 5.89

Note: It is assumed that the attrition takes place at the beginning of the year

4 Total Revenue from Student annual Membership (3a + 3b) Rs. In Lacs 14.03 15.56

Sl.No. Particulars UOMIncrement

Factor2011-12 2011-12

A GENERAL GYM MEMBERSHIP

II MONTHLY MEMBERSHIP

1 General Gym Membership - Numbers

a. No of Members - Existing Nos 6 7

b. No of Members - Additions Nos 60% 4 5

c. No of Members - Attrition Nos 50% 3 4

d. No of Members - Closing Nos 7 8

2 Membership Fee Structure

a. Membership Fee - Existing Rs. Per Month 3,500.00 3,500.00b. Membership Fee - New Rs. Per Month 3,500.00 3,500.00

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2 Membership Fee Structure

a. Membership Fee - Existing Rs. Per Quarter 3,500.00 3,500.00

b. Membership Fee - New Rs. Per Quarter 3,500.00 3,500.00

3 Revenue from General Gym Membership

a. Existing Members (1a x 2a x 2/100,000) Rs. In Lacs 0.98 1.12

b. New Members (1b x 2b x 2/100,000) Rs. In Lacs 0.63 0.70

Note: It is assumed that the attrition takes place at the beginning of the year

4 Total Revenue from Half Yearly Membership (3a + 3b) Rs. In Lacs 1.61 1.82

A TOTAL REVENUE FROM GENERAL GYM MEMBERSHIP Rs. In Lacs 110.21 122.10

Sl.No. Particulars UOMIncrement

Factor2011-12 2012-13

B PERSONAL TRAINING

1 Personal Training - Numbers

a. No of Members - Existing Nos 27 30

b. No of Members - Additions Nos 60% 17 18

c. No of Members - Attrition Nos 50% 14 15

d. No of Members - Closing Nos 30 33

2 Membership Fee Structure

a. Membership Fee - Existing Rs. Per month 5,000.00 5,000.00

b. Membership Fee - New Rs. Per month 5,000.00 5,000.00

3 Revenue from Personal Training

a. Existing Members (1a x 2a x 12/100,000) Rs. In Lacs 16.20 18.00

b. New Members (1b x 2b x 12/100,000) Rs. In Lacs 10.20 10.80

Note: It is assumed that the attrition takes place at the beginning of the year

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Opening Balance 180.72 261.91

Add: Availment 146.67 220.00

Add: Interest 49.11 72.29

Less: Principal Repayment 65.48 109.48

Less: Interest Repayment 49.11 72.29

Closing Balance 261.91 372.43

SUMMARY OF FINANCE COST

Term Loan Interest 49.11 72.29

Working Capital Interest - -Principal Repayment 65.48 109.48

Sl.No. Particulars 2011-12 2012-13

TERM LOAN PRINCIPAL REPAYMENT

Opening Balance 36.14 36.14

Additional Loan 29.33 73.33

Total Repayment 65.48 109.48

Assumptions: OthersSl.No. Particulars 2011-12

Particulars ncrease YoY

Administration Cost 10% of Sales 5% 13.66

Maintenance Cost 7% of Sales 5% 9.56

Marketing Cost 5% of Sales 5% 6.83Rent 200000 P.M 5% 72.00

Electricity 75000 P.M 5% 27.00

Assumptions: DepreciationSl.No. Particulars 2011-12 2012-13

Particulars Rate

Basis

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196

33

Round off 100,000 18

53

ADDITIONAL GYMS

2011-12 2011-12 2011-12 Sl.No. Particulars UOMIncremen

t Factor2011-12 2011-12 2011-12

A GENERAL GYM MEMBERSHIP

I GENERAL ANNUAL MEMBERSHIP

1 General Gym Membership - Numbers

333 366 403 a. No of Members Nos 196 216 238

200 220 242 b. No of Members Nos 60% 118 130 143

167 183 202 c. No of Members Nos 50% 98 108 119

366 403 443 d. No of Members Nos 216 238 262

2 Membership Fee Structure

14,500.00 14,500.00 14,500.00 a. Membership Fe Rs. Per Annum ####### ####### #######

14,500.00 14,500.00 14,500.00 b. Membership Fe Rs. Per Annum ####### ####### #######

3 Revenue from General Gym Membership

48.29 53.07 58.44 a. Existing Membe Rs. In Lacs 28.42 31.32 34.51

29.00 31.90 35.09 b. New Members ( Rs. In Lacs 17.11 18.85 20.74

Note: It is assumed that the attrition takes place at the beginning of the year

77.29 84.97 93.53 4 Total Revenue from GRs. In Lacs 45.53 50.17 55.25

2011-12 2011-12 2011-12 Sl.No. Particulars UOMIncremen

t Factor2011-12 2011-12 2011-12

A GENERAL GYM MEMBERSHIP

COUPLES ANNUAL MEMBERSHIP

1 General Gym Membership - Numbers

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2011-12 2011-12 2011-12 Sl.No. Particulars UOMIncremen

t Factor2011-12 2011-12 2011-12

A GENERAL GYM MEMBERSHIP

STUDENT ANNUAL MEMBERSHIP

1 General Gym Membership - Numbers

91 100 110 a. No of Members Nos 53 58 64

55 60 66 b. No of Members Nos 60% 32 35 39

46 50 55 c. No of Members Nos 50% 27 29 32

100 110 121 d. No of Members Nos 58 64 71

2 Membership Fee Structure

11,786.00 11,786.00 11,786.00 a. Membership Fe Rs. Per Annum ####### ####### #######

11,786.00 11,786.00 11,786.00 b. Membership Fe Rs. Per Annum ####### ####### #######

3 Revenue from General Gym Membership

10.73 11.79 12.96 a. Existing Membe Rs. In Lacs 6.25 6.84 7.54

6.48 7.07 7.78 b. New Members ( Rs. In Lacs 3.77 4.13 4.60

Note: It is assumed that the attrition takes place at the beginning of the year

17.21 18.86 20.74 4 Total Revenue from S Rs. In Lacs 10.02 10.96 12.14

2011-12 2011-12 2011-12 Sl.No. Particulars UOMIncremen

t Factor2011-12 2011-12 2011-12

A GENERAL GYM MEMBERSHIP

II MONTHLY MEMBERSHIP

1 General Gym Membership - Numbers

8 9 10 a. No of Members Nos 6 7 8

5 6 6 b. No of Members Nos 60% 4 5 5

4 5 5 c. No of Members Nos 50% 3 4 4

9 10 11 d. No of Members Nos 7 8 9

2 Membership Fee Structure

3,500.00 3,500.00 3,500.00 a. Membership Fe Rs. Per Month 3,500.00 3,500.00 3,500.003,500.00 3,500.00 3,500.00 b. Membership Fe Rs. Per Month 3,500.00 3,500.00 3,500.00

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2 Membership Fee Structure

3,500.00 3,500.00 3,500.00 a. Membership Fe Rs. Per Quarter 3,500.00 3,500.00 3,500.00

3,500.00 3,500.00 3,500.00 b. Membership Fe Rs. Per Quarter 3,500.00 3,500.00 3,500.00

3 Revenue from General Gym Membership

1.26 1.40 1.54 a. Existing Membe Rs. In Lacs 0.70 0.77 0.84

0.77 0.84 0.98 b. New Members ( Rs. In Lacs 0.42 0.49 0.56

Note: It is assumed that the attrition takes place at the beginning of the year

2.03 2.24 2.52 4 Total Revenue from HRs. In Lacs 1.12 1.26 1.40

134.40 148.26 163.29 A TOTAL REVENUE FRO Rs. In Lacs 160.16 442.97 781.15

2013-14 2014-15 2015-16 Particulars UOMIncremen

t Factor2011-12 2012-13 2013-14 2014-15

PERSONAL TRAINING

Personal Training - Numbers

33 36 40 a. No of Members - E Nos 20 22 25 27

20 22 24 b. No of Members - A Nos 60% 12 14 15 17

17 18 20 c. No of Members - AtNos 50% 10 11 13 14

36 40 44 d. No of Members - Cl Nos 22 25 27 30

Membership Fee Structure

5,000.00 5,000.00 5,000.00 a. Membership Fee - Rs. Per month 5,000.00 5,000.00 5,000.00 5,000.00

5,000.00 5,000.00 5,000.00 b. Membership Fee - Rs. Per month 5,000.00 5,000.00 5,000.00 5,000.00

Revenue from Personal Training

19.80 21.60 24.00 a. Existing Members ( Rs. In Lacs 12.00 13.20 15.00 16.20

12.00 13.20 14.40 b. New Members (1b Rs. In Lacs 7.20 8.40 9.00 10.20

Note: It is assumed that the attrition takes place at the beginning of the year

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372.43 438.95 461.48

220.00 220.00 220.00

88.86 98.84 102.22

153.48 197.48 241.48

88.86 98.84 102.22

438.95 461.48 440.00

88.86 98.84 102.22

- - -

153.48 197.48 241.48

2013-14 2014-15 2015-16

36.14 36.14 36.14

117.33 161.33 205.33

153.48 197.48 241.48

Rs. In Lacs

2012-13 2013-14 2014-15 2015-16

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2011-12 2011-12

262 289

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2011-12 2011-12

71 78

43 47

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3,500.00 3,500.00

3,500.00 3,500.00

0 98 1 12

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Projected Income Statements

Sl.No. Particulars Basis 2011-12 2012-13 2013-14 2014-15

A REVENUE

1. General Gym Membership 270.37 565.07 915.55 1,337.94

2. Personal Training 64.80 136.80 223.80 325.20

3. Other Income 3.00 6.00 9.00 12.00

Total 338.17 707.87 1,148.35 1,675.14

B EXPENSES

1. Employee Cost 73.98 162.76 268.55 393.87

3.Rent 72.00 151.20 226.80 302.40

4.Electricity 27.00 56.70 85.05 113.40

5.Finance Cost 49.11 72.29 88.86 98.846. Administration Cost 13.66 15.84 17.45 19.22

7. Maintenance Cost 9.56 11.09 12.22 13.46

8.Marketing Expenses 6.83 7.92 8.73 9.61

9. Depreciation 61.99 63.94 65.60 67.01

Total 314.14 541.74 773.26 1,017.81

C Profit/(Loss) before taxes 24.03 166.13 375.09 657.33

Less: Taxation @33% 7.93 54.82 123.78 216.92

D Profit/(Loss) after taxes 16.10 111.31 251.31 440.41

EBITDA 135.14 302.36 529.56 823.18

Cash Profit 78.10 175.25 316.92 507.42

Accumulated Profit 24.03 190.16 565.26 1,222.58

Working CapitalSl.No. Particulars Days 2011-12 2012-13 2013-14 2014-15

Fitch Clubs Private Limited

Opening Balance 18 43 47 59 368 37 786 81

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Opening Balance 18.43 47.59 368.37 786.81

Closing Balance 47.59 368.37 786.81 1,351.75

Balance Sheet Projections

Sl.No. Particulars 2010-11 2011-12 2012-13 2013-14 2014-15

A SOURCES OF FUNDS

1. Share Capital 23.56 96.89 206.89 316.89 426.89

2. Reserves & Surplus -30.21 14.11- 97.19 348.51 788.923. Secured Loans 180.72 261.91 372.43 438.95 461.48

4. Unsecured Loans 23.45 0.00- 0.00- 0.00- 0.00-

5. Current Liabilities 63.96 63.96 63.96 63.96 63.96

6. Working Capital Borrowing - - - -

Total 261.47 408.65 740.48 1,168.31 1,741.25

B APPLICATION OF FUNDS

1. Fixed Assets 233.29 351.30 362.35 371.75 379.74

2. Current Assets 9.68 9.68 9.68 9.68 9.68

3. Cash & Bank Balances 18.43 47.59 368.37 786.81 1,351.75

4. Preliminary Expenses not written off 0.08 0.08 0.08 0.08 0.08

Total 261.47 408.65 740.48 1,168.31 1,741.25

0.00 0.00 0.00 0.00 0.00

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Rs. In Lacs

2015-16

1 830 60

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1,351.75

2,109.42

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Valuation Summary Rs. In LacsSl.No. Particulars Value Weight Weighted Value

1. Net Worth Method 6.65- 0% -

2. Discounted Cash Flow 25% -

3. Revenue Multiple Method 25% -4. EBITDA Multiple 25% -

Total -

Sl.No. Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

A DISCOUNTED FREE CASH FLOW

Cash flow from operations 78.10 175.25 316.92 507.42 744.14

Add/Less: Working Capital changes - - - - -

Add: Interest Repayments 49.11 72.29 88.86 98.84 102.22

Free Cash Flow to the Firm (FCFF) 127.20 247.54 405.78 606.27 846.37

Add: Terminal Value (EBITDA x 3) 2,358.57

Total FCFF 127.20 247.54 405.78 606.27 3,204.94Discounting Factor 15%

Value of the Firm INR 2,504.65 Lakhs

Sl.No. Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

A REVENUE MULTIPLE

No.of Shares Oustanding 268.93 184.48 228.48 272.48 316.48

Market Price per share #VALUE! #VALUE! #VALUE! #VALUE! -Add I t t R t 16 10 111 31 251 31 440 41 675 93

Fitch Clubs Private Limited