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Exhibit 1 LBO Structure

Assumptions :
Sales Growth
COGS as % of Sales
S,G&A as % of Sales
Depreciation as % of Sales
Transaction Fee Amortization (5 years)
Tax Rate
Cap. Ex. as % of Sales
Inc. in WC as % of Inc. in Sales
Sources of Funds
Senior Debt @
Junior Debt @
Equity

9.0% INR 45.0


13.0% INR 100.0
INR 60.0

Total

INR 205.0

Uses of Funds
Purchase Price
Transaction Costs

INR 200.0
INR 5.0

Total

INR 205.0

Target Projections

Less :

=
Less :
=
Less :

=
Less :
=

Net Sales
COGS
S,G&A
Depreciation
Operating Income
Transaction Fee Amortization EBIT
Interest Expense
Senior Debt 9.0%
Junior Debt 13.0%
Total Interest Expense
Pre-tax Income
Income Taxes
Net Income
Free Cash Flow Calculation
Net Income
Plus: Depreciation
Plus: Transaction Fee Amortization
Less: Capital Expenditures

0
170.00
102.00
25.50
9.40
33.10
33.10

0.00
33.10

Less: Increase in Working Capital


Free Cash Flow

Capitalization
0
Senior Debt - Beginning Balance
Mandatory Amortization
Cash Sweep
Senior Debt - Ending Balance

45.00

Junior Debt - Beginning Balance


Mandatory Amortization
Cash Sweep
Junior Debt - Ending Balance

100.00

Senior Debt
Junior Debt
Equity
Total Capitalization
Senior Debt
Junior Debt
Equity

Exhibit 2 LBO Return Calculations


Cash Flows to Common Equity
EBITDA
Total Debt
Exit Multiple
5.5*
6.5*
7.5*

1/1/2000

Outflow
(60.00)
(60.00)
(60.00)

Exit In:

EBITDA multiple

IRR

Year 1

5.5*
6.5*
7.5*

(60.00)
(60.00)
(60.00)

Year 2

5.5*
6.5*
7.5*

(60.00)
(60.00)
(60.00)

Year 3

5.5*

(60.00)

6.5*
7.5*

(60.00)
(60.00)

Year 4

5.5*
6.5*
7.5*

(60.00)
(60.00)
(60.00)

Year 5

5.5*
6.5*
7.5*

(60.00)
(60.00)
(60.00)

Years
1
5.0%
60.0%
15.0%
5.5%
INR 1.0
35.0%
5.5%
7.0%

2
5.0%
60.0%
15.0%
5.5%
INR 1.0
35.0%
5.5%
7.0%

3
5.0%
60.0%
15.0%
5.5%
INR 1.0
35.0%
5.5%
7.0%

4
5.0%
60.0%
15.0%
5.5%
INR 1.0
35.0%
5.5%
7.0%

5
5.0%
60.0%
15.0%
5.5%
INR 1.0
35.0%
5.5%
7.0%

Years
1
178.50
107.10
26.78
9.82
34.81
1.00
33.81

2
187.43
112.46
28.11
10.31
36.55
1.00
35.55

3
196.80
118.08
29.52
10.82
38.38
1.00
37.38

4
206.64
123.98
31.00
11.36
40.29
1.00
39.29

5
216.97
130.18
32.55
11.93
42.31
1.00
41.31

4.05
13.00
17.05
16.76
5.87
10.89

3.12
13.00
16.12
19.42
6.80
12.63

2.04
13.00
15.04
22.33
7.82
14.52

0.80
13.00
13.80
25.50
8.92
16.57

0.00
12.08
12.08
29.22
10.23
19.00

10.89
9.82
1.00
9.82

12.63
10.31
1.00
10.31

14.52
10.82
1.00
10.82

16.57
11.36
1.00
11.36

19.00
11.93
1.00
11.93

0.60
11.30

0.62
13.00

0.66
14.86

0.69
16.89

0.72
19.27

1
45.00
1.00
10.30
34.70

Years
2
34.70
1.00
12.00
22.70

3
22.70
1.00
13.86
8.84

5
8.84
1.00
8.84
0.00

0.00
1.00
0.00
0.00

100.00
0.00
0.00
100.00

100.00
0.00
0.00
100.00

100.00
0.00
0.00
100.00

100.00
0.00
7.04
92.96

92.96
0.00
0.00
92.96

34.70
100.00
70.89
205.60

22.70
100.00
12.63
135.33

8.84
100.00
14.52
123.36

0.00
92.96
16.57
109.53

0.00
92.96
19.00
111.95

Years
1/1/2002
1/1/2003
45.86
48.20
122.70
108.84
Inflows

1/1/2004
50.66
92.96

1/1/2005
53.24
92.96

1/1/2001
43.63
134.70

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