ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Assumption RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Economic Assumption
Exchange Rate
USD / RMB
USD / EURO
EURO / RMB
Interest Rate
USD Term Loan % % % % % % % % % % % %
RMB Term Loan % % % % % % % % % % % %
USD WC Loan % % % % % % % % % % % %
RMB WC Loan % % % % % % % % % % % %
USD Deposit % % % % % % % % % % % %
RMB Deposit % % % % % % % % % % % %
Inflation Rate
United States % % % % % % % % % % % %
Domestic % % % % % % % % % % % %
Financial Assumption
Taxation
VAT - Export Sales % % % % % % % % % % % %
VAT - Domestic Sales % % % % % % % % % % % %
Corporate Income Tax % % % % % % % % % % % %
WK. Assumption
A/R Days
Inventory Days A/R, Inventory and A/P Days Refer To Balance Sheet
A/P Days
Minimum Cash / Sales % % % % % % % % % % % %
Other Current Assets / Sales % % % % % % % % % % % %
Other Current Liabilities / Sales % % % % % % % % % % % %
Cashflow Assumption
Approved Loan Balance In USD => 5,000
Loan Available USD 3,517 3,517 3,517 3,517 3,517 1,309 343 101 101 826 1,792 2,792
Loan Drawing
USD Loan USD 0 0 0 0 0 1,000 0 0 0 0 0 0 1,000
RMB Loan RMB 0 0 0 0 0 10,000 8,000 2,000 0 0 0 0 20,000
Loan Retirement
USD Loan USD 0 0 0 0 0 0 0 0 0 0 0 1,000 1,000
RMB Loan RMB 0 0 0 0 0 0 0 0 0 6,000 8,000 0 14,000
Capital Injection USD 0 0 0 0 2,000 0 0 0 0 0 0 0 2,000
ISP Fee Payment USD 0 0 0 0 0 0 0 0 0 0 0 0 0
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Assumption RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Revenue RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Summary
Total Revenue Nominal In RMB 36,366 36,484 38,216 42,177 42,726 43,600 54,456 64,820 74,494 74,494 74,689 74,888 657,411
EURO 4,831 4,803 5,031 5,501 5,573 5,687 7,037 8,377 9,537 9,537 9,471 9,406 84,791
USD 4,392 4,406 4,615 5,094 5,160 5,266 6,577 7,829 8,997 8,997 9,020 9,044 79,397
Volume
A Car - Driver '000 pcs
A Car - Co driver '000 pcs
A Car - Passenger '000 pcs
B Car - Driver '000 pcs
B Car - Co driver '000 pcs
B Car - Passenger '000 pcs
C Car - Driver '000 sets
C Car - Co driver '000 sets
Pricing Annual Price Down
A Car - Driver -5%
A Car - Co driver -5%
A Car - Passenger -5%
B Car - Driver -2%
B Car - Co driver -2%
B Car - Passenger
C Car - Driver
C Car - Co driver
Unit Price
A Car - Driver EURO
A Car - Co driver EURO
A Car - Passenger EURO
B Car - Driver USD
B Car - Co driver USD
B Car - Passenger USD
C Car - Driver RMB
C Car - Co driver RMB
Sales Revenue
Export Sales
A Car - Driver EURO 492 492 557 524 557 590 656 721 754 754 754 754 7,604
A Car - Co driver EURO 463 463 525 494 525 556 618 679 710 710 710 710 7,163
A Car - Passenger EURO 755 755 856 806 856 906 1,007 1,108 1,158 1,158 1,158 1,158 11,681
B Car - Driver USD 838 838 838 1,005 985 985 1,149 1,149 1,149 1,149 1,149 1,149 12,382
B Car - Co driver USD 800 800 800 960 941 941 1,098 1,098 1,098 1,098 1,098 1,098 11,827
B Car - Passenger USD 1,200 1,200 1,200 1,440 1,440 1,440 1,680 1,680 1,680 1,680 1,680 1,680 18,000
Total In RMB 36,366 36,484 38,216 42,177 42,726 43,600 50,156 51,920 52,994 52,994 53,189 53,388 553,726
Domestic Sales
C Car - Driver RMB 0 0 0 0 0 0 2,200 6,600 11,000 11,000 11,000 11,000 52,800
C Car - Co driver RMB 0 0 0 0 0 0 2,100 6,300 10,500 10,500 10,500 10,500 50,400
Total In RMB 0 0 0 0 0 0 4,300 12,900 21,500 21,500 21,500 21,500 103,200
Sales Revenue Nominal In USD
A Car - Driver 447 451 511 486 516 546 613 674 711 711 718 725 7,108
A Car - Co driver 421 425 482 457 486 515 577 635 670 670 676 683 6,696
A Car - Passenger 687 693 785 746 793 839 941 1,035 1,093 1,093 1,103 1,114 10,920
B Car - Driver 838 838 838 1,005 985 985 1,149 1,149 1,149 1,149 1,149 1,149 12,382
B Car - Co driver 800 800 800 960 941 941 1,098 1,098 1,098 1,098 1,098 1,098 11,827
B Car - Passenger 1,200 1,200 1,200 1,440 1,440 1,440 1,680 1,680 1,680 1,680 1,680 1,680 18,000
C Car - Driver 0 0 0 0 0 0 266 797 1,329 1,329 1,329 1,329 6,377
C Car - Co driver 0 0 0 0 0 0 254 761 1,268 1,268 1,268 1,268 6,087
Total 4,392 4,406 4,615 5,094 5,160 5,266 6,577 7,829 8,997 8,997 9,020 9,044 79,397
Sales Revenue Nominal In RMB
A Car - Driver 3,701 3,735 4,232 4,020 4,272 4,523 5,072 5,580 5,888 5,888 5,944 6,002 58,858
A Car - Co driver 3,486 3,518 3,987 3,787 4,024 4,261 4,778 5,256 5,547 5,547 5,600 5,654 55,446
A Car - Passenger 5,685 5,737 6,502 6,176 6,562 6,948 7,792 8,572 9,046 9,046 9,132 9,220 90,419
B Car - Driver 6,935 6,935 6,935 8,321 8,155 8,155 9,514 9,514 9,514 9,514 9,514 9,514 102,520
B Car - Co driver 6,624 6,624 6,624 7,949 7,790 7,790 9,088 9,088 9,088 9,088 9,088 9,088 97,929
B Car - Passenger 9,936 9,936 9,936 11,923 11,923 11,923 13,910 13,910 13,910 13,910 13,910 13,910 149,040
C Car - Driver 0 0 0 0 0 0 2,200 6,600 11,000 11,000 11,000 11,000 52,800
C Car - Co driver 0 0 0 0 0 0 2,100 6,300 10,500 10,500 10,500 10,500 50,400
Total 36,366 36,484 38,216 42,177 42,726 43,600 54,456 64,820 74,494 74,494 74,689 74,888 657,411
Monthly Sales % Of Annual % % % % % % % % % % % % %
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Revenue RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Summary
Total Standard Material Cost RMB 21,843 21,971 23,023 25,462 25,991 26,521 33,211 39,511 45,474 45,474 45,673 45,876 400,030
Import Material In EURO EURO 1,847 1,847 1,936 2,127 2,172 2,216 2,541 2,630 2,675 2,675 2,675 2,675 28,017
Import Material In USD USD 452 452 473 522 532 543 691 847 994 994 994 994 8,488
Domestic Material In RMB RMB 4,196 4,196 4,393 4,838 4,936 5,035 7,831 12,139 16,348 16,348 16,348 16,348 112,953
% Of Sales Revenue % % % % % % % % % % % % %
Material Cost Variance (Manual Input) 0 0 0 0 0 0 0 0 0 0 0 0 0
% Of Total Standard Material Cost % % % % % % % % % % % % %
Grand Total Material Cost 21,843 21,971 23,023 25,462 25,991 26,521 33,211 39,511 45,474 45,474 45,673 45,876 400,030
% Of Sales Revenue % % % % % % % % % % % % %
Inbound Freight 920 920 965 1,058 1,081 1,104 1,347 1,556 1,743 1,743 1,743 1,743 15,923
% Of Pure Material Cost % % % % % % % % % % % % %
Outbound Freight 1,564 1,573 1,634 1,839 1,854 1,885 2,268 2,502 2,720 2,720 2,735 2,750 26,045
% Of Sales % % % % % % % % % % % % %
Material Price Adjustment
Imported Material EURO -2%
Imported Material USD -3%
Domestic Material RMB 1%
Unit Material Cost
A Car - Driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
A Car - Co driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
A Car - Passenger
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
B Car - Driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
B Car - Co driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
B Car - Passenger
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
C Car - Driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
C Car - Co driver
Imported Material EURO
Imported Material USD
Domestic Material RMB
Total RMB
Total Pure Material Cost - By Currency
Imported Material - EURO
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
A Car - Driver 156 156 177 167 177 187 208 229 239 239 239 239 2415
A Car - Co driver 156 156 177 167 177 187 208 229 239 239 239 239 2415
A Car - Passenger 359 359 407 383 407 430 478 526 550 550 550 550 5548
B Car - Driver 282 282 282 338 338 338 394 394 394 394 394 394 4226
B Car - Co driver 270 270 270 323 323 323 377 377 377 377 377 377 4043
B Car - Passenger 625 625 625 750 750 750 875 875 875 875 875 875 9371
C Car - Driver 0 0 0 0 0 0 0 0 0 0 0 0 0
C Car - Co driver 0 0 0 0 0 0 0 0 0 0 0 0 0
Total EURO 1,847 1,847 1,936 2,127 2,172 2,216 2,541 2,630 2,675 2,675 2,675 2,675 28,017
Imported Material - USD
A Car - Driver 87 87 98 92 98 104 116 127 133 133 133 133 1341
A Car - Co driver 72 72 82 77 82 87 96 106 111 111 111 111 1116
A Car - Passenger 0 0 0 0 0 0 0 0 0 0 0 0 0
B Car - Driver 158 158 158 189 189 189 221 221 221 221 221 221 2364
B Car - Co driver 136 136 136 163 163 163 190 190 190 190 190 190 2037
B Car - Passenger 0 0 0 0 0 0 0 0 0 0 0 0 0
C Car - Driver 0 0 0 0 0 0 39 116 194 194 194 194 931
C Car - Co driver 0 0 0 0 0 0 29 87 146 146 146 146 698
Total USD 452 452 473 522 532 543 691 847 994 994 994 994 8488
Domestic Material - RMB
A Car - Driver 379 379 430 404 430 455 506 556 581 581 581 581 5,864
A Car - Co driver 379 379 430 404 430 455 506 556 581 581 581 581 5,865
A Car - Passenger 720 720 816 768 816 864 961 1,057 1,105 1,105 1,105 1,105 11,142
B Car - Driver 659 659 659 791 791 791 923 923 923 923 923 923 9,885
B Car - Co driver 657 657 657 788 788 788 919 919 919 919 919 919 9,848
B Car - Passenger 1,401 1,401 1,401 1,682 1,682 1,682 1,962 1,962 1,962 1,962 1,962 1,962 21,021
C Car - Driver 0 0 0 0 0 0 1,030 3,091 5,151 5,151 5,151 5,151 24,725
C Car - Co driver 0 0 0 0 0 0 1,025 3,075 5,126 5,126 5,126 5,126 24,6040
Total RMB 4,196 4,196 4,393 4,838 4,936 5,035 7,831 12,139 16,348 16,348 16,348 16,348 112,953
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Total Pure Material Cost By Product
A Car - Driver
Imported Material EURO 156 156 177 167 177 187 208 229 239 239 239 239 2,415
Imported Material USD 87 87 98 92 98 104 116 127 133 133 133 133 1,341
Domestic Material RMB 379 379 430 404 430 455 506 556 581 581 581 581 5,864
Total Nominal Cost RMB 2,272 2,283 2,588 2,447 2,600 2,753 3,074 3,381 3,552 3,552 3,570 3,588 35,662
% OF Sales Revenue % % % % % % % % % % % % %
A Car - Co driver
Imported Material EURO 156 156 177 167 177 187 208 229 239 239 239 239 2,415
Imported Material USD 72 72 82 77 82 87 96 106 111 111 111 111 1,116
Domestic Material RMB 379 379 430 404 430 455 506 556 581 581 581 581 5,865
Total Nominal Cost RMB 2,152 2,163 2,451 2,319 2,463 2,608 2,913 3,204 3,368 3,368 3,385 3,403 33,797
% OF Sales Revenue % % % % % % % % % % % % %
A Car - Passenger
Imported Material EURO 359 359 407 383 407 430 478 526 550 550 550 550 5,548
Imported Material USD 0 0 0 0 0 0 0 0 0 0 0 0 0
Domestic Material RMB 720 720 816 768 816 864 961 1,057 1,105 1,105 1,105 1,105 11,142
Total Nominal Cost RMB 3,420 3,445 3,904 3,702 3,933 4,164 4,661 5,127 5,401 5,401 5,442 5,483 54,083
% OF Sales Revenue % % % % % % % % % % % % %
B Car - Driver
Imported Material EURO 282 282 282 338 338 338 394 394 394 394 394 394 4,226
Imported Material USD 158 158 158 189 189 189 221 221 221 221 221 221 2,364
Domestic Material RMB 659 659 659 791 791 791 923 923 923 923 923 923 9,885
Total Nominal Cost RMB 4,085 4,104 4,104 4,949 4,949 4,949 5,802 5,802 5,831 5,831 5,860 5,890 62,158
% OF Sales Revenue % % % % % % % % % % % % %
B Car - Co driver
Imported Material EURO 270 270 270 323 323 323 377 377 377 377 377 377 4,043
Imported Material USD 136 136 136 163 163 163 190 190 190 190 190 190 2,037
Domestic Material RMB 657 657 657 788 788 788 919 919 919 919 919 919 9,848
Total Nominal Cost RMB 3,810 3,828 3,828 4,617 4,617 4,617 5,413 5,413 5,441 5,441 5,469 5,497 57,988
% OF Sales Revenue % % % % % % % % % % % % %
B Car - Passenger
Imported Material EURO 625 625 625 750 750 750 875 875 875 875 875 875 9,371
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Imported Material USD 0 0 0 0 0 0 0 0 0 0 0 0 0
Domestic Material RMB 1,401 1,401 1,401 1,682 1,682 1,682 1,962 1,962 1,962 1,962 1,962 1,962 21,021
Total Nominal Cost RMB 6,104 6,147 6,147 7,429 7,429 7,429 8,730 8,730 8,794 8,794 8,859 8,925 93,520
% OF Sales Revenue % % % % % % % % % % % % %
C Car - Driver
Imported Material EURO 0 0 0 0 0 0 0 0 0 0 0 0 0
Imported Material USD 0 0 0 0 0 0 39 116 194 194 194 194 931
Domestic Material RMB 0 0 0 0 0 0 1,030 3,091 5,151 5,151 5,151 5,151 24,725
Total Nominal Cost RMB 0 0 0 0 0 0 1,351 4,054 6,757 6,757 6,757 6,757 32,435
% OF Sales Revenue % % % % % % % % % % % % %
C Car - Co driver
Imported Material EURO 0 0 0 0 0 0 0 0 0 0 0 0 0
Imported Material USD 0 0 0 0 0 0 29 87 146 146 146 146 698
Domestic Material RMB 0 0 0 0 0 0 1,025 3,075 5,126 5,126 5,126 5,126 24,604
Total Nominal Cost RMB 0 0 0 0 0 0 1,266 3,798 6,330 6,330 6,330 6,330 30,386
% OF Sales Revenue % % % % % % % % % % % % %
Total Pure Material RMB 21,843 21,971 23,023 25,462 25,991 26,521 33,211 39,511 45,474 45,474 45,673 45,876 400,030
Check () () () ()
Inbound Freight
Inbound Freight Per Set
A Car - Driver RMB
A Car - Co driver RMB
A Car - Passenger RMB
B Car - Driver RMB
B Car - Co driver RMB
B Car - Passenger RMB
C Car - Driver RMB
C Car - Co driver RMB
Total RMB 54 54 54 54 54 54 54 54 54 54 54 54
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Total Inbound Freight By Projects
A Car - Driver RMB 91 91 103 97 103 109 121 134 140 140 140 140 1,408
A Car - Co driver RMB 88 88 100 94 100 105 117 129 135 135 135 135 1,360
A Car - Passenger RMB 162 162 183 172 183 194 215 237 248 248 248 248 2,499
B Car - Driver RMB 153 153 153 184 184 184 214 214 214 214 214 214 2,295
B Car - Co driver RMB 150 150 150 179 179 179 209 209 209 209 209 209 2,243
B Car - Passenger RMB 277 277 277 332 332 332 387 387 387 387 387 387 4,151
C Car - Driver RMB 0 0 0 0 0 0 42 126 210 210 210 210 1,008
C Car - Co driver RMB 0 0 0 0 0 0 40 120 200 200 200 200 960
Total 920 920 965 1,058 1,081 1,104 1,347 1,556 1,743 1,743 1,743 1,743 15,923
Outbound Freight
Freight Rate Assumption
A Car - Driver RMB 106
A Car - Co driver RMB 100
A Car - Passenger RMB 163
B Car - Driver RMB 153
B Car - Co driver RMB 146
B Car - Passenger RMB 238
C Car - Driver RMB 26
C Car - Co driver RMB 25
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Total Outbound Freight
A Car - Driver RMB 130 131 148 141 150 158 178 195 206 206 208 210 2,060
A Car - Co driver RMB 122 123 140 133 141 149 167 184 194 194 196 198 1,941
A Car - Passenger RMB 199 201 228 216 230 243 273 300 317 317 320 323 3,165
B Car - Driver RMB 315 318 318 385 378 378 445 445 449 449 453 457 4,789
B Car - Co driver RMB 301 304 304 368 361 361 425 425 429 429 433 437 4,575
B Car - Passenger RMB 497 497 497 596 596 596 696 696 696 696 696 696 7,452
C Car - Driver RMB 0 0 0 0 0 0 44 132 220 220 220 220 1,056
C Car - Co driver RMB 0 0 0 0 0 0 42 126 210 210 210 210 1,008RMB
Total Freight RMB 1,564 1,573 1,634 1,839 1,854 1,885 2,268 2,502 2,720 2,720 2,735 2,750 26,045
Material Variance Adjustment 0
A Car - Driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
A Car - Co driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
A Car - Passenger RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
B Car - Driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
B Car - Co driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
B Car - Passenger RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
C Car - Driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
C Car - Co driver RMB 0 0 0 0 0 0 0 0 0 0 0 0 00 RMB
Total Variance RMB 0 0 0 0 0 0 0 0 0 0 0 0 0
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Material Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Labor Cost RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Summary
Headcount
Direct Labor 1,624 2,132 1,699 1,946 2,488 2,025 2,356 2,816 3,403 4,284 3,403 3,238 2,618
Indirect Headcount 237 237 237 237 237 237 237 237 237 237 237 237 237
Management 24 24 24 24 24 24 24 24 24 24 24 24 24
Monthly All-in Labor Cost
Direct Labor 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 22,201
Indirect 5,308 5,308 5,308 5,308 5,744 5,744 5,744 5,744 5,744 5,744 5,744 5,744 67,185
Management 17,802 17,802 17,802 17,802 20,044 20,044 20,044 20,044 20,044 20,044 20,044 20,044 231,559
Total Labor Cost
Direct Labor 3,004 3,944 3,143 3,600 4,603 3,746 4,359 5,209 6,296 7,926 6,296 5,991 58,117
Indirect 1,258 1,258 1,258 1,258 1,361 1,361 1,361 1,361 1,361 1,361 1,361 1,361 15,923
Management 427 427 427 427 481 481 481 481 481 481 481 481 5,557
4,689 5,629 4,828 5,285 6,445 5,588 6,202 7,052 8,139 9,768 8,139 7,833 79,597
Allocation
Direct Labor 3,004 3,944 3,143 3,600 4,603 3,746 4,359 5,209 6,296 7,926 6,296 5,991 58,117
MFG 663 663 663 663 726 726 726 726 726 726 726 726 8,459
ENG 726 726 726 726 790 790 790 790 790 790 790 790 9,220
G&A 161 161 161 161 178 178 178 178 178 178 178 178 2,068
IT 28 28 28 28 32 32 32 32 32 32 32 32 366
Selling 106 106 106 106 118 118 118 118 118 118 118 118 1,367
Total 4,689 5,629 4,828 5,285 6,445 5,588 6,202 7,052 8,139 9,768 8,139 7,833 79,597
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Overhead RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 20021 2 3 4 5 6 7 8 9 10 11 12
Summary
MFG Expenses 3,977 3,977 3,977 3,977 4,040 4,040 4,040 4,040 4,040 4,040 4,040 4,040 48,229
Engineering Expenses 1,190 1,190 1,190 1,190 1,253 1,253 1,253 1,253 1,253 1,253 1,253 1,253 14,785
G&A Expenses 385 385 385 385 402 402 402 402 402 402 402 402 4,753
Selling Expenses 374 374 374 374 385 385 385 385 385 385 385 385 4,582
Information Technology 296 296 296 296 299 299 299 299 299 299 299 299 3,581
Finance Expenses 148 148 148 147 147 147 198 210 212 212 202 188 2,107
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
Manufacturing Expenses
Salary 663 663 663 663 726 726 726 726 726 726 726 726 8,459
Maintenance 8 8 8 8 8 8 8 8 8 8 8 8 100
Spare Part 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Supply 417 417 417 417 417 417 417 417 417 417 417 417 5,000
Packaging Material 833 833 833 833 833 833 833 833 833 833 833 833 10,000
Lower Value Article 4 4 4 4 4 4 4 4 4 4 4 4 45
Utilities 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Stationary 3 3 3 3 3 3 3 3 3 3 3 3 30
Office Expense 2 2 2 2 2 2 2 2 2 2 2 2 20
Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0
Posting 0 0 0 0 0 0 0 0 0 0 0 0 0
Desktop & Notebook 0 0 0 0 0 0 0 0 0 0 0 0 0
ERP Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
E-mail System 0 0 0 0 0 0 0 0 0 0 0 0 0
Client Service 0 0 0 0 0 0 0 0 0 0 0 0 0
Traveling 8 8 8 8 8 8 8 8 8 8 8 8 90
Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Entertainment 4 4 4 4 4 4 4 4 4 4 4 4 50
Training 0 0 0 0 0 0 0 0 0 0 0 0 0
Recruitment 0 0 0 0 0 0 0 0 0 0 0 0 0
Consultant Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Shortage 21 21 21 21 21 21 21 21 21 21 21 21 250
Tax And Fee 8 8 8 8 8 8 8 8 8 8 8 8 100
Bad Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Others 7 7 7 7 7 7 7 7 7 7 7 7 85
Total FME 3,977 3,977 3,977 3,977 4,040 4,040 4,040 4,040 4,040 4,040 4,040 4,040 48,229
FME - COGS 3,977 3,977 3,977 3,977 4,040 4,040 4,040 4,040 4,040 4,040 4,040 4,040 48,229
Engineering Expenses
Salary 726 726 726 726 790 790 790 790 790 790 790 790 9,220
Maintenance 208 208 208 208 208 208 208 208 208 208 208 208 2,500
Spare Part 208 208 208 208 208 208 208 208 208 208 208 208 2,500
Operating Supply 0 0 0 0 0 0 0 0 0 0 0 0 0
Packaging Material 0 0 0 0 0 0 0 0 0 0 0 0 0
Lower Value Article 42 42 42 42 42 42 42 42 42 42 42 42 500
Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Stationary 1 1 1 1 1 1 1 1 1 1 1 1 10
Samples 1 1 1 1 1 1 1 1 1 1 1 1 10
Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0
Posting 0 0 0 0 0 0 0 0 0 0 0 0 0
Desktop & Notebook 0 0 0 0 0 0 0 0 0 0 0 0 0
ERP Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
E-mail System 0 0 0 0 0 0 0 0 0 0 0 0 0
Client Service 0 0 0 0 0 0 0 0 0 0 0 0 0
Traveling 1 1 1 1 1 1 1 1 1 1 1 1 15
Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Entertainment 1 1 1 1 1 1 1 1 1 1 1 1 10
Training 0 0 0 0 0 0 0 0 0 0 0 0 0
Recruitment 0 0 0 0 0 0 0 0 0 0 0 0 0
Consultant Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Shortage 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax And Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Bad Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Others 2 2 2 2 2 2 2 2 2 2 2 2 20
Total Engineering Expenses 1,190 1,190 1,190 1,190 1,253 1,253 1,253 1,253 1,253 1,253 1,253 1,253 14,785
Administration And General
Salary 161 161 161 161 178 178 178 178 178 178 178 178 2,068
Maintenance 2 2 2 2 2 2 2 2 2 2 2 2 20
Spare Part 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Supply 0 0 0 0 0 0 0 0 0 0 0 0 0
Packaging Material 0 0 0 0 0 0 0 0 0 0 0 0 0
Lower Value Article 4 4 4 4 4 4 4 4 4 4 4 4 50
Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Stationary 3 3 3 3 3 3 3 3 3 3 3 3 40
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Overhead RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Office Expense 3 3 3 3 3 3 3 3 3 3 3 3 30
Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0
Posting 21 21 21 21 21 21 21 21 21 21 21 21 250
Desktop & Notebook 0 0 0 0 0 0 0 0 0 0 0 0 0
ERP Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
E-mail System 0 0 0 0 0 0 0 0 0 0 0 0 0
Client Service 0 0 0 0 0 0 0 0 0 0 0 0 0
Traveling 3 3 3 3 3 3 3 3 3 3 3 3 30
Insurance 42 42 42 42 42 42 42 42 42 42 42 42 500
Entertainment 3 3 3 3 3 3 3 3 3 3 3 3 40
Training 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Recruitment 8 8 8 8 8 8 8 8 8 8 8 8 100
Consultant Fee 8 8 8 8 8 8 8 8 8 8 8 8 100
Shortage 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax And Fee 8 8 8 8 8 8 8 8 8 8 8 8 100
Bad Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Others 19 19 19 19 19 19 19 19 19 19 19 19 225
Total G&A Expenses 385 385 385 385 402 402 402 402 402 402 402 402 4,753
Selling Expenses
Salary 106 106 106 106 118 118 118 118 118 118 118 118 1,367
Maintenance 2 2 2 2 2 2 2 2 2 2 2 2 20
Spare Part 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Supply 0 0 0 0 0 0 0 0 0 0 0 0 0
Packaging Material 0 0 0 0 0 0 0 0 0 0 0 0 0
Lower Value Article 2 2 2 2 2 2 2 2 2 2 2 2 20
Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Stationary 1 1 1 1 1 1 1 1 1 1 1 1 10
Office Expense 0 0 0 0 0 0 0 0 0 0 0 0 5
Telephone 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Posting 0 0 0 0 0 0 0 0 0 0 0 0 0
Desktop & Notebook 13 13 13 13 13 13 13 13 13 13 13 13 150
ERP Expenses 83 83 83 83 83 83 83 83 83 83 83 83 1,000
E-mail System 42 42 42 42 42 42 42 42 42 42 42 42 500
Client Service 21 21 21 21 21 21 21 21 21 21 21 21 250
Traveling 0 0 0 0 0 0 0 0 0 0 0 0 5
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Overhead RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 5
Training 0 0 0 0 0 0 0 0 0 0 0 0 0
Recruitment 0 0 0 0 0 0 0 0 0 0 0 0 0
Consultant Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Shortage 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax And Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Bad Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Others 4 4 4 4 4 4 4 4 4 4 4 4 50
Total Selling Expenses 374 374 374 374 385 385 385 385 385 385 385 385 4,582
Information Technology Expenses
Salary 28 28 28 28 32 32 32 32 32 32 32 32 366
Maintenance 2 2 2 2 2 2 2 2 2 2 2 2 20
Spare Part 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Supply 0 0 0 0 0 0 0 0 0 0 0 0 0
Packaging Material 0 0 0 0 0 0 0 0 0 0 0 0 0
Lower Value Article 2 2 2 2 2 2 2 2 2 2 2 2 20
Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Stationary 1 1 1 1 1 1 1 1 1 1 1 1 10
Office Expense 0 0 0 0 0 0 0 0 0 0 0 0 5
Telephone 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Posting 0 0 0 0 0 0 0 0 0 0 0 0 0
Desktop & Notebook 13 13 13 13 13 13 13 13 13 13 13 13 150
ERP Expenses 83 83 83 83 83 83 83 83 83 83 83 83 1,000
E-mail System 42 42 42 42 42 42 42 42 42 42 42 42 500
Client Service 21 21 21 21 21 21 21 21 21 21 21 21 250
Traveling 0 0 0 0 0 0 0 0 0 0 0 0 5
Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0
Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 5
Training 0 0 0 0 0 0 0 0 0 0 0 0 0
Recruitment 0 0 0 0 0 0 0 0 0 0 0 0 0
Consultant Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Shortage 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax And Fee 0 0 0 0 0 0 0 0 0 0 0 0 0
Bad Debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Others 4 4 4 4 4 4 4 4 4 4 4 4 50
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Overhead RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Total I/T Information 296 296 296 296 299 299 299 299 299 299 299 299 3,581
Finance Expenses
Banking Fee 10 10 10 10 10 10 10 10 10 10 10 10 120
Foreign Exchange Loss (Gain) 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Expense - Term Loan 49 49 49 49 49 49 98 98 98 98 98 98 882
Interest Expense- WC Loan 95 95 95 95 95 95 98 112 115 115 105 92 1,204
Interest Income (5) (5) (6) (6) (6) (7) (8) (10) (11) (11) (11) (11) (99)
Total Finance Expenses 148 148 148 147 147 147 198 210 212 212 202 188 2,107
Other Operating Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Overhead RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
CAPEX RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 20021 2 3 4 5 6 7 8 9 10 11 12
Summary
Building 50,000 0 0 0 0 5,000 0 0 0 0 0 0 0 55,000
Production Equipment 35,000 0 0 100 0 0 12,420 0 0 100 0 0 0 47,620
General Equipment 7,500 0 0 0 0 0 1,000 0 0 0 0 0 0 8,500
Transportation Equipment 3,500 0 0 0 0 0 0 0 0 0 0 0 0 3,500
IT Equiment 4,000 0 0 10 0 0 10 0 0 10 0 0 10 4,040
Total 100,000 0 0 110 0 5,000 13,430 0 0 110 0 0 10 118,660
Building
New Purchasing In USD 0
New Purchasing In RMB 5,000 5,000
Total 0 0 0 0 5,000 0 0 0 0 0 0 0 5,000
Production Equipment
New Purchasing In USD 1,500 1,500
New Purchasing In RMB 100 100 200
Total 0 0 100 0 0 12,420 0 0 100 0 0 0 12,620
General Equipment
New Purchasing In USD 0
New Purchasing In RMB 1,000 1,000
Total 0 0 0 0 0 1,000 0 0 0 0 0 0 1,000
Transportation
New Purchasing In USD 0
New Purchasing In RMB 0
Total 0 0 0 0 0 0 0 0 0 0 0 0 0
IT Equipment
New Purchasing In USD 0
New Purchasing In RMB 10 10 10 10 40
Total 0 0 10 0 0 10 0 0 10 0 0 10 40
Total CAPEX 0 0 110 0 5,000 13,430 0 0 110 0 0 10 18,660
Construction In Progress 0 0 0 0 0 0 0 0 0 0 0 0 0
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Depreciation RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 20021 2 3 4 5 6 7 8 9 10 11 12
Summary
Building 5,000 208 208 208 208 208 229 229 229 229 229 229 229 7,646
Production Equipment 3,000 292 292 292 293 293 293 396 396 396 397 397 397 7,131
General Equipment 3,000 125 125 125 125 125 125 142 142 142 142 142 142 4,600
Transportation Equipment 1,000 58 58 58 58 58 58 58 58 58 58 58 58 1,700
IT Equiment 1,500 67 67 67 67 67 67 67 67 67 67 67 67 2,303
Total 13,500 750 750 750 751 751 772 892 892 892 893 893 893 23,380
Building
Depreciated Period 20
Retained Value 0%
Fully Deprciated Items 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Depreciation 208 208 208 208 208 229 229 229 229 229 229 229 2,646
Production Equipment
Depreciated Period 10
Retained Value 0%
Fully Deprciated Items 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Depreciation 292 292 292 293 293 293 396 396 396 397 397 397 4,131
General Equipment
Depreciated Period 5
Retained Value 0%
Fully Deprciated Items 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Depreciation 125 125 125 125 125 125 142 142 142 142 142 142 1,600
Transportation
Depreciated Period 5
Retained Value 0%
Fully Deprciated Items 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Depreciation 58 58 58 58 58 58 58 58 58 58 58 58 700
IT Equipment
Depreciated Period 5
Retained Value 0%
Fully Deprciated Items 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Depreciation 67 67 67 67 67 67 67 67 67 67 67 67 803
Total Monthly Depreciation 750 750 750 751 751 772 892 892 892 893 893 893 9,880
Allocation
MFG 558 558 558 559 559 580 700 700 700 701 701 701 7,577
ENG 75 75 75 75 75 75 75 75 75 75 75 75 900
Commercials 50 50 50 50 50 50 50 50 50 50 50 50 600
IT 67 67 67 67 67 67 67 67 67 67 67 67 803
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Profit & Loss RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Revenue
A Car - Driver 137,894 3,701 3,735 4,232 4,020 4,272 4,523 5,072 5,580 5,888 5,888 5,944 6,002 58,858
A Car - Co driver 13,738 3,486 3,518 3,987 3,787 4,024 4,261 4,778 5,256 5,547 5,547 5,600 5,654 55,446
A Car - Passenger 5,685 5,737 6,502 6,176 6,562 6,948 7,792 8,572 9,046 9,046 9,132 9,220 90,419
B Car - Driver 6,935 6,935 6,935 8,321 8,155 8,155 9,514 9,514 9,514 9,514 9,514 9,514 102,520
B Car - Co driver 6,624 6,624 6,624 7,949 7,790 7,790 9,088 9,088 9,088 9,088 9,088 9,088 97,929
B Car - Passenger 15,951 9,936 9,936 9,936 11,923 11,923 11,923 13,910 13,910 13,910 13,910 13,910 13,910 149,040
C Car - Driver 0 0 0 0 0 0 2,200 6,600 11,000 11,000 11,000 11,000 52,800
C Car - Co driver 61 0 0 0 0 0 0 2,100 6,300 10,500 10,500 10,500 10,500 50,4000
Total Revenue 167,643 36,366 36,484 38,216 42,177 42,726 43,600 54,456 64,820 74,494 74,494 74,689 74,888 657,411
Cost Of Good Sold
Direct Material 107,221 21,843 21,971 23,023 25,462 25,991 26,521 33,211 39,511 45,474 45,474 45,673 45,876 400,030
Inbound Freight 920 920 965 1,058 1,081 1,104 1,347 1,556 1,743 1,743 1,743 1,743 15,923
Direct Labor 9,873 3,004 3,944 3,143 3,600 4,603 3,746 4,359 5,209 6,296 7,926 6,296 5,991 58,117
MFG Expenses 21,927 3,969 3,969 3,969 3,969 4,032 4,032 4,032 4,032 4,032 4,032 4,032 4,032 48,129
Engineering 3,240 981 981 981 981 1,045 1,045 1,045 1,045 1,045 1,045 1,045 1,045 12,285
Total COGS 142,262 30,717 31,784 32,081 35,070 36,752 36,447 43,994 51,353 58,590 60,220 58,789 58,686 534,484
Material % Sales 64% 60% 60% 60% 60% 61% 61% 61% 61% 61% 61% 61% 61% 61%
Labor % Sales 6% 8% 11% 8% 9% 11% 9% 8% 8% 8% 11% 8% 8% 9%
Margin % Sales 15% 16% 13% 16% 17% 14% 16% 19% 21% 21% 19% 21% 22% 19%
Commercial Expenses 17,432 760 760 760 760 787 787 787 787 787 787 787 787 9,335
Information Technology 296 295 295 295 298 298 298 298 298 298 298 298 3,563
Outbound Freight 2,781 1,564 1,573 1,634 1,839 1,854 1,885 2,268 2,502 2,720 2,720 2,735 2,750 26,045
Depreciation 0
-- Manufacturing 558 558 558 559 559 580 700 700 700 701 701 701 7,577
-- Engeering 75 75 75 75 75 75 75 75 75 75 75 75 900
-- Commercial 50 50 50 50 50 50 50 50 50 50 50 50 600
-- IT 67 67 67 67 67 67 67 67 67 67 67 67 803
Operating Income 5,169 2,280 1,322 2,697 3,463 2,284 3,412 6,217 8,988 11,207 9,576 11,187 11,473 74,105
% Sales 3% 6% 4% 7% 8% 5% 8% 11% 14% 15% 13% 15% 15% 11%
Finance Expenses 2,723 148 148 148 147 147 147 198 210 212 212 202 188 2,107
Other Expenses (142) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income Before Tax 2,588 2,132 1,174 2,549 3,316 2,137 3,265 6,018 8,778 10,995 9,364 10,985 11,285 71,998
Income Tax 0 639 352 765 995 641 979 1,806 2,633 3,299 2,809 3,296 3,385 21,599
Net Income After Tax 2,588 1,492 822 1,784 2,321 1,496 2,285 4,213 6,145 7,697 6,555 7,690 7,899 50,399
% Sales 2% 4% 2% 5% 6% 4% 5% 8% 9% 10% 9% 10% 11% 8%
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Balance Sheet RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12
Assets
Operating Cash 6,000 7,273 7,297 7,643 8,435 8,545 8,720 10,891 12,964 14,899 14,899 14,938 14,978
Excess Cash 780 2,274 990 (267) 61 8,323 1,785 (354) (3,022) (32) 919 424 654
Accounts Receivable 48,000 49,238 49,356 51,206 56,899 56,710 58,458 72,338 88,914 104,652 105,725 105,920 106,314
Inventory 50,000 49,521 53,128 56,197 57,717 65,140 78,135 91,599 98,717 100,038 100,602 100,675 100,679
Other Current Assets 500 727 730 764 844 855 872 1,089 1,296 1,490 1,490 1,494 1,498
Total Current Assets 105,280 109,034 111,500 115,544 123,955 139,572 147,970 175,563 198,869 221,046 223,635 223,451 224,122
check
Fixed Assets 100,000 100,000 100,000 100,110 100,110 105,110 118,540 118,540 118,540 118,650 118,650 118,650 118,660
Less Accumulated Depreciation(13,500) (14,250) (15,000) (15,750) (16,501) (17,252) (18,024) (18,916) (19,808) (20,700) (21,594) (22,487) (23,380)
Net Fixed Assets 86,500 85,750 85,000 84,360 83,609 87,858 100,516 99,624 98,732 97,950 97,057 96,163 95,280
CIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 191,780 194,784 196,500 199,904 207,564 227,430 248,486 275,187 297,601 318,996 320,692 319,615 319,402
Liabilities & Equity
Account Payable 35,000 40,956 41,195 43,168 47,742 48,734 49,726 62,271 74,083 85,264 85,264 85,637 86,017
Tax Payable 3,000 639 352 765 995 641 979 2,092 3,491 4,729 4,239 4,726 4,815
Payroll Payable-Local 7,000 4,689 5,629 4,828 5,285 6,445 5,588 6,202 7,052 8,139 9,768 8,139 7,833
Other Current Liabilities 500 727 730 764 844 855 872 1,089 1,296 1,490 1,490 1,494 1,498
Total Current Liabilities 45,500 47,012 47,906 49,525 54,865 56,675 57,166 71,653 85,923 99,621 100,761 99,995 100,164
Bank Debt - USD 8,280 8,280 8,280 8,280 8,280 8,280 16,560 16,560 16,560 16,560 16,560 16,560 8,280
Bank Debt - RMB 4,000 4,000 4,000 4,000 4,000 4,000 14,000 22,000 24,000 24,000 18,000 10,000 10,000
Total Bank Debt 12,280 12,280 12,280 12,280 12,280 12,280 30,560 38,560 40,560 40,560 34,560 26,560 18,280
Total Liabilities 57,780 59,292 60,186 61,805 67,145 68,955 87,726 110,213 126,483 140,181 135,321 126,555 118,444
Paid In Capital 130,000 130,000 130,000 130,000 130,000 146,560 146,560 146,560 146,560 146,560 146,560 146,560 146,560
Retained Earnings 4,000 5,492 6,314 8,099 10,420 11,916 14,201 18,414 24,558 32,255 38,810 46,500 54,399
Total Equity 134,000 135,492 136,314 138,099 140,420 158,476 160,761 164,974 171,118 178,815 185,370 193,060 200,959
Total Liabilities & Equity 191,780 194,784 196,500 199,904 207,564 227,430 248,486 275,187 297,601 318,996 320,692 319,615 319,402Other Current Assets / Sales
Check 0 0 0 0 0 0 0 0 0 0 0 0 0
Working Capital 59,000 59,748 62,605 66,285 69,030 74,575 89,019 104,264 115,969 121,457 121,955 123,032 123,305 94,270
RONA Assets 127,220 125,945 128,028 130,722 131,923 141,608 150,255 154,436 161,176 163,948 169,553 177,698 185,327 151,718
RONA % %
Debt / Equity 9% 9% 9% 9% 9% 8% 19% 23% 24% 23% 19% 14% 9%
Average Turnover Days
AR Days 105 41 41 40 40 40 40 40 41 42 43 43 43
Inventory Days 128 49 47 50 48 47 54 53 54 51 50 51 51
AP Days 90 40 39 40 41 40 41 42 43 44 42 44 44
Working Capital Calculation
Accounts Receivable Days 49,238 49,356 51,206 56,899 56,710 58,458 72,338 88,914 104,652 105,725 105,920 106,314
Speedy - A Car 60 25,743 25,861 27,711 28,706 28,842 30,590 33,375 37,051 39,889 40,963 41,158 41,551
LuxCar - B Car 30 23,495 23,495 23,495 28,193 27,868 27,868 32,513 32,513 32,513 32,513 32,513 32,513
FlyingMan - C Car 45 0 0 0 0 0 0 6,450 19,350 32,250 32,250 32,250 32,250
Manual Adjustment
Inventory Days 53,128 56,197 57,717 65,140 78,135 91,599 98,717 100,038 100,602 100,675 100,679
Raw Material 60 44,993 48,485 51,454 52,512 59,732 72,722 84,985 90,948 91,147 91,549 91,752 91,752
CIP 2 1,456 1,465 1,535 1,697 1,733 1,768 2,214 2,634 3,032 3,032 3,045 3,058
Finished Goods 3 3,072 3,178 3,208 3,507 3,675 3,645 4,399 5,135 5,859 6,022 5,879 5,869
Manual Adjustment
Accounts Payable % Days 40,956 41,195 43,168 47,742 48,734 49,726 62,271 74,083 85,264 85,264 85,637 86,017
Supplier 1 25% 45 8,191 8,239 8,634 9,548 9,747 9,945 12,454 14,817 17,053 17,053 17,127 17,203
Supplier 2 20% 60 8,737 8,788 9,209 10,185 10,397 10,608 13,284 15,804 18,190 18,190 18,269 18,350
Supplier 3 15% 60 6,553 6,591 6,907 7,639 7,797 7,956 9,963 11,853 13,642 13,642 13,702 13,763
Supplier 4 10% 60 4,369 4,394 4,605 5,092 5,198 5,304 6,642 7,902 9,095 9,095 9,135 9,175
Supplier 5 5% 60 2,184 2,197 2,302 2,546 2,599 2,652 3,321 3,951 4,547 4,547 4,567 4,588
Supplier 6 5% 60 2,184 2,197 2,302 2,546 2,599 2,652 3,321 3,951 4,547 4,547 4,567 4,588
Supplier 7 5% 60 2,184 2,197 2,302 2,546 2,599 2,652 3,321 3,951 4,547 4,547 4,567 4,588
Supplier 8 5% 60 2,184 2,197 2,302 2,546 2,599 2,652 3,321 3,951 4,547 4,547 4,567 4,588
Supplier 9 10% 60 4,369 4,394 4,605 5,092 5,198 5,304 6,642 7,902 9,095 9,095 9,135 9,175
Manual Adjustment
check 100%
Tax Payble
Corporate Income Tax 639 352 765 995 641 979 1,806 2,633 3,299 2,809 3,296 3,385
VAT 0 0 0 0 0 0 286 858 1,430 1,430 1,430 1,430
Total 639 352 765 995 641 979 2,092 3,491 4,729 4,239 4,726 4,815
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Balance Sheet RMB '000 2001 1 2 3 4 5 6 7 8 9 10 11 12
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Cashflow RMB '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Cashflow
Cashflow From Operation
Net Income After Tax 1,492 822 1,784 2,321 1,496 2,285 4,213 6,145 7,697 6,555 7,690 7,899 50,399
Depreciation / Amortization 750 750 750 751 751 772 892 892 892 893 893 893 9,880
Change In Working Capital
Accounts Receivable (1,238) (118) (1,850) (5,693) 189 (1,748) (13,880) (16,576) (15,738) (1,074) (195) (394) (58,314)
Inventory 479 (3,607) (3,069) (1,520) (7,423) (12,995) (13,464) (7,119) (1,320) (565) (73) (3) (50,679)
Accounts Payable 5,956 239 1,973 4,574 992 992 12,545 11,812 11,180 0 373 380 51,017
Total Change In Working Capital 5,197 (3,486) (2,946) (2,639) (6,242) (13,751) (14,799) (11,882) (5,878) (1,638) 105 (17) (57,976)
Other Current Assets (227) (2) (35) (79) (11) (17) (217) (207) (193) 0 (4) (4) (998)
Other Current Liabilities (4,444) 655 (354) 766 818 (501) 1,943 2,457 2,518 1,140 (1,140) (212) 3,646
Total Change In Others WC (4,671) 652 (388) 687 807 (519) 1,726 2,250 2,324 1,140 (1,144) (216) 2,649
Total Operating Cashflow 2,768 (1,261) (800) 1,120 (3,188) (11,213) (7,968) (2,596) 5,035 6,950 7,544 8,560 4,952
Cashflow From Investment
Capital Expenditure 0 0 (110) 0 (5,000) (13,430) 0 0 (110) 0 0 (10) (18,660)
CIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investment Activities 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Changes In CAPEX 0 0 (110) 0 (5,000) (13,430) 0 0 (110) 0 0 (10) (18,660)
Total Free Cashflow 2,768 (1,261) (910) 1,120 (8,188) (24,643) (7,968) (2,596) 4,925 6,950 7,544 8,550 (13,708)
Cashflow From Financing
Capital Injection 0 0 0 0 16,560 0 0 0 0 0 0 0 16,560
RMB Loan 0 0 0 0 0 10,000 8,000 2,000 0 (6,000) (8,000) 0 6,000
USD Loan 0 0 0 0 0 8,280 0 0 0 0 0 (8,280) 0
Total Cashflow From Financing 0 0 0 0 16,560 18,280 8,000 2,000 0 (6,000) (8,000) (8,280) 22,560
Total Cashflow 2,768 (1,261) (910) 1,120 8,372 (6,363) 32 (596) 4,925 950 (456) 270 8,852
Cash Balance 6,780 9,548 8,286 7,377 8,496 16,868 10,505 10,537 9,942 14,867 15,818 15,362 15,632
Check (0) 0 (0) 0 0 0 0 0 0 (0) (0) (0)
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Profit & Loss USD '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Revenue
A Car - Driver 16,654 447 451 511 486 516 546 613 674 711 711 718 725 7,108
A Car - Co driver 1,659 421 425 482 457 486 515 577 635 670 670 676 683 6,696
A Car - Passenger 0 687 693 785 746 793 839 941 1,035 1,093 1,093 1,103 1,114 10,920
B Car - Driver 0 838 838 838 1,005 985 985 1,149 1,149 1,149 1,149 1,149 1,149 12,382
B Car - Co driver 0 800 800 800 960 941 941 1,098 1,098 1,098 1,098 1,098 1,098 11,827
B Car - Passenger 1,926 1,200 1,200 1,200 1,440 1,440 1,440 1,680 1,680 1,680 1,680 1,680 1,680 18,000
C Car - Driver 0 0 0 0 0 0 0 266 797 1,329 1,329 1,329 1,329 6,377
C Car - Co driver 7 0 0 0 0 0 0 254 761 1,268 1,268 1,268 1,268 6,087
Total Revenue 20,247 4,392 4,406 4,615 5,094 5,160 5,266 6,577 7,829 8,997 8,997 9,020 9,044 79,397
Cost Of Good Sold
Direct Material 12,949 2,638 2,653 2,781 3,075 3,139 3,203 4,011 4,772 5,492 5,492 5,516 5,541 48,313
Inbound Freight 0 111 111 117 128 131 133 163 188 211 211 211 211 1,923
Direct Labor 1,192 363 476 380 435 556 452 526 629 760 957 760 724 7,019
MFG Expenses 2,648 479 479 479 479 487 487 487 487 487 487 487 487 5,813
Engineering 391 119 119 119 119 126 126 126 126 126 126 126 126 1,484
Total COGS 17,181 3,710 3,839 3,875 4,236 4,439 4,402 5,313 6,202 7,076 7,273 7,100 7,088 64,551
Material % Sales % % % % % % % % % % % % % %
Labor % Sales % % % % % % % % % % % % % %
Margin % Sales % % % % % % % % % % % % % %
Commercial Expenses 2,105 92 92 92 92 95 95 95 95 95 95 95 95 1,127
Information Technology 0 36 36 36 36 36 36 36 36 36 36 36 36 430
Outbound Freight 336 189 190 197 222 224 228 274 302 328 328 330 332 3,145
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-- Manufacturing 0 67 67 67 68 68 70 85 85 85 85 85 85 915
-- Engeering 0 9 9 9 9 9 9 9 9 9 9 9 9 109
-- Commercial 0 6 6 6 6 6 6 6 6 6 6 6 6 72
-- IT 0 8 8 8 8 8 8 8 8 8 8 8 8 97
Operating Income 624 275 160 326 418 276 412 751 1,085 1,354 1,157 1,351 1,386 8,950
% Sales 3% 6% 4% 7% 8% 5% 8% 11% 14% 15% 13% 15% 15% 11%
Finance Expenses 329 18 18 18 18 18 18 24 25 26 26 24 23 254
Other Expenses (17) 0 0 0 0 0 0 0 0 0 0 0 0 00
Net Income Before Tax 313 257 142 308 400 258 394 727 1,060 1,328 1,131 1,327 1,363 8,695
Income Tax 0 77 43 92 120 77 118 218 318 398 339 398 409 2,609
Net Income After Tax 313 180 99 216 280 181 276 509 742 930 792 929 954 6,087
% Sales 2% 4% 2% 5% 6% 4% 5% 8% 9% 10% 9% 10% 11% 8%
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Balance Sheet USD '000 2001 1 2 3 4 5 6 7 8 9 10 11 12 2002
Assets
Operating Cash 725 878 881 923 1,019 1,032 1,053 1,315 1,566 1,799 1,799 1,804 1,809
Excess Cash 94 275 120 (32) 7 1,005 216 (43) (365) (4) 111 51 79
Accounts Receivable 5,797 5,947 5,961 6,184 6,872 6,849 7,060 8,736 10,738 12,639 12,769 12,792 12,840
Inventory 6,039 5,981 6,416 6,787 6,971 7,867 9,437 11,063 11,922 12,082 12,150 12,159 12,159
Other Current Assets 60 88 88 92 102 103 105 132 157 180 180 180 181
Total Current Assets 12,715 13,168 13,466 13,955 14,970 16,857 17,871 21,203 24,018 26,696 27,009 26,987 27,068
Fixed Assets 12,077 12,077 12,077 12,091 12,091 12,694 14,316 14,316 14,316 14,330 14,330 14,330 14,331
Less Accumulated Depreciation(1,630) (1,721) (1,812) (1,902) (1,993) (2,084) (2,177) (2,285) (2,392) (2,500) (2,608) (2,716) (2,824)
Net Fixed Assets 10,447 10,356 10,266 10,188 10,098 10,611 12,140 12,032 11,924 11,830 11,722 11,614 11,507
CIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 23,162 23,525 23,732 24,143 25,068 27,467 30,010 33,235 35,942 38,526 38,731 38,601 38,575
Liabilities & Equity
Account Payable 4,227 4,946 4,975 5,213 5,766 5,886 6,006 7,521 8,947 10,298 10,298 10,343 10,389
Tax Payable 362 77 43 92 120 77 118 253 422 571 512 571 582
Payroll Payable-Local 845 566 680 583 638 778 675 749 852 983 1,180 983 946
Other Current Liabilities 60 88 88 92 102 103 105 132 157 180 180 180 181
Total Current Liabilities 5,495 5,678 5,786 5,981 6,626 6,845 6,904 8,654 10,377 12,032 12,169 12,077 12,097
Bank Debt - USD 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000
Bank Debt - RMB 483 483 483 483 483 483 1,691 2,657 2,899 2,899 2,174 1,208 1,208
Total Bank Debt 1,483 1,483 1,483 1,483 1,483 1,483 3,691 4,657 4,899 4,899 4,174 3,208 2,208
Total Liabilities 6,978 7,161 7,269 7,464 8,109 8,328 10,595 13,311 15,276 16,930 16,343 15,284 14,305
Paid In Capital 15,700 15,700 15,700 15,700 15,700 17,700 17,700 17,700 17,700 17,700 17,700 17,700 17,700
Retained Earnings 483 663 763 978 1,258 1,439 1,715 2,224 2,966 3,896 4,687 5,616 6,570
Total Equity 16,184 16,364 16,463 16,679 16,959 19,140 19,416 19,924 20,666 21,596 22,388 23,316 24,270
Total Liabilities & Equity 23,162 23,525 23,732 24,143 25,068 27,467 30,010 33,235 35,942 38,526 38,731 38,601 38,575Other Current Assets / Sales
Check 0 0 0 0 0 0 0 0 0 0 0 0 0
ComfortSea Automtive Component Company Ltd.
Year 2002 Finance Budget
Cashflow USD '000 1 2 3 4 5 6 7 8 9 10 11 12 2002
Cashflow
Cashflow From Operation
Net Income After Tax 180 99 216 280 181 276 509 742 930 792 929 954 6,087
Depreciation / Amortization 91 91 91 91 91 93 108 108 108 108 108 108 1,193
Change In Working Capital
Accounts Receivable (149) (14) (223) (688) 23 (211) (1,676) (2,002) (1,901) (130) (24) (48) (7,043)
Inventory 58 (436) (371) (184) (897) (1,569) (1,626) (860) (159) (68) (9) (0) (6,121)
Accounts Payable 719 29 238 552 120 120 1,515 1,427 1,350 0 45 46 6,161
Total Change In Working Capital 628 (421) (356) (319) (754) (1,661) (1,787) (1,435) (710) (198) 13 (2) (7,002)
Other Current Assets (27) (0) (4) (10) (1) (2) (26) (25) (23) 0 (0) (0) (121)
Other Current Liabilities (537) 79 (43) 93 99 (61) 235 297 304 138 (138) (26) 440
Total Change In Others WC (564) 79 (47) 83 97 (63) 208 272 281 138 (138) (26) 320
Total Operating Cashflow 334 (152) (97) 135 (385) (1,354) (962) (313) 608 839 911 1,034 598
Cashflow From Investment
Capital Expenditure 0 0 (13) 0 (604) (1,622) 0 0 (13) 0 0 (1) (2,254)
CIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investment Activities 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Changes In CAPEX 0 0 (13) 0 (604) (1,622) 0 0 (13) 0 0 (1) (2,254)
Total Free Cashflow 334 (152) (110) 135 (989) (2,976) (962) (313) 595 839 911 1,033 (1,656)
Cashflow From Financing
Capital Injection 0 0 0 0 2,000 0 0 0 0 0 0 0 2,000
RMB Loan 0 0 0 0 0 1,208 966 242 0 (725) (966) 0 725
USD Loan 0 0 0 0 0 1,000 0 0 0 0 0 (1,000) 0
Total Cashflow From Financing 0 0 0 0 2,000 2,208 966 242 0 (725) (966) (1,000) 2,725
Total Cashflow 334 (152) (110) 135 1,011 (768) 4 (72) 595 115 (55) 33
Cash Balance 819 1,153 1,001 891 1,026 2,037 1,269 1,273 1,201 1,796 1,910 1,855 1,888
Check (0) 0 (0) 0 0 0 0 0 0 (0) (0) (0)
