EXHIBIT 8 MONTHLY FORECAST OF INCOME STATEMETNS AND BALANCE SHEETS FOR 1990(IN RUPEES)

JANUARY FEBRUARY MARCH APRIL MAY JUNE

INCOME STAEME
Gross sales 1744080 2507115 3854417 7630350 12034152 15243259
Excise taxes 261612 376067 578163 1144553 1805123 2286489
Net sales 1482468 2131048 3276254 6485798 10229029 12956770
Cost of goods sold 1285387 1847744 2540705 5623568 8869170 11234282
Gross profit 197081 283304 435549 862230 1359859 1722488
Operating expenses 391284 391284 391284 391284 391284 391284
Depreciation 72467 72467 74967 74967 74967 77467
Interest expense(income) 10031 24117 71776 157657 263296 353264
Profit before taxes -276701 -204564 -102478 238321 630312 900473
Income tax -83010 -61369 -30743 71496 189094 270142
Net profit -193690 -143195 -71735 166825 44219 630331

Assets
Cash 640000 640000 640000 640000 640000 640000
Accounts Receivable 1866166 2524556 4329679 8913993 15583355 21434744
Inventories 2379373 54449097 10654051 15664662 17423053 12949354
Total current assets 4885539 8613654 15623730 25218656 33646408 34994098
Net properties,plan and
equipment 7345033 7272567 7497600 7422633 7347667 7570200
Totaj assets 1223572 15886220 23121330 32641289 40994074 42564298

Liabilities and owners equity

Account payable 1395250 2472013 5894104 7659113 7052391 3361700
Note payable-bank 917023 2700471 8065968 15582597 23911792 29077842
Accrued taxes -83010 -144379 -175123 -103626 85467 0
Total current liabilities 2229263 6028105 13784950 23138084 31049651 32439543
Shareholders equity 10001310 9858115 9336380 9503205 9944424 10124755

Total liabilities and equity 12230572 15886220 23121330 32641289 40994074 42564298
OR 1990(IN RUPEES)

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

14140129 7429781 4360200 3854417 3060860 2398110

2121019 1114467 645030 578163 459129 359717
12019109 6315314 3706170 3276254 2601731 2038394
10421275 5475748 3213467 2840705 2255854 1767407
1597835 839565 492703 435549 345877 270986
391284 391284 391284 391284 391284 391284
77467 77467 79967 79967 79967 82467
354537 255856 147386 85153 55982 43948
774547 114959 -125934 -120854 -181356 -246712
232364 34488 -37780 -36256 -54407 -74014
542183 80471 -88154 -84598 -126949 -172699

640000 640000 640000 640000 640000 640000

22257077 14884851 7789062 5441530 4344504 3205619
6285558 3745096 2935878 1986514 1426124 1806344
29182363 19269948 11364940 8068044 6410628 5651954

7492733 7415267 7635300 7555333 7475367 7692900

36675369 26685214 1900240 15623378 13885994 13344864

1673431 1395250 958794 594281 522338 998962

24102636 14275704 7832191 4940696 3456612 3135569
232364 266852 0 -36256 -90663 -164677
26008431 15937805 87890985 5498721 38388287 3969855
10666938 10747409 10209255 10124657 9997708 9375009

36675369 26685214 19000240 15623378 13885994 13344864

 JANUARY FEBRUARY MARCH APRIL MAY JUNE
assume
sales 1744080 2507115 3854417 7630350 12034152 15243259
purchases 2119929 4196693 6618784 8383793 7777071 4086379
debt outstanding 917023 2700471 8065968 15582597 23911792 29077842
receipts
account reciveable collected 2180100 1848725 2049294 3046036 5364790 9391871
new borrowing repayments 329448 1783449 5365497 7516628 8329195 5166051
disburesment
account paid 1378913 2119929 4196693 6618784 8383793 7777071
capital expendture 0 0 300000 0 0 300000
interest payments 10031 24117 71776 157657 263296 353264
excise tex paid 261612 376067 578163 1144553 1805123 2286489
oprating expnese 391284 391284 391284 391284 391284 391284
accrued income tex paid 0 0 0 0 0 355609
wages 468831 720776 1426875 2250386 2850489 2644204
dividend 0 0 450000 0 0 450000
subtotal: disbursmrnts 2510671 3632173 7414791 10562664 13693985 14557922
receipts-disbursments -1123 0 0 0 0 0
BOP cash balance 641123 640000 640000 640000 640000 640000
EOP cash balance 640000 640000 640000 640000 640000 640000
JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

14140129 7429781 4360200 3854417 3060860 2398110

2398110 2119929 1683473 1318961 1247017 1723642
24102636 14275704 7832191 4940696 3456612 3135569

13317795 14802007 11455989 6201948 4157887 3536994

-4975206 -9826932 -6443513 -2891495 -1484084 -321042

4086379 2398110 2119929 1683473 1318961 1247017

0 0 300000 0 0 300000
354537 255856 147386 85153 55982 43948
2121019 1114467 654030 578163 459129 359717
391284 391284 391284 391284 391284 391284
0 0 229071 0 0 0
1389369 815357 720776 572381 448447 423986
0 0 450000 0 0 450000
8342589 4975074 5012477 3310454 2673803 3215952
0 0 0 0 0 0
640000 640000 640000 640000 640000 640000
640000 640000 640000 640000 640000 640000
EXHIBIT 9
SENGUPTA FIBRES, LTD.
Schedule of Cash Receipts and Disbursements (in Rupees)

January February March

Assume: Sales 1,744,080 2,507,115 3,854,417

Purchases (1) 2,119,929 4,196,693 6,618,784
Debt Outstanding 587,575 3,863,305 8,341,091 15,694,825
3,863,305 8,341,090 15,694,824

Receipts: Accts Rcvble Collected 2,180,100 1,848,725 2,049,294

New Borrowings (Repayments) 3,275,730 4,477,785 7,353,734

Disburs.: Accounts Paid (2) 1,378,913 2,119,929 4,196,693

Capital Expenditures 0 0 300,000
Interest Payments 10,031 24,117 71,776
Excise Tax Paid 261,612 376,067 578,163
Operating Expenses 391,284 391,284 391,284
Accrued Income Tax Paid 0 0 0
Wages 3,415,112 3,415,112 3,415,112
Dividends 0 0 450,000
Subtotal: Disbursements 5,456,953 6,326,510 9,403,028

Receipts - Disbursements (1,123) 0 0

BOP Cash Balance 641,123 640,000 640,000

EOP Cash Balance 641,123 640,000 640,000 640,000
(1) Equal to 55 percent of sales in period (T+1).
(2) Equal to purchases in period (T-1).
 April May June July August September October November

7,630,350 12,034,152 15,243,259 14,140,129 7,429,781 4,360,200 3,854,417 3,060,860

8,383,792 7,777,071 4,086,380 2,398,110 2,119,929 1,683,473 1,318,961 1,247,017
24,376,179 33,269,997 40,418,071 37,468,609 30,241,432 28,075,832 28,027,068 29,509,650
24,376,178 33,269,996 40,418,070 37,468,608 30,241,431 28,075,831 28,027,068 29,509,649

3,046,036 5,364,790 9,391,871 13,317,795 14,802,007 11,455,990 6,201,949 4,157,887

8,681,354 8,893,818 7,148,074 (2,949,462) (7,227,177) (2,165,600) (48,764) 1,482,581

6,618,784 8,383,792 7,777,071 4,086,380 2,398,110 2,119,929 1,683,473 1,318,961

0 0 300,000 0 0 300,000 0 0
157,657 263,296 353,264 354,537 255,856 147,386 85,153 55,982
1,144,553 1,805,123 2,286,489 2,121,019 1,114,467 654,030 578,163 459,129
391,284 391,284 391,284 391,284 391,284 391,284 391,284 391,284
0 0 1,566,724 0 0 1,812,648 0 0
3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112
0 0 450,000 0 0 450,000 0 0
11,727,390 14,258,608 16,539,945 10,368,332 7,574,830 9,290,389 6,153,185 5,640,468

0 0 0 0 0 0 0 0

640,000 640,000 640,000 640,000 640,000 640,000 640,000 640,000

640,000 640,000 640,000 640,000 640,000 640,000 640,000 640,000
December

2,398,110
1,723,642
32,179,734
32,179,734
old 587,575
3,536,994
2,670,084 L/C 31,592,155
L 32,179,730
1,247,017
300,000
43,948
359,717
391,284
0
3,415,112
450,000
6,207,078

640,000
640,000
Exhibit 1
SENGUPTA FIBRES, LTD.
Summary of monthly sales
Actual for 1989 and Forecasted for 1990
1989 1990 % Of Annual Sales
(historical) (forecast) TotalSalesndichery
January 1341600 1744080 0.02 4000000
February 2005692 2507115 0.03 4000000
March 2964936 3854417 0.05 4000000
April 6104280 7630350 0.10 4000000
May 10464480 12034152 0.15 4000000
June 13255008 15243259 0.19 4000000
July 12295764 14140129 0.18 4000000
August 6191484 7429781 0.09 4000000
September 3488160 4360200 0.06 4000000
October 2964936 3854417 0.05 4000000
November 2354508 3060860 0.04 4000000
December 1918488 2398110 0.03 4000000

Year 65349336 78256870

Exhibit 3
SENGUPTA FIBRES, LTD.
Historical Balance Sheets (in Rupees)

1989 1990
(historical) (forecast)

Cash 641,123 640000

Accounts Receivable 2,302,186 3205619
Inventories 1,076,000 1806344
Total Current Assets 4,019,309 5651963
Gross PP&E 8,696,000 9896000
Accumulated Depreciation 1,278,500 2203100
Net PP&E 7,417,500 7692900
Total Assets 11,436,809 13344863

Accounts Payable 654,234 998962

Notes to Bank (Deposits at Bank) 587,575 3135569
Accrued Taxes 0 -164677
Total Current Liabilities 1,241,809 3969854
Owners' Equity 10,195,000 9375009
Total Liabilities and Equity 11,436,809 13344863
Monthly Sales
To Pondichery
89,147 1,744,080 1.3 2,267,304.00
128,148 2,507,115 1.25 3,133,893.75
197,014
390,016
615,111 -
779,141
722,755
379,764
222,866
197,014
156,452
122,576

82,256,874.60
Exhibit 10
SENGUPTA FIBRES, LTD.
Forecasted T-Accounts Supporting Financial Statements (in Rupees)

January February
1. Schedule of Accounts Receivable
Beginning of Period 2,302,186 1,866,166
Plus Sales 1,744,080 2,507,115
Less Collections, Last Month (1) 767,395 697,632
Less Collections, Month before Last (2) 1,412,705 1,151,093

End of Period 1,866,166 2,524,556

(1) 40% of sales in period (T-1).
(2) 60% of sales in period (T-2).

2. Schedule of Inventories
Beginning of Period 1,076,000 2,000,408
Plus Purchases (1) 1,378,913 2,119,929 4,196,693
Plus Labor 3,415,112 3,415,112
Less Shipments (COGS) 4,610,634 4,610,634
End of Period 2,000,408 5,001,578

3. Schedule of Accounts Payable

Beginning of Period 654,234 1,395,250
+ Purchases (1) 2,119,929 4,196,693
- Payments (2) 1,378,913 2,119,929
End of Period 1,395,250 3,472,013
(1) Equal to 55 percent of sales in period (T+1).
(2) Equal to purchases in period (T-1).

4. Schedule of Shareholder's Equity \\\\

Beginning of Period 10,195,000 7,673,636
Plus Net Profit (2,521,364) (2,077,218)
Less Dividends 0 0
End of Period 7,673,636 5,596,418

5. Schedule of Accrued Taxes

Beginning of Period 0 (1,080,584)
Plus Monthly Tax Expense (@ 30%) (1,080,584) (890,236)
Less Quarterly Tax Payments 0 0
End of Period (1,080,584) (1,970,821)

6. Schedule of Property, Plant and Equipment

Beginning Gross PP&E 8,696,000 8,696,000
Plus Capital Expenditures 0 0
Ending Gross PP&E 8,696,000 8,696,000
Monthly Depreciation Expense 72,467 72,467
Less Cumulative Depr'n. 1,278,500 1,350,967 1,423,433
Ending Net PP&E 7,345,033 7,272,567
 March April May June July August September October

2,524,556 4,329,679 8,913,993 15,583,355 21,434,743 22,257,078 14,884,852 7,789,062

3,854,417 7,630,350 12,034,152 15,243,259 14,140,129 7,429,781 4,360,200 3,854,417
1,002,846 1,541,767 3,052,140 4,813,661 6,097,304 5,656,052 2,971,912 1,744,080
1,046,448 1,504,269 2,312,650 4,578,210 7,220,491 9,145,955 8,484,077 4,457,869

4,329,679 8,913,993 15,583,355 21,434,743 22,257,078 14,884,852 7,789,062 5,441,530

5,001,578 10,424,840 17,613,111 24,194,660 27,085,518 28,288,106 29,212,513 29,700,465

6,618,784 8,383,792 7,777,071 4,086,380 2,398,110 2,119,929 1,683,473 1,318,961
3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112
4,610,634 4,610,634 4,610,634 4,610,634 4,610,634 4,610,634 4,610,634 4,610,634
10,424,840 17,613,111 24,194,660 27,085,518 28,288,106 29,212,513 29,700,465 29,823,903

3,472,013 5,894,104 7,659,113 7,052,392 3,361,700 1,673,431 1,395,250 958,794

6,618,784 8,383,792 7,777,071 4,086,380 2,398,110 2,119,929 1,683,473 1,318,961
4,196,693 6,618,784 8,383,792 7,777,071 4,086,380 2,398,110 2,119,929 1,683,473
5,894,104 7,659,113 7,052,392 3,361,700 1,673,431 1,395,250 958,794 594,281

5,596,418 3,835,733 4,711,612 8,133,805 12,950,690 17,560,321 18,246,372 16,730,201

(1,310,685) 875,879 3,422,194 5,266,885 4,609,631 686,051 (1,066,171) (1,323,549)
450,000 0 0 450,000 0 0 450,000 0
3,835,733 4,711,612 8,133,805 12,950,690 17,560,321 18,246,372 16,730,201 15,406,652

(1,970,821) (2,532,543) (2,157,166) (690,512) 0 1,975,556 2,269,578 0

(561,722) 375,377 1,466,654 2,257,236 1,975,556 294,022 (456,930) (567,235)
0 0 0 1,566,724 1,812,648
(2,532,543) (2,157,166) (690,512) 0 1,975,556 2,269,578 0 (567,235)

8,696,000 8,996,000 8,996,000 8,996,000 9,296,000 9,296,000 9,296,000 9,596,000

300,000 0 0 300,000 0 0 300,000 0
8,996,000 8,996,000 8,996,000 9,296,000 9,296,000 9,296,000 9,596,000 9,596,000
74,967 74,967 74,967 77,467 77,467 77,467 79,967 79,967
1,498,400 1,573,367 1,648,333 1,725,800 1,803,267 1,880,733 1,960,700 2,040,667
7,497,600 7,422,633 7,347,667 7,570,200 7,492,733 7,415,267 7,635,300 7,555,333
November December

5,441,530 4,344,503
3,060,860 2,398,110
1,541,767 1,224,344
2,616,120 2,312,650

4,344,503 3,205,619

29,823,903 29,875,399
1,247,017 1,723,642
3,415,112 3,415,112
4,610,634 4,610,634
29,875,399 30,403,519

594,281 522,338
1,247,017 1,723,642
1,318,961 1,247,017
522,338 998,962

15,406,652 13,631,357
(1,775,295) (2,162,958)
0 450,000
13,631,357 11,018,399

(567,235) (1,328,076)
(760,841) (926,982)

(1,328,076) (2,255,058)

9,596,000 9,596,000
0 300,000
9,596,000 9,896,000
79,967 82,467
2,120,633 2,203,100
7,475,367 7,692,900
 January February March April
INCOME STAEME
Gross sales 1,744,080 2,507,115 3,854,417 7,630,350
Excise taxes 261,612 376,067 578,163 1,144,553
Net sales 1,482,468 2,131,048 3,276,254 6,485,798
Cost of goods mfg 4,610,634 4,610,634 4,610,634 4,610,634
Gross profit (3,128,166) (2,479,586) (1,334,379) 1,875,164
Operating expenses 391,284 391,284 391,284 391,284
Depreciation 72,467 72,467 74,967 74,967
Interest expense(income) 10031 24,117 71,776 157,657
Profit before taxes (3,601,948) (2,967,455) (1,872,407) 1,251,255
Income tax (1,080,584) (890,236) (561,722) 375,377
Net profit (2,521,364) (2,077,218) (1,310,685) 875,879

Forecasted Monthly Balance Sheets for 1990 (in Rupees)

January February March April
Assets
Cash 640,000 640,000 640,000 640,000
Accounts Receivable 1,866,166 2,524,556 4,329,679 8,913,993
Inventories 2,000,408 5,001,578 10,424,840 17,613,111
Total current assets 4,506,574 8,166,134 15,394,519 27,167,104
Net properties,plan and
equipment 7,345,033 7,272,567 7,497,600 7,422,633
Total assets 11,851,607 15,438,701 22,892,119 34,589,737

Liabilities and owners equity

Account payable 1,395,250 3,472,013 5,894,104 7,659,113
Note payable-bank 3,863,305 8,341,091 15,694,825 24,376,179
Accrued taxes (1,080,584) (1,970,821) (2,532,543) (2,157,166)
Total current liabilities 4,177,971 9,842,283 19,056,386 29,878,126
Shareholders equity 7,673,636 5,596,418 3,835,733 4,711,612

Total liabilities and equity 11,851,607 15,438,701 22,892,119 34,589,737

Working
January February March April
Gross sales 1,744,080 2,507,115 3,854,417 7,630,350

Total Gross Sales 1,744,080 2,507,115 3,854,417 7,630,350

cost of goods mfg 1,233,065 1,772,530 2,725,073 5,394,657
4,610,634 4,610,634 4,610,634 4,610,634

Wages 1,378,913.25 2,119,929.35 4,196,692.50 6,618,783.60

Wages

uni wage 3,415,112 3,415,112 3,415,112 3,415,112

 May June July August September October

12,034,152 15,243,259 14,140,129 7,429,781 4,360,200 3,854,417

1,805,123 2,286,489 2,121,019 1,114,467 654,030 578,163
10,229,029 12,956,770 12,019,110 6,315,314 3,706,170 3,276,254
4,610,634 4,610,634 4,610,634 4,610,634 4,610,634 4,610,634
5,618,395 8,346,136 7,408,476 1,704,680 (904,464) (1,334,379)
391,284 391,284 391,284 391,284 391,284 391,284
74,967 77,467 77,467 77,467 79,967 79,967
263,296 353,264 354,537 255,856 147,386 85,153
4,888,848 7,524,121 6,585,187 980,073 (1,523,101) (1,890,784)
1,466,654 2,257,236 1,975,556 294,022 (456,930) (567,235)
3,422,194 5,266,885 4,609,631 686,051 (1,066,171) (1,323,549)

May June July August September October

640,000 640,000 640,000 640,000 640,000 640,000

15,583,355 21,434,743 22,257,078 14,884,852 7,789,062 5,441,530
24,194,660 27,085,518 28,288,106 29,212,513 29,700,465 29,823,903
40,418,015 49,160,261 51,185,183 44,737,365 38,129,526 35,905,434

7,347,667 7,570,200 7,492,733 7,415,267 7,635,300 7,555,333

47,765,682 56,730,461 58,677,917 52,152,632 45,764,826 43,460,767

7,052,392 3,361,700 1,673,431 1,395,250 958,794 594,281

33,269,997 40,418,071 37,468,609 30,241,432 28,075,832 28,027,068
(690,512) - 1,975,556 2,269,578 - (567,235)
39,631,876 43,779,771 41,117,596 33,906,260 29,034,625 28,054,114
8,133,805 12,950,690 17,560,321 18,246,372 16,730,201 15,406,652

47,765,682 56,730,461 58,677,917 52,152,632 45,764,826 43,460,767

May June July August September October

12,034,152 15,243,259 14,140,129 7,429,781 4,360,200 3,854,417

12,034,152 15,243,259 14,140,129 7,429,781 4,360,200 3,854,417

 8,508,145 10,776,984 9,997,071 5,252,855 3,082,661 2,725,073
4,610,634 4,610,634 4,610,634 4,610,634 4,610,634 4,610,634

8,383,792.45 7,777,070.95 4,086,379.55 2,398,110.00 2,119,929.35 1,683,473.00

3,415,112 3,415,112 3,415,112 3,415,112 3,415,112 3,415,112

November December The Year

3,060,860 2,398,110 2,267,304 3,133,894 78,256,870

459,129 359,717 11,738,531
2,601,731 2,038,394 66,518,340
4,610,634 4,610,634 55,327,607
(2,008,903) (2,572,240) 11,190,732
391,284 391,284 4,695,412
79,967 82,467 924,604
55,982 43,948 1,823,003
(2,536,136) (3,089,940) 3,747,713
(760,841) (926,982) 1,124,314
(1,775,295) (2,162,958) 2,623,399

November December

640,000 640,000
4,344,503 3,205,619
29,875,399 30,403,519
34,859,902 34,249,138

7,475,367 7,692,900
42,335,269 41,942,038

522,338 998,962
29,509,650 32,179,734
(1,328,076) (2,255,058)
28,703,912 30,923,638
13,631,357 11,018,399

42,335,269 41,942,038

November December
3,060,860 2,398,110

3,060,860 2,398,110 2,267,304 3,133,893.75

Total
 2,164,028 1,695,464 55,327,607
4,610,634 4,610,634

Total
1,318,960.50 1,247,017.20 43,329,052

3% of sales 2,347,706
new wages 40,981,346
3,415,112 3,415,112