EXHIBIT 1: INCOME STATEMENT, APRIL 1 TO MARCH 31 (IN THOUSANDS) 2012-13 2013-14 2014-15 Sales Cash 200 480 800 Credit 1,800 4,320 7,200 Total sales 2,000 4,800 8,000 Cost of goods sold 1,240 2,832 4,800 Gross profit 760 1,968 3,200 Operating expenses: General, administration, and selling expenses 80 450 1,000 Depreciation 100 400 660 Interest expenses (on borrowings) 60 158 340 Profit before tax (PBT) 520 960 1,200 Tax @ 30% 156 288 360 Profit after tax (PAT) 364 672 840