1. Mia Boutique
Projected Balance Sheets
First Year Second Year Third Year
ASSETS
Current Assets
Checking/Savings
Cash 58.452,70 187.096,86 326.447,64
Total Checking/Savings 58.452,70 187.096,86 326.447,64
Other Current Assets
Inventory 2.415,73 2.860,00 3.130,00
Deposits 3.500,00 3.500,00 3.500,00
Total Other Current Assets 5.915,73 6.360,00 6.630,00
Total Current Assets 64.368,43 193.456,86 333.077,64
Fixed Assets
Leasehold Improvement
Leasehold Improvement 4.285,00 4.645,00 5.235,00
Accumulated Depreciation -171,40 -357,20 -566,60
Total Leasehold Improvement 4.113,60 4.287,80 4.668,40
Fixed Assets
Computers & Equipment
Computers & Equipment 1.100,00 1.100,00 1.100,00
Accumulated Depreciation -220,00 -440,00 -660,00
Total Computers & Equipment 880,00 660,00 440,00
Total Fixed Assets 4.993,60 4.947,80 5.108,40
TOTAL ASSETS 69.362,03 198.404,66 338.186,04
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Loan 3.006,68 3.256,23 3.526,50
Accounts Payable 10.200,00 11.500,00 10.980,00
Income Tax Payable 3.086,70 26.644,43 33.990,70
Tax & Licences Payable
Property Tax 485,61 574,74 633,48
Bussiness Tax 519,17 1.043,90 1.233,70
Total Tax & Licences Payable 1.004,78 1.618,64 1.867,18
Total Accounts Payable 17.298,16 43.019,30 50.364,38
Total Current Liabilities 17.298,16 43.019,30 50.364,38
Long Term Liabilities
Loan 19.217,07 15.960,84 12.434,34
Total Long Term Liabilities 19.217,07 15.960,84 12.434,34
Total Liabilities 36.515,23 58.980,14 62.798,72
Equity
Capital Stock 20.500,00 20.500,00 20.500,00
Retained Earnings 12.346,80 118.924,52
Net Income 12.346,80 106.577,72 135.962,80
Total Equity 32.846,80 139.424,52 275.387,32
TOTAL LIABILITIES & EQUITY 69.362,03 198.404,66 338.186,04

2. Mia Boutique
Projected Profit & Loss
Ordinary Income/Expense
Income
Sales 199680 401500 474500
Total Income 199680 401500 474500
Cost of Goods Sold
Direct Cost of Sales 65894 33,0% 132495 33,0% 156585 33,0%
Other Direct Cost 31713 15,9% 40918 10,2% 47911 10,1%
Total COGS 97607 48,9% 173413 43,2% 204496 43,1%
Gross Profit 102073 51,1% 228087 56,8% 270004 56,9%
Expense
Insurance 700 0,4% 700 0,2% 700 0,1%
Office & Printing Expenses 645 0,3% 600 0,1% 660 0,1%
Payroll Expenses 22800 11,4% 26640 6,6% 28944 6,1%
Salary Related Expenses 3192 1,6% 3730 0,9% 4052 0,9%
Professional Fees 3360 1,7% 3696 0,9% 3696 0,8%
Rent 36000 18,0% 36000 9,0% 36000 7,6%
Repairs 960 0,5% 1152 0,3% 1267 0,3%
Sales and Marketing Expense
Commissions 4992 10038 11863
Advertising 4614 2400 2400
Total Sales and Marketing Expense 9606 4,8% 12438 3,1% 14263 3,0%
Taxes & Licences 486 0,2% 575 0,1% 633 0,1%
Utilities 6600 3,3% 7260 1,8% 7986 1,7%
Subtotal Expenses 84348 42,2% 92790 23,1% 98201 20,7%
Depreciation 391 0,2% 406 0,1% 429 0,1%
Total Expenses 84740 42,4% 93196 23,2% 98631 20,8%
Net Ordinary Income 17333 8,7% 134891 33,6% 171373 36,1%
Interest 1900 1,0% 1669 0,4% 1420 0,3%
Profit before Income 15434 7,7% 133222 33,2% 169954 35,8%
Income Tax 20% 3087 1,5% 26644 6,6% 33991 7,2%
Net Profit after Tax 12347 6,2% 106578 26,5% 135963 28,7%
First Year Second Year Third Year

3. Mia Boutique
Projected Cash Flows
First Year Second Year Third Year
OPERATING ACTIVITIES
Net Income 12.346,80 106.577,72 135.962,80
Adjustments to reconcile Net Income
to net cash provided by operations:
Deposits -3.500,00
Inventory -2.415,73 -444,27 -270,00
Accounts Payable 10.200,00 1.300,00 -520,00
Income Tax Payable 3.086,70 23.557,73 7.346,27
Tax & Licences Payable 1.004,78 613,86 248,54
Net cash provided by Operating Activities 20.722,55 131.605,04 142.767,61
INVESTING ACTIVITIES
Computers & Equipment -1.100,00
Computers & Equipment:Accumulated Depreciat Equipment 220,00 220,00 220,00
Leasehold Improvement -4.285,00 -360,00 -590,00
Leasehold Improvement:Accumulated Depr Leasehold Impr 171,40 185,80 209,40
Net cash provided by Investing Activities -4.993,60 45,80 -160,60
FINANCING ACTIVITIES
Loan 22.223,75 -3.006,68 -3.256,23
Capital Stock 20.500,00
Net cash provided by Financing Activities 42.723,75 -3.006,68 -3.256,23
Net cash increase for period 58.452,70 128.644,16 139.350,78
Cash at beginning of period 58.452,70 187.096,86
Cash at end of period 58.452,70 187.096,86 326.447,64

4. Mia Boutique
Projected Monthly Profit & Loss
First Year
Sales seasons Low High High High High Low Low High Low Low High High
Jan Feb March April May Jun Jul Aug Sep Oct Nov Dec
Sales 13223 17223 18223 18223 18223 14223 15223 17723 14323 14623 19123 19327 199680 100,0%
- Cost of Goods Sold 4364 5684 6014 6014 6014 4694 5024 5849 4727 4826 6311 6378 65894 33,0%
- Other Direct Costs 2643 2643 2643 2643 2643 2643 2643 2643 2643 2643 2643 2643 31713 15,9%
Total Cost 7006 8326 8656 8656 8656 7336 7666 8491 7369 7468 8953 9020 97607 48,9%
Gross Profit 6217 8897 9567 9567 9567 6887 7557 9232 6954 7155 10170 10306 102073 51,1%
Rent 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000 18,0%
Owner's salary 1600 1600 1600 1600 1600 1600 1600 1600 1600 1600 1600 1600 19200 9,6%
Other Salaries 300 300 300 300 300 300 300 300 300 300 300 300 3600 1,8%
Salary Related Expense 266 266 266 266 266 266 266 266 266 266 266 266 3192 1,6%
Commissions 331 431 456 456 456 356 381 443 358 366 478 483 4992 2,5%
Advertising 620 333 333 333 333 333 333 333 333 333 333 333 333 4614 2,3%
Insurance 58 58 58 58 58 58 58 58 58 58 58 58 700 0,4%
Professional Fees 280 280 280 280 280 280 280 280 280 280 280 280 3360 1,7%
Repairs 80 80 80 80 80 80 80 80 80 80 80 80 960 0,5%
Office & Printing Expenses 165 40 40 40 40 40 40 40 40 40 40 40 40 645 0,3%
Utilities 550 550 550 550 550 550 550 550 550 550 550 550 6600 3,3%
Subtotal Expenses 785 6838 6938 6963 6963 6963 6863 6888 6950 6865 6873 6985 6990 83863 42,0%
- Depreciation 33 33 33 33 33 33 33 33 33 33 33 33 391 0,2%
TOTAL EXPENSES 785 6870 6970 6995 6995 6995 6895 6920 6983 6898 6905 7018 7023 84254 42,2%
Net Ordinary Income -785 -654 1926 2571 2571 2571 -9 636 2249 56 249 3152 3283 17819 8,9%
Interest Expense 158 158 158 158 158 158 158 158 158 158 158 158 1900 1,0%
-785 -812 1768 2413 2413 2413 -167 478 2091 -102 91 2994 3125 15919 8,0%
Property Tax 486 0,2%
Profit before Tax 15434
Income Tax 20% -157 -162 354 483 483 483 -33 96 418 -20 18 599 625 3087 1,5%
Net Profit after Tax -628 -650 1414 1930 1930 1930 -134 382 1672 -82 73 2395 2500 12347 6,2%
TotalStart up

5. Start-Up Composition
0
5000
10000
15000
20000
25000
Investments Loans Assets Expenses Cash
20500
25000
23575
785
20640