They were mainly using the proceeds from the next years...

They were mainly using the proceeds from the next years plantation investment sales, or as it turns out, borrowing as well! They would get the sales money in during June-July of each year, and use this until they needed some of it to plant the crop from the previous years sales! They thought they could get away with this for up to 15 years, before we start getting some sales coming through to take up the slack!
What gets me is the total lack of diligence by all involved, not highlighting FW in any way, of the questionable and dishonest portrayal of the Sandalwood trees growth performance! The expert forester's etc., going back to the initial one PK.......why did he leave??... he was set for life in this forest of beautiful smelling sandalwood! Then, when the TFS 2002 harvest is done....completed!...........they say the results are "below expectation". not down by 20 or 30%, not even 50%!...........DOWN BY 600%........ARE THEIR REALLY ANY EXPERTS IN SANDALWOOD GROWING???? Possibly, the biggest joke of a company one could imagine, that is before any market sales are factored in! So the future to me looks like this.............basically an over supply of sandalwood from current projects for years to come, with a low demand, unless something dramatically changes in sales growth!
But you can't get away from the fact that the tree growth alone, has wiped out any future investment!