SCENARIO: 25 YEARS USE WITH TAX

Purchase Price
Exptected Rate of Inflation
Tax Rate
Discount Rate
Rate of Increase of Operating Costs

39000000
3.00%
35.00%
9.00%
4.00%
2001

2002

Average Daily Hire Rate

No. of days in year
Maintenance days
Days on which revenue is earned
Annual Revenue
Operating Costs per day
Annual Operating Costs
Survey Capital Expenditure
Depreciation on Survey Capital Expenditure

Purchase Cost
Depreciation on Purchase Cost

-3900000 -3900000

Operating Profit
Tax @ 35%
PAT
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV

500000
-3900000 -4400000
Rs. -4,566,937.03

SCENARIO: 25 YEARS WITHOUT TAX

2001
Average Daily Hire Rate
No. of days in year
Maintenance days

2002

Days on which revenue is earned

Annual Revenue
Operating Costs per day
Annual Operating Costs
Survey Capital Expenditure
Depreciation on Survey Capital Expenditure

Purchase Cost
Depreciation on Purchase Cost

-3900000 -3900000

Operating Profit
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV

500000
-3900000 -4400000
Rs. 3,078,974.12

2003
20000
365
8
357
7140000

2004
20200
366
8
358
7231600

2005
20400
365
8
357
7282800

2006
18714
365
8
357
6680898

2007
17283
365
8
357
6170031

2008
17481
366
12
354
6188274

2009
17682
365
12
353
6241746

2010
17886
365
12
353
6313758

4000
1460000

4160
1522560

4326.4 4499.456 4679.434 4866.612 5061.276 5263.727

1579136 1642301 1707993 1781180 1847366 1921260
300000
60000

60000

60000

1560000

1560000

-31200000
1560000

1560000

1560000

1560000

1560000

1560000

4120000
1442000
2678000
4120000

4149040
1452164
2696876
4149040

4143664
1450282
2693382
4143664

3478597
1217509
2261088
3478597

2902038
1015713
1886324
2902038

2787094 2774380 2772498

975483 971033.1 970374.2
1811611 1803347 1802123
2787094 2774380 2772498

15000

15450

-26977000

4241426

4237468

3804697

3129442

3414222

3405436

3403675

2003
20000
365
8

2004
20200
366
8

2005
20400
365
8

2006
18714
365
8

2007
17283
365
8

2008
17481
366
12

2009
17682
365
12

2010
17886
365
12

15913.5 16390.91 16882.63 17389.11 17910.78 18448.11

357
7140000

358
7231600

357
7282800

357
6680898

357
6170031

354
6188274

353
6241746

353
6313758

4000
1460000

4160
1522560

4326.4 4499.456 4679.434 4866.612 5061.276 5263.727

1579136 1642301 1707993 1781180 1847366 1921260
300000
60000

60000

60000

-31200000
1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

4120000
4120000

4149040
4149040

4143664
4143664

3478597
3478597

2902038
2902038

2787094
2787094

2774380
2774380

2772498
2772498

15000

15450

-25535000

5693590

15913.5 16390.91 16882.63 17389.11 17910.78 18448.11

5687751

5022206

4145155

4389705

4376469

4374049

2011
18092
365
12
353
6386476

2012
17428
366
12
354
6169512

2013
17628
365
16
349
6152172

2014
17831
365
16
349
6223019

2015
18036
365
16
349
6294564

2016
18243
366
16
350
6385050

2017
14762
365
16
349
5151938

2018
14932
365
16
349
5211268

5474.276 5693.247 5920.977 6157.816 6404.129 6660.294 6926.706 7203.774

1998111 2083728 2161157 2247603 2337507 2437668 2528248 2629378

60000

350000
60000

70000

70000

70000

1560000

1560000

1560000

1560000

1560000

70000

750000
70000

150000

1560000

1560000

1560000

2768365 2465784 2361015 2345416 2327057 2317382 993690.4 871890.5

968927.8 863024.2 826355.4 820895.6 814469.9 811083.8 347791.6 305161.7
1799437 1602759 1534660 1524520 1512587 1506299 645898.8 566728.8
2768365 2465784 2361015 2345416 2327057 2317382 993690.4 871890.5
19001.55

19571.6 20158.75 20763.51 21386.41 22028.01 22688.85 23369.51

3400436

2853188

3144501

3133757

3121201

3114271

1503210

2253359

2011
18092
365
12

2012
17428
366
12

2013
17628
365
16

2014
17831
365
16

2015
18036
365
16

2016
18243
366
16

2017
14762
365
16

2018
14932
365
16

353
6386476

354
6169512

349
6152172

349
6223019

349
6294564

350
6385050

349
5151938

349
5211268

5474.276 5693.247 5920.977 6157.816 6404.129 6660.294 6926.706 7203.774

1998111 2083728 2161157 2247603 2337507 2437668 2528248 2629378

60000

350000
60000

70000

70000

70000

1560000

1560000

1560000

1560000

2768365
2768365

2465784
2465784

2361015
2361015

2345416
2345416

19001.55
4369364

70000

750000
70000

150000

1560000

1560000

1560000

1560000

2327057
2327057

2317382 993690.4 871890.5

2317382 993690.4 871890.5

19571.6 20158.75 20763.51 21386.41 22028.01 22688.85 23369.51

3716212

3970857

3954653

3935671

3925354

1851002

2558521

2019
15104
365
16
349
5271296

2020
15278
366
16
350
5347300

2021
15454
365
16
349
5393446

2022
14654
365
16
349
5114246

2023
14823
365
16
349
5173227

2024
14993
366
16
350
5247550

2025
15166
365
16
349
5292934

2026
15341
365
16
349
5354009

7491.925 7791.602 8103.266 8427.397 8764.493 9115.072 9479.675 9858.862

2734553 2851726 2957692 3076000 3199040 3336116 3460081 3598485

150000

150000

150000

850000
150000

1560000

1560000

1560000

1560000

826743.4
289360.2
537383.2
826743.4

170000

170000

170000

170000

1560000

1560000

1560000

1560000

785573.7 725753.9 328246.2 244187.2 181433.5 102852.6 25524.31

274950.8 254013.9 114886.2 85465.52 63501.74 35998.4 8933.507
510622.9
471740
213360 158721.7 117931.8 66854.17 16590.8
785573.7 725753.9 328246.2 244187.2 181433.5 102852.6 25524.31

24070.6 24792.71

25536.5 26302.59 27091.67 27904.42 28741.55

29603.8

2223313

2195830

2156204

1047057

1861630

1820027

1768113

1716987

2019
15104
365
16

2020
15278
366
16

2021
15454
365
16

2022
14654
365
16

2023
14823
365
16

2024
14993
366
16

2025
15166
365
16

2026
15341
365
16

349
5271296

350
5347300

349
5393446

349
5114246

349
5173227

350
5247550

349
5292934

349
5354009

7491.925 7791.602 8103.266 8427.397 8764.493 9115.072 9479.675 9858.862

2734553 2851726 2957692 3076000 3199040 3336116 3460081 3598485

150000

150000

150000

850000
150000

1560000

1560000

1560000

1560000

170000

170000

170000

170000

1560000

1560000

1560000

1560000

826743.4 785573.7 725753.9 328246.2 244187.2 181433.5 102852.6 25524.31

826743.4 785573.7 725753.9 328246.2 244187.2 181433.5 102852.6 25524.31
24070.6 24792.71
2512673

2470781

25536.5 26302.59 27091.67 27904.42 28741.55

2410217

1161944

1947096

1883529

1804111

29603.8
1725921

2027
13448
365
16
349
4693352
10253.22
3742424

170000

1560000

-779072
-272675
-506397
-779072
30491.91
1193111

2027
13448
365
16

349
4693352
10253.22
3742424

170000

1560000

-779072
-779072
30491.91
920436

SCENARIO: 15 YEARS USE

revenues
operating cost

PURCHASE
CAPITAL EXP
EBITDA
DEPN OF PURCHASE
DEPN OF CAPITAL EXP
EBIT
TAX
PAT
NET SALVAGE VALUE
INV IN WORKING CAPITAL
FCF
npv

Exptected Rate of Inflation

Rate of Increase of Operating Costs
Purchase Price

3.00%
4.00%
39000000
SCENARIO: 15 YEARS USE

revenues
operating cost

PURCHASE
CAPITAL EXP
EBITDA
DEPN
DEPN OF CAPITAL EXP
EBIT
PAT
NET SALVAGE VALUE

INV IN WORKING CAPITAL

FCF

CENARIO: 15 YEARS USE WITH TAX

2001

2002

-3900000

2003
7140000

2004
7211400

2005
7282800

2006
6680898

-1460000

-1518400

-1579136

-1642301

-3900000 -31200000

5680000
2266667

5693000
2266667

5703664
2266667

5038597
2266667

3413333

3426333

3436997

2771930

0
0

0 1194666.6 1199216.6
0 2218666.5 2227116.5
-500000

-3900000

-15000

-15450

-4400000 -26729667 4478333.5

1202949 970175.35
2234048 1801754
-15913.5 -16390.91
4484802

4052030

Rs. -5,932,339.87

Tax Rate
Discount Rate

35.00%
9.00%

CENARIO: 15 YEARS USE WITHOUT TAX

2001

-3900000

2002

2003
7140000

2004
7211400

2005
7282800

2006
6680898

-1460000

-1518400

-1579136

-1642301

5680000
2266667

5693000
2266667

5703664
2266667

5038597
2266667

3413333

3426333

3436997

2771930

3413333

3426333

3436997

2771930

-3900000 -31200000

-500000
-3900000
Rs. -200,319.06

-15000

-4400000 -25535000

-15450

-15913.5 -16390.91

5677550 5687750.5

5022206

2007
6170031

2008
6170793

2009
6241746

2010
6313758

2011
6386476

2012
6152084

2013
6152172

-1707993

-1776313

-1847366

-1921260

-1998111

-2078035

-2161157

4394480
2266667
60000
2067813

4394380
2266667
60000
2067713

4392498
2266667
60000
2065831

4388365
2266667
60000
2061698

-350000
4074049
2266667
60000
1747382

3991015
2266667
70000
1654348

-300000
4462038
2266667
2195371

768379.68 723734.47 723699.63 723040.71 721594.37 611583.61 579021.92

1426991 1344078 1344014 1342790 1340104 1135798 1075326
-16882.63 -17389.11 -17910.78 -18448.11 -19001.55

-19571.6 -20158.75

3376775

3593356

3592770

3591009

3587769

3032894

3321835

2007
6170031

2008
6170793

2009
6241746

2010
6313758

2011
6386476

2012
6152084

2013
6152172

-1707993

-1776313

-1847366

-1921260

-1998111

-2078035

-2161157

2195371

4394480
2266667
60000
2067813

4394380
2266667
60000
2067713

4392498
2266667
60000
2065831

4388365
2266667
60000
2061698

-350000
4074049
2266667
60000
1747382

3991015
2266667
70000
1654348

2195371

2067813

2067713

2065831

2061698

1747382

1654348

-300000
4462038
2266667

-16882.63 -17389.11 -17910.78 -18448.11 -19001.55

4145155

4317091

4316469

4314049

4309364

-19571.6 -20158.75
3644477

3900857

2014
6223019

2015
6294564

2016
6366807

2017
5151938

-2247603

-2337507

-2431007

-2528248

3975416
2266667
70000
1638749

3957057
2266667
70000
1620390

-750000
3935800 2623690
2266667 2266667
70000
70000
1599133 287023.39

573562.18 567136.49 559696.44 100458.19

1065187 1053253 1039436 186565.2
5000000
-20763.51 -21386.41 -22028.01 -22688.85
3311090

3298534

3284075

1680543

2014
6223019

2015
6294564

2016
6366807

2017
5151938

-2247603

-2337507

-2431007

-2528248

3975416
2266667
70000
1638749

3957057
2266667
70000
1620390

1638749

1620390

-750000
3935800 2623690
2266667 2266667
70000
70000
1599133 287023.39
1599133 287023.39
3250000

-20763.51 -21386.41 -22028.01 -22688.85

3884653

3865671

3843772

1781002