Template

All Numbers in INR Million

Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10
Assumptions

Project Cost

Fixed Assets (Plant & Machinery) 1,200

Total Hard Cost 1,200 Year-1
IDC (Soft Cost) 95 Year Qtr-1 Qtr-2 Qtr-3
TOTAL COST OF THE PROJECT 1,295 Phasing % 10% 10% 15%

Funding Assumptions
Equity 35%
Debt 65% IRR Sensitivity

Revenue Assumptions
Sugar Plant 9%
Sugar Plant Capacity 1000 TCD Tonnes Crushed Per day 10%
Number of Working Days 240 11%
Hours of Work Per Day 24 12%
Capacity utilisation 80% 85% 90% 13%
Estimated Sugar Recovery 9% 14%
Sugar Sale Rate 28000 Rs./Tonne Escalation 5% 15%
CO-Gen Plant
Installed Capcaity 20 MW
Internal Consumption 40%
Capaicty Utilisation 80% 85% 90%
Co-Gen Sell Rate 5 Rs./Unit Escalation 5%

Operating Expenses
Sugarcane Cost 2000 Rs./Tonne Escalation 4%
Salaries 7.50% % of Sales
Consumables 5% % of Sales
Other Expenses 2% % of Sales
Repairs and Maintenance 1% % of Sales

Depreciation Rate
Company Act (Straight Line Method)
Fixed Assets 5.28%
IT Act (Written Down Value)
Fixed Assets 15%

Taxes
Corporate Tax Rate 33%
MAT Rate 20%
Working Capital Assumptions Days
Inventory 40
Creditors 15

Terms of Debt
Interest Rate 10%
Loan Repayment Annual - At the end of period
Tenure 6 years post COD
Moratorium 1 year post COD

Interest Income 7%
Terminal Value 25% Scrap Value of Residual Net Assets
r-1 Year-2
Qtr-4 Qtr-1 Qtr-2 Qtr-3 Qtr-4
15% 15% 15% 10% 10%

RR Sensitivity

0% 20% 40% 60% 80% 85%

IDC
All Numbers in INR Million
Dates - Annual Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Year Qtr-1 Qtr-2 Qtr-3 Qtr-4 Qtr-1
Effective Days 91 92 92 90 91

Opening balance - 84 168 295 421

Phasing % 10% 10% 15% 15% 15%
Addition of debt inc during the quarter 84 84 126 126 126
Quarterly closing balance 84 168 295 421 547

Quarterly Interest Capitalised 2.10 4.24 7.42 10.38 13.64

Total IDC Phase-I and Phase 2 95

Sep-15 Dec-15 Mar-16 Mar-15 Mar-16
Qtr-2 Qtr-3 Qtr-4
92 92 91

547 673 757 - 421

15% 10% 10%
126 84 84 421 421
673 757 842 421 842

16.97 19.09 20.98

Annual Sales
All Numbers in INR Mar-14 Mar-15 Mar-16 Mar-17
Year Year-1 Year-2 Year-3

Sugar Plant Capacity(TCD) 0 0 1,000

Number of Working Days 0 0 240
Capacity utilisation 0 0 80%
Cane Crushed p.a - - 192,000
Sugar Recovery(%) 9% 9% 9%
Annual Sugar Production(Tonnes) - - 17,280
Sugar Price 5% 0 0 28000
Annual Sugar Sales - - 483,840,000

Co-Gen Capacity MW 0 0 20
Number of Working Days 0 0 240
Hours of Work Per Day 0 0 24
Capacity Utilisation 0 0 80%
Capacity For Internal Use MW - - 6.4
Capacity For Sale of Power MW - - 9.6
Power Produced and sold p. MU - - 55,296,000
Power Sale Rate(KWH) 5% 0 0 5.00
Annual Power Sale - - 276,480,000

Total Sale - - 760,320,000

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Year-4 Year-5 Year-6 Year-7 Year-8

1,000 1,000 1,000 1,000 1,000

240 240 240 240 240
85% 90% 90% 90% 90%
204,000 216,000 216,000 216,000 216,000
9% 9% 9% 9% 9%
18,360 19,440 19,440 19,440 19,440
29400 30870 32414 34034 35736
539,784,000 600,112,800 630,118,440 661,624,362 694,705,580.10

20 20 20 20 20
240 240 240 240 240
24 24 24 24 24
85% 90% 90% 90% 90%
6.8 7.2 7.2 7.2 7.2
10.2 10.8 10.8 10.8 10.8
58,752,000 62,208,000 62,208,000 62,208,000 62,208,000
5.25 5.51 5.79 6.08 6.38
308,448,000 342,921,600 360,067,680 378,071,064 396,974,617

848,232,000 943,034,400 990,186,120 1,039,695,426 1,091,680,197

 Mar-23 Mar-24
Year-9 Year-10

1,000 1,000
240 240
90% 90%
216,000 216,000
9% 9%
19,440 19,440
37523 39399
729,440,859.11 765,912,902.06

20 20
240 240
24 24
90% 90%
7.2 7.2
10.8 10.8
62,208,000 62,208,000
6.70 7.04
416,823,348 437,664,515

1,146,264,207 1,203,577,418
Annual Expenses
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17
Year Year-1 Year-2 Year-3

Sugarcane Price 4.0% 0 0 2000

Sugar Cane Requirement 0 0 192,000

Raw Material Expense 0 0 384

Salaries 7.5% 0 0 57
Consumables 5.0% 0 0 38
Other Expenses 2.0% 0 0 15
Repairs and Maintenance 1.0% 0 0 8

Debt Schedule

Debt Opening - 421 842

Addition 421 421 -
Repayment - - -
Closing 421 842 842

Interest Expense 0 0 84.16

Depreciation Schedule
SLM Depreciation
Fixed Assets, Gross 647 1295 1,295
Accumulated Depreciation - - 68
Fixed Assets, Net 647 1295 1226

Depreciation Expense 5.28% 0 0 68

WDV Depreciation
Fixed Assets, Beg 0 647 1295
Depreciation IT 15% 0 0 194
Fixed Assets, End 647 1,295 1,101

Working Capital Schedule

Inventory - - 42
Creditors - - 16
Working Capital - - 26
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

2080 2163 2250 2340 2433 2531 2632

204,000 216,000 216,000 216,000 216,000 216,000 216,000

424 467 486 505 526 547 568

64 71 74 78 82 86 90
42 47 50 52 55 57 60
17 19 20 21 22 23 24
8 9 10 10 11 11 12

842 701 561 421 281 140 -

- - - - - - -
-140 -140 -140 -140 -140 -140
701 561 421 281 140 - -

84.16 70.14 56.11 42.08 28.05 14.03 -

1,295 1,295 1,295 1,295 1,295 1,295 1,295

137 205 273 342 410 479 547
1158 1090 1021 953 885 816 748

68 68 68 68 68 68 68

1101 936 795 676 575 488 415

165 140 119 101 86 73 62
936 795 676 575 488 415 353

47 51 53 55 58 60 62
17 19 20 21 22 22 23
29 32 33 35 36 37 39
Income Statement
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Year Year-1 Year-2 Year-3 Year-4

Sales(sugar +power generation) 0 0 760 848

Raw Material Costs 0 0 384 424

Gross Profit 0 0 376 424

Salaries 0 0 57 64
Consumables 0 0 38 42
Other Expenses 0 0 15 17
Repairs and Maintenance 0 0 8 8
EBITDA 0 0 258 292

Depreciation 0 0 68 68
EBIT 0 0 190 224

Interest Expense 0 0 84 84
Interest Income 0 0 0 8.877208
EBT 0 0 106 149

Income Tax Payable 0 0 21 30

Deferred Taxes 0 0 14 19
Effective Tax Rate % 0 0 33% 33%

PAT 0 0 71 100
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

943 990 1,040 1,092 1,146 1,204

467 486 505 526 547 568

476 504 534 566 600 635

71 74 78 82 86 90
47 50 52 55 57 60
19 20 21 22 23 24
9 10 10 11 11 12
330 351 373 397 422 449

68 68 68 68 68 68
261 282 305 329 354 380

70 56 42 28 14 -
11.98228 18.11615 26.67985 37.47833 48.60845 61.79315
203 244 289 338 388 442

41 49 62 106 126 148

26 32 34 6 2 -2
33% 33% 33% 33% 33% 33%

136 164 194 226 260 296

Balance Sheet
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Year Year-1 Year-2 Year-3 Year-4

Equity Capital 0 227 453 453 453

Reserves and Surplus 0 0 0 71 171
Total Shareholders Equity 0 227 453 524 624

Debt 0 421 842 842 701

Deferred Tax Liability 0 0 0 14 33
Creditors 0 0 0 16 17

Total Liabilities & Sh Equity 0 647 1295 1395 1376

Fixed Assets, Gross 0 647 1295 1295 1295

Accumulated Depreciation 0 0 0 68 137
Fixed Assets, Net 0 647 1295 1226 1158
Investments 0 0 0 0 0

Cash 0 0 0 127 171

Inventory 0 0 0 42 47

Total Assets 0 647 1295 1395 1376

Checksum 0 0 0 0 0
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

453 453 453 453 453 453

307 470 664 891 1151 1447
760 924 1118 1344 1604 1900

561 421 281 140 0 0

60 91 125 131 132 130
19 20 21 22 22 23

1400 1456 1544 1637 1759 2054

1295 1295 1295 1295 1295 1295

205 273 342 410 479 547
1090 1021 953 885 816 748
0 0 0 0 0 0

259 381 535 694 883 1244

51 53 55 58 60 62

1400 1456 1544 1637 1759 2054

0 0 0 0 0 0
Cash Flow Statement
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Year Year-1 Year-2 Year-3 Year-4

PBT 0 0 0 106 149

Depreciation 0 0 0 68 68
Change in Inventory 0 0 0 -42 -4
Change in Creditors 0 0 0 16 2
Taxes Paid 0 0 0 -21 -30
Cash Flow From Operations 0 0 0 127 185

Purchase of Assets 0 -647 -647 0 0

Purchase of Investments 0 0 0 0 0
Cash Flow from Investing 0 -647 -647 0 0

Change in Debt 0 421 421 0 -140

Change in Equity 0 227 227 0 0
Cash Flow From Financing 0 647 647 0 -140

Net Change in Cash 0 0 0 127 44

Cash BOP - - - - 127

Cash EOP - - - 127 171
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

203 244 289 338 388 442

68 68 68 68 68 68
-5 -2 -2 -2 -2 -2
2 1 1 1 1 1
-41 -49 -62 -106 -126 -148
228 263 295 299 329 361

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

-140 -140 -140 -140 -140 0

0 0 0 0 0 0
-140 -140 -140 -140 -140 0

88 122 154 159 188 361

171 259 381 535 694 883

259 381 535 694 883 1,244
Tax Schedule
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Year Year-1 Year-2 Year-3 Year-4

PBT - - 106 149

Add: SLM Depreciation - - 68 68
Less: WDV Depreciation - - 194 165
Taxable Income - - (20) 52

Carry Forward Loss - Beginning - - - (20)

Additions - - (20) -
Set-off - - - 20
Carry Forward Loss - Ending - - (20) -
Taxable Income - - - 32
Corporate Tax 33% - - - 11

Book Profit - - 106 149

MAT 20% - - 21 30

Tax Payable - - 21 30

MAT Paid Over Corporate Tax - - 21 19

MAT Credits Beginning - - - 21

MAT Credits Addition - - 21 19
MAT Set Off - - - -
MAT Credits Ending - - 21 40

Net Tax Payable - - 21 30

Book Profits - - 106 149

Income Tax Provision 33% - - 35 49

Change in Deferred Tax Liability - - 14 19

Deferred Tax Liability - - 14 33
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

203 244 289 338 388 442

68 68 68 68 68 68
140 119 101 86 73 62
131 193 256 320 383 448

- - - - - -
- - - - - -
- - - - - -
- - - - - -
131 193 256 320 383 448
43 64 85 106 126 148 582

203 244 289 338 388 442

41 49 58 68 78 88

43 64 85 106 126 148

- - - - - -

40 38 23 - - -
- - - - - -
3 15 23 - - -
38 23 - - - -

41 49 62 106 126 148 582

203 244 289 338 388 442

67 81 96 112 128 146

26 32 34 6 2 (2)
60 91 125 131 132 130
Returns
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Year Year-1 Year-2 Year-3 Year-4

Debt Service Coverage Ratio

Profit after tax 0 0 0 71 100
Depreciation 0 0 0 68 68
Interest Expense 0 0 0 84 84
Total Inflow 0 0 0 224 252

Interest Expense 0 0 0 -84 -84

Repayment of Term Loan 0 0 0 0 -140
Total Outflow 0 0 0 -84 -224

Annual DSCR 2.66 1.12

Average DSCR 1.8
Maximum DSCR 2.7
Minimum DSCR 1.1

Internal Rate of Return

IRR : PAT & Equity

Capex 0 -647 -647 0 0
PAT 0 0 0 71 100
Depreciation 0 0 0 68 68
Change in WC 0 0 0 -26 -3
Add/Less : Debt Repayment 0 421 421 0 -140
Terminal Value
Woring Capital Reversal
Cash Flow to Equity Shareholders 0 -227 -227 113 25

IRR 18.8%
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

136 164 194 226 260 296

68 68 68 68 68 68
70 56 42 28 14 0
275 288 304 323 342 364

-70 -56 -42 -28 -14 0

-140 -140 -140 -140 -140 0
-210 -196 -182 -168 -154 0

1.30 1.47 1.67 1.92 2.22

0 0 0 0 0 0
136 164 194 226 260 296
68 68 68 68 68 68
-3 -1 -1 -1 -1 -1
-140 -140 -140 -140 -140 0
154
39
61 91 121 153 187 556