Input & Assumptions CAPITAL RECEIPT MODEL

Project Specifications Repayment Schedule - Senior Debt Revenue Assumptions

Key Dates Repayment Schedule - Sub Debt Expenditure during Operations
Project Cost Assumptions Repayment Schedule Other Assumptions
Project Funding Assumptions Grant Assumptions Tax & Accounting

Project Specifications
Project Company Name L&T Krishnagiri Walajapet Tollway Pvt Ltd
Package No.
State TAMIL NADU
National Highway No. NH - 46
Length 148.3 Kms Number of Toll Plazas 2
Description 6 Laning under NHDP Phase V
Type BOT (Toll)
Concessioning Authority National Highway Authority of India
Technical Consultant NONE
Traffic Consulant L&T - RAMBOLL CONSULTING ENGINEERS LTD

Key Dates
Date QE FYE
Last Date for Bidding 17-Aug-09 30-Sep-09 31-Mar-10
Award of LoI 31-Mar-10 31-Mar-10
No. of days for signing the CA 43
Concession Agreement Signing Date 13-May-10 31-Mar-11
No. of days for Financial Close 180 Allowed time w/o pena 180 days
Financial Close Date 9-Nov-10 31-Mar-11
Appointed Date 9-Nov-10 31-Mar-11
Performance Security Date 9-Nov-10 (Perform. Sec. by 180 days from CA date)
Construction Start Date 9-Nov-10 31-Mar-11
Construction Period 912 Days 30.0 Months
Construction End Date 9-May-13 31-Mar-14
Commercial Operation Date (COD) 10-May-13 31-Mar-14
Concession Period 30.00 Years
Concession End Date 31-Oct-40 31-Mar-41
Days from COD for NHAI Grant payment -1828
First NHAI Grant Payment Date 9-Nov-10 31-Mar-11

Back Increase/ Reduction in Concession Period

Base Concession Period 30 years inreased by 1.50% for every 1.0% reduction in traffic
Normal Concession End Date 8-Nov-40 FY 31-Mar-41 decreased by 0.75% for every 1.0% increase in traffic
NHAI Target Date 1-Apr-20 FY 31-Mar-21 only if deviation is more than 2.5%
Target Traffic (in PCU) 35852 with
Actual Traffic (in PCU) 47774 increase in concession period limited to 20% of base concession period
% inc/ (dec) in Traffic 33.3% decrease in concession period limited to 10% of base concession period
% inc/ (dec) in Concession Period -10.0%
inc/ (dec) in Concession Period (3.00) in case of reduction in concession period, if further premium @ 25% of realisable fee is paid
Revised Concession Period 27.00 then no reduction in concession period is applicable
Revised Concession End Date 9-Nov-37 FY 31-Mar-38
Termination Payment Assumptions
Designed Capacity (ADT in PCU) 120,000 Termination Date 31-May-41 FY 31-Mar-42
Termination Payment Revised Concession Perio 30.56 years
Equity 110% of adjusted equity TPC for Termination Rs. 1250.00 Crore
Debt 100% of debt due

Back Project Cost Assumptions

Rs. Crore
EPC Cost 1,093.00

Design & Engineering Expenses, Insurance

During Construction, Interest During 234.18
Construction, Financial Fees & Expenses,
Contingency and Preliminary & Preoperative
Expenses
Opex during Construction 20.36

Premium payable to NHAI 22.46

Total 1,370.00

Back Project Funding Assumptions 0.1498994946

Rs. Crore %age Criteria for Promoter's Contribution
Promoters' Equity 342.25 25.0% Total Equity Requirement 342.25 Upfront Equity: Maximum of
NHAI Grant - 0.0% Upfront Equity 125.00 10.0% 10% of TPC 125.00
Sub-Debt - 0.0% Internal Accruals 205.36 15.0% 25.0% of Promoter's Contri. 85.56 (upfront equity as required by lenders)
Senior Debt 1,027.75 75.0% Aditional Equity 11.89
Total 1,370.00 100.0% 14.99%
Debt Equity Ratio 3.00
Funds Phasing
Upfront Equity 25.0%
Upfront Senior Debt 25.0%
Upfront Sub Debt 0.0%
Balance Equity/Senior Debt/Grant drawn in propotionate basis

Back Repayment Schedule - Senior Debt Back Repayment Schedule - Sub Debt Year No. Senior Debt Sub Debt
FYE Repayment % Repayment % Repay Amt. No. of Instmt FYE Repayment % Repayment % Repay Amt. No. of Instmt 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 1 FYE 31-Mar-26
31-Mar-11 0.00% 0.00% - - Moratorium 6 Months 0.00% 31-Mar-11 0.00% 0.00% - - Moratorium 6 Months 31-Mar-11 2 31-Mar-11 0.00%
31-Mar-12 0.00% 0.00% - - No. of Monthly Instalments 144 Months 0.00% 31-Mar-12 0.00% 0.00% - - No. of Monthly Ins 138 Months 31-Mar-12 0.50% 0.50% 0.50% 0.10% 0.10% 0.25% 0.20% 0.15% 0.00% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.50% 0.50% 0.50% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 3 31-Mar-12 0.00% 1
31-Mar-13 0.00% 0.00% - - Rs. 38.55 Crore paid in 31-May-13 31-Mar-14 0.00% 31-Mar-13 0.00% 0.00% - - Rs. 0.0 Crore paid in 31-May-13 31-Mar-14 31-Mar-13 0.35% 0.60% 0.00% 0.10% 0.01% 0.25% 0.20% 0.15% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.35% 0.60% 0.00% 0.10% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 4 31-Mar-13 0.00% 2
1.24 31-Mar-14 3.85% 0.10% 39.54 5 Date QE FYE 6.25% 31-Mar-14 0.00% 0.25% - 5 Date QE FYE 31-Mar-14 0.50% 0.75% 0.40% 0.40% 0.50% 0.40% 0.25% 0.20% 0.10% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.50% 0.75% 0.40% 0.40% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 5 31-Mar-14 0.10% 3
1.35 31-Mar-15 1.15% 1.20% 11.87 12 Drawdown Start 31-May-11 30-Jun-11 31-Mar-12 6.25% 31-Mar-15 0.00% 2.40% - 12 Drawdown Start 30-Dec-99 31-Mar-00 31-Mar-00 31-Mar-15 1.00% 0.75% 0.50% 0.85% 0.50% 0.40% 0.25% 0.20% 1.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 1.00% 0.75% 0.50% 0.70% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 6 31-Mar-15 1.20% 4
1.43 31-Mar-16 1.92% 2.00% 19.78 12 Repayment Start 30-Nov-13 31-Dec-13 31-Mar-14 6.25% 31-Mar-16 0.00% 2.40% - 12 Repayment Start 30-Nov-13 31-Dec-13 31-Mar-14 31-Mar-16 1.00% 1.00% 0.95% 0.85% 0.80% 0.70% 0.50% 0.35% 2.00% 0.50% 0.20% 0.50% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 1.00% 1.00% 0.75% 0.85% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 7 31-Mar-16 2.00% 5
1.24 31-Mar-17 5.77% 6.00% 59.35 12 Repayment End 31-Oct-25 31-Dec-25 31-Mar-26 6.25% 31-Mar-17 0.00% 4.80% - 12 Repayment End 30-Apr-25 30-Jun-25 31-Mar-26 31-Mar-17 1.25% 1.00% 1.25% 1.25% 0.80% 0.70% 0.50% 0.40% 6.00% 0.50% 0.20% 0.50% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 1.25% 1.00% 0.90% 1.00% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 8 31-Mar-17 6.00% 6
1.20 31-Mar-18 8.66% 9.00% 89.03 12 6.25% 31-Mar-18 0.00% 9.00% - 12 31-Mar-18 1.25% 1.00% 1.80% 1.25% 1.25% 1.00% 0.80% 0.10% 9.00% 0.50% 0.30% 1.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 1.25% 1.00% 1.20% 1.25% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 9 31-Mar-18 9.00% 7
1.23 31-Mar-19 4.81% 5.00% 49.46 12 Tenor (door-to-door) 15.00 years 6.25% 31-Mar-19 0.00% 12.00% - 12 Tenor (door-to-doo 14.5 years 31-Mar-19 1.50% 1.25% 1.80% 1.50% 1.25% 1.00% 0.80% 0.20% 5.00% 0.50% 0.30% 1.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 1.50% 1.25% 1.20% 1.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 10 31-Mar-19 5.00% 8
1.42 31-Mar-20 4.81% 5.00% 49.46 12 RTL Assumptions 6.25% 31-Mar-20 0.00% 12.00% - 12 Interest Rate 31-Mar-20 15.00% 1.25% 1.80% 1.60% 1.50% 1.10% 1.00% 1.14% 5.00% 0.50% 0.50% 1.25% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 5.00% 1.25% 1.60% 1.60% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 11 31-Mar-20 5.00% 9
1.38 31-Mar-21 12.51% 13.00% 128.60 12 ROI (During Construction) 11.0% 6.25% 31-Mar-21 0.00% 12.00% - 12 During Constructi 12.8% 31-Mar-21 0.00% 15.00% 5.00% 1.60% 1.80% 1.10% 1.10% 1.14% 13.00% 0.50% 0.75% 1.25% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 5.00% 1.60% 0.65% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 12 31-Mar-21 13.00% 10
1.91 31-Mar-22 9.62% 10.00% 98.92 12 ROI (During Operations) 10.5% 6.25% 31-Mar-22 0.00% 12.00% - 12 During Operations 12.8% 31-Mar-22 0.00% 0.00% 15.00% 3.00% 1.00% 1.30% 1.10% 1.14% 10.00% 0.75% 0.75% 1.50% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 5.00% 0.35% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 13 31-Mar-22 5.87% 11
1.99 31-Mar-23 11.55% 12.00% 118.70 12 Proportion in Senior Debt 100% 6.25% 31-Mar-23 0.00% 18.00% - 12 31-Mar-23 0.00% 0.00% 0.00% 15.00% 2.00% 1.30% 1.10% 1.14% 12.00% 0.75% 0.75% 1.50% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 14 31-Mar-23 5.87% 12
2.23 31-Mar-24 12.51% 13.00% 128.60 12 Repayment Proportion 75% 6.25% 31-Mar-24 0.00% 15.15% - 12 31-Mar-24 0.00% 0.00% 0.00% 0.00% 12.00% 1.30% 1.10% 1.14% 13.00% 1.00% 0.75% 1.50% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 15.00% 15.00% 15.00% 3.00% 3.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 15 31-Mar-24 5.87% 13
2.09 31-Mar-25 12.51% 13.00% 128.60 12 6.25% 31-Mar-25 0.00% 0.00% - 12 31-Mar-25 0.00% 0.00% 0.00% 0.00% 0.00% 1.30% 1.10% 1.14% 13.00% 1.00% 0.75% 1.50% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.00% 3.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 16 31-Mar-25 5.87% 14
1.93 31-Mar-26 10.30% 10.70% 105.84 7 ECB Assumptions 25.00% 31-Mar-26 0.00% 0.00% - 1 31-Mar-26 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.00% 12.00% 30.00% 1.25% 1.00% 2.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.00% 3.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 17 31-Mar-26 5.87% 15
31-Mar-27 0.00% 0.00% - - ROI 8.50% LIBOR 4.90% 6.25% 31-Mar-27 0.00% 0.00% - - 31-Mar-27 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.00% 1.25% 1.25% 2.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 18 31-Mar-27 5.87% 16
31-Mar-28 0.00% 0.00% - - Proportion in Senior Debt 0% Spread 200 bps 6.25% 31-Mar-28 0.00% 0.00% - - 31-Mar-28 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.00% 15.00% 2.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 19 31-Mar-28 5.87% 17
31-Mar-29 0.00% 0.00% - - Repayment Proportion 25% Hedging Cost 1.60% 6.25% 31-Mar-29 0.00% 0.00% - - 31-Mar-29 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 20 31-Mar-29 5.87% 18
31-Mar-30 0.00% 0.00% - - ECB Amount - 6.25% 31-Mar-30 0.00% 0.00% - - 31-Mar-30 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 1.50% 21 31-Mar-30 5.87% 19
31-Mar-31 0.00% 0.00% - - No. of Monthly Instalments 0 6.25% 31-Mar-31 0.00% 0.00% - - 31-Mar-31 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 1.50% 22 31-Mar-31 5.87% 20
31-Mar-32 0.00% 0.00% - - Repayment End Date 31-Oct-13 6.25% 31-Mar-32 0.00% 0.00% - - 31-Mar-32 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 1.50% 23 31-Mar-32 0.00%
31-Mar-33 0.00% 0.00% - - 6.25% 31-Mar-33 0.00% 0.00% - - 31-Mar-33 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 1.50% 24 31-Mar-33 0.00%
31-Mar-34 0.00% 0.00% - - 6.25% 31-Mar-34 0.00% 0.00% - - 31-Mar-34 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 1.50% 25 31-Mar-34 0.00%
31-Mar-35 0.00% 0.00% - - 6.25% 31-Mar-35 0.00% 0.00% - - 31-Mar-35 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 15.00% 26 31-Mar-35 0.00%
Total 100.00% 100.00% 1,027.75 144 Total 0.00% 100.00% - 138

Back Grant Assumptions MIN($J$179,$G$182,$G$181)

In case of Positive Grant 250
Total project Cost as per CA 1250.00 Grant Amount (Rs. Crore) -
Cap on +ve Grant Overall 10.0% (Rs. 125.00 Crore) Equity Support -
Cap on Equity Support (as % of Total Equity including Equity Support) 50.0% (Rs. 156.14 Crore)
Further Cap on Equity Support 10.0% (Rs. 125.00 Crore) O&M Support -
O&M Support per quarter 0.0% of Equity Support

In case of Premium
No. of days from Appointed Date for payment of NHAI Grant -1828
First Grant payment date 09-Nov-10
Premium Payment % 7.01%
First Tranche Amount

Back Revenue Assumptions

Toll Fees (Rs. / Km) From 01-Apr-07 Fixed Escalation
Vehicle Class PCU At 30-Jun-97 To 31-Mar-08 3%
Car / Van / Jeep 1.0 0.40 0.65 0.020
Mini Bus 1.5 0.70 1.05 0.032
Government Bus 3.0 1.40 2.20 0.066
Private Bus 3.0 1.40 2.20 0.066
LCV 1.5 0.70 1.05 0.032
Truck 2 Axle 3.0 1.40 2.20 0.066
Truck 3 Axle 3.0 2.25 3.45 0.104
Multi Axle Vehicle 4.5 2.25 3.45 0.104
Toll Fee rounded to nearest 5 Rupee WPI
Toll Fee for Round Trip 1.5 Times Single Trip Toll Fixed Escalation As at June 1997 (Base Year) 131.4
Toll for Personal Local - Category I Rs. 150 Rs. Monthly Pass 4.500 As at 06th Jan 2007 208.7
Toll for Personal Local - Category II Rs. 300 Rs. Monthly Pass 9.000 Revenue Sharing
Toll for Mini Bus Rs. 500 Rs. Monthly Pass 15.000 After Traffic crossing 120%
Toll for ST Buses Rs. 500 Rs. Monthly Pass 15.000 of Designed Capacity 120000 PCU
Toll for School Buses Rs. 1000 Rs. Monthly Pass 30.000 I.e. 144000 PCU
Toll for Local LCV Rs. 15 per entry 0.450 Base PCU
Toll for Truck 2 Axle Rs. 25 per entry 0.750
Toll for Truck 3 Axle Rs. 25 per entry 0.750
Toll for Multi Axle Vehicle Rs. 25 per entry 0.750

Monthly Pass 33 Times Single Trip Toll 31-Mar-07 20962

Effect of WPI Toll Growth Rate 2% 40% of WPI

Toll Revenue During Construction

Upfront Equity Requirement 10% of TPC, i. e., Rs. 125.00 crore

Max. limit of internal accruals used as equity 205.36 crore

Available internal accruals for equity 274.66 crore

Expenses Assumptions
Base Mar-10 Prices
Routine Maintenance Expenses 3.1 Rs. lacs / per km.
Major Maintenance Expenses 70.0 Rs. lacs / per km every 6.0 years
Escalation for Operating Expenses 5%
Bank Guarantee Charges if any 0.50% p.a.

Back Expenditure during Operations

O&M Expenses Administrative Expenses O&M Expenses during Const.
O&M Monthly Expenses 5.00 per annum Annual Operations Mgmt 3.44 per annum O&M Expenses 2.63 per annum
O&M Insurance 3.00 per annum Consultancy & Professio 0.50 per annum Manpower Cost 2.40 per annum
Total 3.50 Movement Cost 0.30 per annum Administrative Expense 2.25 per annum
Manpower Cost Independent Consultant 1.50 per annum
 Managerial Remuneration 0.50 per annum Other Administrative Expenses per annum Total 7.28
Staff Costs Communication Charges 0.08
Salaries, wages & bonus 0.90 per annum Rent 0.08 EPC as Opex -
Contribution to Provident & other funds 0.02 per annum Auditor's Fee 0.13
Workmen & Staff Welfare Expenses 0.02 per annum Rates & Taxes 0.20
Total Staff Costs 0.94 Miscellaneous 0.33
Total 3.20 Total 3.00

Back Other Assumptions Non Funded BG Yes

Funded Facility No
Debt Service Reserve Account 3 Months of Debt obligations
Major Maintenance Reserve Account 2 20% each year for 5 years

WPI Growth rate 5.0%

Back Tax & Accounting

Companies Act Income Tax Act Tax Structure
Asset Rate Residual Value Rate Residual Value
Construction Works 3.64% 0.00% 15.00% 0.00% Income Tax Rate 33.22%
Preliminary Expense 100.00% - 20.00% Minimum Alternate Tax Rate 19.93%
Major Maintenance 100.00% - 100.00% Tax Exemption Period 10 Years
Toll Equipment 4.75% 5.00% 15.00% 0.00% Tax incentive availed for 20 Years
Motor Vehicles 11.31% 5.00% 15.00% 0.00% Loss carry over limit 7 Years
Computer System 16.21% 5.00% 60.00% 0.00%
Office Equipment 4.75% 5.00% 15.00% 0.00%
Furniture & Fittings 6.33% 5.00% 10.00% 0.00%

Dividend Assumptions
Minimum of 100% of opening Reserves & Surplus Dividend Ditribution Tax 17.00%
90% of current PAT Minimum Cash 10.00%
10% Transfer to General Reserve DSCR Dividend 1.20
Scenario Analysis
Base Case 7.5
Project Cost Equity IRR Project IRR DSCR - Senior Debt DSCR - Sub Debt 8
Rs. Crore Post Tax Pre Tax Post Tax Pre Tax Avg. Min. Avg. Min. 8.5
1370.00 26.2% 28.6% 17.2% 18.9% 1.59 1.20 1.18 1.00 9
9.5
Key Dates Assumptions yes Scenarios 10
Appointed Date 6 months from CA Date no EPC Cost 1 0 912 10.5
Traffic Variables O&M Expenses 1 0 882 11
Project Cost Variables Construction Period (days) 1 912 Base Base Case 0 852 4.0% Base Case 0 Positive Yes in D/E Ratio 11.5
Base EPC Cost (Rs. Crore) 1093 Rs. Crores 0 WPI Growth Rate 3 0.05 Pessimistic 10% lower -10% 822 4.5% 50 bps lower -0.50% Negative No Repay sub debt 12
Interest Rate Scenario 1 0 Optimistic 5% lower -5% 792 5.0% 25 bps lower -0.25% User Defined 12.5
Premium paid to Restore Concession 1 5% higher 5% 762 5.5% 25 bps higher 0.25% 13
Repay from Excess Internal Accrual 3 10% higher 10% 732 200 bps highe 2.00% 0
EPC Mobilisation Advance 5.00% of the EPC Cost Whether NHAI will terminate CA 2 702 Appointed Date 0
Retention Sum 0.00% 80IA Benefit Starts from 1 672 COD 0
Project Funding Variables Toll during Const. treated as 1 642 0
NHAI Grant 0.00 Reevenues during Construction 1 612 Capital Receipt Total Revenue CAPITAL RECEIPT MODEL Manual
Sub-Debt 0.0% 11.89 Repayment Option 1 582 Revenue Receipt Rev. w.r.t. Debt REVENUE RECEIPT MODEL Automatic
Senior Debt 75.0% 38.55 Traffic increase/decrease 1 0 552
ECB @ LIBOR + 200 bps with LIBOR at 4.90% DSCR Support 1 Yes
Hedging Cost + Withholding tax 1.60% Additional DSCR Support 2 No
Senior Debt Interest (during Construction) 11.00%
Senior Debt Interest (during Operation) 10.50% Fin. Model Check OK EPC 1093
Debt Repayment Period
Sub Debt ROI Spread
10
12.00
175 bps over senior debt
10 Exercise option 2 Balance Sheet
Repayment Schedule
OK
OK
Esc/Cont/Qty Var
IDC
234.17915
0 1370.00043
Yes
No
Upfront Equity 25.0% Capex OK Other Items 42.821278
Sub Debt for Add. Capex & Maj. Maint. 0.0% of total requirement NHAI Capex Phasing Requirements OK TPC 1370.0004 0.75018
Repayment from Excess Internal Accruals User Defined Debt 1027.7469 0.09992051
Senior Debt 55.6% 55.625% 55.625% Equity 136.89114 0.14989949
Sub Debt 100.0% 100.0% Internal accruals 205.36237
Operations Expenses Variables 31-Mar-10 Base Year NHAI Grant 0
Routine Maintenance Expense 3.1 Rs. lacs / Km with yearly escalation Debt repayment 12
Major Maintenance Expenses 70.0 Rs. lacs / Km with yearly escalation EPC 1,093 First year revenue 139.1385
Major Maint. Periodicity 6.0 years Int rate 10.5% E IRR 0.2622836
O&M Expenses during Construction 75% of normal O&M Expenses Tenor 12 P IRR 0.1719515
% EPC Cost loaded to Const. Opex 0% Traffic 36,927 DSCR avg 1.5888636
Days from COD for -ve Grant -1828
Closing Cash Balance Assumption Rs. 10.00 crore minimum
 Financial Statements
Profit & Loss Statement Balance Sheet
Cashflow Statement DSCR - Senior

Profit & Loss Statement

FYE 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42 31-Mar-43 31-Mar-44 31-Mar-45 31-Mar-46
No. of Months of Operation - - - 11 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 7 - - - - -
Inflation Index 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07 3.22 3.39 3.56 3.73 3.92 4.12 4.32 4.54 4.76 5.00 5.25 5.52 5.79
Toll Revenue - - - 127.54 159.21 182.88 209.00 239.56 271.52 310.57 354.72 402.06 457.20 517.65 586.75 665.49 749.49 848.09 943.86 1,062.65 1,197.17 1,349.43 1,501.07 1,675.88 1,869.66 1,948.52 2,028.98 2,098.99 2,174.41 2,255.72 1,360.66 - - - - -
Toll Revenue during Construction - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Toll Transferred at the end of Construction - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
O&M Support - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NHAI Grant Written Back - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Income - - - 127.54 159.21 182.88 209.00 239.56 271.52 310.57 354.72 402.06 457.20 517.65 586.75 665.49 749.49 848.09 943.86 1,062.65 1,197.17 1,349.43 1,501.07 1,675.88 1,869.66 1,948.52 2,028.98 2,098.99 2,174.41 2,255.72 1,360.66 - - - - -
O&M Expenses - - - 3.90 4.47 4.69 4.92 5.17 5.43 5.70 5.99 6.29 6.60 6.93 7.28 7.64 8.02 8.42 8.84 9.29 9.75 10.24 10.75 11.29 11.85 12.44 13.07 13.72 14.41 15.13 9.26 - - - - -
Manpower Cost - - - 3.57 4.08 4.29 4.50 4.73 4.96 5.21 5.47 5.75 6.03 6.34 6.65 6.98 7.33 7.70 8.09 8.49 8.91 9.36 9.83 10.32 10.84 11.38 11.95 12.54 13.17 13.83 8.47 - - - - -
Administrative Expenses - - - 3.34 3.83 4.02 4.22 4.43 4.65 4.89 5.13 5.39 5.66 5.94 6.24 6.55 6.88 7.22 7.58 7.96 8.36 8.78 9.21 9.67 10.16 10.67 11.20 11.76 12.35 12.97 7.94 - - - - -
EPC as Opex during Construction - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Routine Maintenance Expenses - - - 5.10 5.84 6.13 6.44 6.76 7.09 7.45 7.82 8.21 8.62 9.06 9.51 9.98 10.48 11.01 11.56 12.14 12.74 13.38 14.05 14.75 15.49 16.26 17.08 17.93 18.82 19.77 12.11 - - - - -
Total O&M Expenses - - - 15.90 18.22 19.13 20.08 21.09 22.14 23.25 24.41 25.63 26.91 28.26 29.67 31.16 32.71 34.35 36.07 37.87 39.76 41.75 43.84 46.03 48.33 50.75 53.29 55.95 58.75 61.69 37.78 - - - - -
Less: NHAI Premium - - - 11.99 16.55 20.85 25.91 32.09 39.09 47.82 58.16 69.95 84.11 100.42 119.68 142.40 167.86 198.44 230.28 269.88 316.02 369.73 426.26 492.66 568.33 611.82 657.33 701.01 747.94 798.50 489.95 - - - - -
Less: Further Premium - - - - - - - - - - - - - - - - - - - - - - - - - - - 204.01 543.23 565.09 339.93 - - - - -
PBDIT - - - 99.65 124.44 142.91 163.01 186.38 210.29 239.50 272.14 306.48 346.18 388.97 437.39 491.94 548.91 615.29 677.52 754.90 841.39 937.94 1,030.96 1,137.18 1,253.00 1,285.95 1,318.36 1,138.02 824.49 830.44 493.00 - - - - -
Interest on RTL - - - 97.02 103.14 101.48 97.32 89.53 82.26 77.07 67.72 55.78 44.35 31.37 17.86 5.56 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - -
Interest on ECB - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Interest on Sub Debt - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Interest on Sub Debt for Add. Capex - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DSRA BG Commission - - - 0.14 0.15 0.20 0.22 0.16 0.16 0.25 0.19 0.20 0.20 0.18 0.14 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - - -
Int. on sub debt for negative cash 0.00
Fixed Asset Depreciation - - - 38.12 41.58 41.58 41.58 41.58 122.10 126.13 41.58 41.58 41.58 41.58 149.49 154.88 41.58 41.58 41.58 41.58 186.18 193.43 41.58 41.58 41.58 41.58 235.37 245.05 41.58 41.58 24.21 - - - - -
Preliminary Expenses Written-Off - - - 21.22 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PBT (0.00) - - (56.85) (20.43) (0.35) 23.88 55.10 5.77 36.05 162.65 208.92 260.05 315.84 269.90 331.50 507.33 573.71 635.94 713.31 655.21 744.52 989.38 1,095.60 1,211.42 1,244.37 1,082.98 892.97 782.91 788.86 468.78 - - - - -
Less: Income Tax Payable - - - - - - - 2.69 - 5.91 32.42 41.64 51.83 62.95 53.79 66.07 101.11 114.34 126.75 246.46 227.81 258.02 339.82 375.50 414.31 425.54 372.18 309.26 272.88 275.01 158.97 - - - - -
Less: Deferred Tax - - - - - - - 2.69 - 5.91 32.42 41.64 (0.25) (1.46) (2.48) (3.35) (4.09) (4.72) (5.26) (9.52) (10.16) (10.71) (11.18) (11.57) (7.90) - - - - - - - - - - -
PAT 6.72 (0.00) - - (56.85) (20.43) (0.35) 23.88 49.71 5.77 24.23 97.81 125.64 208.47 254.35 218.59 268.78 410.31 464.09 514.45 476.37 437.56 497.21 660.74 731.67 805.01 818.83 710.81 583.70 510.03 513.86 309.81 - - - - -
less: Terminal Loss on Capex Transfer - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
add: Termination Payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
less: Gross Dividends Declared - - - - - - 0.72 38.33 3.83 16.40 42.65 103.21 128.31 162.12 132.39 194.29 450.12 495.87 545.28 491.81 393.81 447.49 594.66 658.50 724.51 736.95 639.73 525.33 459.03 462.47 278.83 - - - - -
Transfer to Profit Reserve - - - (56.85) (20.43) (0.35) 23.16 11.39 1.93 7.83 55.17 22.43 80.16 92.23 86.20 74.49 (39.81) (31.78) (30.83) (15.44) 43.76 49.72 66.07 73.17 80.50 81.88 71.08 58.37 51.00 51.39 30.98 - - - - -
65.46 93.99 127.87 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 -
B Cashflow Statement
FYE 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42 31-Mar-43 31-Mar-44 31-Mar-45 31-Mar-46
Sources of Cash
Cash Accruals from Operations - - - 2.49 21.15 41.23 65.46 93.99 127.87 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 - - - - -
Add: Equity 125.00 - 10.05 1.84 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Internal Accruals used as Equity 21.27 121.32 62.77 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Internal Accruals Used for Repayment - - - 38.55 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Internal Accruals in Escrow for DSRA - - - 30.75 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: RTL - 256.19 652.27 119.29 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: ECB - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Sub Debt - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: NHAI Grant - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Sub Debt for Maj. Maint. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Sub Debt for Operation Period Capex (NHAI Scop - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Termination Payment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Infusion of DSRA - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Promoter's Sub-debt to fund Negative Cash 0.00 - - - - - - - 2.11 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Cash Inflow 146.27 377.51 725.09 192.92 21.15 41.23 65.46 93.99 129.98 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 - - - - -
Applications of Cash
RTL Repayment - - - 39.54 11.87 19.78 59.35 89.03 49.46 49.46 128.60 98.92 118.70 128.60 128.60 105.84 - - - - - - - - - - - - - - - - - - - -
RTL Repayment on Termination - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (0.00) - - - - -
ECB Repayment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ECB Repayment on Termination - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Sub Debt Repayment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Sub Debt Repayment on Termination - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Sub Debt Repayment for add. Capex & Maj. Maint. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Construction period Capex payments 138.21 372.82 720.17 117.59 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Construction period Opex payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EPC as Capex - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Preliminary Exp 8.07 4.69 4.92 3.54 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Operation Period Capex (Maj. Maint. Exp.) - - - - - - - - 80.52 84.55 - - - - 107.91 113.30 - - - - 144.60 151.85 - - - - 193.79 203.47 - - - - - - - -
Operation Period Capex (NHAI Scope Change) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Repayment to DSRA - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Debt to fund Negative Cash-Repaid - - - - - - 0.00 - - 2.11 - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Cash Outflow 146.27 377.51 725.09 160.67 11.87 19.78 59.35 89.03 129.98 136.13 128.60 98.92 118.70 128.60 236.51 219.15 - - - - 144.60 151.85 - - - - 193.79 203.47 - - (0.00) - - - - -
Cash Available for Reserve Accounts - - 0.00 32.25 41.54 62.99 69.10 73.33 35.01 51.32 78.14 145.43 173.31 210.88 177.86 246.62 500.13 550.96 605.87 569.02 546.19 680.46 924.11 1,091.13 1,271.32 1,407.22 1,422.66 1,408.22 1,434.49 1,530.90 1,402.45 1,123.62 1,123.62 1,123.62 1,123.62 1,123.62
less: Transfer to MMR Ac - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
add: Inflow from Maj Maint Res Ac - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cash available for Dividend - - 0.00 1.50 10.79 32.24 38.34 42.58 4.26 20.57 47.39 114.68 142.56 180.13 147.10 215.87 500.13 550.96 605.87 569.02 546.19 680.46 924.11 1,091.13 1,271.32 1,407.22 1,422.66 1,408.22 1,434.49 1,530.90 1,402.45 1,123.62

B
M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

m m

m
M M

m
m
 Work in progress 83.56 483.70 1,231.19 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Prelim Exp not written off 8.07 12.76 17.68 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Adv to EPC Contractor (Deferred Paym) 54.65 27.33 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cash in Maintenance Reserve - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cash in Bank - - 0.00 32.25 41.54 62.99 68.38 35.01 31.18 34.92 35.49 42.22 45.01 48.76 45.46 52.34 50.01 55.10 60.59 77.21 152.38 232.97 329.45 432.63 546.81 670.27 782.93 882.88 975.47 1,068.43 1,123.62 - - - - -
Total Assets 146.27 523.78 1,248.87 1,342.92 1,310.62 1,290.49 1,254.30 1,179.35 1,133.94 1,096.10 1,055.09 1,020.24 981.45 943.62 898.74 864.04 820.13 783.63 747.54 722.58 756.18 795.19 850.09 911.68 984.28 1,066.17 1,137.25 1,195.62 1,246.62 1,298.01 1,328.99 - - - - -
Balance Sheet Check - - 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Networth 146.27 267.59 340.41 285.41 264.98 264.63 287.80 296.49 298.42 300.34 323.09 303.88 384.30 477.99 566.67 644.51 608.80 581.74 556.17 550.25 604.17 664.60 741.85 826.59 914.99 996.87 1,067.95 1,126.32 1,177.32 1,228.71 1,259.69
- - - 65.46 93.99 127.87 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 - - - - -
Back DSCR - Senior Debt
FYE 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42 31-Mar-43 31-Mar-44 31-Mar-45 31-Mar-46 30-Dec-99
Debt Service Coverage Ratio
No. of instalments - - - 5 12 12 12 12 12 12 12 12 12 12 12 7 - - - - - - - - - - - - - - - - - - - - -
Cash Accruals from Operations - - - 2.49 21.15 41.23 65.46 93.99 47.35 71.72 171.81 208.86 249.80 294.47 257.69 179.09 447.80 500.95 550.77 508.43 468.98 528.08 691.14 761.68 838.69 860.41 752.39 625.28 551.61 555.44 334.02 - - - - - -
Internal Accruals used for Senior Debt Repayments - - - 38.55 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Termination Payment from NHAI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (0.00) - - - - - -
add: Senior Debt Interest - - - 97.02 103.14 101.48 97.32 89.53 82.26 77.07 67.72 55.78 44.35 31.37 17.86 5.56 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - - -
add: Sub Debt Interest - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
add: Sub Debt (add. Capex) Interest - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
add: Debtfor Negative Cash Interest 0.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Cash in DS Support Escrow - - - 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 30.75 - - - - - - - - - - - - - - - - - - - - -
Add: promoter subdebt to fund cash shortfall 0.00 - - - - - - - 2.11 - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 1 0.00 - - 168.81 155.04 173.46 193.53 214.27 162.47 179.54 270.28 295.39 324.90 356.59 306.30 215.40 447.80 500.95 550.77 508.43 468.98 528.08 691.14 761.68 838.69 860.41 752.39 625.28 551.61 555.44 334.02 - - - - - -
Senior Debt Interest - - - 97.02 103.14 101.48 97.32 89.53 82.26 77.07 67.72 55.78 44.35 31.37 17.86 5.56 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - - -
Senior Debt Repayment - - - 39.54 11.87 19.78 59.35 89.03 49.46 49.46 128.60 98.92 118.70 128.60 128.60 105.84 - - - - - - - - - - - - - - (0.00) - - - - - -
Total 2 - - - 136.55 115.01 121.26 156.67 178.56 131.72 126.53 196.32 154.70 163.05 159.96 146.46 111.40 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - - -
DSCR - - - 1.24 1.35 1.43 1.24 1.20 1.23 1.42 1.38 1.91 1.99 2.23 2.09 1.93 - - - - - - - - - - - - - - - - - - - - -
(1.20) Minimum 1.20 11,717.71 - - - - - - 63.35 80.32 116.65 86.61 48.29
Average 1.59 10,550.59 1,167.12 163.86 - - - - - - 30.75 30.75 30.75 30.75
(4.94)
DS Support
31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42 31-Mar-43 31-Mar-44 31-Mar-45 31-Mar-46 30-Dec-99
Reserve Required 30.75 0.00 0.00 0.00 25.81 13.72 2.80 25.23 30.75 26.34 3.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSS Drawn 0.00 0.00 0.00 25.81 0.00 0.00 22.42 5.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DSS Repaid 0.00 0.00 0.00 0.00 12.09 10.92 0.00 0.00 4.41 23.30 3.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Back IRR Calculations

Post Tax Equity IRR - Cash Flow Basis
Equity 125.00 - 10.05 1.84 - - (0.00) - 2.11 (2.11) - - - - - - - - - - - - - - - - - - - - - - - - - - -
Debt for funding negative cash Repaid
Outflow 125.00 - 10.05 1.84 - - (0.00) - 2.11 (2.11) - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cash Accruals from Operations - - - 2.49 21.15 41.23 65.46 93.99 127.87 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 - - - - - -
Internal Accruals used to repay Debt - - - 38.55 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Internal Accruals used to pay Dividend - - - 30.75 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
RTL Repayment - - - (39.54) (11.87) (19.78) (59.35) (89.03) (49.46) (49.46) (128.60) (98.92) (118.70) (128.60) (128.60) (105.84) - - - - - - - - - - - - - - 0.00 - - - - - -
ECB Repayment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Sub Debt Repayment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Capex & Maj. Maint. - - - - - - - - (80.52) (84.55) - - - - (107.91) (113.30) - - - - (144.60) (151.85) - - - - (193.79) (203.47) - - - - - - - - -
Termination Payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Debt for funding negative cash
Inflow - - - 32.25 9.28 21.45 6.11 4.96 (2.11) 22.26 43.21 109.94 131.09 165.88 129.09 201.16 447.80 500.95 550.77 508.43 468.98 528.08 691.14 761.68 838.69 860.41 752.39 625.28 551.61 555.44 334.02 - - - - - -
Net (125.00) - (10.05) 30.41 9.28 21.45 6.11 4.96 (4.23) 24.37 43.21 109.94 131.09 165.88 129.09 201.16 447.80 500.95 550.77 508.43 468.98 528.08 691.14 761.68 838.69 860.41 752.39 625.28 551.61 555.44 334.02 - - - - - -
Equity IRR
Pre Tax Equity IRR - Cash Flow Basis
Outflow 125.00 - 10.05 1.84 - - (0.00) - 2.11 (2.11) - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inflow - - - 32.25 9.28 21.45 6.11 7.65 (2.11) 28.17 75.63 151.58 182.92 228.83 182.88 267.23 548.91 615.29 677.52 754.90 696.79 786.10 1,030.96 1,137.18 1,253.00 1,285.95 1,124.56 934.55 824.49 830.44 493.00 - - - - - -
Net (125.00) - (10.05) 30.41 9.28 21.45 6.11 7.65 (4.23) 30.28 75.63 151.58 182.92 228.83 182.88 267.23 548.91 615.29 677.52 754.90 696.79 786.10 1,030.96 1,137.18 1,253.00 1,285.95 1,124.56 934.55 824.49 830.44 493.00 - - - - - -
Equity IRR

Post Tax Project IRR

Total Project Cost less Grant 146.27 377.51 725.09 121.13 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add. Capex & Maj. Maint. - - - - - - - - 80.52 84.55 - - - - 107.91 113.30 - - - - 144.60 151.85 - - - - 193.79 203.47 - - - - - - - - -
Outflow 146.27 377.51 725.09 121.13 - - - - 80.52 84.55 - - - - 107.91 113.30 - - - - 144.60 151.85 - - - - 193.79 203.47 - - - - - - - - -
Cash Accruals from Operations - - - 2.49 21.15 41.23 65.46 93.99 127.87 156.27 171.81 208.86 249.80 294.47 365.60 420.31 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 - - - - - -
Internal Accruals 21.27 121.32 62.77 - - - - - - - - - - - - - - - - - - - - - - - - - - - - (205.36) - - - - -
Interest on Debt 0.00 - - 97.02 103.14 101.48 97.32 89.53 82.26 77.07 67.72 55.78 44.35 31.37 17.86 5.56 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) - - - - - -
Termination Payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inflow 21.27 121.32 62.77 99.51 124.29 142.71 162.78 183.52 210.13 233.34 239.53 264.64 294.15 325.84 383.46 425.87 447.80 500.95 550.77 508.43 613.58 679.92 691.14 761.68 838.69 860.41 946.18 828.76 551.61 555.44 334.02 (205.36) - - - - -
Net (125.00) (256.19) (662.32) (21.62) 124.29 142.71 162.78 183.52 129.61 148.79 239.53 264.64 294.15 325.84 275.55 312.56 447.80 500.95 550.77 508.43 468.98 528.08 691.14 761.68 838.69 860.41 752.39 625.28 551.61 555.44 334.02 (205.36) - - - - -
Project IRR
Pre Tax Project IRR
Outflow 146.27 377.51 725.09 121.13 - - - - 80.52 84.55 - - - - 107.91 113.30 - - - - 144.60 151.85 - - - - 193.79 203.47 - - - - - - - - -
Inflow 21.27 121.32 62.77 99.51 124.29 142.71 162.78 186.21 210.13 239.25 271.95 306.28 345.98 388.79 437.26 491.94 548.91 615.29 677.52 754.90 841.39 937.94 1,030.96 1,137.18 1,253.00 1,285.95 1,318.36 1,138.02 824.49 830.44 493.00 (205.36) - - - - -
Net (125.00) (256.19) (662.32) (21.62) 124.29 142.71 162.78 186.21 129.61 154.70 271.95 306.28 345.98 388.79 329.34 378.63 548.91 615.29 677.52 754.90 696.79 786.10 1,030.96 1,137.18 1,253.00 1,285.95 1,124.56 934.55 824.49 830.44 493.00 (205.36) - - - - -
Project IRR
 Costs & Funds Phasing CAPITAL RECEIPT MODEL
Monthly Capex Phasing Monthly Funds Phasing Yearly Capex Phasing PRELIMINARY AND PRE-OPERATIVE EXPENSES
Capex Payments Interest During Construction Yearly Funds Phasing INSURANCE DURING CONSTRUCTION
Toll during Construction FINANCING EXPENSES
Month End 30-Nov-10 31-Dec-10 31-Jan-11 28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13
Construction Flag 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 - - -
FYE 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-14 31-Mar-14 31-Mar-14 31-Mar-14
Back Monthly Capex Phasing
EPC Phasing 100.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 3.0% 3.0% 3.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 7.0% 8.0% 0.0% 0.0% 0.0%
EPC Cost 1,093.00 10.93 10.93 10.93 10.93 10.93 10.93 21.86 21.86 21.86 21.86 21.86 21.86 32.79 32.79 32.79 43.72 43.72 43.72 43.72 43.72 43.72 43.72 54.65 54.65 54.65 54.65 54.65 54.65 76.51 87.44 - - -
Design & Engineering Expenses, Insurance
During Construction, Interest During
Construction, Financial Fees & Expenses,
Contingency and Preliminary & Preoperative
Expenses 234.18 14.63 4.04 4.04 4.16 4.04 4.04 4.24 4.28 4.43 4.71 4.77 5.03 5.30 5.44 5.70 6.17 6.41 6.76 7.22 7.46 7.82 8.29 8.65 9.28 9.89 10.38 10.98 11.71 12.41 31.86 - - -
Total Construction Works 1,327.18 25.56 14.97 14.97 15.09 14.97 14.97 26.10 26.14 26.29 26.57 26.63 26.89 38.09 38.23 38.49 49.89 50.13 50.48 50.94 51.18 51.54 52.01 63.30 63.93 64.54 65.03 65.63 66.36 88.92 119.30 - - -
Opex during Construction 20.36 0.64 0.64 0.64 0.64 0.64 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.74 - - -
Premium payable to NHAI 22.46 0.57 0.57 0.57 0.57 0.57 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.84 0.84 0.84 0.84 0.84 0.84 0.84 0.84 0.84 0.84 0.84 0.84 1.09 - - -
Total Project Cost 1,370.00 26.77 16.18 16.18 16.30 16.18 16.34 27.47 27.50 27.66 27.93 28.00 28.26 39.46 39.60 39.86 51.26 51.50 52.02 52.49 52.73 53.08 53.56 64.85 65.47 66.09 66.57 67.18 67.91 90.47 121.13 - - -
NHAI Capex Requirements OK 2% 3% 4% 6% 7% 8% 10% 12% 14% 16% 18% 20% 23% 26% 29% 32% 36% 40% 44% 48% 52% 55% 60% 65% 70% 75% 80% 85% 91% 100% 100% 100% 100%

Back Capex Payments 30-Nov-10 31-Dec-10 31-Jan-11 28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13
Add: Mobilisation Advance 54.65 54.65 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Less: Mobilisation Advance Recovery 8.33% - - - - - 0.91 1.82 1.82 1.82 1.82 1.82 1.82 2.73 2.73 2.73 3.64 3.64 3.64 3.64 3.64 3.64 3.64 4.55 4.55 0.00 - - - - - - - -
Less: Retention Amount 10.0% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Retention Repayment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Capex Payments 81.42 16.18 16.18 16.30 16.18 15.43 25.64 25.68 25.84 26.11 26.17 26.44 36.73 36.87 37.13 47.61 47.86 48.38 48.85 49.08 49.44 49.91 60.29 60.92 66.09 66.57 67.18 67.91 90.47 121.13 - - -

Back Monthly Funds Phasing 30-Nov-10 31-Dec-10 31-Jan-11 28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13
Total Funds Required 81.42 16.18 16.18 16.30 16.18 15.43 25.64 25.68 25.84 26.11 26.17 26.44 36.73 36.87 37.13 47.61 47.86 48.38 48.85 49.08 49.44 49.91 60.29 60.92 66.09 66.57 67.18 67.91 90.47 121.13 - - -
Upfront Equity 125.00 81.42 16.18 16.18 11.21 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Balance Funds Required - - - 5.09 16.18 15.43 25.64 25.68 25.84 26.11 26.17 26.44 36.73 36.87 37.13 47.61 47.86 48.38 48.85 49.08 49.44 49.91 60.29 60.92 66.09 66.57 67.18 67.91 90.47 121.13 - - -
Internal Accruals 205.36 - - - 5.09 16.18 15.43 17.13 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 10.04 10.04 10.04 10.04 10.04 10.04 2.53 - - - - - - - - -
Senior Debt 256.94 - - - - - - 8.52 16.81 16.96 17.23 17.30 17.56 27.85 27.99 28.25 38.74 38.98 0.75 - - - - - - - - - - - - - - -
Sub Debt - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NHAI Grant - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Balance Funds Required - - - - - - - - - - - - - - - - - 37.59 38.81 39.04 39.40 39.87 50.25 58.39 66.09 66.57 67.18 67.91 90.47 121.13 - - -
Internal Accruals - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Balance Equity 11.89 - - - - - - - - - - - - - - - - - 0.57 0.59 0.59 0.60 0.61 0.76 0.89 1.00 1.01 1.02 1.03 1.37 1.84 - - -
Balance Senior Debt 770.81 - - - - - - - - - - - - - - - - - 37.02 38.22 38.45 38.80 39.27 49.49 57.50 65.08 65.56 66.16 66.87 89.09 119.29 - - -
Balance Sub Debt - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Balance NHAI Grant - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Funds Utilised 1,370.00 81.42 16.18 16.18 16.30 16.18 15.43 25.64 25.68 25.84 26.11 26.17 26.44 36.73 36.87 37.13 47.61 47.86 48.38 48.85 49.08 49.44 49.91 60.29 60.92 66.09 66.57 67.18 67.91 90.47 121.13 - - -
Project Funding Check OK - - - - - - - 0.00 0.00 0.00 0.00 0.00 - - - - - - 0.00 - - - 0.00 - 0.00 - - - - - - - -
Senior Debt Drawl Start Month 31-May-11 - - - - - - 1.00 - - - - - - - - - - - - - - - - - - - - - - - - - -
Sub Debt Drawl Start Month 30-Dec-99 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Back Interest During Construction 30-Nov-10 31-Dec-10 31-Jan-11 28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13
Senior Debt 11.0% - - - - - - 0.08 0.23 0.39 0.55 0.70 0.87 1.12 1.38 1.64 1.99 2.35 2.69 3.04 3.40 3.75 4.11 4.57 5.09 5.69 6.29 6.90 7.51 8.33 9.42 - - -
Sub Debt 12.8% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total - - - - - - 0.08 0.23 0.39 0.55 0.70 0.87 1.12 1.38 1.64 1.99 2.35 2.69 3.04 3.40 3.75 4.11 4.57 5.09 5.69 6.29 6.90 7.51 8.33 9.42 - - -

Back Toll during Construction 30-Nov-10 31-Dec-10 31-Jan-11 28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13
FYE 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-11 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-13 31-Mar-14 31-Mar-14 31-Mar-14 31-Mar-14
Construction Period Fee Sub-Account
Opening Balance - 7.22 14.43 21.65 23.78 14.81 8.25 - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Monthly Toll Reciept 274.66 7.22 7.22 7.22 7.22 7.22 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 11.59 - - -
Less: Transferred to Concessionaire w.r.t. debt 274.66 - - - 5.09 16.18 15.43 17.13 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 11.59 - - -
Closing Balance 7.22 14.43 21.65 23.78 14.81 8.25 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Escrow Account
Opening Balance - - - - - - - - - - - - - - - - - - - - - - - - 7.50 17.54 27.58 37.62 47.66 57.70 69.30 69.30 69.30
Add: Transferred from Const. Sub A/c 274.66 - - - 5.09 16.18 15.43 17.13 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 10.04 11.59 - - -
Less: Transferred to Equity 205.36 - - - 5.09 16.18 15.43 17.13 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 8.88 10.04 10.04 10.04 10.04 10.04 10.04 2.53 - - - - - - - - -
Closing Balance - - - - - - - - - - - - - - - - - - - - - - - 7.50 17.54 27.58 37.62 47.66 57.70 69.30 69.30 69.30 69.30
Internal Accruals used as Equity in case of Revenue Receipt Structure
Opening Balance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Add: Monthly Toll Reciept available after meeting Opex - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Less: Transferred to Concessionaire w.r.t. debt - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Closing Balance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Back Yearly Capex Phasing

FYE 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
EPC Cost 1,093.00 54.65 327.90 623.01 87.44

Design & Engineering Expenses, Insurance

During Construction, Interest During
Construction, Financial Fees & Expenses,
Contingency and Preliminary & Preoperative
Expenses
234.18 30.92 60.52 110.87 31.86
Opex during Construction 20.36 3.18 8.02 8.42 0.74
Premium payable to NHAI 22.46 2.87 8.39 10.12 1.09
Total Construction Works 1,370.00 91.62 404.83 752.42 121.13
Cumulative WIP 91.62 496.45 1,248.87 -
Total Project Cost 1,370.00 91.62 404.83 752.42 121.13
Mobilisation Advance / Retention Repayment 54.65 - - -
Advance Recovery / Retention - 27.33 27.33 -
Total Capex Payments 1,370.00 146.27 377.51 725.09 121.13

Back Yearly Funds Phasing

FYE 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Equity 125.00 - 10.05 1.84
Internal Accruals 21.27 121.32 62.77 -
NHAI Grant - - - -
Senior Debt - 256.19 652.27 119.29
Sub Debt - - - -
Total Funding 1,370.00 146.27 377.51 725.09 121.13

Back PRELIMINARY AND PRE-OPERATIVE EXPENSES

Bidding Expenses
Bidding Expenses 0.70 0.70 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Company formation expenses 0.68 0.68 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
 Total 1.38 1.38 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Personnel Costs
Salaries 5.84 1.05 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 - - -
Staff Welfare 1.17 0.21 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 - - -
Total 7.00 1.25 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.19 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 - - -
Establishment Expenses
Office Expenses 0.40 0.40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shared Services Expenses 0.35 0.35 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Travelling expenses 0.35 0.35 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Car hire charges 0.07 0.07 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Rent - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Communication Expenses - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Management Fee - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 1.17 1.17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Site Expenses
Office rent 0.33 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 - - -
Administrative and establishment expenses 1.65 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 - - -
Car hire charges 0.99 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 - - -
Travelling expenses 0.99 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 - - -
Total 3.96 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 - - -
Professional fees
Owners Engineer fee 0.36 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - -
Legal expenses 0.77 0.51 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 - - -
Other Consultancy fees 0.85 0.32 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 - - -
Independent Engineer fee - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 1.98 1.08 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 - - -
Others
Land Acquisition, Utility Shifting 1.35 0.29 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 - - -
Building Cost - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Site Land lease - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Capital Items 1.25 1.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NHAI Saftey Fund 3.13 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.13 - - -
Total 5.72 1.54 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 3.16 - - -

GRAND TOTAL 21.22 6.55 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.42 0.42 0.42 0.42 0.42 0.42 0.42 3.54 - - -

Back INSURANCE DURING CONSTRUCTION

Semi-annual Insurance Premium - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Back FINANCING EXPENSES

Professional fees
Lenders Engineer fee 0.79 0.12 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 - - -
Financial advisory expenses - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 0.79 0.12 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 - - -
Fund raising Expenses
Lenders Documentation Charges 0.25 0.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Documentation Costs and pledge creation charges 0.65 0.65 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TRA / Facility Agent / security trustee appointment fee 0.20 0.20 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TRA / Facility Agent / security trustee annual fee 0.20 - - - - - - - - - - - 0.10 - - - - - - - - - - - 0.10 - - - - - - - - -
Debt Upfront Fees 2.14 2.14 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Debt Syndication Fees - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Subordinate Debt syndication fees - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Financial Close Delay Penalty - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Miscellaneous Costs 0.25 0.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 3.69 3.49 - - - - - - - - - - 0.10 - - - - - - - - - - - 0.10 - - - - - - - - -
Guarantee Charges
Performance Guarantee Charges till FC 0.40 0.40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cost Overrun Guarantee 1.09 0.39 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - 0.08 - - - - -
Performance Guarantee Charges after FC - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Fee Collection Performance Security 0.37 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - 0.04 - - - - -
Total 1.86 0.83 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - 0.11 - - - - -

GRAND TOTAL 6.34 4.44 0.02 0.02 0.14 0.02 0.02 0.14 0.02 0.02 0.14 0.02 0.12 0.14 0.02 0.02 0.14 0.02 0.02 0.14 0.02 0.02 0.14 0.02 0.12 0.14 0.02 0.02 0.14 0.02 0.02 - - -

Design & Engineering Expenses

Design & Engineering Expenses 10.0% 109.30 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 - - -

Contingency
Contingency 1.39% 15.23 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15.23 - - -