Template

All Numbers in INR Million

Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6
Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Year-7 Year-8 Year-9 Year-10 Year-11 Year-12
SUGAR FACTORY MODEL 1000 TCD
CAPACITY = TCD (TONNES CRUSHED PER DAY)

SUGARCA CRUSHING PROCESSING

SUGAR
NE UNIT UNIT
RAW MATL
GRADE = 9% 1000 TCD
100 KG RECOVERY = 9 KG

MOLASSES BAGGASSE
TURBINE

DISTILLERY 20 MW BOILER GENERATOR POWER

ETHANOL

POWER CALCULATION

CONSUMER PRODUCER
FAN 100 W (J/S) CAPAICTY 1 MW
1 HR 100 WHr 1 HR 1 MWHr
10 HR 1000 WHr 1000 KWHr
= 1 KWHr 1 DAY 24000 KWHr = UNITS
1 KWHr = 1 UNIT 365 8760000 UNITS
1 UNIT = RS. 5 /UNIT 100% UTILISATION
100% SALE OF POWER
8.76 MU

BANKERS LOOKOUT

COLLATERAL
REPAYMENT CAPABILITY 60% * MONTHLY INCOME = EMI===>LOAN ELIGILBILITY

DSCR DEBST SERVICE COVERAGE RATIO

DEBT SERVICE ==> REPAY + INTEREST

YEAR
REPAY 50
INTEREST 50 HOW MUCH MONEY DO YOU HAVE
DEBT SER 100 150 RS.
 150/100 = 1.5 TIMES MORE MONEY THAN NEEDED TO SERVICE DEBT
1.5 TIMES COVEREED FOR DEBT SERVICE
DSCR = TOTAL INFLOW / TOTAL OUTFLOW
50% MARGIN OF SAFETY

TOTAL INFLOW PAT + DEP + CHANGE IN DTL + INTEREST = DSCR

TOTAL OUTFLOW DEBT REPAY + INTEREST EXP
AGGRESSIVE (yes bank) CONSERVATIVE LENDER (hdfc bank)
DSCR
AVG DSCR 1.5 x 1.75 x
MINI DSCR 1.1 x 1.25 x
OVERY = 9 KG

N ELIGILBILITY
 5. TAX
SCHEDULE
2. REV
DRIVERS
4. IS
3. COST IRR > COST OF
8. FCFE
DRIVERS EQUITY
7. CFS

8. DEBT COVERAGE RATIO

1. IDC 6. BS

3.
IDC = SOFT COST
SCHEDULES
Assumptions
(NUMBERS IN MILLION INR)

Project Cost 100

UPFRONT 0%
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 YEAR 1 2

Equity 35% PHASING% 50% 50%
Debt 65% ASSET ADDED 647 647
EQUITY ADDED 227 227
Revenue Assumptions
Sugar Plant
Sugar Plant Capacity 1000 TCD
Number of Working Days 240
Hours of Work Per Day 24
Capacity utilisation 80% 85% 90% 90% 90% 90%
Estimated Sugar Recovery 9%
Sugar Sale Rate 28000 Rs./Tonne Escalation 5% 100
CO-Gen Plant 9
Installed Capcaity 20 MW
Internal Consumption 40%
Capaicty Utilisation 80% 85% 90% 90% 90% 90%
Co-Gen Sell Rate 5 Rs./Unit Escalation 5%

Operating Expenses
Sugarcane Cost (PRICE) 2000 Rs./Tonne Escalation 5%
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 10.00%
IT Act (Written Down Value)
Fixed Assets 20%

Taxes
Corporate Tax Rate 33%
MAT Rate 20%
Working Capital Assumptions Days
Inventory 40 384/365*40
Creditors 15 AMOUNT BLOCKED IN INVENTORY

Terms of Debt
Interest Rate 10%
Loan Repayment Annual - At the end of period
Tenure 6 years post COD 6 EQUAL REPAYMENT
Moratorium 1 year post COD FROM YEAR 4 TO 9

Interest Income 7%

COST OF EQUITY 20%

Sensitivity of IRR - Sugar Sale Rate vs Sugarcane purchase price

25.4% 26000 27000 28000 29000 30000 31000

1800
1900
2000
2100
2200
2300

Sensitivity of IRR - Sugar Sale Rate vs Power Sale Rate

25.4% 26000 27000 28000 29000 30000 31000

3.00
3.50
4.00
4.50
5.00
5.50

RELEVANCE PROJ FIN. WHAT KIND OF RETURNS CAN BE MADE

EQUITY RESEARCH MODEL
r-1 Year-2
Qtr-4 Qtr-1 Qtr-2 Qtr-3 Qtr-4
15% 15% 15% 10% 10%

90% 90% 90% 90%

KG CANE
KG SUGAR

90% 90% 90% 90%

32000

32000
IDC Interest during construction
All Numbers in INR Million
Dates - Annual Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15
Year Qtr-1 Qtr-2 Qtr-3 Qtr-4 Qtr-1 Qtr-2 Qtr-3
Effective Days 90 91 92 92 90 91 92

DEBT SCHEDULE
Opening balance - 84 168 295 421 547 673
Phasing % 10% 10% 15% 15% 15% 15% 10%
DEBT ADDITIONS 84 84 126 126 126 126 84
Quarterly closing balan 84 168 295 421 547 673 758

Quarterly Interest Capit 2 4 7 11 13 17 19

Total IDC Phase 94.89 <==

Dec-15 Dec-14 Dec-15
Qtr-4 YEAR-1 YEAR-2
92

758 - 421
10%
84 421 421
842 421 842

21 24 71
Annual Sales
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16
Year Year-1 Year-2 Year-3
1 2 3
Sugar Plant Capacity TCD 1,000
Number of Working Days DAYS 240
Capacity utilisation % 80%
Cane Crushed TONNES 192,000
Sugar Recovery % 9%
Annual Sugar Production TONNES 17,280
Sugar Price 5% RS./TONNE 28,000
Annual Sugar Sales INR MN 484

Co-Gen Capacity MW 20
Number of Working Days DAYS 240
Hours of Work Per Day HOURS 24
Capacity Utilisation % 80%
Capacity For Internal Use % 40%
Capacity For Sale of Power % 60%
Power Produced FOR SALE MU 55
Power Sale Rate 5% RS./UNIT 5
Annual Power Sale INR MN 276

Total Sale INR MN 760

Dec-17 Dec-18 Dec-19 Dec-20
Year-4 Year-5 Year-6 Year-7
4 5 6 7
1,000 1,000 1,000 1,000
240 240 240 240
85% 90% 90% 90%
204,000 216,000 216,000 216,000
9% 9% 9% 9%
18,360 19,440 19,440 19,440
29,400 30,870 32,414 34,034
540 600 630 662

20 20 20 20
240 240 240 240
24 24 24 24
85% 90% 90% 90%
40% 40% 40% 40%
60% 60% 60% 60%
59 62 62 62
5 6 6 6
308 343 360 378

848 943 990 1,040

Dec-21 Dec-22 Dec-23 Dec-24
Year-8 Year-9 Year-10 Year-11
8 9 10 11
1,000 1,000 1,000 1,000
240 240 240 240
90% 90% 90% 90%
216,000 216,000 216,000 216,000
9% 9% 9% 9%
19,440 19,440 19,440 19,440
35,736 37,523 39,399 41,369
695 729 766 804

20 20 20 20
240 240 240 240
24 24 24 24
90% 90% 90% 90%
40% 40% 40% 40%
60% 60% 60% 60%
62 62 62 62
6 7 7 7
397 417 438 460

1,092 1,146 1,204 1,264

Dec-25
Year-12
12
1,000
240
90%
216,000
9%
19,440
43,437
844

20
240
24
90%
40%
60%
62
8
483

1,327
Annual Expenses
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

Sugarcane Price 5.0% 2,000 2,100

CANE CRUSHED 192,000 204,000

Raw Material Expense (SUGARCANE COST) 384 428

Salaries 7.5% 57 64
Consumables 5.0% 38 42
Other Expenses 2.0% 15 17
Repairs and Maintenance 1.0% 8 8
TOTAL OPERATING EXPENSE 502 560
Debt Schedule

Debt Opening - 421 842 842

Addition 421 421 - -
Repayment 140.28
Closing 421 842 842 701

Interest Expense 84.17 84.17

Depreciation Schedule
SLM Depreciation
Fixed Assets, Gross 647 1,295 1,295 1,295
Accumulated Depreciation 129 259
Fixed Assets, Net 647 1,295 1,165 1,036

Depreciation Expense (SLM) 129 129

WDV Depreciation
Fixed Assets, Beg 1,295 1,036
Depreciation IT 259 207
Fixed Assets, End 1,295 1,036 829

Working Capital Schedule

Inventory 42.08 46.95

Creditors 15.78 17.61
Working Capital 26 29

EQUITY ADDED 227 227 - -

EQUITY CAPITAL 227 453 453 453
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11

2,205 2,315 2,431 2,553 2,680 2,814 2,955

216,000 216,000 216,000 216,000 216,000 216,000 216,000

476 500 525 551 579 608 638

71 74 78 82 86 90 95
47 50 52 55 57 60 63
19 20 21 22 23 24 25
9 10 10 11 11 12 13
622 654 686 721 757 794 834

701 561 421 281 140 - -

- - - - - - -
140.28 140.28 140.28 140.28 140.28
561 421 281 140 - - -

70.14 56.11 42.08 28.06 14.03

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

388 518 647 777 906 1,036 1,165
906 777 647 518 388 259 129

129 129 129 129 129 129 129

829 663 530 424 339 272 217

166 133 106 85 68 54 43
663 530 424 339 272 217 174

52.20 54.80 57.55 60.42 63.44 66.62 69.95

19.57 20.55 21.58 22.66 23.79 24.98 26.23
33 34 36 38 40 42 44

- - - - - - -
453 453 453 453 453 453 453
Dec-25
Year-12

3,103
216,000

670
100
66
27
13
876

-
-

1,295
1,295
-

129

174
174
-

73.44
27.54
46

-
453
Income Statement
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7

Sales 760 848 943 990 1,040

Raw Material Costs 384 428 476 500 525

Gross Profit 376 420 467 490 515

Salaries 57 64 71 74 78
Consumables 38 42 47 50 52
Other Expenses 15 17 19 20 21
Repairs and Maintenance 8 8 9 10 10
EBITDA 258 288 321 337 353

Depreciation 129 129 129 129 129

EBIT 129 159 191 207 224

Interest Expense 84 84 70 56 42
Interest Income 0 0 0 10 13 20 29
EBT 45 84 134 171 211

Net Tax Payable 9 17 27 34 52

Change in Deferred Tax Liability 6 11 17 22 17

PAT 30 57 90 115 141

Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Year-8 Year-9 Year-10 Year-11 Year-12

1,092 1,146 1,204 1,264 1,327

551 579 608 638 670

540 567 596 625 657

82 86 90 95 100
55 57 60 63 66
22 23 24 25 27
11 11 12 13 13
371 390 409 430 451

129 129 129 129 129

242 260 280 300 322

28 14 - - -
39 49 60 84 108
253 295 340 384 430

98 118 137 155 127

(15) (20) (25) (28) 15

169 198 228 257 288

Tax Schedule
All Numbers in INR Million
Dates - Annual ###
###### Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Year YeYe Year-3 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9

PBT 45 84 134 171 211 253 295

Add: SLM Depreciation 129 129 129 129 129 129 129
Less: WDV Depreciation 259 207 166 133 106 85 68
Taxable Income (85) 7 98 168 234 297 357

Carry Forward Loss - Begin - (85) (78) - - - -

Additions (85) - - - - - -
Set-off - 7 78 - - - -
Carry Forward Loss - Ending (85) (78) - - - - -
Taxable Income (85) - 20 168 234 297 357
Corporate Tax 33% - - 7 55 77 98 118

Book Profit = PBT 45 84 134 171 211 253 295

MAT 20% 8.96 16.89 26.89 34.21 42.12 50.50 59.01

Tax Payable 9 17 27 55 77 98 118

MAT Credits Beginning - 9 26 46 25 - -

MAT Credits Addition 9 17 20 - - - -
MAT Set Off - - - 21 25 - -
MAT Credits Ending 9 26 46 25 - - -

Net Tax Payable 9 17 27 34 52 98 118

Book Profits 45 84 134 171 211 253 295

Income Tax Pr 33% 15 28 44 56 70 83 97

Change in Deferred Tax Liab 6 11 17 22 17 (15) (20)

Deferred Tax Liability 6 17 34 57 74 59 39
Dec-23 Dec-24 Dec-25
Year-10 Year-11 Year-12

340 384 430

129 129 129
54 43 174
415 470 386

- - -
- - -
- - -
- - -
415 470 386
137 155 127 774

340 384 430

68.01 76.73 86.01

137 155 127 820

46

- - -
- - -
- - -
- - -

137 155 127 774

340 384 430

112 127 142 `

(25) (28) 15
14 (15) -
Balance Sheet
All Numbers in INR Million
Dates - Annual ### Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8

Equity Capital 227 453 453 453 453 453 453 453
Reserves and Surpl - - 30 87 177 291 432 602
Total Shareholders 227 453 483 540 630 744 886 1,055
Debt 421 842 842 701 561 421 281 140
Deferred Tax Liabili - - 6 17 34 57 74 59
Creditors - - 16 18 20 21 22 23
Total Liabilities & 647 1,295 1,347 1,276 1,245 1,242 1,261 1,277

Fixed Assets, Gross 647 1,295 1,295 1,295 1,295 1,295 1,295 1,295
Accumulated Depre - - 129 259 388 518 647 777
Fixed Assets, Net 647 1,295 1,165 1,036 906 777 647 518
Cash - - 139 193 286 411 556 698
Inventory - - 42 47 52 55 58 60
Total Assets 647 1,295 1,347 1,276 1,245 1,242 1,261 1,277
Checksum - - - - - - - -
Dec-22 Dec-23 Dec-24 Dec-25
Year-9 Year-10 Year-11 Year-12

453 453 453 453

799 1,027 1,284 1,572
1,252 1,480 1,737 2,026
- - - -
39 14 (15) 0
24 25 26 28
1,315 1,519 1,749 2,053

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

906 1,036 1,165 1,295
388 259 129 -
863 1,193 1,550 1,980
63 67 70 73
1,315 1,519 1,749 2,053
- - (0) (0)
Cash Flow Statement
All Numbers in INR Million
Dates - Annual ### Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8
PBT - - 45 84 134 171 211 253
Depreciation - - 129 129 129 129 129 129
Change in Inventory - - (42) (5) (5) (3) (3) (3)
Change in Creditors - - 16 2 2 1 1 1
Net Tax Payable - - (9) (17) (27) (34) (52) (98)
Cash Flow From Ope - - 139 194 234 265 286 282

Change iN Fixed Asse (647) (647) - - - - - -

Cash Flow from Inve (647) (647) - - - - - -

Change in Debt 421 421 - (140) (140) (140) (140) (140)

Change in Equity 227 227 - - - - - -
Cash Flow From Fina 647 647 - (140) (140) (140) (140) (140)

Net Change in Cash - - 139 54 93 124 146 142

Cash BOP - - - 139 193 286 411 556

Cash EOP - - 139 193 286 411 556 698
Dec-22 Dec-23 Dec-24 Dec-25
Year-9 Year-10 Year-11 Year-12
295 340 384 430
129 129 129 129
(3) (3) (3) (3)
1 1 1 1
(118) (137) (155) (127)
305 331 356 430

- - - -
- - - -

(140) - - -
- - - -
(140) - - -

165 331 356 430

698 863 1,193 1,550

863 1,193 1,550 1,980
Returns
All Numbers in INR Million
Dates - Ann Jan-14 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8

Debt Service Coverage Ratio

Profit after tax - - 30 57 90 115 141 169
Depreciation - - 129 129 129 129 129 129
CHANGE IN DTL - - 6 11 17 22 17 (15)
Interest Expense - - 84 84 70 56 42 28
Total Inflow - - 250 281 307 322 330 312

Interest Expense - - 84 84 70 56 42 28
Repayment of Term - - - 140 140 140 140 140
Total Outflow - - 84 224 210 196 182 168

Annual DSCR 2.96 1.25 1.46 1.64 1.81 1.85

Average DSCR 1.74
Maximum DSCR 2.96
Minimum DSCR 1.25

Internal Rate of Return

IRR : PAT & Equity

CFO - - 139 194 234 265 286 282
CFI (647) (647) - - - - - -
Change in debt 421 421 - (140) (140) (140) (140) (140)
Woring Capital Reversal
FCFE (227) (227) 139 54 93 124 146 142

IRR 25.4%
Dec-22 Dec-23 Dec-24 Dec-25
Year-9 Year-10 Year-11 Year-12

198 228 257 288

129 129 129 129
(20) (25) (28) 15
14 - - -
321 333 358 432

14 - - -
140 - - -
154 - - -

2.08

305 331 356 430

- - - -
(140) - - -
46
165 331 356 476