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 0.0%

Sugar Plant 9%
Sugar Plant Capacity 1000 TCD 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 0 91 92 92 90 91

Opening balance - 84 168 295 421

Phasing % 10% 10% 15% 15% 15%
Add 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 94.83

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

547 673 757

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

16.97 19.09 20.98

Annual Sales
All Numbers in INR Million
Dates - Annual Mar-14 Mar-15 Mar-16 Mar-17
Year Year-1 Year-2 Year-3
metrics
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% 28,000
Annual Sugar Sales 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 MU 55.30
Power Sale Rate(Rs 5/unit) 5% 5
Annual Power Sale 276

Total Sale 760

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12

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

240 240 240 240 240 240 240 240 240
85% 90% 90% 90% 90% 90% 90% 90% 90%
204,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000 216,000
9% 9% 9% 9% 9% 9% 9% 9% 9%
18,360 19,440 19,440 19,440 19,440 19,440 19,440 19,440 19,440
29,400 30,870 32,414 34,034 35,736 37,523 39,399 41,369 43,437
540 600 630 662 695 729 766 804 844

20 20 20 20 20 20 20 20 20
240 240 240 240 240 240 240 240 240
24 24 24 24 24 24 24 24 24
85% 90% 90% 90% 90% 90% 90% 90% 90%
40% 40% 40% 40% 40% 40% 40% 40% 40%
60% 60% 60% 60% 60% 60% 60% 60% 60%
58.75 62.21 62.21 62.21 62.21 62.21 62.21 62.21 62.21
5.25 5.51 5.79 6.08 6.38 6.70 7.04 7.39 7.76
308 343 360 378 397 417 438 460 483

848 943 990 1,040 1,092 1,146 1,204 1,264 1,327

Annual Expenses
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

Sugarcane Price 4.0% 2,000 2,080

Sugar Cane Requirement 192,000 204,000

Raw Material Expense 384 424

Salaries 7.5% - 64
Consumables 5.0% 38 42
Other Expenses 2.0% 15 17
Repairs and Maintenance 1.0% 8 8

Debt Schedule

Debt Opening 421 421 421

Addition 421 - - -
Repayment (70)
Closing 421 421 421 351

Interest Expense 42 42

Depreciation Schedule
SLM Depreciation
Fixed Assets, Gross 1,295 1,295
Accumulated Depreciation 68 137
Fixed Assets, Net 1,226 1,158

Depreciation Expense 68 68

WDV Depreciation
Fixed Assets, Beg
Depreciation IT
Fixed Assets, End

Working Capital Schedule

Inventory 42 47
Creditors 16 17
Working Capital 26 29
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12

2,163 2,250 2,340 2,433 2,531 2,632

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

467 486 505 526 547 568

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

351 281 210 140 70 (0)

- - - - - -
(70) (70) (70) (70) (70)
281 210 140 70 (0) (0)

35 28 21 14 7 0

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

205 273 342 410 479 547
1,090 1,021 953 885 816 748

68 68 68 68 68 68

51 53 55 58 60 62 - -
19 20 21 22 22 23 - -
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

Raw Material Costs

Gross Profit

Salaries
Consumables
Other Expenses
Repairs and Maintenance
EBITDA

Depreciation
EBIT

Interest Expense
Interest Income
EBT

Income Tax Payable

Deferred Taxes
Effective Tax Rate %

PAT
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12
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
Reserves and Surplus
Total Shareholders Equity

Debt
Deferred Tax Liability
Creditors

Total Liabilities & Sh Equity

Fixed Assets, Gross

Accumulated Depreciation
Fixed Assets, Net
Investments

Cash
Inventory

Total Assets

Checksum
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12
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

Depreciation
Change in Inventory
Change in Creditors
Taxes Paid
Cash Flow From Operations

Purchase of Assets
Purchase of Investments
Cash Flow from Investing

Change in Debt
Change in Equity
Cash Flow From Financing

Net Change in Cash

Cash BOP
Cash EOP
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12
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
Add: SLM Depreciation
Less: WDV Depreciation
Taxable Income

Carry Forward Loss - Beginning

Additions
Set-off
Carry Forward Loss - Ending
Taxable Income
Corporate Tax 33%

Book Profit
MAT 20%

Tax Payable

MAT Paid Over Corporate Tax

MAT Credits Beginning

MAT Credits Addition
MAT Set Off
MAT Credits Ending

Net Tax Payable

Book Profits
Income Tax Provision 33%

Change in Deferred Tax Liability

Deferred Tax Liability
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12
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 - - - -
Depreciation - - - -
Interest Expense - - - -
Total Inflow - - - -

Interest Expense - - - -
Repayment of Term Loan - - - 70
Total Outflow - - - 70

Annual DSCR -
Average DSCR
Maximum DSCR
Minimum DSCR

Internal Rate of Return

IRR : PAT & Equity

Equity Addition
PAT
Depreciation
Change in WC
Less : Loan Repayment
Terminal Value
Woring Capital Reversal
Cash Flow

IRR
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12

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

- - - - - -
70 70 70 70 70 -
70 70 70 70 70 -

- - - - -