Sheet name abbrevations used:

A : Assumption, S : Schedules, IS: Income Statement, BS,CFS: Balance Sheet, Cash Flow Statement, IRR: Internal Rate

Remember : Do not hard code -> link assumptions to the assumption sheet -> so that if anything in assumption shee

You need to follow 4 step approach as follows

Step 1 EBITDA Forecast
Step 2 EBIT Forecast
Step 3 PAT Forecast
Step 4 BS & CFS Forecast

To do the above steps you will need to follow the following tasks:
Task 1 In Sheet "S" -> Revenue & Cost Drivers
Task 2 In Sheet "IS" -> Calculate Revenue and other costs to find EBITDA
Task 3 In Sheet "S" -> Fixed Asset Schedule -> For that you will need Phasing in the same sheet "S"
Task 4 In Sheet "S" -> Debt Schedule -> You will have to make quarterly debt schedule for first 2 years
Task 5 In Sheet "S"-> Calculate the quarterly interest cost -> which will flow in soft cost in Phasing
Task 6 Task 5 will cause circular reference -> Remove the same by enabling iterative calculations
Task 7 Complete Debt schedule and fixed asset schedule -> link depreciation and interest cost in sheet "IS" ->
Task 8 Populate Balance sheet and Cash flow statement -> Try to match the balance sheet [ignore creditor d
Task 9 If balance sheet is matching -> Use creditor days and inventory days to calculate creditor and invento
Task 10 Once balance sheet matches -> Go to Sheet "IRR" -> Calculate FCFE yearly -> Find IRR -> Recommend!
w Statement, IRR: Internal Rate of Return

if anything in assumption sheet changes then whole model should change!!

the same sheet "S"

chedule for first 2 years
soft cost in Phasing
rative calculations
nd interest cost in sheet "IS" -> Calcualte PAT
lance sheet [ignore creditor days and inventory days]
calculate creditor and inventory and match the balance sheet again
rly -> Find IRR -> Recommend!!
Revenue Assumptions
Capacity (tonnes crushed per day) 1000
Year 0 Year 1 Year 2
Capacity utilisation
Number of working days 240
Estimated sugar recovery 9%
Price of sugar (INR/ton) 28,000
Growth in price of sugar 5%

Power selling price (INR/unit) 5

Growth in power selling price 5%
Capacity (MW) 20
Year 0 Year 1 Year 2
Capacity utilisation
Number of hours per day 24

Internal consumption 40%

Expenses Assumptions
Sugarcane cost (per ton) 2000
Escalation 4%

Salaries (as % of Total Revenue) 7.5%

Consumables (as % of Total Revenue) 5.0%
Other Expenses (as % of Total Revenue) 2.0%
Maintenance (as % of Total Revenue) 1.0%

Hard Cost (in INR Crores) 120

Phasing Q1 Q2
Hard Cost Phasing 10% 10%
Depreciation rate (SLM) 5.3%

%Debt 65%
Interest rate 10%
Repayment at the end of the year
Moratorium period (in years post COD) 1
Tenure (in years post COD) 5

Tax rate 33%

Tax will be 0 is EBT is negative and the loss will not be carried forward

Creditor Days 15
Inventory Days 40
Terminal Value (as % of net residual assets) 50%
 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
80% 85% 90% 90% 90% 90%

Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

80% 85% 90% 90% 90% 90%

Q3 Q4 Q5 Q6 Q7 Q8
15% 15% 15% 15% 10% 10%
20000
Phasing Q1 Q2
Hard Cost 120
Soft Cost 9.47
Total Cost 129.467 13 13
10% 10%
Fixed Asset Schedule Year 0 Year 1 Year 2
Beginning balance of fixed assets - 65
Add: Net Purchases 65 65
Less: Depreciation - -
Closing balance of fixed assets 65 129

Quarterly Debt Schedule Q1 Q2

Beginning balance of Debt - 8
Add: Debt raised 65% 8 8
Less: Debt repaid - -
Closing balance of Debt 8 17

IDC (soft cost) 10% 0.21 0.42

Debt Schedule Year 0 Year 1 Year 2

Beginning balance of Debt - 42
Add: Debt raised 42 42
Less: Debt repaid - -
Closing balance of Debt 42 84

Interest cost 10% 2.42 7.05

Equity raised 23 23
Equity cumlative 23 45
Revenue & Cost Drivers Year 0 Year 1 Year 2
Sugarcane crushed (ton)

Quantity of sugar (ton)

Price of sugar (INR/ton)
Power Produced (units : KW hr)
Power sold (units : KW hr)
Power selling price (INR/unit)

Sugarcane cost (per ton)

Q3 Q4 Q5 Q6 Q7 Q8

19 19 19 19 13 13
15% 15% 15% 15% 10% 10%
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
129 123 116 109 102 95

6.84 6.84 6.84 6.84 6.84 6.84

123 116 109 102 95 88

Q3 Q4 Q5 Q6 Q7 Q8
17 29 42 55 67 76
13 13 13 13 8 8
- - - - - -
29 42 55 67 76 84

0.74 1.05 1.37 1.68 1.89 2.10

Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

84 84 67 50 34 17
- - - - - -
- 17 17 17 17 17
84 67 50 34 17 -

8.42 8.42 6.73 5.05 3.37 1.68

- - - - - -
45 45 45 45 45 45
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
192000 204000 216000 216000 216000 216000

17,280 18,360 19,440 19,440 19,440 19,440

28,000 29,400 30,870 32,414 34,034 35,736
92,160,000 97,920,000 103,680,000 103,680,000 103,680,000 103,680,000
55,296,000 58,752,000 62,208,000 62,208,000 62,208,000 62,208,000
5 5.25 5.51 5.79 6.08 6.38

2,000 2,080 2,163 2,250 2,340 2,433

(Because Moratorium period is for 1 year as we take 1-2 for setup, 3rd year kuch nhi karteh so 4th year see hoga bu
arteh so 4th year see hoga but waha data is for quarters so all quarter will bee zero as it will start from 4th year)
t from 4th year)
All numbers in INR crores Year 0 Year 1 Year 2 Year 3
Revenue from sale of sugar 484
Revenue from sale of power 276
Total Revenue 760
Sugarcane Costs 384
Salaries 57
Consumables 38
Other Expenses 15
Maintenance 8
EBITDA 258

Depreciation 68.36
EBIT 190

Interest expense 84.15

EBT 106

Tax 35
PAT 71
Year 4 Year 5 Year 6 Year 7 Year 8
540 600 630 662 695
308 343 360 378 397
848 943 990 1,040 1,092
424 467 486 505 526
64 71 74 78 82
42 47 50 52 55
17 19 20 21 22
8 9 10 10 11
292 330 351 373 397

68.36 68.36 68.36 68.36 68.36 * 10 kela karan maaghchya she

224 261 282 305 329

84.15 67.32 50.49 33.66 16.83

140 194 232 271 312

46 64 77 89 103
94 130 155 182 209
0 kela karan maaghchya sheet madhya core ghetle hote eekdhe me want in millions so we *10
Balance Sheet Year 0 Year 1 Year 2 Year 3
Cash
Inventory 42.08
Fixed Assets 647 1,295 1,226
Total Assets 647 1,295 1,268

Debt 420.8 841.5 841.5

Creditors 15.78
Equity Capital 227 453 453
Retained Earnings - - 70.99
Total Liabilities & Equity 647 1,295 1,381

Check

Cash Flow Statement Year 0 Year 1 Year 2 Year 3

PAT
Add: Depreciation
Add: Interest expense
Less: Change in Inventory
Add: Change in Creditors
CFO

Capex
CFI

Debt raised
Equity raised
Debt repaid
Interest expense
CFF

BOP-Cash
Cash generated during the year
EOP-Cash
Year 4 Year 5 Year 6 Year 7 Year 8

46.50 51.21 53.25 55.38 57.60

1,158 1,090 1,021 953 885
1,204 1,141 1,074 1,008 942

673.2 504.9 336.6 168.3 -

17.44 19.20 19.97 20.77 21.60
453 453 453 453 453
164.74 294.67 450.06 631.72 840.55
1,309 1,272 1,260 1,274 1,315

Year 4 Year 5 Year 6 Year 7 Year 8