Finance Lect 12
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starting date of toll b
2010
2011
assumptions width of the bridge site clearance cost per sq.m cost of clearance
2012
2013
2014
24 m 24000 m2 100 per sqmt 2400000
cost of cons. Of road
30000000
manpower Engineer salary Head Supervisor
250000 Per year 1000000 Per year
No 4 1
Permanent staff
100000 Per year
2
Technical Consultant 2% of Project Cost
600000 Total Project Cost
Traffic Projection Growth rate Types of Vehicles 2 Wheeler 4 wheelar S.T.Buses Total Length Vehicle perRates
4% 2012 20000 75000 1000 2.5 10 Rate per KmRate of 2.5 km
2013 20800 78000 1040
2014 21632 81120 1082
2015 22497 84365 1125
2 Wheeler 4 wheelar S.T.Buses
7.5 10 1000
18.75 25 2500
20.63 27.5 2750
Final Revenue 2 Wheeler 4 wheelar S.T.Buses
375000 390000 405600 1875000 ### ### 2500000 ### ###
### ### ###
Year wise Revenue
4750000
###
Total Revenue
Operation Expense O.M Of Bridge
18.75 25 2500
###
Sources Private Operator Authority State Govt. State Govt. Senior Lenders
18.75 25 2500
Equity Equity Equity Debt at Debt at
37400000 Share 25 9350000 15 5610000 10 3740000 6% 10 3740000 10 % 40 14960000
18.75 25 2500
###
###
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 26319 27371 28466 98695 102643 106748 1316 1369 1423
2022 29605 111018 1480
2023 30789 115459 1539
2024 32021 120077 1601
Total Total Project Totaltime costin year ### 2 ### ### 2 ###
200000
2 400000
Total Project Cost
2016 23397 87739 1170
### Rs
2017 24333 91249 1217
2018 25306 94899 1265
20.63 27.5 2750
20.63 27.5 2750
22.69 30.25 3025
22.69 30.25 3025
22.69 249.56 30.25 332.75 3025 33275
249.56 332.75 33275
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### 7388269.29 7683800.06 8790267.27 ### ### ### ### ### ### ### ###
###
###
###
###
###
###
93584744
249.56 332.75 33275
274.52 366.03 36602.5
97328134 111343385
2024
2025
2025 33301 124881 1665
2026 34634 129876 1732
2026
2027
2028
2029
2030
2031
2032
274.52 366.03 36602.5
274.52 366.03 36602.5
9141877.96 ### ###
### ### ###
115797121 120429006
2033
2034
A
Cost Estimates Consultant Fees Expert Fees Environmental Clearence Preoperative Expense Contigencies Increase in Manpower cost Cost of Engineers (Rs.) Cost of Supervisor (Rs.) Cost of Permenant Staff (Rs.) Cost of Administrative Office Cost of Construction Toll Plaza
B
Traffic Projections Average Annual Growth Rate in vehicular traffic Inflation Rate (Every 3rd Year) Bridge Length Toll Rate 2- Wheelers 4- Wheelers S.T.Bus Advertisement Revenue
C
Financial Plan Interest During Construction is Payed back quarterly Moratorium Period is considered as 3 years for both the debts
D
Operation And Maintenance Inflation Operation And Maintenance of Bridge Periodic Re-Surfacing Increase in Operation of Toll Plaza Cost of Operating Toll Plazas
E
Depreciation Written Down Value Method Straight line Method
F
Proffit And Loss Account Corporate tax
G
Cash Flow Method of Depreciation Considered for preparing the cash Flow in straight line Method WACC is considered as Discounting rate for Project NPV Cost of Equity is Considered as Discounting rate for Equity NPV
COST ESTIMATION A
Construction Cost Discription
1.50% Of total Construction 0.50% Of total Construction 5% Of Construction Cost 3% Of total Construction 5% Of total Construction 10% Per Annum ### Per Annum ### Per Annum ### Per Annum 0.50% Of Construction Cost 1% Of Construction Cost
Cost Cost Cost Cost
4% 10% 2.5 K.m.
7.5 K.m. 10 K.m. 1000 K.m. 1% Of Total Vehicular Toll Revenue
4% Every Year 1.5% Of initial Investment 4% Every 3 Year 10% Every Year 5% O & M of Bridge
15% 10%
40%
aight line Method
Cost Estimates Consultant Fees Expert Fees Environmental Clearence Preoperative Expense Contigencies Increase in Manpower cost Cost of Engineers (Rs.) Cost of Supervisor (Rs.) Cost of Permenant Staff (Rs.) Cost of Administrative Office Cost of Construction Toll Plaza
A
B
Construction Cost Description Land Cost Site Clearances Bridge Construction Site Office Construction of Toll Plaza Expert Fees Total (Bridge Cost)
Unit 0 Sqm. Km. L.S. L.S. L.S.
Of total Construction Cost Of total Construction Cost Of Construction Cost Of total Construction Cost Of total Construction Cost Per Annum Per Annum Per Annum Per Annum Of Construction Cost Of Construction Cost
No 0 2 1 2
Man Power
Site Clearances Engineer Supervisor Permanent staff Total (Man Power)
C
1.50% 0.50% 5% 3% 5% 10% 500000 300000 100000 0.50% 1%
Expert & Consultancy Supervisor Technical Consultancy fees Expert employed by State Govt. Total (Expert & Consultancy)
Unit Persons Persons Persons
No 4 1 2
D
Pre Operative Expenses
E
Contengencies
A+B+C +D+E Total Project Cost
Length Breadth Height 0 0 0 500 24 1 2.5 1 1
Period (Years) 1 1 1
Quantity Rate (Rs.)/Sq.mAmount (Rs.) 0 0 0 24000 100 2,400,000 2.5 12,000,000 30,000,000 150,000 648,000 1,627,500 ###
Rate / Rate / Amount Annum(IN Annum(INR.) Amount (INR) R.) Year I Year II (INR) Year I Year II ### 550,000 2,000,000 ### ### 330,000 300,000 330000 ### 110,000 200,000 220000 2,500,000 ### ###
Amount (INR) 522,383 174,128 696,510
### ###
###
COST ESTIMATION A
Construction Cost Discription
Average Annual Growth Rate 4% rd Inflation Rate (Every 3 Year) 10% Bridge Length 2.5 Km. Toll Rates 2- Wheeler 7.5 per km 4-Wheeler 10 perkm S.T.Bus 1000 per vehicle per annum Advertisement Revenue 1% of Total Vehicular Toll Revenue Inflation rate is also applied to the per annum payment of State Transport Buses
1 2013
2 2014
3 2015
4 2016
5 2017
Traffic Projection 2- Wheeler 4-Wheeler S.T.Bus
20000 75000 1000
20800 78000 1040
21632 81120 1082
22497 84365 1125
23397 87739 1170
Toll Projection 2-Wheelers (Rs) 4-Wheelers (Rs) S.T. Bus (Rs./each)
18.75 25 1000
18.75 25 1000
18.75 25 1000
20.63 27.5 1100
20.63 27.5 1100
Toll & Advetisement Revenue Generation(INR) 2-Wheelers (Rs) 375000 390000 405600 464006 482567 4-Wheelers (Rs) ### ### ### ### ### S.T. Bus (Rs./each) ### ### ### ### ### Advertisement Revenue 32500 33800 35152 40214 41822 Total Revenue Generation ### ### ### ### ###
nsport Buses
6 2018
7 2019
24333 91249 1217
25306 94899 1265
20.63 27.5 1100
22.69 30.25 1210
8 2020
9 2021
10 2022
11 2023
12 2024
13 2025
14 2026
15 2027
26319 27371 28466 29605 30789 32021 33301 34634 98695 102643 106748 111018 115459 120077 124881 129876 1316 1369 1423 1480 1539 1601 1665 1732
22.69 30.25 1210
22.69 30.25 1210
24.96 33.28 1331
24.96 33.28 1331
24.96 27.45 27.45 27.45 33.28 36.6 36.6 36.6 1331 1464.1 1464.1 1464.1
501869 574139 597104 620988 710411 738827 768380 879027 914188 950755 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 43495 49759 51749 53819 61569 64032 66593 76182 79230 82399 ### ### ### ### ### ### ### ### ### ###
PROJECT TIME TABLE
Financial Close Operations Period Considered (Months) Construction Schedule Start of Construction Period Construction Period (months) End of Construction Period Operations: Commercial Operations Date Project Period Ends First Financial Year Begins First Financial Year Ends Concession Period: Concession Period Starts Concession Period Ends
31-Dec-10 180 1-Jan-11 24 31-Dec-12 1-Jan-13 31-Dec-27 1-Jan-11 31-Dec-11 1-Jan-13 31-Dec-27
EQUITY Private operator Authority state government DEBT Sub Ordinated Senior Debt by Senior Lender Total Project Cost
Contribution 50% 25% 15% 10% 50% 10% 40%
Cost
6% 10%
INTEREST DURING CONSTRUCTION
Q1-1 5444756
Contribution of Equity Contribution By Sub Oriented Debt Contribution By Senior Debt
5444756
Q1-2 5444756 16334269 5444756
Total
5444756
5444756
Interest During Construction Sub-Ordinated Senior Debt By senior Lender Total Grand TOTAL IDC
1186957
Senior Proportion of Total Debt Proportion of Total Debt (Amount in INR)
Prime Lending Rate Interest Rate (During Construction Period) Interest Rate (During Operations Period) Drawdown Starts Repayment (years ) Repayment per year No. of Instalments Repayment / Redemption Starts Repayment / Redemption Ends Moratorium Period- 3 years
Sub-ordinated 40%
10%
0 10% 10% 10% 1-Jan-2012
0 6%
10 1-Jan-2014 31-Dec-2023
6% 6% 1-Jan-2012 10 1 10 1-Jan-2014 31-Dec-2023
3
3
10 1
Share
Total Equity/Debt 21779025 10889513 6533708 4355805 21779025 4355805 17423220 43558050 Check
Q1-3 5444756 10889513 5444756
5444756
Q1-4 5444756 5444756 5444756
5444756
Q2-1 5444756
Q2-2 5444756
Q2-3 5444756
Q2-4 5444756
4355805 1088951
5444756
5444756
5444756
5444756
5444756
5444756
5444756
261348 108895 370243
408357 408357
272238 272238
136119 136119
INTEREST ON SENIOR AND SUB-ORDINATED DEBT
Interest On Senior Debt Principal Senior Debt (Repayment) Repayment of Senior Debt
2011 ### ### 0 1 0 0 0
2014 2 ###
2015 2016 3 4 ### 1393858
### ###
### 1742322 ### ###
0 0
0 0
0 0
0
0
0 522697
###
###
Principal Sub-Ordinated Debt (Repayment) 0 Repayment of Sub-Ordinated Debt0
0 0
0 435581 435581 0 ### ###
435581 644659
Interest On Subordinated Debt
2017 5 1219625
2018 2019 6 7 ### 871161
1742322 ###
### ###
### 1742322 ### ###
### ###
### ###
###
###
###
###
###
435581 435581 435581 618524 ### ###
2020 2021 2022 2023 8 9 10 11 696929 522697 348464 174232
2024 12 0
2025 13 0
2026 14 0
### ###
0 0
0 0
0 0
###
0
0
0
435581 435581 435581 435581 540120 ### ### ###
0 0
0 0
0 0
###
2027 15 0 0 0 0 0 0
A
OPERATION AND MAINTENANCE Assumptions Inflation 4.00% every year Operation and Maintenance of Bridge 1.50% of Initial Investment Periodic Re-surfacing 4.00% every 3rd Year Increase in Operations of Toll Plaza 10.00% every year Cost of Operating Toll Plazas 5.00% of O&M for Bridge
B
Operation and Maintenance
Initial Investment O&M Bridge Periodic Re-surfacing Operating Toll Plazas
43,558,050
2011 0 0
2012 1 0
0
0
cost of periodic resurfacng has to be considered in referenece with construction cost
ruction cost
2013 2 ###
2014 3 ###
2015 4 ###
###
###
###
2016 5 ### ### ###
2017 6 ###
2018 7 ###
###
###
2019 8 ### ### ###
2020 9 ###
2021 10 ###
###
###
2022 11 ### ### ###
2023 12 ###
2024 13 ###
###
###
2025 14 ### ### ###
2026 15 ###
2027 16 ###
###
###
DEPRECIATION Assumptions Method of DepreciationWDM Rate of Depreciation 15%
SLM 10%
Depreciation 2011 Depreciation (WDV) Written Down Value Depreciation (SLM)
2012 0
2013 1 ### ### ###
2014 2 ### ### ###
2015 3 ### ### ###
2016 4 ### ### ###
2017 5 ### ### ###
2018 6 ### ### ###
2019 7 ### ### ###
2020 8 ### ### ###
2021 9 ### ### ###
2022 10 ### ### ###
2023 11 ### ### ###
2024 12 ### ### ###
2025 13 ### ### ###
2026 14 ### ### ###
2027 15 ### ### ###
PROFIT AND LOSS ACCOUNT Assumptions Minimum Alternative Tax 0% Corporate Tax 40% Repayment of the principal for Debt Amount is not considered in the Profit and Loss Account
2011
2013
2014
2015
0 ### 0 0 0 ### 0 0 0 0 0 0 0 686039
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 32500
### 33800
### 35152
TOTAL REVENUES
###
###
###
PROFIT BEFORE DEPRE & TAX DEPRECIATION PROFIT BEFORE TAX Corporate Tax PROFIT AFTER DEPRE & TAX
### ### ###
### ### ###
### ### ###
EXPENDITURES O&M Bridge Perioding Re-surfacing Operating Toll-Plazas Non-Operating Expenses Interest on Senior Debt Interest on Subordinate Debt TOTAL EXPENSES REVENUES Operating Revenues Toll Revenues Advertisement Revenue
0 0 0 0 0 0 0
2012
rofit and Loss Account
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 0 0 ###
### ### ### 0 0 0 ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
###
###
###
###
###
###
###
###
###
###
### ### ###
### 178253 ### ### ### ###
### ### ###
### ### ###
### 183508 ### ### ### ###
### ### ### ### ### 840498
### ### ###
2026
2027
### 0 ### 0 0 0 ###
### 0 ### 0 0 0 ###
### ###
### ###
###
###
### ### ###
### ### ###
CASHFLOW AND EIRR Assumptions Method of Depreciation considered for preparing the cash flow is Straight line Method WACC is considered as Discounting rate for Project NPV Cost of Equity is Considered as Discounting rate for Equity NPV
2011 0 Depreciation Initial Investment Cash Flow NPV IRR EQUITY IRR Initial Investment Depreciation (SLM) Principal Repayment Cashflow NPV EIRR
2012 0
2013 1 ###
w is Straight line Method
2014 2 ###
2015 3 ###
2016 4 ###
2017 5 ###
2018 6 ###
2019 7 ###
2020 8 ###
2021 9 ###
2022 10 ###
2023 11 ###
2024 12 ###
2025 13 ###
2026 14 ###
2027 15 ###
2010
2011
assumptions width of the bridge site clearance cost per sq.m cost of clearance
2012
2013
2014
24 m 24000 m2 100 per sqmt 2400000
cost of cons. Of road
30000000
manpower Engineer salary Head Supervisor
250000 Per year 1000000 Per year
No 4 1
Permanent staff
100000 Per year
2
Technical Consultant 2% of Project Cost
600000 Total Project Cost
Traffic Projection Growth rate Types of Vehicles 2 Wheeler 4 wheelar S.T.Buses Total Length Vehicle perRates
4% 2012 20000 75000 1000 2.5 10 Rate per KmRate of 2.5 km
2013 20800 78000 1040
2014 21632 81120 1082
2015 22497 84365 1125
2 Wheeler 4 wheelar S.T.Buses
7.5 10 1000
18.75 25 2500
20.63 27.5 2750
Final Revenue 2 Wheeler 4 wheelar S.T.Buses
375000 390000 405600 1875000 ### ### 2500000 ### ###
### ### ###
Year wise Revenue
4750000
###
Total Revenue
Operation Expense O.M Of Bridge
18.75 25 2500
###
Sources Private Operator Authority State Govt. State Govt. Senior Lenders
18.75 25 2500
Equity Equity Equity Debt at Debt at
37400000 Share 25 9350000 15 5610000 10 3740000 6% 10 3740000 10 % 40 14960000
18.75 25 2500
###
###
2015
2016
2017
2018
2019
2020
2021
2022
2023
2019 2020 2021 26319 27371 28466 98695 102643 106748 1316 1369 1423
2022 29605 111018 1480
2023 30789 115459 1539
2024 32021 120077 1601
Total Total Project Totaltime costin year ### 2 ### ### 2 ###
200000
2 400000
Total Project Cost
2016 23397 87739 1170
### Rs
2017 24333 91249 1217
2018 25306 94899 1265
20.63 27.5 2750
20.63 27.5 2750
22.69 30.25 3025
22.69 30.25 3025
22.69 249.56 30.25 332.75 3025 33275
249.56 332.75 33275
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### 7388269.29 7683800.06 8790267.27 ### ### ### ### ### ### ### ###
###
###
###
###
###
###
93584744
249.56 332.75 33275
274.52 366.03 36602.5
97328134 111343385
2024
2025
2025 33301 124881 1665
2026 34634 129876 1732
2026
2027
2028
2029
2030
2031
2032
274.52 366.03 36602.5
274.52 366.03 36602.5
9141877.96 ### ###
### ### ###
115797121 120429006
2033
2034
A
Cost Estimates Consultant Fees Expert Fees Environmental Clearence Preoperative Expense Contigencies Increase in Manpower cost Cost of Engineers (Rs.) Cost of Supervisor (Rs.) Cost of Permenant Staff (Rs.) Cost of Administrative Office Cost of Construction Toll Plaza
B
Traffic Projections Average Annual Growth Rate in vehicular traffic Inflation Rate (Every 3rd Year) Bridge Length Toll Rate 2- Wheelers 4- Wheelers S.T.Bus Advertisement Revenue
C
Financial Plan Interest During Construction is Payed back quarterly Moratorium Period is considered as 3 years for both the debts
D
Operation And Maintenance Inflation Operation And Maintenance of Bridge Periodic Re-Surfacing Increase in Operation of Toll Plaza Cost of Operating Toll Plazas
E
Depreciation Written Down Value Method Straight line Method
F
Proffit And Loss Account Corporate tax
G
Cash Flow Method of Depreciation Considered for preparing the cash Flow in straight line Method WACC is considered as Discounting rate for Project NPV Cost of Equity is Considered as Discounting rate for Equity NPV
COST ESTIMATION A
Construction Cost Discription
1.50% Of total Construction 0.50% Of total Construction 5% Of Construction Cost 3% Of total Construction 5% Of total Construction 10% Per Annum ### Per Annum ### Per Annum ### Per Annum 0.50% Of Construction Cost 1% Of Construction Cost
Cost Cost Cost Cost
4% 10% 2.5 K.m.
7.5 K.m. 10 K.m. 1000 K.m. 1% Of Total Vehicular Toll Revenue
4% Every Year 1.5% Of initial Investment 4% Every 3 Year 10% Every Year 5% O & M of Bridge
15% 10%
40%
aight line Method
Cost Estimates Consultant Fees Expert Fees Environmental Clearence Preoperative Expense Contigencies Increase in Manpower cost Cost of Engineers (Rs.) Cost of Supervisor (Rs.) Cost of Permenant Staff (Rs.) Cost of Administrative Office Cost of Construction Toll Plaza
A
B
Construction Cost Description Land Cost Site Clearances Bridge Construction Site Office Construction of Toll Plaza Expert Fees Total (Bridge Cost)
Unit 0 Sqm. Km. L.S. L.S. L.S.
Of total Construction Cost Of total Construction Cost Of Construction Cost Of total Construction Cost Of total Construction Cost Per Annum Per Annum Per Annum Per Annum Of Construction Cost Of Construction Cost
No 0 2 1 2
Man Power
Site Clearances Engineer Supervisor Permanent staff Total (Man Power)
C
1.50% 0.50% 5% 3% 5% 10% 500000 300000 100000 0.50% 1%
Expert & Consultancy Supervisor Technical Consultancy fees Expert employed by State Govt. Total (Expert & Consultancy)
Unit Persons Persons Persons
No 4 1 2
D
Pre Operative Expenses
E
Contengencies
A+B+C +D+E Total Project Cost
Length Breadth Height 0 0 0 500 24 1 2.5 1 1
Period (Years) 1 1 1
Quantity Rate (Rs.)/Sq.mAmount (Rs.) 0 0 0 24000 100 2,400,000 2.5 12,000,000 30,000,000 150,000 648,000 1,627,500 ###
Rate / Rate / Amount Annum(IN Annum(INR.) Amount (INR) R.) Year I Year II (INR) Year I Year II ### 550,000 2,000,000 ### ### 330,000 300,000 330000 ### 110,000 200,000 220000 2,500,000 ### ###
Amount (INR) 522,383 174,128 696,510
### ###
###
COST ESTIMATION A
Construction Cost Discription
Average Annual Growth Rate 4% rd Inflation Rate (Every 3 Year) 10% Bridge Length 2.5 Km. Toll Rates 2- Wheeler 7.5 per km 4-Wheeler 10 perkm S.T.Bus 1000 per vehicle per annum Advertisement Revenue 1% of Total Vehicular Toll Revenue Inflation rate is also applied to the per annum payment of State Transport Buses
1 2013
2 2014
3 2015
4 2016
5 2017
Traffic Projection 2- Wheeler 4-Wheeler S.T.Bus
20000 75000 1000
20800 78000 1040
21632 81120 1082
22497 84365 1125
23397 87739 1170
Toll Projection 2-Wheelers (Rs) 4-Wheelers (Rs) S.T. Bus (Rs./each)
18.75 25 1000
18.75 25 1000
18.75 25 1000
20.63 27.5 1100
20.63 27.5 1100
Toll & Advetisement Revenue Generation(INR) 2-Wheelers (Rs) 375000 390000 405600 464006 482567 4-Wheelers (Rs) ### ### ### ### ### S.T. Bus (Rs./each) ### ### ### ### ### Advertisement Revenue 32500 33800 35152 40214 41822 Total Revenue Generation ### ### ### ### ###
nsport Buses
6 2018
7 2019
24333 91249 1217
25306 94899 1265
20.63 27.5 1100
22.69 30.25 1210
8 2020
9 2021
10 2022
11 2023
12 2024
13 2025
14 2026
15 2027
26319 27371 28466 29605 30789 32021 33301 34634 98695 102643 106748 111018 115459 120077 124881 129876 1316 1369 1423 1480 1539 1601 1665 1732
22.69 30.25 1210
22.69 30.25 1210
24.96 33.28 1331
24.96 33.28 1331
24.96 27.45 27.45 27.45 33.28 36.6 36.6 36.6 1331 1464.1 1464.1 1464.1
501869 574139 597104 620988 710411 738827 768380 879027 914188 950755 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 43495 49759 51749 53819 61569 64032 66593 76182 79230 82399 ### ### ### ### ### ### ### ### ### ###
PROJECT TIME TABLE
Financial Close Operations Period Considered (Months) Construction Schedule Start of Construction Period Construction Period (months) End of Construction Period Operations: Commercial Operations Date Project Period Ends First Financial Year Begins First Financial Year Ends Concession Period: Concession Period Starts Concession Period Ends
31-Dec-10 180 1-Jan-11 24 31-Dec-12 1-Jan-13 31-Dec-27 1-Jan-11 31-Dec-11 1-Jan-13 31-Dec-27
EQUITY Private operator Authority state government DEBT Sub Ordinated Senior Debt by Senior Lender Total Project Cost
Contribution 50% 25% 15% 10% 50% 10% 40%
Cost
6% 10%
INTEREST DURING CONSTRUCTION
Q1-1 5444756
Contribution of Equity Contribution By Sub Oriented Debt Contribution By Senior Debt
5444756
Q1-2 5444756 16334269 5444756
Total
5444756
5444756
Interest During Construction Sub-Ordinated Senior Debt By senior Lender Total Grand TOTAL IDC
1186957
Senior Proportion of Total Debt Proportion of Total Debt (Amount in INR)
Prime Lending Rate Interest Rate (During Construction Period) Interest Rate (During Operations Period) Drawdown Starts Repayment (years ) Repayment per year No. of Instalments Repayment / Redemption Starts Repayment / Redemption Ends Moratorium Period- 3 years
Sub-ordinated 40%
10%
0 10% 10% 10% 1-Jan-2012
0 6%
10 1-Jan-2014 31-Dec-2023
6% 6% 1-Jan-2012 10 1 10 1-Jan-2014 31-Dec-2023
3
3
10 1
Share
Total Equity/Debt 21779025 10889513 6533708 4355805 21779025 4355805 17423220 43558050 Check
Q1-3 5444756 10889513 5444756
5444756
Q1-4 5444756 5444756 5444756
5444756
Q2-1 5444756
Q2-2 5444756
Q2-3 5444756
Q2-4 5444756
4355805 1088951
5444756
5444756
5444756
5444756
5444756
5444756
5444756
261348 108895 370243
408357 408357
272238 272238
136119 136119
INTEREST ON SENIOR AND SUB-ORDINATED DEBT
Interest On Senior Debt Principal Senior Debt (Repayment) Repayment of Senior Debt
2011 ### ### 0 1 0 0 0
2014 2 ###
2015 2016 3 4 ### 1393858
### ###
### 1742322 ### ###
0 0
0 0
0 0
0
0
0 522697
###
###
Principal Sub-Ordinated Debt (Repayment) 0 Repayment of Sub-Ordinated Debt0
0 0
0 435581 435581 0 ### ###
435581 644659
Interest On Subordinated Debt
2017 5 1219625
2018 2019 6 7 ### 871161
1742322 ###
### ###
### 1742322 ### ###
### ###
### ###
###
###
###
###
###
435581 435581 435581 618524 ### ###
2020 2021 2022 2023 8 9 10 11 696929 522697 348464 174232
2024 12 0
2025 13 0
2026 14 0
### ###
0 0
0 0
0 0
###
0
0
0
435581 435581 435581 435581 540120 ### ### ###
0 0
0 0
0 0
###
2027 15 0 0 0 0 0 0
A
OPERATION AND MAINTENANCE Assumptions Inflation 4.00% every year Operation and Maintenance of Bridge 1.50% of Initial Investment Periodic Re-surfacing 4.00% every 3rd Year Increase in Operations of Toll Plaza 10.00% every year Cost of Operating Toll Plazas 5.00% of O&M for Bridge
B
Operation and Maintenance
Initial Investment O&M Bridge Periodic Re-surfacing Operating Toll Plazas
43,558,050
2011 0 0
2012 1 0
0
0
cost of periodic resurfacng has to be considered in referenece with construction cost
ruction cost
2013 2 ###
2014 3 ###
2015 4 ###
###
###
###
2016 5 ### ### ###
2017 6 ###
2018 7 ###
###
###
2019 8 ### ### ###
2020 9 ###
2021 10 ###
###
###
2022 11 ### ### ###
2023 12 ###
2024 13 ###
###
###
2025 14 ### ### ###
2026 15 ###
2027 16 ###
###
###
DEPRECIATION Assumptions Method of DepreciationWDM Rate of Depreciation 15%
SLM 10%
Depreciation 2011 Depreciation (WDV) Written Down Value Depreciation (SLM)
2012 0
2013 1 ### ### ###
2014 2 ### ### ###
2015 3 ### ### ###
2016 4 ### ### ###
2017 5 ### ### ###
2018 6 ### ### ###
2019 7 ### ### ###
2020 8 ### ### ###
2021 9 ### ### ###
2022 10 ### ### ###
2023 11 ### ### ###
2024 12 ### ### ###
2025 13 ### ### ###
2026 14 ### ### ###
2027 15 ### ### ###
PROFIT AND LOSS ACCOUNT Assumptions Minimum Alternative Tax 0% Corporate Tax 40% Repayment of the principal for Debt Amount is not considered in the Profit and Loss Account
2011
2013
2014
2015
0 ### 0 0 0 ### 0 0 0 0 0 0 0 686039
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 32500
### 33800
### 35152
TOTAL REVENUES
###
###
###
PROFIT BEFORE DEPRE & TAX DEPRECIATION PROFIT BEFORE TAX Corporate Tax PROFIT AFTER DEPRE & TAX
### ### ###
### ### ###
### ### ###
EXPENDITURES O&M Bridge Perioding Re-surfacing Operating Toll-Plazas Non-Operating Expenses Interest on Senior Debt Interest on Subordinate Debt TOTAL EXPENSES REVENUES Operating Revenues Toll Revenues Advertisement Revenue
0 0 0 0 0 0 0
2012
rofit and Loss Account
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 ### ### ###
### ### ### 0 ### ### ###
### 0 ### 0 ### ### ###
### 0 ### 0 0 0 ###
### ### ### 0 0 0 ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
###
###
###
###
###
###
###
###
###
###
### ### ###
### 178253 ### ### ### ###
### ### ###
### ### ###
### 183508 ### ### ### ###
### ### ### ### ### 840498
### ### ###
2026
2027
### 0 ### 0 0 0 ###
### 0 ### 0 0 0 ###
### ###
### ###
###
###
### ### ###
### ### ###
CASHFLOW AND EIRR Assumptions Method of Depreciation considered for preparing the cash flow is Straight line Method WACC is considered as Discounting rate for Project NPV Cost of Equity is Considered as Discounting rate for Equity NPV
2011 0 Depreciation Initial Investment Cash Flow NPV IRR EQUITY IRR Initial Investment Depreciation (SLM) Principal Repayment Cashflow NPV EIRR
2012 0
2013 1 ###
w is Straight line Method
2014 2 ###
2015 3 ###
2016 4 ###
2017 5 ###
2018 6 ###
2019 7 ###
2020 8 ###
2021 9 ###
2022 10 ###
2023 11 ###
2024 12 ###
2025 13 ###
2026 14 ###
2027 15 ###
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