Jakaraya Financial Analysis March 07, 09

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE 1 PARTICULARS OF LAND AND SITE DEVELOPMENT COSTS (Rs.Lakh) Particulars

Already incurred Co-gen Sugar Project Project

To be incurred Co-gen Project

Total Sugar Project

Land Acquistion cost and Stamp Duty / legal charges (incl. Above) Total Site development: Levelling & site grading Cane Yard levelling & grading Fencing Gates Roads & Culverts Sewerage and Drainage Total Cost Total Land and Site Development Cost

20

41

13

24

98

20

41

13

24

98

0 0 0 0 0 0

0 0 0 0 0 0

5 0 10 5 10 5

5 15 10 5 10 5

10 15 20 10 20 10

0 20

0 41

35 48

50 74

85 183

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE 2 PARTICULARS OF BUILDINGS AND CIVIL WORKS (Rs.Lakh) Description

Already incurred Co-gen Sugar Project Project

To be incurred Co-gen Project

Total Sugar Project

1. Power House Building ( TG hall & maintenance bay) 2. Turbo Alternator & other Auxiliary Foundations 3. Boiler and Auxiliary Foundations 4. Switchyard / MSEB substation Foundations 5. Water Treatment Plant 6. Tanks, fuel & ash handling conveyor foundations 7. Coal crusher & shed 8. Shed & open bagasse storage yard 9. RCC Chimney

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

100 30 25 15 10 10 0 10 25

0 0 0 0 0 0 0 0 0

100 30 25 15 10 10 0 10 25

10. RCC Cooling Tower(only Miscs works-CT Civil included in Ct-Machinery) 11. Raw Water Tank (25 m dia ) 12. Sugar factory main buildings (cane carrier / preparation area, mill house, evaporator & clarification house, boiling house & sugar house) 13. Hot & cold water channels 13. Sugar machinery foundations 14. Sugar Godowns 15. Admin & other related buildings 16. Residential quarters 17. Miscellaneous buildings & civil works (work shops, stores, injection pump house, weigh bridge, ETP, etc) Total cost Architect fees TOTAL

0 0 0

0 0 0

10 20 0

20 0 175

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 10 10 10

15 50 80 10 10 10

30 20 175 0 15 50 80 20 20 20

0 0 0

0 0 0

285 6 291

370 7 377

655 13 668

2%

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 3 DETAILS OF INDIGENOUS MACHINERY Description

Units

1. HP Boiler 1x65 TPH (67 kg/cm2, 495 Deg.C), incl. , dearator, HP Piping, ESP, HP heater, ID/FD fans etc. incl. Erection commissioning & Transport

Invoice Av.Taxes Price and (Rs.Lakh) Duties* 10.00% 1 1350 135

Already Incurred

(Rs.Lakh) To be incurred Co-gen Sugar Project Project

Total

0

1485

0

1485

2. Steam Turbine and auxiliaries ( 1 x 11 MW capacity double extraction cum condensing type, 66 kg/cm2 pressure, 490 Deg.C.)

1

700

70

0

770

0

770

3. Elecrical evacuation system and tie line cost

1

250

25

0

275

0

275

4. Piping, valves, PRDSH, fittings, etc.

1

50

5

0

55

0

55

5. Sugar Plant Equipments, excl. Boiler & TG Set & including electricals

1

2000

200

0

0

2200

2200

6. DCS & plant automation

1

40

4

0

44

20

64

7. Bagasse & Ash handling Equipments including : Belt conveyor, Yard scraper conveyor, Distribution belts, Reclaim conveyors, Boiler feeding scraper conveyors, etc. 8. Cooling tower & auxiliaries excluding civil works, 3x1200 m3/hr 9. WTP including raw water pre-treatment, UF-RO-MB plant, base exchanger softening system, instruments & electricals 10. Compressed Air System 11. Soft water plant & Storage tanks (included in 9) 12. AC & ventillation system 13. Fire fighting system

1

200

20

0

220

0

220

150 100

15 10

0 0

165 110

0 0

165 110

10 0 20 20 0 4890

1 0 2 2 0 489

0 0 0 0 0 0

11 0 22 22 0 3179

10 0 10 30 0 2270

21 0 32 52 0 5449

Total * MODVAT benefit will be available from 1st year MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 4 MISC. FIXED ASSETS (Rs.Lakh) Description

A. Office euipment, furniture and fixtures, computer, EPABX system, etc. B. Other Assets B.1 Spares, Tools & Tackles B.2 Chemical lab equipment B.3 Lab Equipment B.4. Workshop Equipment B.5 Trucks/pic-up vans/cars/Jeeps incl. Harvesters B.6 Weighing Machines B.7 Biomass depot & equipment B. 8 Walkie-talkies, dishnet etc.

Already incurred Co-gen Sugar Project Project 0 0

To be incurred Co-gen Project 10

Total Sugar Project 10

20

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

10 10 10 15 10 10 0 5

10 10 10 15 10 10 0 5

C. DG set and fuel oil tank

0

0

30

20

20 20 20 30 20 20 0 10 0 50

Total

0

0

110

100

210

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 5 PRELIMINARY AND PREOPERATIVE EXPENSES (Rs.Lakh) Description

Preliminary expenses: D.P.R./Apprisal/Loan syndication Legal fees and other expenses Total Preoperative expenses: Establishment charges Rent, rates and taxes Travelling Expenses Cane Development Expenses Start up expenses including wages & salaries Project Management charges incl. Supervision Project Insurance during construction Interest During Construction Mortgage expenses, bankers charges, stamp duty, etc.

Already incurred Co-gen Sugar Project Project

To be incurred Co-gen Project

Total Sugar Project

0

0

5 5

5 5

10 10

0

0

10

10

20

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

5 5 10 0 15 15 44 145 5

5 5 10 75 15 15 40 132 5

10 10 20 75 30 30 84 277 10

244

302

546

0 0 Total Note : The interest during construction period is net of interest payable during construction and interest earned during such period.

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 6 ESTIMATES OF CONTINGENCY ESCALATION PROVISION (Rs.Lakh) Item of Cost

Land Site Development Buildings Indigenous Plant & Machinery Other Interface Equipment and Assets Pre operative Expenses Knowhow and Training Total Contingency

2.0%

MITCON Consultancy Services Ltd., Pune

2.0%

Considered Co-gen Project 13 35 291 3179 110 244 0 3872 77 3949

Total Sugar Project 24 50 377 2270 100 302 0 3123 62 3186

98 85 668 5449 210 546 7056 140 7196

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - A COST OF PROJECT (Rs.Lakh) Annx Nos. Land Site development Civil Works Indigenous Plant and Machinery Misc.Fixed Assets Preliminary Expenses Pre operative Expenses Contingencies Capital cost of the project Working capital margin

1 1 2 3 4 5 5 6 7

TOTAL COST OF THE PROJECT

Co-gen Project 33 35 291 3179 110 10 244 77 3979 87

Sugar Project 65 50 377 2270 100 10 302 62 3237 322

Total

4067

3559

7626

98 85 668 5449 210 20 546 140 7216 410

MEANS OF FINANCE* (Rs.Lakh) Sources of funds

Co-gen Project

Sugar Project

Total

Capital 1. Cogen Proj.- JSL's Equity 2. Sugar Proj.- JSL's Equity 3. SDF Quasi Equity Total equity

703 0 861 1565

0 1369 0 1369

703 1369 861 2934

Secured Term Loans 1. F.I Loan for Cogen project 2. F.I Loan for Sugar Project TOTAL SECURED LOANS

2502 0 2502

0 2190 2190

2502 2190 4692

4067

3559

7626

TOTAL SOURCES OF FUNDS * MNRE capital grant of Rs. 50 lakh will be available

MITCON Consultancy Services Ltd., Pune

) )

9.22% 38.47% 11.30% 38.47%

of Cogen Project Cost of Sugar Project Cost of Cogen Project Cost of total Project Cost

61.53% of Cogen Project Cost 61.53% of Sugar Project Cost 61.53% of total Project Cost

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 18 CALCULATION OF DEPRECIATION (Rs.Lakh) Description

Site Dev. & Bldgs.

Plant & M/C

Misc. Fixed Assets

Full Depn. Assets

Total

Land

Grand Total

Straight Line Method Rate of depreciation

%

Acquired cost Pre operative Expenses Contingencies Total apportioned cost Depreciation amount

546 140

3.34

5.34

5.34

753 64 16 834 28

5449 464 119 6032 322

210 18 5 232 12

6412 546 140 7098 362

65

65

7163 6743

Site Devpt. & Bldgs. Opening Balance Depreciation Closing Balance

834 28 806

806 28 778

778 28 750

750 28 722

722 28 694

694 28 667

667 28 639

639 28 611

611 28 583

583 28 555

Plant and Machinery Opening Balance Depreciation Closing Balance

6032 322 5710

5710 322 5388

5388 322 5066

5066 322 4744

4744 322 4421

4421 322 4099

4099 322 3777

3777 322 3455

3455 322 3133

3133 322 2811

232 12 220 362

220 12 208 362

208 12 195 362

195 12 183 362

183 12 170 362

170 12 158 362

158 12 146 362

146 12 133 362

133 12 121 362

121 12 108 362

Misc. Fixed Assets Opening Balance Depreciation Closing Balance Total Depreciation (SLM)

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 18 CALCULATION OF DEPRECIATION (CONTD.) Written Down Value Method: Rate of depreciation % First year depreciation Second year depreciation Third year depreciation Fourth year depreciation Fifth year depreciation. Sixth year depreciation Seventh year depreciation Eighth year depreciation Ninth year depreciation Tenth year depreciation

10.00

15.00

83 75 68 61 55 49 44 40 36 32

905 769 654 556 472 401 341 290 247 210

MITCON Consultancy Services Ltd., Pune

15.00 35 30 25 21 18 15 13 11 10 8

Total 1023 874 746 638 545 466 399 341 292 250

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 8 ESTIMATED ANNUAL PRODUCTION AND ITS SALES VALUE (Rs.Lakh) Description

Installed Capacity (Season) Number of Hours/Day Number of working days Annual Installed Crushing Capacity Capacity utilisation Estimated Annual Crushing Estimated Sugar Recovery Annual Sugar Production Levi Sugar sale Levi Sugar sale Free Sugar sale Free sugar Rate Free Sugar sale Rs. Annual income from sugar (Rs.Lakh) Est. Molasses Recovery Annual Molasses production Sale of Molasses @Rs.3000/MT Total Sugar Income

TCH

MT %

MT % 13370 % 18000 0

% 3000

1

2

3

4

114 22 130

114 22 160

114 22 160

114 22 160

326040

401280

401280

90 293436 0.1150 33745 10 451 90 18000 5467

95 381216 0.1175 44793 10 599 90 18000 7256

5918 4 11737 352 6270

7855 4 15249 457 8313

Operating Years 5

6

7

8

9

10

114 22 160

114 22 160

114 22 160

114 22 160

114 22 160

114 22 160

401280

401280

401280

401280

401280

401280

401280

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

100 401280 0.1200 48154 10 644 90 18000 7801

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

8445 4 16051 482 8926

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 8 ESTIMATED ANNUAL PRODUCTION AND ITS SALES VALUE (CONTD.) (Rs.Lakh) Description

Co-generation Project Exportable Cap.(Season-160 days) Exportable Cap.(off-season-140 days) Number of Hours/Day(season) Number of Hours/Day(off season) Number of Working Days (season) Number of Working Days(off-season) Annual Exportable Capacity ('000 KWh) Capacity utilisation Annual Power Sold to MSEB ('000 KWh) Annual Sale to MSEB ('000 KWh) A) Season Operation ( 160 Days) Sale of Power to MSEB ('000 KWh) Selling Price (Rs./KWH) Annual Sales Realisation (Rs.Lakh) Total Sales Value (Rs. Lakh)

KW KW

25872

1

2

3

4

7350 9650 22 24 130 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

53445 80% 42756 42756

58296 90% 52466 52466

58296 95% 55381 55381

16817 4.15 698 698

23285 4.15 966 966

24578 4.15 1020 1020

Operating Years 5

6

7

8

9

10

7350 9650 22 24 160 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

7350 9650 22 24 160 140

58296 95% 55381 55381

58296 95% 55381 55381

58296 95% 55381 55381

58296 95% 55381 55381

58296 95% 55381 55381

58296 95% 55381 55381

58296 95% 55381 55381

24578 4.15 1020 1020

24578 4.15 1020 1020

24578 4.15 1020 1020

24578 4.15 1020 1020

24578 4.15 1020 1020

24578 4.15 1020 1020

24578 4.15 1020 1020

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 8 ESTIMATED ANNUAL PRODUCTION AND ITS SALES VALUE (CONTD.) (Rs.Lakh) Description B) Off-Season Operation (140 Days) Sale of Power to MSEB ('000 KWh) Selling Price (Rs./KWH) Annual Sales Realisation (Rs.Lakh) Selling Price (Rs./KWH) Total Sales Value (Rs. Lakh) Total Annual Cogen Income Total Annual Income (Sugar&Cogen) Add: Opening Stock of WIP & FGs.

32424

11

1

2

3

4

25939 4.15 1076 4.15 1076

29182 4.15 1211 4.15 1211

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

1774 8044

2177 10490 1436 11927 1820 10107

2298 11225 1820 13044 1913 11131

2298 11225 1913 13138 1940 11197

8044 1436 6608

Less:Closing Stock of WIP & FGs. Total Annual Income (Sugar&Cogen)

Operating Years 5

6

7

8

9

10

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

30803 4.15 1278 4.15 1278

2298 11225 1940 13165 1968 11196

2298 11225 1968 13193 2000 11193

2298 11225 2000 13225 2034 11191

2298 11225 2034 13258 2068 11190

2298 11225 2068 13293 2104 11189

2298 11225 2104 13329 2142 11187

ANNEXURE - 9 PARTICULARS OF INDIGENOUS RAW MATERIALS (Rs.Lakh)

1. Cane Crushing, MT 2. Cane price incl. Harvesting & Transportation charges & Purchase tax, Rs. / MT 3. Total Cane cost 4. Biomass, season&off-season, MT 5. Rate (Rs./MT) 6. Total Biomass cost Total Fuel Total Cost of Raw Materials & Fuel

38,078 1200

1 293436 1450

2 381216 1450

3 401280 1450

4 401280 1450

4255 30462 1200 366 366 4620

5528 34270 1260 432 432 5959

5819 36174 1323 479 479 6297

5819 36174 1389 503 503 6321

Operating Years 5 6 401280 401280 1450 1450

MITCON Consultancy Services Ltd., Pune

5819 36174 1459 528 528 6346

5819 36174 1532 554 554 6373

7 401280 1450

8 401280 1450

9 401280 1450

10 401280 1450

5819 36174 1608 582 582 6400

5819 36174 1689 611 611 6429

5819 36174 1773 641 641 6460

5819 36174 1862 673 673 6492

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 10 PARTICULARS OF CONSUMABLES AND PACKING MATERIALS (Rs.Lakh) Operating Years 4 5

1

2

3

6

7

8

9

10

6000

48

59

63

63

63

69

76

83

92

101

20

59

76

80

80

80

80

80

80

80

80

107

136

143

143

143

149

156

164

172

181

135

197

212

233

256

282

310

341

375

413

135 242

197 333

212 355

233 376

256 399

282 431

310 466

341 505

375 547

413 594

Consumables Lubricants, ETP chemicals, etc.:cogen (@ Rs. 0.07 / kwh) Lub.oils & Chemicals for sugar plant (Rs. 25 / MT) Total Packing Material Bags for Sugar (100 kg each or 2x50 kg each) Total Total Consumables+Packing

40

ANNEXURE - 11 PARTICULARS OF UTILITIES (Rs.Lakh)

Water Requirement (Avg. 1200 KL/day for 300 days @ Rs. 5 / KL) Total

1 18

2 19

3 20

Operating Years 4 5 21 22

18

19

20

21

MITCON Consultancy Services Ltd., Pune

22

6 23

7 24

8 25

9 27

10 28

23

24

25

27

28

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 12 REQUIREMENTS OF DIRECT LABOUR AND CALCULATION OF WAGES (Rs.Lakh)

A. Workers: Highly Skilled Workers

Annual Wages (Rs.)

1

144000 Skilled A Category 108000 Skilled B Category 90000 Semi-skilled 84000 Unskilled 72000 Supervisors A Category 210000 sub-total wages Add : Increment Add : Labour Welfare Total Direct Wages

10% 25%

12 17 15 16 15 14 20 17 25 18 4 8 90 23 113

Operating Years 4 5

2

3

6

7

8

9

10

17

17

17

17

17

17

17

17

17

16

16

16

16

16

16

16

16

16

14

14

14

14

14

14

14

14

14

17

17

17

17

17

17

17

17

17

18

18

18

18

18

18

18

18

18

8 90 9 25 124

8 90 18 27 135

8 90 27 29 147

8 90 36 32 158

8 90 45 34 169

8 90 54 36 180

8 90 63 38 192

8 90 72 41 203

8 90 81 43 214

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 12 REQUIREMENTS OF DIRECT LABOUR AND CALCULATION OF WAGES (CONTD.) (Rs.Lakh) Annual Wages

1

B. Supervisory Staff Chief Engineer 330000 Electrical Engineer 270000 Mechanical Engineers 270000 Instrument Engineers 270000 Electricians/Fitters 150000 Sugar Factory Staff 120000 Sub-total wages Add : Increment Add : Labour Welfare Total Supervisory Salaries Total Direct Wages/Salaries Number of Employees

10% 25%

1 3 2 5 2 5 1 3 6 9 350 420 446 111 557 670 453

2

3

4

5

6

7

8

9

10

3

3

3

3

3

3

3

3

3

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

3

3

3

3

3

3

3

3

3

9

9

9

9

9

9

9

9

9

420 446 45 123 613 737

420 446 89 134 669 804

420 446 134 145 724 871

420 446 178 156 780 938

420 446 223 167 836 1005

420 446 267 178 892 1072

420 446 312 189 947 1139

420 446 357 201 1003 1206

420 446 401 212 1059 1273

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 13 PARTICULARS OF REPAIRS AND MAINTENANCE (Rs.Lakh)

On Buildings On Plant & Machinery On Other Fixed Assets

%

1

2

3

4

1.0% 2.0% 1.0%

8 87 3

6 103 2

7 109 2

7 109 2

98

111

117

117

Total

Operating Years 5

6

7

8

9

10

7 109 2

7 114 2

7 120 2

8 126 2

8 132 3

9 139 3

117

123

130

136

143

150

ANNEXURE - 14 PARTICULARS OF OTHER MANUFACTURING EXPENSES (Rs.Lakh)

Rent,rates and taxes Electricity charges Insurance on Fixed Assets Insurance on Stocks Contingencies Total

0.27% 1% 10%

Operating Years 4 5

1

2

3

1 1 17 5 2

1 1 17 7 3

1 1 17 7 3

1 1 17 7 3

27

29

30

30

MITCON Consultancy Services Ltd., Pune

6

7

8

9

10

1 1 17 7 3

2 2 17 8 3

2 2 17 8 3

2 2 17 8 3

2 2 17 8 3

2 2 17 8 3

30

31

31

32

32

33

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 15 REQUIREMENTS OF ADMINISTRATIVE OVERHEADS (Rs.Lakh) Annual Expenses A. Staff Commercial Officer- cogen 420000 General Manager 600000 Clerical 2 Category 150000 Clerical 4 Category 96000 Accountant 240000 Peons 84000 sub-total Add : Increment Add : Staff Welfare Total Staff Salaries No.of Admin. Staff

1 1 4 1 6 1 2 1 1 1 2 2 2 17

10% 25%

4 21

2

3

4

4

4

4

6

6

2

Operating Years 5

6

7

8

9

10

4

4

4

4

4

4

6

6

6

6

6

6

6

2

2

2

2

2

2

2

2

1

1

1

1

1

1

1

1

1

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

2

17 2 5 23

17 3 5 25

17 5 5 27

17 7 6 29

17 8 6 31

17 10 7 33

17 12 7 36

17 13 8 38

17 15 8 40

7

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 15 REQUIREMENTS OF ADMINISTRATIVE OVERHEADS (CONTD.) (Rs.Lakh) Annual Expenses B. Admin. Overheads Printing and stationery Postage & Telephone Travelling & Conveyance Legal & other professional charges Rents, rates and taxes Library Expenses Misc. Expenses Total B Total Admin. Overheads

10 10 10 10 10 5 5

1

2

3

4

8 8 8 8 10 5 5 52 73

9 9 9 9 10 3 5 54 77

10 10 10 10 10 3 5 56 81

10 10 10 10 11 3 6 61 88

Operating Years 5 11 11 11 11 12 3 6 67 96

6

7

8

9

10

13 13 13 13 13 3 7 74 105

14 14 14 14 15 4 7 81 115

15 15 15 15 16 4 8 89 125

17 17 17 17 18 4 9 98 136

19 19 19 19 19 5 10 108 148

ANNEXURE - 16 PARTICULARS OF SELLING AND DISTRIBUTION OVERHEADS (Rs.Lakh)

S & D Expenses Sales Office & Gen.Expenses Advt. and Sales Promotion Travelling Costs Total Total S & D Overheads

2 2 2

1

2

3

Operating Years 4 5

2 2 2 5 5

2 2 2 6 6

2 2 2 7 7

2 2 3 7 7

MITCON Consultancy Services Ltd., Pune

2 2 3 7 7

6

7

8

9

10

2 2 3 8 8

3 3 4 9 9

3 3 4 9 9

3 3 4 10 10

3 3 5 11 11

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 7 WORKING CAPITAL REQUIREMENTS (Rs.Lakh) Item

No.of season Days in Year No. of off season days Consumables and packing material Bagasse / Biomass Finished Goods (Sugar) Work-In-Progress (WIP) Book Debts for Cogen Total Current Assets Net Working Capital Stipulated Margin money (% of Net Working Capital)

Stocking Level (Days)

1

2

3

4

25 37.5 37.5 3 25

160 140 38 86 1330 106 277 1837 1837

160 140 52 101 1685 135 340 2313 2313

160 140 55 112 1787 126 359 2440 2440

160 140 59 118 1813 127 359 2476 2476

25%

459

578

610

1378

1735

179

226

Maximum permissible Bank Borrowings Annual interest charges

13.0%

Operating Years 5

6

7

8

9

10

160 140 62 124 1841 128 359 2514 2514

160 140 67 130 1872 129 359 2557 2557

160 140 73 136 1904 130 359 2602 2602

160 140 79 143 1937 131 359 2649 2649

160 140 86 150 1972 132 359 2699 2699

160 140 93 158 2008 133 359 2751 2751

619

628

639

650

662

675

688

1830

1857

1885

1918

1951

1987

2024

2064

238

241

245

249

254

258

263

268

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 17 REPAYMENT OF TERM LOANS AND CALCULATION OF INTEREST (Rs.Lakh) Operating Years 4 5

1

2

3

Institutional Loan for Cogeneration Opening balance Add inc during half year Less half yearly inst Half yearly closing bal Half yearly interest

0 2502 0 2502 169

2502

2085

1668

209 2294 169

209 1877 141

Opening balance Add inc during half year Less half yearly inst Half yearly closing balance Half yearly interest

2502 0 0 2502 169

2294

Increase in loans Annual instalments Annual interest charges

2502 0 338

No. of Instalments Rate of Interest

6

7

8

9

10

1251

834

417

0

0

0

209 1460 113

209 1043 84

209 626 56

209 209 28

0 0 0

0 0 0

0 0 0

1877

1460

1043

626

209

0

0

0

209 2085 155

209 1668 127

209 1251 99

209 834 70

209 417 42

209 0 14

0 0 0

0 0 0

0 0 0

417 324

417 267

417 211

417 155

417 99

417 42

0 0

0 0

0 0

12 0.135

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

ANNEXURE - 17 REPAYMENT OF TERM LOANS AND CALCULATION OF INTEREST (CONTD.) Rs. Lakh Operating Years 4 5

1

2

3

SDF Quasi Equity Opening balance Add inc during half year Less half yearly inst Half yearly closing bal Half yearly interest

0 861 0 861 58

861

861

861

0 861 58

0 861 58

Opening balance Add inc during half year Less half yearly inst Half yearly closing balance Half yearly interest

861 0 0 861 58

861

Increase in loans Annual instalments Annual interest charges

861 0 116

No. of Instalments Rate of Interest

6

7

8

9

10

689

517

345

172

0

0

86 775 58

86 603 47

86 431 35

86 258 23

86 86 12

0 0 0

0 0 0

861

775

603

431

258

86

0

0

0 861 58

0 861 58

86 689 52

86 517 41

86 345 29

86 172 17

86 0 6

0 0 0

0 0 0

0 116

0 116

172 110

172 87

172 64

172 41

172 17

0 0

0 0

10 0.135

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 17 REPAYMENT OF TERM LOANS AND CALCULATION OF INTEREST (CONTD.) (Rs.Lakh) 1

2

3

4

Institutional Loan for Sugar project Opening balance Add inc during half year Less half yearly inst Half yearly closing bal Half yearly interest

0 2190 0 2190 148

2190

1825

1460

183 2008 148

183 1643 123

Opening balance Add inc during half year Less half yearly inst Half yearly closing bal Half yearly interest

2190 0 0 2190 148

2008

Increase in loans Annual instalments Annual interest charges

2190 0 296

No. of Installments Rate of Interest

Operating Years 5

6

7

8

9

10

1095

730

365

0

0

0

183 1278 99

183 913 74

183 548 49

183 183 25

0 0 0

0 0 0

0 0 0

1643

1278

913

548

183

0

0

0

183 1825 136

183 1460 111

183 1095 86

183 730 62

183 365 37

183 0 12

0 0 0

0 0 0

0 0 0

365 283

365 234

365 185

365 136

365 86

365 37

0 0

0 0

0 0

12 0.135

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - B ESTIMATED COST OF PRODUCTION AND PROFITABILITY STATEMENT (Rs.Lakh)

Exportable Cap.(Season-160 days) Exportable Cap.(off-season-140 days) Number of Hours/Day(season) Number of Hours/Day(off season) Number of Working Days (season) Number of Working Days(off-season) Annual Exportable Capacity ('000 KWh) Capacity utilisation Estimated Annual Crushing Net Total Income (Sugar + Cogen) Indigenous raw materials Consumables Packing materials Utilities Direct labour cost Repairs & Maintenance Other manufacturing expenses COST OF PRODUCTION Add opening stocks of W.I.P Add opening stocks of F.G Less closing stocks of W.I.P Less closing stocks of F.G A. Estimated cost of manufacture

Annx. Nos. KW KW

%

9 10 10 11 12 13 14

1 7350 9650 22 24 130 140 53445 80% 293436 6608 4620 107 135 18 670 98 27 5675

106 1330 4238

2 7350 9650 22 24 160 140 58296 90% 381216 10107 5959 136 197 19 737 111 29 7188 106 1330 135 1685 6805

3 7350 9650 22 24 160 140 58296 100% 401280 11131 6297 143 212 20 804 117 30 7623 135 1685 126 1787 7529

4 7350 9650 22 24 160 140 58296 100% 401280 11197 6321 143 233 21 871 117 30 7736 126 1787 127 1813 7709

Operating Years 5 6 7350 7350 9650 9650 22 22 24 24 160 160 140 140 58296 58296 100% 100% 401280 401280 11196 11193 6346 6373 143 149 256 282 22 23 938 1005 117 123 30 31 7853 7986 127 128 1813 1841 128 129 1841 1872 7825 7954

MITCON Consultancy Services Ltd., Pune

7 7350 9650 22 24 160 140 58296 100% 401280 11191 6400 156 310 24 1072 130 31 8123 129 1872 130 1904 8090

8 7350 9650 22 24 160 140 58296 100% 401280 11190 6429 164 341 25 1139 136 32 8266 130 1904 131 1937 8232

9 7350 9650 22 24 160 140 58296 100% 401280 11189 6460 172 375 27 1206 143 32 8415 131 1937 132 1972 8379

10 7350 9650 22 24 160 140 58296 100% 401280 11187 6492 181 413 28 1273 150 33 8570 132 1972 133 2008 8532

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - B ESTIMATED COST OF PRODUCTION AND PROFITABILITY STATEMENT (CONTD.) (Rs.Lakh) Annx. Nos.

Operating Years 5 6 11196 11193

Net Total Income

1 6608

2 10107

3 11131

4 11197

A. Estimated cost of manufacture

4238

6805

7529

7709

7825

73 5 4316

77 6 6888

81 7 7617

88 7 7804

2292

3219

3515

338 296 116 179 929

324 283 116 226 949

1363 362 2 998 120 879 0 879 879

2270 362 2 1906 229 1677 0 1677 2556

B. Administrative overheads C. Selling & distribn. overheads E. Total cost of production

15 16

G. EBIDT Financial Expenses: 1. Interest on Cogen Loan(s) 2. Interest on Sugar Loan 3. Interest on SDF Loan 4. Int. on borrowing for W/C H. Total Financial Expenses I. Income before depn. J. Depreciation K. Preliminary expenses w/o L. Operating profit M. Provision for taxation N. Profit After Tax (PAT) O. Dividend P. Retained Earnings M. Cumulative Retained Earnings

17 17 17 7

18

19 19

7 11191

8 11190

9 11189

10 11187

7954

8090

8232

8379

8532

96 7 7929

105 8 8067

115 9 8213

125 9 8366

136 10 8525

148 11 8691

3393

3268

3126

2978

2824

2663

2496

267 234 116 238 856

211 185 110 241 748

155 136 87 245 623

99 86 64 249 498

42 37 41 254 374

0 0 17 258 276

0 0 0 263 263

0 0 0 268 268

2659 362 2 2294 275 2019 0 2019 4575

2645 362 2 2281 273 2008 0 2008 6583

2645 362 2 2281 273 2007 0 2007 8590

2628 362 2 2263 769 1494 0 1494 10084

2604 362 2 2240 761 1479 0 1479 11563

2548 362 2 2184 742 1442 0 1442 13005

2400 362 2 2036 692 1344 0 1344 14349

2227 362 2 1863 633 1230 0 1230 15578

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur ANNEXURE - 19 PROVISION FOR TAXATION AND DIVIDEND (INCOME TAX WORKING) (Rs.Lakh)

Profit Before Tax:(PBT) Add:Depreciation SLM Total Less:depreciation WDV Balance Less:Unabsorbed depreciation b/f Less:Unabsorbed depreciation c/f Book Profit MAT Normal Tax Actual tax liability Provision for tax Profit after tax Less:Dividend Retained earnings Cumulative retained earnings * U/s 115(J) of I.Tax Act,wherever applicable

1 998 362 1361 1023 338

11.99 33.99

10

0 338 120 0 120 879 120 0 120 120

2 1906 362 2268 874 1395 0 0 1395 229 0 229 1677 229 0 229 348

3 2294 362 2657 746 1910 0 0 1910 275 0 275 2019 275 0 275 623

4 2281 362 2643 638 2006 0 0 2006 273 0 273 2008 273 0 273 897

Operating Years 5 6 2281 2263 362 362 2643 2626 545 466 2098 2160 0 0 0 0 2098 2160 273 271 0 769 273 769 2007 1494 273 769 0 0 273 769 1170 1940

MITCON Consultancy Services Ltd., Pune

7 2240 362 2602 399 2204 0 0 2204 269 761 761 1479 761 0 761 2701

8 2184 362 2546 341 2205 0 0 2205 262 742 742 1442 742 0 742 3443

9 2036 362 2398 292 2106 0 0 2106 244 692 692 1344 692 0 692 4135

10 1863 362 2225 250 1975 0 0 1975 223 633 633 1230 633 0 633 4769

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - C DEBT SERVICE COVERAGE RATIO (Rs.Lakh) 1

2

3

4

879 364 0 633

1677 364 0 607

2019 364 0 501

2008 364 0 396

1876

2649

2885

Interest on Term Loans Instalments of Term Loans

633 0

607 782

Total Outflow

633

Annual DSCR

2.96

Average DSCR Maximum DSCR Minimum DSCR

2.14 2.96 1.79

Profit after tax Depn.+Preliminary Exps. Project fixed asset cost w/o Interest On Term Loan Total Inflow

Operating Years 5

6

7

8

9

10

2007 364 0 290

1494 364 0 185

1479 364 0 79

1442 364 0 0

1344 364 0 0

1230 364 0 0

2768

2662

2043

1922

1806

1708

1594

501 782

396 954

290 954

185 954

79 954

0 172

0 0

0 0

1389

1284

1350

1245

1139

1034

172

0

0

1.91

2.25

2.05

2.14

1.79

1.86

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - D CASH FLOW STATEMENT (Rs.Lakh) Constn. Period

1

2

3

4

1927 362 2

2855 362 2

3150 362 2

3029 362 2

1378

357

95

3669

3576

3610

Operating Years 5

6

7

8

9

10

2904 362 2

2761 362 2

2614 362 2

2460 362 2

2299 362 2

2131 362 2

27

28

32

34

36

37

39

3420

3296

3158

3012

2860

2701

2535

Sources of Funds: EBIT Depreciation Preliminary expenses, Know how Investment allowance Increase in a)Capital b)SDF Quasi Equity c)Secured Term Loans c)GoM Capital Subsidy d)Cash Credit Facility Sale of fixed assets Sale of investments Internal Cash Accruals Decrease in Exps. Decrease in current assets TOTAL SOURCES OF FUNDS

2072 861 4692 0

7626

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - D CASH FLOW STATEMENT (CONTD.) (Rs.Lakh) Constn. Period

1

2

3

4

0

782

782

782

1837 929 120 0

476 949 229 0

127 856 275 0

Operating Years 5

6

7

8

9

10

782

782

782

0

0

0

36 748 273 0

38 623 273 0

43 498 769 0

45 374 761 0

47 276 742 0

50 263 692 0

52 268 633 0

Disposition of Funds: Project capital expenditure Preliminary expenses Decrease in a) Secured Term Loans Increase in i) Net Working Capital Total Interest Taxation Dividends

7196 20

TOTAL DISPOSN. OF FUNDS

7216

2886

2435

2040

1840

1716

2093

1962

1065

1005

954

0 410 410

410 784 1194

1194 1141 2334

2334 1570 3904

3904 1581 5485

5485 1580 7066

7066 1066 8131

8131 1050 9181

9181 1794 10975

10975 1696 12671

12671 1581 14252

Opening cash balance Accrual/deficit Closing cash balance

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - E BALANCE SHEET FORECAST (Rs.Lakh) Constn. Period Sources of funds: Share holders funds Capital Reserves Sub total Loan funds Secured Term Loans Cash credit facility FC Loan SDF Loan Sub total Total

1

2

3

4

2934

2934 879

2934 2556

2934 4575

2934 6583

2934

3812

5490

7509

4692 0

4692 1378

3910 1735

4692 7626

6070 9883

5645 11135

Operating Years 5

6

7

8

9

10

2934 8590

2934 10084

2934 11563

2934 13005

2934 14349

2934 15578

9517

11524

13018

14497

15938

17282

18512

3128 1830

2346 1857

1564 1885

782 1918

0 1951

0 1987

0 2024

0 2064

4958 12467

4203 13720

3449 14973

2700 15718

1951 16448

1987 17925

2024 19307

2064 20576

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - E BALANCE SHEET FORECAST (CONTD.) (Rs.Lakh) Constn. Period Application of funds Fixed Assets a.Gross block b.Less: depn.to date c.Net fixed block d.Capital WIP Investments Current assets & advances a.Inventories b.Sundry debtors c.Cash and bank balances d.Other current assets Sub total ( a : e )

1

2

3

4

7196 0 7196

7196 362 6834

7196 725 6471

7196 1087 6109

7196 1449 5747

0

0

0

0

410 410

1560 277 1194 0 3031

1973 340 2334 0 4647

410 20 7626 0

3031 18 9883 0

4647 16 11135 0

Operating Years 5

6

7

8

9

10

7196 1812 5384

7196 2174 5022

7196 2537 4660

7196 2899 4297

7196 3261 3935

7196 3624 3573

0

0

0

0

0

0

0

2081 359 3904 0 6344

2117 359 5485 0 7961

2154 359 7066 0 9579

2198 359 8131 0 10688

2243 359 9181 0 11783

2290 359 10975 0 13624

2340 359 12671 0 15370

2392 359 14252 0 17003

6344 14 12467 0

7961 12 13720 0

9579 10 14973 0

10688 8 15718 0

11783 6 16448 0

13624 4 17925 0

15370 2 19307 0

17003 0 20576 0

Less:C/L & provisions a.Current liabilities b.Provisions

Net current assets Misc.exps.to the extent not w/o Total Balance sheet check

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - F ANALYTICAL AND COMPARATIVE RATIOS (Rs.Lakh)

1. EBIT to Capital Employed 2. Return on Investment i) PBT to Capital Employed ii) PAT to Capital Employed iii) PBT to Net Worth iv) PAT to Net Worth 3. PBT to Sales 4. Raw Materials Cost to Sales 5. Operating Ratio 6. Interest Coverage Ratio 7. Fixed Assets Turnover Ratio 8. Debt Equity Ratio 9. Ratio of N/W + L/T Liabilities to Fixed Assets 10.Current Ratio

1 23.19

2 28.91

3 28.19

4 24.73

10.10 8.89 26.19 23.05 15.11 69.92 64.14 2.47 0.97 1.23 1.24 2.20

17.12 15.06 34.72 30.56 18.86 58.96 67.33 3.39 1.56 0.71 1.45 2.68

18.40 16.20 30.56 26.89 20.61 56.57 67.64 4.11 1.82 0.42 1.74 3.47

16.63 14.63 23.97 21.09 20.37 56.45 68.85 4.54 1.95 0.25 2.06 4.29

Operating Years 5 6 21.82 19.89

MITCON Consultancy Services Ltd., Pune

15.23 13.41 19.79 17.42 20.37 56.68 69.89 5.25 2.08 0.14 2.43 5.08

14.40 9.51 17.39 11.48 20.22 56.94 71.06 6.28 2.23 0.06 2.75 5.57

7 18.10

8 15.75

9 13.80

10 12.13

13.62 8.99 15.45 10.20 20.02 57.19 72.29 7.97 2.40 0.00 3.11 6.04

12.18 8.04 13.70 9.04 19.52 57.46 73.56 10.24 2.60 0.00 3.71 6.86

10.55 6.96 11.78 7.78 18.20 57.74 74.89 10.12 2.84 0.00 4.39 7.59

9.05 5.98 10.06 6.64 16.65 58.03 76.27 9.30 3.13 0.00 5.18 8.24

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - G PAYBACK PERIOD (Rs.Lakh) Years

PAT

1 2 3 4 5 6 7 8 9 10 The payback period is between

3

DEP

Prelim. Expns.

879 1677 2019 2008 2007 1494 1479 1442 1344 1230 to

362 362 362 362 362 362 362 362 362 362 4

0 0 0 0 0 0 0 0 0 0

Total Cash Inflow 2 2 2 2 2 2 2 2 2 2

years

MITCON Consultancy Services Ltd., Pune

1243 2042 2384 2372 2372 1858 1843 1806 1708 1594

Cash outgo

Net Cash Inflow 7626 7626 -6383 -4341 -1958 414 2786 4645 6488 8293 10002 11596

Years

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur SCHEDULE - H INTERNAL RATE OF RETURN (Rs.Lakh) Constn. Period IRR & Total Project Cost Capital Employed Profit After Tax Add : Depn.+ Prelim Expenses Add : Interest on Term Loan

IRR : PAT & Equity Equity PAT Add : Depn.+ Prelim. expns. Add : IA

-7626 22.58%

3

4

879 364 633 1876 1560 317

1677 364 607 2649 413 2236

2019 364 501 2885 108 2777

2008 364 396 2768 36 2732

317

2236

2777

879 364

1677 364

1243 1560

Operating Years 5

6

7

8

9

10

2007 364 290 2662 38 2625

1494 364 185 2043 43 2000

1479 364 79 1922 45 1877

1442 364 0 1806 47 1759

1344 364 0 1708 50 1659

2732

2625

2000

1877

1759

1659

1230 364 0 1594 52 1542 2392 381 4315

2019 364

2008 364

2007 364

1494 364

1479 364

1442 364

1344 364

1230 364

2042 413

2384 108

2372 36

2372 38

1858 43

1843 45

1806 47

1708 50

1594 52

-317

1629

2276

2336

2334

1815

1798

1759

1659

-317

1629

2276

2336

2334

1815

1798

1759

1659

1542 2392 381 4315

-2934

Less : Increase in Inventory Gross cash inflow Add : Inventory Add :Terminal Value of Project % IRR

2

-7626

Less : Increase in Inventory Gross cash inflow Add : Inventory Add :Terminal Value of Project % IRR

1

-2934 43.17%

MITCON Consultancy Services Ltd., Pune

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur HIGHLIGHTS OF THE REPORT Name and Address

:

M/s. Jakraya Sugar Ltd. Chelekar Galli, Mangalwedha - 413 305 District Solapur

Constitution & Type Products Installed Capacity - Sugar Installed Capacity - Co-gen

:

Public Limited Company Sugar and Cogenerated Power 2500 TCD 11.00 MW 7.35 MW Exportable Cap.(Season-160 days) 9.65 MW Exportable Cap.(off-season-140 days)

Capacity utilisation - Sugar - Cogen Power

:

Total Project Cost

:

Land and Site Development Civil Works Indigenous Plant and Machinery Misc.Fixed Assets Prelim. & Preop. Expenses Contingencies Working capital margin Total

: : :

:

Year

I 90% 80%

II 95% 90%

III & onwards 100% 95%

Co-gen Project 68 291 3179 110 254 77 87 4067

Sugar Project 115 377 2270 100 312 62 322 3559

183 668 5449 210 566 140 410 7626

703 0 861 2502 4067

0 1369 0 2190 3559

703 1369 861 4692 7626

Means of Finance : 1. Cogen Proj.-JSL's Equity 2. Sugar Proj.- JSL's Equity 3. SDF Quasi Equity 4. F.I.Loan(s) Total

MITCON Consultancy Services Ltd., Pune

Total

Jakraya Sugar Ltd., Mangalwedha, Dist. Solapur

HIGHLIGHTS OF THE REPORT (CONTD.)

Estimated W/C Requirements

Rs.Lakh

Estimated Annual Turnover

Rs.Lakh

Profit Before Tax

Rs.Lakh

Accumulated Cash Surplus

Rs.Lakh

Employment potential (Fact+Admin)

Nos.

Debt Service Coverage Ratio

Average

(DSCR)

Maximum

(7 years repayment, 1 year moratorium)

Minimum

Payback period

Years

First Year 1837 6608 998 1194 460

Fifth Year 2514 11196 2281 7066 460 2.14 2.96 1.79

3

to

4

Internal Rate of Return

43.17% 22.58%

on Total Equity on total project cost Expected Period for Implementation

Months

8 to 9

MITCON Consultancy Services Ltd., Pune

Tenth Year 2751 11187 1863 14252 460