Debt is to be

repaid in 4
equal
Assumptions - Bus Assumptions - Financing annual Assumptions - General
installments
at the end
Cost of Bus 7,500,000 Debt 75% Taxevery
of Rate 33%
Maintenance / year 10% Equity 25% year
Escalation Rate - Maintenance 15% Interest on Debt 15% Interest Income 5%
Life of Bus (years) 4 Tenure of loan (years) 4 Diesel rate (Rs./Lit) 60
Deprecation Rate 25% SLM Cost of Equity 20% Diesel Price escalation 15%
25% Inflation 10%
Assumptions - Operating Revenues Assumptions - Operating Costs Assumptions - Operating General

Seating Capacity 35 Fuel Efficiency ( Km / L ) 5 Route Mumbai - Pune

Load Factor 50% Driver Cost (Rs./ Trip) 500 Distance (Kms) 155
Tariff (Rs./Ticket) 360.00 Miscellaneous (Rs. / Trip) 500 Estimated Time Hours/Trip 3
Escalation Rate - Tariff 10% Toll Amount (Rs. / Trip) 500 Trips / Day 4 12

Income Statement 1875000

Year - 0 Year - 1 Year - 2 Year - 3 Year - 4 1875000
Flag 0 1 2 3 4 1875000
Revenue 9,198,000 10,117,800 11,129,580 12,242,538
Other Income - 65,017.64 137,932.97 218,572.4
Fuel Costs 2,715,600 3,122,940 3,591,381 4,130,088
Maintenance Expenses 750,000 862,500 991,875 1,140,656
Driver Costs 730,000 803,000 883,300 971,630
Miscellaneous Costs 730,000 803,000 883,300 971,630
Toll Amount 730,000 730,000 730,000 730,000
Cost of Revenues 5,655,600 6,321,440 7,079,856 7,944,004
Gross Pofit / (EBITDA) 3,542,400 3,861,378 4,187,657 4,517,106
Depreciation 1,875,000 1,875,000 1,875,000 1,875,000
Interest Expense 843,750 674,776 480,456 256,988
Profit Before Tax 823,650 1,311,602 1,832,201 2,385,118
Income Taxes 271,805 432,829 604,626 787,089
Profit After Tax 551,846 878,773 1,227,575 1,598,029

Balance Sheet
Year - 0 Year - 1 Year - 2 Year - 3 Year - 4 Debt Schedule
Assets Year - 0 Year - 1 Year - 2 Year - 3 Year - 4
Cash - 1,300,353 2,758,659 4,371,448 6,131,222 BOP - Debt 5,625,000 4,498,507 3,203,041 1,713,254
PPE, Gross 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 Int Expense 843,750 674,776 480,456 256,988
Acc Depreciation 1,875,000 3,750,000 5,625,000 7,500,000 EAI 1,970,243 1,970,243 1,970,243 1,970,243
PPE, Net 7,500,000 5,625,000 3,750,000 1,875,000 - EOP - Debt 5,625,000 4,498,507 3,203,041 1,713,254 -
Total Assets 7,500,000 6,925,353 6,508,659 6,246,448 6,131,222
Principle Repaid 1,126,493 1,295,466 1,489,786 1,713,254
Liabilities
Debt 5,625,000 4,498,507 3,203,041 1,713,254 -
Equity 1,875,000 1,875,000 1,875,000 1,875,000 1,875,000
Retained Profit 551,846 1,430,619 2,658,193 4,256,222 goodwill
Total Liabilities 7,500,000 6,925,353 6,508,659 6,246,448 6,131,222 goodwill is internally gneerated but extrally accounted
Checksum - - - - -
30000 50000
Cash Flow Statement
Year - 0 Year - 1 Year - 2 Year - 3 Year - 4 flipkart wallmart
1 bn
Net Income (PAT) - 551,846 878,773 1,227,575 1,598,029 1 bn
Depreciation - 1,875,000 1,875,000 1,875,000 1,875,000 1 bn
Cash Flow From Operations - 2,426,846 2,753,773 3,102,575 3,473,029 3 bn 19 billion 16 bn
Capex (7,500,000) - - - - wallmarkt 16 bn goodwill
Cash Flow from Investing (7,500,000) - - - -
Debt (Repayment)/Issuance 5,625,000 (1,126,493) (1,295,466) (1,489,786) (1,713,254)
Equity Addition 1,875,000 - - - -
Cash Flow from Financing 7,500,000 (1,126,493) (1,295,466) (1,489,786) (1,713,254)
Net change in Cash - 1,300,353 1,458,307 1,612,788 1,759,774
Cash - BOP - - 1,300,353 2,758,659 4,371,448
Cash - EOP - 1,300,353 2,758,659 4,371,448 6,131,222
Checksum
Average Cash

Free Cash Flow - Equity

Year - 0 Year - 1 Year - 2 Year - 3 Year - 4

Net Income - 551,846 878,773 1,227,575 1,598,029

+ Depreciation - 1,875,000 1,875,000 1,875,000 1,875,000 Escalation Rate %- Tariff
- Capital Expenses (7,500,000) - - - - 66.96% 3% 5% 8% 10% 13%
- Debt Repayment/+ raised 5,625,000 (1,126,493) (1,295,466) (1,489,786) (1,713,254) 3%
Diesel Price %

Cash Flow to Equity (1,875,000) 1,300,353 1,458,307 1,612,788 1,759,774 5%

8%
10%
Returns Analysis - Equity 13%
Year - 0 Year - 1 Year - 2 Year - 3 Year - 4 15%

FCFE (1,875,000) 1,300,353 1,458,307 1,612,788 1,759,774 Escalation Rate %- Tariff

cumulative cashflow 66.96% 3% 5% 8% 10% 13%
30% #NUM! #NUM! #NUM! #NUM!
Loan Factor

Cost of Equity 20.0% Rf+ Beta *( Rm- Rf) 40% #NUM! #NUM! #NUM! #NUM!
NPV 2,003,323 50%
IRR 66.96% 60%
70%
80%
 Prin 1000
Rate 1%
Time 3
EMI $340.02 $1,020.07

BoP Int Prin repaid EoP

1 1000 $10.00 $330.02 $669.98
2 $669.98 $6.70 $333.32 $336.66
3 $336.66 $3.37 $336.66 $0.00
$20.07 $1,000.00