Year

Car,
Jeep,
Mini
Van,Etc. bus

Govt
Bus

Pvt
Bus

LGV

2-axle
Truck

3-axle
Truck

MAV

Heavy
Machi.

2009

35

55

105

105

55

105

155

155

155

2010

40

55

110

110

55

110

165

165

165

2011

40

60

120

120

60

120

170

170

170

2012

40

60

125

125

60

125

180

180

180

2013

45

65

130

130

65

130

190

190

190

2014

50

75

140

140

75

140

200

200

200

2015

50

75

145

145

75

145

210

210

210

2016

50

75

150

150

75

150

220

220

220

2017

55

80

160

160

80

160

230

230

230

2018

55

80

165

165

80

165

240

240

240

2019

60

85

175

175

85

175

250

250

250

2020

60

90

185

185

90

185

265

265

265

2021

65

95

190

190

95

190

280

280

280

2022

70

100

200

200

100

200

290

290

290

2023

70

105

210

210

105

210

305

305

305

2024

75

110

220

220

110

220

320

320

320

2025

80

115

235

235

115

235

340

340

340

2026

85

120

245

245

120

245

355

355

355

2027

85

130

260

260

130

260

375

375

375

2028

90

135

270

270

135

270

390

390

390

2029

95

140

285

285

140

285

410

410

410

2030

100

150

300

300

150

300

430

430

430

2031

105

155

315

315

155

315

455

455

455

2032

110

165

330

330

165

330

475

475

475

2033

115

170

345

345

170

345

500

500

500

Year

Car,
Jeep,

Mini

Van,Etc. bus

Govt

Pvt

Bus

Bus

LGV

2-axle

3-axle

Truck

Truck

MAV

Total
Total
Vehicles
Machi.
PSUS

Heavy
Machi.

2012

4719

62

1068

294

1059

5242

5606

202

17

18267

44013

2013

5177

68

1172

323

1161

5751

6150

222

18

20042

48288

2014

5680

74

1286

354

1274

6309

6748

243

20

21989

52979

2015

6232

81

1410

389

1398

6922

7403

267

22

24125

58125

2016

6837

89

1547

427

1534

7595

8122

293

24

26468

63772

2017

7501

98

1698

468

1683

8332

8911

321

27

29039

69966

2018

8158

106

1846

509

1830

9062

9691

349

29

31581

76090

2019

8872

116

2008

554

1990

9855

10539

380

32

34345

82750

2020

9648

126

2184

602

2164

10717

11462

413

34

37351

89993

2021

10493

137

2375

655

2354

11655

12465

450

37

40620

97869

2022

11411

149

2583

712

2560

12675

13556

489

41

44175

106436

2023

12280

160

2779

766

2755

13641

14588

526

44

47540

114541

2024

13215

173

2991

825

2965

14680

15700

566

47

51160

123264

2025

14222

186

3219

887

3190

15798

16895

609

51

55056

132652

2026

15305

200

3464

955

3433

17001

18182

656

54

59249

142754

2027

16470

215

3728

1028

3695

18295

19566

706

59

63761

153626

2028

17725

231

4012

1106

3976

19689

21057

759

63

68617

165325

2029

19074

249

4317

1190

4279

21188

22660

817

68

73843

177916

2030

20527

268

4646

1281

4605

22802

24386

879

73

79467

191465

2031

22090

288

5000

1378

4955

24538

26243

946

79

85518

206047

2032

23773

310

5380

1483

5333

26407

28242

1018

85

92031

221738

2033

25583

334

5790

1596

5739

28418

30392

1096

91

99040

238625

Mini
bus

Govt
Bus

Pvt
Bus

LGV

Year

Car,
Jeep,
Van,Etc.

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033

188760
232965
284000
311600
341850
412555
448690
532320
578880
682045
798770
859600
991125
1137760
1300925
1399950
1595250
1812030
2052700
2319450
2615030
2942045

3720
4420
5550
6075
6675
7840
8480
9860
11340
13015
14900
16800
19030
21390
24000
27950
31185
34860
40200
44640
51150
56780

133500
152360
180040
204450
232050
271680
304590
351400
404040
451250
516600
583590
658020
756465
848680
969280
1083240
1230345
1393800
1575000
1775400
1997550

36750
41990
49560
56405
64050
74880
83985
96950
111370
124450
142400
160860
181500
208445
233975
267280
298620
339150
384300
434070
489390
550620

63540
75465
95550
104850
115050
134640
146400
169150
194760
223630
256000
289275
326150
366850
411960
480350
536760
599060
690750
768025
879945
975630

2-axle
Truck

3-axle
Truck

655250
747630
883260
1003690
1139250
1333120
1495230
1724625
1982645
2214450
2535000
2864610
3229600
3712530
4165245
4756700
5316030
6038580
6840600
7729470
8714310
9804210

1009080
1168500
1349600
1554630
1786840
2049530
2325840
2634750
3037430
3490200
3931240
4449340
5024000
5744300
6454610
7337250
8212230
9290600
10485980
11940565
13414950
15196000

MAV
36360
42180
48600
56070
64460
73830
83760
95000
109445
126000
141810
160430
181120
207060
232880
264750
296010
334970
377970
430430
483550
548000

Heavy
Machi.
3060
3420
4000
4620
5280
6210
6960
8000
9010
10360
11890
13420
15040
17340
19170
22125
24570
27880
31390
35945
40375
45500

Total

2130020
2468930
2900160
3302390
3755505
4364285
4903935
5622055
6438920
7335400
8348610
9397925
10625585
12172140
13691445
15525635
17393895
19707475
22297690
25277595
28464100
32116335

Number of
days
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335
335

Revenue
713556700
827091550
971553600
1106300650
1258094175
1462035475
1642818225
1883388425
2157038200
2457359000
2796784350
3148304875
3559570975
4077666900
4586634075
5201087725
5826954825
6602004125
7469726150
8467994325
9535473500
10758972225

% Increase Y-O-Y
15.9111
17.4663
13.8692
13.7208
16.2103
12.3651
14.6438
14.5297
13.9228
13.8126
12.5687
13.0631
14.5550
12.4818
13.3966
12.0334
13.3011
13.1433
13.3642
12.6060
12.8310

Cr
71.36
82.71
97.16
110.63
125.81
146.20
164.28
188.34
215.70
245.74
279.68
314.83
355.96
407.77
458.66
520.11
582.70
660.20
746.97
846.80
953.55
1075.90

CASH FLOW ESTIMATION

Column1

Column2

10

11

12

13

14

15

16

17

18

19

20

21

22

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

Revenues
Other Income
Total Income

71.36
3.57
74.92

82.71
4.28
86.99

Less: Operating Expenses

Operating Cash Flows
Less: Depreciation

7.14
67.79
39.14

8.27
78.72
39.14

14.57
87.72
39.14

Less: Principal Repayment

Less Major Expenditure
Less Concession Fee

2.00
0
0

8.00
0.00
0

12.00
0.00
0

14.00
0.00
0

15.00
4.88
0

27.35
0.00
0

27.35
0.00
0

27.35
0.00
0

Total Exp
Cash flows before taxes
Less: Income tax (25%)

41.14
26.65
6.66

47.14
31.58
7.89

51.14
36.58
9.14

53.14
47.06
11.76

59.02
55.32
13.83

66.49
59.35
14.84

66.49
75.58
18.90

66.49
96.96
24.24

Cash flows after taxes

Add: Depreciation
Net Cash flows
-861.1

19.99
39.14
59.13

23.68
39.14
62.82

27.43
39.14
66.57

35.29
39.14
74.44

41.49
39.14
80.63

44.51
39.14
83.65

56.69
39.14
95.83

PV of NCF

53.75

51.92

50.02

50.84

50.06

47.22

49.18

Particulars

Contract Value

861.1

Discount Factor
PV at 10%

10%
###

NPV
IRR
PI
Payback Period

###
14.17%
###
15 years 6.95months

97.16 110.63 125.81 146.20 164.28 188.34 215.70 245.74 279.68 314.83 355.96 407.77 458.66 520.11 582.70 660.20 746.97 846.80 953.55
5.14
6.17
7.40
8.88
10.65
12.78
15.34
18.41
22.09
26.51
31.81
38.17
45.81
54.97
65.96
79.16
94.99
113.98 136.78
102.29 116.80 133.21 155.08 174.94 201.12 231.04 264.14 301.77 341.34 387.77 445.94 504.47 575.08 648.66 739.36 841.96 960.78
###
16.59
18.87
29.24
32.86
37.67
43.14
49.15
55.94
62.97
71.19
81.55
91.73
104.02 116.54 132.04 149.39 169.36 190.71
100.20 114.34 125.84 142.08 163.46 187.90 215.00 245.83 278.37 316.58 364.39 412.74 471.06 532.12 607.32 692.56 791.42 899.62
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14

27.35
0.00
150.63

68.65
81.01
74.88
79.09
84.29
90.96 116.77 108.10 118.94 132.51 148.66 201.68 190.46
119.25 133.99 170.95 199.29 232.28 273.43 295.97 362.95 413.18 474.80 543.90 589.74 709.16
29.81
33.50
42.74
49.82
58.07
68.36
73.99
90.74
103.30 118.70 135.98 147.44 177.29

217.12
807.73
201.93

72.72
89.44 100.49 128.21 149.46 174.21 205.07 221.98 272.22 309.89 356.10 407.93 442.31 531.87
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
111.86 128.58 139.63 167.35 188.61 213.35 244.21 261.12 311.36 349.03 395.24 447.07 481.45 571.01

605.80
39.14
644.94

54.53

27.35
9.60
4.91

53.83

27.35
0.00
8.39

58.66

27.35
0.00
12.59

60.10

27.35
0.00
17.80

61.80

27.35
0.00
24.47

64.31

27.35
18.17
32.11

62.51

27.35
0.00
41.61

67.76

27.35
0.00
52.44

69.05

27.35
0.00
66.02

71.09

27.35
0.00
82.17

73.10

27.35
33.57
101.62

215.18
1024.85
39.14

27.35
0.00
123.96

52.18

27.35
0.00
2.16

1075.90
164.14
1240.03

71.56

77.16

79.23

INCOME STATEMENT
Particulars

Column1

Revenue
Other Income
Total Income
Less: Operating Expenses
Less: Principal Repayment
Less Concession Fee
Less Major Expenditure
Total Expenses
Profit before Int & Depn
Interest
Depreciation
Profit before Tax
Less Income Tax 25%
Profit After Tax

2012
1
71.36
3.57
74.92
7.14
2.00
0.00
0.00
9.14
65.79
51.60
39.14
-24.95
0.00
-24.95

2013
2
82.71
4.28
86.99
8.27
8.00
0.00
0.00
16.27
70.72
51.40
39.14
-19.82
0.00
-19.82

2014
3
97.16
5.14
102.29
14.57
12.00
0.00
0.00
26.57
75.72
50.60
39.14
-14.02
0.00
-14.02

2015
4
110.63
6.17
116.80
16.59
14.00
0.00
0.00
30.59
86.20
49.40
39.14
-2.34
0.00
-2.34

2016
5
125.81
7.40
133.21
18.87
15.00
0.00
4.88
38.75
94.46
48.00
39.14
7.32
0.00
7.32

2017
6
146.20
8.88
155.08
29.24
27.35
0.00
0.00
56.59
98.49
46.50
39.14
12.85
3.21
9.64

2018
7
164.28
10.65
174.94
32.86
27.35
0.00
0.00
60.21
114.73
43.76
39.14
31.82
7.96
23.87

2019
8
188.34
12.78
201.12
37.67
27.35
0.00
0.00
65.02
136.10
41.03
39.14
55.93
13.98
41.95

2020
9
215.70
15.34
231.04
43.14
27.35
2.16
0.00
72.65
158.39
38.29
39.14
80.96
20.24
60.72

2021
10
245.74
18.41
264.14
49.15
27.35
4.91
9.60
91.02
173.13
35.56
39.14
98.43
24.61
73.82

2022
11
279.68
22.09
301.77
55.94
27.35
8.39
0.00
91.68
210.09
32.82
39.14
138.13
34.53
103.59

2023
12
314.83
26.51
341.34
62.97
27.35
12.59
0.00
102.91
238.43
30.09
39.14
169.20
42.30
126.90

2024
13
355.96
31.81
387.77
71.19
27.35
17.80
0.00
116.34
271.43
27.35
39.14
204.93
51.23
153.70

2025
14
407.77
38.17
445.94
81.55
27.35
24.47
0.00
133.37
312.57
24.62
39.14
248.81
62.20
186.61

2026
15
458.66
45.81
504.47
91.73
27.35
32.11
18.17
169.36
335.11
21.88
39.14
274.09
68.52
205.56

2027
16
520.11
54.97
575.08
104.02
27.35
41.61
0.00
172.98
402.09
19.15
39.14
343.81
85.95
257.85

2028
17
582.70
65.96
648.66
116.54
27.35
52.44
0.00
196.33
452.32
16.41
39.14
396.77
99.19
297.58

2029
18
660.20
79.16
739.36
132.04
27.35
66.02
0.00
225.41
513.94
13.68
39.14
461.13
115.28
345.84

2030
19
746.97
94.99
841.96
149.39
27.35
82.17
0.00
258.91
583.04
10.94
39.14
532.96
133.24
399.72

2031
20
846.80
113.98
960.78
169.36
27.35
101.62
33.57
331.90
628.89
8.21
39.14
581.54
145.38
436.15

2032
21
953.55
136.78
1090.33
190.71
27.35
123.96
0.00
342.02
748.30
5.47
39.14
703.69
175.92
527.77

2033
22
1075.90
164.14
1240.03
215.18
27.35
150.63
0.00
393.16
846.88
2.74
39.14
805.00
201.25
603.75

516.00

669.50

DEBT SERVICE COVERAGE RATIO CALCULATIONS

Particulars
Profit After Tax
Depreciation
Interest
Total
Interest
Repayment
Total
DSCR
Interest Coverage Ratio
Min DSCR
Avg DSCR

Column1

1.19
5.68

2012
-24.95
39.14
51.60
65.79
51.60
2.00
53.60

2013
-19.82
39.14
51.40
70.72
51.40
8.00
59.40

2014
-14.02
39.14
50.60
75.72
50.60
12.00
62.60

2015
-2.34
39.14
49.40
86.20
49.40
14.00
63.40

2016
7.32
39.14
48.00
94.46
48.00
15.00
63.00

2017
9.64
39.14
46.50
95.28
46.50
27.35
73.85

2018
23.87
39.14
43.76
106.77
43.76
27.35
71.12

2019
41.95
39.14
41.03
122.12
41.03
27.35
68.38

2020
60.72
39.14
38.29
138.15
38.29
27.35
65.65

2021
73.82
39.14
35.56
148.52
35.56
27.35
62.91

2022
103.59
39.14
32.82
175.56
32.82
27.35
60.18

2023
126.90
39.14
30.09
196.13
30.09
27.35
57.44

2024
153.70
39.14
27.35
220.19
27.35
27.35
54.71

2025
186.61
39.14
24.62
250.37
24.62
27.35
51.97

2026
205.56
39.14
21.88
266.59
21.88
27.35
49.24

2027
257.85
39.14
19.15
316.14
19.15
27.35
46.50

2028
297.58
39.14
16.41
353.13
16.41
27.35
43.76

2029
345.84
39.14
13.68
398.66
13.68
27.35
41.03

2030
399.72
39.14
10.94
449.80
10.94
27.35
38.29

2031
436.15
39.14
8.21
483.50
8.21
27.35
35.56

2032
527.77
39.14
5.47
572.38
5.47
27.35
32.82

2033
603.75
39.14
2.74
645.63
2.74
27.35
30.09

1.23
1.27

1.19
1.38

1.21
1.50

1.36
1.74

1.50
1.97

1.29
2.05

1.50
2.44

1.79
2.98

2.10
3.61

2.36
4.18

2.92
5.35

3.41
6.52

4.03
8.05

4.82
10.17

5.41
12.18

6.80
16.51

8.07
21.52

9.72
29.15

11.75
41.11

13.60
58.92

17.44
104.63

21.46
236.04

Column2

669.50
669.50
516.00

Years Loan Amount RepaymentAmount in Rs. CroresColumn1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

516.00
514.00
506.00
494.00
480.00
465.00
437.65
410.29
382.94
355.59
328.24
300.88
273.53
246.18
218.82
191.47
164.12
136.76
109.41
82.06
54.71
27.35

5160000000
2.00
8.00
12.00
14.00
15.00
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
27.35
516.00

Rate
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

Interest
51.60
51.40
50.60
49.40
48.00
46.50
43.76
41.03
38.29
35.56
32.82
30.09
27.35
24.62
21.88
19.15
16.41
13.68
10.94
8.21
5.47
2.74
669.50

Column2
Total
53.60
59.40
62.60
63.40
63.00
73.85
71.12
68.38
65.65
62.91
60.18
57.44
54.71
51.97
49.24
46.50
43.76
41.03
38.29
35.56
32.82
30.09

DEBT SERVICE COVERAGE RATIO CALCULATIONS

Particulars
Profit After Tax

Column1

2012
-24.95

2013
-19.82

2014
-14.02

2015
-2.34

2016
7.32

2017
8.56

39.14
51.6
65.79

39.14
51.6
70.92

39.14
51.6
76.72

39.14
49.02
85.82

39.14
46.44
92.90

39.14
43.86
91.57

Interest
Repayment

51.6
2

51.6
8

51.6
12

49.02
14

46.44
15

43.86
27.35

41.28
27.35

38.7
27.35

36.12
27.35

33.54
27.35

30.96
27.35

28.38
27.35

25.8
27.35

23.22
27.35

20.64
27.35

18.06
27.35

15.48
27.35

12.9
27.35

10.32
27.35

7.74
27.35

5.16
27.35

2.58
27.35

Total

53.6

59.6

63.6

63.02

61.44

71.21

68.63

66.05

63.47

60.89

58.31

55.73

53.15

50.57

47.99

45.41

42.83

40.25

37.67

35.09

32.51

29.93

DSCR

1.23

1.19

1.21

1.36

1.51

1.29

1.48

1.74

2.04

2.27

2.78

3.24

3.79

4.51

5.05

6.31

7.45

8.93

10.74

12.38

15.79

19.32

Interest Coverage Ratio

1.27

1.37

1.49

1.75

2.00

2.09

2.46

2.97

3.58

4.12

5.24

6.35

7.81

9.83

11.75

15.86

20.62

27.87

39.22

56.15

99.51

224.19

Depreciation
Interest
Total

Min DSCR

1.19

Avg DSCR

5.26

2018
21.21

2019
37.29

2020
53.98

2021
65.62

2022
92.09

2023
112.80

2024
136.63

2025
165.88

2026
182.73

2027
229.22

2028
264.53

2029
307.43

2030
355.33

2031
387.71

2032
469.15

2033
536.69

39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
39.14
41.28
38.7
36.12
33.54
30.96
28.38
25.8
23.22
20.64
18.06
15.48
12.9
10.32
7.74
5.16
2.58
101.64 115.13 129.24 138.30 162.19 180.33 201.57 228.24 242.51 286.42 319.15 359.47 404.79 434.59 513.45 578.41

Total

645

645
516.00