Template

All Numbers in INR Million

Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10
Assumptions

Project Cost

Fixed Assets (Plant & Machinery) 1,200

Total Hard Cost 1,200 Year-1
IDC (Soft Cost) 95 Year Qtr-1 Qtr-2 Qtr-3
TOTAL COST OF THE PROJECT 1,295 Phasing % 10% 10% 15%

Funding Assumptions
Equity 35%
Debt 65% IRR Sensitivity

Revenue Assumptions
Sugar Plant 9%
Sugar Plant Capacity 1000 TCD 10%
Number of Working Days 240 11%
Hours of Work Per Day 24 12%
Capacity utilisation 80% 85% 90% 13%
Estimated Sugar Recovery 9% 14%
Sugar Sale Rate 28000 Rs./Tonne Escalation 5% 15%
CO-Gen Plant
Installed Capcaity 20 MW
Internal Consumption 40%
Capaicty Utilisation 80% 85% 90%
Co-Gen Sell Rate 5 Rs./Unit Escalation 5%

Operating Expenses
Sugarcane Cost 2000 Rs./Tonne Escalation 4%
Salaries 7.50% % of Sales
Consumables 5% % of Sales
Other Expenses 2% % of Sales
Repairs and Maintenance 1% % of Sales

Depreciation Rate
Company Act (Straight Line Method)
Fixed Assets 5.28%
IT Act (Written Down Value)
Fixed Assets 15%

Taxes
Corporate Tax Rate 33%
MAT Rate 20%

Working Capital Assumptions Days

Inventory 40
Creditors 15

Terms of Debt
Interest Rate 10%
Loan Repayment Annual - At the end of period
Tenure 6 years post COD
Moratorium 1 year post COD

Interest Income 7%
Terminal Value 25% Scrap Value of Residual Net Assets
r-1 Year-2
Qtr-4 Qtr-1 Qtr-2 Qtr-3 Qtr-4
15% 15% 15% 10% 10%

RR Sensitivity

0% 20% 40% 60% 80% 85%

IDC
All Numbers in INR Million
Dates - Annual Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Year Qtr-1 Qtr-2 Qtr-3 Qtr-4 Qtr-1
Effective Days 91 92 92 90 91

Opening balance - 84 168 295 421

Phasing % 10% 10% 15% 15% 15%
Add inc during the quarter 84 84 126 126 126
Quarterly closing balance 84 168 295 421 547

Quarterly Interest Capitalised 2 4 7 10 14

Total IDC Phase-I 95

Sep-15 Dec-15 Mar-16 Mar-15 Mar-16
Qtr-2 Qtr-3 Qtr-4
92 92 91

547 673 757 - 421

15% 10% 10%
126 84 84 421 421
673 757 842 421 842

17 19 21
Annual Sales
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16
Year Year-1 Year-2 Year-3

Sugar Plant Capacity 1,000

Number of Working Days 240
Capacity utilisation 80%
Cane Crushed 192,000
Sugar Recovery 9%
Annual Sugar Production 17,280
Sugar Price 5% 28,000
Annual Sugar Sales 484

Co-Gen Capacity MW 20
Number of Working Days 240
Hours of Work Per Day 24
Capacity Utilisation 80%
Capacity For Internal Use MW 6.4
Capacity For Sale of Power MW 9.6
Power Produced MU 55,296,000
Power Sale Rate 5% 5
Annual Power Sale 276

Total Sale 760

 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

1,000 1,000 1,000 1,000 1,000 1,000 1,000

240 240 240 240 240 240 240
85% 90% 90% 90% 90% 90% 90%
204,000 216,000 216,000 216,000 216,000 216,000 216,000
9% 9% 9% 9% 9% 9% 9%
18,360 19,440 19,440 19,440 19,440 19,440 19,440
29,400 30,870 32,414 34,034 35,736 37,523 39,399
540 600 630 662 695 729 766

20 20 20 20 20 20 20
240 240 240 240 240 240 240
24 24 24 24 24 24 24
85% 90% 90% 90% 90% 90% 90%
6.8 7.2 7.2 7.2 7.2 7.2 7.2
10.2 10.8 10.8 10.8 10.8 10.8 10.8
58,752,000 62,208,000 62,208,000 62,208,000 62,208,000 62,208,000 62,208,000
5 6 6 6 6 7 7
308 343 360 378 397 417 438

848 943 990 1,040 1,092 1,146 1,204

Annual Expenses
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

Sugarcane Price 4.0% 2,000 2,080

Sugar Cane Requirement 192,000 204,000

Raw Material Expense 384 424

Salaries 7.5% 57 64
Consumables 5.0% 38 42
Other Expenses 2.0% 15 17
Repairs and Maintenance 1.0% 8 8

Debt Schedule

Debt Opening - 421 842 842

Addition 421 421 -
Repayment - (140)
Closing 421 842 842 701

Interest Expense 84 84

Depreciation Schedule
SLM Depreciation
Fixed Assets, Gross 647 1,295 1,295 1,295
Accumulated Depreciation 68 137
Fixed Assets, Net 647 1,295 1,226 1,158

Depreciation Expense 68 68

WDV Depreciation
Fixed Assets, Beg - 647 1,295 1,101
Depreciation IT 194 165
Fixed Assets, End 647 1,295 1,101 936

Working Capital Schedule

Inventory 42 47
Creditors 16 17
Working Capital 26 29
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

2,163 2,250 2,340 2,433 2,531 2,632

216,000 216,000 216,000 216,000 216,000 216,000

467 486 505 526 547 568

71 74 78 82 86 90
47 50 52 55 57 60
19 20 21 22 23 24
9 10 10 11 11 12

701 561 421 281 140 -

(140) (140) (140) (140) (140)

561 421 281 140 - -

70 56 42 28 14 -

1,295 1,295 1,295 1,295 1,295 1,295

205 273 342 410 479 547
1,090 1,021 953 885 816 748

68 68 68 68 68 68

936 795 676 575 488 415

140 119 101 86 73 62
795 676 575 488 415 353

51 53 55 58 60 62
19 20 21 22 22 23
32 33 35 36 37 39
Income Statement
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

Sales 760 848

Raw Material Costs 384 424

Gross Profit 376 424

Salaries 57 64
Consumables 38 42
Other Expenses 15 17
Repairs and Maintenance 8 8
EBITDA 258 292

Depreciation 68 68
EBIT 190 224

Interest Expense 84 84
Interest Income 4 9
EBT 110 149

Income Tax Payable 36 49

Deferred Taxes
Effective Tax Rate %

PAT 74 100
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

943 990 1,040 1,092 1,146 1,204

467 486 505 526 547 568

476 504 534 566 600 635

71 74 78 82 86 90
47 50 52 55 57 60
19 20 21 22 23 24
9 10 10 11 11 12
330 351 373 397 422 449

68 68 68 68 68 68
261 282 305 329 354 380

70 56 42 28 14 -
12 17 25 34 46 65
203 244 287 335 385 445

67 80 95 110 127 147

136 163 193 224 258 298

Balance Sheet
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

Equity Capital 227 453 453 453

Reserves and Surplus - - 74 173
Total Shareholders Equity 227 453 527 627

Debt 421 842 842 701

Deferred Tax Liability
Creditors - - 16 17

Total Liabilities & Sh Equity 647 1,295 1,384 1,345

Fixed Assets, Gross 647 1,295 1,295 1,295

Accumulated Depreciation - - 68 137
Fixed Assets, Net 647 1,295 1,226 1,158
Investments

Cash - - 116 141

Inventory - - 42 47

Total Assets 647 1,295 1,384 1,345

Checksum - - - -
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

453 453 453 453 453 453

310 473 665 889 1,148 1,446
763 926 1,118 1,343 1,601 1,899

561 421 281 140 - -

19 20 21 22 22 23

1,343 1,367 1,420 1,504 1,623 1,922

1,295 1,295 1,295 1,295 1,295 1,295

205 273 342 410 479 547
1,090 1,021 953 885 816 748

202 292 411 562 747 1,112

51 53 55 58 60 62

1,343 1,367 1,420 1,504 1,623 1,922

- - - - - -
Cash Flow Statement
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

PBT 110 149

Depreciation - - 68 68
Change in Inventory - - (42) (4)
Change in Creditors - - 16 2
Taxes Paid (36) (49)
Cash Flow From Operations - - 116 165

Purchase of Assets (647) (647) - -

Purchase of Investments
Cash Flow from Investing (647) (647) - -

Change in Debt 421 421 - (140)

Change in Equity 227 227 - -
Cash Flow From Financing 647 647 - (140)

Net Change in Cash - - 116 25

Cash BOP - - - 116

Cash EOP - - 116 141
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10

203 244 287 335 385 445

68 68 68 68 68 68
(5) (2) (2) (2) (2) (2)
2 1 1 1 1 1
(67) (80) (95) (110) (127) (147)
202 230 260 291 325 365

- - - - - -

- - - - - -

(140) (140) (140) (140) (140) -

- - - - - -
(140) (140) (140) (140) (140) -

61 90 119 151 185 365

141 202 292 411 562 747

202 292 411 562 747 1,112
Tax Schedule
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

PBT
Add: SLM Depreciation
Less: WDV Depreciation
Taxable Income

Carry Forward Loss - Beginning

Additions
Set-off
Carry Forward Loss - Ending
Taxable Income
Corporate Tax 33%

Book Profit
MAT 20%

Tax Payable

MAT Paid Over Corporate Tax

MAT Credits Beginning

MAT Credits Addition
MAT Set Off
MAT Credits Ending

Net Tax Payable

Book Profits
Income Tax Provision 33%

Change in Deferred Tax Liability

Deferred Tax Liability
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10
Returns
All Numbers in INR Million
Dates - Annual Jan-14 Dec-14 Dec-15 Dec-16 Dec-17
Year Year-1 Year-2 Year-3 Year-4

Debt Service Coverage Ratio

Profit after tax -
Depreciation -
Interest Expense -
Total Inflow

Interest Expense
Repayment of Term Loan
Total Outflow

Annual DSCR
Average DSCR
Maximum DSCR
Minimum DSCR

Internal Rate of Return

IRR : PAT & Equity

Equity Addition
PAT
Depreciation
Change in WC
Less : Loan Repayment
Terminal Value
Woring Capital Reversal
Cash Flow

IRR
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Year-5 Year-6 Year-7 Year-8 Year-9 Year-10