Post on 07-Jul-2018
transcript
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Unit Value Mar-2014
Calendar
Construction start date 01-Apr-13
Construction end date 31-Mar-15
Commercial operations start date 01-Apr-15
Construction fag 1
Construction days 365
Operation fag 0
Operation days 0
Revenue Assumptions
Trac escalation
Total Trac MMT 5
Tari escalation
Total Tari s! " MT 300
Operating Cost Assumptions
e#enue $%are s! " MT 10&
'o(er cost escalation
Total 'o(er cost s! " MT 50
Ot%er cost escalation
Total Ot%er costs s! Crores )0
Capex Assumptions
Ci#il *or+s s! Cr )00 ,0
.uipment s! Cr )00 ,0Ot%ers s! Cr 30 1)
Funding Assumptions
/
2nterest ate 16&
/et dra(do(n start date 01-Apr-13
/et dra(do(n end date 31-Mar-15
All assumptions in Blue
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epayment start date 01-Apr-16
epayment end date 31-Mar-)6
/et epayment per annum s! Crores 0&
Statutor Assumptions
Ta4 ate 3)!5&
/epreciation rates - $M
Ci#il *or+ 3!0&
.uipment !5&
/epreciation rates - */7
Ci#il *or+ 10&
.uipment 15&
A#erage /$C 0!00
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Mar-201! Mar-201" Mar-201# Mar-201$ Mar-201%
1 0 0 0 0
365 0 0 0 0
0 1 1 1 1
0 366 365 365 365
1)0
1)01,
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Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024
0 0 0 0 0
0 0 0 0 0
1 1 1 1 1
366 365 365 365 366
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Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202%
0 0 0 0 0
0 0 0 0 0
1 1 1 1 1
365 365 365 366 365
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Mar-20&! Mar-20&" Mar-20 Mar-20&$ Mar-20&%
0 0 0 0 0
0 0 0 0 0
1 1 1 1 1
365 366 365 365 365
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Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0
0 0 0 0
1 1 1 1
366 365 365 365
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'ear (nding Mar-2014 Mar-201! Mar-201"
Construction days 365 365 0
Operation days 0 0 366
0!0 0!60
Ci#il *or+ )00 ,0!00 1)0!00
.uipment )00 ,0!00 1)0!00
Ot%er 30 1)!00 1,!00
2/C 82nterest during construct 5!53136 11!6 )!
C*2' Added 1,3!6 300!
C*2' 1,3!6 ,!53
)otal *ro+e,t Cost 4$4!& 1$&#" &00##
Sour,es o. .unding
.uity 96!906)5 36!5 60!15
/et 3,!6)51 1!01 )0!6)
Total ,!53 1,3!6 300!
.uity Outstanding 36!5 96!91
/et Outstanding 1!01 3,!63
/:T ,0&
)0&
All assumptions in Blue
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Mar-201# Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202&
0 0 0 0 0 0 0
365 365 365 366 365 365 365
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Mar-2024 Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0
0 0 0 0 0 0 0
366 365 365 365 366 365 365
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Mar-20&1 Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20
0 0 0 0 0 0 0
365 366 365 365 365 366 365
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Mar-20&$ Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0 0
365 365 366 365 365 365
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Civil /or (uipment
Ci#il *or+ )00!00
.uipment )00!00
Ot%er 15!00 15!00
2/C )!) )!)
Total ))!) ))!)
All assumptions in Blue
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Depreciation in incurred only after operation begins
'ear (nding Mar-2014 Mar-201! Mar-201"
Construction days 365 365 0
Operation days 0 0 366
SM
Civil3Stru,tural /or
;ross :loc+ ))!)
Op :alance ))!)
Addition during t%e period 0!00
/epreciation
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Addition during t%e period
/epreciation
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Mar-201# Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202&
0 0 0 0 0 0 0
365 365 365 366 365 365 365
))!) ))!) ))!) ))!) ))!) ))!) ))!)
)33!30 ))!3 )15!3 )06!1 19!5 1,,!, 19!5)
0!00 0!00 0!00 0!00 0!00 0!00 0!00
,!96 ,!96 ,!96 ,!96 ,!96 ,!96 ,!96
1!93 )6!,9 35!,6 !,) 53!, 6)!5 1!1
))!3 )15!3 )06!1 19!5 1,,!, 19!5) 10!56
))!) ))!) ))!) ))!) ))!) ))!) ))!)
)30!6 )19!)5 )0! 196!) 1,!3 13!)) 161!1
0!00 0!00 0!00 0!00 0!00 0!00 0!00
11!51 11!51 11!51 11!51 11!51 11!51 11!51
)3!0) 3!5) 6!03 5!5 69!05 ,0!55 9)!06
)19!)5 )0! 196!) 1,!3 13!)) 161!1 150!)0
,!53 ,!53 ,!53 ,!53 ,!53 ,!53 ,!53
6!06 3!59 )3!1) 0)!65 3,)!1 361!0 31!)3
0!00 0!00 0!00 0!00 0!00 0!00 0!00
)0! )0! )0! )0! )0! )0! )0!
0!9 61!1 ,1!,9 10)!36 1))!,3 13!30 163!
3!59 )3!1) 0)!65 3,)!1 361!0 31!)3 3)0!6
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Mar-2024 Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0
0 0 0 0 0 0 0
366 365 365 365 366 365 365
))!) ))!) ))!) ))!) ))!) ))!) ))!)
10!56 161!59 15)!63 13!66 13!0 1)5! 116!
0!00 0!00 0!00 0!00 0!00 0!00 0!00
,!96 ,!96 ,!96 ,!96 ,!96 ,!96 ,!96
,0!6 ,9!6 9,!60 10!5 116!53 1)5!9 13!6
161!59 15)!63 13!66 13!0 1)5! 116! 10!,1
))!) ))!) ))!) ))!) ))!) ))!) ))!)
150!)0 13,!0 1)!19 115!6, 10!1 9)!6 ,1!16
0!00 0!00 0!00 0!00 0!00 0!00 0!00
11!51 11!51 11!51 11!51 11!51 11!51 11!51
103!5 115!0, 1)6!5, 13,!09 19!60 161!11 1)!61
13,!0 1)!19 115!6, 10!1 9)!6 ,1!16 69!65
,!53 ,!53 ,!53 ,!53 ,!53 ,!53 ,!53
3)0!6 300!)9 )9!,) )59!35 )3,!, )1,!0 19!93
0!00 0!00 0!00 0!00 0!00 0!00 0!00
)0! )0! )0! )0! )0! )0! )0!
1,!) )0!1 ))5!19 )5!66 )66!13 ),6!60 30!0
300!)9 )9!,) )59!35 )3,!, )1,!0 19!93 1!6
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Mar-20&1 Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20
0 0 0 0 0 0 0
365 366 365 365 365 366 365
))!) ))!) ))!) ))!) ))!) ))!) ))!)
10!,1 9,!, ,9!,, ,0!9) 1!95 6)!99 5!03
0!00 0!00 0!00 0!00 0!00 0!00 0!00
,!96 ,!96 ,!96 ,!96 ,!96 ,!96 ,!96
13!) 15)!39 161!35 10!31 19!), 1,,!) 19!)0
9,!, ,9!,, ,0!9) 1!95 6)!99 5!03 5!06
))!) ))!) ))!) ))!) ))!) ))!) ))!)
69!65 5,!1 6!6 35!13 )3!6) 1)!11 0!61
0!00 0!00 0!00 0!00 0!00 0!00 0!00
11!51 11!51 11!51 11!51 11!51 11!51 11!51
1,!1) 195!63 )0!1 )1,!6 )30!15 )1!66 )53!1
5,!1 6!6 35!13 )3!6) 1)!11 0!61 -10!90
,!53 ,!53 ,!53 ,!53 ,!53 ,!53 ,!53
1!6 156!99 136!5) 116!05 95!5 5!10 5!63
0!00 0!00 0!00 0!00 0!00 0!00 0!00
)0! )0! )0! )0! )0! )0! )0!
3)!5 3,!01 36,!9 3,,!96 09!3 )9!90 50!3
156!99 136!5) 116!05 95!5 5!10 5!63 3!16
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Mar-20&$ Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0 0
365 365 366 365 365 365
))!) ))!) ))!) ))!) ))!) ))!)
5!06 36!10 )!13 1,!1 9!)1 0!)
0!00 0!00 0!00 0!00 0!00 0!00
,!96 ,!96 ,!96 ,!96 ,!96 ,!96
)06!1 )15!13 ))!10 )33!06 ))!0) )50!99
36!10 )!13 1,!1 9!)1 0!) -,!)
))!) ))!) ))!) ))!) ))!) ))!)
-10!90 -))!1 -33!9) -5!) -56!93 -6,!
0!00 0!00 0!00 0!00 0!00 0!00
11!51 11!51 11!51 11!51 11!51 11!51
)6!6, )6!1, ),!69 )99!)0 310!1 3))!)1
-))!1 -33!9) -5!) -56!93 -6,! -9!95
,!53 ,!53 ,!53 ,!53 ,!53 ,!53
3!16 13!69 -6!, -)!)5 -!3 -6,!)0
0!00 0!00 0!00 0!00 0!00 0!00
)0! )0! )0! )0! )0! )0!
0!, 91!31 511!9 53)!)6 55)!3 53!)0
13!69 -6!, -)!)5 -!3 -6,!)0 -,,!6
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'ear (nding Mar-2014 Mar-201! Mar-201"
Construction days 365 365 0
Operation days 0 0 366
10
16&
Opening :alance 0!00 1!01 3,!63
Total /ra(do(n 1!01 )0!6) 0!00
Total det repayment 0!00 0!00 0!00
Total 2nterest e4pense 0!00 0!00 6)!0)
Total 2/C 11!6 )! 0!00
Closing :alance 1!01 3,!63 3,!63
All assumptions in Blue
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Mar-201# Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202&
0 0 0 0 0 0 0
365 365 365 366 365 365 365
3,!63 3,!,6 310!10 )1!3 )3)!5, 193!,1 155!05
0!00 0!00 0!00 0!00 0!00 0!00 0!00
3,!6 3,!6 3,!6 3,!6 3,!6 3,!6 3,!6
6)!0) 55!,) 9!6) 3!1 3!)1 31!01 )!,1
0!00 0!00 0!00 0!00 0!00 0!00 0!00
3,!,6 310!10 )1!3 )3)!5, 193!,1 155!05 116!)9
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Mar-2024 Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0
0 0 0 0 0 0 0
366 365 365 365 366 365 365
116!)9 !53 3,!6
0!00 0!00 0!00
3,!6 3,!6 3,!6
1,!61 1)!0 6!)0
0!00 0!00 0!00
!53 3,!6 0!00
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Mar-20&1 Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20
0 0 0 0 0 0 0
365 366 365 365 365 366 365
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Mar-20&$ Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0 0
365 365 366 365 365 365
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10
50& 300 &
'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201#
Construction days 365 365 0 0
Operation days 0 0 366 365
Total Cargo =andling 2ncome 0!00 0!00 1500!00 1560!00
All assumptions in Blue
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100&
Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024
0 0 0 0 0 0 0
365 365 366 365 365 365 366
16))!0 1)!0 1,1)!10 1,,!5, 1959!96 )03,!36 )119!90
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Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0 Mar-20&1
0 0 0 0 0 0 0
365 365 365 366 365 365 365
))0!69 ))9)!,, )3,!59 )9!9, )59!1, )6,)!3 ),9!6
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Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20 Mar-20&$
0 0 0 0 0 0 0
366 365 365 365 366 365 365
)901!)) 301!) 313!96 3)63!, 339!0) 35)9!, 360!9
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Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0
365 366 365 365 365
3,1!,1 390!53 1)9!35 )9!5) 66!30
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50 10 6& &
'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201# Mar-201$
Construction days 365 365 0 0 0
Operation days 0 0 366 365 365
e#enue $%are
50 'o(er and >uel )50!00 )65!00 ),0!90 )9!5 315!6)
)0 cOt%er operating Cost )0!00 )0!,0 )1!63 ))!50 )3!0
Total
All assumptions in Blue
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Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024 Mar-202!
0 0 0 0 0 0 0
365 366 365 365 365 366 365
530!00 561!,0 595!51 631!) 669!11 09!)6 51!,)
)!33 )5!31 )6!3) )!3 ),! )9!60 30!9
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Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0 Mar-20&1 Mar-20&2
0 0 0 0 0 0 0
365 365 366 365 365 365 366
96!9) ,! ,95!) 99!15 1006!10 1066!6 1130!5
3)!0) 33!30 3!63 36!0) 3!6 3,!96 0!5)
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Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20 Mar-20&$ Mar-20&%
0 0 0 0 0 0 0
365 365 365 366 365 365 365
119,!), 1)0!1, 136!39 1)!1 151)!,0 1603!5 1699!,
)!1 3!,) 5!5, !0 9!)9 51!) 53!3)
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Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0
366 365 365 365
1,01! 1909!, )0)! )15!9
55!5 5!6 59!9 6)!3
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'ear (nding Mar-2014 Mar-201! Mar-201"
Construction days 365 365 0
Operation days 0 0 366
':T
Add :oo+ /epr
ess Ta4 /epr
Ta4ale ':T
Ta4 payale
Ta4 e4pense 8ased on oo+ pro?ts@
C%ange in /e
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Mar-201# Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202&
0 0 0 0 0 0 0
365 365 365 366 365 365 365
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Mar-2024 Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0
0 0 0 0 0 0 0
366 365 365 365 366 365 365
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Mar-20&1 Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20
0 0 0 0 0 0 0
365 366 365 365 365 366 365
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Mar-20&$ Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0 0
365 365 366 365 365 365
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*ro5t and oss
'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201#
Construction days 365 365 0 0
Operation days 0 0 366 365
e#enue
ess Operating 4penses
:2T/A
ess /epreciation
:2T
ess 2nterest
:T
ess Ta4
'AT
All assumptions in Blue
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Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024
0 0 0 0 0 0 0
365 365 366 365 365 365 366
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Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0 Mar-20&1
0 0 0 0 0 0 0
365 365 365 366 365 365 365
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Mar-20&2 Mar-20&& Mar-20&4 Mar-20&! Mar-20&" Mar-20 Mar-20&$
0 0 0 0 0 0 0
366 365 365 365 366 365 365
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Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0
365 366 365 365 365
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6alan,e S7eet
'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201#
Construction days 365 365 0 0
Operation days 0 0 366 365
ia8ilities
.uity 36!5 96!91 96!91 96!91
eser#es and $urplus
/et 1!01 3,!63 3,!63 3,!,6
/ei4ed Assetsess /epreciation
et >i4ed Assets
C*2' 1,3!6 ,!53
Cas%
Total 1,3!6 ,!53
C%ec+
All assumptions in Blue
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Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024
0 0 0 0 0 0 0
365 365 366 365 365 365 366
96!91 96!91 96!91 96!91 96!91 96!91 96!91
310!10 )1!3 )3)!5, 193!,1 155!05 116!)9 !53
0!01 36,!) 3)9!, )90!) )51!96 )13!19 1!3
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Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0 Mar-20&1
0 0 0 0 0 0 0
365 365 365 366 365 365 365
96!91 96!91 96!91 96!91 96!91 96!91 96!91
3,!6 0!00 0!00 0!00 0!00 0!00 0!00
135!6 96!91 96!91 96!91 96!91 96!91 96!91
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Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0
365 366 365 365 365
96!91 96!91 96!91 96!91 96!91
0!00 0!00 0!00 0!00 0!00
96!91 96!91 96!91 96!91 96!91
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Cas7 Flo9 Statement
'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201#
Construction days 365 365 0 0
Operation days 0 0 366 365
Cas7 Flo9 .rom Operations
'AT
Add /epr
Add/T
et C>O
Cas7 Flo9 .rom :nvestment
ess Addition to capital cost
et C>2
Cas7 Flo9 .rom Finan,ing
2ncrease in e.uity
2ncrease in det
ess /et repaid
et C>>
Opening Cas% :alance
Add C>O
Add C>2Add C>>
Closing Cas% :alance
All assumptions in Blue
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Mar-202! Mar-202" Mar-202# Mar-202$ Mar-202% Mar-20&0 Mar-20&1
0 0 0 0 0 0 0
365 365 365 366 365 365 365
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Mar-20&% Mar-2040 Mar-2041 Mar-2042 Mar-204&
0 0 0 0 0
365 366 365 365 365
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'ear (nding Mar-2014 Mar-201! Mar-201" Mar-201#
Construction days 365 365 0 0
Operation days 0 0 366 365
Calculate /$C
Calculate 7alue o< .uity using >C> met%od! Assume suitale Cost o< .uity!
SCR
Cash Available for Debt Service
'AT
Add /epreciation
Add 2nterest Total Cas%
Debt Service Obligations
'rincipal epayment
Add2nterest
Total Oligations
SCR
Average SCR
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Mar-201$ Mar-201% Mar-2020 Mar-2021 Mar-2022 Mar-202& Mar-2024
0 0 0 0 0 0 0
365 365 366 365 365 365 366
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Mar-202! Mar-202" ;;; ;;; ;;; ;;; ;;; ;;;
0 0 0 0 0 0 0 0
365 365 365 366 365 365 365 366
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;;; ;;; ;;;
0 0 0
365 365 365
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Output :ndi,ators
2nterest ates 16
)01
0!00
0!10
0!)0
0!30
0!0
0!50
0!60
0!00!,0
0!90
1!00
*ro5ta8ilit Margins
/$C
'AT Margin
OC
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)016 )01
0 /$C 0!00 0!00
'AT Margin B/27"0 B/27"0
OC 0!00& 0!00&
)016 )01
1 /$C 0!00 0!00
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)01, )019 )0)0 )0)1 )0)) )0)3 )0) )0)5
0!00 0!00 0!00 0!00 0!00 0!00 0!00 0!00
B/27"0 B/27"0 B/27"0 B/27"0 B/27"0 B/27"0 B/27"0 B/27"0
0!00& 0!00& 0!00& 0!00& 0!00& 0!00& 0!00& 0!00&
)01, )019 )0)0 )0)1 )0)) )0)3 )0) )0)5
0!00 0!00 0!00 0!00 0!00 0!00 0!00 0!00
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)0)6
0!00
B/27"0
0!00&
)0)6
0!00
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1 Dp
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se in $M! 50& depreciation in case asset is put to use
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79/79