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8/4/2019 Financial Analysis MP Tollroad
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Source of Capital All in Rs. MillionEquity from Promoters
MPSIDC 7
IL&FS 28
Total Equity 35
Issue of Toll Bonds 70
Total 105
Cost of Debt
Toll Bonds 70000
Rate 1000
Total debt 70 (in Millions
Term of Bond 10 years
Coupon rate 1-3 years 15%
3-10 year 18%
Project Period End 1 2
Total debt -70
Prinicipal Outstanding 70 70Principal repayment 0 0
Interst Payment 10.5 10.5
Bonus Redemption
Net Cash Flow -70 10.5 10.5
Cost of Debt= 16.3%
Cost of Equity
Dividend Payout 25%
Total Equity 35
Project Period End 1 2
Dividend Payouts
Capital Payout -35
Total Cash Flow -35 0 0
Cost of Equity= 23%
Cost of Capital
Total debt 70 Cost of Debt
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Total Equity 35 Cost of Equity
Cost of Capital= 18.53%
D/E= 2
Projected Balance Sheet
Liabililties 1 2
Equity Share Capital 35 35 35
Reserves and Surplus
Toll Bonds 70 70 70
Total 105 105 105
Assets
Deposit with IL&FS 101.4 94.64 87.88
Cash and Bank Balance 0 0.08 4.17
Prelim Exp. Capitalized 3.6 3.24 2.88
Deficit in P&L A/C 7.04 10.08
Total 105 105 105.01
Loan Repayment 0 0 0
Base Case
Cash Flow Statement 0 1 2Source of Funds
Issue of Equity 35
Profit Before Interest Lease and Taxes 0 10.22 14.23
Amortisation of Expenses 0 0.36 0.36
Toll Bonds 70
Repayment of Security Deposit by IL&FS 6.76 6.76
Total 105 17.34 21.35
Application of Funds
Issues and Stamping and Listing expens 3.6
Investment in Security Deposit 101.4
Redemption of Toll Bonds
Redemption Interest
Interest Payment 10.5 10.5
Payment of Lease Charges 6.76 6.76
Taxation 0 0
Dividend
Total 105 17.26 17.26
Surplus/(Deficit) 0 0.08 4.09
Cumulative Cash Balance 0 0.08 4.17
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Cash Flows from Operations
Profit After Tax 0 -7.04 -3.03
Horizon Value
Total PAT 0 -7.04 -3.03
Amortisation of Expenses 0 0.36 0.36
Cash Flow from Operations 0 -6.68 -2.67
Cash Flow from Investments -105 6.76 6.76
Cash Flow from financing 105 0 0
Dividends in Perpetuity
Total Cash Flow from Financing 105 0 0
Total Cash Flow 0 0.08 4.09
NPV 38.641
Cash Flow without considering equity fi -35 0.08 4.09
Net Operating Cash Flow -105 0.08 4.09
Net Cash Flow -105 10.58 14.6
Net Net Cash Flow 0.08 4.17
IRR 26.2%
Sensitivity Analysis
Base Case 1 2
ACF -105 10.58 14.67
DSCR (Base Case) 1.01 1.40
Traffic Volume Decreases by 10% 1 2Profit After Tax (10% less traffic volume) -7.23 -3.95
Annual Cash Flow surplus -105 -0.11 3.18
Net Net Cash Flow -0.11 3.07
ACF 10.39 13.57
DSCR 0.99 1.29
Toll Rate decreases by 10% 1 2
Profit After Tax (Decrease in toll charges by 10%) -7.04 -3.04
Annual Cash Flow surplus -105 0.08 4.09
Net Net cash flow -105 0.08 4.17
ACF 10.58 14.67
DSCR 1.01 1.40
Year 0 1 2
PAT 0 -7.04 -3.03
Horizon Value of PAT
Depn. 0 0 0
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Other Non Cash Expenses 0.36 0.36
Interest 10.5 10.5
Investments -105 0 0
Change in NWC 6.76 6.76
Net Cash Flow -105 10.58 14.59
Net Cash Flow at Equity -105 0.08 4.09
NPV 49.21841
IRR 26%
PLR 0.70312
Equity IRR 18.5%
PAT (10% drop in volumes) -7.23 -3.95
PAT (10% drop in rates) -7.04 -3.04
PAT Horizon Value 1
PAT Horizon Value 2
Net Cash Flow 1 -105 10.39 13.67
Net Cash Flow 2 -105 10.58 14.58
IRR 26.2%
IRR (10% drop in volumes) 23.8%
IRR (10% drop in rates 24.6%
Payback Period 5.20
Payback Period (10% drop in volumes) 5.61
Payback Period (10% dorp in rates) 5.26
Net Cash Flow in Loan Life 10.58 14.59
Net Cash Flow (Vol drop) 10.39 13.67
Net Cash Flow (Toll Rate Drop) 10.58 14.58
Rate of Return 15% compounded quarterly
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Interest rate to be paid IL&FS 16%
Expected Loan life 8years
To be reviewed at 10years and by the end of 15th year
Rate pf return 18% compounded monthly
Concession Period 15 Years
1992 construction
IL&FS Initial Outlay Bypass 68.13 million
NH-3 link 6.4 million
1996
Rate of return 20%
SPV MP Tolls Limited
Lease ro MP Tolls Rs 101.4 million
Term 15years
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101.4 milliom security deposit to IL&FS
3.6 million Meeting Expenses will be realized in P/L account over 10years
3 4 5 6 7 8 9
70 70 70 70 70 46.67 23.330 0 0 0 0 23.33 23.33
10.5 12.6 12.6 12.6 12.6 8.40 4.20
10.5 12.6 12.6 12.6 12.6 31.73 27.53
3 4 5 6 7 8 9
8.75 8.75 8.75 8.75
0 0 0 8.75 8.75 8.75 8.75
16.3%
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23%
3 4 5 6 7 8 9
35 35 35 35 35 35 35
4.69 5.98 18.88 32.2 50.42
70 70 70 70 70 46.67 23.34
105 105 109.69 110.98 123.88 113.87 108.76
81.11 74.35 67.59 60.82 54.06 47.3 40.53
10.18 21.91 40.3 48.66 68.74 65.85 67.87
2.52 2.16 1.8 1.44 1.08 0.72 0.36
11.19 6.58 0 0 0 0 0
105 105 109.69 110.92 123.88 113.87 108.76
0 0 0 0 23.33 23.33 23.33
3 4 5 6 7 8 9
18.25 23.97 30.63 29.35 31.07 41.43 42.14
0.36 0.36 0.36 0.36 0.36 0.36 0.36
6.76 6.76 6.76 6.76 6.76 6.76 6.76
25.37 31.09 37.75 36.47 38.19 48.55 49.26
23.33 23.33
12.6 12.6 12.6 12.6 12.6 12.6 8.4
6.76 6.76 6.76 6.76 6.76 6.76 6.76
0 0 0 0 0 0 0
8.75 8.75 8.75 8.75
19.36 19.36 19.36 28.11 28.11 51.44 47.24
6.01 11.73 18.39 8.36 10.08 -2.89 2.02
10.18 21.91 40.3 48.66 58.74 55.85 57.87
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-1.11 4.61 11.27 9.99 11.71 22.07 26.98
-1.11 4.61 11.27 9.99 11.71 22.07 26.98
0.36 0.36 0.36 0.36 0.36 0.36 0.36
-0.75 4.97 11.63 10.35 12.07 22.43 27.34
6.76 6.76 6.76 6.76 6.76 6.76 6.76
0 0 0 -8.75 -8.75 -32.08 -32.08
0 0 0 -8.75 -8.75 -32.08 -32.08
6.01 11.73 18.39 8.36 10.08 -2.89 2.02
6.01 11.73 18.39 8.36 10.08 -2.89 2.02
6.01 11.73 18.39 17.11 28.83 5.85 10.77
16.5 24.3 31.0 29.7 41.4 37.6 38.3
10.18 21.91 40.30 57.41 86.24 92.09 102.86
3 4 5 6 7 8 9
20.68 34.51 52.90 70.01 98.84 123.82 130.39
1.97 2.74 4.20 5.56 7.84 3.90 4.74
3 4 5 6 7 8 9-3.09 1.97 7.57 5.53 15.95 16.06 20.15
4.04 9.09 14.69 12.65 23.08 -0.015 3.94
7.11 16.2 30.89 43.54 66.62 66.605 70.545
17.61 28.8 43.49 56.14 79.22 98.34 98.08
1.68 2.29 3.45 4.46 6.29 3.10 3.56
3 4 5 6 7 8 9
-1.38 4.33 10.36 8.98 19.53 19.83 23.45
5.75 11.45 17.48 16.11 26.65 3.62 7.24
9.92 21.37 38.85 54.96 81.61 85.23 92.47
20.42 33.97 51.45 67.56 94.21 116.96 120.00
1.94 2.70 4.08 5.36 7.48 3.69 4.36
3 4 5 6 7 8 9
-1.11 4.61 11.27 9.99 11.71 22.07 26.98
0 0 0 0 0 0 0
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0.36 0.36 0.36 0.36 0.36 0.36 0.36
12.6 12.6 12.6 12.6 12.6 12.6 8.4
0 0 0 0 0 0 0
6.77 6.76 6.76 6.77 6.76 6.76 6.77
18.62 24.33 30.99 29.72 31.43 41.79 42.51
6.02 11.73 18.39 17.12 -4.5 29.19 34.11
-3.09 1.97 7.57 5.53 15.95 16.06 20.15
-1.38 4.33 10.36 8.98 19.53 23.45 17.04
16.64 21.69 27.29 25.26 35.67 35.78 35.68
18.35 24.05 30.08 28.71 39.25 43.17 32.57
18.62 24.33 30.99 29.72 31.43 41.79 42.51
16.64 21.69 27.29 25.26 35.67 35.78 35.68
18.35 24.05 30.08 28.71 39.25 43.17 32.57
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Nov-93
Apr-95
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tarting from lease period
10
0.0023.33
4.20
7.00
34.53
10
8.75
218.75
227.5
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10 11
35 35
61.11 66.07
0.01 0.01
96.12 101.08
33.8 0
62.31 101.08
0 0
0 0
96.11 101.08
0 0.01
10 11
46.63 54.02
0.36
6.76 33.8
53.75 87.82
23.33
7
4.2 0
6.76 33.8
9.23 6.51
8.75 8.75
59.27 49.06
-5.52 38.76
52.35 91.11
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26.44 13.71
274.2
26.44 287.91
0.36 0
26.8 287.91
6.76 33.8
-39.08 -8.75
-218.75
-39.08 -227.5
-5.52 94.21
-5.52 312.96
3.22 390.26
37.8 390.3
106.08 839.09
10 11
140.61 839.09
4.07 0.00
10 11 12 13 14 1521.85 26.77 21.28 24.3 23.65 22.83
5.64 33.5 28.04 31.07 30.41 486
76.185 109.685 137.725 168.795 199.205 685.205
110.72 109.685 137.725 168.795 199.205 685.205
3.21 0 0 0 0 0
10 11 12 13 14 15
17.04 28.71 9.46
0.83 35.47 273
93.3 128.77 401.77
127.83 128.77 401.77
3.70 0.00 0.00
10 11 12 13 14 15
26.44 13.71
342.75
0 0
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0.36 0.36
4.2 0
0 0
6.73 33.8
37.73 390.62
33.53 390.61
21.85 26.77 21.28 24.3 23.65 22.83
28.71 9.46
456.6
236.5
33.14 60.93 21.28 24.3 23.65 479.43
40 280.12
37.73 47.87 0
33.14 60.93 21.28 24.3 23.65 22.83
40 43.62 0 0 0 0
