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Total capitla cost of project Rs. in Cr. 100.00
Av. Annual Escalation * 0%
Capex with Escalation 100.00
Construction Overhead & profit (% of total Cost) % 8.5%
CAPEX with Escalation and Overhead Rs. in Cr. 108.50
Construction Start Date 01-01-15
Construction Period Yrs. 4
Capex Phasing 1st Year 10%
2nd Year 30%
3rd Year 35%
4th Year 25%
Proportion of Debt ** 75%
Proportion of Equity ** 25%
Debt Amount (Without IDC) Rs. in Cr. 81.38
Equity Amount (Without upfront) Rs. in Cr. 27.13
Intesrest Rate for Debt (Base rate +1%) P.A. 11.5%
Income Tax rate 33.99%
Expected Equity IRR (Post Tax) 15.00%
Upfront Processing Fee by Lender 0.5%
Upfront Service Charges for Debt Financing 0.5%
Repayment Period for Loan and Annuity half year 24
Semi Annual Annuity (Rs. Cr.)
Debt Amount with IDC 99.59
Equity Amount with upfront 28.12
Total Completed Cost of Project 127.72
Escalation factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Year No. Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 Year 4 Year 4 Year 5 Year 5 Year 6 Year 6 Year 7 Year 7 Year 8 Year 8 Year 9 Year 9 Year 10 Year 10 Year 11 Year 11 Year 12 Year 12 Year 13 Year 13 Year 14 Year 14 Year 15 Year 15 Year 16 Year 16 Year 17 Year 17
Start Date 1-Jan-15 1-Jul-15 1-Jan-16 1-Jul-16 1-Jan-17 1-Jul-17 1-Jan-18 1-Jul-18 1-Jan-19 1-Jul-19 1-Jan-20 1-Jul-20 1-Jan-21 1-Jul-21 1-Jan-22 1-Jul-22 1-Jan-23 1-Jul-23 1-Jan-24 1-Jul-24 1-Jan-25 1-Jul-25 1-Jan-26 1-Jul-26 1-Jan-27 1-Jul-27 1-Jan-28 1-Jul-28 1-Jan-29 1-Jul-29 1-Jan-30 1-Jul-30 1-Jan-31 1-Jul-31
End Date 30-Jun-15 31-Dec-15 30-Jun-16 31-Dec-16 30-Jun-17 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21 30-Jun-22 31-Dec-22 30-Jun-23 31-Dec-23 30-Jun-24 31-Dec-24 30-Jun-25 31-Dec-25 30-Jun-26 31-Dec-26 30-Jun-27 31-Dec-27 30-Jun-28 31-Dec-28 30-Jun-29 31-Dec-29 30-Jun-30 31-Dec-30 30-Jun-31 31-Dec-31
Capex without Escalation 100.0 5.00 5.00 15.00 15.00 17.50 17.50 12.50 12.50 - -
Capex with Escalation 100.0 5.00 5.00 15.00 15.00 17.50 17.50 12.50 12.50 - -
Capex with Construction Overhead & profit 108.5 5.43 5.43 16.28 16.28 18.99 18.99 13.56 13.56 - -
Capex without IDC 108.5 5.43 5.43 16.28 16.28 18.99 18.99 13.56 13.56 - -
IDC 18.22 0.12 0.36 0.85 1.60 2.45 3.41 4.31 5.14
Financing Charges 1.0 1.00
Total Capex incl IDC and Escalation 127.72 6.54 5.78 17.12 17.87 21.44 22.40 17.87 18.70 - -
Debt including IDC 75% 4.19 4.43 13.05 13.80 16.69 17.65 14.48 15.31
Equity 25% 2.35 1.36 4.07 4.07 4.75 4.75 3.39 3.39
Debt without IDC 81.38 4.07 4.07 12.21 12.21 14.24 14.24 10.17 10.17
Debt Schedule
Opening - 4.19 8.61 21.66 35.47 52.16 69.81 84.28 99.59 95.44 91.30 87.15 83.00 78.85 74.70 70.55 66.40 62.25 58.10 53.95 49.80 45.65 41.50 37.35 33.20 29.05 24.90 20.75 16.60 12.45 8.30 4.15
Addition 4.19 4.43 13.05 13.80 16.69 17.65 14.48 15.31 - - - - - - - - - - - - - - - - - - - - - - - -
Repayment - - - - - - - - 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15 4.15
IDC 0.12 0.36 0.85 1.60 2.45 3.41 4.31 5.14
Interest - - - - - - - - 5.73 5.49 5.25 5.01 4.77 4.53 4.30 4.06 3.82 3.58 3.34 3.10 2.86 2.62 2.39 2.15 1.91 1.67 1.43 1.19 0.95 0.72 0.48 0.24
Project IRR
Capex without considering IDC 109.50 6.42 5.43 16.28 16.28 18.99 18.99 13.56 13.56 - - - - - - - - - - - - - - - - - - - - - - - -
Annuity 0 0 0 0 0 0 0 0 12.71 12.71 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713 12.713
Project Cash flows (Pre-Tax) (6.42) (5.43) (16.28) (16.28) (18.99) (18.99) (13.56) (13.56) 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71
Tax 1.77 1.80 1.83 1.85 1.86 1.87 1.88 1.87 1.86 1.85 1.82 1.78 1.74 1.68 1.61 1.53 1.43 1.32 1.20 1.05 0.89 0.70 0.49 0.26 - -
Project Cash flows (Post-Tax) (6.42) (5.43) (16.28) (16.28) (18.99) (18.99) (13.56) (13.56) 10.94 10.91 10.88 10.86 10.85 10.84 10.84 10.84 10.85 10.87 10.89 10.93 10.98 11.03 11.10 11.18 11.28 11.39 11.52 11.66 11.83 12.01 12.22 12.45
Project IRR (pre-tax) 15.8%
Project IRR (post-tax) 13.3%
NPV at 12% 6.9
Equity outflow (2.35) (1.36) (4.07) (4.07) (4.75) (4.75) (3.39) (3.39) - - - - - - - - - - - - - - - - - - - - - - - -
Debt repayment - - - - - - - - (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15) (4.15)
Interest payment - - - - - - - - (5.73) (5.49) (5.25) (5.01) (4.77) (4.53) (4.30) (4.06) (3.82) (3.58) (3.34) (3.10) (2.86) (2.62) (2.39) (2.15) (1.91) (1.67) (1.43) (1.19) (0.95) (0.72) (0.48) (0.24)
Annuity Inflow 0 0 0 0 0 0 0 0 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71 12.71
Net Cashflow (Pre tax) 105.81 (2.35) (1.36) (4.07) (4.07) (4.75) (4.75) (3.39) (3.39) 2.84 3.07 3.31 3.55 3.79 4.03 4.27 4.51 4.75 4.98 5.22 5.46 5.70 5.94 6.18 6.42 6.65 6.89 7.13 7.37 7.61 7.85 8.09 8.32
PBT 5.22 5.31 5.38 5.44 5.49 5.51 5.52 5.51 5.48 5.43 5.35 5.25 5.11 4.94 4.74 4.50 4.22 3.89 3.52 3.09 2.61 2.06 1.45 0.76
Income Tax 33.99% - - - - - - - - 1.77 1.80 1.83 1.85 1.86 1.87 1.88 1.87 1.86 1.85 1.82 1.78 1.74 1.68 1.61 1.53 1.43 1.32 1.20 1.05 0.89 0.70 0.49 0.26
Equity IRR (Post Tax) 15.00% (2.35) (1.36) (4.07) (4.07) (4.75) (4.75) (3.39) (3.39) 1.06 1.27 1.48 1.70 1.93 2.16 2.39 2.63 2.88 3.14 3.40 3.68 3.96 4.26 4.57 4.89 5.22 5.57 5.94 6.32 6.72 7.15 7.59 8.06
NPV at 15% 0.0
Annuity Amount Bifurcation (Principal + Interest) 127.72
Interest 10.95 10.79 10.63 10.45 10.26 10.05 9.82 9.57 9.30 9.01 8.69 8.35 7.97 7.57 7.13 6.65 6.13 5.56 4.95 4.29 3.56 2.78 1.93 1.00
Principal 1.77 1.92 2.08 2.26 2.45 2.66 2.89 3.14 3.41 3.70 4.02 4.36 4.74 5.15 5.59 6.06 6.58 7.15 7.76 8.43 9.15 9.93 10.78 11.71
Balance 125.95 124.03 121.95 119.69 117.23 114.57 111.67 108.53 105.12 101.42 97.40 93.03 88.30 83.15 77.56 71.50 64.91 57.77 50.00 41.58 32.43 22.49 11.71 (0.0)
Interest rate 17.14%
Annuity Amount 12.71
ANNUITY ANALYSIS
12.71
Total
S. NO. DESCRIPTION PROJECT 1
Annuity + VGF
(60+40)
Total Project Cost
PROJECT 2 PROJECT 3
Annuity EPC