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The file gives the complete financial model for a solar power plant.
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No Inputs and Assumptions1 Capacity 2 Initial Capacity Utilization Factor3 Annual Gross Generation 4 Auxiliary consumption5 Annual Net Generation 6 Annual Deration 7 Life of Plant and Machinery / Project Life8 CapEx9 Total Cap-Ex
10 Non - Depreciable Amount 11 Depreciable Amount (Cap Cost Less non-depreciable Cost)12 Debt Fraction13 Debt14 Equity15 Interest Rate on Term Loan16 Loan Term17 Moratorium18 Depreciation (Straight Line Method, Company Law) - initial years19 Depreciation (Straight Line Method, Company Law) - later years20 Number of years for initial depreciation rate21 Number of years for later depreciation rate22 Discount Rate 23 O&M cost24 O&M Cost Esclation25 Return on Equity - pretax (initial years)26 Return on Equity - pretax (later years)27 Annuity Factor (25 Years)28 Interest on working capital29 Assumed tariff (Iterative)30 Maintenance spares31 Corporate Tax Rate32 MAT33 Post Tax ROE34 Book depreciation first year35 Book depreciation from second year36 Accelerated Depreciation first year37 Accelerated Depreciation from second year38 Tax Holiday Duration39 Tax Holiday Start Year40 MAT set off accumulation allowed u/s 115JAA (3A)41 MAT Setoff Duration42 MAT Setoff Start Year43 Emission Factor44 Price of one CER
45 Exchange Rate46 Number of years for initial return on equity47 Duration of initial Capacity Utilization Factor48 Capacity Utilization Factor for subsequent years49 Fuel requirement/kWh50 Feedstock Price
51 Fuel Cost Escalation
Value Unit2 MW
19.00% %33.29 Lakh kWhs0.00% %33.29 Lakh kWhs0.00% %
25 years565 Rs Lakhs/MW
2080 Rs Lakhs.10.00% % of Capital Cost
1872 Lakhs70.00% %
1456 Lakhs624 30.00% Lakhs
10.00% %7 years0 years
5.83% %1.54% %
12 years13 years
10.62% 0.00% %9.00 Rs Lakhs / MW
5.72% %18.00% %24.00% %
8.6612.82% %
6.93 Rs / kWh15% of yearly O&M Cost
32.45% %20% %16% %
2.64% %5.83% %
80% %0.95% %
10 years1 year
11 years10 years11 year
0.9 tons of CO2/MWh0 $/ton
50 Rs/US$10 years25 years
90% %0 kg/kWh0 Rs/MT
0% %
Renewable Energy Tariff and Financial Analysis
InputSolar PV Quantity
Capacity 2.00Initial Capacity Utilization Factor 19.00%Auxiliary consumption 0.00%CapEx 565.00Number of years for later depreciation rate 10.62%Equity 10.00%
Renewable Energy Tariff and Financial Analysis
InputUnitsMW
Rs Lacs/MW
Renewable Energy Tariff and Financial Analysis
OutputSolar PV Without AD With AD
Tariff (Rs/kWh) 8.91 7.86DSCR 1.44MINIMUM DSCR 0.26Project IRR-Post Tax 15.92%Equity IRR (Post Tax) 0.24%
Note: Accelerated Depreciation (AD) applies only to Solar projects
Renewable Energy Tariff and Financial Analysis
Note: Accelerated Depreciation (AD) applies only to Solar projects
Depreciation Calculations for SLM Value
CapEx 2080
Annual Net Generation 33.29
Annual Deration 0.00%
Life of Plant and Machinery / Project Life 25
Annual Depreciation for period of term loan 109.14
Advance Against Depreciation 0.00
Amount remaining to be depreciated post-term loan 562.35
Depreciation for remaining years (post-term loan) 43.26
Book depreciation first year 2.64%
Book depreciation from second year 5.83%
Depreciable Amount 1,872.00
Accelerated Depreciation first year 40%
Accelerated Depreciation from second year 80%
Depreciation from the Fifth Year 0%
Plant&Machinery Income Tax Depreciation 0%
Corporate Tax Rate 32.45%
Accelerated Depreciation Benefit Calculations 1
Book depreciation 54.9
Cumulative Book Depreciation 54.9
Acclerated Depreciation 832.0
Cumulative Accelerated Depreciation 832.0
Plant & Machinery Depreciation -
Cumulative Plant & Machinery Depreciation -
Net depreciation benefit 777.1
Net benefit 252.1
Net Energy sold (lakh kWhs) 33.3
Benefit/kWh 7.6
Levelized benefit 1.05
Unit
Rs Lacs
Lakh kWhs
%
years
Lakhs/yr
Lakhs/yr
Lakhs
Lakhs/yr
%
%
Rs Lacs
%
%
%
%
2 3 4 5 6
121.3 121.3 121.3 121.3 121.3
176.2 297.4 418.7 540.0 661.2
998.4 199.7 39.9 0.0 0.0
1,830.4 2,030.1 2,070.0 2,070.0 2,070.0
- - - - -
- - - - -
877.1 78.4 (81.3) (121.3) (121.3)
284.6 25.4 (26.4) (39.3) (39.3)
33.3 33.3 33.3 33.3 33.3
8.5 0.8 (0.8) (1.2) (1.2)
Rs/kWh
7 8 9 10 11
121.3 121.3 121.3 121.3 121.3
782.5 903.8 1,025.0 1,146.3 1,267.6
0.0 0.0 0.0 0.0 0.0
2,070.0 2,070.0 2,070.0 2,070.0 2,070.0
- - - - -
- - - - -
(121.3) (121.3) (121.3) (121.3) (121.3)
(39.3) (39.3) (39.3) (39.3) (39.3)
33.3 33.3 33.3 33.3 33.3
(1.2) (1.2) (1.2) (1.2) (1.2)
12 13 14 15 16
121.3 32.1 32.1 32.1 32.1
1,388.8 1,420.9 1,452.9 1,485.0 1,517.1
0.0 0.0 0.0 0.0 0.0
2,070.0 2,070.0 2,070.0 2,070.0 2,070.0
- - - - -
- - - - -
(121.3) (32.1) (32.1) (32.1) (32.1)
(39.3) (10.4) (10.4) (10.4) (10.4)
33.3 33.3 33.3 33.3 33.3
(1.2) (0.3) (0.3) (0.3) (0.3)
17 18 19 20 21
32.1 32.1 32.1 32.1 32.1
1,549.1 1,581.2 1,613.3 1,645.3 1,677.4
0.0 0.0 0.0 0.0 0.0
2,070.0 2,070.0 2,070.0 2,070.0 2,070.0
- - - - -
- - - - -
(32.1) (32.1) (32.1) (32.1) (32.1)
(10.4) (10.4) (10.4) (10.4) (10.4)
33.3 33.3 33.3 33.3 33.3
(0.3) (0.3) (0.3) (0.3) (0.3)
22 23 24 25 26
32.1 32.1 32.1 32.1 -
1,709.5 1,741.5 1,773.6 1,805.6 -
0.0 0.0 0.0 0.0 -
2,070.0 2,070.0 2,070.0 2,070.0 -
- - - - -
- - - - -
(32.1) (32.1) (32.1) (32.1) -
(10.4) (10.4) (10.4) (10.4) -
33.3 33.3 33.3 33.3 -
(0.3) (0.3) (0.3) (0.3) -
27 28 29 30 31
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
32 33 34 35 36
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
37 38 39 40
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
Inputs Value Units
Capacity 2.0 MW
Life of Plant and Machinery / Project Life 25 years
O&M cost 9.00 Rs Lacs / MW
O&M Cost Esclation 5.72% %
Annual Net Generation 33.29 Lakh kWhs
Assumed tariff (Iterative) 6.93 Rs / kWh
Maintenance spares 15.00%
Interest on working capital 12.82% %
Working Capital 1 2
Fuel Cost (4 months equivalent) - -
O&M 18.00 19.03
O&M expenses for 1 month 1.50 1.59
Receivables (2 months of energy charges) 38.45 38.45
Maintenance spare 0.23 0.24
Total working capital 40.17 40.27
Interest on working capital 5.15 5.16
of yearly O&M Cost
Working Capital
3 4 5 6 7
- - - - -
20.12 21.27 22.49 23.77 25.13
1.68 1.77 1.87 1.98 2.09
38.45 38.45 38.45 38.45 38.45
0.25 0.27 0.28 0.30 0.31
40.38 40.49 40.60 40.73 40.86
5.18 5.19 5.21 5.22 5.24
8 9 10 11 12
- - - - -
26.57 28.09 29.70 31.39 33.19
2.21 2.34 2.47 2.62 2.77
38.45 38.45 38.45 38.45 38.45
0.33 0.35 0.37 0.39 0.41
40.99 41.14 41.29 41.46 41.63
5.26 5.27 5.29 5.31 5.34
13 14 15 16 17
- - - - -
35.09 37.10 39.22 41.46 43.83
2.92 3.09 3.27 3.46 3.65
38.45 38.45 38.45 38.45 38.45
0.44 0.46 0.49 0.52 0.55
41.81 42.00 42.21 42.42 42.65
5.36 5.38 5.41 5.44 5.47
18 19 20 21 22
- - - - -
46.34 48.99 51.79 54.75 57.89
3.86 4.08 4.32 4.56 4.82
38.45 38.45 38.45 38.45 38.45
0.58 0.61 0.65 0.68 0.72
42.89 43.14 43.41 43.69 44.00
5.50 5.53 5.57 5.60 5.64
23 24 25 26 27
- - - - -
61.20 64.70 68.40 - -
5.10 5.39 5.70 - -
38.45 38.45 38.45 - -
0.76 0.81 0.85 - -
44.31 44.65 45.00 - -
5.68 5.72 5.77 - -
28 29 30 31 32
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
33 34 35 36 37
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
38 39 40
- - -
- - -
- - -
- - -
- - -
- - -
- - -
Inputs Value
Life of Plant and Machinery / Project Life 25
Number of years for initial depreciation rate 12
Equity 624.00
Return on Equity - pretax (initial years) 18.00%
Return on Equity - pretax (later years) 24.00%
Number of years for initial return on equity 10
Discount Rate 10.62%
Discount Rate after 10 Years 10.62%
Annuity Factor (25 Years) 8.66
Land Lease Rate 5.0%
Year 1
Net Energy sold (lakh kWhs) 33.29
Fixed Costs
O&M 18.00
Depreciation (SLM) 109.14
Interest on term loan 136.07
Interest on working capital 5.15
Return on Equity 112.32
Variable Costs
Fuel Cost -
Total Cost 380.68
Tariff (Rs/kWh) 11.44
Levelized Tariff 8.91
Levelized Tariff with AD 7.86
Nominal Tariff * Discounting Factor 11.44
Discounting Factor 1.00
Levalised Tariff 8.91
Costs in Rs/kWh
O&M 0.54
Depreciation (SLM) 3.28
Interest on term loan 4.09
Interest on working capital 0.15
Return on Equity 3.37
Fuel Cost -
Levelized Tariff 8.91
Levelized Tariff with AD 7.86
Land Lease and Royalty (Lakhs/yr) 14.83
NPV of Lease and Royalty (lakhs/MW) 128.46
Tariff Sheet
Units
years
years
lacs
%
%
years
%
%
%
2 3 4 5 6
33.29 33.29 33.29 33.29 33.29
19.03 20.12 21.27 22.49 23.77
109.14 109.14 109.14 109.14 109.14
115.27 94.47 73.67 52.87 32.07
5.16 5.18 5.19 5.21 5.22
112.32 112.32 112.32 112.32 112.32
- - - - -
360.92 341.22 321.59 302.02 282.52
10.84 10.25 9.66 9.07 8.49
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
9.80 8.38 7.14 6.06 5.12
0.90 0.82 0.74 0.67 0.60
0.57 0.60 0.64 0.68 0.71
3.28 3.28 3.28 3.28 3.28
3.46 2.84 2.21 1.59 0.96
0.16 0.16 0.16 0.16 0.16
3.37 3.37 3.37 3.37 3.37
- - - - -
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
14.83 14.83 14.83 14.83 14.83
7 8 9 10 11
33.29 33.29 33.29 33.29 33.29
25.13 26.57 28.09 29.70 31.39
109.14 109.14 109.14 109.14 109.14
11.27 - - - -
5.24 5.26 5.27 5.29 5.31
112.32 112.32 112.32 112.32 149.76
- - - - -
263.10 253.28 254.82 256.45 295.61
7.90 7.61 7.66 7.70 8.88
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
4.31 3.75 3.41 3.11 3.24
0.55 0.49 0.45 0.40 0.36
0.75 0.80 0.84 0.89 0.94
3.28 3.28 3.28 3.28 3.28
0.34 - - - -
0.16 0.16 0.16 0.16 0.16
3.37 3.37 3.37 3.37 4.50
- - - - -
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
14.83 14.83 14.83 14.83 14.83
12 13 14 15 16
33.29 33.29 33.29 33.29 33.29
33.19 35.09 37.10 39.22 41.46
109.14 43.26 43.26 43.26 43.26
- - - - -
5.34 5.36 5.38 5.41 5.44
149.76 149.76 149.76 149.76 149.76
- - - - -
297.42 233.47 235.50 237.65 239.92
8.93 7.01 7.07 7.14 7.21
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
2.94 2.09 1.90 1.74 1.59
0.33 0.30 0.27 0.24 0.22
1.00 1.05 1.11 1.18 1.25
3.28 1.30 1.30 1.30 1.30
- - - - -
0.16 0.16 0.16 0.16 0.16
4.50 4.50 4.50 4.50 4.50
- - - - -
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
14.83 14.83 14.83 14.83 14.83
17 18 19 20 21
33.29 33.29 33.29 33.29 33.29
43.83 46.34 48.99 51.79 54.75
43.26 43.26 43.26 43.26 43.26
- - - - -
5.47 5.50 5.53 5.57 5.60
149.76 149.76 149.76 149.76 149.76
- - - - -
242.32 244.85 247.54 250.37 253.37
7.28 7.36 7.44 7.52 7.61
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
1.45 1.32 1.21 1.11 1.01
0.20 0.18 0.16 0.15 0.13
1.32 1.39 1.47 1.56 1.64
1.30 1.30 1.30 1.30 1.30
- - - - -
0.16 0.17 0.17 0.17 0.17
4.50 4.50 4.50 4.50 4.50
- - - - -
8.91 8.91 8.91 8.91 8.91
7.86 7.86 7.86 7.86 7.86
14.83 14.83 14.83 14.83 14.83
22 23 24 25 26
33.29 33.29 33.29 33.29 -
57.89 61.20 64.70 68.40 -
43.26 43.26 43.26 43.26 -
- - - - -
5.64 5.68 5.72 5.77 -
149.76 149.76 149.76 149.76 -
- - - - -
256.54 259.90 263.44 267.19 -
7.71 7.81 7.91 8.03 -
8.91 8.91 8.91 8.91 -
7.86 7.86 7.86 7.86 -
0.93 0.85 0.78 0.71
0.12 0.11 0.10 0.09
1.74 1.84 1.94 2.05 -
1.30 1.30 1.30 1.30 -
- - - - -
0.17 0.17 0.17 0.17 -
4.50 4.50 4.50 4.50 -
- - - - -
8.91 8.91 8.91 8.91 -
7.86 7.86 7.86 7.86 -
14.83 14.83 14.83 14.83 -
27 28 29 30 31
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
32 33 34 35 36
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
37 38 39 40
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
User Inputs Value
Equity 624.0
Life of Plant and Machinery / Project Life 25
Corporate Tax Rate 32.45%
MAT 20.01%
Tax Holiday Start Year 1
Tax Holiday Duration 10
MAT Setoff Start Year 11
MAT set off accumulation allowed u/s 115JAA (3A) 11
MAT Setoff Duration 10
Iterative Tariff 6.9
Year 1
Net Energy sold (lakh kWhs) 33.29
Tariff (Rs/kWh) 6.93
Income From Sale of Electricity (Lakhs) 230.69
Income From REC Credits -
Income from Carbon Market -
Total Income 230.69
Fuel Cost -
O&M + Insurance -
PBDIT 230.69
Depreciation 832.00
PBIT (601.31)
Interest on term loan and working capital 141.22
PBT (742.53)
PAT 89.47
Year 1
PBT (742.53)
Add Book Depreciation 832.00
PBDT/Gross Income 89.47
Depreciation (IT-Written Down Value) -
Taxable Income 89.47
Losses Carried Over
Taxable Income after loss carried over 89.47
Years for Tax Holiday 1.00
Income Tax -
MAT -
Set off under MAT -
MAT set off remaining at the end of each year -
TAX Paid (MAT or IT) -
PAT 89.47
Post-Tax ROE 14%
Units
lacs CER 8000.0
years Value of CER 420.0
% Total 3,360,000.00
%
year REC 9200.00 1840.0
years REC Price 9300.0
year 7.0
years
years
Rs/Kwh 3.0
2 3 4 5 6
33.29 33.29 33.29 33.29 33.29
6.93 6.93 6.93 6.93 6.93
230.69 230.69 230.69 230.69 230.69
- - - -
- - - - -
230.69 230.69 230.69 230.69 230.69
- - - - -
- - - - -
230.69 230.69 230.69 230.69 230.69
998.40 199.68 39.94 0.00 0.00
(767.71) 31.01 190.75 230.69 230.69
120.43 99.65 78.86 58.08 37.29
(888.15) (68.64) 111.89 172.61 193.39
110.25 131.04 129.44 138.07 154.70
2 3 4 5 6
(888.15) (68.64) 111.89 172.61 193.39
998.40 199.68 39.94 0.00 0.00
110.25 131.04 151.83 172.61 193.39
- - - - -
110.25 131.04 151.83 172.61 193.39
- - - - -
110.25 131.04 151.83 172.61 193.39
2.00 3.00 4.00 5.00 6.00
- - - - -
- - 22.39 34.54 38.69
- - - - -
- - - - -
- - 22.39 34.54 38.69
110.25 131.04 129.44 138.07 154.70
18% 21% 21% 22% 25%
7 8 9 10 11
33.29 33.29 33.29 33.29 33.29
6.93 6.93 6.93 6.93 6.93
230.69 230.69 230.69 230.69 230.69
- - - - -
230.69 230.69 230.69 230.69 230.69
- - - - -
- - - - -
230.69 230.69 230.69 230.69 230.69
0.00 0.00 0.00 0.00 0.00
230.69 230.69 230.69 230.69 230.69
16.51 5.26 5.27 5.29 5.31
214.18 225.43 225.41 225.39 225.37
171.33 180.33 180.31 180.30 180.28
7 8 9 10 11
214.18 225.43 225.41 225.39 225.37
0.00 0.00 0.00 0.00 0.00
214.18 225.43 225.41 225.39 225.37
- - - - -
214.18 225.43 225.41 225.39 225.37
- - - - -
214.18 225.43 225.41 225.39 225.37
7.00 8.00 9.00 10.00
- - - - 73.12
42.85 45.10 45.10 45.10 45.09
- - - - 28.03
- - - 273.77 245.74
42.85 45.10 45.10 45.10 45.09
171.33 180.33 180.31 180.30 180.28
27% 29% 29% 29% 29%
12 13 14 15 16
33.29 33.29 33.29 33.29 33.29
6.93 3.00 3.00 3.00 3.00
230.69 99.86 99.86 99.86 99.86
- - - - -
230.69 99.86 99.86 99.86 99.86
- - - - -
- - - - -
230.69 99.86 99.86 99.86 99.86
0.00 0.00 0.00 0.00 0.00
230.69 99.86 99.86 99.86 99.86
5.34 5.36 5.38 5.41 5.44
225.35 94.50 94.48 94.45 94.43
180.26 75.60 75.58 75.56 75.53
12 13 14 15 16
225.35 94.50 94.48 94.45 94.43
0.00 0.00 0.00 0.00 0.00
225.35 94.50 94.48 94.45 94.43
- - - - -
225.35 94.50 94.48 94.45 94.43
- - - - -
225.35 94.50 94.48 94.45 94.43
73.11 30.66 30.65 30.65 30.64
45.09 18.91 18.90 18.90 18.89
28.03 11.75 11.75 11.75 11.74
217.71 205.96 194.21 182.46 170.72
45.09 18.91 18.90 18.90 18.89
180.26 75.60 75.58 75.56 75.53
29% 12% 12% 12% 12%
17 18 19 20 21
33.29 33.29 33.29 33.29 33.29
3.00 3.00 3.00 3.00 3.00
99.86 99.86 99.86 99.86 99.86
- - - - -
99.86 99.86 99.86 99.86 99.86
- - - - -
- - - - -
99.86 99.86 99.86 99.86 99.86
0.00 0.00 0.00 0.00 0.00
99.86 99.86 99.86 99.86 99.86
5.47 5.50 5.53 5.57 5.60
94.40 94.37 94.33 94.30 94.26
75.51 75.49 75.46 75.43 63.68
17 18 19 20 21
94.40 94.37 94.33 94.30 94.26
0.00 0.00 0.00 0.00 0.00
94.40 94.37 94.33 94.30 94.26
- - - - -
94.40 94.37 94.33 94.30 94.26
- - - - -
94.40 94.37 94.33 94.30 94.26
30.63 30.62 30.61 30.60 30.58
18.89 18.88 18.87 18.87 18.86
11.74 11.74 11.73 11.73 -
158.98 147.24 135.51 123.78 -
18.89 18.88 18.87 18.87 30.58
75.51 75.49 75.46 75.43 63.68
12% 12% 12% 12% 10%
22 23 24 25 26
33.29 33.29 33.29 33.29
3.00 3.00 3.00 3.00
99.86 99.86 99.86 99.86
- - - -
99.86 99.86 99.86 99.86
- - - -
- - - -
99.86 99.86 99.86 99.86
0.00 0.00 0.00 0.00
99.86 99.86 99.86 99.86
5.64 5.68 5.72 5.77
94.22 94.18 94.14 94.09
63.65 63.63 63.60 63.57
22 23 24 25 26
94.22 94.18 94.14 94.09
0.00 0.00 0.00 0.00
94.22 94.18 94.14 94.09
- - - -
94.22 94.18 94.14 94.09
- - - -
94.22 94.18 94.14 94.09
30.57 30.56 30.54 30.53
18.85 18.84 18.84 18.83
- - - -
- - - -
30.57 30.56 30.54 30.53
63.65 63.63 63.60 63.57
10% 10% 10% 10% 0%
27 28 29 30 31
27 28 29 30 31
0% 0% 0% 0% 0%
32 33 34 35 36
32 33 34 35 36
0% 0% 0% 0% 0%
37 38 39 40
37 38 39 40
0% 0% 0% 0%
User Input Value Units
Loan amount 1456.00 Rs lacs
Interest Rate 10.00% %
Equity 624 lacs
Moratorium 0 Year
No of installments for principal paym 84 Months
Monthly Principal repayment 17.33 Rs lacs
TERM LOAN REPAYMENT Details 1 2
Instalment-1 17.33 17.33
Instalment-2 17.33 17.33
Instalment-3 17.33 17.33
Instalment-4 17.33 17.33
Instalment-5 17.33 17.33
Instalment-6 17.33 17.33
Instalment-7 17.33 17.33
Instalment-8 17.33 17.33
Instalment-9 17.33 17.33
Instalment-10 17.33 17.33
Instalment-11 17.33 17.33
Instalment-12 17.33 17.33
Total installment 208.00 208.00
Cumulative Principal Payment 208.00 416.00
Outstanding Principal
Outstanding1 1,456.00 1,248.00
Outstanding2 1,438.67 1,230.67
Outstanding3 1,421.33 1,213.33
Outstanding4 1,404.00 1,196.00
Outstanding5 1,386.67 1,178.67
Outstanding6 1,369.33 1,161.33
Outstanding7 1,352.00 1,144.00
Outstanding8 1,334.67 1,126.67
Outstanding9 1,317.33 1,109.33
Outstanding10 1,300.00 1,092.00
Outstanding11 1,282.67 1,074.67
Outstanding12 1,265.33 1,057.33
Interest payments
interest1 12.13 10.40
interest2 11.99 10.26
interest3 11.84 10.11
interest4 11.70 9.97
interest5 11.56 9.82
interest6 11.41 9.68
interest7 11.27 9.53
interest8 11.12 9.39
interest9 10.98 9.24
interest10 10.83 9.10
interest11 10.69 8.96
interest12 10.54 8.81
Total interest 136.07 115.27
3 4 5 6 7
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
17.33 17.33 17.33 17.33 17.33
208.00 208.00 208.00 208.00 208.00
624.00 832.00 1,040.00 1,248.00 1,456.00
1,040.00 832.00 624.00 416.00 208.00
1,022.67 814.67 606.67 398.67 190.67
1,005.33 797.33 589.33 381.33 173.33
988.00 780.00 572.00 364.00 156.00
970.67 762.67 554.67 346.67 138.67
953.33 745.33 537.33 329.33 121.33
936.00 728.00 520.00 312.00 104.00
918.67 710.67 502.67 294.67 86.67
901.33 693.33 485.33 277.33 69.33
884.00 676.00 468.00 260.00 52.00
866.67 658.67 450.67 242.67 34.67
849.33 641.33 433.33 225.33 17.33
8.67 6.93 5.20 3.47 1.73
8.52 6.79 5.06 3.32 1.59
8.38 6.64 4.91 3.18 1.44
8.23 6.50 4.77 3.03 1.30
8.09 6.36 4.62 2.89 1.16
7.94 6.21 4.48 2.74 1.01
7.80 6.07 4.33 2.60 0.87
7.66 5.92 4.19 2.46 0.72
7.51 5.78 4.04 2.31 0.58
7.37 5.63 3.90 2.17 0.43
7.22 5.49 3.76 2.02 0.29
7.08 5.34 3.61 1.88 0.14
94.47 73.67 52.87 32.07 11.27
8 9 10 11 12
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
17.33 17.33 17.33
208.00 208.00 208.00 - -
1,664.00 1,872.00 2,080.00 2,080.00 2,080.00
0.00 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.00 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
13 14 15 16 17
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,080.00 2,080.00 2,080.00 2,080.00 2,080.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
18 19 20 21 22
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,080.00 2,080.00 2,080.00 2,080.00 2,080.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
23 24 25 26 27
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,080.00 2,080.00 2,080.00 2,080.00 2,080.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
28 29 30 31 32
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,080.00 2,080.00 2,080.00 2,080.00 2,080.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
33 34 35 36 37
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2,080.00 2,080.00 2,080.00 2,080.00 2,080.00
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
38 39 40
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
2,080.00 2,080.00 2,080.00
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
Life of Plant and Machinery / Project Life 25 years
PARTICULARS 0 1 2 3
Cash Profit - 89.5 110.3 131.0
Equity 624.0 - - -
Loan Amount 1,456.0 - - -
Total Inflow 2,080.0 89.5 110.3 131.0
Project Cost 2,080.0 - - -
Loan Repayment - 208.0 208.0 208.0
Return of Equity - - -
Total Outflow 2,080.0 208.0 208.0 208.0
Opening Balance - - (118.5) (216.3)
Surplus/Deficit - (118.5) (97.7) (77.0)
Closing Balance - (118.5) (216.3) (293.2)
Cash Flow Statement
4 5 6 7 8
129.4 138.1 154.7 171.3 180.3
- - - - -
- - - - -
129.4 138.1 154.7 171.3 180.3
- - - - -
208.0 208.0 208.0 208.0 208.0
- - - - -
208.0 208.0 208.0 208.0 832.0
(293.2) (371.8) (441.7) (495.0) (531.7)
(78.6) (69.9) (53.3) (36.7) (651.7)
(371.8) (441.7) (495.0) (531.7) (1,183.4)
9 10 11 12 13 14 15 16
180.3 180.3 180.3 180.3 75.6 75.6 75.6 75.5
- - - - - - - -
- - - - - - - -
180.3 180.3 180.3 180.3 75.6 75.6 75.6 75.5
- - - - - - - -
208.0 208.0 - - - - - -
- - - - - - -
208.0 208.0 - - - - - -
(1,183.4) (1,211.1) (1,238.8) (1,058.5) (878.2) (802.6) (727.1) (651.5)
(27.7) (27.7) 180.3 180.3 75.6 75.6 75.6 75.5
(1,211.1) (1,238.8) (1,058.5) (878.2) (802.6) (727.1) (651.5) (576.0)
17 18 19 20 21 22 23 24
75.5 75.5 75.5 75.4 63.7 63.7 63.6 63.6
- - - - - - - -
- - - - - - - -
75.5 75.5 75.5 75.4 63.7 63.7 63.6 63.6
- - - - - - - -
- - - - - - - -
- - - - - - - -
(576.0) (500.5) (425.0) (349.5) (274.1) (210.4) (146.8) (83.1)
75.5 75.5 75.5 75.4 63.7 63.7 63.6 63.6
(500.5) (425.0) (349.5) (274.1) (210.4) (146.8) (83.1) (19.5)
25
63.6
-
-
63.6
-
-
-
(19.5)
63.6
44.0
Life of Plant and Machinery / Project Life 25
Assets 0
Gross fixed assets
Less: Book Depreciation
Net fixed assets
Cash flow from operations
Principal payment
Cash and Equivalent 0.0
Total assets
Liabilities 0
Equity share capital 624.00
PAT for the year
Reserves and surplus -
Networth 624.00
Rupee debt 1,456.00
Total liabilities 2,080.00
Check
Balance Sheet
years
1 2 3 4 5
1,130.00 1,075.09 953.82 832.56 711.30
54.91 121.26 121.26 121.26 121.26
1,075.09 953.82 832.56 711.30 590.03
89.47 110.25 131.04 129.44 138.07
208.00 208.00 208.00 208.00 208.00
(118.53) (216.28) (293.24) (371.80) (441.73)
956.55 737.54 539.32 339.49 148.30
1 2 3 4 5
624.00 624.00 624.00 624.00 624.00
89.47 110.25 131.04 129.44 138.07
89.47 199.72 330.76 460.20 598.27
713.47 823.72 954.76 1,084.20 1,222.27
1,248.00 1,040.00 832.00 624.00 416.00
1,961.47 1,863.72 1,786.76 1,708.20 1,638.27
(1005) (1126) (1247) (1369) (1490)
6 7 8 9 10
590.03 468.77 347.50 226.24 104.98
121.26 121.26 121.26 121.26 121.26
468.77 347.50 226.24 104.98 (16.29)
154.70 171.33 180.33 180.31 180.30
208.00 208.00 208.00 208.00 208.00
(495.03) (531.70) (559.38) (587.06) (614.77)
(26.26) (184.20) (333.14) (482.09) (631.06)
6 7 8 9 10
624.00 624.00 624.00 624.00 624.00
154.70 171.33 180.33 180.31 180.30
752.97 924.30 1,104.62 1,284.94 1,465.23
1,376.97 1,548.30 1,728.62 1,908.94 2,089.23
208.00 - (208.00) (416.00) (624.00)
1,584.97 1,548.30 1,520.62 1,492.94 1,465.23
(1611) (1732) (1854) (1975) (2096)
11 12 13 14 15
(16.29) (137.55) (258.82) (290.88) (322.94)
121.26 121.26 32.06 32.06 32.06
(137.55) (258.82) (290.88) (322.94) (355.01)
180.28 180.26 75.60 75.58 75.56
- - - - -
(434.49) (254.23) (178.63) (103.06) (27.50)
(572.04) (513.04) (469.51) (426.00) (382.51)
11 12 13 14 15
624.00 624.00 624.00 624.00 624.00
180.28 180.26 75.60 75.58 75.56
1,645.51 1,825.77 1,901.37 1,976.94 2,052.50
2,269.51 2,449.77 2,525.37 2,600.94 2,676.50
(624.00) (624.00) (624.00) (624.00) (624.00)
1,645.51 1,825.77 1,901.37 1,976.94 2,052.50
(2218) (2339) (2371) (2403) (2435)
16 17 18 19 20
(355.01) (387.07) (419.14) (451.20) (483.26)
32.06 32.06 32.06 32.06 32.06
(387.07) (419.14) (451.20) (483.26) (515.33)
75.53 75.51 75.49 75.46 75.43
- - - - -
48.03 123.54 199.03 274.49 349.92
(339.04) (295.59) (252.17) (208.78) (165.41)
16 17 18 19 20
624.00 624.00 624.00 624.00 624.00
75.53 75.51 75.49 75.46 75.43
2,128.03 2,203.54 2,279.03 2,354.49 2,429.92
2,752.03 2,827.54 2,903.03 2,978.49 3,053.92
(624.00) (624.00) (624.00) (624.00) (624.00)
2,128.03 2,203.54 2,279.03 2,354.49 2,429.92
(2467) (2499) (2531) (2563) (2595)
21 22 23 24 25
(515.33) (547.39) (579.46) (611.52) (643.58)
32.06 32.06 32.06 32.06 32.06
(547.39) (579.46) (611.52) (643.58) (675.65)
63.68 63.65 63.63 63.60 63.57
- - - - -
413.60 477.25 540.87 604.47 668.04
(133.80) (102.21) (70.65) (39.11) (7.61)
21 22 23 24 25
624.00 624.00 624.00 624.00 624.00
63.68 63.65 63.63 63.60 63.57
2,493.60 2,557.25 2,620.87 2,684.47 2,748.04
3,117.60 3,181.25 3,244.87 3,308.47 3,372.04
(624.00) (624.00) (624.00) (624.00) (624.00)
2,493.60 2,557.25 2,620.87 2,684.47 2,748.04
(2627) (2659) (2692) (2724) (2756)
26 27 28 29 30
- - - - -
- - - - -
- - - - -
- - - - -
26 27 28 29 30
Err:508 Err:508 Err:508 Err:508 Err:508
0 0 0 0 0
31 32 33 34 35
- - - - -
- - - - -
- - - - -
- - - - -
31 32 33 34 35
Err:508 Err:508 Err:508 Err:508 Err:508
0 0 0 0 0
36 37 38 39 40
- - - - -
- - - - -
- - - - -
- - - - -
36 37 38 39 40
Err:508 Err:508 Err:508 Err:508 Err:508
0 0 0 0 0
Debt Service Coverage Ratio Calculations Yr0 1
Interest payments 136.07
Principal Repayments 208.00
Total Debt Service - 344.07
Cumulative Debt Service - 344.07
Post-tax Cashflow before Debt Service - 89.47
Cumulative Cashflow for Debt Service - 89.47
DSCR - 0.26
Cummulative DSCR - 0.00
MINIMUM DSCR (after 1st year) 0.26
Average DSCR 0.42
Post-tax Cashflow before Debt Service w/ AD -
DSCR w/ AD - -
Debt Service Coverage Ratio
2 3 4 5 6
115.27 94.47 73.67 52.87 32.07
208.00 208.00 208.00 208.00 208.00
323.27 302.47 281.67 260.87 240.07
667.34 969.81 1,251.48 1,512.35 1,752.42
110.25 131.04 129.44 138.07 154.70
199.72 330.76 460.20 598.27 752.97
0.30 0.34 0.37 0.40 0.43
0.00 0.00 0.00 0.00 0.00
- - - - -
7 8 9 10 11
11.27 - - - -
208.00 208.00 208.00 208.00 -
219.27 208.00 208.00 208.00 -
1,971.69 2,179.69 2,387.69 2,595.69 -
171.33 180.33 180.31 180.30 180.28
924.30 1,104.62 1,284.94 1,465.23 1,645.51
0.47 0.51 0.54 0.56 -
0.00 0.00 0.00 0.00 -
- - - - -
12 13 14 15 16
- - - - -
-
-
-
180.26
1,825.77
-
-
- - - -
- - - - -
17 18 19 20 21
- - - - -
- - - - -
- - - - -
22 23 24 25 26
- - - - -
- - - - -
- - - - -
27 28 29 30 31
- - - - -
- - - - -
- - - - -
32 33 34 35 36
- - - - -
- - - - -
- - - - -
37 38 39 40
- - - -
-
- - - -
- - - -
User Inputs Value
Life of Plant and Machinery / Project Life 25
Interest Rate on Term Loan 10.00%
Re-investment ROR-IRR ratio (for MIRR) 80.00%
Project IRR-Pre Tax Year 0
Profit Before Tax (PBT)
Add Book Depreciation
Cashflow from operations (available for repayment)
Add Interest
Total Inflow-Cashflow before debt service -
Total Outflow-Capex 1,130.00
Net flow (Pre-Tax) (1,130.0)
Project IRR-Pre Tax 2.38%
MIRR-Pre Tax (25 years) 2.36%
Project IRR- Post Tax-Without Tax Shelter 0
Profit After Tax (PAT) -
Add Book Depreciation -
Cashflow from operations-Post tax (avlbl for repayment) -
Add Interest payments -
Total Inflow-Cashflow before debt service -
Total Outflow-Capex 1,130.00
Net Flow (Post Tax) (1,130.0)
Project IRR- Post Tax-Without Tax Shelter 15.92%
NPV of Net Flow without Tax Shelter 348.53
MIRR-Post Tax-Without Tax Shelter (25 years) 13.43%
Project IRR- Post Tax- With Tax Shelter 0
Net Flow (Post Tax) - 1,130.00
Add- Tax shelter (Acc Dep)
Net flows adjusted for tax saving - 1,130.00
Project IRR- Post Tax- With Tax Shelter 24.78%
NPV of Net Flow with Tax Shelter 651.81
MIRR-Post Tax-With Tax Shelter (25 years) 20.46%
Equity IRR 0
Equity Outflow - 624.00
Cashflow available for repayment -
Capital repayments
Inflow -
Net Flow - 624.00
Equity IRR (Post Tax) 0.24%
NPV @ Interest Rate (781.37)
Equity MIRR (Post Tax - 25 years) 0.86%
Equity IRR (Post Tax)- With Tax Shelter 0
Net Flows adjusted for tax saving - 624.00
Equity IRR (Post Tax)- With Tax Shelter 1.00%
NPV @ Interest Rate (478.09)
Equity MIRR (Post Tax)- With Tax Shelter (25 yrs) 1.80%
Units
years
%
%
1 2 3 4 5
(742.5) (888.1) (68.6) 111.9 172.6
- - - - -
(742.5) (888.1) (68.6) 111.9 172.6
136.1 115.3 94.5 73.7 52.9
(606.5) (772.9) 25.8 185.6 225.5
- - - - -
(606.5) (772.9) 25.8 185.6 225.5
1 2 3 4 5
89.5 110.3 131.0 129.4 138.1
- - - - -
89.5 110.3 131.0 129.4 138.1
136.1 115.3 94.5 73.7 52.9
225.5 225.5 225.5 203.1 190.9
225.5 225.5 225.5 203.1 190.9
1 2 3 4 5
225.54 225.52 225.51 203.11 190.94
252.1 284.6 25.4 (26.4) (39.3)
477.66 510.11 250.95 176.72 151.60
1 2 3 4 5
89.47 110.25 131.04 129.44 138.07
208.0 208.0 208.0 208.0 208.0
- 118.53 - 97.75 - 76.96 - 78.56 - 69.93
- 118.53 - 97.75 - 76.96 - 78.56 - 69.93
1 2 3 4 5
133.59 186.84 - 51.52 - 104.95 - 109.27
IRR
6 7 8 9 10
193.4 214.2 225.4 225.4 225.4
- - - - -
193.4 214.2 225.4 225.4 225.4
32.1 11.3 - - -
225.5 225.4 225.4 225.4 225.4
- - - - -
225.5 225.4 225.4 225.4 225.4
6 7 8 9 10
154.7 171.3 180.3 180.3 180.3
- - - - -
154.7 171.3 180.3 180.3 180.3
32.1 11.3 - - -
186.8 182.6 180.3 180.3 180.3
186.8 182.6 180.3 180.3 180.3
6 7 8 9 10
186.77 182.60 180.33 180.31 180.30
(39.3) (39.3) (39.3) (39.3) (39.3)
147.43 143.25 140.98 140.97 140.95
6 7 8 9 10
154.70 171.33 180.33 180.31 180.30
208.0 208.0 208.0 208.0 208.0
- 53.30 - 36.67 - 27.67 - 27.69 - 27.70
- 53.30 - 36.67 - 27.67 - 27.69 - 27.70
6 7 8 9 10
- 92.64 - 76.02 - 67.02 - 67.03 - 67.05
11 12 13 14 15
225.4 225.3 94.5 94.5 94.5
- - - - -
225.4 225.3 94.5 94.5 94.5
- - - - -
225.4 225.3 94.5 94.5 94.5
- - - - -
225.4 225.3 94.5 94.5 94.5
11 12 13 14 15
180.3 180.3 75.6 75.6 75.6
- - - - -
180.3 180.3 75.6 75.6 75.6
- - - - -
180.3 180.3 75.6 75.6 75.6
180.3 180.3 75.6 75.6 75.6
11 12 13 14 15
180.28 180.26 75.60 75.58 75.56
(39.3) (39.3) (10.4) (10.4) (10.4)
140.94 140.92 65.19 65.17 65.15
11 12 13 14 15
180.28 180.26 75.60 75.58 75.56
- - - - -
180.28 180.26 75.60 75.58 75.56
180.28 180.26 75.60 75.58 75.56
11 12 13 14 15
140.94 140.92 65.19 65.17 65.15
16 17 18 19 20
94.4 94.4 94.4 94.3 94.3
- - - - -
94.4 94.4 94.4 94.3 94.3
- - - - -
94.4 94.4 94.4 94.3 94.3
- - - - -
94.4 94.4 94.4 94.3 94.3
16 17 18 19 20
75.5 75.5 75.5 75.5 75.4
- - - - -
75.5 75.5 75.5 75.5 75.4
- - - - -
75.5 75.5 75.5 75.5 75.4
75.5 75.5 75.5 75.5 75.4
16 17 18 19 20
75.53 75.51 75.49 75.46 75.43
(10.4) (10.4) (10.4) (10.4) (10.4)
65.13 65.11 65.08 65.06 65.03
16 17 18 19 20
75.53 75.51 75.49 75.46 75.43
- - - - -
75.53 75.51 75.49 75.46 75.43
75.53 75.51 75.49 75.46 75.43
16 17 18 19 20
65.13 65.11 65.08 65.06 65.03
21 22 23 24 25
94.3 94.2 94.2 94.1 94.1
- - - - -
94.3 94.2 94.2 94.1 94.1
- - - - -
94.3 94.2 94.2 94.1 94.1
- - - - -
94.3 94.2 94.2 94.1 94.1
21 22 23 24 25
63.7 63.7 63.6 63.6 63.6
- - - - -
63.7 63.7 63.6 63.6 63.6
- - - - -
63.7 63.7 63.6 63.6 63.6
63.7 63.7 63.6 63.6 63.6
21 22 23 24 25
63.68 63.65 63.63 63.60 63.57
(10.4) (10.4) (10.4) (10.4) (10.4)
53.28 53.25 53.22 53.19 53.16
21 22 23 24 25
63.68 63.65 63.63 63.60 63.57
- - - - -
63.68 63.65 63.63 63.60 63.57
63.68 63.65 63.63 63.60 63.57
21 22 23 24 25
53.28 53.25 53.22 53.19 53.16
26 27 28 29 30
31 32 33 34 35
36 37 38 39 40
Panelepcland
margin
Total Cost 8.19
