0

Net Revenues Growth

Other Income

Raw Materials
Purchase of Trading Goods
Changes in Inventory
Employee Benefit Expenses
Other Expenses
Inventory as % of Sales
Long Term Loans and Advances as % of sales
Short Term Loans and Advances as % of sales
Other Current Assets as % of Sales
Other Non- Current Assets as % of Sales
Other Current Liabilities as % of Sales
Other Long Term Liabilities as % of Sales
Capex Requirement
Amortization Period of Goodwill
Amortization Period of Software
Interest on Long Term Borrowings
Interest rate on short term borrowing
Statutory Tax Rate
Dividend + DDT
% of receivables used for factoring
% discounting factor in factoring
Margin Money
Effective interest income
Interest income as a percentage of cash and
bank balance and loans and advances
India risk free rate
US risk free rate
INR/USD Spot Rate
Hedged Exchange Rate (INR/USD)

Capex Requirement (Net)

Useful life of assets

5.12%

48%

7.39%
15.32%
23.59%
3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

5
4
5%
10%
34.61%
200
40%
10%
25%

1.40%
7.67%
1.87%
62.5908
63.00

2014

2015

12.80%

5.55%

Buildings
Plant & Machinery
Vehicles
Furniture and Fixtures
Office Equipment
Depreciation as % of sales

30
10
4
8
5
2.16%

Interest rate on existing long term debt

4.93%

Exceptional Items Gain/(Loss)

Dividend
DDT
Terminal Growth Rate

0
40%
17.30%
5%

2016E

2017E

2018E

2019E

2020E

2021E

2022E

2023E

7.00%
5.12%

9.00%
5.12%

8.50%
5.12%

8.50%
5.12%

8.50%
5.12%

7.84%
5.12%

7.84%
5.12%

6.74%
5.12%

48%

48%

48%

48%

48%

48%

48%

48%

25%

20%

15%

10%

10%

10%

10%

10%

7.39%
15.32%
23.59%
3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

7.39%
15.32%
23.59%
3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

7.39%
15.32%

7.39%
15.32%

7.39%
15.32%

7.39%
15.32%

7.39%
15.32%

7.39%
15.32%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

200

400

300

300

300

300

300

300

2024E

2025E

5.64%
5.12%

5%
5.12%

48%

48%

10%

10%

7.39%
15.32%

7.39%
15.32%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

3.89%
6.89%
1.26%
3.04%
5.50%
5.25%

300

300

Remark
Growth Projection for 2016 & 2017 based on India Nivesh Research Report. After
2017, it is based on demand projections of CRISIL till 2020. From 2020-2025 growth
slowly reduces on account of huge base.
Based on Historical Growth

Based On Historical Average as % of Net Revenues

We expect company to reduce this since their dahej plant would be fully operational
and then reach industry level
Kept constant as last year
Historical Average as % of sales since it is more or less same
Historical Average as % of sales since it is more or less same
Based on Historical Average
Based on Historical Average
Based on Historical Average
Based on Historical Average
Based on Historical Average
Based on Historical Average
Based on Historical Average
Given
Given Annual Report. Pg 60
Given Annual Report. Pg 60
Based onEffective Historical Interest Rate that the Parent compant offers to BASF India

Kept Constant based on Historical Trends

Based on India Nivesh Research Report for 2016 & 2017 and assumed to remain
more or less the same for the rest of the years. Capex is assumed to split into
different items based on current proportion

Assuming No Exceptional Gain/Loss

Percentage of share capital based on Historical Trend

o BASF India

(All Figures in Rs Million)

2013A
Revenues
Net Revenue From Operations
Other Income
As % of Net Revenue
Total
Raw Material Consumed
As a % of Total Revenues
Purchase of Trading Goods
As a % of Total Revenues
Changes in Inventory
As a % of Total Revenues
Employee Benefit Expenses
As a % of Total Revenues
Other Expenses
As a % of Total Revenues
Total
EBITDA
Depreciation & Amortization Expenses
% of sales
EBIT
Interest Charges

37543

2014A

2015A

1902
5.07%
39445

42347 44697.8
12.80%
5.55%
2030
2458.8
4.79%
5.50%
44377 47156.6

18460
46.80%
10483
26.58%
-923
-2.34%
2930
7.43%
5936
15.05%
36886

22316 21529.6
50.29%
45.66%
10606 13080.6
23.90%
27.74%
-1578
337.7
-3.56%
0.72%
3299
3444.1
7.43%
7.30%
6814
7335.3
15.35%
15.56%
41457 45727.3

2559
602
1.60%
1957
171

2920
711
1.68%
2209
161

1429.3
1424.2
3.19%
5.1
955.6

PBT Before Exceptional Items

Exceptional Items Gain/(Loss)
PBT
Tax Charges
PAT

1786
-95
1691
550
1141

2048
-104
1944
665
1279

-950.5
291.9
-658.6
10.4
-669

Dividend
Dividend Distribution Tax
Addition to Reserves & Surplus

200.4

201.9

173.6
35.1

2016E

2017E

2018E

2019E

2020E

2021E

2022E

2023E

47826.65 52131.04 56562.18 61369.97 66586.42 71808.04 77439.14

82660
7.00%
9.00%
8.50%
8.50%
8.50%
7.84%
7.84%
6.74%
2,448.86 2,669.26 2,896.15 3,142.32 3,409.42 3,676.78 3,965.11 4,232.43
5.12%
5.12%
5.12%
5.12%
5.12%
5.12%
5.12%
5.12%
50275.5 54800.3 59458.3 64512.3 69995.8 75484.8 81404.2 86892.4
22756.27
47.58%
11956.66
25%
337.7
0.71%
3,533.69
7.39%
7326.85
15.32%
45911.2

24804.33 26912.7 29200.28 31682.3 34166.79 36846.11 39330.23

47.58%
47.58%
47.58%
47.58%
47.58%
47.58%
47.58%
10426.21 8484.327 6136.997 6658.642 7180.804 7743.914
8266
20%
15%
10%
10%
10%
10%
10%
337.7
337.7
337.7
337.7
337.7
337.7
337.7
0.65%
0.60%
0.55%
0.51%
0.47%
0.44%
0.41%
3,851.73 4,179.12 4,534.35 4,919.77 5,305.57 5,721.63 6,107.37
7.39%
7.39%
7.39%
7.39%
7.39%
7.39%
7.39%
7986.267 8665.099 9401.633 10200.77 11000.7 11863.37 12663.18
15.32%
15.32%
15.32%
15.32%
15.32%
15.32%
15.32%
47406.2 48578.9
49611 53799.2 57991.6 62512.7 66704.5

4,364.34 7,394.07
###
1,887.08 1,901.57 1,886.10
3.95%
3.65%
3.33%
2,477.25 5,492.51 8,993.28
838.03
838.03
698.27
1639.219
0
1639.219
567.3339
1071.89

4654.471
0
4654.471
1610.912
3043.56

8295.008
0
8295.008
2870.902
5424.11

###
1,904.46
3.10%
###
460.67

###
1,913.63
2.87%
###
372.15

###
2,005.39
2.79%
###
372.15

###
2,097.15
2.71%
###
372.15

###
2,188.91
2.65%
###
372.15

12536.21
0
12536.21
4338.781
8197.43

13910.87
0
13910.87
4814.551
9096.32

15115.71
0
15115.71
5231.547
9884.16

16422.23
0
16422.23
5683.734
10738.5

17626.88
0
17626.88
6100.664
11526.2

173.16
173.16
173.16
173.16
173.16
173.16
173.16
173.16
29.96447 29.96447 29.96447 29.96447 29.96447 29.96447 29.96447 29.96447
868.76 2,840.43 5,220.98 7,994.30 8,893.19 9,681.04 10,535.37 11,323.09

2024E

2025E

87323.57 91689.75
5.64%
5.00%
4,471.22 4,694.78
5.12%
5.12%
91794.8 96384.5
41549.19 43626.65
47.58%
47.58%
8732.357 9168.975
10%
10%
337.7
337.7
0.39%
0.37%
6,451.94 6,774.54
7.39%
7.39%
13377.62 14046.5
15.32%
15.32%
70448.8 73954.4
###
2,280.67
2.61%
###
372.15

###
2,372.44
2.59%
###
372.15

18693.15
0
18693.15
6469.7
12223.5

19685.58
0
19685.58
6813.178
12872.4

173.16
173.16
29.96447 29.96447
12,020.33 12,669.27

(All Figures in Rs Million)

2015A

2016E

2017E

Equity & Liabilities

Shareholders Funds
Share Capital
Reserves & Surpluses
Total Equity

432.9
432.9
432.9
11187.7 12,056.46 14,896.89
11620.6 12489.36 15329.8

Non-Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
Total Non-Current Liabilities

9522 9,522.00 9,522.00

0
0
0
2404.5 2510.8989 2736.88
310.3
310.3
310.3
12236.8 12343.2 12569.2

Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
Total Current Liablities
Total Liabilities & Shareholder Funds

6480 3,800.00 3,800.00

9149.7 9,491.23 10,518.36
1869.6 2,630.47 2,867.21
322
322
322
17821.3 16243.7 17507.6
41678.7 41076.26 45406.5

ASSETS
Non-Current Assets
Tangible Assets
Intangible Assets
Capital Work in Progress
Intangible Assets Under Development
Non-Current Investments
Long Term Loans & Advances
Other Non-Current Assets
Total Non-Current Assets

13402.7 11,780.83
108.2
42.99
741.8
741.8
0
0
0
0
1404.2 1860.4565
1322.6
1453.93
16979.5
15880

Current Assets
Current Investments
Inventories
Trade Receivables
Cash & Bank Balances
Short Term Loans & Advances
Other Current Assets
Total Current Assets
Total Assets

0
0
0
9907.7 10371.145 10524.3
9304.5 9,958.42 10,854.68
1276.9
968.21 5,101.54
3599.3 3,295.26 3,591.83
610.8
602.62
656.85
24699.2 25195.65 30729.2
41678.7 41075.66 45405.9
-0.6

10,322.25
0.00
741.8
0
0
2027.898
1584.784
14676.7

-0.6

2018E

2019E

2020E

2021E

2022E

2023E

2024E

2025E

432.9
432.9
432.9
432.9
432.9
432.9
432.9
432.9
20,117.88 28,112.18 37,005.37 46,686.41 57,221.78 68,544.87 80,565.20 93,234.48
20550.8 28545.08 37438.3 47119.3 57654.7 68977.8 80998.1 93667.4

6,687.00 1,867.50
72.00
72.00
72.00
72.00
72.00
72.00
0
0
0
0
0
0
0
0
2969.515 3221.9233 3495.787 3769.922 4065.555 4339.65 4584.488 4813.712
310.3
310.3
310.3
310.3
310.3
310.3
310.3
310.3
9966.81 5399.723 3878.09 4152.22 4447.85 4721.95 4966.79 5196.01

3,800.00 3,800.00 3,800.00 3,800.00 3,800.00 3,800.00 3,800.00 3,800.00

10,571.05 10,799.99 10,935.30 11,016.25 11,944.77 12,874.21 13,876.53 14,805.84
3,110.92 3,375.35 3,662.25 3,949.44 4,259.15 4,546.30 4,802.80 5,042.94
322
322
322
322
322
322
322
322
17804 18297.34 18719.6 19087.7 20325.9 21542.5 22801.3 23970.8
48321.6 52242.14 60035.9 70359.2 82428.5 95242.2 108766 122834

8,736.15 7,031.69 5,218.06 4,212.67 3,115.52 1,926.60

645.93
-726.51
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
741.8
741.8
741.8
741.8
741.8
741.8
741.8
741.8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2200.269 2387.2918 2590.212 2793.333 3012.383 3215.474 3396.887 3566.731
1719.49 1865.647 2024.227 2182.964 2354.15 2512.864 2654.637 2787.368
13397.7 12026.43 10574.3 9930.77 9223.85 8396.74 7439.25 6369.39

0
0
10573.56 10555.883
11,777.33 12,778.40
7,962.54 11,879.17
3,897.13 4,228.39
712.68
773.26
34923.2 40215.11
48321 52241.54
-0.6

-0.6

0
11444.64
13,864.57
18,725.01
4,587.80
838.99
49461
60035.3

0
12334.28
14,951.81
27,289.41
4,947.57
904.78
60427.9
70358.6

0
13293.68
16,124.31
37,474.72
5,335.56
975.73
73204
82427.9

-0.6

-0.6

-0.6

0
0
0
14183.19 14977.75 15721.64
17,211.40 18,182.44 19,091.57
48,713.52 61,049.30 74,178.25
5,695.27 6,016.59 6,317.42
1,041.52 1,100.28 1,155.29
86844.9 101326 116464
95241.6 108766 122834
-0.6

-0.6

-0.6

2015A

2016E

-658.6

1,639.22

-291.9
1424.2
955.6
3.3
-63.8
99.2
17.1
15.7
1500.8
-674.1
-267.2
-35.4
1552.4
-2642.3
-661.9
150.4
-1077.3
268.9
-808.4
-154.9
-963.3

0
1,887.08
838.03
0

Cash Flow from Operating Activities

Net (loss)/profit before tax
Adjustment for:
Exceptional Items
Depreciation/Amortization
Finance Costs
(Profit)/Loss on sale of fixed assets (net)
Interest Income
Unrealised (gain)/loss on foreign exchange (net)
Bad debts written off
Provision for doubtful debts
Operating Cash Flow before working capital changes
(Increase)/Decrease in Trade receivables
(Increase)/Decrease in Loans & Advances
(Increase)/Decrease in Other current and non current assets
Decrease/(Increase) in Inventories
(Decrease)/Increase in Trade payables
(Decrease)/Increase in Other current liabilities
(Decrease)/Increase in Short-term provisions
Operating Cash Flow after working capital changes
Changes in Long term liabilities/provisions
Cash generated from/(used in) operations
Direct taxes paid (net)
Net cash generated from/(used in) operating activities
Cash flow from investing activities
Acquisition of fixed assets
Realization on sale of fixed assets
Interest received
Net cash (used in) investing activities

-2070.9
353.1
87.3
-1630.5

-200.00
0

3346.7
1743.9
-122.1
0
-1044.6
-174.4
-29.4
3720.1
1126.3
150
1276.3

-2,680.00
0
0.00
0
-838.03
-173.16
-29.96447
-3721.16
-308.0884
1276.3
968.2116

Cash flow from financing activities

(Repayments)/Proceeds from short-term borrowings
Proceeds from long term borrowings
Repayment of long term borrowings
Issue of Equity
Interest paid
Dividend paid
Dividend Distribution Tax
Net cash generated from financing activities
Net increase/(decrease) in cash and cash equivalents
Opening cash and cash equivalents
Closing cash and cash equivalents

0
0
0
4,364.34
-653.92
-152.21
-123.15
-463.45
341.53
760.87
0.00
4,074.01
106.40
4,180.40
-567.33
3,613.07

-200

2017E

2018E

2019E

2020E

2021E

2022E

2023E

2024E

4,654.47

8,295.01 12,536.21 13,910.87 15,115.71 16,422.23 17,626.88 18,693.15

0
1,901.57
838.03
0

0
1,886.10
698.27
0

0
0
0
7,394.07
-896.26
-464.01
-185.09
-153.16
1,027.12
236.74
0.00
6,959.42
225.98
7,185.40
-1,610.91
5,574.49

0
1,904.46
460.67
0

0
1,913.63
372.15
0

0
2,005.39
372.15
0

0
2,097.15
372.15
0

0
2,188.91
372.15
0

0
2,280.67
372.15
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
###
###
###
###
###
###
###
-922.65 -1,001.07 -1,086.16 -1,087.24 -1,172.50 -1,087.08
-971.05
-477.68
-518.28
-562.33
-562.89
-607.03
-562.81
-502.73
-190.54
-206.73
-224.31
-224.53
-242.14
-224.50
-200.53
-49.26
17.68
-888.76
-889.64
-959.40
-889.51
-794.56
52.69
228.94
135.31
80.95
928.52
929.44 1,002.32
243.71
264.43
286.90
287.19
309.71
287.15
256.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9,535.66
###
###
###
###
###
###
232.63
252.41
273.86
274.14
295.63
274.09
244.84
9,768.29
###
###
###
###
###
###
-2,870.90 -4,338.78 -4,814.55 -5,231.55 -5,683.73 -6,100.66 -6,469.70
6,897.39 9,599.92 9,316.61
###
###
###
###

-400.00
0

-300.00
0

-200.00
0

-100.00 -1,000.00 -1,000.00 -1,000.00 -1,000.00

0
0
0
0
0

-400

-300

-200

-100

-1000

-1000

-1000

-1000

0.00
0
0.00
0
-838.03
-173.16
-29.96447
-1041.16
4133.328
968.2116
5101.539

0.00
0
-2,835.00
0
-698.27
-173.16
-29.96447
-3736.39
2860.997
5101.539
7962.537

0.00
0
-4,819.50
0
-460.67
-173.16
-29.96447
-5483.29
3916.63
7962.537
11879.17

0.00
0
-1,795.50
0
-372.15
-173.16
-29.96447
-2370.77
6845.841
11879.17
18725.01

0.00
0
0.00
0
-372.15
-173.16
-29.96447
-575.274
8564.404
18725.01
27289.41

0.00
0
0.00
0
-372.15
-173.16
-29.96447
-575.274
10185.31
27289.41
37474.72

0.00
0
0.00
0
-372.15
-173.16
-29.96447
-575.274
11238.79
37474.72
48713.52

0.00
0
0.00
0
-372.15
-173.16
-29.96447
-575.274
12335.79
48713.52
61049.3

2025E
19,685.58
0
2,372.44
372.15
0
0
0
0
###
-909.12
-470.67
-187.75
-743.89
929.30
240.14
0.00
###
229.22
###
-6,813.18
###

-1,000.00
0
-1000

0.00
0
0.00
0
-372.15
-173.16
-29.96447
-575.274
13128.94
61049.3
74178.25

2015A
EBIT
NOPAT
Add: Depreciation+Amortization
Gross Cash Flow

2016E
2017E
2018E
2,477.25 5,492.51 8,993.28
1619.876 3591.549 5880.704
1,887.08 1,901.57 1,886.10
3,506.96 5,493.11 7,766.81

Capex
Inc. in Operating Working Capital
Gross Investment

200.00
400.00
300.00
-605.9452 4269.686 3897.642
-405.95 4,669.69 4,197.64

Free Cash Flow

Terminal Value
Unlevered Value
Short Term Debt
Long Term Debt
Interest
Interest Tax Shield
Terminal Value of Tax Shield
Present Value of Tax Shield
Enterprise Value
Less: Debt
Equity Value

3,912.90
13749.7144
6480
9522

1485.51306
15235.2274
16,002.00
-766.77

823.43

3,569.17

3,800.00 3,800.00 3,800.00

9,522.00 9,522.00 6,687.00
838.03
838.03
698.27
290.0438 290.0438 241.6709

2019E
2020E
2021E
2022E
2023E
2024E
2025E
12,996.87 14,283.02 15,487.86 16,794.38 17,999.03 19,065.30 20,057.73
8498.656 9339.664 10127.51 10981.85 11769.57 12466.8 13115.75
1,904.46 1,913.63 2,005.39 2,097.15 2,188.91 2,280.67 2,372.44
10,403.11 11,253.30 12,132.90 13,079.00 13,958.48 14,747.48 15,488.18
200.00
100.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
4798.486 8823.687 10598.71 11537.92 12424.3 13222.66 13968.36
4,998.49 8,923.69 11,598.71 12,537.92 13,424.30 14,222.66 14,968.36
5,404.63

2,329.61

534.20

541.08

534.18

524.82

519.82
6355.188

3,800.00
1,867.50
460.67
159.4371

3,800.00
72.00
372.15
128.801

3,800.00
72.00
372.15
128.801

3,800.00
72.00
372.15
128.801

3,800.00
72.00
372.15
128.801

3,800.00
72.00
372.15
128.801

3,800.00
72.00
372.15
128.801
1574.673

Inventory Conversion Cycle

Receivables Conversion Period
Trade Payables Payment Period
Cash Conversion Cycle

108
76
100
84
2015A

Inventories
Receivables
Payables
Operating Working Capital

9907.7
9304.5
9149.7
13357.9

2016E

2017E

2018E

2019E

2020E

2021E

2022E

2023E

10371.15 10524.3 10573.56 10555.88 11444.64 12334.28 13293.68 14183.19

9958.425 10854.68 11777.33 12778.4 13864.57 14951.81 16124.31 17211.4
9491.233 10518.36 10571.05 10799.99 10935.3 11016.25 11944.77 12874.21
12751.95 17021.64 20919.28 25717.77 34541.46 45140.16 56678.09 69102.38

2024E

2025E

14977.75 15721.64
18182.44 19091.57
13876.53 14805.84
82325.04

96293.4

2015A

Add: Growth Capex

Add: Maintenance Capex
Closing Gross Fixed Tangible Assets

20,045.60

2016E
20,045.60
200.00
200.00
1,031.26
20,245.60

Gross Fixed Assets

Less: Accumulated Depreciation
Net Fixed Assets

20,045.60
6,642.90
13,402.70

20,245.60
8,464.77
11,780.83

Gross Block
Buildings
Plant & Machinery
Vehicles
Furniture and Fixtures
Office Equipment

2015A
3,454.40
15,276.10
165.20
430.90
328.00
19,654.60

2016E
3,489.55
15,431.55
166.88
435.28
331.34
20,885.86

Depreciation
Buildings
Plant & Machinery
Vehicles
Furniture and Fixtures
Office Equipment
Total Depreciation

2015A

2016E
116.32
1,543.15
41.72
54.41
66.27
1,821.87

2015A
68.80
51.70
17.10
205.80
114.70
91.10
108.20

2016E
68.80
65.46
3.34
205.80
166.15
39.65
42.99

Opening Gross Fixed Tangible Assets

Amortization of Intangible Assets

Gross Goodwill
less: Accumulated Amortization
Net GoodWill
Gross Software
less: Accumulated Amortization
Net Software
Net Fixed Intangible Assets
Amortization of Goodwill
Amortization of Software
Total Depreciation & Amortization

13.76
51.45
1,887.08

2017E
2018E
2019E
2020E
2021E
2022E
2023E
2024E
20,245.60 20,645.60 20,945.60 21,145.60 21,245.60 22,245.60 23,245.60 24,245.60
400.00
300.00
200.00
100.00 1,000.00 1,000.00 1,000.00 1,000.00
400.00
300.00
300.00
300.00
300.00
300.00
300.00
300.00
1,124.08 1,219.63 1,323.29 1,435.77 1,548.36 1,669.79 1,782.36 1,882.92
20,645.60 20,945.60 21,145.60 21,245.60 22,245.60 23,245.60 24,245.60 25,245.60
20,645.60 20,945.60 21,145.60 21,245.60 22,245.60 23,245.60 24,245.60 25,245.60
10,323.35 12,209.45 14,113.91 16,027.54 18,032.93 20,130.08 22,319.00 24,599.67
10,322.25 8,736.15 7,031.69 5,218.06 4,212.67 3,115.52 1,926.60
645.93
2017E
2018E
2019E
2020E
2021E
2022E
2023E
2024E
3,559.85 3,612.58 3,647.73 3,665.31 3,841.06 4,016.82 4,192.57 4,368.33
15,742.44 15,975.60 16,131.05 16,208.77 16,986.00 17,763.23 18,540.46 19,317.68
170.24
172.76
174.45
175.29
183.69
192.10
200.50
208.91
444.05
450.63
455.02
457.21
479.13
501.06
522.98
544.90
338.01
343.02
346.36
348.03
364.71
381.40
398.09
414.78
22,409.94 23,929.57 25,552.86 27,288.64 29,137.00 31,106.79 33,189.15 35,372.07
2017E
2018E
2019E
2020E
2021E
2022E
2023E
2024E
118.66
120.42
121.59
122.18
128.04
133.89
139.75
145.61
1,574.24 1,597.56 1,613.11 1,620.88 1,698.60 1,776.32 1,854.05 1,931.77
42.56
43.19
43.61
43.82
45.92
48.02
50.13
52.23
55.51
56.33
56.88
57.15
59.89
62.63
65.37
68.11
67.60
68.60
69.27
69.61
72.94
76.28
79.62
82.96
1,858.58 1,886.10 1,904.46 1,913.63 2,005.39 2,097.15 2,188.91 2,280.67
2017E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2018E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2019E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2020E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2021E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2022E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2023E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

2024E
68.80
68.80
0.00
205.80
205.80
0.00
0.00

3.34
39.65

0
0

0
0

0
0

0
0

0
0

0
0

0
0

1,901.57 1,886.10 1,904.46 1,913.63 2,005.39 2,097.15 2,188.91 2,280.67

2025E
25,245.60
1,000.00
300.00
1,977.07
26,245.60
26,245.60
26,972.11
-726.51
2025E
4,544.08
20,094.91
217.31
566.83
431.47
37,649.13
2025E
151.47
2,009.49
54.33
70.85
86.29
2,372.44
2025E
68.80
68.80
0.00
205.80
205.80
0.00
0.00
0
0
2,372.44

Short Term Debt

Opening Debt
Issuance
less: Repayment
Closing Debt

Long term Debt

Opening
Add: Drawdown
Less: Repayment
ECB repayment in USD
Forward Rates
Repayment (in INR)
Closing
Interest expenses
Short term debt
Long term debt
Total

2015

2016E

2017E

6480

6480
0.00
2680
3,800.00

3800
0.00
0
3,800.00

2016

2017

9522
0

9,522.00
0

0.00
66.1544
0.00
9,522.00

0.00
69.9209
0.00
9,522.00

368.6
469.43
838.03

368.6
469.43
838.03

2018E

2019E

2020E

2021E

2022E

2023E

2024E

2025E

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

3800
0.00
0
3,800.00

2018

2019

2020

2021

2022

2023

2024

2025

9,522.00
0

6,687.00
0

1,867.50
0

72.00
0

72.00
0

72.00
0

72.00
0

72.00
0

45.00
73.9019
2,835.00
6,687.00

76.50
78.1095
4,819.50
1,867.50

28.50
82.5567
1,795.50
72.00

0.00
87.2571
0.00
72.00

0.00
92.2251
0.00
72.00

368.6
329.67
698.27

368.6
92.07
460.67

368.6
3.55
372.15

368.6
3.55
372.15

368.6
3.55
372.15

0.00
0.00
0.00
97.4760 103.0258 108.8916
0.00
0.00
0.00
72.00
72.00
72.00

368.6
3.55
372.15

368.6
3.55
372.15

368.6
3.55
372.15

Fund Flow Statement

Sources
FGFO
Sale of Fixed Assets
Issue of Equity Share
Borrowings
Interest Received

Applications
Purchase of Fixed Assets
Payment of Dividend+Tax
Interest Paid
Direct Tax Paid
Increase In Working Capital
Reconcilation
Increase in Change in Working Capital (Excluding Cash)
Increase in Cash & Cash Equivalents
Less: Increase in Other LTL/Provisions
Increase In Working Capital

2015A

2016E

2017E

Current Ratio
Debt/Equity
Long Term Debt/Equity

1.43
0.84

Based On Sector Average

Based On Sector Average

0.7

Based on Sector Average

Beta
Basf
Pidilite
UPL
Tata Chemicals

Levered Beta
Market Risk Premium
Risk Free Rate
Kd
Ke
Unlevered Cost of Equity (Rho)
WACC

Adjusted Beta
Debt
0.97
0.98
26.20%
0.661
0.774
0.30%
1.016
1.011
15.90%
1.158
1.105
46.50%

0.97
8.31%
7.67%
9.70%
15.69%
13.59%
13.24%

Equity
D/E
Unlevered Beta Ke
Kd
73.80%
0.36
0.72
11.30%
99.70%
0.003
0.66
10.40%
84.10%
0.19
0.85
11.45
53.50%
0.87
0.62
11.80%
Average
0.71

WACC
Spread
9.70%
10.80% 301 bps
6.70%
10.40%
7.90%
10.80%
7.50%
9.80%

Generation
Revenues
Operational Expenses

51090.4
41880.5
9209.9

Distribution
Employees
Government of India
External Financier
Shareholders
Retention

Percentage
37.40%
43.89%
10.38%
1.88%
6.46%

Difference

3444.1
4042.3
955.6
173.1
594.8
9209.9
0

% Rupee spent (FROM VAS)

Employees

Government of India

Shareholders

Retention

External Financier

6%
2%
10%
37%

44%

Revenues
Sale of goods
Service Income
Other Operating Revenues
Other Income
Total
Operational Expenses
Cost of Materials Consumed
Purchase of Traded goods
Changes in Inventories
Other Expenses
Total

48631.6
2251
108.8
99
51090.4
21529.6
13080.6
337.7
6932.6
41880.5

Employees

3444.1

Government of India
Excise Duty
Deferred Tax Charge
Rates & Taxes (From Other Expenses)
Tax on Proposed Dividend
Total

3933.8
10.4
62.8
35.3
4042.3

External Financier - Finance costs

955.6

Shareholders- Proposed Dividend

173.1

Retention
Depreciation& Amortization
Adjustment of depreciation
Bad Debts Written Off
Provision of Bad Debt (Net)
Loss on Sale of Assets
Foreign Exchange Loss (net)
Retained Earnings
Exceptional Gain
Total

1424.2
3.7
17.1
15.7
3.3
303.8
-881.1
291.9
594.8