Timelines

Signing of Concession Agreement 7-Mar-07

Construction Schedule Beginning 8-Mar-08
Construction Period (Months) 37
Days in a year 365
Construction Complete 31-Mar-11
Commercial Operation Date 1-Apr-11
First Year of Operation 2012
End of First Financial Year 31-Mar-12
Months in First Year 12
Total Project Life 35
Project Life (Operation Period) 32
Drawdon Start 1-Oct-08
Project Ends On 28-Feb-43

Grant

Grant from MMRDA (Rs. Cr) 650

Dates

Start of Year 1-Oct-08

End of Year 31-Mar-09

Construction Period Multiplier 0.50

Operation Period Multiplier 0.00

Project Cost

(A) Hard Cost

Rolling Stock 581
SCADA 19
Telecom 59
AFC 24
Lifts, Escalator & E&M 121
Civil Works, Car Shed 781
OHE 71
Track works 101
Signalling 85
Workshop & misc 60
Sub-total (A) 1900
(B) Soft & Financing Cost
Pre-operative Expenses 121
Contingency 76
Project Mgmt Consultancy & System Integration 130
Interest During Construction Period 177
Stamp Duty 14
Financing Cost 12
Sub-total (B) 530
Total Project Cost 2430

Cost Assumptions

Contingency (% of Hard Cost) 4.00%

Project Mgmt Consultancy & System Integration
130
Stamp Duty 14
Financing Cost 1%

Exchange Rate

USD 41

Project Cost Phasing

Particulars 31-Mar-09
Rolling Stock 12%
SCADA 10%
Telecom 10%
AFC 10%
Escalator 10%
Civil Works 40%
OHE 10%
Track works 10%
Signalling 10%
Car Shed , workshop & misc 10%
Contingency 0%
Project Mgmt Consultancy & System Integration
12%
Stamp Duty 100%
Financing Cost 61%

Opex Assumption

WPI Assumption

WPI Inflation 5%
Financial Year 31-Mar-09
Inflation Indexing 1.00

Energy Cost

Energy Charges (Rs./Unit) 3.4

Demand Charges (Rs./KVA/Month) 374

Financial Year 31-Mar-09

Energy Charges (Rs/unit) 3.5
Increase in Electricity Tariff (%) 3%
Demand Charges/ MVA 374
Increase in Demand Charges (%) 0%
For Load other than Traction
PLF 85%
Energy Losses 5%

Financial Year 31-Mar-09

Aux. Power Requirement (KVA) 4250
Aux. Power Requirement assuming 5% energy
losses and 85% PLF (KVA) 5250
Fixed Charge (Rs./ kVA / month 374
Total Fixed Charges p.a. (Rs. Cr) 0.00
No of Hours of Operation 20
Diversity Factor 0.40
Power (KW) 1700
Consumptions/ Day (KWH) 34000
Consumptions p.a. (MU) 0.00
Energy charges (Rs./ KWH) 3.5
Total Energy Charges p.a. (Rs. Cr) 0.00
Demand Charges + Energy Charges (Rs.Cr) 0.00
Charges during Operation 0.00

Traction Power
Financial Year 31-Mar-09
Load (MVA) 6.3
Fixed Charge (Rs./ KVA / month) 374
Total Fixed Charges p.a. (Rs. Cr) 0
Energy per day (KWH) 72498
Energy p.a. (MU) 0.00
Energy charges (Rs./ KWH) 3.5
Total Energy Charges p.a. (Rs. Cr) 0.00
Demand Charges + Energy Charges (Rs. Cr) 0.00
Charges during Operation 0.00

Total Energy Regenerated

Start Date End Date

1-Oct-10 30-Sep-15
1-Oct-15 28-Feb-43

Financial Year 31-Mar-09

Total Energy Regenerated (MU) 0.00

Emission Reduction
Start Date End Date
1-Oct-10 30-Sep-15
1-Oct-15 30-Sep-20

Carbon Credit Rate 10.00

700.00
Administration Cost

Particulars Amount
Admin & General Cost (JVC) - Rs. Cr - 8
Escrow Bank Charges 0.15
Bank Guarantee Charges (% of BG) 0.50%
Bank Guarantee (Rs. Cr) 14
Independent Engineer Cost 1
IE Cost to be born by JVC 0.5
Auditors' Fees (Statutory + Internal) 0.4
Lender's Agent and LE Expenses 0.3
Management's Fees Rs. Cr p.a. 2

Financial Year 31-Mar-09

Admin & General Cost (JVC) - Rs. Cr 8.00
Escrow Bank Charges 0.15
Bank Guarantee Charges (% of BG) 0.07
Bank Guarantee (Rs. Cr) 14
Independent Engineer Cost (with inflataion) 2.5
Auditors' Fees (Statutory + Internal) 0.40
Lender's Agent and LE Expenses 0
Management's Fees Rs. Cr p.a. 2
Other Expenditure 15
Admin Expense during Construction 28.05
Admin Expense during Operation 0

Spare Cost

Defect Liability Period

System
(Yr)
Rolling Stock 1
SCADA 1
Telecom 1
AFC 1
Escalator 1
Civil Works 1
OHE 1
Track works 1
Signalling 1
Building (special architectural items only) -

Particulars 31-Mar-09
Rolling Stock 0.00
SCADA 0.00
Telecom 0.00
AFC 0.00
Escalator 0.00
Civil Works 0.00
OHE 0.00
Track works 0.00
Signalling 0.00
Building (special architectural items only)
Spare Cost Expense during Operation 0.00

Employee Cost

Particulars 31-Mar-09
No. of Employees
JVC Company 66
O&M Company 1
Cost per employee
JVC Company 9.41
O&M Company 36.40
Training Expense 0.00
Total Employee Cost during Construction 6.57
Total Employee Cost during Operation 0.00

Insurance Cost

Particulars CAPEX
Sum 1900
During Construction - Premium % 0.28%
During Operation - Premium % 0.40%
Total Premiuim during Construction 5.32
Inflation in ALOP

Particulars 31-Mar-09
On Capex
During Construction 1.06
During Operation 0.00
ALOP
During Construction 0.10
During Operation 0.00

Insurance Cost during Construction 1.16

Insurance Cost during Operation 0.00

Other Expenditure

Particulars 31-Mar-09
Other Expenditure during Construction 2.43
Other Expenditure during Operation 0.00

Traffic Revenue

Fare Indexing

Base Year 2004

Base Year Fare
Fare upto 3 km 6
Fare between 3-8 km 8
Fare beyond 8 km 10
Average Operating Days per Year 330
Base Fare indexing 11%

Fare upto 3 kms in

Year
actual yrs

2004 6
2005 6
2006 6
2007 7
2008 7
2009 7
2010 8
2011 8
2012 8
2013 9
2014 9
2015 9
2016 10
2017 10
2018 10
2019 11
2020 11
2021 11
2022 12
2023 12
2024 12
2025 13
2026 13
2027 13
2028 14
2029 14
2030 14
2031 16
2032 16
2033 16
2034 18
2035 18
2036 18
2037 20
2038 20
2039 20
2040 22
2041 22
2042 22

Traffic Report

Year PH Ridership
2011 49414
2015 54713
2021 63152
2031 78427
Trip Length Frequency Distribution

Distance
Year
Upto 3 kms
2011 4.10%
2015 3.60%
2021 2.70%
2031 2.40%

Other Revenue

Particulars
Financial Year 2008
Advertisement Revenue 24.21
Retail Revenue 2.78
Increase in advertisement rates every year 5%
Increase in advertisement revenue every 2 yrs 15%
Increase in retail revenue 5%

Funding Assumption

Rupee Term Loan

Interest Rate 11.50%
Moratorium (Years) 1.50
Particulars 31-Mar-09
Repayment Schedule 0%

Foreign Currency Loan

Interest Rate 8.64%
Moratorium (Years) 1.50
Particulars 31-Mar-09
Repayment Schedule 0%

Book Depreciation Rate 5.00%

Depreciation Rate for IT 15%
Current Liabilities - Days of Opex 15
Corporate Tax 33.99%
MAT 11.33%

WACC Calculation
Cost of Equity 16%
Cost of RTL 11.50%
Cost of FCL 8.64%
Cost of Grant 0.00%
Average Tax 23.04%
WACC 7.87%
 1-Apr-09 1-Apr-10 1-Apr-11 1-Apr-12 1-Apr-13 1-Apr-14
31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

1.00 1.00 0.00 0.00 0.00 0.00

0.00 0.00 1.00 1.00 1.00 1.00
31-Mar-10 31-Mar-11
20% 68%
73% 17%
64% 26%
43% 48%
43% 48%
58% 2%
73% 17%
85% 5%
53% 37%
28% 62%
0% 100%

20% 68%
0% 0%
23% 16%

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

1.05 1.10 1.16 1.22 1.28 1.34

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

3.6 3.7 3.8 3.9 4.1 4.2
3% 3% 3% 3% 3% 3%
374 374 374 374 374 374
0% 0% 0% 0% 0% 0%
 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15
4250 4250 4250 4250 4250 4400

5250 5250 5250 5250 5250 5435

374 374 374 374 374 374
0.00 0.00 2.36 2.36 2.36 2.44
20 20 20 20 20 20
0.4 0.4 0.4 0.4 0.4 0.5
1700 1700 1700 1700 1700 2200
34000 34000 34000 34000 34000 44000
0.00 0.00 12.41 12.41 12.41 16.06
3.6 3.7 3.8 3.9 4.1 4.2
0.00 0.00 4.75 4.89 5.04 6.72
0.00 0.00 7.11 7.25 7.39 9.15
0.00 0.00 7.11 7.25 7.39 9.15

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

6.3 6.3 6.3 6.3 7.1 7.1
374 374 374 374 374 374
0 0 2.82744 2.82744 3.18648 3.18648
72498 72498 72498 72498 80675 80675
0.00 0.00 26.46 26.46 29.45 29.45
3.6 3.7 3.8 3.9 4.1 4.2
0.00 0.00 10.13 10.43 11.95 12.31
0.00 0.00 12.95 13.26 15.14 15.50
0.00 0.00 12.95 13.26 15.14 15.50

No.of Trains Total Run per Average Energy Total Energy

No. of Operating Days Operative per Train Per Day Regeneration per Regenerated
Day (Km/ Train) train per Km (KWH)
365.00 16.00 372.56 7.04 15317282.82
365.00 18.00 367.78 10.56 25516282.18

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

0.00 0.00 15.32 15.32 15.32 15.32

Emission Reductions (tCO2)

12565.00
20922.00

Euro
INR
 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15
8.40 8.82 9.26 9.72 10.21 10.72
0.15 0.15 0.15 0.15 0.15 0.15
0.07 0.05 0.04 0.04 0.04 0.04
14 11 7 7 7 7
2.5 2.5 0.58 0.61 0.64 0.67
0.42 0.44 0.46 0.49 0.51 0.54
0 0.3 0.3 0.3 0.3 0.3
2.10 2.21 2.32 2.43 2.55 2.68
20.00
33.57 14.42 0.00 0.00 0.00 0.00
0 0.00 13.07 13.70 14.36 15.06

Annual Spares (% of capital

costs)
3%
3%
3%
3.0%
3.0%
0.0%
1.5%
1.5%
2%
-

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

0.00 0.00 17.43 17.43 17.43 17.43
0.00 0.00 0.56 0.56 0.56 0.56
0.00 0.00 1.76 1.76 1.76 1.76
0.00 0.00 0.72 0.72 0.72 0.72
0.00 0.00 3.62 3.62 3.62 3.62
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1.07 1.07 1.07 1.07
0.00 0.00 1.51 1.51 1.51 1.51
0.00 0.00 1.70 1.70 1.70 1.70
 0.00 0.00 28.35 28.35 28.35 28.35

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

66 66 20 20 20 20
15 131 300 300 300 300

9.78 10.17 13.18 13.71 14.26 14.83

11.54 6.00 7.00 7.35 7.72 8.10
2.34 0.54 0.56 0.58 0.61 0.63
10.53 15.12 0.00 0.00 0.00 0.00
0.00 0.00 24.20 25.38 26.61 27.91

ALOP
50
1.0%
0.4%
0.50
4.0%

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

2.13 2.13 0.00 0.00 0.00 0.00

0.00 0.00 7.60 7.60 7.60 7.60

0.20 0.20 0.00 0.00 0.00 0.00

0.00 0.00 0.23 0.24 0.26 0.27

2.33 2.33 0.00 0.00 0.00 0.00

0.00 0.00 7.83 7.84 7.86 7.87

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

2.70 1.34
0.00 1.33 4.13 4.23 4.97 5.23

F. Y

Rs.
Rs.
Rs.
Days
 Every 3rd Year

Fare beyond 8
Fare 3-8 kms in actual yrs kms in actual
yrs
8 10
8 10
8 10
9 11
9 11
9 11
10 12
10 12
10 12
11 13
11 13
11 13
12 14
12 14
12 14
13 16
13 16
13 16
14 18
14 18
14 18
16 20
16 20
16 20
18 22
18 22
18 22
20 24
20 24
20 24
22 27
22 27
22 27
24 30
24 30
24 30
27 33
27 33
27 33

Daily Ridership
CAGR
(PH Ridership * 12.5)
617675 0%
683913 2.58%
789400 2.42%
980338 2.19%
 Distance
Between 3 and 8 kms Above 8 kms
76.8% 19.2%
77.90% 18.50%
78.15% 19.15%
80.20% 17.40%

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

0% 0% 0% 2% 2% 2%

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15

0% 0% 0% 2% 2% 2%
 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

4.3 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.5
3% 3% 3% 3% 3% 3% 3% 3% 3%
374 374 374 374 374 374 374 374 374
0% 0% 0% 0% 0% 0% 0% 0% 0%
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
4400 4400 4400 5100 5100 5100 5100 5100 5100

5435 5435 5435 6300 6300 6300 6300 6300 6300

374 374 374 374 374 374 374 374 374
2.44 2.44 2.44 2.83 2.83 2.83 2.83 2.83 2.83
20 20 20 20 20 20 20 20 20
0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6
2200 2200 2200 3060 3060 3060 3060 3060 3060
44000 44000 44000 61200 61200 61200 61200 61200 61200
16.06 16.06 16.06 22.34 22.34 22.34 22.34 22.34 22.34
4.3 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.5
6.92 7.12 7.34 10.51 10.83 11.15 11.49 11.83 12.19
9.36 9.56 9.78 13.34 13.66 13.98 14.32 14.66 15.02
9.36 9.56 9.78 13.34 13.66 13.98 14.32 14.66 15.02

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

7.1 7.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1
374 374 374 374 374 374 374 374 374
3.18648 3.18648 4.08408 4.08408 4.08408 4.08408 4.08408 4.08408 4.08408
80675 80675 100843 100843 100843 100843 100843 100843 100843
29.45 29.45 36.81 36.81 36.81 36.81 36.81 36.81 36.81
4.3 4.4 4.6 4.7 4.8 5.0 5.1 5.3 5.5
12.68 13.06 16.82 17.32 17.84 18.38 18.93 19.50 20.08
15.87 16.25 20.90 21.41 21.93 22.46 23.01 23.58 24.17
15.87 16.25 20.90 21.41 21.93 22.46 23.01 23.58 24.17

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

20.42 25.52 25.52 25.52 25.52 25.52 25.52 25.52 25.52
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
11.26 11.82 12.41 13.03 13.68 14.37 15.09 15.84 16.63
0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
7 7 7 7 7 7 7 7 7
0.70 0.74 0.78 0.81 0.86 0.90 0.94 0.99 1.04
0.56 0.59 0.62 0.65 0.68 0.72 0.75 0.79 0.83
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
2.81 2.95 3.10 3.26 3.42 3.59 3.77 3.96 4.16

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

15.79 16.55 17.36 18.20 19.09 20.02 21.00 22.03 23.11

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43
0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56
1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76
0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72
3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51
1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70
 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

20 20 20 20 20 20 20 20 20
300 300 285 294 294 294 294 294 294

15.42 16.04 18.29 19.02 19.78 20.57 21.39 24.39 25.36

8.51 8.93 9.38 9.85 10.34 10.86 11.40 11.97 12.57
0.66 0.68 0.71 0.74 0.77 0.80 0.83 0.87 0.90
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29.27 30.69 31.10 33.50 35.13 36.84 38.63 40.94 42.93

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.28 0.30 0.31 0.33 0.34 0.36 0.38 0.40 0.42

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.88 7.90 7.91 7.93 7.94 7.96 7.98 8.00 8.02

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

5.42 5.61 6.12 6.51 6.74 6.96 7.20 7.55 7.81

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
4.50% 4.50% 6.75% 6.75% 6.75% 6.75% 10% 10% 10%

31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24

4.50% 4.50% 6.75% 6.75% 6.75% 6.75% 10% 10% 10%
 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31 1-Apr-32
31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33
2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07 3.23

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

5.6 5.8 6.0 6.1 6.3 6.5 6.7 6.9 7.1
3% 3% 3% 3% 3% 3% 3% 3% 3%
374 374 374 374 374 374 374 374 374
0% 0% 0% 0% 0% 0% 0% 0% 0%
31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33
5100 5100 5100 5100 5100 5200 5200 5200 5200

6300 6300 6300 6300 6300 6424 6424 6424 6424

374 374 374 374 374 374 374 374 374
2.83 2.83 2.83 2.83 2.83 2.88 2.88 2.88 2.88
20 20 20 20 20 20 20 20 20
0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7
3060 3060 3060 3060 3570 3640 3640 3640 3640
61200 61200 61200 61200 71400 72800 72800 72800 72800
22.34 22.34 22.34 22.34 26.06 26.57 26.57 26.57 26.57
5.6 5.8 6.0 6.1 6.3 6.5 6.7 6.9 7.1
12.55 12.93 13.32 13.72 16.48 17.31 17.83 18.37 18.92
15.38 15.76 16.15 16.54 19.31 20.19 20.71 21.25 21.80
15.38 15.76 16.15 16.54 19.31 20.19 20.71 21.25 21.80

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

9.1 9.1 9.1 9.1 10.6 10.6 10.6 10.6 10.6
374 374 374 374 374 374 374 374 374
4.08408 4.08408 4.08408 4.08408 4.75728 4.75728 4.75728 4.75728 4.75728
100843 100843 100843 100843 121012 121012 121012 121012 121012
36.81 36.81 36.81 36.81 44.17 44.17 44.17 44.17 44.17
5.6 5.8 6.0 6.1 6.3 6.5 6.7 6.9 7.1
20.68 21.31 21.94 22.60 27.94 28.78 29.64 30.53 31.44
24.77 25.39 26.03 26.69 32.69 33.53 34.40 35.28 36.20
24.77 25.39 26.03 26.69 32.69 33.53 34.40 35.28 36.20

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

25.52 25.52 25.52 25.52 25.52 25.52 25.52 25.52 25.52
31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33
17.46 18.34 19.25 20.22 21.23 22.29 23.40 24.57 25.80
0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
7 7 7 7 7 7 7 7 7
1.09 1.15 1.20 1.26 1.33 1.39 1.46 1.54 1.61
0.87 0.92 0.96 1.01 1.06 1.11 1.17 1.23 1.29
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
4.37 4.58 4.81 5.05 5.31 5.57 5.85 6.14 6.45

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

24.24 25.43 26.68 27.99 29.37 30.82 32.34 33.93 35.60

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43
0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56
1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76
0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72
3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51
1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70
 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

20 20 20 20 20 20 20 20 20
314 314 314 314 314 314 314 314 314

26.38 27.43 28.53 32.52 33.82 35.18 36.58 38.05 43.37

13.20 13.86 14.55 15.28 16.04 16.85 17.69 18.57 19.50
0.94 0.97 1.01 1.05 1.10 1.14 1.18 1.23 1.28
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47.66 49.98 52.41 55.54 58.24 61.07 64.04 67.16 71.19

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.44 0.46 0.48 0.51 0.53 0.56 0.59 0.61 0.65

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

8.04 8.06 8.08 8.11 8.13 8.16 8.19 8.21 8.25

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33

8.14 8.42 8.70 9.15 9.83 10.17 10.51 10.86 11.42

31-Mar-25 31-Mar-26 31-Mar-27
10% 10% 10%

31-Mar-25 31-Mar-26 31-Mar-27

10% 10% 10%
 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38 1-Apr-39 1-Apr-40 1-Apr-41
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42
3.39 3.56 3.73 3.92 4.12 4.32 4.54 4.76 5.00

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

7.3 7.6 7.8 8.0 8.3 8.5 8.8 9.0 9.3
3% 3% 3% 3% 3% 3% 3% 3% 3%
374 374 374 374 374 374 374 374 374
0% 0% 0% 0% 0% 0% 0% 0% 0%
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42
5200 5200 5200 5200 5200 5200 5200 5200 5200

6424 6424 6424 6424 6424 6424 6424 6424 6424

374 374 374 374 374 374 374 374 374
2.88 2.88 2.88 2.88 2.88 2.88 2.88 2.88 2.88
20 20 20 20 20 20 20 20 20
0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7
3640 3640 3640 3640 3640 3640 3640 3640 3640
72800 72800 72800 72800 72800 72800 72800 72800 72800
26.57 26.57 26.57 26.57 26.57 26.57 26.57 26.57 26.57
7.3 7.6 7.8 8.0 8.3 8.5 8.8 9.0 9.3
19.48 20.07 20.67 21.29 21.93 22.59 23.26 23.96 24.68
22.37 22.95 23.55 24.17 24.81 25.47 26.15 26.85 27.56
22.37 22.95 23.55 24.17 24.81 25.47 26.15 26.85 27.56

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6
374 374 374 374 374 374 374 374 374
4.75728 4.75728 4.75728 4.75728 4.75728 4.75728 4.75728 4.75728 4.75728
121012 121012 121012 121012 121012 121012 121012 121012 121012
44.17 44.17 44.17 44.17 44.17 44.17 44.17 44.17 44.17
7.3 7.6 7.8 8.0 8.3 8.5 8.8 9.0 9.3
32.39 33.36 34.36 35.39 36.45 37.55 38.67 39.83 41.03
37.14 38.12 39.12 40.15 41.21 42.30 43.43 44.59 45.78
37.14 38.12 39.12 40.15 41.21 42.30 43.43 44.59 45.78

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

25.52 25.52 25.52 25.52 25.52 25.52 25.52 25.52 25.52
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42
27.09 28.45 29.87 31.36 32.93 34.58 36.30 38.12 40.03
0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
7 7 7 7 7 7 7 7 7
1.69 1.78 1.87 1.96 2.06 2.16 2.27 2.38 2.50
1.35 1.42 1.49 1.57 1.65 1.73 1.82 1.91 2.00
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
6.77 7.11 7.47 7.84 8.23 8.64 9.08 9.53 10.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

37.36 39.21 41.14 43.18 45.32 47.56 49.91 52.39 54.98

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43 17.43
0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56 0.56
1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76 1.76
0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72 0.72
3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62 3.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07 1.07
1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51 1.51
1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70
 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

20 20 20 20 20 20 20 20 20
314 314 314 324 328 328 328 328 328

45.11 46.91 48.79 50.74 57.84 60.16 62.56 65.07 67.67

20.48 21.50 22.58 23.70 24.89 26.13 27.44 28.81 30.25
1.33 1.39 1.44 1.50 1.56 1.62 1.69 1.75 1.82
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
74.65 78.28 82.09 88.45 94.77 99.37 104.21 109.27 114.59

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60 7.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.68 0.71 0.75 0.78 0.82 0.86 0.91 0.95 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

8.28 8.31 8.35 8.38 8.42 8.46 8.51 8.55 8.60

31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41 31-Mar-42

11.80 12.19 12.60 13.09 13.84 14.30 14.78 15.26 15.77

 1-Apr-42
28-Feb-43

0.00
0.91
28-Feb-43
5.25

28-Feb-43
9.6
3%
374
0%
28-Feb-43
5200

6424
374
2.88
20
0.7
3640
72800
26.57
9.6
25.42
28.30
25.82

28-Feb-43
10.6
374
4.75728
121012
44.17
9.6
42.26
47.01
42.89

28-Feb-43
23.28
28-Feb-43
42.03
0.15
0.03
6
2.63
2.10
0.3
10.51

0.00
52.65

28-Feb-43
17.43
0.56
1.76
0.72
3.62
0.00
1.07
1.51
1.70
 25.87

28-Feb-43

20
328

77.14
31.77
1.90
0.00
110.87

28-Feb-43

0.00
6.93

0.00
0.96

0.00
7.89

28-Feb-43

16.05
Traffic Revenue

Multiplier Factor 0.00 0.00 0.00

Financial Year 31-Mar-09 31-Mar-10 31-Mar-11

Daily Ridership 572,242 587,002 602,143

Traffic composition (%)

Trafiic < 3 km 4% 4% 4%
8 km <Trafiic>3 km 77% 77% 77%
Trafiic > 8 km 19% 19% 19%
Total 100.00% 100.00% 100.00%
Traffic composition (No)
Trafiic< 3 km 23,462 24,067 24,688
8 km <Trafiic>3 km 439,196 450,524 462,145
Trafiic>8 km 109,584 112,411 115,310

Annual ridership 188,839,819 193,710,742 198,707,306

Annual Revenue 0.00 0.00 0.00

Other Revenue

Particulars 31-Mar-09 31-Mar-10 31-Mar-11

Advertisment Revenue 25.42 26.69 30.70
Increase in Advertisment Revenue 5% 5% 15%
Retail Revenue 2.92 3.06 3.22
Increase in Retail Revenue 5% 5% 5%
Advertisment Revenue in P&L 0.00 0.00 0.00
Retail Revenue in P&L 0.00 0.00 0.00

Carbon Credits - Revenue

Particulars 31-Mar-09 31-Mar-10 31-Mar-11

Carbon Credit Revenue 0.00 0.00 0.00
 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17

617,675 633,607 649,951 666,715 683,913 700,460

4% 4% 4% 4% 3.60% 3.6%
77% 77.90% 77.90% 77.90% 77.90% 77.9%
19% 19% 19% 19% 19% 18.5%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

25,325 22,810 23,398 24,002 24,621 25,217

474,066 493,580 506,311 519,371 532,768 545,658
118,285 117,217 120,241 123,342 126,524 129,585

203,832,750 209,090,400 214,483,665 220,016,044 225,691,125 231,151,781

209.97 236.23 242.32 248.57 277.55 284.27
10

31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17

32.23 33.84 38.92 40.86 42.91 49.34
5% 5% 15% 5% 5% 15%
3.38 3.55 3.73 3.91 4.11 4.31
5% 5% 5% 5% 5% 5%
32.23 33.84 38.92 40.86 42.91 49.34
3.38 3.55 3.73 3.91 4.11 4.31

31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17

0.88 0.88 0.88 0.88 1.17 1.46
 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23

717,408 734,766 752,543 770,751 789,400 806,687

3.6% 3.6% 3.6% 3.6% 2.7% 2.7%

77.9% 77.9% 77.9% 77.9% 78.15% 78.15%
18.5% 18.5% 18.5% 18.5% 19% 19%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

25,827 26,452 27,092 27,747 21,314 21,781

558,861 572,382 586,231 600,415 616,916 630,426
132,720 135,932 139,221 142,589 151,170 154,481

236,744,560 242,472,657 248,339,347 254,347,983 260,502,000 266,206,657

291.15 326.93 334.84 342.94 383.25 391.64

31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23

51.81 54.40 62.56 65.69 68.97 79.32
5% 5% 15% 5% 5% 15%
4.53 4.75 4.99 5.24 5.50 5.78
5% 5% 5% 5% 5% 5%
51.81 54.40 62.56 65.69 68.97 79.32
4.53 4.75 4.99 5.24 5.50 5.78

31-Mar-18 31-Mar-19 31-Mar-20 30-Sep-20

1.46 1.46 1.46 0.73
 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29

824,352 842,404 860,852 879,704 898,968 918,654

3% 3% 3% 3% 3% 3%
78.15% 78.15% 78.15% 78.15% 78.15% 78.15%
19% 19% 19% 19% 19% 19%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

22,258 22,745 23,243 23,752 24,272 24,804

644,231 658,339 672,756 687,488 702,543 717,928
157,863 161,320 164,853 168,463 172,152 175,922

272,036,238 277,993,480 284,081,177 290,302,188 296,659,430 303,155,888

400.22 463.83 473.99 484.37 553.51 565.63

31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29

83.28 87.45 100.57 105.59 110.87 127.51
5% 5% 15% 5% 5% 15%
6.07 6.37 6.69 7.02 7.38 7.74
5% 5% 5% 5% 5% 5%
83.28 87.45 100.57 105.59 110.87 127.51
6.07 6.37 6.69 7.02 7.38 7.74
 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35

938,772 959,329 980,338 1,001,806 1,023,744 1,046,163

3% 3% 2.4% 2% 2% 2%
78.15% 78.15% 80.20% 80.20% 80.20% 80.20%
19% 19% 17% 17% 17% 17%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

25,347 25,902 23,528 24,043 24,570 25,108

733,650 749,716 786,231 803,448 821,043 839,022
179,775 183,712 170,579 174,314 178,131 182,032

309,794,610 316,578,711 323,511,375 330,595,856 337,835,477 345,233,637

578.01 653.99 666.43 681.03 769.39 786.24

31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35

133.88 140.58 161.66 169.74 178.23 204.97
5% 5% 15% 5% 5% 15%
8.13 8.54 8.97 9.41 9.88 10.38
5% 5% 5% 5% 5% 5%
133.88 140.58 161.66 169.74 178.23 204.97
8.13 8.54 8.97 9.41 9.88 10.38
 1.00 1.00 1.00 1.00 1.00 1.00
31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41

1,069,072 1,092,483 1,116,407 1,140,855 1,165,839 1,191,369

2% 2% 2% 2% 2% 2%
80.20% 80.20% 80.20% 80.20% 80.20% 80.20%
17% 17% 17% 17% 17% 17%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

25,658 26,220 26,794 27,381 27,980 28,593

857,396 876,172 895,359 914,966 935,003 955,478
186,019 190,092 194,255 198,509 202,856 207,298

352,793,807 360,519,535 368,414,446 376,482,246 384,726,720 393,151,738

803.45 899.42 919.12 939.25 1074.31 1097.84

31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41

215.21 225.98 259.87 272.87 286.51 329.48
5% 5% 15% 5% 5% 15%
10.90 11.44 12.01 12.62 13.25 13.91
5% 5% 5% 5% 5% 5%
215.21 225.98 259.87 272.87 286.51 329.48
10.90 11.44 12.01 12.62 13.25 13.91
 1.00 0.91
31-Mar-42 28-Feb-43

1,217,458 1,244,119

2% 2%
80.20% 80.20%
17% 17%
100.00% 100.00%

29,219 29,859
976,402 997,784
211,838 216,477

401,761,252 410,559,304
1121.88 1045.94

31-Mar-42 28-Feb-43
345.96 363.26
5% 5%
14.60 15.33
5% 5%
345.96 331.41
14.60 13.99
Profit and Loss

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Revenue
Traffic Revenue 0.00 0.00 0.00 209.97
Advertisement Revenue 0.00 0.00 0.00 32.23
Retail Revenue 0.00 0.00 0.00 3.38
Carbon Credit Revenue 0.00 0.00 0.00 0.88
Total Revenue 0.00 0.00 0.00 246.46

Expenditure
Employee Cost 0.00 0.00 0.00 24.20
Energy Charges 0.00 0.00 0.00 20.06
Insurance 0.00 0.00 0.00 7.83
Spare Parts 0.00 0.00 0.00 28.35
Administrative Expense 0.00 0.00 0.00 13.07
Other Expenditure 0.00 0.00 1.33 4.13
Bank Guarantee Charges 0.00 0.00 0.00 0.37
Total Expense 0.00 0.00 1.33 98.01

EBITDA 0.00 0.00 -1.33 148.45

EBITDA % 0% 0% #DIV/0! 60%

Depreciation 0.00 0.00 0.00 121.48

EBIT 0.00 0.00 -1.33 26.96

Interest 0.00 0.00 68.14 137.40

EBT 0.00 0.00 -69.47 -110.44

Tax 0.00 0.00 0.00 0.00

Tax % 0% 0% 0% 0%

PAT 0.00 0.00 -69.47 -110.44

PAT % 0% 0% 0% 0%

Computation of Tax

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Profit before tax 0.00 0.00 -69.47 -110.44
Add
Depreciation as per Companies Act 0.00 0.00 0.00 121.48
Less
Depreciation as per IT rules 0.00 0.00 462.74 295.04
Gross Total Income 0.00 0.00 -532.21 -283.99
Opening Unabsorbed Tax Depreciation 0.00 0.00 0.00 0.00
Current year Unabsorbed Tax Depreciation 0.00 0.00 0.00 0.00
Utilization of Depreciation 0.00 0.00 0.00 0.00
Gross total Income (Net of Unabsorbed Tax Dep) 0.00 0.00 -532.21 -283.99
Opening Brought Forward Tax Losses 0.00 0.00 0.00 532.21
Current year Losses to be Brought Forward 0.00 0.00 532.21 283.99
Utilization of Brought Forward Losses 0.00 0.00 0.00 0.00
Gross Taxable Income 0.00 0.00 -532.21 -283.99
Corporate Tax 0.00 0.00 0.00 0.00
MAT 0.00 0.00 0.00 0.00
Tax Payable before MAT Credit 0.00 0.00 0.00 0.00

Opening Cumulated MAT 0.00 0.00 0.00 0.00

Current Year MAT Credit 0.00 0.00 0.00 0.00
Utilization of MAT 0.00 0.00 0.00 0.00
Net Tax Payable 0.00 0.00 0.00 0.00

DSRA Calculation

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Repayment of LT Debt 0.00 0.00 0.00 0.00
Interest on LT Debt 0.00 0.00 68.14 137.40
DSRA Requirements 6
DSRA (6 months) 0.00 0.00 0.00 74.49
Bank Guarantee 0.00 0.00 0.00 74.49
Bank Guarantee Charges 0.00 0.00 0.00 0.37
 1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20
31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21

236.23 242.32 248.57 277.55 284.27 291.15 326.93 334.84 342.94

33.84 38.92 40.86 42.91 49.34 51.81 54.40 62.56 65.69
3.55 3.73 3.91 4.11 4.31 4.53 4.75 4.99 5.24
0.88 0.88 0.88 1.17 1.46 1.46 1.46 1.46 0.73
274.50 285.85 294.23 325.74 339.39 348.95 387.55 403.85 414.60

25.38 26.61 27.91 29.27 30.69 31.10 33.50 35.13 36.84

20.51 22.54 24.65 25.23 25.81 30.68 34.75 35.58 36.44
7.84 7.86 7.87 7.88 7.90 7.91 7.93 7.94 7.96
28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35
13.70 14.36 15.06 15.79 16.55 17.36 18.20 19.09 20.02
4.23 4.97 5.23 5.42 5.61 6.12 6.51 6.74 6.96
0.40 0.39 0.42 0.45 0.46 0.48 0.46 0.43 0.45
100.40 105.08 109.49 112.38 115.38 122.00 129.70 133.27 137.03

174.10 180.77 184.74 213.36 224.01 226.95 257.84 270.58 277.57

63% 63% 63% 66% 66% 65% 67% 67% 67%

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

52.61 59.28 63.25 91.88 102.53 105.46 136.36 149.10 156.08

135.65 132.91 130.17 126.06 119.55 111.85 102.60 93.60 84.10

-83.04 -73.63 -66.92 -34.19 -17.03 -6.38 33.76 55.49 71.98

0.00 0.00 0.00 0.00 0.00 0.00 3.83 6.29 8.16

0% 0% 0% 0% 0% 0% 11% 11% 11%

-83.04 -73.63 -66.92 -34.19 -17.03 -6.38 29.94 49.21 63.83

0% 0% 0% 0% 0% 0% 8% 12% 15%

1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20

31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21
-83.04 -73.63 -66.92 -34.19 -17.03 -6.38 33.76 55.49 71.98

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

250.78 213.17 181.19 154.01 130.91 111.27 94.58 80.40 68.34

-212.34 -165.31 -126.63 -66.72 -26.45 3.83 60.66 96.58 125.13
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 -212.34 -165.31 -126.63 -66.72 -26.45 3.83 60.66 96.58 125.13
816.20 1028.54 1193.86 1320.48 1387.20 1413.65 1409.82 1349.16 1252.58
212.34 165.31 126.63 66.72 26.45 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 3.83 60.66 96.58 125.13
-212.34 -165.31 -126.63 -66.72 -26.45 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 3.83 6.29 8.16
0.00 0.00 0.00 0.00 0.00 0.00 3.83 6.29 8.16

0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.83 10.11

0.00 0.00 0.00 0.00 0.00 0.00 3.83 6.29 8.16
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 3.83 6.29 8.16

1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20

31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21
24.92 24.92 24.92 56.06 56.06 84.09 84.09 84.09 84.09
135.65 132.91 130.17 126.06 119.55 111.85 102.60 93.60 84.10

79.60 78.23 84.30 89.43 92.89 95.66 91.09 86.47 90.37

79.60 78.23 84.30 89.43 92.89 95.66 91.09 86.47 90.37
0.40 0.39 0.42 0.45 0.46 0.48 0.46 0.43 0.45
 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29
31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30

383.25 391.64 400.22 463.83 473.99 484.37 553.51 565.63 578.01

68.97 79.32 83.28 87.45 100.57 105.59 110.87 127.51 133.88
5.50 5.78 6.07 6.37 6.69 7.02 7.38 7.74 8.13
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
457.73 476.74 489.57 557.65 581.25 596.99 671.76 700.88 720.03

38.63 40.94 42.93 47.66 49.98 52.41 55.54 58.24 61.07

37.33 38.24 39.18 40.15 41.15 42.17 43.23 52.01 53.73
7.98 8.00 8.02 8.04 8.06 8.08 8.11 8.13 8.16
28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35
21.00 22.03 23.11 24.24 25.43 26.68 27.99 29.37 30.82
7.20 7.55 7.81 8.14 8.42 8.70 9.15 9.83 10.17
0.47 0.43 0.40 0.37 0.33 0.16 0.00 0.00 0.00
140.96 145.55 149.80 156.95 161.72 166.56 172.37 185.93 192.30

316.77 331.20 339.77 400.70 419.53 430.43 499.39 514.95 527.73

69% 69% 69% 72% 72% 72% 74% 73% 73%

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

195.28 209.71 218.29 279.22 298.04 308.95 377.91 393.47 406.25

72.85 59.61 46.49 33.11 19.87 6.62 0.00 0.00 0.00

122.43 150.11 171.80 246.10 278.17 302.32 377.91 393.47 406.25

13.87 17.01 19.47 27.88 31.52 86.53 162.30 168.70 174.00

11% 11% 11% 11% 11% 29% 43% 43% 43%

108.56 133.10 152.34 218.22 246.66 215.79 215.61 224.76 232.25

24% 28% 31% 39% 42% 36% 32% 32% 32%

1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29

31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30
122.43 150.11 171.80 246.10 278.17 302.32 377.91 393.47 406.25

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

58.09 49.37 41.97 35.67 30.32 25.77 21.91 18.62 15.83

185.83 222.22 251.32 331.92 369.34 398.04 477.48 496.33 511.90
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
185.83 222.22 251.32 331.92 369.34 398.04 477.48 496.33 511.90
1127.45 941.62 719.40 468.08 136.16 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
185.83 222.22 251.32 331.92 136.16 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 233.17 398.04 477.48 496.33 511.90
0.00 0.00 0.00 0.00 79.26 135.29 162.30 168.70 174.00
13.87 17.01 19.47 27.88 31.52 34.25 42.82 44.58 46.03
13.87 17.01 19.47 27.88 79.26 135.29 162.30 168.70 174.00

18.27 32.14 49.15 68.61 96.50 48.76 0.00 0.00 0.00

13.87 17.01 19.47 27.88 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 47.74 48.76 0.00 0.00 0.00
13.87 17.01 19.47 27.88 31.52 86.53 162.30 168.70 174.00

1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29

31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30
120.42 120.42 120.42 120.42 120.42 120.42 0.00 0.00 0.00
72.85 59.61 46.49 33.11 19.87 6.62 0.00 0.00 0.00

93.33 86.74 80.11 73.46 66.83 31.76

93.33 86.74 80.11 73.46 66.83 31.76
0.47 0.43 0.40 0.37 0.33 0.16
 1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38
31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39

653.99 666.43 681.03 769.39 786.24 803.45 899.42 919.12 939.25

140.58 161.66 169.74 178.23 204.97 215.21 225.98 259.87 272.87
8.54 8.97 9.41 9.88 10.38 10.90 11.44 12.01 12.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
803.10 837.06 860.19 957.50 1001.58 1029.57 1136.84 1191.01 1224.73

64.04 67.16 71.19 74.65 78.28 82.09 88.45 94.77 99.37

55.11 56.53 58.00 59.51 61.07 62.67 64.32 66.02 67.77
8.19 8.21 8.25 8.28 8.31 8.35 8.38 8.42 8.46
28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35 28.35
32.34 33.93 35.60 37.36 39.21 41.14 43.18 45.32 47.56
10.51 10.86 11.42 11.80 12.19 12.60 13.09 13.84 14.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
198.53 205.05 212.81 219.95 227.40 235.20 245.78 256.72 265.82

604.57 632.01 647.37 737.55 774.18 794.37 891.06 934.29 958.91

75% 76% 75% 77% 77% 77% 78% 78% 78%

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

483.08 510.53 525.89 616.07 652.69 672.89 769.58 812.81 837.43

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

483.08 510.53 525.89 616.07 652.69 672.89 769.58 812.81 837.43

200.92 210.93 216.74 247.89 260.76 267.98 301.15 316.10 324.69

42% 41% 41% 40% 40% 40% 39% 39% 39%

282.16 299.59 309.15 368.18 391.94 404.91 468.43 496.71 512.74

35% 36% 36% 38% 39% 39% 41% 42% 42%

1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38

31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39
483.08 510.53 525.89 616.07 652.69 672.89 769.58 812.81 837.43

121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48 121.48

13.45 11.44 9.72 8.26 7.02 5.97 5.07 4.31 3.67

591.11 620.57 637.65 729.29 767.15 788.40 885.99 929.98 955.24
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 591.11 620.57 637.65 729.29 767.15 788.40 885.99 929.98 955.24
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
591.11 620.57 637.65 729.29 767.15 788.40 885.99 929.98 955.24
200.92 210.93 216.74 247.89 260.76 267.98 301.15 316.10 324.69
54.73 57.84 59.58 69.80 73.95 76.24 87.19 92.09 94.88
200.92 210.93 216.74 247.89 260.76 267.98 301.15 316.10 324.69

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
200.92 210.93 216.74 247.89 260.76 267.98 301.15 316.10 324.69

1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38

31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 1-Apr-39 1-Apr-40 1-Apr-41 1-Apr-42
31-Mar-40 31-Mar-41 31-Mar-42 28-Feb-43

1074.31 1097.84 1121.88 1045.94

286.51 329.48 345.96 331.41
13.25 13.91 14.60 13.99
0.00 0.00 0.00 0.00
1374.07 1441.23 1482.44 1391.34

104.21 109.27 114.59 110.87

69.58 71.43 73.35 68.72
8.51 8.55 8.60 7.89
28.35 28.35 28.35 25.87
49.91 52.39 54.98 52.65
14.78 15.26 15.77 16.05
0.00 0.00 0.00 0.00
275.34 285.27 295.65 282.04

1098.73 1155.96 1186.79 1109.29

80% 80% 80% 80%

121.48 121.48 121.48 110.83

977.24 1034.48 1065.31 998.46

0.00 0.00 0.00 0.00

977.24 1034.48 1065.31 998.46

372.40 392.01 402.63 376.40

38% 38% 38% 38%

604.85 642.47 662.68 622.06

44% 45% 45% 45%

1-Apr-39 1-Apr-40 1-Apr-41 1-Apr-42

31-Mar-40 31-Mar-41 31-Mar-42 28-Feb-43
977.24 1034.48 1065.31 998.46

121.48 121.48 121.48 110.83

3.12 2.65 2.25 1.91

1095.61 1153.32 1184.54 1107.38
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1095.61 1153.32 1184.54 1107.38
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1095.61 1153.32 1184.54 1107.38
372.40 392.01 402.63 376.40
110.72 117.21 120.70 113.13
372.40 392.01 402.63 376.40

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
372.40 392.01 402.63 376.40

1-Apr-39 1-Apr-40 1-Apr-41 1-Apr-42

31-Mar-40 31-Mar-41 31-Mar-42 28-Feb-43
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Balance Sheet

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11 1-Apr-12 1-Apr-13

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Assets
Gross Block 518.57 1535.08 2429.66 2429.66 2429.66 2429.66
Depreciation 0.00 0.00 0.00 121.48 242.97 364.45
Net Block 518.57 1535.08 2429.66 2308.18 2186.70 2065.22

Current Assets 0.00 0.00 -69.42 -54.40 -40.77 -17.64

Cash & Bank Balance 0.00 0.00 -69.42 -54.40 -40.77 -17.64
Less
Current Liabilities 0.00 0.00 0.05 4.03 4.13 4.32

Net Current Assets 0.00 0.00 -69.47 -58.42 -44.90 -21.96

Total Assets 518.57 1535.08 2360.20 2249.76 2141.80 2043.25

Liabilities
Equity Share Capital 113.95 337.32 533.90 533.90 533.90 533.90
Reserves 0.00 0.00 -69.47 -179.91 -262.95 -336.58
Grant 138.73 410.67 650.00 650.00 650.00 650.00
Long Term Loan 265.89 787.08 1245.77 1245.77 1220.85 1195.93

Total Liabilities 518.57 1535.08 2360.20 2249.76 2141.80 2043.25

Balance Sheet Check 0.00 0.00 0.00 0.00 0.00 0.00

Computation of Depreciation as per IT Act

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11 1-Apr-12 1-Apr-13

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Gross Block 518.57 1535.08 2429.66 2429.66 2429.66 2429.66
Cumulative Depreciation 0.00 0.00 0.00 462.74 757.78 1008.56
Depreciation as per IT Act 0.00 0.00 462.74 295.04 250.78 213.17
Allocation of Grant 138.73 271.94 239.33 0.00 0.00 0.00
 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 1-Apr-21 1-Apr-22
31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23

2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66

485.93 607.42 728.90 850.38 971.87 1093.35 1214.83 1336.32 1457.80
1943.73 1822.25 1700.77 1579.28 1457.80 1336.32 1214.83 1093.35 971.87

12.19 43.54 92.06 123.35 191.00 277.75 379.12 488.90 623.25

12.19 43.54 92.06 123.35 191.00 277.75 379.12 488.90 623.25

4.50 4.62 4.74 5.01 5.33 5.48 5.63 5.79 5.98

7.69 38.92 87.32 118.34 185.67 272.27 373.49 483.11 617.27

1951.42 1861.17 1788.09 1697.62 1643.47 1608.58 1588.32 1576.46 1589.14

533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90

-403.50 -437.69 -454.71 -461.09 -431.15 -381.95 -318.12 -209.56 -76.46
650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00
1171.02 1114.96 1058.90 974.81 890.72 806.63 722.54 602.12 481.70

1951.42 1861.17 1788.09 1697.62 1643.47 1608.58 1588.32 1576.46 1589.14

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 1-Apr-21 1-Apr-22

31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23
2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66
1221.73 1402.92 1556.93 1687.84 1799.11 1893.70 1974.09 2042.43 2100.51
181.19 154.01 130.91 111.27 94.58 80.40 68.34 58.09 49.37
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32

2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66

1579.28 1700.77 1822.25 1943.73 2065.22 2186.70 2308.18 2429.66 2429.66
850.38 728.90 607.42 485.93 364.45 242.97 121.48 0.00 0.00

776.82 996.40 1244.31 1461.36 1798.69 2145.50 2499.49 2903.40 3324.74

776.82 996.40 1244.31 1461.36 1798.69 2145.50 2499.49 2903.40 3324.74

6.16 6.45 6.65 6.84 7.08 7.64 7.90 8.16 8.43

770.67 989.95 1237.66 1454.51 1791.61 2137.86 2491.59 2895.24 3316.31

1621.05 1718.85 1845.08 1940.45 2156.06 2380.82 2613.07 2895.24 3316.31

533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90

75.88 294.10 540.76 756.55 972.16 1196.92 1429.17 1711.34 2010.93
650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00
361.27 240.85 120.42 0.00 0.00 0.00 0.00 0.00 0.00

1621.05 1718.85 1845.08 1940.45 2156.06 2380.82 2613.07 2895.24 3194.83

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 121.48

1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31

31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32
2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66
2149.89 2191.85 2227.52 2257.85 2283.62 2305.53 2324.15 2339.97 2353.43
41.97 35.67 30.32 25.77 21.91 18.62 15.83 13.45 11.44
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38 1-Apr-39 1-Apr-40
31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41

2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66

2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3755.69 4245.65 4759.38 5286.09 5876.44 6495.08 7129.68 7856.40 8620.76

3755.69 4245.65 4759.38 5286.09 5876.44 6495.08 7129.68 7856.40 8620.76

8.75 9.04 9.35 9.67 10.10 10.55 10.92 11.32 11.72

3746.95 4236.62 4750.04 5276.43 5866.34 6484.53 7118.76 7845.09 8609.04

3746.95 4236.62 4750.04 5276.43 5866.34 6484.53 7118.76 7845.09 8609.04

533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90 533.90

2320.08 2688.27 3080.20 3485.11 3953.55 4450.25 4962.99 5567.84 6210.31
650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00 650.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3503.98 3872.17 4264.10 4669.01 5137.44 5634.15 6146.89 6751.74 7394.21

242.97 364.45 485.93 607.42 728.90 850.38 971.87 1093.35 1214.83

1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38 1-Apr-39 1-Apr-40

31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66 2429.66
2364.86 2374.58 2382.85 2389.87 2395.84 2400.91 2405.23 2408.89 2412.01
9.72 8.26 7.02 5.97 5.07 4.31 3.67 3.12 2.65
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 1-Apr-41 1-Apr-42
31-Mar-42 28-Feb-43

2429.66 2429.66
2429.66 2429.66
0.00 0.00

9405.36 10137.69
9405.36 10137.69

12.15 11.59

9393.21 10126.10

9393.21 10126.10

533.90 533.90
6872.99 7495.05
650.00 650.00
0.00 0.00

8056.89 8678.95
1336.32 1447.15

1-Apr-41 1-Apr-42
31-Mar-42 28-Feb-43
2429.66 2429.66
2414.66 2416.91
2.25 1.91
0.00 0.00
Cashflow Statement

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Cashflow from Operating Activities
EBITDA 0.00 0.00 -1.33 148.45
Change in Networking Capital 0.00 0.00 0.05 3.97
Income Tax 0.00 0.00 0.00 0.00
Net Cashflow from Operating Activities 0.00 0.00 -1.28 152.42

Cashflow from Investing Activities

Addition to Fixed Assets -518.57 -1016.51 -894.59 0.00
Net Cashflow from Investing Activities -518.57 -1016.51 -894.59 0.00

Cashflow from Financing Activities

Interest 0.00 0.00 -68.14 -137.40
Borrowings - LT Debt 265.89 521.20 458.68 0.00
Repayment - LT Debt 0.00 0.00 0.00 0.00
Change in Equity Capital 113.95 223.37 196.58 0.00
Change in Grant 138.73 271.94 239.33 0.00
Net Cashflow from Financing Activities 518.57 1016.51 826.45 -137.40
Cash Balance (o/b) 0.00 0.00 0.00 -69.42
Cash Surplus/(Deficit) 0.00 0.00 -69.42 15.02
Cash Balance (c/b) 0.00 0.00 -69.42 -54.40

Project NPV and IRR

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Net Cashflow from Operating Activities 0.00 0.00 -1.28 152.42
Addition to Fixed Assets -518.57 -1016.51 -894.59 0.00
FCFF -518.57 -1016.51 -895.87 152.42

WACC 7.87%
Project NPV 669.30
Project IRR 9.99%

DSCR Calculation

Year Start 1-Oct-08 1-Apr-09 1-Apr-10 1-Apr-11

Year End 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12
Cash Available for Debt Service 0.00 0.00 -1.33 148.45
Debt Service 0.00 0.00 68.14 137.40
DSCR -0.02 1.08
Min DSCR -0.02
Average DSCR 1.48
 1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20
31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21

174.10 180.77 184.74 213.36 224.01 226.95 257.84 270.58 277.57

0.10 0.19 0.18 0.12 0.12 0.27 0.32 0.15 0.15
0.00 0.00 0.00 0.00 0.00 0.00 -3.83 -6.29 -8.16
174.19 180.96 184.92 213.48 224.13 227.22 254.33 264.44 269.56

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-135.65 -132.91 -130.17 -126.06 -119.55 -111.85 -102.60 -93.60 -84.10

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-24.92 -24.92 -24.92 -56.06 -56.06 -84.09 -84.09 -84.09 -84.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-160.57 -157.83 -155.09 -182.12 -175.61 -195.93 -186.69 -177.69 -168.19
-54.40 -40.77 -17.64 12.19 43.54 92.06 123.35 191.00 277.75
13.63 23.13 29.83 31.36 48.52 31.29 67.65 86.75 101.38
-40.77 -17.64 12.19 43.54 92.06 123.35 191.00 277.75 379.12

1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20

31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21
174.19 180.96 184.92 213.48 224.13 227.22 254.33 264.44 269.56
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
174.19 180.96 184.92 213.48 224.13 227.22 254.33 264.44 269.56

1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20

31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21
174.10 180.77 184.74 213.36 224.01 226.95 254.02 264.29 269.41
160.57 157.83 155.09 182.12 175.61 195.93 186.69 177.69 168.19
1.08 1.15 1.19 1.17 1.28 1.16 1.36 1.49 1.60
 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29
31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30

316.77 331.20 339.77 400.70 419.53 430.43 499.39 514.95 527.73

0.16 0.19 0.17 0.29 0.20 0.20 0.24 0.56 0.26
-13.87 -17.01 -19.47 -27.88 -31.52 -86.53 -162.30 -168.70 -174.00
303.06 314.38 320.48 373.11 388.21 344.10 337.33 346.81 354.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-72.85 -59.61 -46.49 -33.11 -19.87 -6.62 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-120.42 -120.42 -120.42 -120.42 -120.42 -120.42 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-193.27 -180.03 -166.91 -153.54 -140.29 -127.05 0.00 0.00 0.00
379.12 488.90 623.25 776.82 996.40 1244.31 1461.36 1798.69 2145.50
109.78 134.35 153.57 219.57 247.91 217.05 337.33 346.81 354.00
488.90 623.25 776.82 996.40 1244.31 1461.36 1798.69 2145.50 2499.49

1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29

31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30
303.06 314.38 320.48 373.11 388.21 344.10 337.33 346.81 354.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
303.06 314.38 320.48 373.11 388.21 344.10 337.33 346.81 354.00

1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25

31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26
302.90 314.19 320.31 372.82 388.01
193.27 180.03 166.91 153.54 140.29
1.57 1.75 1.92 2.43 2.77
 1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38
31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39

604.57 632.01 647.37 737.55 774.18 794.37 891.06 934.29 958.91

0.26 0.27 0.32 0.29 0.31 0.32 0.43 0.45 0.37
-200.92 -210.93 -216.74 -247.89 -260.76 -267.98 -301.15 -316.10 -324.69
403.90 421.34 430.95 489.96 513.73 526.71 590.35 618.64 634.60

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2499.49 2903.40 3324.74 3755.69 4245.65 4759.38 5286.09 5876.44 6495.08
403.90 421.34 430.95 489.96 513.73 526.71 590.35 618.64 634.60
2903.40 3324.74 3755.69 4245.65 4759.38 5286.09 5876.44 6495.08 7129.68

1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38

31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39
403.90 421.34 430.95 489.96 513.73 526.71 590.35 618.64 634.60
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
403.90 421.34 430.95 489.96 513.73 526.71 590.35 618.64 634.60
 1-Apr-39 1-Apr-40 1-Apr-41 1-Apr-42
31-Mar-40 31-Mar-41 31-Mar-42 28-Feb-43

1098.73 1155.96 1186.79 1109.29

0.39 0.41 0.43 -0.56
-372.40 -392.01 -402.63 -376.40
726.72 764.36 784.59 732.33

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
7129.68 7856.40 8620.76 9405.36
726.72 764.36 784.59 732.33
7856.40 8620.76 9405.36 10137.69

1-Apr-39 1-Apr-40 1-Apr-41 1-Apr-42

31-Mar-40 31-Mar-41 31-Mar-42 28-Feb-43
726.72 764.36 784.59 732.33
0.00 0.00 0.00 0.00
726.72 764.36 784.59 732.33
Means of Finance

Particulars %age Amount %age of Total

Project Cost 2430
Grant 650 27%
Net Project Cost 1780
Equity 30% 534 22%
Debt 70% 1246 51%

Debt

Particulars Rs. Crore USD mn

Rupee Term Loan 1041
Foreign Currency Loan 205 50
Total 1246

Equity

Particulats %age Rs. Crore

Upfront Equity 20% 106.7799
Equity 534

Repayment of RTL

Interest Rate 11.50%

Base Days 365
Amount 1041

Year Start 1-Oct-10 1-Apr-11 1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15

Year End 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16
Opening Balance 1041 1041 1041 1020 999 978
Repayment 0 0 21 21 21 47
Closing Balance 1041 1041 1020 999 978 931
Total Interest Expense 59 120 118 116 113 110

Repayment of FCL

Interest Rate 8.64%

Base Days 365
Amount 205

Year Start 1-Oct-10 1-Apr-11 1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15

Year End 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16
Opening Balance 205 205 205 201 197 193
Repayment 0 0 4 4 4 9
Closing Balance 205 205 201 197 193 183
Total Interest Expense 9 18 17 17 17 16
 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
931 885 814 744 674 604 503 402 302
47 70 70 70 70 101 101 101 101
885 814 744 674 604 503 402 302 201
104 97 89 82 73 63 52 40 29

1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24

31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
183 174 160 147 133 119 99 79 59
9 14 14 14 14 20 20 20 20
174 160 147 133 119 99 79 59 40
15 14 13 12 11 9 8 6 4
 1-Apr-25 1-Apr-26
31-Mar-26 31-Mar-27
201 101
101 101
101 0
17 6

1-Apr-25 1-Apr-26
31-Mar-26 31-Mar-27
40 20
20 20
20 0
3 1
Funding Schedule

Year Start 1-Oct-08 1-Apr-09 1-Apr-10

Year End 31-Mar-09 31-Mar-10 31-Mar-11
Rolling Stock 12% 20% 68%
SCADA 10% 73% 17%
Telecom 10% 64% 26%
AFC 10% 43% 48%
Escalator 10% 43% 48%
Civil Works 40% 58% 2%
OHE 10% 73% 17%
Track works 10% 85% 5%
Signalling 10% 53% 37%
Car Shed , workshop & misc 10% 28% 62%
Contingency 0% 0% 100%
Project Mgmt Consultancy &
System Integration 12% 20% 68%
Stamp Duty 100% 0% 0%
Financing Cost 61% 23% 16%

Rolling Stock 70 116 395

SCADA 2 14 3
Telecom 6 37 15
AFC 2 10 11
Escalator 12 51 57
Civil Works 312 453 16
OHE 7 52 12
Track works 10 85 5
Signalling 8 45 31
Car Shed , workshop & misc 6 17 37
Contingency 0 0 76
Project Mgmt Consultancy &
System Integration 16 26 88
Stamp Duty 14 0 0
Financing Cost 8 3 2
Interest During Construction 7 58 112
Pre-operative Expense 38 49 33
Total Expenditure 519 1017 895

Funding Option

Equity 114 223 197

Grant 139 272 239
Debt 266 521 459

Summary of Debt

Year Start 1-Oct-08 1-Apr-09 1-Apr-10

Year End 31-Mar-09 31-Mar-10 31-Mar-11
Opening Balance 0 266 787
Addition 266 521 459
Repayment 0 0 0
Closing Balance 266 787 1246
Total Interest Expense 7 58 112
Total Interest Expense to P&L 0 0 0
IDC 7 58 112

Rupee Term Loan

Interest Rate 11.50%

Base Days 365
Amount 1041

Year Start 1-Oct-08 1-Apr-09 1-Apr-10

Year End 31-Mar-09 31-Mar-10 31-Mar-11
Opening Balance 0 222 658
Addition 222 435 383
Repayment 0 0 0
Closing Balance 222 658 1041
Total Interest Expense 6 50 97
Total Interest Expense to P&L 0 0 0
IDC 6 50 97

Foreign Currency Loan

Interest Rate 8.64%

Base Days 365
Amount 205

Year Start 1-Oct-08 1-Apr-09 1-Apr-10

Year End 31-Mar-09 31-Mar-10 31-Mar-11
Opening Balance 0 44 130
Addition 44 86 75
Repayment 0 0 0
Closing Balance 44 130 205
Total Interest Expense 1 7 14
Total Interest Expense to P&L 0 0 0
IDC 1 7 14
Scenario Analysis

Regeneration Yes

Scenario Without Regeneration With Regeneration

WACC 0.00% 7.72%
Project NPV 0.00 830.38
Project IRR 0.00% 10.42%
Yes
No