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CH 18 Financial (Final)

This document provides a financial analysis of a proposed small hydro power project over 30 years. It details the capital costs, sources of income, loan and equity amounts. It shows the project will have an installed capacity of 5 MW. The total capital cost is estimated to be Rs. 3954.19 lakhs, with 70% financed through loans at 11.5% interest over 10 years and the remaining 30% through equity. The net present value is estimated to be Rs. 7243.30 lakhs and the internal rate of return is estimated to be 13.77%, above the required rate of return of 16%.

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anoop13
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34 views

CH 18 Financial (Final)

This document provides a financial analysis of a proposed small hydro power project over 30 years. It details the capital costs, sources of income, loan and equity amounts. It shows the project will have an installed capacity of 5 MW. The total capital cost is estimated to be Rs. 3954.19 lakhs, with 70% financed through loans at 11.5% interest over 10 years and the remaining 30% through equity. The net present value is estimated to be Rs. 7243.30 lakhs and the internal rate of return is estimated to be 13.77%, above the required rate of return of 16%.

Uploaded by

anoop13
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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FINANCIAL ANALYSIS OF Small Hydro POWER PROJECT SHEET - 1

FINANCIAL EVALUATION DATA SHEET (FOR YEAR 2011)


CONSTRUCTION COST & SOURCE OF INCOME
PHASING OF CAPITAL COST 1ST YEAR 2ND YEAR
ITEM COST AT BEGINNING % (Rs.IN LAKH) % (Rs.IN LAKH)
CIVIL WORKS 2440.370 75 1830.278 25 610.093
E&M WORKS 1101.000 25 275.250 75 825.750
TOTAL 3541.37 2105.53 1435.84

INTEREST AND ESCALATION DURING CONSTRUCTION


YEAR YEARWISE PHASING OF COST TOTAL ANNUAL (Average) ESCALATED AVERAGE TOTAL
(LAKHS) (LAKHS) ESCALATION COST INTEREST @ ESCALATED
CIVIL WORKS E&M WORKS (@6%) (LAKHS) 11.50% COST WITH INTEREST
1st YEAR 1830.278 275.25 2105.53 54.91 2160.44 124.23 2284.66 3922.37
2nd YEAR 610.093 825.75 1435.84 50.71 1486.55 151.16 1637.71 2767.94
2440.370 1101.00 3541.37 105.62 3646.99 275.39 3922.37

TOTAL INSTALLED CPCACITY = 5 M.W.


FRONT END FREE @ 1.15 % OF LOAN PAYMENT = 31.820
TOTAL CAPITAL COST = 3954.19
CAPITAL SUBSIDY @ 0% OF PROJECT COST LIMITED = 0.000
TO 225LAKH + Rs 37.50 Lakh PER MW
LOAN AMOUNT 75% OF TOTAL PROJECT COST = 2767.94
FRONT END FREE @ 1.15 % OF LOAN PAYMENT = 45.473
LOAN 1 OF TOTAL CAPITAL COST
SUBJECT TO Rs 600/MW LAKHS WHICHEVER IS LOW = 2767.94
SUBSIDISED LOAN AMOUNT = 2767.94
EQUITY @ 30 % OF TOTAL COST = 1186.26
O&M COST @ 1.5 % OF TOTAL PROJECT COST = 59.31
LOAN REPAYMENT PERIOD = 10
LOAN PAYBACK PERIOD = 9
PROJECT CONCESSION PERIOD (AFTER CONS.) = 30
DEBT EQUITY RATIO = 3;1
EQUITY CONTRIBUTION RATIO = 30%
TOTAL LOAN = 70%
INTEREST RATE ON LOAN = 11.50%
TAX RATE (%) = 35%
TAX HOLIDAY (YEARS) = 10
ANNUAL DIVIDENT PAYMENT (%) = 16%
ANNUAL DEPRECIATION - STRAGHT LINE (YRS) = 118.63
PERIOD FOR DEPRECIATION CALCULATION (YRS) = 30
GROSS UNIT GENERATED IN LAKHS = 293.9
ROYALTY CHARGES = 10%
AUXILIARY CONSUMPTION = 0.50%
TRANSMISSION LOSSES = 4%
TRANSFORMATION LOSSES = 0.50%
OUTAGE = 5%
TOTAL LOSSES = 10%
NET UNIT GENERATED FOR CALC. OF ENERGY = 264.51
COST FOR 1ST 15 YRS
NET UNIT GENERATED FOR CALC. OF ENERGY = 238.06
COST FOR NEXT 15 YRS AFTER DEDUCTING ROYALITY
AND 10% TOTAL LOSSES

DSCR DEBT SERVICE COVERAGE RATIO

DSCR = PROFIT BEFORE TAX +DEPRICIATION +INTREST ON TERM LOAN +REPAYMENT OF TERM LOAN
INTREST ON TERM LOAN +REPAYMENT OF TERM LOAN

DSCR = 1.75

NPV(PFT) = 7243.30 Lakh

Benefit Cost Ratio = 2.62

NPV @ = NET PRESENT VALUE (PROFIT BEFORE TAX)


8.25%

IRR FOR 30 YEARS>16% = 13.77 %


FINANCIAL ANALYSIS OF Small Hydro POWER PROJECT SHEET - 2
DEPRECIATION AND LOAN REPAYMENT SCHEDULE
LOAN REPAYMENT PERIOD = 10
LOAN PAYBACK PERIOD (YRS) = 9
PROJECT CONCESSION PERIOD (AFTER CONST.) = 30
SCHEDULE OF DEPRECIATION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
BEGINNING BALANCE 3954.19 3835.57 3716.53 3597.91 3479.28 3360.66 3242.03 3123.40 3004.78 2886.15 2767.53 2648.90 2530.27 2411.65 2293.02
ANNUAL DEPRECIATION - STRAIGHT LINES (YRS) 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63
ENDING BALANCE 3835.57 3716.94 3597.91 3479.28 3360.66 3242.03 3123.40 3004.78 2886.15 2767.53 2648.90 2530.27 2411.65 2293.02 2174.40

SCHEDULE OF DEPRECIATION 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
BEGNING BALANCE 2174.40 2055.77 1937.15 1818.52 1699.89 1581.27 1462.64 1344.02 1225.39 1106.77 988.14 869.51 750.89 632.26 513.64
ANNUAL DEPRECIATION - STRAIGHT LINES (YRS) 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63
ENDING BALANCE 2055.77 1937.15 1818.52 1699.89 1581.27 1462.64 1344.02 1225.39 1106.77 988.14 869.51 750.89 632.26 513.64 395.01

LOAN REPAYMENT LOAN 1


LOAN AMOUNT 2767.94
QUARTLY PAYMENT 76.89
LOAN REPAYMENT P 9.00
ANNUAL INTEREST R 11.50%
LOAN 1 REPAYMENT SCHEDULE
SCHEDULE OF REPAYMENT OF LONG TERM LOAN 1 2 3 4 5 6 7 8 9
BEGINNING OF 1ST QUARTER BALANCE 2767.94 2460.39 2152.84 1845.29 1537.74 1230.19 922.65 615.10 307.55
FIRST QUARTER INTEREST 79.58 70.74 61.89 53.05 44.21 35.37 26.53 17.68 8.84
FIRST QUARTER PRINCIPAL 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89
END OF FIRST QUARTER BALANCE 2691.05 2383.50 2075.95 1768.40 1460.85 1153.31 845.76 538.21 230.66
FIRST QUARTER DEBT SERVICE 156.47 147.62 138.78 129.94 121.10 112.26 103.41 94.57 85.73

BEGINNING OF 2ND QUARTER BALANCE 2691.05 2383.50 2075.95 1768.40 1460.85 1153.31 845.76 538.21 230.66
2ND QUARTER INTEREST 77.37 68.53 59.68 50.84 42.00 33.16 24.32 15.47 6.63
2ND QUARTER PRINCIPAL 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89
END OF 2ND QUARTER BALANCE 2614.16 2306.61 1999.06 1691.52 1383.97 1076.42 768.87 461.32 153.77
2ND QUARTER DEBT SERVICE 154.25 145.41 136.57 127.73 118.89 110.04 101.20 92.36 83.52

BEGINNING OF 3RD QUARTER BALANCE 2614.16 2306.61 1999.06 1691.52 1383.97 1076.42 768.87 461.32 153.77
3RD QUARTER INTEREST 75.16 66.32 57.47 48.63 39.79 30.95 22.11 13.26 4.42
3RD QUARTER PRINCIPAL 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89
END OF 3RD QUARTER BALANCE 2537.27 2229.73 1922.18 1614.63 1307.08 999.53 691.98 384.44 76.89
3RD QUARTER DEBT SERVICE 152.04 143.20 134.36 125.52 116.68 107.83 98.99 90.15 81.31

BEGINNING OF 4TH QUARTER BALANCE 2537.27 2229.73 1922.18 1614.63 1307.08 999.53 691.98 384.44 76.89
4TH QUARTER INTEREST 72.95 64.10 55.26 46.42 37.58 28.74 19.89 11.05 2.21
4TH QUARTER PRINCIPAL 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89 76.89
END OF 4TH QUARTER BALANCE 2460.39 2152.84 1845.29 1537.74 1230.19 922.65 615.10 307.55 0.00
4TH QUARTER DEBT SERVICE 149.83 140.99 132.15 123.31 114.47 105.62 96.78 87.94 79.10

ANNUAL INTEREST 305.05 269.68 234.31 198.95 163.58 128.21 92.84 57.47 22.11
ANNUAL PRINCIPAL 307.55 307.55 307.55 307.55 307.55 307.55 307.55 307.55 307.55
DEBT SERVICE 612.60 577.23 541.86 506.49 471.13 435.76 400.39 365.02 329.65
FINANCIAL ANALYSIS OF Small Hydro POWER PROJECT SHEET - 3

CALCULATION FOR WORKING CAPITAL

WORKING CAPITAL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

O & M ONE MONTH 4.94 5.19 5.45 5.72 6.01 6.31 6.62 6.95 7.30 7.67 8.05 8.45 8.88 9.32 9.79

TWO MONTH RECEIVABLES 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21

TOTAL WORKING CAPITAL (T.W.C.) 115.16 115.40 115.66 115.93 116.22 116.52 116.84 117.17 117.52 117.88 118.26 118.67 119.09 119.53 120.00

INTEREST ON WORKING CAPITAL @11.5 % 13.24 13.27 13.30 13.33 13.37 13.40 13.44 13.47 13.51 13.56 13.60 13.65 13.70 13.75 13.80

INTEREST ON TERM LOAN (T.L.) 305.05 269.68 234.31 198.95 163.58 128.21 92.84 57.47 22.11 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL INTEREST (T.L.+T.W.C.) 318.29 282.95 247.61 212.28 176.94 141.61 106.28 70.95 35.62 13.56 13.60 13.65 13.70 13.75 13.80

WORKING CAPITAL 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

O & M ONE MONTH 10.28 10.79 11.33 11.90 12.49 13.11 13.77 14.46 15.18 15.94 16.74 17.57 18.45 19.38 20.34

TWO MONTH RECEIVABLES 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19

TOTAL WORKING CAPITAL 109.47 109.98 110.52 111.09 111.68 112.31 112.96 113.65 114.37 115.13 115.93 116.77 117.64 118.57 119.54

INTEREST ON WORKING CAPITAL 12.59 12.65 12.71 12.77 12.84 12.92 12.99 13.07 13.15 13.24 13.33 13.43 13.53 13.64 13.75

INTEREST ON TERM LOAN 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL INTEREST (T.L.+T.W.C.) 12.59 12.65 12.71 12.77 12.84 12.92 12.99 13.07 13.15 13.24 13.33 13.43 13.53 13.64 13.75
FINANCIAL ANALYSIS OF SARWARI MINI HYDEL PROJECT SHEET - 4
SCHEDULE OF REVENUE
GROSS UNIT GENERATED IN LAKHS 293.9
ROYALITY CHARGES (AFTER 15 YEARS) 10%
AUXILIARY CONSUMPTION 0.50%
TRANSMISSION LOSSES 4%
TRANSFORMATION LOSSES 0.5%
OUTRAGE 5%
UNIT CONSUMED FOR ROYALITY AUXI. &TRANS 29.39
NET UNIT GENERATED FOR CALC. OF ENERGY 264.51

YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
ENERGY AVAIABLE FOR SALE (1ST 15 YEARS) 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51
CHARGES PER UNIT 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
ANNUAL REVENUE (Rs. IN LAKHS) 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28

YEAR 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
ENERGY AVAIABLE FOR SALE (LAST 15 YEARS) 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06
CHARGES PER UNIT 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
ANNUAL REVENUE (Rs. IN LAKHS ) 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15

PROJECTED INCOME STATEMENT


YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
A ) OPERATING INCOME ( REVENUE ) 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28
B ) OPERATING EXPENSES O & M COST 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
C) NET OPERATING INCOME 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28 661.28
D) LESS :INTEREST EXPENSES ( TL+WC) 318.29 282.95 247.61 212.28 176.94 141.61 106.28 70.95 35.62 13.56 13.60 13.65 13.70 13.75 13.80
E) NET PROFIT OR LOSS BEFORE DEPRECIATION &342.98
TAXES 378.32 413.66 449.00 484.33 519.67 555.00 590.33 625.66 647.72 647.67 647.63 647.58 647.53 647.48
F) LESS DEPRECIATION 118.626 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63
G) NET PROFIT OR LOSS BEFORE TAXES 224.36 259.70 295.03 330.37 365.71 401.04 436.37 471.70 507.03 529.09 529.05 529.00 528.95 528.90 528.85
H) TAXES @ 35 % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 129.62 129.61 129.59 129.58 129.57
I) NET PROFIT OR LOSS AFTER TAXES 224.36 259.70 295.03 330.37 365.71 401.04 436.37 471.70 507.03 529.09 399.43 399.40 399.36 399.32 399.28

YEAR 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
A ) OPERATING INCOME ( REVENUE ) 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15
B ) OPERATING EXPENSES ( O & M COST ) 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
C) NET OPERATING INCOME 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15 595.15
D) LESS :INTEREST EXPENSES ( TL+WC) 12.59 12.65 12.71 12.77 12.84 12.92 12.99 13.07 13.15 13.24 13.33 13.43 13.53 13.64 13.75
E) NET PROFIT BEFORE DEPRECIATION & TAXES 582.56 582.50 582.44 582.37 582.30 582.23 582.16 582.08 581.99 581.91 581.82 581.72 581.62 581.51 581.40
F) LESS DEPRECIATION 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63
G) NET PROFIT OR LOSS BEFORE TAXES 463.93 463.87 463.81 463.75 463.68 463.61 463.53 463.45 463.37 463.28 463.19 463.09 462.99 462.89 462.78
H) TAXES @ 35 % 113.66 113.65 113.63 113.62 113.60 113.58 113.57 113.55 113.53 113.50 113.48 113.46 113.43 113.41 113.38
I) NET PROFIT OR LOSS AFTER TAXES 350.27 350.22 350.18 350.13 350.08 350.02 349.97 349.91 349.84 349.78 349.71 349.64 349.56 349.48 349.40
FINANCIAL ANALYSIS OF SARWARI MINI HYDEL PROJECT SHEET -5
PROJECTED FUND FLOW STATAMENT

YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

NET PROFIT AFTER TAXES 224.36 259.70 295.03 330.37 365.71 401.04 436.37 471.70 507.03 529.09 399.43 399.40 399.36 399.32 399.28

DEPRECIATION 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626

TOTAL SOURCES 342.98 378.32 413.66 449.00 484.33 519.67 555.00 590.33 625.66 647.72 518.06 518.02 517.99 517.95 517.91

USES OF FUNDS

REPAYMENT OF LONG TERM LOAN (TOTAL ANNUAL PRINCIPAL) principal)


307.55 307.55 307.55 307.55 307.55 307.55 307.55 307.55 307.55 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL USES 307.55 307.55 307.55 307.55 307.55 307.55 307.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NET CASH FLOW FOR RETURN ON EQUITY -1186.26 35.43 70.77 106.11 141.45 176.78 212.12 247.45 590.33 625.66 647.72 518.06 518.02 517.99 517.95 517.91

CUMMULITIVE CASH FLOW WITHOUT DIVIDEND -1150.82 -1080.05 -973.94 -832.49 -655.71 -443.59 -196.14 394.19 1019.85 1667.56 2185.62 2703.64 3221.63 3739.58 4257.48

DIVIDEND 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NET CASH FLOW AFTER PAYMENT OF DIVIDEND -1186.26 35.43 70.77 106.11 141.45 176.78 212.12 247.45 590.33 625.66 647.72 518.06 518.02 517.99 517.95 517.91

YEAR 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

NET PROFIT AFTER TAXES 350.27 350.22 350.18 350.13 350.08 350.02 349.97 349.91 349.84 349.78 349.71 349.64 349.56 349.48 349.40

DEPRECIATION 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63 118.63

TOTAL SOURCES 468.90 468.85 468.80 468.75 468.70 468.65 468.59 468.53 468.47 468.40 468.33 468.26 468.19 468.11 468.02

USES OF FUNDS

REPAYMENT OF LONG TERM LOAN 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL USES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NET CASH FLOW FOR RETURN ON EQUITY 468.90 468.85 468.80 468.75 468.70 468.65 468.59 468.53 468.47 468.40 468.33 468.26 468.19 468.11 468.02

CUMMULITIVE CASH FLOW WITHOUT DIVIDEND 4726.38 5195.23 5664.03 6132.79 6601.49 7070.14 7538.73 8007.26 8475.73 8944.14 9412.47 9880.73 10348.92 10817.02 11285.04

DIVIDEND 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

NET CASH FLOW AFTER PAYMENT OF DIVIDEND 468.90 468.85 468.80 468.75 468.70 468.65 468.59 468.53 468.47 468.40 468.33 468.26 468.19 468.11 468.02
FINANCIAL ANALYSIS OF SARWARI MINI HYDEL PROJECT (2 X 2500KW = 5000 KW) SHEET - 6 SHEET - 7
CALCULATION OF ENERGY COST (FOR THE 1ST 15 YEARS) CALCULATION OF ENERGY COST (FOR THE LAST 15 YEARS)
TOTAL PROJECT COST 3954.19 LAKHS

A) ANNUAL CAPACITY CHARGES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 A) ANNUAL CAPACITY CHARGES 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

I)TOTAL ANNUAL INTEREST ON TERM LOAN 305.05 269.68 234.31 198.95 163.58 128.21 92.84 57.47 22.11 0.00 0.00 0.00 0.00 0.00 0.00 I)TOTAL ANNUAL INTEREST ON TERM LOAN 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

ii)DEPRECIATION 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 ii)DEPRECIATION 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626 118.626

B) ENERGY CHARGES B) ENERGY CHARGES

I) O & M EXPENSES 59.31 62.28 65.39 68.66 72.10 75.70 79.48 83.46 87.63 92.01 96.61 101.45 106.52 111.84 117.44 I) O & M EXPENSES 123.31 129.47 135.95 142.74 149.88 157.37 165.24 173.51 182.18 191.29 200.85 210.90 221.44 232.51 244.14

ii)INCOME TAX LIABILITY ON PRE TAX RETURN EQUITY 0 0 0 0 0 0 0 0 0 0 0.00 0.00 79.08 79.08 79.08 ii)INCOME TAX LIABILITY ON PRE TAX RETURN EQUITY 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08 79.08

iii) POST TAX RETURN ON EQUITY @ 16 % 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 iii) POST TAX RETURN ON EQUITY @ 16 % 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17 158.17

iv) INTEREST ON WORKING CAPITAL (O &M ) 0.89 0.93 0.98 1.03 1.08 1.14 1.19 1.25 1.31 1.38 1.45 1.52 1.60 1.68 1.76 iv) INTEREST ON WORKING CAPITAL (O &M ) 1.85 1.94 2.04 2.14 2.25 2.36 2.48 2.60 2.73 2.87 3.01 3.16 3.32 3.49 3.66

v) INTEREST ON WORKING CAPITAL @ 17.5 % ON 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 19.29 v) INTEREST ON WORKING CAPITAL @ 17.5 % ON 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36 17.36

TWO MONTH RECEIVABLES WHICH IS TWO MONTH RECEIVABLES WHICH IS

110.21 AND 99.19 FOR IST & LAST 15 YEARS

TOTAL ENERGY CHARGES (A+B) 661.33 628.97 596.77 564.72 532.83 501.13 469.60 438.26 407.13 389.47 394.14 399.05 483.28 488.69 494.36 TOTAL ENERGY CHARGES (A+B) 498.39 504.65 511.22 518.12 525.36 532.97 540.96 549.34 558.15 567.40 577.10 587.30 598.00 609.24 621.04

SALEABLE UNITS (MU) 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 26.451 SALEABLE UNITS (MU) 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806 23.806

SALEABLE UNITS (IN LAKHS) 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 264.51 SALEABLE UNITS (IN LAKHS) 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06 238.06

ENERGY COST (Rs./UNIT) 2.50 2.38 2.26 2.13 2.01 1.89 1.78 1.66 1.54 1.47 1.49 1.51 1.83 1.85 1.87 ENERGY COST (Rs./UNIT) 2.09 2.12 2.15 2.18 2.21 2.24 2.27 2.31 2.34 2.38 2.42 2.47 2.51 2.56 2.61

5 YEARLY (Rs / UNIT) 2.26 2.26 2.26 2.26 2.26 1.67 1.67 1.67 1.67 1.67 1.71 1.71 1.71 1.71 1.71 5 YEARLY (Rs / UNIT) 2.15 2.15 2.15 2.15 2.15 2.31 2.31 2.31 2.31 2.31 2.51 2.51 2.51 2.51 2.51

30 YEARLY (Rs / UNIT) 2.10

WORKING CAPITAL WORKING CAPITAL

1 )O & M ONE MONTH 4.94 5.19 5.45 5.72 6.01 6.31 6.62 6.95 7.30 7.67 8.05 8.45 8.88 9.32 9.79 1 )O & M ONE MONTH 10.28 10.79 11.33 11.90 12.49 13.11 13.77 14.46 15.18 15.94 16.74 17.57 18.45 19.38 20.34

2 ) TWO MONTH RECEIVABLE 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 110.21 2 ) TWO MONTH RECEIVABLE 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19 99.19

INTEREST ON WORKING CAPITAL @ 11.5 % 13.24 13.27 13.30 13.33 13.37 13.40 13.44 13.47 13.51 13.56 13.60 13.65 13.70 13.75 13.80 INTEREST ON WORKING CAPITAL @ 11.5 % 12.59 12.65 12.71 12.77 12.84 12.92 12.99 13.07 13.15 13.24 13.33 13.43 13.53 13.64 13.75
FINANCIAL ANALYSIS OF SARWARI MINI HYDEL PROJECT (2 X 2500KW = 5000 KW) SHEET -5
PROJECTED FUND FLOW STATAMENT

YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

NET PROFIT AFTER TAXES 224.36 259.70 295.03 330.37 365.71 401.04 436.37 471.70 507.03 529.09 399.43 399.40 399.36 399.32 399.28 350.27 350.22 350.18 350.13 350.08 350.02 349.97 349.91 349.84 349.78 349.71 349.64 349.56 349.48 349.40

USES OF FUNDS

REPAYMENT OF LONG TERM LOAN 307.55 307.55 307.55 307.55 307.55 307.55 307.55 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
(TOTAL ANNUAL PRINCIPAL PRINCIPAL)

TOTAL USES 307.55 307.55 307.55 307.55 307.55 307.55 307.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NET CASH FLOW FOR RETURN ON EQUITY -1186.26 -83.19 -47.85 -12.51 22.82 58.16 93.49 128.82 471.70 507.03 529.09 399.43 399.40 399.36 399.32 399.28 350.27 350.22 350.18 350.13 350.08 350.02 349.97 349.91 349.84 349.78 349.71 349.64 349.56 349.48 349.40

13.77

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