Mumbai, INDIA

www.educorporatebridge.com
Project Finance of
JSW
Prepared by
Liza Dsouza
[email protected]
9011188006
MIT-SOB
Corporate Bridge Academy
Project Finance of JSW
TABLE OF CONTENTS
Click on the name of Tab to go to the relevant sheet
Sr. No. Name of Tab Brief Description
1 Industry Overview Overview of the Company and Industry Analysis (Steel)
2 Income statement Historical and forecasted income statement
3 Balance Sheet Historical and forecasted balance sheet
4 Cash Flow Statement Historical and Forecasted cash flow statement
5 Ratio Analysis Ratio Analysis of the Company
6 Assumption Sheet Assumptions to be used for the entire project
7 Project Costs Project cost details
8 Quaterly Capex & Debt Details for calculation of quaterly capex & debt ( Forecasted)
9 Annual Capex & Debt Details for calculation of annual capex & debt ( Forecasted)
10 Profit & Loss Calculation of profit and loss ( Forecasted)
11 Cash Flows Calculation of net cash flows ( Forecasted)
12 Balance Sheet Preparing a balance sheet ( Forecasted)
13 Working Capital Calculating and finding figures of different working capital items (Forecasted)
14 Depreciation Fixed Assets details and forecast
15 DSCR IRR Ratios Calculation of different valuation ratios
16 Recommendation Your Analysis towards the company via your DSCR IRR ratios
Assignment 1
>>> Done in previous
assignment
Assignment 2
Assignment 3
Corporate Bridge Academy
Project Finance of JSW Back to Index
Please Find below Name of sheet to done before submitting Excel File
Depreciation
Disclaimer:
You Need to use same template for Assignment 2 and 3.
Assignment 2 - 30 Marks
Name of sheet Status
Assumption Sheet (Projections) Completed
Project Costs (Projections) Completed
Quaterly Capex & Debt (Projections) Completed
Annual Capex & Debt (Projections) Completed
Profit & Loss Completed
Cash Flows Completed
Balance Sheet Completed
Working Capital Completed
Completed
Corporate Bridge Academy
Project Finance of JSW
Key Dates
S. No Particulars Dates
1 Start of construction 1-Jul-13
2 Construction Period 36
3 Completion Date 1-Jul-16
4 Commercial Production 4-Jul-16
5 End of first year of operations 31-Mar-17
6 No of months of oprn in 1st year of commencement 9
7 Year End of 1st year of construction 31-Mar-14
8 1st Quarter Ending after start of construction 30-Sep-13
9 1st Quarter Ending after start of operation 30-Sep-16
10 Check for IT Dep-Sep check 30-Sep-16
Means of Financing
Particulars
Project Financing Rs cr.
- Equity 6,798.9
- Debt 10,198.3
Total 16,997.2
% Debt 60%
Debt/ Equity Ratio 1.50
Upfront equity 50%
TermLoan
Conditions
- Financial Charges 0.5%
- Interest Rate 9.5%
- Moratorium 4 quarters
- Repayment Starts 31-Mar-18
- Ends 31-Mar-24
- No. of Instalments for quarterly repayment 24
- Value of Instalment 424.93
Working Capital Loan
- Interest Rate 10.00%
Sales / Revenues / Costs
Sales Tonnes ('000) Sales (Cr) Average Realization (Rs Cr / '000 Ton)
MS Slabs 198.5 725.1 3.65
Hot Rolled Coils /Steel Plates / Sheets 4,173.9 15,914.2 3.81
Galvanized Coils / Sheets 796.0 4,006.1 5.03
Cold Rolled Coils / Sheets 715.2 3,113.4 4.35
Hot Rolled Steel Plates 92.5 392.2 4.24
Colour Coating Coils / Sheets 171.7 1,049.2 6.11
Steel Billets and Bloom 210.4 787.0 3.74
Long Rolled Products 1,457.0 6,098.9 4.19
7,815.2 32,086.1
Production Installed ('000) % Production Capacity Utilization
MS Slabs 8,300.0 35.7% 5,659.2 68.2%
Hot Rolled Coils / Steel Plates / Sheets 6,700.0 28.8% 5,268.6 78.6%
Galvanised / Galvanium Coils / Sheets 925.0 4.0% 917.3 99.2%
Cold Rolled Coil / Sheets 1,825.0 7.8% 1,624.6 89.0%
Hot Rolled Plates 320.0 1.4% 96.2 30.1%
Color Coating Coils / Sheets 232.0 1.0% 176.9 76.2%
Steel Billets and Bloom 2,500.0 10.8% 1,769.8 70.8%
Long Rolled Products 2,450.0 10.5% 1,521.9 62.1%
Total 23,252.0 100.0% 17,034.4
Installed Capacity Breakup of New Facility
Total Capacity 4500 Capacity Utilization
MS Slabs 1,606.3 68.2%
Hot Rolled Coils / Steel Plates / Sheets 1,296.7 78.6%
Galvanised / Galvanium Coils / Sheets 179.0 99.2%
Cold Rolleted Coil / Sheets 353.2 89.0%
Hot Rolled Plates 61.9 30.1%
Color Coating Coils / Sheets 44.9 76.2%
Steel Billets and Bloom 483.8 70.8%
Long Rolled Products 474.2 62.1%
Cost per ton Quantitiy Rs Cr Average cost per ton
Iron Ore 14,660,173.0 4,304.7 2,936.3 43,046,500,000
Coal/Coke 8,730,477.0 11,367.5 13,020.5 113,675,000,000
Hot Rolled coils 739,483.0 2,630.1 35,566.1 26,300,500,000
MS Slabs - - -
Zinc & Alloys 46,188.0 514.1 111,308.1 5,141,100,000
Capital Expenditures
3 3 3 3 3.000 3 3 3 3 3 3 3
30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16
Land & Site Development 100% 50% 30% 10% 10% 0% 0% 0% 0% 0% 0% 0% 0%
Building & Civil Works 100% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 0% 0%
Plant & Machinery 100% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 0% 0%
Engineering, Supervision & Project Mgmt. 100% 10% 15% 15% 15% 15% 5% 5% 5% 5% 5% 5% 0%
Expenses on foreign technicians & training abroad of local technicians 100% 50% 30% 20% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Miscellaneous Fixed Assets 100% 10% 10% 10% 10% 10% 10% 10% 10% 5% 5% 5% 5%
Preoperative Expenses 100% 10% 10% 10% 10% 10% 10% 10% 10% 5% 5% 5% 5%
Preliminary Expenses 100% 10% 10% 10% 10% 10% 10% 10% 10% 5% 5% 5% 5%
Contingency @ 5%
Operative Assumptions
Particulars SLM Method IT WDV Method
Land 0.0% 0.0%
Non-factory Building 1.6% 5.0%
Factory Building & Civil Works 3.3% 10.0%
Plant & Machinery 5.3% 15.0%
Misc. Fixed Assets 5.3% 15.0%
SLM 95.0% Value of Asset can be depreciated
WDV No Limit
Amortization of Prelim. Expenses 20.0% each year over 5 years
Working Capital Assumptions
Particulars Norm Reference
Raw Material 1.50 month of RM cost
WIP 0.03 month of COP
FG 0.75 month of cost of sales
Sundry Debtors 1.00 month of sales
Sundry Creditors 0.75 month of purchases
WC Margin 25%
Taxation
Particulars Tax Rates
Excise Duty as per of sales 10%
Corporate Tax Rate 30.00%
MAT Rate 18.00%
Surcharge 10.00%
Dividend Tax Rate 12.50% << need to check on this
Education cess (including SSE) 3.00%
Corporate Tax
MAT Rate
Dividend Tax
Corporate Bridge Academy
Project Finance of JSW
Project Cost Summary
Particulars (Rs Crores)
Land & Site Development 181.70
Building & Civil Works 3,488.45
Plant & Machinery 9,334.20
Technical knowhow fees 121.10
Expenses on foreign technicians & training
abroad of local technicians 48.50
Misc. fixed assets 1,097.25
Contingency 713.56
Total Hard Cost 14,984.76
Preliminary & Preoperative Expenses 124.72
Upfront Fee 48.00
IDC 1,469.68
WC Margin 370.02
Total Soft Cost 2,012.43
Total Project Cost 16,997.19
Project Cost Details
S.NoParticulars Cost (Rs Cr) Total Cost
1) Land & Site Development
- Land & Site Devt. 181.70 181.70
Sub-total - 1 181.70
2) Buildings
- Building excluding equipment foundation 3,335.20 3,335.20
- Equipment foundation 153.25 153.25
Sub-total - 2 3,488.45
3) Plant & Machinery
(i) Plant
- Imported 2,017.97
- Indigenous 6,710.42
(ii) Mining Machinery -
(iii) Stores & Spares
- Imported @ 2.5% 2.50% 50.45
- Indigenous @ 2.5% 2.50% 167.76
- Mining Equipment @ 10% 10.00% -
(iv) Installation, Erection & Commissioning charges 387.60
Sub-total - 3 9,334.20
4) Technical knowhow fees 121.10 121.10
5)
Expenses on foreign technicians & training
abroad of local technicians 48.50 48.50
6) Miscellaneous Fixed Assets
- Power distribution equipment & transmission lines 429.90
- Railway siding 545.07
- DG sets -
- Air distribution equipment 12.11
- Equipment for water supply 18.16
- Fire fighting equipment 18.16
- Front end loader 36.33
- Workshop equipment 6.05
- Office equipment & computers 6.05
- Misc. tools & tackles 3.63
- Vehicles 12.11
- Laboratory equipment 6.05
- Furniture 3.63
- Misc. for jetty -
Total - MFA 1,097.25 1,097.25
7) Preoperative Expenses
- Establishment 3.63
- Rent, rates & taxes 6.05
- Travelling expenses 6.05
- Misc. expenses (post/mail/legal etc.) 24.22
- Insurance during construction 36.33
- Geological investigation 24.22
- Startup expenses 24.22
Total - preop. expenses 124.72 124.72
Corporate Bridge Academy
Project Finance of JSW
Profit & Loss Statement (Projections)
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 31-Mar-26 31-Mar-27
Value of Production
MS Slabs 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 31-Mar-25 31-Mar-26
Installed 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3 1,606.3
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 1,124.4 1,285.1 1,445.7 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0
Average Realization 3.65 3.83 4.03 4.23 4.44 4.66 4.89 5.14 5.40 5.67 5.95
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 4,106.5 4,927.8 5,821.0 6,451.6 6,774.2 7,112.9 7,468.5 7,841.9 8,234.0 8,645.7 9,078.0
Hot Rolled Coils / Steel Plates / Sheets 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 31-Mar-25 31-Mar-26
Installed 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7 1,296.7
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 907.7 1,037.3 1,167.0 1,231.8 1,231.8 1,231.8 1,231.8 1,231.8 1,231.8 1,231.8 1,231.8
Average Realization 3.81 4.00 4.20 4.41 4.63 4.87 5.11 5.36 5.63 5.91 6.21
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 3,460.7 4,152.9 4,905.6 5,437.0 5,708.9 5,994.3 6,294.0 6,608.8 6,939.2 7,286.1 7,650.5
Galvanized Coils / Sheets 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 31-Mar-25 31-Mar-26
Installed 179.0 179.0 179.0 179.0 179.0 179.0 179.0 179.0 179.0 179.0 179.0
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 125.3 143.2 161.1 170.1 170.1 170.1 170.1 170.1 170.1 170.1 170.1
Average Realization 5.03 5.28 5.55 5.83 6.12 6.42 6.74 7.08 7.44 7.81 8.20
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 630.7 756.8 894.0 990.8 1,040.4 1,092.4 1,147.0 1,204.4 1,264.6 1,327.8 1,394.2
Cold Rolled Coils / Sheets 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 31-Mar-25 31-Mar-26
Installed 353.2 353.2 353.2 353.2 353.2 353.2 353.2 353.2 353.2 353.2 353.2
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 247.2 282.6 317.9 335.5 335.5 335.5 335.5 335.5 335.5 335.5 335.5
Average Realization 4.35 4.57 4.80 5.04 5.29 5.56 5.83 6.13 6.43 6.75 7.09
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 1,076.3 1,291.6 1,525.7 1,691.0 1,775.5 1,864.3 1,957.5 2,055.4 2,158.2 2,266.1 2,379.4
Hot Rolled Steel Plates 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 31-Mar-25 31-Mar-26
Installed 61.9 61.9 61.9 61.9 61.9 61.9 61.9 61.9 61.9 61.9 61.9
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 43.4 49.5 55.7 58.8 58.8 58.8 58.8 58.8 58.8 58.8 58.8
Average Realization 4.24 4.45 4.67 4.91 5.15 5.41 5.68 5.96 6.26 6.58 6.90
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 183.7 220.5 260.4 288.7 303.1 318.3 334.2 350.9 368.4 386.8 406.2
Colour Coating Coils / Sheets 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 31-Mar-25 31-Mar-26
Installed 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 31.4 35.9 40.4 42.7 42.7 42.7 42.7 42.7 42.7 42.7 42.7
Average Realization 6.11 6.41 6.74 7.07 7.43 7.80 8.19 8.60 9.03 9.48 9.95
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 192.0 230.4 272.2 301.7 316.7 332.6 349.2 366.7 385.0 404.3 424.5
Steel Billets and Bloom 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 31-Mar-25 31-Mar-26
Installed 483.8 483.8 483.8 483.8 483.8 483.8 483.8 483.8 483.8 483.8 483.8
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 338.7 387.1 435.4 459.6 459.6 459.6 459.6 459.6 459.6 459.6 459.6
Average Realization 3.74 3.93 4.12 4.33 4.55 4.77 5.01 5.26 5.53 5.80 6.09
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 1,266.8 1,520.2 1,795.7 1,990.3 2,089.8 2,194.3 2,304.0 2,419.2 2,540.1 2,667.2 2,800.5
Long Rolled Products 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 31-Mar-25 31-Mar-26
Installed 474.2 474.2 474.2 474.2 474.2 474.2 474.2 474.2 474.2 474.2 474.2
Capacity Utilization 70% 80% 90% 95% 95% 95% 95% 95% 95% 95% 95%
Production 331.9 379.3 426.7 450.4 450.4 450.4 450.4 450.4 450.4 450.4 450.4
Average Realization 4.19 4.40 4.62 4.85 5.09 5.34 5.61 5.89 6.18 6.49 6.82
Average Realization increase (%) 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Value of Production 1,389.4 1,667.2 1,969.4 2,182.8 2,291.9 2,406.5 2,526.8 2,653.2 2,785.8 2,925.1 3,071.4
Total Value of Production (12 months) 12,306.21 14,767.45 17,444.05 19,333.82 20,300.51 21,315.54 22,381.32 23,500.38 24,675.40 25,909.17 27,204.63
No. of Operational months 9 12 12 12 12 12 12 12 12 12 12
Adjusted Value of Production 9,229.66 14,767.45 17,444.05 19,333.82 20,300.51 21,315.54 22,381.32 23,500.38 24,675.40 25,909.17 27,204.63
Add: Opening Stock of FG - 92.85 110.39 126.11 137.65 144.13 150.57 157.31 164.39 171.81 179.61
Less: Closing Stock of FG 92.85 110.39 126.11 137.65 144.13 150.57 157.31 164.39 171.81 179.61 187.80
Gross Sales 10,152.00 16,388.79 19,364.81 21,469.20 22,548.92 23,676.78 24,860.64 26,103.68 27,408.86 28,779.30 30,218.27
Excise Duty 922.35 1,621.34 1,920.76 2,135.38 2,248.41 2,361.24 2,479.33 2,603.29 2,733.46 2,870.13 3,013.64
Net Sales 9,229.66 14,767.45 17,444.05 19,333.82 20,300.51 21,315.54 22,381.32 23,500.38 24,675.40 25,909.17 27,204.63
Costs / Expenses 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 31-Mar-25 31-Mar-26
Overall Production ('000) 3,150.0 3,600.0 4,050.0 4,275.0 4,275.0 4,275.0 4,275.0 4,275.0 4,275.0 4,275.0 4,275.0
Iron Ore 1.75 5,512.5 6,300.0 7,087.5 7,481.3 7,481.3 7,481.3 7,481.3 7,481.3 7,481.3 7,481.3 7,481.3
Cost per ton 2,936.3 3,083.1 3,237.3 3,399.1 3,569.1 3,747.5 3,934.9 4,131.7 4,338.2 4,555.1 4,782.9 5,022.1
cost escalation 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Iron Ore Cost (Rs Cr) 1.70 2.04 2.41 2.67 2.80 2.94 3.09 3.25 3.41 3.58 3.76
Coke 0.75 2,362.5 2,700.0 3,037.5 3,206.3 3,206.3 3,206.3 3,206.3 3,206.3 3,206.3 3,206.3 3,206.3
Cost per ton 13,020.5 13,671.5 14,355.1 15,072.8 15,826.5 16,617.8 17,448.7 18,321.1 19,237.2 20,199.0 21,209.0 22,269.4
cost escalation 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Coke Cost (Rs Cr) 3.23 3.88 4.58 5.07 5.33 5.59 5.87 6.17 6.48 6.80 7.14
Limestone 0.25 787.5 900.0 1,012.5 1,068.8 1,068.8 1,068.8 1,068.8 1,068.8 1,068.8 1,068.8 1,068.8
Cost per ton 1000 1,050.0 1,102.5 1,157.6 1,215.5 1,276.3 1,340.1 1,407.1 1,477.5 1,551.3 1,628.9 1,710.3
cost escalation 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Limestone Cost (Rs Cr) 0.08 0.10 0.12 0.13 0.14 0.14 0.15 0.16 0.17 0.17 0.18
Zinc & Alloys (used for Galvanized Coils/Pellets) 1.0 125.31 143.21 161.12 170.07 170.07 170.07 170.07 170.07 170.07 170.07 170.07
Cost per ton 111,308.1 116,873.5 150.4 169.2 178.6 178.6 178.6 178.6 178.6 178.6 178.6 178.6
cost escalation 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Total Zinc & Alloys (used for Galvanized Coils/Pellets) Cost (Rs Cr) 1.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Raw Materials (12 months) 6.48 6.02 7.11 7.88 8.27 8.68 9.12 9.57 10.05 10.56 11.08
Adjusted for 9 months 4.86 6.02 7.11 7.88 8.27 8.68 9.12 9.57 10.05 10.56 11.08
Gross Margin 9,224.80 14,761.43 17,436.94 19,325.94 20,292.24 21,306.85 22,372.20 23,490.81 24,665.35 25,898.61 27,193.55
Repairs & Maintenance
- Building 1.0% 29.94 39.91 39.91 39.91 39.91 39.91 39.91 39.91 39.91 39.91 39.91
- Plant & Machinery 2.0% 160.20 213.60 213.60 213.60 213.60 213.60 213.60 213.60 213.60 213.60 213.60
Wages & Salaries
-Fixed Rs cr/pa 5% 507.60 819.44 968.24 1,073.46 1,127.45 1,183.84 1,243.03 1,305.18 1,370.44 1,438.97 1,510.91
-Contract Rs cr/pa 2% 203.04 213.19 223.85 235.04 246.80 259.14 272.09 285.70 299.98 314.98 330.73
wage increase 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Power 7.0% 0.23 0.25 0.28 0.31 0.32 0.33 0.35 0.36 0.38 0.39 0.41
Add - Opening WIP - 3.34 3.59 4.03 4.36 4.54 4.74 4.94 5.15 5.37 5.61
Less - Closing WIP 3.34 3.59 4.03 4.36 4.54 4.74 4.94 5.15 5.37 5.61 5.85
Cost of Production 902.53 1,292.17 1,452.56 1,569.88 1,636.17 1,705.32 1,777.91 1,854.12 1,934.15 2,018.18 2,106.41
Admin Expenses 1.0% 101.52 163.89 193.65 214.69 225.49 236.77 248.61 261.04 274.09 287.79 302.18
Selling & Distribution Expenses 2.0% 203.04 327.78 387.30 429.38 450.98 473.54 497.21 522.07 548.18 575.59 604.37
Add: Opening Stock of FG - 92.85 110.39 126.11 137.65 144.13 150.57 157.31 164.39 171.81 179.61
Less: Closing Stock of FG 92.85 110.39 126.11 137.65 144.13 150.57 157.31 164.39 171.81 179.61 187.80
Cost of Sales 1,114.24 1,766.29 2,017.78 2,202.42 2,306.15 2,409.18 2,516.99 2,630.16 2,748.99 2,873.76 3,004.77
EBITDA 8,115.42 13,001.15 15,426.27 17,131.41 17,994.36 18,906.36 19,864.33 20,870.22 21,926.41 23,035.41 24,199.86
Depreciation 784.30 784.30 784.30 784.30 784.30 784.30 784.30 784.30 - - -
Amortization 24.94 24.94 24.94 24.94 24.94 - - - - - -
EBIT 7,306.18 12,191.91 14,617.02 16,322.16 17,185.12 18,122.06 19,080.03 20,085.92 21,926.41 23,035.41 24,199.86
Interest
- TL 811.36 953.53 968.84 867.92 706.45 544.97 383.50 222.03 60.55 (0.00) (0.00)
- WC 91.84 111.01 130.82 144.87 152.12 159.67 167.59 175.91 184.64 193.81 203.44
EBT 6,402.98 11,127.37 13,517.36 15,309.37 16,326.55 17,417.42 18,528.94 19,687.99 21,681.22 22,841.60 23,996.42
Tax 1,481.62 3,573.50 4,290.50 4,828.10 4,553.89 4,962.67 5,365.95 5,773.50 6,187.48 6,579.59 6,963.79
PAT 4,921.35 7,553.87 9,226.86 10,481.27 11,772.66 12,454.75 13,162.99 13,914.48 15,493.73 16,262.00 17,032.63
Tax calculation
PBT 6,402.98 11,127.37 13,517.36 15,309.37 16,326.55 17,417.42 18,528.94 19,687.99 21,681.22 22,841.60 23,996.42
Add:Book Deprn. 784.30 784.30 784.30 784.30 784.30 784.30 784.30 784.30 - - -
Less: IT Deprn. 2,248.54 - - - 1,931.21 1,659.49 1,426.74 1,227.27 1,056.28 909.62 783.78
Adjusted PBT 4,938.74 11,911.67 14,301.66 16,093.67 15,179.64 16,542.22 17,886.50 19,245.01 20,624.94 21,931.98 23,212.64
Losses carried forward - - - - - - - - - - -
Profit after adjusting losses 4,938.74 11,911.67 14,301.66 16,093.67 15,179.64 16,542.22 17,886.50 19,245.01 20,624.94 21,931.98 23,212.64
Tax
- Corporate Tax 1,481.62 3,573.50 4,290.50 4,828.10 4,553.89 4,962.67 5,365.95 5,773.50 6,187.48 6,579.59 6,963.79
- MAT - - - - - - - - - - -
Tax payable 1,481.62 3,573.50 4,290.50 4,828.10 4,553.89 4,962.67 5,365.95 5,773.50 6,187.48 6,579.59 6,963.79
Effective tax rate 23.14% 32.11% 31.74% 31.54% 27.89% 28.49% 28.96% 29.33% 28.54% 28.81% 29.02%
Corporate Bridge Academy
Project Finance of JSW
Quarterly Capex & Debt Schedule
Particulars 30-Sep-13
31-Mar-14
Land & Site Development 181.70 90.85
Building & Civil Works 3,488.45 348.85
Plant & Machinery 9,334.20 933.42
Engineering, Supervision & Project Mgmt. 121.10 12.11
Expenses on foreign technicians & training
abroad of local technicians 48.50 24.25
Miscellaneous Fixed Assets 1,097.25 109.73
Contingency @ 5% 713.56 75.96
Total Hard Cost 1,595.16
Particulars 30-Sep-13
Preliminary & Preoperative Expenses 12.47
Upfront Fee 48.00
IDC -
WC Margin
Total Soft Cost 60.47
Total Project Cost 1,655.63
Financial Plan 30-Sep-13
Upfront Equity 3399.44
Upfront Equity Drawal 1,655.63
Net Drawal Reqd. -
Debt -
Equity 1,655.63
Debt Schedule 30-Sep-13
Opening Balance -
Add: Debt drawal -
Less: Debt Repayment -
Closing Balance -
Interest -
IDC 1,469.68 -
Interest to P&L
31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
31-Mar-14 31-Mar-14 31-Mar-15 31-Mar-15 31-Mar-15 31-Mar-15 31-Mar-16 31-Mar-16
54.51 18.17 18.17 - - - - -
348.85 348.85 348.85 348.85 348.85 348.85 348.85 348.85
933.42 933.42 933.42 933.42 933.42 933.42 933.42 933.42
18.17 18.17 18.17 18.17 6.06 6.06 6.06 6.06
14.55 9.70 - - - - - -
109.73 109.73 109.73 109.73 109.73 109.73 109.73 54.86
73.96 71.90 71.42 70.51 69.90 69.90 69.90 67.16
1,553.18 1,509.93 1,499.74 1,480.66 1,467.95 1,467.95 1,467.95 1,410.34
31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
12.47 12.47 12.47 12.47 12.47 12.47 12.47 6.24
- 16.15 50.87 88.21 121.22 147.05 170.41 193.65
12.47 28.63 63.34 100.68 133.70 159.53 182.88 199.88
1,565.65 1,538.55 1,563.08 1,581.35 1,601.64 1,627.47 1,650.83 1,610.23
31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
1,565.65 178.16 - - - - - -
- 1,360.40 1,563.08 1,581.35 1,601.64 1,627.47 1,650.83 1,610.23
- 1,360.40 1,563.08 1,581.35 1,198.72 976.48 990.50 966.14
1,565.65 178.16 - - 402.93 650.99 660.33 644.09
31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
- - 1,360.40 2,923.48 4,504.83 5,703.54 6,680.03 7,670.53
- 1,360.40 1,563.08 1,581.35 1,198.72 976.48 990.50 966.14
- - - - - - - -
- 1,360.40 2,923.48 4,504.83 5,703.54 6,680.03 7,670.53 8,636.66
- 16.15 50.87 88.21 121.22 147.05 170.41 193.65
- 16.15 50.87 88.21 121.22 147.05 170.41 193.65
31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17
31-Mar-16 31-Mar-16 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-18 31-Mar-18
- - - - - - - -
348.85 - - - - - - -
933.42 - - - - - - -
6.06 6.06 - -
- - - - -
54.86 54.86 54.86 - - - - -
67.16 3.05 2.74 - - - - -
1,410.34 63.96 57.61 - - - - -
31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17
6.24 6.24 6.24 - - - - -
216.76 230.54 234.81 - - - - -
370.0
222.99 236.77 241.05 - 370.02 - - -
1,633.34 300.74 298.65 - 370.02 - - -
31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17
- - -
1,633.34 300.74 298.65 - 370.02 - - -
980.00 180.44 179.19 - 222.01 - - -
653.33 120.30 119.46 - 148.01 - - -
31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17
8,636.66 9,616.66 9,797.11 9,976.30 9,976.30 10,198.31 10,198.31 10,198.31
980.00 180.44 179.19 - 222.01 - - -
- - - - - - - -
9,616.66 9,797.11 9,976.30 9,976.30 10,198.31 10,198.31 10,198.31 10,198.31
216.76 230.54 234.81 236.94 239.57 242.21 242.21 242.21
216.76 230.54 234.81
236.94 239.57 242.21 242.21 242.21
31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19
31-Mar-18 31-Mar-18 31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-20
- - - - - - -
- - -
- - -
- - - -
- - - -
- - - - - - -
31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19
- - - - - - -
- - - - - - -
- - - - - - -
31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19
10,198.31 10,198.31 9,773.38 9,348.45 8,923.52 8,498.59 8,073.66
- - - - - - -
- 424.93 424.93 424.93 424.93 424.93 424.93
10,198.31 9,773.38 9,348.45 8,923.52 8,498.59 8,073.66 7,648.73
242.21 242.21 232.12 222.03 211.93 201.84 191.75
242.21 242.21 232.12 222.03 211.93 201.84 191.75
30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
31-Mar-20 31-Mar-20 31-Mar-20 31-Mar-21 31-Mar-21 31-Mar-21 31-Mar-21
-
-
30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
- - - -
- - - - - - -
- - - -
- - - -
30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
- - - - - - -
- - - - - - -
- - - - - - -
30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
7,648.73 7,223.80 6,798.87 6,373.94 5,949.02 5,524.09 5,099.16
- - - - - - -
424.93 424.93 424.93 424.93 424.93 424.93 424.93
7,223.80 6,798.87 6,373.94 5,949.02 5,524.09 5,099.16 4,674.23
181.66 171.57 161.47 151.38 141.29 131.20 121.10
181.66 171.57 161.47 151.38 141.29 131.20 121.10
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23
31-Mar-22 31-Mar-22 31-Mar-22 31-Mar-22 31-Mar-23 31-Mar-23 31-Mar-23 31-Mar-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23
- - - - - - - -
- - - - - - - -
- - - - - - - -
30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23
4,674.23 4,249.30 3,824.37 3,399.44 2,974.51 2,549.58 2,124.65 1,699.72
- - - - - - - -
424.93 424.93 424.93 424.93 424.93 424.93 424.93 424.93
4,249.30 3,824.37 3,399.44 2,974.51 2,549.58 2,124.65 1,699.72 1,274.79
111.01 100.92 90.83 80.74 70.64 60.55 50.46 40.37
111.01 100.92 90.83 80.74 70.64 60.55 50.46 40.37
30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-24 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
- - - - - - - -
- - - - - - - -
- - - - - - - -
30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
1,274.79 849.86 424.93 (0.00) (0.00) (0.00) (0.00) (0.00)
- - - - - - - -
424.93 424.93 424.93 - - - - -
849.86 424.93 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
30.28 20.18 10.09 (0.00) (0.00) (0.00) (0.00) (0.00)
30.28 20.18 10.09 (0.00) (0.00) (0.00) (0.00) (0.00)
30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27
31-Mar-26 31-Mar-26 31-Mar-26 31-Mar-26 31-Mar-27 31-Mar-27 31-Mar-27 31-Mar-27
30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27
30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27
- - - - - - - -
- - - - - - - -
- - - - - - - -
30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 31-Dec-26 31-Mar-27
(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)
Corporate Bridge Academy
Project Finance of JSW
Annual Schedule
Particulars
Land & Site Development 181.70
Building & Civil Works 3,488.45
Plant & Machinery 9,334.20
Engineering, Supervision & Project Mgmt. 121.10
Expenses on foreign technicians & training abroad of
local technicians 48.50
Miscellaneous Fixed Assets 1,097.25
Contingency @ 5% 713.56
-
Total Hard Cost 14,984.76
Preliminary & Preoperative Expenses 124.72
Upfront Fee 48.00
IDC 1,469.68
WC Margin 370.02
Total Soft Cost 2,012.43
Total Project Cost 16,997.19
Financial Plan
Upfront Equity
Upfront Equity Drawal
Net Drawal Reqd.
Debt
Equity
Debt Schedule
Opening Balance
Add: Debt drawal
Less: Debt Repayment
Closing Balance
Interest
IDC
Interest to P&L
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19
163.53 18.17 - - - -
1,046.54 1,395.38 1,046.54 - - -
2,800.26 3,733.68 2,800.26 - - -
48.44 48.44 24.22 - - -
48.50 - - - - -
329.18 438.90 274.31 54.86 - -
221.82 281.73 207.27 2.74 - -
-
4,658.26 5,916.30 4,352.59 57.61 - -
37.42 49.89 31.18 6.24 - -
48.00 - - - - -
16.15 407.36 811.36 234.81 - -
- - - 370.02 - -
101.57 457.25 842.54 611.07 - -
4,759.83 6,373.55 5,195.13 668.67 - -
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19
- - - - - -
3,399.44 - - - - -
1,360.40 6,373.55 5,195.13 668.67 - -
1,360.40 5,319.63 3,117.08 401.20 - -
3,399.44 1,053.92 2,078.05 267.47 - -
3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019
- 14,492.24 32,603.88 39,948.01 40,793.25 36,543.95
1,360.40 5,319.63 3,117.08 401.20 - -
- - - - 424.93 1,699.72
1,360.40 19,811.88 35,720.96 40,349.22 40,368.32 34,844.23
16.15 407.36 811.36 953.53 968.84 867.92
16.15 407.36 811.36 234.81 - -
- - - 718.72 968.84 867.92
31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 3/31/2026
29,745.08 22,946.20 16,147.33 9,348.45 2,549.58 (0.00) (0.00)
- - - - - - -
1,699.72 1,699.72 1,699.72 1,699.72 1,274.79 - -
28,045.36 21,246.48 14,447.61 7,648.73 1,274.79 (0.00) (0.00)
706.45 544.97 383.50 222.03 60.55 (0.00) (0.00)
- - - - - - -
706.45 544.97 383.50 222.03 60.55 (0.00) (0.00)
31-Mar-27
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31-Mar-27
-
-
-
-
-
3/31/2027
(0.00)
-
-
(0.00)
(0.00)
-
(0.00)
Corporate Bridge Academy
Project Finance of JSW
Depreciation Schedule 31-Mar-14 31-Mar-15
SLM Methold
Land
Opening Block 0.0% - 163.53
Additions during the year 163.53 18.17
Gross Block 163.53 181.70
Depreciation - -
Accumulated Depreciation - -
Net Block 163.53 181.70
Building & Civil Works
Opening Block 3.3% - 1,118.20
Additions during the year 1,118.20 1,568.07
Gross Block 1,118.20 2,686.28
Depreciation - -
Accumulated Depreciation - -
Net Block 1,118.20 2,686.28
Plant & Machinery
Opening Block 5.3% - 2,992.03
Additions during the year 2,992.03 4,195.76
Gross Block 2,992.03 7,187.79
Depreciation - -
Accumulated Depreciation - -
Net Block 2,992.03 7,187.79
Misc. Fixed Assets (incl. Technical knowhow & training fees)
Opening Block 5.3% - 448.66
Additions during the year 448.66 541.66
Gross Block 448.66 990.32
Depreciation - -
Accumulated Depreciation - -
Net Block 448.66 990.32
Allocation of Contingency & Soft Costs (Except WC Margin)
Land & Site Devt. - -
Building & Civil Works 71.67 172.69
Plant & Machinery 191.77 462.08
Misc. Fixed Assets 22.54 54.32
Check
Opening Block - 4,722.42
Additions during the year 4,722.42 6,323.66
Gross Block 4,722.42 11,046.08
Depreciation - -
Accumulated Depreciation - -
Net Block 4,722.42 11,046.08
WDV Method of Depreciation
31-Mar-14 31-Mar-15
Land
Opening Block 0% - 163.53
Additions during the year 163.53 18.17
Gross Block 163.53 181.70
Depreciation - -
Net Block 163.53 181.70
Building & Civil Works
Opening Block 10% - 1,118.20
Additions during the year 1,118.20 1,568.07
Gross Block 1,118.20 2,686.28
Depreciation - -
Net Block 1,118.20 2,686.28
Plant & Machinery
Opening Block 15% - 2,992.03
Additions during the year 2,992.03 4,195.76
Gross Block 2,992.03 7,187.79
Depreciation - -
Net Block 2,992.03 7,187.79
Misc. Fixed Assets (incl. Technical knowhow & training fees)
Opening Block 15% - 448.66
Additions during the year 448.66 541.66
Gross Block 448.66 990.32
Depreciation - -
Net Block 448.66 990.32
Depreciation for the year - -
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
- - - - - - - -
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
- - - - - - - -
- - - - - - - -
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
2,686.28 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48
1,305.21 - - - - - - -
3,991.48 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48 3,991.48
- 133.32 133.32 133.32 133.32 133.32 133.32 133.32
- 133.32 266.63 399.95 533.26 666.58 799.89 933.21
3,991.48 3,858.17 3,724.85 3,591.54 3,458.22 3,324.91 3,191.59 3,058.28
7,187.79 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19
3,492.41 - - - - - - -
10,680.19 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19 10,680.19
- 563.91 563.91 563.91 563.91 563.91 563.91 563.91
- 563.91 1,127.83 1,691.74 2,255.66 2,819.57 3,383.48 3,947.40
10,680.19 10,116.28 9,552.36 8,988.45 8,424.54 7,860.62 7,296.71 6,732.79
990.32 1,356.65 1,649.07 1,649.07 1,649.07 1,649.07 1,649.07 1,649.07
366.33 292.41 - - - - - -
1,356.65 1,649.07 1,649.07 1,649.07 1,649.07 1,649.07 1,649.07 1,649.07
- 87.07 87.07 87.07 87.07 87.07 87.07 87.07
- 87.07 174.14 261.21 348.28 435.35 522.42 609.49
1,356.65 1,561.99 1,474.92 1,387.85 1,300.78 1,213.71 1,126.64 1,039.57
- - - - - - - -
258.67 - - - - - - -
692.15 - - - - - - -
67.80 237.55 - - - - - -
11,046.08 16,210.03 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44
5,163.95 292.41 - - - - - -
16,210.03 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44
- 784.30 784.30 784.30 784.30 784.30 784.30 784.30
- 784.30 1,568.60 2,352.90 3,137.20 3,921.50 4,705.80 5,490.10
16,210.03 15,718.14 14,933.84 14,149.54 13,365.24 12,580.94 11,796.64 11,012.34
31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
- - - - - - - -
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
- - - - - - - -
181.70 181.70 181.70 181.70 181.70 181.70 181.70 181.70
2,686.28 3,991.48 3,592.34 3,592.34 3,592.34 3,592.34 3,233.10 2,909.79
1,305.21 - - - - - - -
3,991.48 3,991.48 3,592.34 3,592.34 3,592.34 3,592.34 3,233.10 2,909.79
- 399.15 - - - 359.23 323.31 290.98
3,991.48 3,592.34 3,592.34 3,592.34 3,592.34 3,233.10 2,909.79 2,618.81
7,187.79 10,680.19 9,078.16 9,078.16 9,078.16 9,078.16 7,716.44 6,558.97
3,492.41 - - - - - - -
10,680.19 10,680.19 9,078.16 9,078.16 9,078.16 9,078.16 7,716.44 6,558.97
- 1,602.03 - - - 1,361.72 1,157.47 983.85
10,680.19 9,078.16 9,078.16 9,078.16 9,078.16 7,716.44 6,558.97 5,575.13
990.32 1,356.65 1,401.71 1,401.71 1,401.71 1,401.71 1,191.45 1,012.73
366.33 292.41 - - - - - -
1,356.65 1,649.07 1,401.71 1,401.71 1,401.71 1,401.71 1,191.45 1,012.73
- 247.36 - - - 210.26 178.72 151.91
1,356.65 1,401.71 1,401.71 1,401.71 1,401.71 1,191.45 1,012.73 860.82
- 2,248.54 - - - 1,931.21 1,659.49 1,426.74
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27
181.70 181.70 181.70 181.70
- - - -
181.70 181.70 181.70 181.70
- - - -
- - - -
181.70 181.70 181.70 181.70
3,991.48 3,991.48 3,991.48 3,991.48
- - - -
3,991.48 3,991.48 3,991.48 3,991.48
133.32 - - -
1,066.52 1,066.52 1,066.52 1,066.52
2,924.96 2,924.96 2,924.96 2,924.96
10,680.19 10,680.19 10,680.19 10,680.19
- - - -
10,680.19 10,680.19 10,680.19 10,680.19
563.91 - - -
4,511.31 4,511.31 4,511.31 4,511.31
6,168.88 6,168.88 6,168.88 6,168.88
1,649.07 1,649.07 1,649.07 1,649.07
- - - -
1,649.07 1,649.07 1,649.07 1,649.07
87.07 - - -
696.57 696.57 696.57 696.57
952.50 952.50 952.50 952.50
- - - -
- - - -
- - - -
- - - -
16,502.44 16,502.44 16,502.44 16,502.44
- - - -
16,502.44 16,502.44 16,502.44 16,502.44
784.30 - - -
6,274.40 6,274.40 6,274.40 6,274.40
10,228.04 10,228.04 10,228.04 10,228.04
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27
181.70 181.70 181.70 181.70
- - - -
181.70 181.70 181.70 181.70
- - - -
181.70 181.70 181.70 181.70
2,618.81 2,356.93 2,121.24 1,909.11
- - - -
2,618.81 2,356.93 2,121.24 1,909.11
261.88 235.69 212.12 190.91
2,356.93 2,121.24 1,909.11 1,718.20
5,575.13 4,738.86 4,028.03 3,423.82
- - - -
5,575.13 4,738.86 4,028.03 3,423.82
836.27 710.83 604.20 513.57
4,738.86 4,028.03 3,423.82 2,910.25
860.82 731.70 621.94 528.65
- - - -
860.82 731.70 621.94 528.65
129.12 109.75 93.29 79.30
731.70 621.94 528.65 449.35
1,227.27 1,056.28 909.62 783.78
Corporate Bridge Academy
Project Finance of JSW
Particulars 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18
Raw Material 1.50 0.8 0.8
WIP 0.03 3.3 3.6
FG 0.75 92.9 110.4
Sundry Debtors 1.00 1,128.0 1,365.7
Total CA 1,225.0 1,480.5
Sundry Creditors 0.75 0.4 0.4
TL Installments due in 1 year 424.9 1,699.7
Total CL 425.4 1,700.1
WC Gap 799.6 (219.6)
WC Gap w/o TL installments 1,224.6 1,480.1
WC Margin 306.1 370.0
WC Margin for PC 370.02
WC Borrowings - - - 918.4 1,110.1
WC Interest - - - 91.8 111.0
Opening RM stock - - - - 0.4
RM Required during the year - - - 4.9 6.0
Closing RM stock 0.4 0.4
Purchases 5.3 6.0
31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
0.9 1.0 1.0 1.1 1.1 1.2 1.3
4.0 4.4 4.5 4.7 4.9 5.2 5.4
126.1 137.7 144.1 150.6 157.3 164.4 171.8
1,613.7 1,789.1 1,879.1 1,973.1 2,071.7 2,175.3 2,284.1
1,744.8 1,932.1 2,028.8 2,129.5 2,235.1 2,346.0 2,462.5
0.4 0.5 0.5 0.5 0.6 0.6 0.6
1,699.7 1,699.7 1,699.7 1,699.7 1,274.8 - -
1,700.2 1,700.2 1,700.2 1,700.3 1,275.4 0.6 0.6
44.6 231.9 328.6 429.2 959.7 2,345.4 2,461.9
1,744.3 1,931.6 2,028.3 2,128.9 2,234.5 2,345.4 2,461.9
436.1 482.9 507.1 532.2 558.6 586.4 615.5
1,308.2 1,448.7 1,521.2 1,596.7 1,675.9 1,759.1 1,846.4
130.8 144.9 152.1 159.7 167.6 175.9 184.6
0.4 0.4 0.5 0.5 0.5 0.6 0.6
7.1 7.9 8.3 8.7 9.1 9.6 10.1
0.4 0.5 0.5 0.5 0.6 0.6 0.6
7.2 7.9 8.3 8.7 9.1 9.6 10.1
31-Mar-26 31-Mar-27
1.3 1.4
5.6 5.9
179.6 187.8
2,398.3 2,518.2
2,584.8 2,713.2
0.7 0.7
- -
0.7 0.7
2,584.1 2,712.5
2,584.1 2,712.5
646.0 678.1
1,938.1 2,034.4
193.8 203.4
0.6 0.7
10.6 11.1
0.7 0.7
10.6 11.1
Corporate Bridge Academy
Project Finance of JSW
Cash Flow Projections
Particulars 31-Mar-14 31-Mar-15 31-Mar-16
PAT
Depreciation
Amortisation
Increase in Equity 3,399.44 1,053.92 2,078.05
Increase in Term Loan 1,360.40 5,319.63 3,117.08
Increase in WC Loan
Total Inflows 4,759.83 6,373.55 5,195.13
Capex 4,722.42 6,323.66 5,163.95
Increase in prelim. expenses 37.42 49.89 31.18
Repayment of TL - - -
Increase in WC Gap - - -
Total Outflows 4,759.83 6,373.55 5,195.13
Opening Cash Balance - - -
Surplus/ (Deficit) during the year - - -
Closing Cash Balance - - -
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23
4,921.35 7,553.87 9,226.86 10,481.27 11,772.66 12,454.75 13,162.99
784.30 784.30 784.30 784.30 784.30 784.30 784.30
24.94 24.94 24.94 24.94 24.94 - -
267.47 - - - - - -
401.20 - - - - - -
918.43 191.64 198.17 140.46 72.50 75.48 79.22
7,317.70 8,554.76 10,234.28 11,430.98 12,654.41 13,314.53 14,026.50
292.41 - - - - - -
6.24 - - - - - -
- 424.93 1,699.72 1,699.72 1,699.72 1,699.72 1,699.72
1,224.57 255.53 264.23 187.28 96.67 100.65 105.62
1,523.22 680.46 1,963.95 1,887.00 1,796.39 1,800.36 1,805.34
- 5,794.48 13,668.78 21,939.12 31,483.09 42,341.11 53,855.28
5,794.48 7,874.30 8,270.33 9,543.98 10,858.02 11,514.17 12,221.16
5,794.48 13,668.78 21,939.12 31,483.09 42,341.11 53,855.28 66,076.44
31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27
13,914.48 15,493.73 16,262.00 17,032.63
784.30 - - -
- - - -
- - - -
- - - -
83.17 87.33 91.70 96.28
14,781.96 15,581.07 16,353.70 17,128.91
- - - -
- - - -
1,274.79 - - -
110.90 116.44 122.27 128.38
1,385.69 116.44 122.27 128.38
66,076.44 79,472.71 94,937.33 111,168.77
13,396.27 15,464.62 16,231.44 17,000.53
79,472.71 94,937.33 111,168.77 128,169.31
Corporate Bridge Academy
Project Finance of JSW
Balance Sheet Projections
Particulars 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17
Sources of Funds
Equity 3,399.44 4,453.35 6,531.40 6,798.87
Reserves & Surplus - - - 4,921.35
Total Net Worth 3,399.44 4,453.35 6,531.40 11,720.23
Long term loans 1,360.40 6,680.03 9,797.11 10,198.31
Cash Credit - - - 918.43
Unsecured Loans
Total 1,360.40 6,680.03 9,797.11 11,116.74
TOTAL 4,759.83 11,133.38 16,328.51 22,836.97
Uses of Funds 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17
Gross Block 4,722.42 11,046.08 16,210.03 16,502.44
Accumulated Depreciation - - - 784.30
Net Block 4,722.42 11,046.08 16,210.03 15,718.14
Current Assets except cash - - - 1,225.01
Current Liabilities - - - 0.44
Net Current Assets except cash - - - 1,224.57
Cash & bank balance - - - 5,794.48
Prelim. Exp. Not w/o 37.42 87.30 118.48 99.78
TOTAL 4,759.83 11,133.38 16,328.51 22,836.97
Difference - - - -
31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
6,798.87 6,798.87 6,798.87 6,798.87 6,798.87 6,798.87 6,798.87
12,475.23 21,702.09 32,183.36 43,956.02 56,410.77 69,573.75 83,488.24
19,274.10 28,500.96 38,982.23 50,754.89 63,209.64 76,372.63 90,287.11
9,773.38 8,073.66 6,373.94 4,674.23 2,974.51 1,274.79 -
1,110.07 1,308.24 1,448.70 1,521.20 1,596.69 1,675.90 1,759.08
10,883.45 9,381.90 7,822.65 6,195.43 4,571.20 2,950.69 1,759.08
30,157.55 37,882.87 46,804.88 56,950.32 67,780.84 79,323.32 92,046.19
31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
16,502.44 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44 16,502.44
1,568.60 2,352.90 3,137.20 3,921.50 4,705.80 5,490.10 6,274.40
14,933.84 14,149.54 13,365.24 12,580.94 11,796.64 11,012.34 10,228.04
1,480.47 1,744.77 1,932.10 2,028.79 2,129.46 2,235.11 2,346.04
0.37 0.45 0.50 0.52 0.54 0.57 0.60
1,480.09 1,744.32 1,931.60 2,028.27 2,128.92 2,234.54 2,345.44
13,668.78 21,939.12 31,483.09 42,341.11 53,855.28 66,076.44 79,472.71
74.83 49.89 24.94 - - - -
30,157.55 37,882.87 46,804.88 56,950.32 67,780.84 79,323.32 92,046.19
- - - - - - -
31-Mar-25 31-Mar-26 31-Mar-27
6,798.87 6,798.87 6,798.87
98,981.97 115,243.97 132,276.60
105,780.84 122,042.85 139,075.48
- - -
1,846.41 1,938.11 2,034.40
1,846.41 1,938.11 2,034.40
107,627.26 123,980.96 141,109.87
31-Mar-25 31-Mar-26 31-Mar-27
16,502.44 16,502.44 16,502.44
6,274.40 6,274.40 6,274.40
10,228.04 10,228.04 10,228.04
2,462.51 2,584.81 2,713.22
0.63 0.66 0.69
2,461.88 2,584.15 2,712.53
94,937.33 111,168.77 128,169.31
- - -
107,627.26 123,980.96 141,109.87
- - -
Corporate Bridge Academy
Project Finance of JSW Back to Index
Please Find below Name of sheet to done before submitting Excel File
Disclaimer:
You Need to use same template for Assignment 2 and 3
Recommendation Completed
Assignment 3 - 25 Marks
Name of sheet Status
DSCR IRR Ratios Completed
Corporate Bridge Academy
Project Finance of JSW
Project Evaluation
DSCR 31-Mar-14 31-Mar-15 31-Mar-16
PAT - - -
Deprn. - - -
Amortization - - -
Interest - TL - - -
Total - - -
TL Repayment - - -
Interest - TL - - -
Total - - -
DSCR
Average DSCR 6.09
Minimum DSCR 4.12
IRR 31-Mar-14 31-Mar-15 31-Mar-16
PAT - - -
Deprn. - - -
Amortization - - -
Interest - tax adjusted - - -
Inflow - - -
Capex 4,743.68 5,966.19 4,383.77
Outflow 4,743.68 5,966.19 4,383.77
Net Flow (4,743.68) (5,966.19) (4,383.77)
IRR 42.87%
Ratios 31-Mar-14 31-Mar-15 31-Mar-16
Gross Sales - - -
Excise duty - - -
Net sales - - -
Other Income - - -
Total expenses - - -
PBDIT - - -
Depreciation - - -
Amortization - - -
PBIT - - -
Interest
- Term loan - - -
- Working capital - - -
PBT - - -
Tax - - -
PAT - - -
Cash accruals - - -
Paid up capital 3,399.44 4,453.35 6,531.40
Current ratio #DIV/0! #DIV/0! #DIV/0!
PBDIT/Interest (Times) #DIV/0! #DIV/0! #DIV/0!
PBDIT/TTA(ROCE)% 0.00% 0.00% 0.00%
Net worth 3,399.44 4,453.35 6,531.40
Adjusted TNW (excl. of
revaluation reserve) 3,362.02 4,366.05 6,412.92
TOL/TNW 0.40 1.53 1.53
Inv/NS +Rec./GS (Days)
Operating profit margin (%) #DIV/0! #DIV/0! #DIV/0!
Net profit margin (%) #DIV/0! #DIV/0! #DIV/0!
DSCR - - -
Min. DSCR 4.12
Average DSCR 6.09
IRR 42.87%
Breakeven point 0.00%
Cash breakeven point 0.00%
BEP & Cash BEP 31-Mar-14 31-Mar-15 31-Mar-16
Net Sales - - -
Variable Expenses - - -
Contribution - - -
PV Ratio #DIV/0! #DIV/0! #DIV/0!
Fixed Expenses - - -
Fixed Cash Expenses - - -
BEP NA NA NA
BEP in %
Cash BEP - - -
Cash BEP in % NA NA NA
Average BEP (%) 10%
Average Cash BEP (%) 7%
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
4,921.35 7,553.87 9,226.86 10,481.27 11,772.66 12,454.75 13,162.99 13,914.48
784.30 784.30 784.30 784.30 784.30 784.30 784.30 784.30
24.94 24.94 24.94 24.94 24.94 - - -
811.36 953.53 968.84 867.92 706.45 544.97 383.50 222.03
6,541.96 9,316.65 11,004.95 12,158.43 13,288.35 13,784.02 14,330.79 14,920.81
- 424.93 1,699.72 1,699.72 1,699.72 1,699.72 1,699.72 1,274.79
811.36 953.53 968.84 867.92 706.45 544.97 383.50 222.03
811.36 1,378.46 2,668.56 2,567.64 2,406.16 2,244.69 2,083.22 1,496.81
8.06 6.76 4.12 4.74 5.52 6.14 6.88 9.97
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
4,921.35 7,553.87 9,226.86 10,481.27 11,772.66 12,454.75 13,162.99 13,914.48
784.30 784.30 784.30 784.30 784.30 784.30 784.30 784.30
24.94 24.94 24.94 24.94 24.94 - - -
623.61 647.31 661.32 594.20 509.40 389.70 272.44 156.92
6,354.21 9,010.42 10,697.43 11,884.72 13,091.30 13,628.74 14,219.73 14,855.70
63.84 - - - - - - -
63.84 - - - - - - -
6,290.37 9,010.42 10,697.43 11,884.72 13,091.30 13,628.74 14,219.73 14,855.70
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
10152 16389 19365 21469 22549 23677 24861 26104
922 1621 1921 2135 2248 2361 2479 2603
9,229.66 14,767.45 17,444.05 19,333.82 20,300.51 21,315.54 22,381.32 23,500.38
- - - - - - - -
1,114.24 1,766.29 2,017.78 2,202.42 2,306.15 2,409.18 2,516.99 2,630.16
8,115.42 13,001.15 15,426.27 17,131.41 17,994.36 18,906.36 19,864.33 20,870.22
784.30 784.30 784.30 784.30 784.30 784.30 784.30 784.30
24.94 24.94 24.94 24.94 24.94 - - -
7,306.18 12,191.91 14,617.02 16,322.16 17,185.12 18,122.06 19,080.03 20,085.92
811.36 953.53 968.84 867.92 706.45 544.97 383.50 222.03
91.84 111.01 130.82 144.87 152.12 159.67 167.59 175.91
6,402.98 11,127.37 13,517.36 15,309.37 16,326.55 17,417.42 18,528.94 19,687.99
1,481.62 3,573.50 4,290.50 4,828.10 4,553.89 4,962.67 5,365.95 5,773.50
4,921.35 7,553.87 9,226.86 10,481.27 11,772.66 12,454.75 13,162.99 13,914.48
5,730.60 8,363.12 10,036.11 11,290.51 12,581.90 13,239.05 13,947.29 14,698.78
6,798.87 6,798.87 6,798.87 6,798.87 6,798.87 6,798.87 6,798.87 6,798.87
7.64 13.64 18.10 23.06 29.16 35.05 40.75 46.50
10.00 13.63 15.92 19.74 25.47 34.69 51.80 94.00
35.69% 43.22% 40.78% 36.62% 31.60% 27.89% 25.04% 22.67%
11,720.23 19,274.10 28,500.96 38,982.23 50,754.89 63,209.64 76,372.63 90,287.11
11,620.45 19,199.27 28,451.07 38,957.29 50,754.89 63,209.64 76,372.63 90,287.11
0.96 0.57 0.33 0.20 0.12 0.07 0.04 0.02
88% 88% 88% 89% 89% 89% 89% 89%
53% 51% 53% 54% 58% 58% 59% 59%
8.06 6.76 4.12 4.74 5.52 6.14 6.88 9.97
31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
9,229.66 14,767.45 17,444.05 19,333.82 20,300.51 21,315.54 22,381.32 23,500.38
762.02 1,213.94 1,410.83 1,556.88 1,640.87 1,723.25 1,809.37 1,899.78
8,467.63 13,553.51 16,033.22 17,776.94 18,659.64 19,592.29 20,571.94 21,600.60
91.74% 91.78% 91.91% 91.95% 91.92% 91.92% 91.92% 91.92%
2064.66 2426.14 2515.86 2467.56 2333.09 2174.88 2043.01 1912.62
1,255.41 1,616.89 1,706.62 1,658.32 1,523.85 1,390.58 1,258.71 1,128.32
2,250.46 2,643.44 2,737.24 2,683.67 2,538.26 2,366.17 2,222.70 2,080.83
24% 18% 16% 14% 13% 11% 10% 9%
1,368.39 1,761.71 1,856.79 1,803.55 1,657.85 1,512.88 1,369.41 1,227.55
15% 12% 11% 9% 8% 7% 6% 5%
31-Mar-25 31-Mar-26 31-Mar-27
15,493.73 16,262.00 17,032.63
- - -
- - -
60.55 (0.00) (0.00)
15,554.29 16,262.00 17,032.63
- - -
60.55 (0.00) (0.00)
60.55 (0.00) (0.00)
31-Mar-25 31-Mar-26 31-Mar-27
15,493.73 16,262.00 17,032.63
- - -
- - -
43.27 (0.00) (0.00)
15,537.01 16,262.00 17,032.63
- - -
- - -
15,537.01 16,262.00 17,032.63
31-Mar-25 31-Mar-26 31-Mar-27
27409 28779 30218
2733 2870 3014
24,675.40 25,909.17 27,204.63
- - -
2,748.99 2,873.76 3,004.77
21,926.41 23,035.41 24,199.86
- - -
- - -
21,926.41 23,035.41 24,199.86
60.55 (0.00) (0.00)
184.64 193.81 203.44
21,681.22 22,841.60 23,996.42
6,187.48 6,579.59 6,963.79
15,493.73 16,262.00 17,032.63
15,493.73 16,262.00 17,032.63
6,798.87 6,798.87 6,798.87
52.73 58.67 64.31
362.11 - -
20.37% 18.58% 17.15%
105,780.84 122,042.85 139,075.48
105,780.84 122,042.85 139,075.48
0.02 0.02 0.01
89% 89% 89%
63% 63% 63%
- - -
31-Mar-25 31-Mar-26 31-Mar-27
24,675.40 25,909.17 27,204.63
1,994.70 2,094.37 2,199.03
22,680.70 23,814.80 25,005.60
91.92% 91.92% 91.92%
999.48 973.20 1009.18
999.48 973.20 1,009.18
1,087.38 1,058.78 1,097.93
4% 4% 4%
1,087.38 1,058.78 1,097.93
4% 4% 4%
Corporate Bridge Academy
Project Finance of JSW
Feasibility Results Yes
Summary of your Project appraisal Drivers of Growth
Discussion on Risk Factor Project Finance Ratios
As inflation has hit the construction and the auto mobile industry largely its impact
is also felt by the steel industry. The slowdown in these sectors is caused due to
high Inflationary rates, these sectors are the demand drivers of steel in the country
and thus inflation has had a negative impact on the country.
Builders are finding it difficult to raise funds for construction due to the hike in
Interest rates on Housing Loans people are looking for ready to occupy flats rather
than those under construction. According to an expert in the automobile industry
the competition in this industry is rising, this coupled with high interest rates and
hike in fuel prices will decrease the demand for automobiles the country. These two
sectors which are crucial to the steel Industry are facing several problems which
could have a tremendous impact on the steel industry.
The global recession had a huge impact on the steel industry with the investment
sector being reluctant to invest in the industry, but this sector has shown a
tremendous improvement in the last year.
the current ratio of the company is very high and is se seen to increase over the years,
it shows that the company would be able to pay off all its obligations
The ROCE of the company is seen to decrease over the period but the ROCE is still very
high therefore we can say that the company will cover its capital cost and would have a
good operating and profitable position. The high ROCE also shows that the company is
employing its capital very smatly and also working towards generating shareholders
wealth.
the operating profit margin and the net profit margin is also seen to increase which
also shows a good sign
JSW STEEL LTD
JSW STEEL was in a process of starting a plant in West Bengal of a capacity of 4500
tonnes during the first phase. The total cost of the project is estimated to be Rs.
16997 crore, which is to be financed by equity capital of Rs 6799 crore and debt of
Rs 10198 crore.
As far as the cash flows are concerned the cash inflows generated by this project till
March 2027, i.e a period of 14 years, is more than the cash outflows generated
which shows that the project can be profitable for the company.
The IRR generated by the project is 43% which is very high which means it would be
profitable for the company to undertake this project as its IRR would be more than
its cost of capital
As can be seen from the balance sheet and profit and loss statement generated by
the given asssumptions, the PAT of the company is increasing at a increasing rate.
It is evident form the analysis done that the project of building a plant in West
Bengal will generate profits from the company.
Taking into consideration the stable recovery of the global economy the Indian Steel industry
remains the fourth largest producer of crude steel in the world. It has been estimated by the
World Steel Association that the usage of steel around the world will increase by 3.1% i.e. 1,527
million tonnes in 2014, followed by a growth of 3.3 per cent i.e. 1,576 million tonnes. The demand
for Steel in China is also expected to decelerate in the coming year which puts India in a very good
position.
India needs an Investment of $210 billion in order to achieve a steel producing capacity of 300
million tonnes per annum from its current capacity of 90 million tonnes p.a. India has emphasized
on the importance of investment in infrastructure to boost economic growth. This along with
supportive government measures will tremendously boost the industry. There is also a very
profitable estimation of the demand of steel from the automobile industry. Investors are
considered to improve in the coming financial year due to the stable economy which would result
in an increase in dividend payout in the fourth coming years. Other sectors which can improve the
demand of steel like the construction and manufacturing sector are also showing favorable signs
although this is subjected to inflation other problems.
Your company financial & important ratio information should be included in this table
explained in the word document attached under ratio Analysis
****************************************************************************************************************************************************************************
As inflation has hit the construction and the auto mobile industry largely its impact
is also felt by the steel industry. The slowdown in these sectors is caused due to
high Inflationary rates, these sectors are the demand drivers of steel in the country
and thus inflation has had a negative impact on the country.
Builders are finding it difficult to raise funds for construction due to the hike in
Interest rates on Housing Loans people are looking for ready to occupy flats rather
than those under construction. According to an expert in the automobile industry
the competition in this industry is rising, this coupled with high interest rates and
hike in fuel prices will decrease the demand for automobiles the country. These two
sectors which are crucial to the steel Industry are facing several problems which
could have a tremendous impact on the steel industry.
The global recession had a huge impact on the steel industry with the investment
sector being reluctant to invest in the industry, but this sector has shown a
tremendous improvement in the last year.
the current ratio of the company is very high and is se seen to increase over the years,
it shows that the company would be able to pay off all its obligations
The ROCE of the company is seen to decrease over the period but the ROCE is still very
high therefore we can say that the company will cover its capital cost and would have a
good operating and profitable position. The high ROCE also shows that the company is
employing its capital very smatly and also working towards generating shareholders
wealth.
the operating profit margin and the net profit margin is also seen to increase which
also shows a good sign
Drivers of Growth
Project Finance Ratios
the current ratio of the company is very high and is se seen to increase over the years,
it shows that the company would be able to pay off all its obligations
The ROCE of the company is seen to decrease over the period but the ROCE is still very
high therefore we can say that the company will cover its capital cost and would have a
good operating and profitable position. The high ROCE also shows that the company is
employing its capital very smatly and also working towards generating shareholders
wealth.
the operating profit margin and the net profit margin is also seen to increase which
also shows a good sign
Taking into consideration the stable recovery of the global economy the Indian Steel industry
remains the fourth largest producer of crude steel in the world. It has been estimated by the
World Steel Association that the usage of steel around the world will increase by 3.1% i.e. 1,527
million tonnes in 2014, followed by a growth of 3.3 per cent i.e. 1,576 million tonnes. The demand
for Steel in China is also expected to decelerate in the coming year which puts India in a very good
position.
India needs an Investment of $210 billion in order to achieve a steel producing capacity of 300
million tonnes per annum from its current capacity of 90 million tonnes p.a. India has emphasized
on the importance of investment in infrastructure to boost economic growth. This along with
supportive government measures will tremendously boost the industry. There is also a very
profitable estimation of the demand of steel from the automobile industry. Investors are
considered to improve in the coming financial year due to the stable economy which would result
in an increase in dividend payout in the fourth coming years. Other sectors which can improve the
demand of steel like the construction and manufacturing sector are also showing favorable signs
although this is subjected to inflation other problems.
Your company financial & important ratio information should be included in this table
****************************************************************************************************************************************************************************
the current ratio of the company is very high and is se seen to increase over the years,
it shows that the company would be able to pay off all its obligations
The ROCE of the company is seen to decrease over the period but the ROCE is still very
high therefore we can say that the company will cover its capital cost and would have a
good operating and profitable position. The high ROCE also shows that the company is
employing its capital very smatly and also working towards generating shareholders
wealth.
the operating profit margin and the net profit margin is also seen to increase which
also shows a good sign
Years PAT Add Dep Cash Inflow PV Factor @14% DCF
1 2017 4,921.35 784.30 5,705.65 0.877 5,004.96 5,004.96
2 2018 7,553.87 784.30 8,338.17 0.769 6,415.95 11,420.91
3 2019 9,226.86 784.30 10,011.16 0.675 6,757.25 18,178.16
4 2020 10,481.27 784.30 11,265.57 0.592 6,670.12 24,848.28
5 2021 11,772.66 784.30 12,556.96 0.519 6,521.69 31,369.98
6 2022 12,454.75 784.30 13,239.05 0.456 6,031.53 37,401.51
7 2023 13,162.99 784.30 13,947.29 0.400 5,573.86 42,975.37
8 2024 13,914.48 784.30 14,698.78 0.351 5,152.79 48,128.16
9 2025 15,493.73 - 15,493.73 0.308 4,764.45 52,892.60
10 2026 16,262.00 - 16,262.00 0.270 4,386.58 57,279.18
11 2027 17,032.63 - 17,032.63 0.237 4,030.22 61,309.39
Total DCF 61,309.39
Total Outflow 16,997.00
NPV 44,312.39
2.6070715 260.70715
Discounted Payback Period PV factor @42% ARR
0.704 4,018.07
0.496 4,135.18 7.78
0.349 3,496.39
0.246 2,770.77
0.173 2,174.92
0.122 1,614.83
44312.39 7.03 0.086 1,198.04
0.060 889.15
0.043 660.03
0.030 487.85
0.021 359.84
21,805.05