credit appraisal mahadiscom

7/29/2019 Credit Appraisal Mahadiscom

1/68

All f igures in Rs . Mil l ion

Company: IDFC

Years 2003 2004 2005 2006 2007 2008 2009 2010

5% 5%

Share Capital 10,000 10,000 10,000 11,225 11,259 12,943 13,590 14,270

Reserves & Surplus 5,528 6,991 8,889 14,460 18,217 42,990 45,139 47,396

Gross Fixed Assets 758 749 726 770 794 859 901 947

Depriciation - 36 23 41 42 63 66 69

Current Assets 724 834 954 955 1,375 2,430 2,552 2,679

Cash & Bank Balance 1,020 43 4,270 3,593 10,800 18,081 18,985 19,934

Current Liabilities - 169 456 513 1,847 4,866 5,109 5,365

Long Term Loans 14,000 24,500 56,076 82,374 134,575 198,378 208,297 218,712

Short Term Loans 1,250 8,750 2,875 11,428 14,453 24,657 25,890 27,184

Intangible Assets - - - 16 986 2,959 3,107 3,263

CWIP - - - - - 3,359 3,527 3,703

Income 4,589 6,371 7,276 10,368 15,713 28,065 29,468 30,941

PBDIT 3,910 5,011 6,385 9,405 14,625 24,792 26,032 27,333

PBIT 3,865 4,970 6,349 9,366 14,581 24,719 25,955 27,253

PBT 2,004 2,719 3,230 4,426 6,162 10,004 10,504 11,029

Tax 205 128 190 517 1,241 2,480 2,604 2,735

PAT 1,799 2,591 3,040 3,908 5,039 7,422 7,793 8,182

Non Cash Expense - 1,303 1,373 1,027 77 592 621 653

Working Capital Loan - - - - - - - -

Loan Repayment - 5,000 - 2,500 2,300 3,331 3,498 3,673Interest on Long Term Debt 1,842 2,233 3,077 4,940 8,418 14,700 15,435 16,207

Interest on Short Term Debt 1 0 42 0 1 15 16 17

Increase in Working Capital - - - - - - - -

Marketable Securities - - - - - - - -

1250 3750 2250 1950 4000 5400

Company: PTC

Years 2003 2004 2005 2006 2007 2008 2009 2010

5% 5%

Share Capital 725 1,500 1,500 1,500 1,500 2,274 2,388 2,507Reserves & Surplus 133 645 746 982 1,156 12,641 13,273 13,937

Gross Fixed Assets 227 220 228 230 235 614 644 676

Depriciation 16 10 12 13 13 14 15 15

Current Assets 499 770 568 997 1,630 1,800 1,890 1,985

Cash & Bank Balance 988 1,277 96 594 522 1,237 1,299 1,364

Current Liabilities 548 1,156 (736) 931 350 409 429 451

Long Term Loans - - - - - - - -

Short Term Loans - - - - - - - -

Intangible Assets - - 5 4 2 14 15 16

CWIP - 1 5 5 5 11 12 12

Income 9,269 23,780 20,373 31,206 37,859 39,524 41,500 43,575

PBDIT 214 511 387 597 489 607 638 670

PBIT 198 501 375 583 477 593 623 654

PBT 195 489 368 570 457 577 606 636

Tax 97 165 128 165 105 97 102 107PAT 98 325 240 406 352 480 504 529

Non Cash Expense 71 332 46 227 68 170 179 188


Loan Repayment - - - - - - - -

Interest on Long Term Debt - - - - - - - -

Interest on Short Term Debt - - - - - - - -



Projected

Projected

Form B alance Sheet, Profi t & loss, Cashflows and Schedules



2/68

Company: Athena

Years 2003 2004 2005 2006 2007 2008 2009 2010

5% 5%

Share Capital - - 102 684 1,463 682 716 752

Reserves & Surplus - - - - - - - -

Gross Fixed Assets - - - - - - - -

Depriciation - - - - - - - -

Current Assets - - 9 284 637 627 658 691

Cash & Bank Balance - - 9 15 126 217 228 239

Current Liabilities - - 0 0 0 12 13 13

Long Term Loans - - - - - - - -

Short Term Loans - - - 70 - 3,082 3,236 3,397

Intangible Assets - - - - - - - -

CWIP - - - - - - - -

Income - - - - 2 22 23 24

PBDIT - - - (0) (8) (13) (14) (15)

PBIT - - - (0) (8) (13) (14) (15)

PBT - - - (0) (8) (19) (20) (21)

Tax - - - - - (2) (2) (2)

PAT - - - (0) (8) (21) (22) (23)

Non Cash Expense - - - - (0) (0) (0) (0)


Loan Repayment - - - - - - - -

Interest on Long Term Debt - - - - - - - -Interest on Short Term Debt - - - - - - - -



Company:MAHA DISCOM

Years 2003 2004 2005 2006 2007 2008 2009 2010

5% 5%

Share Capital 0 1 1 - -

Reserves & Surplus 0 0 500 - -

Gross Fixed Assets 0 95,080 105,308 - -

Depriciation 0 4,161 5,023 - -

Current Assets 0 59,121 81,145 - -

Cash & Bank Balance 0 1,732 5,426 - -Current Liabilities 0 48,637 66,436 - -

Long Term Loans 0 4,014 4,457 - -

Short Term Loans 0 - -

Intangible Assets 0 19 14 - -

CWIP 0 10,028 14,467 - -

Income 0 142,514 197,509 - -

PBDIT 0 4,518 5,322 - -

PBIT 0 357 299 - -

PBT 0 -3,034 -6,030 - -

Tax 0 - 36 - -

PAT 0 (3,034) (6,066) - -

Non Cash Expense 0 - -

Working Capital Loan 0 - 357 - -

Loan Repayment 0 - -

Interest on Long Term Debt 0 3,391 6,329 - -Interest on Short Term Debt 0 - -

Increase in Working Capital 0 - -

Marketable Securities 0 - -



Projected

Projected


3/68

Preliminary Apprasial Score

Attributes Total Marks IDFC PTC Athena Tata

Business Analysis 10% 0.40 0.10 0.40 0.10 0.30

Financial Analysis 70% 2.80 2.04 2.11 0.62 #DIV/0!

Management Analysis 20% 0.80 0.52 0.58 0.70 0.70

4.00 2.66 3.09 1.42 #DIV/0!

Shareholding 1.00% 1.00% 1.00% 95.00%

0.03 0.03 0.01 #DIV/0!

Total Score #DIV/0!

Grade #DIV/0!

Comment

Detailed Apprasial #DIV/0!

#DIV/0!


4/68


5/68

Financial Analysis 100%

Past Perfo rmance 20%

Total Marks 4

Attributes Weightage Total Marks IDFC PTC Athena Tata

Return on Capital Employed 20% 0.16 0.04 0.00 0.00 #DIV/0!

Operating Margin 20% 0.16 0.16 0.06 0.00 #DIV/0!Debt Service Coverage Ratio 20% 0.16 0.08 0.16 0.00 0.16

Total Debt to Total Net Worth 20% 0.16 0.04 0.16 0.04 #DIV/0!

Cash Generation from Business 20% 0.16 0.06 0.16 0.04 0.16

0.80 0.38 0.54 0.08 #DIV/0!

Company IDFC

Years 2003 2004 2005 2006 2007 2008

Return on Capital Employed 13% 10% 8% 8% 8% 9%

Operating Margin 85.21% 78.66% 87.75% 90.71% 93.08% 88.34%

Debt Service Coverage Ratio 2.01 0.68 1.99 1.19 1.25 1.24

Total Debt to Total Net Worth 0.98 1.96 3.12 3.65 5.23 4.21Cash Generation from Business 0.12 0.12 0.08 0.05 0.03 0.04

Company PTC

Years 2003 2004 2005 2006 2007 2008



Debt Service Coverage Ratio - - - - - -

Total Debt to Total Net Worth - - - - - -

Cash Generation from Business 0 0 0 0 0 0

Company Athena

Years 2003 2004 2005 2006 2007 2008

Return on Capital Employed 0% 0% 0% 0% -1% 0%

Operating Margin 0% 0% 0% 0% -513% -60%



6/68

Total Debt to Total Net Worth - - - 0.10 - 4.52

Cash Generation from Business - - - (0.00) - (0.01)

Company Tata

Years 2003 2004 2005 2006 2007 2008

Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! -6% -3% #DIV/0!

Operating Margin #DIV/0! #DIV/0! #DIV/0! 3% 3% #DIV/0!

Debt Service Coverage Ratio - - - 1.33 0.84 -

Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89 #DIV/0!

Cash Generation from Business 0 0 0 0.280668 -0.216784 0


7/68

5% 9% 11% 13% 15% 17%

0% 5% 10% 15% 20% 25%

0 1.0 1.1 1.2 1.3 1.4 1.5 1.8 2.0

2003 2004 2005 2006 2007 2008 0 0.5 1.0 1.5 2.0 2.5

2003 2004 2005 2006 2007 2008 0 0.1 0.2


8/68

0 0 0 4 0 1 > 0.3 0.4 0.5

2003 2004 2005 2006 2007 2008

#DIV/0! #DIV/0! #DIV/0! 0 0 #DIV/0!

#DIV/0! #DIV/0! #DIV/0! 1.5 1.5 #DIV/0!

4 4 4 4 4 4

#DIV/0! #DIV/0! #DIV/0! 0 1 #DIV/0!

4 4 4 4 4 4

Indicative Score


9/68

Score

0

9% 1

11% 1.5

13% 2.515% 3

17% 3.5

4

Score

0

5% 1.5

10% 2

15% 2.5

20% 3

25% 3.54

Score

4

1 0

1.1 1

1.2 1.5

1.3 2

1.4 2.5

1.5 3

1.8 3.252.0 3.5

4

Score

0

0.5 4

1.0 3

1.5 2.5

2.0 2

2.5 1.5

1

Score

1

0.1 1.5

0.2 2

0.3 2.5

Table : ROCE

: Operating Margin

Table : DSCR

:T Debt to T Networth

able : Cash Flow


10/68

0.4 3

0.5 3.5

4


11/68

Business Analysis 100%

Market Analys is 100%

Total Marks 4 > 0% 10% 30% 50%

IDFC

Turnover of the Company 0 Marks

Turnover of the Industry 100 1

Ratio 0%

PTCTurnover of the Company 0 Marks


Ratio 0%

Athena



Ratio 0%

Tata



Ratio 0%

Cond

Score Tab


12/68

Score

10% 1

30% 2

50% 3

4

ition

le : Market Position


13/68


Financ ial Felx ib il i ty 80%

Total Marks 4

Attributes Weightage Total Marks IDFC PTC Athena

Equity Funding Potential 60.0% 1.92 1.92 1.92 0.48

Bridge Finance Ability 7.5% 0.24 0.06 0.06 0.06

Track Record of Funds Raised 15.0% 0.48 0.42 0.12 0.12

Total debt to Total Networth 10.0% 0.32 0.08 0.32 0.08

Aggregate Project Cost Handled 7.5% 0.24 0.06 0.06 0.06

3.20 2.54 2.48 0.80

Calculations

Company IDFC

Equity Funding Potential

2003 2004 2005 2006 2007

Debt 15,250.00 33,250.00 58,951.37 93,801.87 149,028.49

Equity 15,527.94 16,991.28 18,888.70 25,684.65 29,476.12

Debt/ Equity 0.98 1.96 3.12 3.65 5.06

Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50

Addi t ional Debt 8,041.92 - - - -DSCR 2.01 0.68 1.99 1.19 1.25

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt 1,892.04 - 3,013.33 - -

Minimum of DE or DSCR 1,892.04 - - - -

Average Market Cap 185,966.08 110,145.37

10% 18,596.61 11,014.54

Marketable Security 0 0 0 0 0

Summation 1,892.04 - - 18,596.61 11,014.54

Ratio 9.01 - - 88.56 52.46

Bridge Finance Ability

2003 2004 2005 2006 2007

PAT 1,799.45 2,591.47 3,040.23 3,907.64 5,039.25

Depriciation - 36.22 22.81 41.40 42.09

Non Cash Expense - 1,303.14 1,372.53 1,027.31 77.48

Increase in Working Capital - - - - -

Annual cash flow from Operation 1,799.45 3,930.82 4,435.57 4,976.35 5,158.82

Marketable Security - - - - -

Ratio 0.00 0.01 0.01 0.01 0.01


14/68

Track Record of Fund Raised

2003 2004 2005 2006 2007

Equity Raised 15,527.94 16,991.28 18,888.70 25,684.65 29,476.12

Debt Raised 15,250.00 33,250.00 58,951.37 93,801.87 149,028.49

Total 30,777.94 50,241.28 77,840.07 119,486.52 178,504.61Ratio 0.29 0.48 0.74 1.14 1.70

Total Debt to Total Net Worth

2003 2004 2005 2006 2007

Total Debt to Total Net Worth 0.98 1.96 3.12 3.65 5.23

Aggregate Project Cost

2003 2004 2005 2006 2007

Implemented Project 1

Implemented Project 2Implemented Project 3




Total Project Value 0 0 0 0 0

Company PTC


2003 2004 2005 2006 2007

Debt - - - - -

Equity 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Current Debt/ Equity - - - - -


Addi t ional Debt 1,287.09 3,216.81 3,368.56 3,723.70 3,983.58

DSCR - - - - -

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt 176.20 519.54 388.70 648.54 576.28

Minimum of DE or DSCR 176.20 519.54 388.70 648.54 576.28


Average Market Cap 61,360.80 11,132.61 7,222.28

10% 6,136.08 1,113.26 722.23

Summation 176.20 519.54 6,524.78 1,761.80 1,298.51

Ratio 0.84 2.47 31.07 8.39 6.18


2003 2004 2005 2006 2007


15/68

PAT 98.39 324.76 240.34 405.86 351.92

Depriciation 16.40 10.32 11.85 13.44 12.69

Non Cash Expense 71.49 331.85 46.08 227.48 68.11


Annual cash flow from Operation 186.28 666.94 298.27 646.78 432.73


Ratio 0.00 0.00 0.00 0.00 0.00


2003 2004 2005 2006 2007

Equity Raised 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Debt Raised - - - - -

Total 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Ratio 0.01 0.02 0.02 0.02 0.03


2003 2004 2005 2006 2007Total Debt to Total Net Worth - - - - -


2003 2004 2005 2006 2007








Company Athena


2003 2004 2005 2006 2007

Debt - - - 69.80 -

Equity - - 102.27 684.21 1,462.58

Debt/ Equity - - - 0.10 -


Addi t ional Debt - - 153.40 956.51 2,193.87

DSCR - - - - -

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt - - - - -

Minimum of DE or DSCR - - - - -


16/68

Average Market Cap

10% - -


Summation - - - - -

Ratio - - - - -


2003 2004 2005 2006 2007

PAT - - - (0.02) (8.16)

Depriciation - - - - -

Non Cash Expense - - - - (0.06)


Annual cash flow from Operation - - - (0.02) (8.22)


Ratio - - - (0.00) (0.00)

Track Record of Fund Raised2003 2004 2005 2006 2007

Equity Raised - - 102.27 684.21 1,462.58

Debt Raised - - - 69.80 -

Total - - 102.27 754.01 1,462.58

Ratio - - 0.00 0.01 0.01


2003 2004 2005 2006 2007

Total Debt to Total Net Worth - - - 0.10 -


2003 2004 2005 2006 2007








Company Tata


2003 2004 2005 2006 2007

Debt - - - 4,014.00 4,456.60

Equity - - - 0.50 500.50

Debt/ Equity - - - 8,028.00 8.90


Addi t ional Debt - - - - -


17/68

DSCR - - - 1.33 0.84

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt - - - 757.97 3,514.17



10% 1,113.26 722.23

Marketable Security 0 0 0 0 0Summation - - - 1,113.26 722.23

Ratio - - - 0.06 0.04


2003 2004 2005 2006 2007

PAT - - - (3,034.10) (6,066.10)

Depriciation - - - 4,160.70 5,022.50

Non Cash Expense - - - - -


Annual cash flow from Operation - - - 1,126.60 (1,043.60)

Marketable Security - - - - -Ratio - - - 0.00 (0.00)


2003 2004 2005 2006 2007

Equity Raised - - - 0.50 500.50

Debt Raised - - - 4,014.00 4,456.60

Total - - - 4,014.50 4,957.10

Ratio - - - 0.04 0.05


2003 2004 2005 2006 2007

Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89


till 2003 2004 2005 2006 2007

Implemented Project 1 3750 1150 6000 18600

Implemented Project 2 1250





Total Project Value 0.35 0.01 0.06 0.18 -


18/68

Score Score

1 4 > 0.15

0.06 > 0.2

0.12 > 0.25

#DIV/0! > 0.3 4 >

0.06

#DIV/0!

2008 2003 2004 2005 2006 2007 2008

223,035.42 4.00 1.00 1.00 4.00 4.00 4.00

55,932.97

3.99

1.50

- 1.24

1.50

-

-

371,071.23

37,107.12

0

37,107.12

176.72

2008

7,421.50 1 1 1 1 1 1

62.58

591.84

-

8,075.92

-

0.02

Score Table : Equity Funding

Condition

Score Table : Bridge Loan

Condition

Sc

Score

Indicative Score


19/68

2008

55,932.97 1 1 1.5 2 2.5 3.5

223,035.42

278,968.392.66

2008

4.21 3 2 1 1 1 1

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

- 3.00 4.00 4.00 4.00 4.00 4.00

14,915.27

-

1.50

22,372.91

-

1.50

765.33

765.33

-

63,933.52

6,393.35

7,158.68

34.09

2008

Score

Indicative Score

Indicative Score

Indicative Score

Indicative Score


20/68

479.65 1 1 1 1 1 1

14.04

170.29

-

663.98

-

0.00

2008

14,915.27 1 1 1 1 1 1

-

14,915.27

0.14

2008- 4 4 4 4 4 4

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

3,081.55 1.00 1.00 1.00 1.00 1.00 1.00

681.78

4.52

1.50

-

-

1.50

-

-

Indicative Score

Indicative Score

Indicative Score

Score


21/68

-

0

-

-

2008

(20.86) 1 1 1 1 1 1

-

(0.08)

-

(20.95)

-

(0.00)

2008

681.78 1 1 1 1 1 1

3,081.55

3,763.34

0.04

2008

4.52 0 0 0 4 0 1

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

- 1.00 1.00 1.00 2.00 2.00 2.00

-

-

1.50

-

Score

Indicative Score

Indicative Score

Indicative Score

Indicative Score


22/68

-

1.50

-

-

63,933.52

6,393.35

06,393.35

0.32

2008

- 1 1 1 1 1 1

-

-

-

-

--

2008

- 1 1 1 1 1 1

-

17,000.00

0.16

2008

#DIV/0! ##### ##### ##### 0 1 #####

2008

15020 1.5 1 1 1 1 1

0.14

Indicative Score

Indicative Score

Indicative Score

Indicative Score


23/68

Score Score

0.6 1


24/68


25/68

-


26/68

Management Analysis 100%

Total Marks 4

Attributes Weightage Total Marks

Organizational Experience 30% 1.2

Experience of the Key Personnel 20% 0.8Equipment Supplier, EPC contractor & Project management Experience 30% 1.2

Project Preparedness of the Promoters 20% 0.8

4

IDFC Total MarksOrganizational Experience 30% 4

Experience of the Key Personnel 20% 4

Equipment Supplier, EPC contractor & Project management Experience 30% 4

Project Preparedness of the Promoters 20% 4

PTC Total Marks

Organizational Experience 30% 4




Athena Total Marks





Tata Total Marks






27/68

IDFC PTC Athena Tata

0.3 0.6 1.2 1.2

0.8 0.8 0.8 0.80.9 0.9 0.9 0.9

0.6 0.6 0.6 0.6

2.6 2.9 3.5 3.5

Marks Obtained1 0.06

4 0.16

3 0.18

3 0.12

0.52

Marks Obtained

2 0.12

4 0.16

3 0.18

3 0.12

0.58

Marks Obtained

4 0.24

4 0.16

3 0.18

3 0.12

0.7

Marks Obtained

4 0.24

4 0.16

3 0.18

3 0.12

0.7


28/68

Detailed Appraisal Score

Attributes Total Marks IDFC PTC Athena XYZ

Business Analysis 10% 0.40 0.20 0.35 0.15 0.30

Financial Analysis 70% 2.80 1.64 1.99 0.57 #DIV/0!

Management Analysis 20% 0.80 0.52 0.58 0.70 0.70

4.00 2.36 2.92 1.42 #DIV/0!

Shareholding 1.00% 1.00% 1.00% 95% 98.00%

0.02 0.03 0.01 #DIV/0!

Total Score ####

Grade ####

Comment

#DIV/0!


29/68



Total Marks 4






0.60 0.29 0.41 0.27 #DIV/0!

Company IDFC

Years 2009 2010 2011 2012 2013 2014

Return on Capital Employed 9% 9%

Operating Margin 88.34% 88.34%

Debt Service Coverage Ratio 1.24 1.24

Total Debt to Total Net Worth 4.21 4.21Cash Generation from Business 0.04 0.04

Company PTC

Years 2009 2010 2011 2012 2013 2014


Operating Margin 1.54% 1.54%

Debt Service Coverage Ratio - -

Total Debt to Total Net Worth - -

Cash Generation from Business 0 0

Company Athena

Years 2009 2010 2011 2012 2013 2014


Operating Margin -60% -60%



30/68

Total Debt to Total Net Worth 4.52 4.52

Cash Generation from Business (0.01) (0.01)

Company Tata

Years 2009 2010 2011 2012 2013 2014

Return on Capital Employed #DIV/0! #DIV/0!

Operating Margin #DIV/0! #DIV/0!


Total Debt to Total Net Worth #DIV/0! #DIV/0!

Cash Generation from Business 0 0


31/68

5% 9% 11% 13% 15% 17%

0% 5% 10% 15% 20% 25%

0 1.0 1.1 1.2 1.3 1.4 1.5 1.8 2.0

2009 2010 2011 2012 2013 2014 0 0.5 1.0 1.5 2.0 2.5

2009 2010 2011 2012 2013 2014 0 0.1 0.2


32/68

1 1 > 0.3 0.4 0.5

2009 2010 2011 2012 2013 2014

#DIV/0! #DIV/0!

#DIV/0! #DIV/0!

4 4

#DIV/0! #DIV/0!

4 4

Indicative Score


33/68

Score

0

1

1.5

2.53

3.5

4

Score

0

1.5

2

2.5

3

3.54

Score

4

0

1

1.5

2

2.5

3

3.253.5

4

Score

0

4

3

2.5

2

1.5

1

Score

1

1.5

2

2.5

Cash Flow

: ROCE

rating Margin

: DSCR

t to T Networth


34/68

3

3.5

4


35/68


Financ ial Felx ib il i ty 35%

Total Marks 4

Attributes Weightage Total Marks IDFC PTC Athena

Equity Funding Potential 60.0% 0.84 0.84 0.84 0.21

Bridge Finance Ability 7.5% 0.11 0.03 0.03 0.03

Track Record of Funds Raised 15.0% 0.21 0.18 0.05 0.05

Total debt to Total Networth 10.0% 0.14 0.04 0.14 0.04

Aggregate Project Cost Handled 7.5% 0.11 0.03 0.03 0.03

1.40 1.11 1.09 0.35

Calculations

Company IDFC


2003 2004 2005 2006 2007

Debt 15,250.00 33,250.00 58,951.37 93,801.87 149,028.49

Equity 15,527.94 16,991.28 18,888.70 25,684.65 29,476.12

Debt/ Equity 0.98 1.96 3.12 3.65 5.06


Addi t ional Debt 8,041.92 - - - -DSCR 2.01 0.68 1.99 1.19 1.25

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt 1,892.04 - 3,013.33 - -

Minimum of DE or DSCR 1,892.04 - - - -

Average Market Cap 185,966.08 110,145.37

10% 18,596.61 11,014.54


Summation 1,892.04 - - 18,596.61 11,014.54

Ratio 9.01 - - 88.56 52.46


2003 2004 2005 2006 2007

PAT 1,799.45 2,591.47 3,040.23 3,907.64 5,039.25

Depriciation - 36.22 22.81 41.40 42.09

Non Cash Expense - 1,303.14 1,372.53 1,027.31 77.48


Annual cash flow from Operation 1,799.45 3,930.82 4,435.57 4,976.35 5,158.82


Ratio 0.00 0.01 0.01 0.01 0.01


36/68


2003 2004 2005 2006 2007

Equity Raised 15,527.94 16,991.28 18,888.70 25,684.65 29,476.12

Debt Raised 15,250.00 33,250.00 58,951.37 93,801.87 149,028.49

Total 30,777.94 50,241.28 77,840.07 119,486.52 178,504.61Ratio 0.29 0.48 0.74 1.14 1.70


2003 2004 2005 2006 2007

Total Debt to Total Net Worth 0.98 1.96 3.12 3.65 5.23


2003 2004 2005 2006 2007


Implemented Project 2Implemented Project 3





Company PTC


2003 2004 2005 2006 2007

Debt - - - - -

Equity 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Current Debt/ Equity - - - - -


Addi t ional Debt 1,287.09 3,216.81 3,368.56 3,723.70 3,983.58

DSCR - - - - -

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt 176.20 519.54 388.70 648.54 576.28

Minimum of DE or DSCR 176.20 519.54 388.70 648.54 576.28



10% 6,136.08 1,113.26 722.23

Summation 176.20 519.54 6,524.78 1,761.80 1,298.51

Ratio 0.84 2.47 31.07 8.39 6.18


2003 2004 2005 2006 2007


37/68

PAT 98.39 324.76 240.34 405.86 351.92

Depriciation 16.40 10.32 11.85 13.44 12.69

Non Cash Expense 71.49 331.85 46.08 227.48 68.11


Annual cash flow from Operation 186.28 666.94 298.27 646.78 432.73


Ratio 0.00 0.00 0.00 0.00 0.00


2003 2004 2005 2006 2007

Equity Raised 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Debt Raised - - - - -

Total 858.06 2,144.54 2,245.71 2,482.47 2,655.72

Ratio 0.01 0.02 0.02 0.02 0.03


2003 2004 2005 2006 2007Total Debt to Total Net Worth - - - - -


2003 2004 2005 2006 2007








Company Athena


2003 2004 2005 2006 2007

Debt - - - 69.80 -

Equity - - 102.27 684.21 1,462.58

Debt/ Equity - - - 0.10 -


Addi t ional Debt - - 153.40 956.51 2,193.87

DSCR - - - - -

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt - - - - -



38/68

Average Market Cap

10% - -


Summation - - - - -

Ratio - - - - -


2003 2004 2005 2006 2007

PAT - - - (0.02) (8.16)

Depriciation - - - - -

Non Cash Expense - - - - (0.06)


Annual cash flow from Operation - - - (0.02) (8.22)


Ratio - - - (0.00) (0.00)

Track Record of Fund Raised2003 2004 2005 2006 2007

Equity Raised - - 102.27 684.21 1,462.58

Debt Raised - - - 69.80 -

Total - - 102.27 754.01 1,462.58

Ratio - - 0.00 0.01 0.01


2003 2004 2005 2006 2007

Total Debt to Total Net Worth - - - 0.10 -


2003 2004 2005 2006 2007








Company Tata


2003 2004 2005 2006 2007

Debt - - - 4,014.00 4,456.60

Equity - - - 0.50 500.50

Debt/ Equity - - - 8,028.00 8.90


Addi t ional Debt - - - - -


39/68

DSCR - - - 1.33 0.84

Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50

Additional Debt - - - 757.97 3,514.17



10% 1,113.26 722.23

Marketable Security 0 0 0 0 0Summation - - - 1,113.26 722.23

Ratio - - - 0.06 0.04


2003 2004 2005 2006 2007

PAT - - - (3,034.10) (6,066.10)

Depriciation - - - 4,160.70 5,022.50

Non Cash Expense - - - - -


Annual cash flow from Operation - - - 1,126.60 (1,043.60)

Marketable Security - - - - -Ratio - - - 0.00 (0.00)


2003 2004 2005 2006 2007

Equity Raised - - - 0.50 500.50

Debt Raised - - - 4,014.00 4,456.60

Total - - - 4,014.50 4,957.10

Ratio - - - 0.04 0.05


2003 2004 2005 2006 2007

Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89


till 2003 2004 2005 2006 2007

Implemented Project 1 3750 1150 6000 18600






Total Project Value 0.35 0.01 0.06 0.18 -


40/68

Score Score

1 4 > 0.15

0.03 > 0.2

0.05 > 0.25

#DIV/0! > 0.3 4 >

0.03

#DIV/0!

2008 2003 2004 2005 2006 2007 2008

223,035.42 4.00 1.00 1.00 4.00 4.00 4.00

55,932.97

3.99

1.50

- 1.24

1.50

-

-

371,071.23

37,107.12

0

37,107.12

176.72

2008

7,421.50 1 1 1 1 1 1

62.58

591.84

-

8,075.92

-

0.02

Score Table : Equity Funding

Condition

Score Table : Bridge Loan Sc

Score

Condition

Indicative Score


41/68

2008

55,932.97 1 1 1.5 2 2.5 3.5

223,035.42

278,968.392.66

2008

4.21 3 2 1 1 1 1

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

- 3.00 4.00 4.00 4.00 4.00 4.00

14,915.27

-

1.50

22,372.91

-

1.50

765.33

765.33

-

63,933.52

6,393.35

7,158.68

34.09

2008 Indicative Score

Indicative Score

Indicative Score

Indicative Score

Score


42/68

479.65 1 1 1 1 1 1

14.04

170.29

-

663.98

-

0.00

2008

14,915.27 1 1 1 1 1 1

-

14,915.27

0.14

2008- 4 4 4 4 4 4

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

3,081.55 1.00 1.00 1.00 1.00 1.00 1.00

681.78

4.52

1.50

-

-

1.50

-

-

Indicative Score

Score

Indicative Score

Indicative Score


43/68

-

0

-

-

2008

(20.86) 1 1 1 1 1 1

-

(0.08)

-

(20.95)

-

(0.00)

2008

681.78 1 1 1 1 1 1

3,081.55

3,763.34

0.04

2008

4.52 0 0 0 4 0 1

2008

1 1 1 1 1 1

0

2008 2003 2004 2005 2006 2007 2008

- 1.00 1.00 1.00 2.00 2.00 2.00

-

-

1.50

-

Indicative Score

Indicative Score

Indicative Score

Score

Indicative Score


44/68

-

1.50

-

-

63,933.52

6,393.35

06,393.35

0.32

2008

- 1 1 1 1 1 1

-

-

-

-

--

2008

- 1 1 1 1 1 1

-

-

-

2008

#DIV/0! ##### ##### ##### 0 1 #####

2008

15020 1.5 1 1 1 1 1

0.14

Indicative Score

Indicative Score

Indicative Score

Indicative Score


45/68

Score Score

0.6 1


46/68


47/68

-


48/68



Total Marks 4






2.00 0.95 1.35 0.20 #DIV/0!

Company IDFC

Years 2003 2004 2005 2006 2007 2008



Debt Service Coverage Ratio 2.01 0.68 1.99 1.19 1.25 1.24

Total Debt to Total Net Worth 0.98 1.96 3.12 3.65 5.23 4.21Cash Generation from Business 0.12 0.12 0.08 0.05 0.03 0.04

Company PTC

Years 2003 2004 2005 2006 2007 2008




Total Debt to Total Net Worth - - - - - -

Cash Generation from Business 0 0 0 0 0 0

Company Athena

Years 2003 2004 2005 2006 2007 2008

Return on Capital Employed 0% 0% 0% 0% -1% 0%

Operating Margin 0% 0% 0% 0% -513% -60%



49/68

Total Debt to Total Net Worth - - - 0.10 - 4.52

Cash Generation from Business - - - (0.00) - (0.01)

Company Tata

Years 2003 2004 2005 2006 2007 2008

Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! -6% -3% #DIV/0!

Operating Margin #DIV/0! #DIV/0! #DIV/0! 3% 3% #DIV/0!

Debt Service Coverage Ratio - - - 1.33 0.84 -

Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89 #DIV/0!

Cash Generation from Business 0 0 0 0.280668 -0.21678 0


50/68

5% 9% 11% 13% 15% 17%

0% 5% 10% 15% 20% 25%

0 1.0 1.1 1.2 1.3 1.4 1.5 1.8 2.0

2003 2004 2005 2006 2007 2008 0 0.5 1.0 1.5 2.0 2.5

2003 2004 2005 2006 2007 2008 0 0.1 0.2


51/68

4 4 4 4 4 1 > 0.3 0.4 0.5

2003 2004 2005 2006 2007 2008

#DIV/0! #DIV/0! #DIV/0! 0 0 #DIV/0!

#DIV/0! #DIV/0! #DIV/0! 1.5 1.5 #DIV/0!

4 4 4 4 4 4

#DIV/0! #DIV/0! #DIV/0! 0 1 #DIV/0!

4 4 4 4 4 4

Indicative Score


52/68

Score

0

1

1.5

2.53

3.5

4

Score

0

1.5

2

2.5

3

3.54

Score

4

0

1

1.5

2

2.5

3

3.253.5

4

Score

0

4

3

2.5

2

1.5

1

Score

1

1.5

2

2.5

Cash Flow

: ROCE

rating Margin

: DSCR

t to T Networth


53/68

3

3.5

4


54/68


Industry Analys is 50%

Total Marks 4 > 0 1 2 3

IDFC Marks

Risk of the Industry 3 3

PTC Marks


Athena MarksRisk of the Industry 2 2

Tata Marks


Score Tab

Cond


55/68

Score

1 1

2 2

3 3

4


ition


56/68


Market Analys is 50%

Total Marks 4 > 0% 10% 30% 50%

IDFC



Ratio 0%

PTCTurnover of the Company 0 Marks


Ratio 0%

Athena



Ratio 0%

Tata

Turnover of the Company 0 MarksTurnover of the Industry 100 3

Ratio 0%

Cond

Score Tab


57/68

Score

10% 1

30% 2

50% 3

4

ition



58/68

Management Analysis 100%

Total Marks 4

Attributes Weightage Total Marks

Organizational Experience 30% 1.2

Experience of the Key Personnel 20% 0.8Equipment Supplier, EPC contractor & Project management Experience 30% 1.2

Project Preparedness of the Promoters 20% 0.8

4

IDFC Total MarksOrganizational Experience 30% 4




PTC Total Marks





Athena Total Marks





Tata Total Marks






59/68

IDFC PTC Athena Tata

0.3 0.6 1.2 1.2

0.8 0.8 0.8 0.80.9 0.9 0.9 0.9

0.6 0.6 0.6 0.6

2.6 2.9 3.5 3.5

Marks Obtained1 0.06

4 0.16

3 0.18

3 0.12

0.52

Marks Obtained

2 0.12

4 0.16

3 0.18

3 0.12

0.58

Marks Obtained

4 0.24

4 0.16

3 0.18

3 0.12

0.7

Marks Obtained

4 0.24

4 0.16

3 0.18

3 0.12

0.7


60/68

Final Grading >= 60 A

>= 52 < 60 B

>= 45 < 52 C

Project Appraisal 75 62 A < 45 D

Project Financials 40 38 A

>= 32 A

Promoters Financials 55 49 A >= 28 < 32 B

>= 24 < 28 C

Security 50 40 A < 24 D

Payment Mechanism 25 25 A

>= 44 A

Total 245 214 >= 38 < 44 B

>= 33 < 38 C

< 33 D

Max.

Marks

Marks

Awarded

Grade

Awarded

Overall

Grade

Project Appraisal

Project Financial

A

Promoters Financial


61/68

>= 40 A

>= 35 < 40 B

>= 30 < 35 C

< 30 D

>= 20 A

>= 17 < 20 B

>= 15 < 17 C

< 15 D

>= 191 A

>= 170 < 191 B

>= 148 < 170 C

< 148 D

Payment Mechanism

Overall Grade

Security


62/68

Project Evaluation Matrix

Name of the Project: 1630 MW Demwe Lower HEP

Project Appraisal

Max Marks Marks Awarded>5 Cr

3

>10 Cr

2

>5 Cr

2

V Reuted Reputed

10 8

Obtained EIA submitted

5 4

>80%Thermal 10

Hydro

2400

10

2600

10


63/68

4-5 Cr 3-4 Cr

4 5

8-10 Cr 6-8 Cr 4-6 Cr

3 4 5

4-5 Cr 3-4 Cr 2-3 Cr

3 4 5

Acceptable Not well known

6 4

TOR/EIA

underprocess Applied for

3 2

70-80% 60-70% 50-60% 40-50% 30-40%8 5 4 3 2

10 8 6 5

2500 2600 2700 2800 >2800

8 6 5 4 2

2800 2900 3000 3100 3200

8 6 5 4 2

1800 1900 2000 2100 2200

9 8 6 5 2

2.75-3 3-3.25 3.25-3.5 >3.5

8 7 6 5

Less risk No risk Very Safe

6 8 10

All clearances tied

up but not obtained

All clearance in

advanced stage

all clearances

obtained

6 8 10

Contracts tied up of

tendered

Contracts under

finalization

Contract

awarded

6 8 10

Identified but to be

hired, action initiated

Available inhouse

sufficiently

4 5


64/68

Max. Marks Marks Awarded

REC Interest

Rate + 0.5%

REC interest

rate + 1%

REC interest

rate + 2%

4 6 8

1.1-1.3 1.3-1.5 >1.5

6 8 1011% 12% >14%

3 4 5

4:1 or more 3:01 2.33:1

3 4 5

>90% 80-90% 70-80%

1 2 3

IRR Average IRR Strong IRR V. Strong

3 4 5

Total 40 38

Yes No

5 0

Promoters

not fully

identified

Promoters

identified

Undertakings

by promoters

4 6 8

Outstanding SatisfactoryNo

Comments

20 18 15

Experience in

Power Sector

Experience inAssx.

Industry

Experience in

Industry

10 8 6

Liquid funds

available

Share holder

agreements

Commitment

letters with

sources

10 8 6

Total 55 49

Debt:Equity 5 3

10

10

5

5

5Sensitivity Analysis

Result

10

10

5

Promoters

experience in Power

Sector

5

Legal eligibility to

take up project

Equity mobilisation

Bankers/Auditor

Report on credit

worthiness or

defaulteese

5Break even PLF

Return on Equity

Financial Economics

FIRR

DSCR Average

10

5

18

10

8

8

Capability to raise

resources

5

10

20

10


65/68

REC interest

rate + 3%

10

60-70%


66/68

Bank Guarantee

English

mortgage+Hypoth

ication of Existing

assets

Corporate

guarantee

Personal

Gurantee of

Directors

Collaterals

Equitable

Mortgage +

Hypothecation

of future assets

Pledge of

shares

50 40 25 15 10 35 15

TRA ESCROWLetter of

Credit

Post dated

cheques

Combination

of aboveOthers

Marks

Awarded

25 25 25 15 25 25

Payment Mechanism

Security


67/68

Govt.

Guarantee

Letter of

Comfort

Combination of

two or more

Marks

Awarded

45 30 30 to 50 40


68/68

Case No.

Financial

Parameter

Estimated

Project

Cost

First Year

Tariff

Levelised

Tariff

Project

IRR

Average

DSCR

105,021 3.08 2.69 17.87% 2.11

1 Base Case 105,021 3.08 2.69 17.87% 2.11

2 e in Interes 104,960 3.18 2.75 18.09% 2.05

3 e in Interes 104,837 3.39 2.88 18.54% 1.95

4 in Hard C 109,256 3.08 2.69 17.08% 2.09

5 in Project C 113,492 3.08 2.69 16.34% 2.08

6 nergy Gen 104,907 3.23 2.82 17.40% 2.04

7 nergy Gen 104,782 3.39 2.96 16.92% 1.96

8 Base Case 105,021 3.08 2.69 17.87% 2.11

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