Beruflich Dokumente
Kultur Dokumente
Million
Company: IDFC
Years
2003
2004
2005
2006
2007
Form Balance Sheet, Profit & loss, Cashflows and Schedules
Share Capital
10,000
10,000
10,000
11,225
11,259
Reserves & Surplus
5,528
6,991
8,889
14,460
18,217
Gross Fixed Assets
758
749
726
770
794
Depriciation
36
23
41
42
Current Assets
724
834
954
955
1,375
Cash & Bank Balance
1,020
43
4,270
3,593
10,800
Current Liabilities
169
456
513
1,847
Long Term Loans
14,000
24,500
56,076
82,374
134,575
Short Term Loans
1,250
8,750
2,875
11,428
14,453
Intangible Assets
16
986
CWIP
Income
4,589
6,371
7,276
10,368
15,713
PBDIT
3,910
5,011
6,385
9,405
14,625
PBIT
3,865
4,970
6,349
9,366
14,581
PBT
2,004
2,719
3,230
4,426
6,162
Tax
205
128
190
517
1,241
PAT
1,799
2,591
3,040
3,908
5,039
Non Cash Expense
1,303
1,373
1,027
77
Working Capital Loan
Loan Repayment
5,000
2,500
2,300
Interest on Long Term Debt
1,842
2,233
3,077
4,940
8,418
Interest on Short Term Debt
1
0
42
0
1
Increase in Working Capital
Marketable Securities
1250
3750
2250
1950
4000
Project Cost
2008
12,943
42,990
859
63
2,430
18,081
4,866
198,378
24,657
2,959
3,359
28,065
24,792
24,719
10,004
2,480
7,422
592
3,331
14,700
15
5400
Projected
2009
2010
5%
5%
13,590
14,270
45,139
47,396
901
947
66
69
2,552
2,679
18,985
19,934
5,109
5,365
208,297
218,712
25,890
27,184
3,107
3,263
3,527
3,703
29,468
30,941
26,032
27,333
25,955
27,253
10,504
11,029
2,604
2,735
7,793
8,182
621
653
3,498
3,673
15,435
16,207
16
17
-
Company: PTC
Years
2003
2004
2005
2006
2007
Form Balance Sheet, Profit & loss, Cashflows and Schedules
Share Capital
725
1,500
1,500
1,500
1,500
Reserves & Surplus
133
645
746
982
1,156
Gross Fixed Assets
227
220
228
230
235
Depriciation
16
10
12
13
13
Current Assets
499
770
568
997
1,630
Cash & Bank Balance
988
1,277
96
594
522
Current Liabilities
548
1,156
(736)
931
350
Long Term Loans
Short Term Loans
Intangible Assets
5
4
2
CWIP
1
5
5
5
Income
9,269
23,780
20,373
31,206
37,859
PBDIT
214
511
387
597
489
PBIT
198
501
375
583
477
PBT
195
489
368
570
457
Tax
97
165
128
165
105
PAT
98
325
240
406
352
Non Cash Expense
71
332
46
227
68
Working Capital Loan
Loan Repayment
Interest on Long Term Debt
Interest on Short Term Debt
Increase in Working Capital
Marketable Securities
-
2008
2,274
12,641
614
14
1,800
1,237
409
14
11
39,524
607
593
577
97
480
170
-
Projected
2009
2010
5%
5%
2,388
2,507
13,273
13,937
644
676
15
15
1,890
1,985
1,299
1,364
429
451
15
16
12
12
41,500
43,575
638
670
623
654
606
636
102
107
504
529
179
188
-
Debt
Equity
104990
80%
20%
83992
20998
Share Holders
AEVPL only as promoter
AIPL
1.00%
210
PTC
1.00%
210
IDFC
1.00%
210
GoAP
1%
210
Tata
95%
19948
EPC
1%
210
100.00%
20998
98.00%
39%
210
210
210
19,948
20,578
Company: Athena
Years
2003
2004
2005
2006
2007
Form Balance Sheet, Profit & loss, Cashflows and Schedules
Share Capital
102
684
1,463
Reserves & Surplus
Gross Fixed Assets
Depriciation
Current Assets
9
284
637
Cash & Bank Balance
9
15
126
Current Liabilities
0
0
0
Long Term Loans
Short Term Loans
70
Intangible Assets
CWIP
Income
2
PBDIT
(0)
(8)
PBIT
(0)
(8)
PBT
(0)
(8)
Tax
PAT
(0)
(8)
Non Cash Expense
(0)
Working Capital Loan
Loan Repayment
Interest on Long Term Debt
Interest on Short Term Debt
Increase in Working Capital
Marketable Securities
-
2008
682
627
217
12
3,082
22
(13)
(13)
(19)
(2)
(21)
(0)
-
Projected
2009
2010
5%
5%
716
752
658
691
228
239
13
13
3,236
3,397
23
24
(14)
(15)
(14)
(15)
(20)
(21)
(2)
(2)
(22)
(23)
(0)
(0)
-
Company:MAHA DISCOM
Years
2003
2004
2005
2006
2007
Form Balance Sheet, Profit & loss, Cashflows and Schedules
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
2008
Projected
2009
2010
5%
5%
-
0%
12942.99
42989.98
858.57
62.58
2430.27
18080.69
4866.19
198378.3
24657.09
2959.46
3358.58
28064.78
24792.12
24719.23
10003.78
2480.4
7421.5
591.84
0
3331.11
14699.97
15.48
0
0
10%
70%
20%
Shareholding
IDFC
0.10
2.04
0.52
2.66
1.00%
0.03
Total Score
#DIV/0!
Grade
#DIV/0!
Comment
#DIV/0!
Detailed Apprasial
Total Marks
0.40
2.80
0.80
4.00
#DIV/0!
PTC
0.40
2.11
0.58
3.09
1.00%
0.03
Athena
0.10
0.62
0.70
1.42
Tata
0.30
#DIV/0!
0.70
#DIV/0!
1.00% 95.00%
0.01
#DIV/0!
Financial Analysis
Past Performance
Total Marks
Attributes
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
100%
20%
4
Weightage Total Marks
20%
0.16
20%
0.16
20%
0.16
20%
0.16
20%
0.16
0.80
Company
IDFC
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
IDFC
0.04
0.16
0.08
0.04
0.06
0.38
PTC
0.00
0.06
0.16
0.16
0.16
0.54
Athena
0.00
0.00
0.00
0.04
0.04
0.08
Tata
#DIV/0!
#DIV/0!
0.16
#DIV/0!
0.16
#DIV/0!
2003
13%
85.21%
2.01
0.98
0.12
2004
10%
78.66%
0.68
1.96
0.12
2005
8%
87.75%
1.99
3.12
0.08
2006
8%
90.71%
1.19
3.65
0.05
2007
8%
93.08%
1.25
5.23
0.03
2008
9%
88.34%
1.24
4.21
0.04
2003
23%
2.31%
0
2004
23%
2.15%
0
2005
17%
1.90%
0
2006
24%
1.91%
0
2007
18%
1.29%
0
2008
4%
1.54%
0
2004
0%
0%
-
2005
0%
0%
-
2006
0%
0%
-
2007
-1%
-513%
-
2008
0%
-60%
-
PTC
Athena
2003
0%
0%
-
0.10
(0.00)
4.52
(0.01)
Tata
2003
#DIV/0!
#DIV/0!
#DIV/0!
0
2004
#DIV/0!
#DIV/0!
#DIV/0!
0
2005
2006
2007
#DIV/0!
-6%
-3%
#DIV/0!
3%
3%
1.33
0.84
#DIV/0!
(223.00)
9.89
0 0.280668 -0.216784
2008
#DIV/0!
#DIV/0!
#DIV/0!
0
<=
>
>
>
>
>
>
2003
2.5
4
4
3
2
2003
4
1.5
4
4
4
2003
0
0
4
2004
1.5
4
0
2
2
2004
4
1.5
4
4
4
2004
0
0
4
Indicative Score
2005
2006
1
1
4
4
3.5
1.5
1
1
1.5
1.5
Indicative Score
2005
2006
3.5
4
1.5
1.5
4
4
4
4
4
4
Indicative Score
2005
2006
0
0
0
0
4
0
2007
1
4
2
1
1.5
2007
4
1.5
4
4
4
2007
0
0
4
2008
1
4
2
1
1.5
2008
0
1.5
4
4
4
2008
0
0
0
<=
>
>
>
>
>
>
>
>
>
<=
>
>
>
0
4
0
4
2003
#DIV/0!
#DIV/0!
4
#DIV/0!
4
2004
#DIV/0!
#DIV/0!
4
#DIV/0!
4
0
4
4
1
0
4
1
1
Indicative Score
2005
2006
#DIV/0!
0
#DIV/0!
1.5
4
4
#DIV/0!
0
4
4
2007
0
1.5
4
1
4
2008
#DIV/0!
#DIV/0!
4
#DIV/0!
4
>
>
>
0.3
0.4
0.5
<=
<=
0
1
1.5
2.5
3
3.5
4
4
0
1
1.5
2
2.5
3
3.25
3.5
4
0.4
0.5
3
3.5
4
Business Analysis
Market Analysis
Total Marks
Attributes
Market Analysis
100%
100%
4
Weightage Total Marks IDFC PTC Athena
100%
4
1
4
1
IDFC
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
1
PTC
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
4
Athena
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
1
0
100
0%
Marks
3
Tata
Turnover of the Company
Turnover of the Industry
Ratio
Tata
3
Financial Analysis
Financial Felxibility
Total Marks
Attributes
Equity Funding Potential
Bridge Finance Ability
Track Record of Funds Raised
Total debt to Total Networth
Aggregate Project Cost Handled
100%
80%
4
Weightage Total Marks
60.0%
1.92
7.5%
0.24
15.0%
0.48
10.0%
0.32
7.5%
0.24
3.20
IDFC
1.92
0.06
0.42
0.08
0.06
2.54
PTC
1.92
0.06
0.12
0.32
0.06
2.48
Athena
0.48
0.06
0.12
0.08
0.06
0.80
Calculations
Company
IDFC
2003
15,250.00
15,527.94
0.98
1.50
8,041.92
2.01
1.50
1,892.04
1,892.04
0
1,892.04
9.01
2004
2005
33,250.00 58,951.37
16,991.28 18,888.70
1.96
3.12
1.50
1.50
0.68
1.99
1.50
1.50
3,013.33
-
0
-
2006
93,801.87
25,684.65
3.65
1.50
1.19
1.50
185,966.08
18,596.61
0
0
18,596.61
88.56
2007
149,028.49
29,476.12
5.06
1.50
1.25
1.50
110,145.37
11,014.54
0
11,014.54
52.46
2003
1,799.45
1,799.45
0.00
2004
2,591.47
36.22
1,303.14
3,930.82
0.01
2005
3,040.23
22.81
1,372.53
4,435.57
0.01
2006
3,907.64
41.40
1,027.31
4,976.35
0.01
2007
5,039.25
42.09
77.48
5,158.82
0.01
Equity Raised
Debt Raised
Total
Ratio
2004
2005
2006
16,991.28 18,888.70
25,684.65
33,250.00 58,951.37
93,801.87
50,241.28 77,840.07 119,486.52
0.48
0.74
1.14
2007
29,476.12
149,028.49
178,504.61
1.70
2004
1.96
2005
3.12
2006
3.65
2007
5.23
2003
2004
2005
2006
2007
2003
858.06
1.50
1,287.09
1.50
176.20
176.20
-
2004
2,144.54
1.50
3,216.81
1.50
519.54
519.54
-
176.20
0.84
519.54
2.47
2005
2,245.71
1.50
3,368.56
1.50
388.70
388.70
61,360.80
6,136.08
6,524.78
31.07
2006
2,482.47
1.50
3,723.70
1.50
648.54
648.54
11,132.61
1,113.26
1,761.80
8.39
2007
2,655.72
1.50
3,983.58
1.50
576.28
576.28
7,222.28
722.23
1,298.51
6.18
2003
2004
2005
2006
2007
Company
PTC
PAT
Depriciation
Non Cash Expense
Increase in Working Capital
Annual cash flow from Operation
Marketable Security
Ratio
98.39
16.40
71.49
186.28
0.00
324.76
10.32
331.85
666.94
0.00
240.34
11.85
46.08
298.27
0.00
405.86
13.44
227.48
646.78
0.00
351.92
12.69
68.11
432.73
0.00
2003
858.06
858.06
0.01
2004
2,144.54
2,144.54
0.02
2005
2,245.71
2,245.71
0.02
2006
2,482.47
2,482.47
0.02
2007
2,655.72
2,655.72
0.03
2003
-
2004
-
2005
-
2006
-
2007
-
2003
2004
2005
2006
2007
2003
1.50
1.50
-
2004
1.50
1.50
-
2005
102.27
1.50
153.40
1.50
-
2006
69.80
684.21
0.10
1.50
956.51
1.50
-
2007
1,462.58
1.50
2,193.87
1.50
-
Company
Athena
0
-
0
-
0
-
2003
-
2004
-
2005
-
2006
(0.02)
(0.02)
(0.00)
2007
(8.16)
(0.06)
(8.22)
(0.00)
2003
-
2004
-
2005
102.27
102.27
0.00
2006
684.21
69.80
754.01
0.01
2007
1,462.58
1,462.58
0.01
2003
-
2004
-
2005
-
2006
0.10
2007
-
2003
2004
2005
2006
2007
2003
1.50
-
2004
1.50
-
2005
1.50
-
2006
4,014.00
0.50
8,028.00
1.50
-
2007
4,456.60
500.50
8.90
1.50
-
Company
Tata
DSCR
Priscrebed DSCR
Additional Debt
Minimum of DE or DSCR
Average Market Cap
10%
Marketable Security
Summation
Ratio
1.50
-
1.50
-
0
-
1.50
61,360.80
0
-
0
-
1.33
1.50
757.97
11,132.61
1,113.26
0
1,113.26
0.06
0.84
1.50
3,514.17
7,222.28
722.23
0
722.23
0.04
2003
-
2004
-
2005
-
2006
(3,034.10)
4,160.70
1,126.60
0.00
2007
(6,066.10)
5,022.50
(1,043.60)
(0.00)
2003
-
2004
-
2005
-
2006
0.50
4,014.00
4,014.50
0.04
2007
500.50
4,456.60
4,957.10
0.05
2003
#DIV/0!
2004
#DIV/0!
2005
#DIV/0!
2006
(223.00)
2007
9.89
till 2003
3750
1250
12000
5000
7500
7440
0.35
2004
1150
2005
6000
2006
18600
2007
0.01
0.06
0.18
Tata
0.96
0.06
0.12
#DIV/0!
0.06
#DIV/0!
2008
223,035.42
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
62.58
591.84
8,075.92
0.02
Score
2003 2004 2005 2006
4.00 1.00 1.00
4.00
Indicative Score
1
1
2007 2008
4.00 4.00
2008
55,932.97
223,035.42
278,968.39
2.66
2008
4.21
Indicative Score
1
1.5
2
2.5
3.5
Indicative Score
1
1
Indicative Score
1
1
2008
2008
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
2003 2004 2005 2006
3.00 4.00 4.00
4.00
Indicative Score
2007 2008
4.00 4.00
479.65
14.04
170.29
663.98
0.00
2008
14,915.27
14,915.27
0.14
2008
-
Indicative Score
1
1
Indicative Score
4
4
Indicative Score
1
1
2008
2008
3,081.55
681.78
4.52
1.50
1.50
-
Score
2003 2004 2005 2006
1.00 1.00 1.00
1.00
2007 2008
1.00 1.00
0
-
2008
(20.86)
(0.08)
(20.95)
(0.00)
2008
681.78
3,081.55
3,763.34
0.04
2008
4.52
Indicative Score
1
1
Indicative Score
1
1
1
Indicative Score
0
4
Indicative Score
1
1
2008
2008
1.50
-
Score
2003 2004 2005 2006
1.00 1.00 1.00
2.00
2007 2008
2.00 2.00
1.50
63,933.52
6,393.35
0
6,393.35
0.32
2008
-
2008
17,000.00
0.16
2008
#DIV/0!
2008
15020
0.14
Indicative Score
1
1
1
Indicative Score
1
1
Indicative Score
##### ##### #####
0
1.5
Indicative Score
1
1
1 #####
Management Analysis
Total Marks
Attributes
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
100%
4
Weightage Total Marks
30%
1.2
20%
0.8
30%
1.2
20%
0.8
4
IDFC
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Total Marks
PTC
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Athena
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Tata
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
4
4
4
4
Total Marks
4
4
4
4
Total Marks
4
4
4
4
Total Marks
4
4
4
4
IDFC
0.3
0.8
0.9
0.6
2.6
Marks Obtained
1
4
3
3
Marks Obtained
2
4
3
3
Marks Obtained
4
4
3
3
Marks Obtained
4
4
3
3
PTC
0.6
0.8
0.9
0.6
2.9
0.06
0.16
0.18
0.12
0.52
0.12
0.16
0.18
0.12
0.58
0.24
0.16
0.18
0.12
0.7
0.24
0.16
0.18
0.12
0.7
Athena
1.2
0.8
0.9
0.6
3.5
Tata
1.2
0.8
0.9
0.6
3.5
10%
70%
20%
Total Marks
0.40
2.80
0.80
4.00
Shareholding
IDFC
0.20
1.64
0.52
2.36
1.00%
0.02
Total Score
####
Grade
####
Comment
#DIV/0!
PTC
0.35
1.99
0.58
2.92
1.00%
0.03
Athena
0.15
0.57
0.70
1.42
1.00%
0.01
XYZ
0.30
#DIV/0!
0.70
#DIV/0!
95%
#DIV/0!
98.00%
Financial Analysis
Past Performance
Total Marks
Attributes
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
100%
15%
4
Weightage Total Marks
20%
0.12
20%
0.12
20%
0.12
20%
0.12
20%
0.12
0.60
Company
IDFC
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
IDFC
0.03
0.12
0.06
0.03
0.05
0.29
PTC
0.00
0.05
0.12
0.12
0.12
0.41
Athena
0.00
0.00
0.12
0.03
0.12
0.27
Tata
#DIV/0!
#DIV/0!
0.12
#DIV/0!
0.12
#DIV/0!
2009
9%
88.34%
1.24
4.21
0.04
2010
9%
88.34%
1.24
4.21
0.04
2011
2012
2013
2014
2009
4%
1.54%
0
2010
4%
1.54%
0
2011
2012
2013
2014
2010
0%
-60%
-
2011
2012
2013
2014
PTC
Athena
2009
0%
-60%
-
4.52
(0.01)
4.52
(0.01)
Tata
2009
#DIV/0!
#DIV/0!
#DIV/0!
0
2010
#DIV/0!
#DIV/0!
#DIV/0!
0
2011
2012
2013
2014
<=
>
>
>
>
>
>
2009
1
4
2
1
1.5
2009
0
1.5
4
4
4
2009
0
0
4
2010
1
4
2
1
1.5
2010
0
1.5
4
4
4
2010
0
0
4
Indicative Score
2011
2012
Indicative Score
2011
2012
Indicative Score
2011
2012
2013
2013
2013
2014
2014
2014
<=
>
>
>
>
>
>
>
>
>
<=
>
>
>
1
4
1
4
2009
#DIV/0!
#DIV/0!
4
#DIV/0!
4
2010
#DIV/0!
#DIV/0!
4
#DIV/0!
4
>
>
>
Indicative Score
2011
2012
2013
2014
0.3
0.4
0.5
<= 0.4
<= 0.5
3
3.5
4
Financial Analysis
Financial Felxibility
Total Marks
Attributes
Equity Funding Potential
Bridge Finance Ability
Track Record of Funds Raised
Total debt to Total Networth
Aggregate Project Cost Handled
100%
35%
4
Weightage Total Marks
60.0%
0.84
7.5%
0.11
15.0%
0.21
10.0%
0.14
7.5%
0.11
1.40
IDFC
0.84
0.03
0.18
0.04
0.03
1.11
PTC
0.84
0.03
0.05
0.14
0.03
1.09
Athena
0.21
0.03
0.05
0.04
0.03
0.35
Calculations
Company
IDFC
2003
15,250.00
15,527.94
0.98
1.50
8,041.92
2.01
1.50
1,892.04
1,892.04
0
1,892.04
9.01
2004
2005
33,250.00 58,951.37
16,991.28 18,888.70
1.96
3.12
1.50
1.50
0.68
1.99
1.50
1.50
3,013.33
-
0
-
2006
93,801.87
25,684.65
3.65
1.50
1.19
1.50
185,966.08
18,596.61
0
0
18,596.61
88.56
2007
149,028.49
29,476.12
5.06
1.50
1.25
1.50
110,145.37
11,014.54
0
11,014.54
52.46
2003
1,799.45
1,799.45
0.00
2004
2,591.47
36.22
1,303.14
3,930.82
0.01
2005
3,040.23
22.81
1,372.53
4,435.57
0.01
2006
3,907.64
41.40
1,027.31
4,976.35
0.01
2007
5,039.25
42.09
77.48
5,158.82
0.01
Equity Raised
Debt Raised
Total
Ratio
2004
2005
2006
16,991.28 18,888.70
25,684.65
33,250.00 58,951.37
93,801.87
50,241.28 77,840.07 119,486.52
0.48
0.74
1.14
2007
29,476.12
149,028.49
178,504.61
1.70
2004
1.96
2005
3.12
2006
3.65
2007
5.23
2003
2004
2005
2006
2007
2003
858.06
1.50
1,287.09
1.50
176.20
176.20
-
2004
2,144.54
1.50
3,216.81
1.50
519.54
519.54
-
176.20
0.84
519.54
2.47
2005
2,245.71
1.50
3,368.56
1.50
388.70
388.70
61,360.80
6,136.08
6,524.78
31.07
2006
2,482.47
1.50
3,723.70
1.50
648.54
648.54
11,132.61
1,113.26
1,761.80
8.39
2007
2,655.72
1.50
3,983.58
1.50
576.28
576.28
7,222.28
722.23
1,298.51
6.18
2003
2004
2005
2006
2007
Company
PTC
PAT
Depriciation
Non Cash Expense
Increase in Working Capital
Annual cash flow from Operation
Marketable Security
Ratio
98.39
16.40
71.49
186.28
0.00
324.76
10.32
331.85
666.94
0.00
240.34
11.85
46.08
298.27
0.00
405.86
13.44
227.48
646.78
0.00
351.92
12.69
68.11
432.73
0.00
2003
858.06
858.06
0.01
2004
2,144.54
2,144.54
0.02
2005
2,245.71
2,245.71
0.02
2006
2,482.47
2,482.47
0.02
2007
2,655.72
2,655.72
0.03
2003
-
2004
-
2005
-
2006
-
2007
-
2003
2004
2005
2006
2007
2003
1.50
1.50
-
2004
1.50
1.50
-
2005
102.27
1.50
153.40
1.50
-
2006
69.80
684.21
0.10
1.50
956.51
1.50
-
2007
1,462.58
1.50
2,193.87
1.50
-
Company
Athena
0
-
0
-
0
-
2003
-
2004
-
2005
-
2006
(0.02)
(0.02)
(0.00)
2007
(8.16)
(0.06)
(8.22)
(0.00)
2003
-
2004
-
2005
102.27
102.27
0.00
2006
684.21
69.80
754.01
0.01
2007
1,462.58
1,462.58
0.01
2003
-
2004
-
2005
-
2006
0.10
2007
-
2003
2004
2005
2006
2007
2003
1.50
-
2004
1.50
-
2005
1.50
-
2006
4,014.00
0.50
8,028.00
1.50
-
2007
4,456.60
500.50
8.90
1.50
-
Company
Tata
DSCR
Priscrebed DSCR
Additional Debt
Minimum of DE or DSCR
Average Market Cap
10%
Marketable Security
Summation
Ratio
1.50
-
1.50
-
0
-
1.50
61,360.80
0
-
0
-
1.33
1.50
757.97
11,132.61
1,113.26
0
1,113.26
0.06
0.84
1.50
3,514.17
7,222.28
722.23
0
722.23
0.04
2003
-
2004
-
2005
-
2006
(3,034.10)
4,160.70
1,126.60
0.00
2007
(6,066.10)
5,022.50
(1,043.60)
(0.00)
2003
-
2004
-
2005
-
2006
0.50
4,014.00
4,014.50
0.04
2007
500.50
4,456.60
4,957.10
0.05
2003
#DIV/0!
2004
#DIV/0!
2005
#DIV/0!
2006
(223.00)
2007
9.89
till 2003
3750
1250
12000
5000
7500
7440
0.35
2004
1150
2005
6000
2006
18600
2007
0.01
0.06
0.18
Tata
0.42
0.03
0.05
#DIV/0!
0.03
#DIV/0!
2008
223,035.42
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
62.58
591.84
8,075.92
0.02
Score
2003 2004 2005 2006
4.00 1.00 1.00
4.00
Indicative Score
1
1
2007 2008
4.00 4.00
2008
55,932.97
223,035.42
278,968.39
2.66
2008
4.21
Indicative Score
1
1.5
2
2.5
3.5
Indicative Score
1
1
Indicative Score
1
1
2008
2008
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
2003 2004 2005 2006
3.00 4.00 4.00
4.00
Indicative Score
2007 2008
4.00 4.00
479.65
14.04
170.29
663.98
0.00
2008
14,915.27
14,915.27
0.14
2008
-
Indicative Score
1
1
Indicative Score
4
4
Indicative Score
1
1
2008
2008
3,081.55
681.78
4.52
1.50
1.50
-
Score
2003 2004 2005 2006
1.00 1.00 1.00
1.00
2007 2008
1.00 1.00
0
-
2008
(20.86)
(0.08)
(20.95)
(0.00)
2008
681.78
3,081.55
3,763.34
0.04
2008
4.52
Indicative Score
1
1
Indicative Score
1
1
1
Indicative Score
0
4
Indicative Score
1
1
2008
2008
1.50
-
Score
2003 2004 2005 2006
1.00 1.00 1.00
2.00
2007 2008
2.00 2.00
1.50
63,933.52
6,393.35
0
6,393.35
0.32
2008
-
2008
-
2008
#DIV/0!
2008
15020
0.14
Indicative Score
1
1
1
Indicative Score
1
1
Indicative Score
##### ##### #####
0
1.5
Indicative Score
1
1
1 #####
Financial Analysis
Past Performance
Total Marks
Attributes
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
100%
50%
4
Weightage Total Marks
20%
0.40
20%
0.40
20%
0.40
20%
0.40
20%
0.40
2.00
Company
IDFC
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
Total Debt to Total Net Worth
Cash Generation from Business
Company
Years
Return on Capital Employed
Operating Margin
Debt Service Coverage Ratio
IDFC
0.10
0.40
0.20
0.10
0.15
0.95
PTC
0.00
0.15
0.40
0.40
0.40
1.35
Athena
0.00
0.00
0.00
0.10
0.10
0.20
Tata
#DIV/0!
#DIV/0!
0.40
#DIV/0!
0.40
#DIV/0!
2003
13%
85.21%
2.01
0.98
0.12
2004
10%
78.66%
0.68
1.96
0.12
2005
8%
87.75%
1.99
3.12
0.08
2006
8%
90.71%
1.19
3.65
0.05
2007
8%
93.08%
1.25
5.23
0.03
2008
9%
88.34%
1.24
4.21
0.04
2003
23%
2.31%
0
2004
23%
2.15%
0
2005
17%
1.90%
0
2006
24%
1.91%
0
2007
18%
1.29%
0
2008
4%
1.54%
0
2004
0%
0%
-
2005
0%
0%
-
2006
0%
0%
-
2007
-1%
-513%
-
2008
0%
-60%
-
PTC
Athena
2003
0%
0%
-
0.10
(0.00)
4.52
(0.01)
Tata
2003
#DIV/0!
#DIV/0!
#DIV/0!
0
2004
#DIV/0!
#DIV/0!
#DIV/0!
0
2005
2006
#DIV/0!
-6%
#DIV/0!
3%
1.33
#DIV/0!
(223.00)
0 0.280668
2007
-3%
3%
0.84
9.89
-0.21678
2008
#DIV/0!
#DIV/0!
#DIV/0!
0
<=
>
>
>
>
>
>
2003
2.5
4
4
3
2
2003
4
1.5
4
4
4
2003
0
0
4
2004
1.5
4
0
2
2
2004
4
1.5
4
4
4
2004
0
0
4
Indicative Score
2005
2006
1
1
4
4
3.5
1.5
1
1
1.5
1.5
Indicative Score
2005
2006
3.5
4
1.5
1.5
4
4
4
4
4
4
Indicative Score
2005
2006
0
0
0
0
4
0
2007
1
4
2
1
1.5
2007
4
1.5
4
4
4
2007
0
0
4
2008
1
4
2
1
1.5
2008
0
1.5
4
4
4
2008
0
0
0
<=
>
>
>
>
>
>
>
>
>
<=
>
>
>
4
4
4
4
2003
#DIV/0!
#DIV/0!
4
#DIV/0!
4
2004
#DIV/0!
#DIV/0!
4
#DIV/0!
4
4
4
4
1
4
4
1
1
Indicative Score
2005
2006
#DIV/0!
0
#DIV/0!
1.5
4
4
#DIV/0!
0
4
4
2007
0
1.5
4
1
4
2008
#DIV/0!
#DIV/0!
4
#DIV/0!
4
>
>
>
0.3
0.4
0.5
<= 0.4
<= 0.5
3
3.5
4
Business Analysis
Industry Analysis
Total Marks
Attributes
Market Analysis
100%
50%
4
Weightage Total Marks IDFC PTC Athena
100%
2
1.5 1.5
1
IDFC
Risk of the Industry
Marks
3
PTC
Risk of the Industry
Marks
3
Athena
Risk of the Industry
Marks
2
Tata
Risk of the Industry
Marks
3
Tata
1.5
Business Analysis
Market Analysis
Total Marks
Attributes
Market Analysis
100%
50%
4
Weightage Total Marks IDFC PTC Athena
100%
2
0.5
2
0.5
IDFC
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
1
PTC
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
4
Athena
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
1
Tata
Turnover of the Company
Turnover of the Industry
Ratio
0
100
0%
Marks
3
Tata
1.5
Management Analysis
Total Marks
Attributes
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
100%
4
Weightage Total Marks
30%
1.2
20%
0.8
30%
1.2
20%
0.8
4
IDFC
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Total Marks
PTC
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Athena
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
Tata
Organizational Experience
Experience of the Key Personnel
Equipment Supplier, EPC contractor & Project management Experience
Project Preparedness of the Promoters
30%
20%
30%
20%
4
4
4
4
Total Marks
4
4
4
4
Total Marks
4
4
4
4
Total Marks
4
4
4
4
IDFC
0.3
0.8
0.9
0.6
2.6
Marks Obtained
1
4
3
3
Marks Obtained
2
4
3
3
Marks Obtained
4
4
3
3
Marks Obtained
4
4
3
3
PTC
0.6
0.8
0.9
0.6
2.9
0.06
0.16
0.18
0.12
0.52
0.12
0.16
0.18
0.12
0.58
0.24
0.16
0.18
0.12
0.7
0.24
0.16
0.18
0.12
0.7
Athena
1.2
0.8
0.9
0.6
3.5
Tata
1.2
0.8
0.9
0.6
3.5
Final Grading
Max.
Marks
Marks
Awarded
Grade
Awarded
Project Appraisal
75
62
Project Financials
40
38
Promoters Financials
55
49
Security
50
40
Payment Mechanism
25
25
Total
245
214
Overall
Grade
Project Appraisal
>= 60
A
>= 52
< 60 B
>= 45
< 52 C
< 45 D
Project Financial
>= 32
A
>= 28
< 32 B
>= 24
< 28 C
< 24 D
Promoters Financial
>= 44
A
>= 38
< 44 B
>= 33
< 38 C
< 33 D
Security
>= 40
>= 35
>= 30
< 40
< 35
< 30
A
B
C
D
Payment Mechanism
>= 20
A
>= 17
< 20
B
>= 15
< 17
C
< 15
D
Overall Grade
>= 191
>= 170
< 191
>= 148
< 170
< 148
A
B
C
D
Cost/MW
Hydro
Gas
Consultant for
DPR
10
10
V Reuted
10
Environmental
Imapct & Safety
Obtained
5
PLF%
10
Thermal
Hydro
<2.5/unit
10
High risk
2
No
Clearance
0
No action
taken
0
Some Clearance
obtained
4
Contracts
identified
4
Yet to be
identified
0
Identified
2
Gas
Comb. Cycl
Levelised
Tariff/PPA
Construction
risk/Mitigation
Total Marks
10
10
Statutory
Clearance
10
Key Contract
10
Managerial
capability
75
62
EIA submitted
4
>80%
10
2400
10
2600
10
<1700
10
2.5-2.75
9
Moderate risk
4
Thermal
Heat Rate where
applicable
Kcal/kwh
>5 Cr
3
>10 Cr
2
>5 Cr
2
Reputed
8
4-5 Cr
4
8-10 Cr
3
4-5 Cr
3
Acceptable
6
TOR/EIA
underprocess
3
70-80%
8
3-4 Cr
5
6-8 Cr
4
3-4 Cr
4
Not well known
4
4-6 Cr
5
2-3 Cr
5
2500
8
2800
8
1800
9
2.75-3
8
Less risk
6
Applied for
2
60-70%
5
10
2600
6
2900
6
1900
8
3-3.25
7
No risk
8
50-60%
4
8
2700
5
3000
5
2000
6
3.25-3.5
6
Very Safe
10
All clearance in
advanced stage
8
Contracts under
finalization
8
all clearances
obtained
10
Contract
awarded
10
40-50%
3
6
2800
4
3100
4
2100
5
>3.5
5
30-40%
2
5
>2800
2
3200
2
2200
2
Financial Economics
FIRR
10
10
DSCR Average
10
10
Return on Equity
Debt:Equity
Sensitivity Analysis
Result
Total
40
38
Legal eligibility to
take up project
Equity mobilisation
10
Bankers/Auditor
Report on credit
worthiness or
defaulteese
20
Promoters
experience in Power
Sector
10
10
Capability to raise
resources
10
Total
55
49
18
Yes
5
Promoters
not fully
identified
4
No
0
Outstanding
20
Promoters
identified
Undertakings
by promoters
Satisfactory
No
Comments
18
15
Experience in
Experience in
Experience in
Assx.
Power Sector
Industry
Industry
10
8
6
Commitment
Liquid funds Share holder
letters with
available
agreements
sources
10
8
6
REC interest
rate + 3%
10
60-70%
4
<60%
5
agreement
executed
10
Wilful
defaulter
Adverse
Not to be
consider
5
0
No
Experience in
Experienc
Trading
e
4
0
Others
4
Security
English
Personal
mortgage+Hypoth Corporate
Bank Guarantee
Gurantee of
ication of Existing guarantee
Directors
assets
50
40
25
15
Equitable
Mortgage +
Collaterals
Hypothecation
of future assets
10
35
Pledge of
shares
15
Payment Mechanism
TRA
ESCROW
25
25
Letter of
Credit
25
Others
Marks
Awarded
25
Govt.
Guarantee
Letter of
Comfort
Combination of
two or more
Marks
Awarded
45
30
30 to 50
40
Financial
Case No. Parameter
Estimated
Project First Year Levelised
Cost
Tariff
Tariff
105,021
3.08
2.69
1
Base Case 105,021
Increase
2
in Interest by
104,960
1%
Increase
3
in Interest by
104,837
3%
Escalation
4
in Hard Cost109,256
by 5%
Escalation
5
in Project Cost113,492
by 10%
Decrease
6 in Energy Generation
104,907
by 5%
Decrease
7 in Energy Generation
104,782
by 10%
8
Base Case 105,021
3.08
3.18
3.39
3.08
3.08
3.23
3.39
3.08
2.69
2.75
2.88
2.69
2.69
2.82
2.96
2.69
Project
IRR
17.87%
Average
DSCR
2.11
17.87%
18.09%
18.54%
17.08%
16.34%
17.40%
16.92%
17.87%
2.11
2.05
1.95
2.09
2.08
2.04
1.96
2.11