CaseStudy TollRoad Solution

Currency: INR crore INPUT CELL
Particulars Inputs
Project details
Project name Rohtak Hissar Tollway Private Limited
Parent company Sadbhav Infrastructure Project Limited
Project type Toll

Scope of work Widening of the existing two lane
carriageway to a four lane dual
carriageway on a DBFOT basis
State Haryana
Client NHAI
Road length (in kms) 98.81
Road length (in lane kms) 395.24
Connecting Rohtak to Hissar
No. of toll plaza Two
Toll plaza details
Toll plaza - 1 (Village - Madina Korsan) Total length = 25.64 km of road length
at km 99.835 km plus 16.17 km of bypass length
Toll plaza - 2 (Village - Ramayana) at km Total length = 43.2 km of road length

161.5 plus 13.8 km of bypass length
Terms
Concession agreement date / 31-Dec-13
Commencement of construction
First fiscal year end 31-Mar-14
Concession (yrs.) (including 22
construction period)
End of concession period 31-Dec-35
Last fiscal year end 31-Mar-36
Construction time (in days) 943
Construction period ends 31-Jul-16
Toll collections start date 1-Aug-16
Total operational days 7,092
Financials
Project cost 1,094
Debt 952
Equity 13%
Government grant
Grant from government 212
Bid security 1.00%

Performance security 3.50%
Release of performance security 20%
(20% of project cost)
Revenue assumptions
Toll plaza - 1 (Village - Madina Korsan) Tollable estimated vehicle per day
at km 99.835 km (converted based on standard rate)
Car 7,000
LCV 1,000
Bus/truck 2,000
Toll plaza - 2 (Village - Ramayana) at Tollable estimated vehicle per day

km 161.5 (converted based on standard rate)
Car 12,200
LCV 1,700
Bus/truck 3,400
* Note - PCU: passenger car unit as defined in the Indian Roads Congress Publication No. IRC-64, 1990
^Refer "Computation of toll rates" working
Advertisement on the site Not allowed
Cash operating expenses
Particulars Inputs
Routine maintenance 432,000
Major maintenance 3,316,000

(every 5th year)
Toll collection expenses 10,000,000

Office expenses 15,000,000
Insurance expenses 0.15%
Patrolling expenses 100,000
Cost inflation rate 5.07%
Depreciation On the basis of projected and actual revenue over the concession period as per Co
Loan details
Particulars Amount
Loan amount 952
ROI 11.70%
Loan tenor (in years) 14.5
Covenants Entire equity to be introduced first +
interest to be service during
construction period
Moratorium period (in days) (from 1308

concession agreement date)
Moratorium period end date 31-Jul-17
1st EMI date 31-Aug-17
Last EMI date 31-Jan-32
Debt taken Beginning of year
Guarantee The parent company has given
guarantee for the Company's loan and
additional support would be provided as
when required to honour the debt
repayments.
Income tax 0.0%
Sensitivity Table
Cases Concession
A period
22.0
B 23.0
C 24.0
D 25.0
E 26.0
F 26.4
cr 10,000,000
End of Sheet
Remarks
Used for computation of toll rate
Used for computation of toll rate
Vikas Vohra:
Total cost incurred
excluding interest cost
capitalization.
Maximum concession period can extend by 20%

of orginal period
As per Concession Agreement, project cost is

INR. 959.25 crore
Required return 15.0%

The disbursement shall be made by NHAI
proportionately alongwith the balance loan
funds to be disbursed by the Senior Lenders
under the Financing Documents for
meeting the Total Project Cost.
Only for information purpose
Estimated annual growth rate Toll per trip^ PCU factor* Toll inflation
rate^
5.00% 51 1 5.07%
5.00% 82 1.5 5.07%
5.00% 171 3 5.07%
Estimated annual growth rate Toll per trip^ PCU factor* Toll inflation
rate^
5.00% 65 1 5.07%
5.00% 105 1.5 5.07%
5.00% 220 3 5.07%
ess Publication No. IRC-64, 1990
Remarks
per km p.a. (Source: India Ratings & Research)
(INR 0.108 million per lane km)
per km p.a. (Source: India Ratings & Research) Year 5

(INR 0.585 mn - 1.073 mn per lane km)
p.a
p.a.
of total project cost p.a. (without inflation)
per km p.a.
Based on toll rate inflation
actual revenue over the concession period as per Companies Act, 2013.
Set off losses allowed
Government grant Toll revision

0 4.0%
100 5.0%
200 6.0%
212 7.0%
250 8.0%
270 9.0%
Revenue Assumption
Particulars Units Year 1 Year 2 Year 3 Year 4
FY ending 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17
No. of operating days in a year days - - - 243
Estimated vehicle per day

Toll plaza: 1
Car vehicle/day - - - 7,000
LCV vehicle/day - - - 1,000
Bus/truck vehicle/day - - - 2,000
Toll plaza: 2
Car vehicle/day - - - 12,200
LCV vehicle/day - - - 1,700
Bus/truck vehicle/day - - - 3,400
Estimated toll per vehicle per day

Toll plaza: 1
Car INR/vehicle/day - - - 51
LCV INR/vehicle/day - - - 82
Bus/truck INR/vehicle/day - - - 171
Toll plaza: 2
Car INR/vehicle/day - - - 65
LCV INR/vehicle/day - - - 105
Bus/truck INR/vehicle/day - - - 220
Total toll revenue

Toll plaza: 1
Car INR cr - - - 9
LCV INR cr - - - 2
Bus/truck INR cr - - - 8
Toll plaza: 2
Car INR cr - - - 19
LCV INR cr - - - 4
Bus/truck INR cr - - - 18
Total toll revenue INR cr - - - 61
End of sheet
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13
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
365 365 366 365 365 365 366 365 365
7,350 7,718 8,104 8,509 8,934 9,381 9,850 10,343 10,860

1,050 1,103 1,158 1,216 1,277 1,341 1,408 1,478 1,552
2,100 2,205 2,315 2,431 2,553 2,681 2,815 2,956 3,104
12,810 13,451 14,124 14,830 15,572 16,351 17,169 18,027 18,928

1,785 1,874 1,968 2,066 2,169 2,277 2,391 2,511 2,637
3,570 3,749 3,936 4,133 4,340 4,557 4,785 5,024 5,275
54 57 60 63 66 69 73 77 81
86 90 95 100 105 110 116 122 128
180 189 199 209 220 231 243 255 268
68 71 75 79 83 87 91 96 101
110 116 122 128 134 141 148 156 164
231 243 255 268 282 296 311 327 344
14 16 18 20 22 24 26 29 32
3 4 4 4 5 5 6 7 7
14 15 17 19 21 23 25 28 30
32 35 39 43 47 52 57 63 70
7 8 9 10 11 12 13 14 16
30 33 37 40 45 49 54 60 66
101 111 123 135 149 164 182 201 222
365 366 365 365 365 366 365 365 365
11,403 11,973 12,572 13,201 13,861 14,554 15,282 16,046 16,848

1,630 1,712 1,798 1,888 1,982 2,081 2,185 2,294 2,409
3,259 3,422 3,593 3,773 3,962 4,160 4,368 4,586 4,815
19,874 20,868 21,911 23,007 24,157 25,365 26,633 27,965 29,363

2,769 2,907 3,052 3,205 3,365 3,533 3,710 3,896 4,091
5,539 5,816 6,107 6,412 6,733 7,070 7,424 7,795 8,185
85 89 94 99 104 109 115 121 127

134 141 148 156 164 172 181 190 200
282 296 311 327 344 361 379 398 418
106 111 117 123 129 136 143 150 158

172 181 190 200 210 221 232 244 256
361 379 398 418 439 461 484 509 535
35 39 43 48 53 58 64 71 78
8 9 10 11 12 13 14 16 18
34 37 41 45 50 55 60 67 73
77 85 94 103 114 126 139 153 169

17 19 21 23 26 29 31 35 38
73 81 89 98 108 119 131 145 160
244 270 297 328 362 400 441 486 537
Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
275 - - - - -
17,690 - - - - -
2,529 - - - - -
5,056 - - - - -
30,831 - - - - -
4,296 - - - - -
8,594 - - - - -
133 - - - - -
210 - - - - -
439 - - - - -
166 - - - - -
269 - - - - -
562 - - - - -
65 - - - - -
15 - - - - -
61 - - - - -
141 - - - - -
32 - - - - -
133 - - - - -
446 - - - - -
Income Statement
Particulars Units Year 1 Year 2 Year 3
FY ending 31-Mar-14 31-Mar-15 31-Mar-16
No. of operating days in a year days - - -
Total toll revenue

Toll plaza: 1
Car INR cr - - -
LCV INR cr - - -
Bus/truck INR cr - - -
Toll plaza: 2
Car INR cr - - -
LCV INR cr - - -
Bus/truck INR cr - - -
Total toll revenue INR cr - - -
Less: operating expenses

Routine maintenance INR cr - - -
Major maintenance INR cr - - -
(every 5th year)
Toll collection expenses INR cr - - -
Office expenses INR cr - - -
Insurance expenses INR cr - - -
Patrolling expenses INR cr - - -
EBITDA INR cr - - -
Less: depreciation and amortization INR cr - - -
EBIT INR cr - - -
Less: interest INR cr - - -
EBT INR cr - - -
Less: tax INR cr
EAT INR cr 2,528 - - -
Working note
Major maintenance account
Opening balance INR cr - - -
Add: provision created INR cr - - -
Less: cash expense INR cr - - -
Closing balance INR cr - - -
Whether major maintenance expense to be incurred # N N N

Future value interest factor # - - -
End of sheet
5
-
243 365 365 366 365 365 365 366 365
9 14 16 18 20 22 24 26 29
2 3 4 4 4 5 5 6 7
8 14 15 17 19 21 23 25 28
19 32 35 39 43 47 52 57 63
4 7 8 9 10 11 12 13 14
18 30 33 37 40 45 49 54 60
61 101 111 123 135 149 164 182 201
3 4 5 5 5 5 6 6 6
8 8 8 8 8 10 10 10 10
1 1 1 1 1 1 1 1 1
1 2 2 2 2 2 2 2 2
1 2 2 2 2 2 2 2 2
1 1 1 1 1 1 1 1 1
46 83 92 104 116 127 142 159 177

12 20 22 25 27 30 33 37 40
34 62 70 79 89 97 109 122 136

74 111 108 104 100 96 91 85 79
-40 -49 -38 -25 -12 1 18 37 58
-40 -49 -38 -25 -12 1 18 37 58
- 8 16 24 32 - 10 20 31
8 8 8 8 8 10 10 10 10
- - - - 40 - - - -
8 16 24 32 - 10 20 31 41
N N N N Y N N N N
1.00 1.05 1.10 1.16 1.22 1.28 1.35 1.41 1.49
365 365 366 365 365 365 366 365 365
32 35 39 43 48 53 58 64 71
7 8 9 10 11 12 13 14 16
30 34 37 41 45 50 55 60 67
70 77 85 94 103 114 126 139 153

16 17 19 21 23 26 29 31 35
66 73 81 89 98 108 119 131 145
222 244 270 297 328 362 400 441 486
7 7 7 8 8 9 9 9 10
10 13 13 13 13 13 17 17 17
2 2 2 2 2 2 2 2 2
2 2 3 3 3 3 3 3 3
2 2 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2
197 216 241 268 298 331 365 405 449

45 49 54 60 66 73 81 89 98
153 167 187 208 232 258 285 316 351

72 64 55 44 33 20 6 - -
81 104 132 164 199 238 279 316 351
81 104 132 164 199 238 279 316 351
41 - 13 26 39 52 - 17 34
10 13 13 13 13 13 17 17 17
51 - - - - 66 - - -
- 13 26 39 52 - 17 34 50
Y N N N N Y N N N
1.56 1.64 1.72 1.81 1.90 2.00 2.10 2.21 2.32
Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
365 275 - - - - -
78 65 - - - - -
18 15 - - - - -
73 61 - - - - -
169 141 - - - - -
38 32 - - - - -
160 133 - - - - -
537 446 - - - - -
10 8 - - - - -
17 17 - - - - -
2 2 - - - - -
4 3 - - - - -
2 1 - - - - -
2 2 - - - - -
499 413 - - - - -
108 90 - - - - -
391 323 - - - - -
- - - - - - -
391 323 - - - - -
391 323 - - - - -
50 67 - - - - -
17 17 - - - - -
- 84 - - - - -
67 - - - - - -
N Y N N N N N
2.44 2.56 - - - - -
Balance Sheet
Liabilities
Equity share capital INR cr 104 142 142
Reserve and surplus INR cr - - -
Quasi-capital INR cr - - -
Debt INR cr - 386 811
Provision for major maintenance expense INR cr - - -

Total liabilities INR cr 104 528 953
Assets
Toll collection rights INR cr 104 487 913
Cash INR cr - 41 40
Total assets INR cr 104 528 953
Check INR cr - - -
End of sheet
142 142 142 142 142 142 142 142 142

-40 -89 -127 -152 -163 -162 -144 -107 -49
- 23 60 84 137 137 137 137 137
952 935 906 874 837 797 751 699 641
8 16 24 32 - 10 20 31 41
1,062 1,028 1,005 980 953 924 906 902 912
1,048 1,028 1,005 980 953 923 890 853 813

14 - - - - 1 16 49 99
1,062 1,028 1,005 980 953 924 906 902 912
- - - - - - - - -
142 142 142 142 142 142 142 142 142

32 136 268 432 631 869 1,148 1,463 1,815
137 137 137 137 137 137 137 137 137
576 503 421 328 225 108 - - -
- 13 26 39 52 - 17 34 50
887 930 994 1,078 1,187 1,256 1,443 1,776 2,144
768 719 664 605 538 466 385 296 198

119 212 329 474 648 790 1,058 1,480 1,946
887 930 994 1,078 1,187 1,256 1,443 1,776 2,144
- - - - - - - - -
142 142 142 142 142 142 142

2,206 2,528 2,528 2,528 2,528 2,528 2,528
137 137 137 137 137 137 137
- - - - - - -
67 - - - - - -
2,552 2,807 2,807 2,807 2,807 2,807 2,807
90 - - - - - -
2,462 2,807 2,807 2,807 2,807 2,807 2,807
2,552 2,807 2,807 2,807 2,807 2,807 2,807
- - - - - - -
Intangible Asset Schedule
Particulars Units Year 1 Year 2 Year 3 Year 4
FY ending 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17
No. of operating days in a year days - - - 243
No. of construction days in a year days 90 365 366 122
% of construction completed in a year % 9.5% 38.7% 38.8% 12.9%

Accumulated construction completed % 9.5% 48.3% 87.1% 100.0%
Intangible asset schedule: Toll collection rights

Opening balance INR cr - 104 487 913
Add: road constructed INR cr 1,094 104 424 425 142
Add: interest expense to be capitalized INR cr 177 - 45 95 37
Less: government grant INR cr 212 - 86 94 31
Less: amortization INR cr - - - 12
Closing balance INR cr 104 487 913 1,048
Sources of fund
Equity 142 104 37 - -
Debt INR cr 952 - 386 425 142
Grant INR cr 212 - 86 94 31
End of sheet
365 365 366 365 365 365 366 365 365
- - - - - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
1,048 1,028 1,005 980 953 923 890 853 813

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
20 22 25 27 30 33 37 40 45
1,028 1,005 980 953 923 890 853 813 768
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
365 366 365 365 365 366 365 365 365
- - - - - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
768 719 664 605 538 466 385 296 198

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
49 54 60 66 73 81 89 98 108
719 664 605 538 466 385 296 198 90
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
275 - - - - -
- - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
90 - - - - -
- - - - - -
- - - - - -
- - - - - -
90 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Debt Schedule
No. of operating days in a year days - - -
No. of construction days in a year days 90 365 366
No. of moratorium days in a year days 90 365 366
No. of moratorium days in a operational year days - - -
Debt schedule
Opening balance INR cr - - 386
Add: debt drawdown INR cr - 386 425
Less: debt repayment INR cr - - -
Closing balance INR cr - 386 811
Interest expense calculation 11.70%

to be capitalized INR cr - 45 95
to be charged to P&L a/c

during moratorium INR cr - - -
during debt repayment INR cr - - -
Total INR cr - - -
Debt repayment schedule

S.No EMI date I paid P repaid C balance
1 31-Aug-17 9.29 2.11 950.29
2 30-Sep-17 9.27 2.13 948.17
3 31-Oct-17 9.24 2.15 946.02
4 30-Nov-17 9.22 2.17 943.85
5 31-Dec-17 9.20 2.19 941.66
6 31-Jan-18 9.18 2.21 939.45
7 28-Feb-18 9.16 2.23 937.22
8 31-Mar-18 9.14 2.25 934.97
9 30-Apr-18 9.12 2.28 932.69
10 31-May-18 9.09 2.30 930.40
11 30-Jun-18 9.07 2.32 928.08
12 31-Jul-18 9.05 2.34 925.73
13 31-Aug-18 9.03 2.37 923.37
14 30-Sep-18 9.00 2.39 920.98
15 31-Oct-18 8.98 2.41 918.57
16 30-Nov-18 8.96 2.44 916.13
17 31-Dec-18 8.93 2.46 913.67
18 31-Jan-19 8.91 2.48 911.19
19 28-Feb-19 8.88 2.51 908.68
20 31-Mar-19 8.86 2.53 906.15
21 30-Apr-19 8.83 2.56 903.59
22 31-May-19 8.81 2.58 901.01
23 30-Jun-19 8.78 2.61 898.41
24 31-Jul-19 8.76 2.63 895.77
25 31-Aug-19 8.73 2.66 893.12
26 30-Sep-19 8.71 2.68 890.43
27 31-Oct-19 8.68 2.71 887.72
28 30-Nov-19 8.66 2.74 884.99
29 31-Dec-19 8.63 2.76 882.22
30 31-Jan-20 8.60 2.79 879.43
31 29-Feb-20 8.57 2.82 876.62
32 31-Mar-20 8.55 2.84 873.77
33 30-Apr-20 8.52 2.87 870.90
34 31-May-20 8.49 2.90 868.00
35 30-Jun-20 8.46 2.93 865.07
36 31-Jul-20 8.43 2.96 862.11
37 31-Aug-20 8.41 2.99 859.13
38 30-Sep-20 8.38 3.01 856.11
39 31-Oct-20 8.35 3.04 853.07
40 30-Nov-20 8.32 3.07 850.00
41 31-Dec-20 8.29 3.10 846.89
42 31-Jan-21 8.26 3.13 843.76
43 28-Feb-21 8.23 3.16 840.59
44 31-Mar-21 8.20 3.20 837.40
45 30-Apr-21 8.16 3.23 834.17
46 31-May-21 8.13 3.26 830.91
47 30-Jun-21 8.10 3.29 827.62
48 31-Jul-21 8.07 3.32 824.30
49 31-Aug-21 8.04 3.35 820.95
50 30-Sep-21 8.00 3.39 817.56
51 31-Oct-21 7.97 3.42 814.14
52 30-Nov-21 7.94 3.45 810.68
53 31-Dec-21 7.90 3.49 807.20
54 31-Jan-22 7.87 3.52 803.68
55 28-Feb-22 7.84 3.56 800.12
56 31-Mar-22 7.80 3.59 796.53
57 30-Apr-22 7.77 3.63 792.90
58 31-May-22 7.73 3.66 789.24
59 30-Jun-22 7.70 3.70 785.55
60 31-Jul-22 7.66 3.73 781.81
61 31-Aug-22 7.62 3.77 778.05
62 30-Sep-22 7.59 3.81 774.24
63 31-Oct-22 7.55 3.84 770.40
64 30-Nov-22 7.51 3.88 766.52
65 31-Dec-22 7.47 3.92 762.60
66 31-Jan-23 7.44 3.96 758.64
67 28-Feb-23 7.40 3.99 754.65
68 31-Mar-23 7.36 4.03 750.62
69 30-Apr-23 7.32 4.07 746.54
70 31-May-23 7.28 4.11 742.43
71 30-Jun-23 7.24 4.15 738.28
72 31-Jul-23 7.20 4.19 734.08
73 31-Aug-23 7.16 4.23 729.85
74 30-Sep-23 7.12 4.28 725.57
75 31-Oct-23 7.07 4.32 721.26
76 30-Nov-23 7.03 4.36 716.90
77 31-Dec-23 6.99 4.40 712.50
78 31-Jan-24 6.95 4.44 708.05
79 29-Feb-24 6.90 4.49 703.56
80 31-Mar-24 6.86 4.53 699.03
81 30-Apr-24 6.82 4.58 694.46
82 31-May-24 6.77 4.62 689.84
83 30-Jun-24 6.73 4.67 685.17
84 31-Jul-24 6.68 4.71 680.46
85 31-Aug-24 6.63 4.76 675.70
86 30-Sep-24 6.59 4.80 670.90
87 31-Oct-24 6.54 4.85 666.05
88 30-Nov-24 6.49 4.90 661.15
89 31-Dec-24 6.45 4.95 656.21
90 31-Jan-25 6.40 4.99 651.21
91 28-Feb-25 6.35 5.04 646.17
92 31-Mar-25 6.30 5.09 641.08
93 30-Apr-25 6.25 5.14 635.94
94 31-May-25 6.20 5.19 630.75
95 30-Jun-25 6.15 5.24 625.51
96 31-Jul-25 6.10 5.29 620.21
97 31-Aug-25 6.05 5.34 614.87
98 30-Sep-25 5.99 5.40 609.47
99 31-Oct-25 5.94 5.45 604.02
100 30-Nov-25 5.89 5.50 598.52
101 31-Dec-25 5.84 5.56 592.96
102 31-Jan-26 5.78 5.61 587.35
103 28-Feb-26 5.73 5.66 581.69
104 31-Mar-26 5.67 5.72 575.97
105 30-Apr-26 5.62 5.78 570.19
106 31-May-26 5.56 5.83 564.36
107 30-Jun-26 5.50 5.89 558.47
108 31-Jul-26 5.45 5.95 552.53
109 31-Aug-26 5.39 6.00 546.52
110 30-Sep-26 5.33 6.06 540.46
111 31-Oct-26 5.27 6.12 534.34
112 30-Nov-26 5.21 6.18 528.16
113 31-Dec-26 5.15 6.24 521.91
114 31-Jan-27 5.09 6.30 515.61
115 28-Feb-27 5.03 6.36 509.25
116 31-Mar-27 4.97 6.43 502.82
117 30-Apr-27 4.90 6.49 496.33
118 31-May-27 4.84 6.55 489.78
119 30-Jun-27 4.78 6.62 483.16
120 31-Jul-27 4.71 6.68 476.48
121 31-Aug-27 4.65 6.75 469.74
122 30-Sep-27 4.58 6.81 462.92
123 31-Oct-27 4.51 6.88 456.05
124 30-Nov-27 4.45 6.95 449.10
125 31-Dec-27 4.38 7.01 442.09
126 31-Jan-28 4.31 7.08 435.01
127 29-Feb-28 4.24 7.15 427.86
128 31-Mar-28 4.17 7.22 420.64
129 30-Apr-28 4.10 7.29 413.35
130 31-May-28 4.03 7.36 405.99
131 30-Jun-28 3.96 7.43 398.55
132 31-Jul-28 3.89 7.51 391.05
133 31-Aug-28 3.81 7.58 383.47
134 30-Sep-28 3.74 7.65 375.82
135 31-Oct-28 3.66 7.73 368.09
136 30-Nov-28 3.59 7.80 360.29
137 31-Dec-28 3.51 7.88 352.41
138 31-Jan-29 3.44 7.96 344.45
139 28-Feb-29 3.36 8.03 336.42
140 31-Mar-29 3.28 8.11 328.31
141 30-Apr-29 3.20 8.19 320.12
142 31-May-29 3.12 8.27 311.85
143 30-Jun-29 3.04 8.35 303.50
144 31-Jul-29 2.96 8.43 295.06
145 31-Aug-29 2.88 8.51 286.55
146 30-Sep-29 2.79 8.60 277.95
147 31-Oct-29 2.71 8.68 269.27
148 30-Nov-29 2.63 8.77 260.50
149 31-Dec-29 2.54 8.85 251.65
150 31-Jan-30 2.45 8.94 242.71
151 28-Feb-30 2.37 9.02 233.69
152 31-Mar-30 2.28 9.11 224.58
153 30-Apr-30 2.19 9.20 215.38
154 31-May-30 2.10 9.29 206.08
155 30-Jun-30 2.01 9.38 196.70
156 31-Jul-30 1.92 9.47 187.23
157 31-Aug-30 1.83 9.57 177.66
158 30-Sep-30 1.73 9.66 168.00
159 31-Oct-30 1.64 9.75 158.25
160 30-Nov-30 1.54 9.85 148.40
161 31-Dec-30 1.45 9.94 138.46
162 31-Jan-31 1.35 10.04 128.41
163 28-Feb-31 1.25 10.14 118.28
164 31-Mar-31 1.15 10.24 108.04
165 30-Apr-31 1.05 10.34 97.70
166 31-May-31 0.95 10.44 87.26
167 30-Jun-31 0.85 10.54 76.72
168 31-Jul-31 0.75 10.64 66.08
169 31-Aug-31 0.64 10.75 55.33
170 30-Sep-31 0.54 10.85 44.48
171 31-Oct-31 0.43 10.96 33.52
172 30-Nov-31 0.33 11.06 22.45
173 31-Dec-31 0.22 11.17 11.28
174 31-Jan-32 0.11 11.28 -
175 29-Feb-32 - - -
176 31-Mar-32 - - -
177 30-Apr-32 - - -
178 31-May-32 - - -
179 30-Jun-32 - - -
180 31-Jul-32 - - -
End of sheet
243 365 365 366 365 365 365 366 365
122 - - - - - - - -
365 122 - - - - - - -
243 122 - - - - - - -
811 952 935 906 874 837 797 751 699

142 - - - - - - - -
- 17 29 32 36 41 46 52 58
952 935 906 874 837 797 751 699 641
37 - - - - - - - -
74 37 - - - - - - -
- 74 108 104 100 96 91 85 79
74 111 108 104 100 96 91 85 79
365 365 366 365 365 365 366 365 365
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
641 576 503 421 328 225 108 - -

- - - - - - - - -
65 73 82 92 104 117 108 - -
576 503 421 328 225 108 - - -
- - - - - - - - -
- - - - - - - - -
72 64 55 44 33 20 6 - -
72 64 55 44 33 20 6 - -
365 275 - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
Cash Flow Statement
Particulars Units Year 1 Year 2
FY ending 31-Mar-14 31-Mar-15
Cash flow from operating activities
EAT INR cr - -
Adjustment for non-cash and non-operating expenses
Add: amortization expense INR cr - -
Add: interest paid INR cr - -
Adjustment for working capital

Provision for major maintenance account INR cr - -
Cash flow from operating activities INR cr - -
Cash flow from investing activities

Toll collection rights INR cr -104 -383
Cash flow from financing activities

Issue of equity share capital INR cr 104 37
Add/(less): Debt drawdown/(debt repaid) INR cr - 386
Interest paid INR cr - -
Cash flow from financing activities INR cr 104 424
Cash flow during the year before introduction of quasi-capital INR cr - 41

Add: opening balance of cash INR cr - -
Closing balance of cash before introduction of quasi-capital INR cr - 41
Add: quasi-capital introduced INR cr - -
Closing balance of cash INR cr - 41
End of sheet
- -40 -49 -38 -25 -12 1 18 37
- 12 20 22 25 27 30 33 37
- 74 111 108 104 100 96 91 85
- 8 8 8 8 -32 10 10 10
- 54 91 100 112 84 138 152 169
-425 -147 0 -0 -0 - 0 -0 -0
- - - - - - - - -
425 142 -17 -29 -32 -36 -41 -46 -52
- -74 -111 -108 -104 -100 -96 -91 -85
425 67 -128 -137 -137 -137 -137 -137 -137
-1 -26 -38 -36 -25 -53 1 15 32

41 40 14 - - - - 1 16
40 14 -23 -36 -25 -53 1 16 49
- - 23 36 25 53 - - -
40 14 - - - - 1 16 49
58 81 104 132 164 199 238 279 316
40 45 49 54 60 66 73 81 89
79 72 64 55 44 33 20 6 -
10 -41 13 13 13 13 -52 17 17
187 156 230 254 281 311 279 382 422
- 0 0 -0 0 -0 0 -0 -
- - - - - - - - -
-58 -65 -73 -82 -92 -104 -117 -108 -
-79 -72 -64 -55 -44 -33 -20 -6 -
-137 -137 -137 -137 -137 -137 -137 -114 -
50 20 93 118 144 175 142 268 422

49 99 119 212 329 474 648 790 1,058
99 119 212 329 474 648 790 1,058 1,480
- - - - - - - - -
99 119 212 329 474 648 790 1,058 1,480

Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
351 391 323 - - - - -
98 108 90 - - - - -
- - - - - - - -
17 17 -67 - - - - -
466 516 345 - - - - -
0 - -0 - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
466 516 345 - - - - -

1,480 1,946 2,462 2,807 2,807 2,807 2,807 2,807
1,946 2,462 2,807 2,807 2,807 2,807 2,807 2,807
- - - - - - - -
1,946 2,462 2,807 2,807 2,807 2,807 2,807 2,807

Output Sheet
Particulars Units Year 1 Year 2
FY ending 31-Dec-13 31-Mar-14 31-Mar-15
No. of months 3.00 12.00
Mid months 1.50
Computation of free cash flows to equity

EAT INR cr - -
Adjustment for non-cash expense (amortization expenses) INR cr - -
Adjustment for working capital (major maintenance account) INR cr - -
Add/(less): debt drawdown/(debt repaid) INR cr - 386
Less: expense incurred for toll collection rights INR cr -104 -383
Free cash flows to equity INR cr -104 3
Computation of net present value (NPV)

Present value interest factor (PVIF) # 1 1
Present value INR cr
NPV INR cr
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
- -40 -49 -38 -25 -12 1 18 37

- 12 20 22 25 27 30 33 37
- 8 8 8 8 -32 10 10 10
425 142 -17 -29 -32 -36 -41 -46 -52
-425 -147 0 -0 -0 - 0 -0 -0
-1 -26 -38 -36 -25 -53 1 15 32
1 1 1 1 1 1 1 1 1
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
58 81 104 132 164 199 238 279 316

40 45 49 54 60 66 73 81 89
10 -41 13 13 13 13 -52 17 17
-58 -65 -73 -82 -92 -104 -117 -108 -
- 0 0 -0 0 -0 0 -0 -
50 20 93 118 144 175 142 268 422
1 1 1 1 1 1 1 1 1
Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
351 391 323 - - - - -

98 108 90 - - - - -
17 17 -67 - - - - -
- - - - - - - -
0 - -0 - - - - -
466 516 345 - - - - -
1 1 1 1 1 1 1 1
Particulars Units Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
FY ending 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19
Year 25 Year 26 Year 27 Year 28
31-Mar-38 31-Mar-39 31-Mar-40 31-Mar-41
Computation of toll rates (in INR)
User fees rates for 2016-2017
Particulars TP 1
Car LCV Bus/truck
Base rate A 0.65 1.05 2.20
Fixed increase (9*3%) B=A*27% 0.18 0.28 0.59
Revised base rates C=A+B 0.83 1.33 2.79
Variable increase
WPI as on 6 Jan 07 (B) (Base year 1993-94) D 208.70 208.70 208.70
WPI for 1 Jan 16 (175.4*1.873) E 328.52 328.52 328.52
40% of increase in WPI F=((E-D)/D)*40% 0.23 0.23 0.23
Increase in base rates due to change in WPI G=C*F 0.19 0.31 0.64
Revised base rates H=C+G 1.02 1.64 3.44
Length in kms I 41.81 41.81 41.81

Less: length of bypass J 16.17 16.17 16.17
Net length K=I-J 25.64 25.64 25.64
Prerounded fee for single trip L=H*K 26.03 42.04 88.09
Fee for the length of Bypass as per fee rules M=H*J*1.5 24.62 39.77 83.33
Total prerounded fee for single trip for the stretch N=L+M 50.65 81.82 171.42
Rounded fee for single trip O 51.00 82.00 171.00
Source: NHAI, Office of the Economic Adviser
http://eaindustry.nic.in/linking_factor0405.asp
Inflation (Base Year 2004-05) (Y-o-Y %)

Year WPI Inflation
FY06 4.40% 1.0440
FY07 6.60% 1.0660
FY08 4.70% 1.0470
FY09 8.10% 1.0810
FY10 3.80% 1.0380
FY11 9.60% 1.0960
FY12 8.90% 1.0890
FY13 7.40% 1.0740
FY14 6.00% 1.0600
FY15 2.00% 1.0200
FY16 -2.50% 0.9750
FY17 3.69% 1.0369
Average inflation 5.17%
Source: Office of the Economic Adviser, Ministry of Commerce and industry, CRISIL Research
In the long-term, the India Wholesale Price Index Change is projected to trend around 5.90 percent in 2020, according to o
TP 2 Expected inflation
Car LCV Bus/truck
0.65 1.05 2.20 0.65
0.18 0.28 0.59 0.20
0.83 1.33 2.79 0.85
208.70 208.70 208.70 208.70

328.52 328.52 328.52 345.52
0.23 0.23 0.23 0.26
0.19 0.31 0.64 0.22
1.02 1.64 3.44 1.07
57.00 57.00 57.00 41.81

13.80 13.80 13.80 16.17
43.20 43.20 43.20 25.64
43.85 70.84 148.42 27.35
21.01 33.94 71.12 25.87
64.86 104.78 219.54 53.22
65.00 105.00 220.00 53.00
5.07%
nt in 2020, according to our econometric models. (Source: https://tradingeconomics.com/india/producer-prices-change/forecast)

cer-prices-change/forecast)

CaseStudy TollRoad Solution

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

CaseStudy TollRoad Solution

Hochgeladen von

Copyright:

Verfügbare Formate

Currency: INR crore INPUT CELL

Parent company Sadbhav Infrastructure Project Limited

Project type Toll

Toll plaza - 2 (Village - Ramayana) at km Total length = 43.2 km of road length

Bid security 1.00%

Toll plaza - 2 (Village - Ramayana) at Tollable estimated vehicle per day

Advertisement on the site Not allowed

Cash operating expenses

Major maintenance 3,316,000

Toll collection expenses 10,000,000

Moratorium period (in days) (from 1308

Income tax 0.0%

Used for computation of toll rate

Used for computation of toll rate

Maximum concession period can extend by 20%

As per Concession Agreement, project cost is

Required return 15.0%

Only for information purpose

per km p.a. (Source: India Ratings & Research) Year 5

Government grant Toll revision

Estimated vehicle per day

Estimated toll per vehicle per day

Total toll revenue

7,350 7,718 8,104 8,509 8,934 9,381 9,850 10,343 10,860

12,810 13,451 14,124 14,830 15,572 16,351 17,169 18,027 18,928

11,403 11,973 12,572 13,201 13,861 14,554 15,282 16,046 16,848

19,874 20,868 21,911 23,007 24,157 25,365 26,633 27,965 29,363

85 89 94 99 104 109 115 121 127

106 111 117 123 129 136 143 150 158

77 85 94 103 114 126 139 153 169

Total toll revenue

Less: operating expenses

EAT INR cr 2,528 - - -

Whether major maintenance expense to be incurred # N N N

46 83 92 104 116 127 142 159 177

34 62 70 79 89 97 109 122 136

-40 -49 -38 -25 -12 1 18 37 58

-40 -49 -38 -25 -12 1 18 37 58

70 77 85 94 103 114 126 139 153

197 216 241 268 298 331 365 405 449

153 167 187 208 232 258 285 316 351

81 104 132 164 199 238 279 316 351

81 104 132 164 199 238 279 316 351

Debt INR cr - 386 811

Provision for major maintenance expense INR cr - - -

142 142 142 142 142 142 142 142 142

952 935 906 874 837 797 751 699 641

1,048 1,028 1,005 980 953 923 890 853 813

142 142 142 142 142 142 142 142 142

576 503 421 328 225 108 - - -

768 719 664 605 538 466 385 296 198

142 142 142 142 142 142 142

% of construction completed in a year % 9.5% 38.7% 38.8% 12.9%

Intangible asset schedule: Toll collection rights

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

1,048 1,028 1,005 980 953 923 890 853 813

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

768 719 664 605 538 466 385 296 198

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Interest expense calculation 11.70%

to be charged to P&L a/c

Debt repayment schedule

811 952 935 906 874 837 797 751 699