Date YES Bank Adj Close % Change BSE 500 Adj Close % Change

1/1/2014 47.46 7499.02002

2/1/2014 46.97 -1.04% 7709.75 2.81%
3/1/2014 63.72 35.68% 8295.259766 7.59%
4/1/2014 67.92 6.58% 8342.150391 0.57%
5/1/2014 87.76 29.21% 9206.009766 10.36%
6/1/2014 89.92 2.47% 9791.339844 6.36%
7/1/2014 89.78 -0.16% 9831.509766 0.41%
8/1/2014 94.86 5.66% 10096.080078 2.69%
9/1/2014 92.68 -2.30% 10173.259766 0.76%
10/1/2014 113.53 22.50% 10594.889648 4.14%
11/1/2014 117.88 3.84% 10956.160156 3.41%
12/1/2014 128.25 8.79% 10662.5 -2.68%
1/1/2015 143.12 11.60% 11346.240234 6.41%
2/1/2015 136.21 -4.83% 11405.290039 0.52%
3/1/2015 135.50 -0.52% 11048.75 -3.13%
4/1/2015 139.36 2.85% 10696.830078 -3.19%
5/1/2015 146.46 5.10% 11023.759766 3.06%
6/1/2015 737.37 403.46% 10903.530273 -1.09%
7/1/2015 144.97 -80.34% 11233.419922 3.03%
8/1/2015 601.27 314.75% 10536.379883 -6.21%
9/1/2015 127.64 -78.77% 10498.269531 -0.36%
10/1/2015 663.99 420.22% 10671.580078 1.65%
11/1/2015 134.09 -79.81% 10580.879883 -0.85%
12/1/2015 127.03 -5.26% 10634.219727 0.50%
1/1/2016 130.66 2.86% 10014.030273 -5.83%
2/1/2016 120.42 -7.84% 9206.019531 -8.07%
3/1/2016 151.24 25.60% 10185.120117 10.64%
4/1/2016 165.08 9.15% 10406.120117 2.17%
5/1/2016 180.53 9.36% 10761.490234 3.42%
6/1/2016 203.48 12.71% 11029.450195 2.49%
7/1/2016 223.84 10.00% 11585.959961 5.05%
8/1/2016 250.61 11.96% 11834.889648 2.15%
9/1/2016 230.65 -7.97% 11700.650391 -1.13%
10/1/2016 233.90 1.41% 11853.370117 1.31%
11/1/2016 215.42 -7.90% 11195.089844 -5.55%
12/1/2016 212.64 -1.29% 11036.44043 -1.42%
1/1/2017 256.63 20.69% 11659.94043 5.65%
2/1/2017 267.16 4.11% 12176.950195 4.43%
3/1/2017 284.87 6.63% 12631.900391 3.74%
4/1/2017 299.88 5.27% 12979.240234 2.75%
5/1/2017 263.32 -12.19% 13199.150391 1.69%
6/1/2017 280.09 6.37% 13178.450195 -0.16%
7/1/2017 346.75 23.80% 13897.230469 5.45%
8/1/2017 336.40 -2.99% 13762.129883 -0.97%
9/1/2017 335.30 -0.33% 13610.700195 -1.10%
10/1/2017 301.14 -10.19% 14485.570313 6.43%
11/1/2017 293.91 -2.40% 14493.580078 0.06%
12/1/2017 301.82 2.69% 15002.730469 3.51%
1/1/2018 339.56 12.51% 15347.19043 2.30%
2/1/2018 308.71 -9.08% 14670.490234 -4.41%
3/1/2018 292.09 -5.38% 14125.530273 -3.71%
4/1/2018 346.84 18.74% 15047.730469 6.53%
5/1/2018 331.66 -4.38% 14765.69043 -1.87%
6/1/2018 325.33 -1.91% 14528.540039 -1.61%
7/1/2018 358.07 10.06% 15314.80957 5.41%
8/1/2018 334.22 -6.66% 15846.200195 3.47%
9/1/2018 178.55 -46.58% 14445.889648 -8.84%
10/1/2018 183.02 2.51% 13881.709961 -3.91%
11/1/2018 165.12 -9.78% 14429 3.94%
12/1/2018 176.89 7.13% 14540.389648 0.77%
1/1/2019 189.11 6.91% 14285.110352 -1.76%
2/1/2019 225.02 18.99% 14196.799805 -0.62%
3/1/2019 267.70 18.97% 15304.570313 7.80%
4/1/2019 163.51 -38.92% 15293.75 -0.07%
5/1/2019 144.00 -11.93% 15517.900391 1.47%
6/1/2019 105.79 -26.53% 15291.700195 -1.46%
7/1/2019 91.30 -13.70% 14324.120117 -6.33%
8/1/2019 59.50 -34.83% 14234.070313 -0.63%
9/1/2019 41.45 -30.34% 14810.019531 4.05%
10/1/2019 70.45 69.96% 15387.129883 3.90%
11/1/2019 68.30 -3.05% 15567.669922 1.17%
12/1/2019 46.95 -31.26% 15667.44043 0.64%
Variance(YES) 0.661967
Variance(BSE 500) 0.00162
Covariance(Y,B) -0.000639

BETA -0.39414
Beta(Unlevered) -0.106014627836801

Beta (Levered) -0.394139999530019

Tax Rate 25.17%
Debt 1,308,260,300,000
Long Term 1,137,905,000,000
Short Term 170,355,300,000

Equity 360,208,700,000
Cost of Equity 6.53%

Risk Free Rate 6.68%

Unlevered Beta -0.106015
Market Return 8.06%
WACC 7.31%

Market Value of Equity 360,208,700,000

Market Value of Debt 1,308,260,300,000
Debt + Equity 1,668,469,000,000
Cost of Equity 6.53%
Cost of Debt 10.06%
Corporate Tax Rate 25.17%
Debt/Debt+Equity 0.78

Market Value of Debt 1,308,260,300,000

Debt + Equity 1,668,469,000,000
Cost of Debt 10.06%
EBIT 207,293,512,000

Value Rating Spread Debt Cost of Debt

We begin by assuming debt level of 0.1 and rating at Aaa/AAA and calculating interest coverage thereby to find ra
Debt/Debt + Equity 0.1 Aaa/AAA 0.54% 166,846,900,000 8.62%
Debt/Debt + Equity 0.2 Aaa/AAA 0.54% 333,693,800,000 8.62%
Debt/Debt + Equity 0.3 Aa2/AA 0.72% 500,540,700,000 8.80%
Debt/Debt + Equity 0.4 A2/A 0.99% 667,387,600,000 9.07%
Debt/Debt + Equity 0.5 A3/A- 1.13% 834,234,500,000 9.21%
Debt/Debt + Equity 0.6 Ba1/BB+ 1.98% 1,001,081,400,000 10.06%
Debt/Debt + Equity 0.7 Ba2/BB 2.38% 1,167,928,300,000 10.46%
Debt/Debt + Equity 0.8 B2/B 3.57% 1,334,775,200,000 11.65%
Debt/Debt + Equity 0.9 B3/B- 4.37% 1,501,622,100,000 12.45%

Interest Coverage Interest Coverage

Rating Spread
Lower Bound Upper Bound
-100000 0.199999 D2/D 18.60%
0.2 0.649999 C2/C 13.95%
0.65 0.799999 Ca2/CC 10.63%
0.8 1.249999 Caa/CCC 8.64%
1.25 1.499999 B3/B- 4.37%
1.5 1.749999 B2/B 3.57%
1.75 1.999999 B1/B+ 2.98%
2 2.25 Ba2/BB 2.38%
2.25 2.49999 Ba1/BB+ 1.98%
Baa2/BB
2.5 2.999999 1.27%
B
3 4.249999 A3/A- 1.13%
4.25 5.499999 A2/A 0.99%
5.5 6.499999 A1/A+ 0.90%
6.5 8.499999 Aa2/AA 0.72%
8.5 100000 Aaa/AAA 0.54%
 Interest Payment Interest Coverage Ratio
overage thereby to find rating for next debt level
14,382,202,780 14.4131963073323
28,764,405,560 7.20659815366614
44,047,581,600 4.70612697610622
60,532,055,320 3.42452459121291
76,832,997,450 2.69797507424982
100,708,788,840 2.05834579471843
122,165,300,180 1.69682808207053
155,501,310,800 1.33306601039919
186,951,951,450 1.10880635581619
Debt/Debt + Equity Risk Free Rate Company Default Spread Country Default Spread Cost of Debt
0.1 6.68% 0.54% 1.40% 8.62%
0.2 6.68% 0.54% 1.40% 8.62%
0.3 6.68% 0.72% 1.40% 8.80%
0.4 6.68% 0.99% 1.40% 9.07%
0.5 6.68% 1.13% 1.40% 9.21%
0.6 6.68% 1.98% 1.40% 10.06%
0.7 6.68% 2.38% 1.40% 10.46%
0.8 6.68% 3.57% 1.40% 11.65%
0.9 6.68% 4.37% 1.40% 12.45%
Debt/Debt + Equity Debt Risk Free Rate Market Return Unlevered Beta Cost of Equity
0.1 166,846,900,000 6.68% 8.06% -0.2926908 6.28%
0.2 333,693,800,000 6.68% 8.06% -0.2327757 6.36%
0.3 500,540,700,000 6.68% 8.06% -0.1932223 6.41%
0.4 667,387,600,000 6.68% 8.06% -0.1651585 6.45%
0.5 834,234,500,000 6.68% 8.06% -0.1442128 6.48%
0.6 1,001,081,400,000 6.68% 8.06% -0.1279819 6.50%
0.7 1,167,928,300,000 6.68% 8.06% -0.1150350 6.52%
0.8 1,334,775,200,000 6.68% 8.06% -0.1044669 6.54%
0.9 1,501,622,100,000 6.68% 8.06% -0.0956771 6.55%
Rating Equity/Debt + Equity Debt/ Debt + Equity Cost of Equity Cost of Debt
Aaa/AAA 0.9 0.1 6.28% 8.62%
Aaa/AAA 0.8 0.2 6.36% 8.62%
Aa2/AA 0.7 0.3 6.41% 8.80%
A2/A 0.6 0.4 6.45% 9.07%
A3/A- 0.5 0.5 6.48% 9.21%
Ba1/BB+ 0.4 0.6 6.50% 10.06%
Ba2/BB 0.3 0.7 6.52% 10.46%
B2/B 0.2 0.8 6.54% 11.65%
B3/B- 0.1 0.9 6.55% 12.45%
1 -Corporate Tax Rate WACC
0.7483 6.29%
0.7483 6.38%
0.7483 6.46%
0.7483 6.59%
0.7483 6.69%
0.7483 7.12%
0.7483 7.44%
0.7483 8.28%
0.7483 9.04%