credit appraisal mahadiscom
TRANSCRIPT
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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
Working Capital Loan - - - - - - - -
Loan Repayment - - - - - - - -
Interest on Long Term Debt - - - - - - - -
Interest on Short Term Debt - - - - - - - -
Increase in Working Capital - - - - - - - -
Marketable Securities - - - - - - - -
Projected
Projected
Form B alance Sheet, Profi t & loss, Cashflows and Schedules
Form B alance Sheet, Profi t & loss, Cashflows and Schedules
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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)
Working Capital Loan - - - - - - - -
Loan Repayment - - - - - - - -
Interest on Long Term Debt - - - - - - - -Interest on Short Term Debt - - - - - - - -
Increase in Working Capital - - - - - - - -
Marketable Securities - - - - - - - -
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 - -
Form B alance Sheet, Profi t & loss, Cashflows and Schedules
Form B alance Sheet, Profi t & loss, Cashflows and Schedules
Projected
Projected
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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!
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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
Return on Capital Employed 23% 23% 17% 24% 18% 4%
Operating Margin 2.31% 2.15% 1.90% 1.91% 1.29% 1.54%
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%
Debt Service Coverage Ratio - - - - - -
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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
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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
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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
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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
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0.4 3
0.5 3.5
4
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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
Turnover of the Industry 100 4
Ratio 0%
Athena
Turnover of the Company 0 Marks
Turnover of the Industry 100 1
Ratio 0%
Tata
Turnover of the Company 0 Marks
Turnover of the Industry 100 3
Ratio 0%
Cond
Score Tab
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Score
10% 1
30% 2
50% 3
4
ition
le : Market Position
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Financial Analysis 100%
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
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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
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company PTC
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - - -
Equity 858.06 2,144.54 2,245.71 2,482.47 2,655.72
Current Debt/ Equity - - - - -
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
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
Marketable Security - - - - -
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
Bridge Finance Ability
2003 2004 2005 2006 2007
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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
Increase in Working Capital - - - - -
Annual cash flow from Operation 186.28 666.94 298.27 646.78 432.73
Marketable Security - - - - -
Ratio 0.00 0.00 0.00 0.00 0.00
Track Record of Fund Raised
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007Total Debt to Total Net Worth - - - - -
Aggregate Project Cost
2003 2004 2005 2006 2007
Implemented Project 1
Implemented Project 2
Implemented Project 3
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company Athena
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - 69.80 -
Equity - - 102.27 684.21 1,462.58
Debt/ Equity - - - 0.10 -
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
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 - - - - -
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Average Market Cap
10% - -
Marketable Security 0 0 0 0 0
Summation - - - - -
Ratio - - - - -
Bridge Finance Ability
2003 2004 2005 2006 2007
PAT - - - (0.02) (8.16)
Depriciation - - - - -
Non Cash Expense - - - - (0.06)
Increase in Working Capital - - - - -
Annual cash flow from Operation - - - (0.02) (8.22)
Marketable Security - - - - -
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007
Total Debt to Total Net Worth - - - 0.10 -
Aggregate Project Cost
2003 2004 2005 2006 2007
Implemented Project 1
Implemented Project 2
Implemented Project 3
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company Tata
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - 4,014.00 4,456.60
Equity - - - 0.50 500.50
Debt/ Equity - - - 8,028.00 8.90
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
Addi t ional Debt - - - - -
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DSCR - - - 1.33 0.84
Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50
Additional Debt - - - 757.97 3,514.17
Minimum of DE or DSCR - - - - -
Average Market Cap 61,360.80 11,132.61 7,222.28
10% 1,113.26 722.23
Marketable Security 0 0 0 0 0Summation - - - 1,113.26 722.23
Ratio - - - 0.06 0.04
Bridge Finance Ability
2003 2004 2005 2006 2007
PAT - - - (3,034.10) (6,066.10)
Depriciation - - - 4,160.70 5,022.50
Non Cash Expense - - - - -
Increase in Working Capital - - - - -
Annual cash flow from Operation - - - 1,126.60 (1,043.60)
Marketable Security - - - - -Ratio - - - 0.00 (0.00)
Track Record of Fund Raised
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007
Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89
Aggregate Project Cost
till 2003 2004 2005 2006 2007
Implemented Project 1 3750 1150 6000 18600
Implemented Project 2 1250
Implemented Project 3 12000
Implemented Project 4 5000
Implemented Project 5 7500
Implemented Project 6 7440
Total Project Value 0.35 0.01 0.06 0.18 -
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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
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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
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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
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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
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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
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23/68
Score Score
0.6 1
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24/68
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25/68
-
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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
Experience of the Key Personnel 20% 4
Equipment Supplier, EPC contractor & Project management Experience 30% 4
Project Preparedness of the Promoters 20% 4
Athena Total Marks
Organizational 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
Tata Total Marks
Organizational 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
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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
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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!
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29/68
Financial Analysis 100%
Past Perfo rmance 15%
Total Marks 4
Attributes Weightage Total Marks IDFC PTC Athena Tata
Return on Capital Employed 20% 0.12 0.03 0.00 0.00 #DIV/0!
Operating Margin 20% 0.12 0.12 0.05 0.00 #DIV/0!Debt Service Coverage Ratio 20% 0.12 0.06 0.12 0.12 0.12
Total Debt to Total Net Worth 20% 0.12 0.03 0.12 0.03 #DIV/0!
Cash Generation from Business 20% 0.12 0.05 0.12 0.12 0.12
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
Return on Capital Employed 4% 4%
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
Return on Capital Employed 0% 0%
Operating Margin -60% -60%
Debt Service Coverage Ratio - -
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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!
Debt Service Coverage Ratio - -
Total Debt to Total Net Worth #DIV/0! #DIV/0!
Cash Generation from Business 0 0
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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
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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
-
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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
-
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34/68
3
3.5
4
-
7/29/2019 Credit Appraisal Mahadiscom
35/68
Financial Analysis 100%
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
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
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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
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company PTC
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - - -
Equity 858.06 2,144.54 2,245.71 2,482.47 2,655.72
Current Debt/ Equity - - - - -
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
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
Marketable Security - - - - -
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
Bridge Finance Ability
2003 2004 2005 2006 2007
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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
Increase in Working Capital - - - - -
Annual cash flow from Operation 186.28 666.94 298.27 646.78 432.73
Marketable Security - - - - -
Ratio 0.00 0.00 0.00 0.00 0.00
Track Record of Fund Raised
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007Total Debt to Total Net Worth - - - - -
Aggregate Project Cost
2003 2004 2005 2006 2007
Implemented Project 1
Implemented Project 2
Implemented Project 3
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company Athena
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - 69.80 -
Equity - - 102.27 684.21 1,462.58
Debt/ Equity - - - 0.10 -
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
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 - - - - -
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Average Market Cap
10% - -
Marketable Security 0 0 0 0 0
Summation - - - - -
Ratio - - - - -
Bridge Finance Ability
2003 2004 2005 2006 2007
PAT - - - (0.02) (8.16)
Depriciation - - - - -
Non Cash Expense - - - - (0.06)
Increase in Working Capital - - - - -
Annual cash flow from Operation - - - (0.02) (8.22)
Marketable Security - - - - -
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007
Total Debt to Total Net Worth - - - 0.10 -
Aggregate Project Cost
2003 2004 2005 2006 2007
Implemented Project 1
Implemented Project 2
Implemented Project 3
Implemented Project 4
Implemented Project 5
Implemented Project 6
Total Project Value 0 0 0 0 0
Company Tata
Equity Funding Potential
2003 2004 2005 2006 2007
Debt - - - 4,014.00 4,456.60
Equity - - - 0.50 500.50
Debt/ Equity - - - 8,028.00 8.90
Priscrebed Debt/Equity 1.50 1.50 1.50 1.50 1.50
Addi t ional Debt - - - - -
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DSCR - - - 1.33 0.84
Priscrebed DSCR 1.50 1.50 1.50 1.50 1.50
Additional Debt - - - 757.97 3,514.17
Minimum of DE or DSCR - - - - -
Average Market Cap 61,360.80 11,132.61 7,222.28
10% 1,113.26 722.23
Marketable Security 0 0 0 0 0Summation - - - 1,113.26 722.23
Ratio - - - 0.06 0.04
Bridge Finance Ability
2003 2004 2005 2006 2007
PAT - - - (3,034.10) (6,066.10)
Depriciation - - - 4,160.70 5,022.50
Non Cash Expense - - - - -
Increase in Working Capital - - - - -
Annual cash flow from Operation - - - 1,126.60 (1,043.60)
Marketable Security - - - - -Ratio - - - 0.00 (0.00)
Track Record of Fund Raised
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
Total Debt to Total Net Worth
2003 2004 2005 2006 2007
Total Debt to Total Net Worth #DIV/0! #DIV/0! #DIV/0! (223.00) 9.89
Aggregate Project Cost
till 2003 2004 2005 2006 2007
Implemented Project 1 3750 1150 6000 18600
Implemented Project 2 1250
Implemented Project 3 12000
Implemented Project 4 5000
Implemented Project 5 7500
Implemented Project 6 7440
Total Project Value 0.35 0.01 0.06 0.18 -
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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
-
7/29/2019 Credit Appraisal Mahadiscom
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
-
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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
-
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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
-
7/29/2019 Credit Appraisal Mahadiscom
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
-
7/29/2019 Credit Appraisal Mahadiscom
45/68
Score Score
0.6 1
-
7/29/2019 Credit Appraisal Mahadiscom
46/68
-
7/29/2019 Credit Appraisal Mahadiscom
47/68
-
-
7/29/2019 Credit Appraisal Mahadiscom
48/68
Financial Analysis 100%
Past Perfo rmance 50%
Total Marks 4
Attributes Weightage Total Marks IDFC PTC Athena Tata
Return on Capital Employed 20% 0.40 0.10 0.00 0.00 #DIV/0!
Operating Margin 20% 0.40 0.40 0.15 0.00 #DIV/0!Debt Service Coverage Ratio 20% 0.40 0.20 0.40 0.00 0.40
Total Debt to Total Net Worth 20% 0.40 0.10 0.40 0.10 #DIV/0!
Cash Generation from Business 20% 0.40 0.15 0.40 0.10 0.40
2.00 0.95 1.35 0.20 #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
Return on Capital Employed 23% 23% 17% 24% 18% 4%
Operating Margin 2.31% 2.15% 1.90% 1.91% 1.29% 1.54%
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%
Debt Service Coverage Ratio - - - - - -
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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
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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
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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
-
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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
-
7/29/2019 Credit Appraisal Mahadiscom
53/68
3
3.5
4
-
7/29/2019 Credit Appraisal Mahadiscom
54/68
Business Analysis 100%
Industry Analys is 50%
Total Marks 4 > 0 1 2 3
IDFC Marks
Risk of the Industry 3 3
PTC Marks
Risk of the Industry 2 3
Athena MarksRisk of the Industry 2 2
Tata Marks
Risk of the Industry 2 3
Score Tab
Cond
-
7/29/2019 Credit Appraisal Mahadiscom
55/68
Score
1 1
2 2
3 3
4
le : Market Position
ition
-
7/29/2019 Credit Appraisal Mahadiscom
56/68
Business Analysis 100%
Market Analys is 50%
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
Turnover of the Industry 100 4
Ratio 0%
Athena
Turnover of the Company 0 Marks
Turnover of the Industry 100 1
Ratio 0%
Tata
Turnover of the Company 0 MarksTurnover of the Industry 100 3
Ratio 0%
Cond
Score Tab
-
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57/68
Score
10% 1
30% 2
50% 3
4
ition
le : Market Position
-
7/29/2019 Credit Appraisal Mahadiscom
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
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
Experience of the Key Personnel 20% 4
Equipment Supplier, EPC contractor & Project management Experience 30% 4
Project Preparedness of the Promoters 20% 4
Athena Total Marks
Organizational 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
Tata Total Marks
Organizational 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
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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
-
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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
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>= 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
-
7/29/2019 Credit Appraisal Mahadiscom
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
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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
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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
-
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65/68
REC interest
rate + 3%
10
60-70%
-
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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
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Govt.
Guarantee
Letter of
Comfort
Combination of
two or more
Marks
Awarded
45 30 30 to 50 40
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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