The document discusses the development of an 8 MMTPA iron ore export terminal at Mormugao Port in Goa. Key points: - Mormugao Port currently handles significant iron ore exports and additional capacity is needed. A new terminal west of the existing breakwater is proposed. - The proposed terminal would include construction of a new breakwater, land reclamation, dredging, rail infrastructure, and ore handling equipment. - Total project cost is estimated at Rs. 1,102 crores. Financial analysis shows the project achieves a 20.5% equity IRR and 17.4% project IRR under base assumptions. - Sensitivity analysis was conducted on variations in hard costs and O

1. 1
2
Greater Hyderabad Municipal
Corporation
Hyderabad, Andhra Pradesh
Greater Hyderabad Municipal
Corporation
Hyderabad, Andhra Pradesh
Draft for
discussion
3 Not for circulation
4
1
DEVELOPMENT OF 8 MMTPA IRON ORE
EXPORT TERMINAL AT THE
WATERFRONT WEST OF BREAKWATER
At
MORMUGAO, GOA
Financial Viability Report
May 2010
Mormugao Port Trust,
Goa
Singhania and Partners
Infrastructure
Development and Finance
Company Limited
Infrastructure
Development Corporation
(Karnataka) Limited

2. Mormugao Port Trust 2
Table of Contents
S No Description Page No
1. Background 3
2. Project description 5
3. Project financials 7
4. Analysis of financial viability of the project 11
5. Way forward 13
6. Annexure 14

3. Mormugao Port Trust 3
1. BACKGROUND
1.1 Mormugao Port, Goa is a leading Major Port on the West Coast of India, located in the
State of Goa at Latitude 15º 25’ North and Longitude 73º 47’ East. The port was
established in 1885 and has grown by leaps and bounds over the last 5 years.
1.2 It is a premier iron-ore exporting port and is well set to diversify into other commodities
as well as containers. In Goa, iron ore is handled at MPT as well as Panjim Port. At
present, Panjim Port does not have any infrastructure for handling iron ore. The ore is
transferred from barges to vessels by Transshippers or directly from the barges to the
ships by using ship’s own gears and grabs. The ore handling operations have to be
suspended during bad weather conditions at Panjim Port.
1.3 The existing Port facilities at MPT include six berths, plus a mechanized barge unloading
facility. Iron ore is handled at Berth No.9 by the Mechanical Ore Handling Plant (MOHP).
It is also handled at the Mooring Dolphins and West of Breakwater by deploying
Transshippers and directly from barge to ship. Handling operations at West of Breakwater
are not carried out during bad weather conditions. At Mooring Dolphins ore can be
handled round the year. At berth no.9 also operations are carried out round the year,
except when the plant is shut down briefly for maintenance. A new berth developed at
Berth 7 location is expected to increase the Port’s capacity for import of metallurgical coal
and coke. Western India Shipyard Ltd. operates a floating dry-dock and ship repair facility
on the east of the existing breakwater. Construction is also underway for 2 new multi-
purpose berths at the breakwater area, one on the breakwater mole and the second
alongside the breakwater itself. 3 Mooring Dolphins are under construction to augment
the iron ore handling capacity. The newly constructed berth No.4 is planned to service the
offshore Energy Exploration sector. The POL berth No.8 is being extended by 100m.
1.4 There was a need felt for development of berth particularly for direct export of the iron
ore sourced from Karnataka. As a part of its developmental activities, MPT has appointed
MIR Projects and Consultants (MIRCP) for preparation of feasibility study (“Feasibility
Report”) for the same.
1.5 The objective of the Feasibility Report is assessment of the following:
a. Development potential and preparation of a feasibility report for the facilities that
can be created.
b. Framework for development under PPP framework
c. Roles of MPT and the private developer and the eventual utilization of developed
facilities.
d. Assessment of technical requirements, cost, construction methodology and other
parameters.

4. Mormugao Port Trust 4
1.6 Based on the studies, MPT intends to develop an iron ore export terminal at waterfront
West of the breakwater at Mormugao under a Develop, Build, Finance, Operate and
Transfer (DBFOT) framework (“Project”).
1.7 MPT, vide its letter no CE/98/2009 dated January 22, 2010, has appointed the
Consortium of IDFC, iDeCK and Singhania Partners (the “Consultants”), identified
through a transparent bid process, to provide transaction advisory services in identification
of a private partner for the Project.
1.8 This report sets out the details of the project, projects financials, assessment of project
viability and the royalty that could be paid by the Concessionaire to MPT.

5. Mormugao Port Trust 5
2. PROJECT DESCRIPTION
2.1 MPT wishes to develop a new harbour and breakwater complex for use as an iron ore
export marine terminal. The factors considered by MPT for evaluation of the options
included preliminary market scan based on responses from users; local research conducted
by the consultants; and taking into account the necessity of expanding the port facilities.
Examination and analysis of possible opportunities indicated that the new harbour should
best serve the iron ore export trade.
2.2 During the year 2009-10 about 50 million tones was exported through Goa out of which
MPT handled 40.57 million tons of Ore. For the current year too, the prospects for iron
exports are extremely buoyant. Major Portion of the ore handled at MPT is of Goan
Origin. About 6 million tons of iron ore from Bellary Hospet finds its way to Goa. This
ore comes to Goa by wagons where it is unloaded at Sanvordem and Tinaghat. From these
places, the ore is transported by trucks to river loading points and barged to either MPT or
Panjim Port. Creating wagon handling facilities at the port will facilitate the ore coming
directly to the port, thereby eliminating multiple handling. A strong need has been felt by
the Indian Railways to bring the rail rakes laden with iron ore directly to MPT, as this
would facilitate coal to be loaded back in the same wagons during the return journey to
Karnataka.
2.3 On review of current land and water use, and after analyzing the forecasts of the financial
projections prepared by the consultants regarding the costs; revenue generation; traffic
studies; layout of the proposed break water project along with development of berth
and reclaimed area; a need was felt for development of an iron ore handling terminal at the
Port.
2.4 An iron ore terminal at this site developed under Public Private Participation (PPP)
development policy would create a win-win situation between the MPT and the
developers, as well as for the trade and commerce of the region. Based on the information
collected during the past years, a need was felt for development of a berth specifically for
iron ore. Creation of marine facilities and installation of equipments for handling iron ore
is compatible with the west of breakwater site, and would have the potential to support the
construction cost of a new breakwater and other infrastructures.
2.5 The new Breakwater is to be located west of the existing harbour, and will enclose a
shielded mooring basin as well as at least 35 acres(14 hectares) of reclaimed land. Wave
protection for the mooring basin is to be provided by the new Breakwater and Mole, in
approximately the same configuration as the current harbour protection structures. A jetty
could possibly be constructed along the new Breakwater in the mooring basin.

6. Mormugao Port Trust 6
2.6 MPT envisions this harbour to provide much needed augmentation of the mechanized
iron ore facilities at the port, by installation of appropriate wagon handling and tippling
equipments for handling the ores sourced from Karnataka. MPT carried out a preliminary
evaluation of the current activities at the port, and arrived at a conclusion regarding
potential use of available land and water areas for a terminal which would be compatible
with site conditions, and would also have over all viability. The proposed development
plan includes the following components:
a. Breakwater and Mole
b. Land reclamation
c. Dredging
d. Installation of Wagon Tippling and other mechanized equipments
e. Laying Railway tracks and siding on reclaimed land.
f. Other relevant structures and equipment.
The schematic map of the proposed development plan is as set out below.

7. Mormugao Port Trust 7
3. PROJECT FINANCIALS
The assumptions for the assessing the financial viability of the Project has been based on
the estimates provided in the Feasibility Report and the notification of Tariff Authority for
Major Ports (TAMP) setting out tariff rates vide letter no TAMP/60/2009-MOPT dated
4th
May 2010. Financial viability analysis has been carried out for the proposed port for
handling proposed capacity of 7.2 MMTPA of iron ore per annum. The details of same are
presented in this section.
3.1 Project Cost
The major cost component of the development works of the port would be for a)
development of breakwater and mole b) dredging for attaining required draft and filling
for land development and c) procuring of equipments for handling the iron ore on the
port. The estimated base construction cost of the Project has been estimated at Rs. 721
crores in the Feasibility Report. Considering the same as the base figure, the Total Project
Cost has been estimated by considering the following factors:
a. Construction period of 4 years
b. Inflation at 5.2% per annum
c. Contingency costs and
d. Interest during construction (IDC) and financing charges
A 70% debt at an interest rate of 12.5% has been assumed for calculating the IDC
component for the Project. Further a 3% of the base construction cost has been assumed
for preliminary expenses.
Based on the above, the Total Project Cost has been estimated at Rs.1102 crores and the
details of the same are set out in the table below.
Sl. No. Item Estimated Cost (Rs. Crores)
A Hard Cost (Base Cost)
1. Berth and Infrastructure
109.0
2. Breakwater and Mole
269.2
3. Civil works
95.9
4. Equipments for Iron Ore Export
247.0
Base Construction Cost 721.0

8. Mormugao Port Trust 8
Sl. No. Item Estimated Cost (Rs. Crores)
5. Technical Contingency 36.0
6. Preliminary Expenses 3.0
7. Cost escalation during construction 164.2
8. Interest During Construction(IDC) 177.8
Total Project Cost 1102.0
3.2 Sources of Finance
The Project has been assumed to be financed through debt and equity
Parameter Value
Debt : Equity ratio 2.33:1
Cost of debt 12.5 % per annum
Moratorium for debt 2 years
Repayment period for debt 9 years
3.3 Capacity Estimates
As per the guidelines of 2008, optimal terminal capacity is the lower value of the optimal
quay capacity and optimal yard capacity. As per the calculation carried out by MIRCP and
set out in the proposal submitted to TAMP, the optimal quay capacity is 12.52 MTPA, but
optimal stack-yard capacity is only 7.2 MTPA. Hence the optimal terminal capacity has
been assumed to be 7.2 MTPA.
3.4 Revenue Estimates
a. Port development and operations have undergone a major policy change over the
last few years. All new terminals are being set up under PPP regime. PPP
procedure requires investment from private parties for capital as well as operating
expenditure. To reduce the revenue and regulatory risks for potential investors in
PPP projects, the Central Government through the Ministry of Shipping, Road
Transport & Highways, Department of Shipping has issued revised guidelines for
regulation of tariff in the Major Port Trusts. These guidelines, issued vide
Ministry’s letter No.PR-14019/25/2007-PG dated New Delhi 12th February, 2008
are called as “Guidelines for Upfront Tariff setting for PPP Projects at Major Port
Trusts, 2008”. These guidelines have been notified by TAMP and published in the

9. Mormugao Port Trust 9
Gazette of India Extraordinary (Part III) Sec.4 of 26th February, 2008 vide
Gazette No.27.
b. The Guidelines of 2008 provide for setting upfront tariff for all the major
commodities and containers for each of the Major Ports. The upfront tariff set for
a particular commodity to be handled in a particular Port shall be applicable to all
the new terminals to be constructed under PPP regime to handle that particular
commodity within that Port. Accordingly, TAMP has issued the notification,
setting out tariff rates vide letter no TAMP/60/2009-MOPT dated 4th
May 2010
against the proposal submitted by MPT on December 7, 2009. The tariff rates have
been estimated based on the aforementioned notification by TAMP.
c. The revenue driver for the project would be the tariffs accruing from various port
activities. The revenue assumptions have been derived from the Feasibility Report
and the proposal submitted to TAMP and the summary of the same are as set out
in the table below.
Sl. No. Particulars
Assumptions
(Rs. Per ton of iron ore handled)
1. Tariff cap for cargo handling charges (rail borne) 171.17
2. Tariff cap for cargo handling charges (barge borne) 224.66
Sl. No. Particulars Assumptions
7.
Berth Hire Charges (Rs. Per gross ton handled per
hour)
1.54
8. Port Dues (Rs. Per GRT) 108.53
d. Tariff charges have been assumed to be escalated at a rate of 5.2% (10 year average
of Wholesale Price Index) over the subsequent years.

10. Mormugao Port Trust 10
3.5 Operations and Maintenance Expenses
a. The operation and maintenance costs have been assumed in line with the details
set out in the Feasibility Report and the details of the same are set out below.
Sl.
No.
Particulars Assumptions Description
1. Power requirements 1.4 Unit per ton
2. Repairs and maintenance 1% of cost of all civil assets
3.
Repair and maintenance of mechanical and
electrical equipments including spares.
7%
of cost of all mechanical and
electrical equipments
4. Insurance 1% of gross Fixed Assets value
5. Lease Rental
As per Scale of Rate of the concerned Major
Port Trust
6. Other expenses 5% of gross Fixed Assets value
b. O&M expenses have been assumed to be escalated at a rate of 5.2% (10 year of
average Wholesale Price Index) over the subsequent years.
3.6 General Assumptions
The general assumptions considered are set out in the table below.
Sl. No. Item Unit Total
1 Annual Inflation % 5.2%
2. Concession Period years 30
3. Construction Period months 48
4. Start of construction date April 1, 2011
5. Commercial Operation Date date March 31, 2015
6. Depreciation
As per norms prescribed in Companies
Act or any norms prescribed in the license
agreement whichever is higher.
7. Corporate Tax and MAT
Tax holiday of 10 years as per Section 80
(i) considered.
Effective Corporate Tax Rate (including
education cess and surcharge) – 33.7%
Effective Minimum Alternate Tax – 16.8%
(including education cess and surcharge)
The pro-forma profit and loss statement, cash flow statement and the balance sheet are set
out in Annexure 1, 2 and 3 respectively.

11. Mormugao Port Trust 11
4. ANALYSIS OF FINANCIAL VIABILITY OF THE PROJECT
The analysis of the financial viability sets out the royalty that could be paid by the
Concessionaire to MPT during the Concession Period.
In accordance with the provisions of model concession agreement issued by Ministry of
Shipping (Ports Wing), Government of India, the Concessionaire shall, as consideration
for the rights to develop, operate and maintain the Project during the Concession Period,
shall pay monthly royalty to MPT. The royalty shall be calculated as percentage of gross
revenue chargeable by the Concessionaire.
The royalty payable have been estimated for the base case and options have been
developed to carry out a sensitivity analysis for estimation of the same under different
scenarios.
4.1 Base case scenario
The assumptions set out in section 3 of this report have been considered as the base case
for analysis of the financial feasibility of the Project. The Equity Internal Rate of Return
(IRR) for a 30 year concession period tariff in the base case is 20.5%. The Project
Internal Rate of Return (IRR) for a 30 year concession period tariff in the base case is
17.4%.
4.2 Sensitivity Analysis
Sensitivity analysis has been carried out as set out below.
The sensitivity of the above mentioned options on Equity IRR and Project IRR, has been
estimated and summarized in the table below.
Options
Variations
Hard Cost O&M Expenses
Option 1 • Increase of 10% • As in base case
Option 2 • As in base case • Increase of 10%
Option 3 • As in base case • Decrease of 10%

12. Mormugao Port Trust 12
Options Equity IRR Project IRR
Base case 20.5% 17.4%
Option 1 17.8% 16.0%
Option 2 19.8% 17.0%
Option 3 21.3% 17.8%
From the above analysis, it can be observed that the project is viable in all the three
scenarios considered.

13. Mormugao Port Trust 13
5. WAY FORWARD
5.1 Security Clearance would need to be sought and the details of the Applicants (who have
submitted their Applications in response to RFQ document issued by MPT) have been
submitted to Ministry of Shipping on March 11, 2010.
5.2 Environmental Clearances would need to be obtained from Ministry of Environment and
Forest, Government of India.
5.3 Memorandum for PPP Appraisal Committee (PPPAC) prepared as per Department of
Economic Affairs Notification no F. No.1/5/2005-PPP dated 12/01/2006, would need to
be submitted to PPPAC for approval.
5.4 Tender documents comprising Request for Proposal Document and Draft Concession
Agreement would need to be finalized and issued to the Bidders meeting the conditions of
Eligibility Criteria in accordance with the provisions of RFQ document issued by MPT on
November 11, 2009.

14. 6. ANNEXURE
6.1 Profit and Loss statement
FY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Revenues
Revenues from
cargo handled (Rail
based) 89.3 93.6 98.8 103.9 109.3 114.7 121.0 127.3 133.9 140.5 148.2 155.9 164.0 172.0 181.5 190.9 200.9 210.7 222.3 233.8 246.0 258.1 272.3 286.4 301.3 316.1
Revenues from
Storage Charges
(Rail based) 1.2 1.2 1.3 1.4 1.5 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 3.0 3.1 3.3 3.4 3.6 3.8 4.0 4.2
Revenues from
misc. charges (Rail
based) 1.0 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.5 2.6 2.7 2.9 3.0 3.2 3.3 3.5
Revenues from
cargo handled (Rail
based) 45.1 47.3 49.9 52.5 55.2 57.9 61.1 64.2 67.6 70.9 74.8 78.7 82.8 86.8 91.6 96.4 101.4 106.4 112.2 118.0 124.2 130.3 137.4 144.6 152.1 159.6
Revenues from
Storage Charges
(Rail based) 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.3 1.4 1.5 1.5 1.6
Revenues from
misc. charges (Rail
based) 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.3
Berth Hire Charges 27.0 28.4 29.9 31.5 33.1 34.7 36.7 38.6 40.6 42.6 44.9 47.2 49.7 52.1 55.0 57.8 60.8 63.8 67.3 70.8 74.5 78.2 82.5 86.8 91.3 95.8
Total Port Dues 67.0 70.3 74.2 78.0 82.1 86.1 90.9 95.6 100.5 105.5 111.3 117.1 123.1 129.2 136.3 143.4 150.8 158.2 166.9 175.6 184.7 193.8 204.5 215.1 226.3 237.4
Total Revenues 231.4 242.8 256.1 269.4 283.4 297.3 313.6 330.0 347.1 364.2 384.2 404.1 425.1 446.0 470.5 495.0 520.7 546.3 576.3 606.2 637.8 669.1 705.8 742.5 781.1 819.5
Expenses
Power 5.3 5.6 5.9 6.2 6.5 6.8 7.2 7.6 8.0 8.3 8.8 9.3 9.7 10.2 10.8 11.3 11.9 12.5 13.2 13.9 14.6 15.3 16.2 17.0 17.9 18.8
Repair &
maintenance of civil
assets 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.8 2.9 3.1 3.2 3.4 3.6 3.8 4.0
Repair &
maintenance of
electrical &
mechanical assets 20.2 21.2 22.3 23.5 24.7 25.9 27.4 28.8 30.3 31.8 33.5 35.3 37.1 38.9 41.0 43.2 45.4 47.7 50.3 52.9 55.6 58.4 61.6 64.8 68.1 71.5
Insurance 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4
Total Lease rentals 6.2 6.5 6.9 7.2 7.6 8.0 8.4 8.8 9.3 9.8 10.3 10.8 11.4 11.9 12.6 13.3 13.9 14.6 15.4 16.2 17.1 17.9 18.9 19.9 20.9 22.0
Other expenses 20.0 21.0 22.2 23.3 24.5 25.7 27.1 28.5 30.0 31.5 33.2 35.0 36.8 38.6 40.7 42.8 45.0 47.3 49.8 52.4 55.2 57.9 61.1 64.2 67.6 70.9
Total OPEX 56.3 58.8 61.9 64.9 68.1 71.3 75.0 78.8 82.7 86.6 91.1 95.7 100.5 105.2 110.8 116.4 122.3 128.1 135.0 141.8 149.0 156.2 164.5 172.9 181.7 190.5
EBITDA 175.1 183.9 194.2 204.5 215.3 226.0 238.6 251.2 264.4 277.6 293.0 308.4 324.7 340.8 359.7 378.6 398.4 418.2 441.3 464.4 488.8 512.9 541.3 569.6 599.4 629.0
Interest 41.0 96.4 91.1 80.4 69.8 59.1 48.4 37.8 27.1 16.5 5.8 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation (WDM) 50.88 50.88 50.88 50.88 50.88 50.88 50.88 50.88 50.88 50.88 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83
PBT 83.26 36.62 52.22 73.15 94.62 116.0 139.3 162.5 186.4 210.3 266.4 287.4 303.8 319.9 338.8 357.7 377.6 397.3 420.5 443.6 467.9 492.1 520.4 548.7 578.5 608.2
Tax 13.99 6.15 8.77 12.29 15.90 19.49 23.40 27.31 31.32 35.33 0.00 22.59 101.3 107.6 114.8 121.8 129.1 136.3 144.6 152.8 161.4 169.9 179.7 189.5 199.8 209.9
Pat 69.27 30.47 43.45 60.86 78.72 96.54 115.9 135.2 155.1 174.9 266.4 264.8 202.5 212.3 224.1 235.8 248.4 260.9 275.8 290.7 306.5 322.2 340.7 359.2 378.8 398.2
Cash Accruals 120.1 81.34 94.32 111.7 129.6 147.4 166.7 186.1 205.9 225.8 287.2 285.6 223.3 233.1 244.9 256.7 269.2 281.8 296.6 311.5 327.3 343.0 361.5 380.0 399.6 419.0

15. 6.2 Cash flow statement
FY 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sources of Funds
Net Cash Accruals - - - - 120 81 94 112 130 147 167 186 206 226 287
Increase in Equity 68 76 87 99 - - - - - - - - - - -
Increase in Borrowings (Term Loan) 159 178 203 231 - - - - - - - - - - -
Total 227 255 290 330 120 81 94 112 130 147 167 186 206 226 287
Use of Funds
Capital expenditure 227 255 290 330 - - - - - - - - - - -
Decrease in Term Loan - - - - - 85 85 85 85 85 85 85 85 85 4
Total 227 255 290 330 - 85 85 85 85 85 85 85 85 85 4
Opening cash & bank balance - - - - - 120 116 125 152 196 258 340 441 561 702
Surplus/deficit - - - - 120 (4) 9 26 44 62 82 101 121 141 284
Closing balance - - - - 120 116 125 152 196 258 340 441 561 702 985
FY 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Sources of Funds
Net Cash Accruals 286 223 233 245 257 269 282 297 312 327 343 362 380 400 419
Increase in Equity - - - - - - - - - - - - - - -
Increase in Borrowings (Term Loan) - - - - - - - - - - - - - - -
Total 286 223 233 245 257 269 282 297 312 327 343 362 380 400 419
Use of Funds
Capital expenditure - - - - - - - - - - - - - - -
Decrease in Term Loan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Opening cash & bank balance 985 1,271 1,494 1,727 1,972 2,229 2,498 2,780 3,077 3,388 3,716 4,059 4,420 4,800 5,200
Surplus/deficit 286 223 233 245 257 269 282 297 312 327 343 362 380 400 419
Closing balance 1,271 1,494 1,727 1,972 2,229 2,498 2,780 3,077 3,388 3,716 4,059 4,420 4,800 5,200 5,619

16. 6.3 Balance Sheet
FY 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Liabilities
Equity Share Capital 68 145 232 331 331 331 331 331 331 331 331 331 331 331 331
Reserves and Surplus - - - - 69 100 143 204 283 379 495 630 786 960 1,227
Term Loans 159 337 541 771 771 686 601 516 430 345 260 174 89 4 0
Total 227 482 772 1,102 1,171 1,116 1,075 1,050 1,044 1,055 1,085 1,135 1,205 1,295 1,558
Assets
Gross Fixed assets 227 482 772 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102
Depreciation - - - - 51 102 153 204 254 305 356 407 458 509 530
Net Fixed Assets 227 482 772 1,102 1,051 1,000 949 898 848 797 746 695 644 593 572
Cash and Bank Balance - - - - 120 116 125 152 196 258 340 441 561 702 985
Total 227 482 772 1,102 1,171 1,116 1,075 1,050 1,044 1,055 1,085 1,135 1,205 1,295 1,558
FY 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Liabilities
Equity Share Capital 331 331 331 331 331 331 331 331 331 331 331 331 331 331 331
Reserves and Surplus 1,492 1,694 1,907 2,131 2,367 2,615 2,876 3,152 3,443 3,749 4,071 4,412 4,771 5,150 5,548
Term Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 1,822 2,025 2,237 2,461 2,697 2,946 3,207 3,482 3,773 4,080 4,402 4,743 5,102 5,481 5,879
Assets
Gross Fixed assets 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102 1,102
Depreciation 550 571 592 613 634 655 675 696 717 738 759 780 800 821 842
Net Fixed Assets 552 531 510 489 468 447 427 406 385 364 343 322 302 281 260
Cash and Bank Balance 1,271 1,494 1,727 1,972 2,229 2,498 2,780 3,077 3,388 3,716 4,059 4,420 4,800 5,200 5,619
Total 1,822 2,025 2,237 2,461 2,697 2,946 3,207 3,482 3,773 4,080 4,402 4,743 5,102 5,481 5,879