EllEmmEss Associates LLP

Nagpur

ASSUMPTIONS
No of Units Nos 2.00
Rated Capacity MW 660.00
Cost of Technology/ MW Rs million 1.00
Cost of EPC/ MW Rs million 34.00
Cost of Project Rs million 44,880
Cost of Technology Rs million 1,320
Land Cost/ Acre Rs million 0.50
Land Reqd/ MW Acre 1.00
Land Cost Rs million 660
Total Capex Rs million 46,236
Preoperative expense Rs million 449
Sub-Total Rs million 46,684
Margin Money (on Incremental WC) Rs million 848
Project cost Rs million 47,532
Project Contigency - (5%) Rs million 2,377
Total Project Cost (Excluding IDC) Rs million 49,909
IDC Rs million 4,488
Total Project cost to be used Rs million 54,397
Plant and machinery % 84%
Building & Civil % 16%
Furniture and fixtures % 0%
Debt Ratio of Project Cost % 75%
Cost of debt % 10.0%
Normal Tax rate (MAT-19.93%) % 33.22%
Building % 3.34%
Furniture and fixtures % 3.6%
Plant and machinery % 5.28%
Operational Years Nos 20
Terminal value (of initial value) % -
Moratorium period years 1.0
Repayment period years 10.00
Interest rate % 10.0%
Stock RM & FG As Given
Secondary fuel stock months 1.5
Receivables Days 45.00
O&M expenses months 0.0
Maintenance spares/Stores % 1.0%
Interest rate on working capital % 10.0%
Year of commissioning Mar, 2013
Year of 2013
Commissioning Year Mar, 2013
Project Completion Period: 30 Months
O&M Charges/ Year % 2.50%
Repairs & Maint., Spares (0.55% of Plant & M/c) Rs Million / Yr 246.8
Adm.Overheads Rs Million/year 1.5
 Jindal Steel Power Ltd.
300MW Power Plant at Coalmine End
Raigarh-Chattisgarh

EllEmmEss Associates LLP

Nagpur

Phasing of Expenditure & IDC Calculation

Project Cost without IDC&FC 49,909 Rs Million
Project Completion Period 30.00 Months
Debt(%) 85%
Debt (including IDC) 46,237 Rs Million
Equity(%) 15%
Equity 8,160 Rs Million
IDC 4,488
Project Cost including IDC&FC 54,397 Rs Million
Rate of interest 10% %
Upfront payment - %
Interest Tax - %
No. of Installment/year 4.00
Upfront Equity - %
Quarterly Installment 1 2 3 4 5 6 7 8 9 10
Q-1 Q-2 Q-3 Q-4 Q-5 Q-6 Q-7 Q-8 Q-9
Phased Expenditure(%) 4.0% 4.0% 4.0% 4.0% 20% 10% 10% 9% 35% 0%
Phased Expenditure 1,996 1,996 1,996 1,996 9,982 4,991 4,991 4,492 17,468 -
Upfront Payment - - - - - - - - - -
Equity 299 299 299 299 1,497 749 749 674 2,620 -
Fund Requirement arranged from Debt 1,697 1,697 1,697 1,697 8,484 4,242 4,242 3,818 14,848 -
Equity - 299 599 899 1,198 2,696 3,445 4,195 4,870 7,491
Opening Balance
Debt - 1,697 3,394 5,092 6,789 15,277 19,524 23,771 27,595 42,452
Total Equity 299 599 898 1,198 2,695 3,445 4,194 4,869 7,490 7,491
Total Debt 1,697 3,394 5,091 6,789 15,274 19,519 23,766 27,589 42,443 42,452
IDC 21.21 42.42 63.64 84.86 381.85 487.98 594.14 689.72 1,061.06 1,061.29
Arrangement of Interest & Upfront Equity 0.03 0.06 0.10 0.13 0.57 0.73 0.89 1.03 1.59 -
payment/ Subsidy Debt 0.18 0.36 0.54 0.72 3.25 4.15 5.05 5.86 9.02 -
Equity 299 599 899 1,198 2,696 3,445 4,195 4,870 7,491 7,491
Closing Balance of
Debt 1,697 3,394 5,092 6,789 15,277 19,524 23,771 27,595 42,452 42,452
Debt : Equity Ratio 5.67 5.67 5.67 5.67 5.67 5.67 5.67 5.67 5.67 5.67
Equity 299 599 899 1,198 2,696 749 750 675 2,622 -
Net Requirement of Fund
Debt 1,697 3,394 5,092 6,789 15,277 4,246 4,247 3,824 14,857 -

RAIGARH 8 OF 6
EllEmmEss Associates LLP
Nagpur

Profitability Analysis
Description Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Plant Capacity MW 990.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00 1,320.00
Number of hours in a year Hours 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00 8,760.00
Plant Load Factor % 80.00 85.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00
Total Generation Mi Units 6,937.92 9,828.72 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88 10,406.88
Auxillary Consumption % 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50 7.50
Auxillary Consumption Mi Units 520.34 737.15 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52 780.52
Energy for Export Mi Units 6,417.58 9,091.57 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36 9,626.36
Cost of Electricity Rs./Unit 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25
Net Revenue from sale of electricity Mi Rs. 14,439.55 20,456.02 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32 21,659.32

Cost of Generation
Heat Rate of Unit in Kcal/ KWh Kcal/ Kwh 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200
CV of Coal in Kcal/ kg Kcal/ KG 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500
Coal Price per tonne Rs./ MT 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060 5,060
Carpet Loss % 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Fuel Cost Mi Rs. 12,119.63 17,169.47 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44 18,179.44
O & M Cost Mi Rs. 854.25 1,183.52 1,230.86 1,280.10 1,331.30 1,384.55 1,439.93 1,497.53 1,557.43 1,619.73 1,684.52 1,751.90 1,821.97 1,894.85 1,970.65 2,049.47 2,131.45 2,216.71 2,305.38 2,397.59
Fuel Oil Cost Rs./ MT 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
Consumption - Secondary Fuel mg/ kwh 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002
Secondary Fuel Mi Rs. 277.52 393.15 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28 416.28

Gross Profit ( EBIDTA) Mi Rs. 1,188.15 1,709.88 1,832.74 1,783.51 1,732.30 1,679.05 1,623.67 1,566.07 1,506.17 1,443.87 1,379.08 1,311.70 1,241.63 1,168.75 1,092.95 1,014.13 932.15 846.89 758.22 666.01
EllEmmEss Associates LLP
Nagpur

Projected Profit & Loss A/c

Particulars 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
EBITDA Rs Million - - 1,188.2 1,709.9 1,832.7 1,783.5 1,732.3 1,679.1 1,623.7 1,566.1 1,506.2 1,443.9 1,379.1 1,311.7 1,241.6 1,168.7 1,093.0 1,014.1 932.1 846.9 758.2 666.0
Depreciation Rs Million 1,934.5 1,864.9 1,797.8 1,733.0 1,670.6 1,610.5 1,552.5 1,496.6 1,442.8 1,390.8 1,340.7 1,292.5 1,245.9 1,201.1 1,157.9 1,116.2 1,076.0 1,037.3 999.9 963.9
Interest on term loans Rs Million - - 4,623.74 4,333.62 4,014.49 3,663.45 3,277.30 2,852.54 2,385.30 1,871.34 1,305.98 684.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on Working Cap Rs Million 285.2 285.7 285.9 286.2 286.5 286.8 287.1 287.4 287.7 288.0 288.3 288.6 289.0 289.3 289.7 290.0 290.4 290.8 291.2 291.6
PBT Rs Million - - (5,655.4) (4,774.3) (4,265.4) (3,899.2) (3,502.1) (3,070.8) (2,601.2) (2,089.3) (1,530.2) (919.0) (250.0) (269.4) (293.3) (321.7) (354.6) (392.1) (434.3) (481.2) (532.9) (589.5)

WDV Rs Million 53,736.9 49,524.0 45,641.3 42,063.0 38,765.3 35,726.1 32,925.1 30,343.8 27,964.9 25,772.4 23,751.9 21,889.7 20,173.6 18,592.0 17,134.3 15,791.0 14,553.0 13,412.0 12,360.5 11,391.5
Depreciation @ 7.84% Rs Million 4,213.0 3,882.7 3,578.3 3,297.7 3,039.2 2,800.9 2,581.3 2,379.0 2,192.4 2,020.6 1,862.1 1,716.2 1,581.6 1,457.6 1,343.3 1,238.0 1,141.0 1,051.5 969.1 893.1
Tax (Normal) - @ 33.66% Rs Million (2,670.5) (2,286.2) (2,035.1) (1,839.1) (1,639.5) (1,434.3) (1,221.9) (1,000.2) (767.4) (521.3) (259.6) (233.3) (211.7) (194.6) (181.8) (173.0) (168.0) (166.8) (169.0) (174.6)
PAT Rs Million - - (2,984.8) (2,488.1) (2,230.4) (2,060.0) (1,862.7) (1,636.4) (1,379.3) (1,089.0) (762.8) (397.7) 9.7 (36.1) (81.6) (127.0) (172.8) (219.1) (266.2) (314.4) (363.9) (414.9)
Cash Profit Rs Million - - 1,228.1 1,394.6 1,347.9 1,237.7 1,176.5 1,164.5 1,202.0 1,289.9 1,429.6 1,622.9 1,871.8 1,680.0 1,500.0 1,330.6 1,170.5 1,018.9 874.7 737.1 605.2 478.2
Dividend - - - - - - - - - - - - - - - - - - - - -
Retained Earnings - - (2,984.8) (2,488.1) (2,230.4) (2,060.0) (1,862.7) (1,636.4) (1,379.3) (1,089.0) (762.8) (397.7) 9.7 (36.1) (81.6) (127.0) (172.8) (219.1) (266.2) (314.4) (363.9) (414.9)
ROE % 0% 0% -40% -33% -30% -27% -25% -22% -18% -15% -10% -5% 0% 0% -1% -2% -2% -3% -4% -4% -5% -6%
ROI % 0% 0% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3% 3% 3%

Tax u/s 80IA - - 0.00 0.00 0.00 0.00 0.00 -7.39 -20.44 -33.74 -36.91 -39.59 -23.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tax Normal - - -961.41 961.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EllEmmEss Associates LLP
Nagpur

INTEREST & DEPRECIATION

Particulars UOM - 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
Interest Year - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Opening balance Rs million - - - 46,237.4 43,336.2 40,144.9 36,634.5 32,773.0 28,525.4 23,853.0 18,713.37 13,059.78 6,840.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EMI Repayment Rs million - - - (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) (7,524.9) - - - - - - - - - -
Interest payment Rs million - - - 4,623.74 4,333.6 4,014.5 3,663.4 3,277.3 2,852.5 2,385.3 1,871.3 1,306.0 684.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Closing balance Rs million - - - 43,336.2 40,144.9 36,634.5 32,773.0 28,525.4 23,853.0 18,713.4 13,059.8 6,840.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Repayment over Years 10.00 - - - - - - - - - - - - - - - - - - - - - -
Instalment Rs million (7,524.92) - - - - - - - - - - - - - - - - - - - - - -
Depreciation Year - 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
Gross Asset value (Including WC Margins) Rs million - - - 53,736.9 51,802.4 49,937.5 48,139.8 46,406.7 44,736.1 43,125.6 41,573.1 40,076.4 38,633.7 37,242.9 35,902.1 34,609.7 33,363.7 32,162.6 31,004.8 29,888.6 28,812.6 27,775.3 26,775.4
Depreciation Rs million - - - 1,934.5 1,864.9 1,797.8 1,733.0 1,670.6 1,610.5 1,552.5 1,496.6 1,442.8 1,390.8 1,340.7 1,292.5 1,245.9 1,201.1 1,157.9 1,116.2 1,076.0 1,037.3 999.9 963.9
Accumulated Depreciation Rs million - - - 1,934.5 3,799.4 5,597.2 7,330.2 9,000.8 10,611.3 12,163.9 13,660.5 15,103.2 16,494.1 17,834.8 19,127.3 20,373.2 21,574.3 22,732.2 23,848.3 24,924.3 25,961.6 26,961.5 27,925.4
Net Asset Value Rs million - - - 51,802.4 49,937.5 48,139.8 46,406.7 44,736.1 43,125.6 41,573.1 40,076.4 38,633.7 37,242.9 35,902.1 34,609.7 33,363.7 32,162.6 31,004.8 29,888.6 28,812.6 27,775.3 26,775.4 25,811.5
Max depreciation % 95%
Max depreciated assets Rs million 27,925.42
Depreciation per annum Rs million 1,396.27

51878257.xls
EllEmmEss Associates LLP
Nagpur

WORKING CAP
Particulars UOM 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
No of Days Nos - - 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365 365
RM Stock Increment Rs million - - 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0 1,515.0
Receivables Increment Rs million - - 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9 1,804.9
O&M Expenses Rs million - - 93.5 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4
Secondary Fuel Rs million - - 38.5 40.0 41.6 43.3 45.0 46.8 48.7 50.7 52.7 54.8 57.0 59.3 61.6 64.1 66.7 69.3 72.1 75.0 78.0 81.1
Maintenance spares Rs million - - 248.3 249.4 250.4 251.4 252.4 253.4 254.5 255.5 256.5 257.5 258.5 259.6 260.6 261.6 262.6 263.6 264.7 265.7 266.7 267.7
Total working cap Rs million - - 3,700.2 3,704.7 3,707.3 3,710.0 3,712.7 3,715.5 3,718.4 3,721.4 3,724.5 3,727.6 3,730.8 3,734.1 3,737.5 3,741.0 3,744.6 3,748.2 3,752.0 3,755.9 3,760.0 3,764.1
Interest on working cap
(Excluding WC Margins) Rs million 285.2 285.7 285.9 286.2 286.5 286.8 287.1 287.4 287.7 288.0 288.3 288.6 289.0 289.3 289.7 290.0 290.4 290.8 291.2 291.6
WC Margin@25% Rs million 847.85

51878257.xls
EllEmmEss Associates LLP
Nagpur

BALANCE SHEET
PARTICULARS UOM 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
Gross Assets Rs million 7,987.5 25,960.6 48,929.5 48,929.5 47,131.7 45,398.7 43,728.0 42,117.5 40,565.0 39,068.4 37,625.6 36,234.8 34,894.1 33,601.6 32,355.6 31,154.6 29,996.7 28,880.5 27,804.5 26,767.3 25,767.4 24,803.5
Depreciation Rs million - - - 1,797.8 1,733.0 1,670.6 1,610.5 1,552.5 1,496.6 1,442.8 1,390.8 1,340.7 1,292.5 1,245.9 1,201.1 1,157.9 1,116.2 1,076.0 1,037.3 999.9 963.9 -
Net Assets Rs million 7,987.5 25,960.6 48,929.5 47,131.7 45,398.7 43,728.0 42,117.5 40,565.0 39,068.4 37,625.6 36,234.8 34,894.1 33,601.6 32,355.6 31,154.6 29,996.7 28,880.5 27,804.5 26,767.3 25,767.4 24,803.5 24,803.5

Current Assets Rs million - - 847.8 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1 4,548.1
Cash and cash equivalents Rs million - 6,503.7 165.7 (6,838.5) (11,450.6) (16,255.3) (21,374.5) (26,821.5) (32,612.1) (38,764.8) (45,300.8) (44,719.9) (43,821.9) (42,563.1) (41,394.8) (40,315.2) (39,322.5) (38,415.8) (37,593.9) (36,856.4) (36,203.0) (36,562.9)
Total Assets Rs million 7,987.5 32,464.3 49,943.0 44,841.3 38,496.2 32,020.8 25,291.1 18,291.6 11,004.3 3,408.9 (4,517.9) (5,277.7) (5,672.3) (5,659.4) (5,692.2) (5,770.4) (5,893.9) (6,063.1) (6,278.5) (6,541.0) (6,851.5) (7,211.4)

Equity Rs million 1,198.1 4,869.7 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5 7,491.5
Long term loans Rs million 6,789.4 27,594.7 42,451.6 36,634.5 32,773.0 28,525.4 23,853.0 18,713.4 13,059.8 6,840.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -
Short term loans Rs million - - - 3,700.2 3,704.7 3,707.3 3,710.0 3,712.7 3,715.5 3,718.4 3,721.4 3,724.5 3,727.6 3,730.8 3,734.1 3,737.5 3,741.0 3,744.6 3,748.2 3,752.0 3,755.9 3,760.0
Retained earnings Rs million - - - (2,984.8) (5,472.9) (7,703.3) (9,763.3) (11,626.0) (13,262.4) (14,641.8) (15,730.8) (16,493.6) (16,891.3) (16,881.6) (16,917.7) (16,999.3) (17,126.4) (17,299.1) (17,518.2) (17,784.5) (18,098.9) (18,462.8)

Total liabilities and equity Rs million 7,987.5 32,464.3 49,943.0 44,841.3 38,496.2 32,020.8 25,291.1 18,291.6 11,004.3 3,408.9 (4,517.9) (5,277.7) (5,672.3) (5,659.4) (5,692.2) (5,770.4) (5,893.9) (6,063.1) (6,278.5) (6,541.0) (6,851.5) (7,211.4)

Check 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
EllEmmEss Associates LLP
Nagpur

INCOME TAX LIABILITY ON PROJECTED PROFITS

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
PARTICULERS\ YEARS 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
PROFIT BEFORE TAX - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
- - - - - - - - - - - - - - - - - - - - - - -
PBT A - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
ADD :DEPRECIATION AS PER BOOKS - - - 1,934.53 1,864.89 1,797.75 1,733.03 1,670.64 1,610.50 1,552.52 1,496.63 1,442.75 1,390.81 1,340.74 1,292.48 1,245.95 1,201.09 1,157.85 1,116.17 1,075.99 1,037.25 999.91 963.92
Other Disallowances(,43B,Gratuity.etc.) - - - - - - - - - - - - - - - - - - - - - - -
B - - - 1934.53 1864.89 1797.75 1733.03 1670.64 1610.50 1552.52 1496.63 1442.75 1390.81 1340.74 1292.48 1245.95 1201.09 1157.85 1116.17 1075.99 1037.25 999.91 963.92
FIXED ASSETS - - - 53,737 51,802 49,938 48,140 46,407 44,736 43,126 41,573 40,076 38,634 37,243 35,902 34,610 33,364 32,163 31,005 29,889 28,813 27,775 26,775
LESS
DEP. AS PER INCOME TAX - - - 16,170.00 7,770.36 7,490.63 7,220.97 6,961.01 6,710.41 6,468.84 6,235.96 6,011.47 5,795.05 5,586.43 5,385.32 5,191.45 5,004.56 4,824.39 4,650.71 4,483.29 4,321.89 4,166.30 4,016.32
- - - - - - - - - - - - - - - - - - - - - - -
C - - - 16,170.00 7,770.36 7,490.63 7,220.97 6,961.01 6,710.41 6,468.84 6,235.96 6,011.47 5,795.05 5,586.43 5,385.32 5,191.45 5,004.56 4,824.39 4,650.71 4,483.29 4,321.89 4,166.30 4,016.32

TOTAL INCOME D(A+B-C) - - - (19,890.83) (10,679.78) (9,958.32) (9,387.12) (8,792.50) (8,170.67) (7,517.53) (6,828.58) (6,098.94) (5,323.24) (4,495.64) (4,362.24) (4,238.79) (4,125.12) (4,021.11) (3,926.63) (3,841.56) (3,765.81) (3,699.29) (3,641.93)

Unab. Depreciation available for Set-off for next

year - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
Gross Total Income - - - - - - - - - - - - - - - - - - - - - - -
Less : Deduction U/s 80IA - - - - - - - - - - - - - - - - - - - - - - -

INCOME TAX @ 33.99% W/O 80IA E - - - - - - - - - - - - - - - - - - - - - - -

CALCULATION OF MAT
PROFIT BEFORE TAX F 0.00 0.00 0.00 -5655.36 -4774.31 -4265.45 -3899.19 -3502.13 -3070.76 -2601.21 -2089.25 -1530.22 -919.00 -249.96 -269.40 -293.29 -321.66 -354.57 -392.08 -434.26 -481.17 -532.90 -589.53
LESS :
FRINGE BENEFIT TAX - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - -
G - - - - - - - - - - - - - - - - - - - - - - -
BOOK PROFIT H(F-G) - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
MAT I 0.00 0.00 0.00 -961.41 -811.63 -725.13 -662.86 -595.36 -522.03 -442.21 -355.17 -260.14 -156.23 -42.49 -45.80 -49.86 -54.68 -60.28 -66.65 -73.82 -81.80 -90.59 -100.22
TAX RATE 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00%
MAT CARRY FORWARD J 0.00 0.00 0.00 -961.41 -1773.04 -2498.17 -3161.03 -3756.39 -4278.42 0.00 -355.17 -615.31 -771.54 -814.03 -859.83 -909.69 -964.37 -1024.65 -1091.30 -1165.13 -1246.93 -1337.52 -1437.74
TAX PAYABLE K 0.00 0.00 0.00 -961.41 961.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DEFFERED TAX
FIXED ASSETS AS PER BOOKS L - - - (1,934.53) (3,799.42) (5,597.17) (7,330.20) (9,000.84) (10,611.34) (12,163.86) (13,660.49) (15,103.25) (16,494.06) (17,834.80) (19,127.28) (20,373.23) (21,574.32) (22,732.17) (23,848.35) (24,924.34) (25,961.59) (26,961.50) (27,925.42)
FIXED ASSETS AS PER INCOME TAX M - - - 53,736.94 51,802.41 49,937.52 48,139.77 46,406.74 44,736.10 43,125.60 41,573.08 40,076.44 38,633.69 37,242.88 35,902.14 34,609.66 33,363.71 32,162.62 31,004.76 29,888.59 28,812.60 27,775.35 26,775.44
DEFF. TAX LIABILITY N(L-M) - - - (55,671.47) (55,601.82) (55,534.69) (55,469.97) (55,407.58) (55,347.44) (55,289.46) (55,233.57) (55,179.69) (55,127.75) (55,077.68) (55,029.42) (54,982.89) (54,938.03) (54,894.79) (54,853.11) (54,812.93) (54,774.19) (54,736.85) (54,700.85)
PROVISIONS FOR BAD DEBTS O - - - - - - - - - - - - - - - - - - - - - - -
OTHER DISALLOWANCES P - - - - - - - - - - - - - - - - - - - - - - -
UNAB. DEPRECIATION Q - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
DEFF. TAX ASSETS R(OT0Q) - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
TIMIMG DIFFERENCE S(N-R) - - - (75,562.30) (86,172.44) (96,063.62) (105,386.02) (114,116.13) (122,226.66) (129,686.21) (136,458.91) (142,503.96) (147,775.26) (152,220.84) (156,534.81) (160,727.07) (164,807.34) (168,785.21) (172,670.15) (176,471.53) (180,198.60) (183,860.55) (187,466.49)
DEFFERED TAX LIABILITY AT YEAR END T - - - (25,683.62) (29,290.01) (32,652.03) (35,820.71) (38,788.07) (41,544.84) (44,080.34) (46,382.38) (48,437.10) (50,228.81) (51,739.86) (53,206.18) (54,631.13) (56,018.01) (57,370.09) (58,690.59) (59,982.67) (61,249.51) (62,494.20) (63,719.86)
DEFFERED TAX LIABILITY -OPENING U - - - - (25,683.62) (29,290.01) (32,652.03) (35,820.71) (38,788.07) (41,544.84) (44,080.34) (46,382.38) (48,437.10) (50,228.81) (51,739.86) (53,206.18) (54,631.13) (56,018.01) (57,370.09) (58,690.59) (59,982.67) (61,249.51) (62,494.20)
DEFFERED TAX EXPENSES FOR THE YEAR V(T-U) - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

SUMMARY

CURRENT TAX E - - - - - - - - - - - - - - - - - - - - - - -

MAT(Net of Credit allowed) J - - - - - - - - - - - - - - - - - - - - - - -

DEFFERED TAX V - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

TOTAL TAX LIABILITY - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

PERCENTAGE ON PROFIT - - - 454.15 75.54 78.82 81.27 84.73 89.77 97.47 110.18 134.28 194.96 604.53 544.29 485.86 431.17 381.33 336.79 297.54 263.28 233.57 207.90

Note :
1) Assumed project will in operation on or before 31.03.2010.
2) No addition in the value of Fixed Assets after capitalization.
3) Depreciation charge @ 35 % on Plant & Machinery (1404-200) in First Year thereafter charge 15 % on entire assets for Income Tax Purposes.
4) Above Income Tax Calculation is exclusive for this project only
5) Deduction U/s 80IA considered from FY 2015
EllEmmEss Associates LLP
Nagpur

INCOME TAX LIABILITY ON PROJECTED PROFITS (Amount in Millions)

PARTICULERS\ YEARS 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33
PROFIT BEFORE TAX - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
- - - - - - - - - - - - - - - - - - - - - - -
PBT A - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
ADD :DEPRECIATION AS PER BOOKS - - - 1,934.53 1,864.89 1,797.75 1,733.03 1,670.64 1,610.50 1,552.52 1,496.63 1,442.75 1,390.81 1,340.74 1,292.48 1,245.95 1,201.09 1,157.85 1,116.17 1,075.99 1,037.25 999.91 963.92
Other Disallowances(43B,Gratuity.etc.) - - - - - - - - - - - - - - - - - - - - - - -
B 0.00 0.00 0.00 1934.53 1864.89 1797.75 1733.03 1670.64 1610.50 1552.52 1496.63 1442.75 1390.81 1340.74 1292.48 1245.95 1201.09 1157.85 1116.17 1075.99 1037.25 999.91 963.92
LESS -
DEP. AS PER INCOME TAX - - - 16,170.00 7,770.36 7,490.63 7,220.97 6,961.01 6,710.41 6,468.84 6,235.96 6,011.47 5,795.05 5,586.43 5,385.32 5,191.45 5,004.56 4,824.39 4,650.71 4,483.29 4,321.89 4,166.30 4,016.32
- - - - - - - - - - - - - - - - - - - - - - -
C - - - 16,170.00 7,770.36 7,490.63 7,220.97 6,961.01 6,710.41 6,468.84 6,235.96 6,011.47 5,795.05 5,586.43 5,385.32 5,191.45 5,004.56 4,824.39 4,650.71 4,483.29 4,321.89 4,166.30 4,016.32
TOTAL INCOME D(A+B-C) - - - (19,890.83) (10,679.78) (9,958.32) (9,387.12) (8,792.50) (8,170.67) (7,517.53) (6,828.58) (6,098.94) (5,323.24) (4,495.64) (4,362.24) (4,238.79) (4,125.12) (4,021.11) (3,926.63) (3,841.56) (3,765.81) (3,699.29) (3,641.93)
Unab. Depreciation available for Set-off for next
year - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
Gross Total Income - - - - - - - - - - - - - - - - - - - - - - -
Less : Deduction U/s 80IA - - - - - - - - - - - - - - - - - - - - - - -
INCOME TAX @ 33.99% W/O 80IA E - - - - - - - - - - - - - - - - - - - - - - -

CALCULATION OF MAT
PROFIT BEFORE TAX F 0.00 0.00 0.00 -5655.36 -4774.31 -4265.45 -3899.19 -3502.13 -3070.76 -2601.21 -2089.25 -1530.22 -919.00 -249.96 -269.40 -293.29 -321.66 -354.57 -392.08 -434.26 -481.17 -532.90 -589.53
LESS :
FRINGE BENEFIT TAX - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - -
G - - - - - - - - - - - - - - - - - - - - - - -
BOOK PROFIT H(F-G) - - - (5,655.36) (4,774.31) (4,265.45) (3,899.19) (3,502.13) (3,070.76) (2,601.21) (2,089.25) (1,530.22) (919.00) (249.96) (269.40) (293.29) (321.66) (354.57) (392.08) (434.26) (481.17) (532.90) (589.53)
MAT I 0.00 0.00 0.00 -1127.11 -951.52 -850.10 -777.11 -697.97 -612.00 -518.42 -416.39 -304.97 -183.16 -49.82 -53.69 -58.45 -64.11 -70.67 -78.14 -86.55 -95.90 -106.21 -117.49
TAX RATE 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93% 19.93%
MAT CARRY FORWARD J 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -612.00 0.00 -416.39 0.00 -183.16 0.00 -53.69 0.00 -64.11 0.00 -78.14 0.00 -95.90 0.00 -117.49
TAX PAYABLE K 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7.39 -20.44 -33.74 -36.91 -39.59 -23.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DEFFERED TAX
FIXED ASSETS AS PER BOOKS L - - - (1,934.53) (3,799.42) (5,597.17) (7,330.20) (9,000.84) (10,611.34) (12,163.86) (13,660.49) (15,103.25) (16,494.06) (17,834.80) (19,127.28) (20,373.23) (21,574.32) (22,732.17) (23,848.35) (24,924.34) (25,961.59) (26,961.50) (27,925.42)
FIXED ASSETS AS PER INCOME TAX M - - - 53,736.94 51,802.41 49,937.52 48,139.77 46,406.74 44,736.10 43,125.60 41,573.08 40,076.44 38,633.69 37,242.88 35,902.14 34,609.66 33,363.71 32,162.62 31,004.76 29,888.59 28,812.60 27,775.35 26,775.44
DEFF. TAX LIABILITY N(L-M) - - - (55,671.47) (55,601.82) (55,534.69) (55,469.97) (55,407.58) (55,347.44) (55,289.46) (55,233.57) (55,179.69) (55,127.75) (55,077.68) (55,029.42) (54,982.89) (54,938.03) (54,894.79) (54,853.11) (54,812.93) (54,774.19) (54,736.85) (54,700.85)

PROVISIONS FOR BAD DEBTS O - - - - - - - - - - - - - - - - - - - - - - -

OTHER DISALLOWANCES P - - - - - - - - - - - - - - - - - - - - - - -
UNAB. DEPRECIATION Q - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
DEFF. TAX ASSETS R(OT0Q) - - - 19,890.83 30,570.61 40,528.93 49,916.05 58,708.55 66,879.22 74,396.75 81,225.34 87,324.27 92,647.51 97,143.16 101,505.40 105,744.19 109,869.31 113,890.42 117,817.04 121,658.60 125,424.41 129,123.70 132,765.64
TIMIMG DIFFERENCE S(N-R) - - - (75,562.30) (86,172.44) (96,063.62) (105,386.02) (114,116.13) (122,226.66) (129,686.21) (136,458.91) (142,503.96) (147,775.26) (152,220.84) (156,534.81) (160,727.07) (164,807.34) (168,785.21) (172,670.15) (176,471.53) (180,198.60) (183,860.55) (187,466.49)
DEFFERED TAX LIABILITY AT YEAR END T - - - (25,683.62) (29,290.01) (32,652.03) (35,820.71) (38,788.07) (41,544.84) (44,080.34) (46,382.38) (48,437.10) (50,228.81) (51,739.86) (53,206.18) (54,631.13) (56,018.01) (57,370.09) (58,690.59) (59,982.67) (61,249.51) (62,494.20) (63,719.86)
DEFFERED TAX LIABILITY -OPENING U - - - - (25,683.62) (29,290.01) (32,652.03) (35,820.71) (38,788.07) (41,544.84) (44,080.34) (46,382.38) (48,437.10) (50,228.81) (51,739.86) (53,206.18) (54,631.13) (56,018.01) (57,370.09) (58,690.59) (59,982.67) (61,249.51) (62,494.20)
DEFFERED TAX EXPENSES FOR THE YEAR V(T-U) - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

SUMMARY

CURRENT TAX E - - - - - - - - - - - - - - - - - - - - - - -

MAT(Net of Credit allowed) J - - - - - - - - - - - - - - - - - - - - - - -

DEFFERED TAX V - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

TOTAL TAX LIABILITY - - - (25,683.62) (3,606.39) (3,362.01) (3,168.68) (2,967.36) (2,756.77) (2,535.50) (2,302.04) (2,054.72) (1,791.71) (1,511.05) (1,466.32) (1,424.95) (1,386.88) (1,352.08) (1,320.49) (1,292.09) (1,266.83) (1,244.70) (1,225.66)

PERCENTAGE ON PROFIT 0 - - 454.15 75.54 78.82 81.27 84.73 89.77 97.47 110.18 134.28 194.96 604.53 544.29 485.86 431.17 381.33 336.79 297.54 263.28 233.57 207.90

Note :
1) Assumed project will in operation on or before 31.03.2010.
2) No addition in the value of Fixed Assets after capitalization.
3) Depreciation charge @ 35 % on Plant & Machinery (Total FA-Land-Blg & others) in First Year thereafter charge 15 % on entire assets for Income Tax Purposes.
4) Above Income Tax Calculation is exclusive for this Project only