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SCENARIO: 25 YEARS USE WITH TAX

Purchase Price
Exptected Rate of Inflation
Tax Rate
Discount Rate
Rate of Increase of Operating Costs

39000000
3.00%
35.00%
9.00%
4.00%

Average Daily Hire Rate


No. of days in year
Maintenance days
Days on which revenue is earned
Annual Revenue

2001

2002

2003
20000
365
8
357
7140000

2004
20200
366
8
358
7231600

Operating Costs per day


Annual Operating Costs

4000
1460000

4160
1522560

-3900000 -3900000 -31200000


1560000

1560000

4120000
1442000
2678000
4120000

4149040
1452164
2696876
4149040

15000

15450

-3900000 -4400000 -26977000


Rs. -4,566,937.03

4241426

Survey Capital Expenditure


Depreciation on Survey Capital Expenditure

Purchase Cost
Depreciation on Purchase Cost

Operating Profit
Tax @ 35%
PAT
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV

500000

SCENARIO: 25 YEARS WITHOUT TAX


2001
Average Daily Hire Rate
No. of days in year
Maintenance days
Days on which revenue is earned
Annual Revenue

2002

2003
20000
365
8
357
7140000

2004
20200
366
8
358
7231600

Operating Costs per day


Annual Operating Costs

4000
1460000

4160
1522560

-3900000 -3900000 -31200000


1560000

1560000

4120000
4120000

4149040
4149040

15000

15450

-3900000 -4400000 -25535000


Rs. 3,078,974.12

5693590

Survey Capital Expenditure


Depreciation on Survey Capital Expenditure

Purchase Cost
Depreciation on Purchase Cost

Operating Profit
PAT (No Tax)
Change in Net Working Capital
Cash flow
NPV

500000

2005
20400
365
8
357
7282800

2006
18714
365
8
357
6680898

2007
17283
365
8
357
6170031

2008
17481
366
12
354
6188274

2009
17682
365
12
353
6241746

2010
17886
365
12
353
6313758

2011
18092
365
12
353
6386476

2012
17428
366
12
354
6169512

2013
17628
365
16
349
6152172

4326.4 4499.456 4679.434 4866.612 5061.276 5263.727 5474.276 5693.247 5920.977


1579136 1642301 1707993 1781180 1847366 1921260 1998111 2083728 2161157
300000
60000

60000

60000

60000

350000
60000

70000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

4143664
1450282
2693382
4143664

3478597
1217509
2261088
3478597

2902038
1015713
1886324
2902038

2787094 2774380 2772498 2768365 2465784 2361015


975483 971033.1 970374.2 968927.8 863024.2 826355.4
1811611 1803347 1802123 1799437 1602759 1534660
2787094 2774380 2772498 2768365 2465784 2361015

15913.5 16390.91 16882.63 17389.11 17910.78 18448.11 19001.55

19571.6 20158.75

4237468

3804697

3129442

3414222

3405436

3403675

3400436

2853188

3144501

2005
20400
365
8
357
7282800

2006
18714
365
8
357
6680898

2007
17283
365
8
357
6170031

2008
17481
366
12
354
6188274

2009
17682
365
12
353
6241746

2010
17886
365
12
353
6313758

2011
18092
365
12
353
6386476

2012
17428
366
12
354
6169512

2013
17628
365
16
349
6152172

4326.4 4499.456 4679.434 4866.612 5061.276 5263.727 5474.276 5693.247 5920.977


1579136 1642301 1707993 1781180 1847366 1921260 1998111 2083728 2161157
300000
60000

60000

60000

60000

350000
60000

70000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

4143664
4143664

3478597
3478597

2902038
2902038

2787094
2787094

2774380
2774380

2772498
2772498

2768365
2768365

2465784
2465784

2361015
2361015

15913.5 16390.91 16882.63 17389.11 17910.78 18448.11 19001.55

19571.6 20158.75

5687751

3716212

5022206

4145155

4389705

4376469

4374049

4369364

3970857

2014
17831
365
16
349
6223019

2015
18036
365
16
349
6294564

2016
18243
366
16
350
6385050

2017
14762
365
16
349
5151938

2018
14932
365
16
349
5211268

2019
15104
365
16
349
5271296

2020
15278
366
16
350
5347300

2021
15454
365
16
349
5393446

2022
14654
365
16
349
5114246

6157.816 6404.129 6660.294 6926.706 7203.774 7491.925 7791.602 8103.266 8427.397


2247603 2337507 2437668 2528248 2629378 2734553 2851726 2957692 3076000

70000

70000

70000

750000
70000

150000

150000

150000

150000

850000
150000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

2345416 2327057 2317382 993690.4 871890.5


820895.6 814469.9 811083.8 347791.6 305161.7
1524520 1512587 1506299 645898.8 566728.8
2345416 2327057 2317382 993690.4 871890.5

826743.4
289360.2
537383.2
826743.4

785573.7 725753.9 328246.2


274950.8 254013.9 114886.2
510622.9
471740
213360
785573.7 725753.9 328246.2

20763.51 21386.41 22028.01 22688.85 23369.51

24070.6 24792.71

25536.5 26302.59

3133757

3121201

3114271

1503210

2253359

2223313

2195830

2156204

1047057

2014
17831
365
16
349
6223019

2015
18036
365
16
349
6294564

2016
18243
366
16
350
6385050

2017
14762
365
16
349
5151938

2018
14932
365
16
349
5211268

2019
15104
365
16
349
5271296

2020
15278
366
16
350
5347300

2021
15454
365
16
349
5393446

2022
14654
365
16
349
5114246

6157.816 6404.129 6660.294 6926.706 7203.774 7491.925 7791.602 8103.266 8427.397


2247603 2337507 2437668 2528248 2629378 2734553 2851726 2957692 3076000

70000

70000

70000

750000
70000

150000

150000

150000

150000

850000
150000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

1560000

2345416
2345416

2327057
2327057

2317382 993690.4 871890.5 826743.4 785573.7 725753.9 328246.2


2317382 993690.4 871890.5 826743.4 785573.7 725753.9 328246.2

20763.51 21386.41 22028.01 22688.85 23369.51

24070.6 24792.71

25536.5 26302.59

3954653

2512673

2410217

3935671

3925354

1851002

2558521

2470781

1161944

2023
14823
365
16
349
5173227

2024
14993
366
16
350
5247550

2025
15166
365
16
349
5292934

2026
15341
365
16
349
5354009

2027
13448
365
16
349
4693352

8764.493 9115.072 9479.675 9858.862 10253.22


3199040 3336116 3460081 3598485 3742424

170000

170000

170000

170000

170000

1560000

1560000

1560000

1560000

1560000

244187.2
85465.52
158721.7
244187.2

181433.5 102852.6 25524.31


63501.74 35998.4 8933.507
117931.8 66854.17 16590.8
181433.5 102852.6 25524.31

-779072
-272675
-506397
-779072

27091.67 27904.42 28741.55

29603.8 30491.91

1861630

1820027

1768113

1716987

1193111

2023
14823
365
16
349
5173227

2024
14993
366
16
350
5247550

2025
15166
365
16
349
5292934

2026
15341
365
16
349
5354009

2027
13448
365
16
349
4693352

8764.493 9115.072 9479.675 9858.862 10253.22


3199040 3336116 3460081 3598485 3742424

170000

170000

170000

170000

170000

1560000

1560000

1560000

1560000

1560000

244187.2 181433.5 102852.6 25524.31


244187.2 181433.5 102852.6 25524.31

-779072
-779072

27091.67 27904.42 28741.55

29603.8 30491.91

1947096

1725921

1883529

1804111

920436

SCENARIO: 15 YEARS USE WITH TAX


2001
revenues
operating cost

PURCHASE
CAPITAL EXP
EBITDA
DEPN OF PURCHASE
DEPN OF CAPITAL EXP
EBIT

-3900000
0

TAX
PAT
NET SALVAGE VALUE
INV IN WORKING CAPITAL

0
0

FCF

-3900000

npv

Exptected Rate of Inflation


Rate of Increase of Operating Costs
Purchase Price

3.00%
4.00%
39000000

Tax Rate
Discount Rate
SCENARIO: 15 YEARS USE WITHOUT TAX
2001

revenues
operating cost

PURCHASE
CAPITAL EXP
EBITDA
DEPN
DEPN OF CAPITAL EXP
EBIT
PAT
NET SALVAGE VALUE
INV IN WORKING CAPITAL

-3900000

FCF

-3900000
Rs. -200,319.06

USE WITH TAX


2002

2003
7140000

2004
2005
2006
2007
2008
2009
7211400 7282800 6680898 6170031 6170793 6241746

-1460000

-1518400 -1579136 -1642301 -1707993 -1776313 -1847366

-3900000 -31200000
0

5680000
2266667

3413333

-300000
5693000 5703664 5038597 4462038 4394480 4394380
2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
3426333 3436997 2771930 2195371 2067813 2067713

0 1194666.6 1199216.6
0 2218666.5 2227116.5
-500000

-15000

-15450

-4400000 -26729667 4478333.5

1202949 970175.3 768379.7 723734.5 723699.6


2234048 1801754 1426991 1344078 1344014
-15913.5 -16390.91 -16882.63 -17389.11 -17910.78
4484802

4052030

3376775

3593356

3592770

Rs. -5,932,339.87

35.00%
9.00%

USE WITHOUT TAX


2002

2003
7140000

2004
2005
2006
2007
2008
2009
7211400 7282800 6680898 6170031 6170793 6241746

-1460000

-1518400 -1579136 -1642301 -1707993 -1776313 -1847366

-3900000 -31200000

3413333

-300000
5693000 5703664 5038597 4462038 4394480 4394380
2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
3426333 3436997 2771930 2195371 2067813 2067713

3413333

3426333

-15000

-15450

5680000
2266667

-500000

3436997

2771930

2195371

2067813

2067713

-15913.5 -16390.91 -16882.63 -17389.11 -17910.78

-4400000 -25535000

5677550

5687751

5022206

4145155

4317091

4316469

2010
2011
2012
2013
2014
2015
2016
2017
6313758 6386476 6152084 6152172 6223019 6294564 6366807 5151938
-1921260 -1998111 -2078035 -2161157 -2247603 -2337507 -2431007 -2528248

-350000
-750000
4392498 4388365 4074049 3991015 3975416 3957057 3935800 2623690
2266667 2266667 2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
60000
70000
70000
70000
70000
70000
2065831 2061698 1747382 1654348 1638749 1620390 1599133 287023.4
723040.7 721594.4 611583.6 579021.9 573562.2 567136.5 559696.4 100458.2
1342790 1340104 1135798 1075326 1065187 1053253 1039436 186565.2
5000000
-18448.11 -19001.55 -19571.6 -20158.75 -20763.51 -21386.41 -22028.01 -22688.85
3591009

3587769

3032894

3321835

3311090

3298534

3284075

1680543

2010
2011
2012
2013
2014
2015
2016
2017
6313758 6386476 6152084 6152172 6223019 6294564 6366807 5151938
-1921260 -1998111 -2078035 -2161157 -2247603 -2337507 -2431007 -2528248

-350000
-750000
4392498 4388365 4074049 3991015 3975416 3957057 3935800 2623690
2266667 2266667 2266667 2266667 2266667 2266667 2266667 2266667
60000
60000
60000
70000
70000
70000
70000
70000
2065831 2061698 1747382 1654348 1638749 1620390 1599133 287023.4
2065831

2061698

-18448.11 -19001.55

1747382

1654348

1638749

1620390

1599133 287023.4
3250000
-19571.6 -20158.75 -20763.51 -21386.41 -22028.01 -22688.85

4314049

4309364

3644477

3900857

3884653

3865671

3843772

1781002