Owner:

Project: 25.6 MW
Location : Karnataka

Assumptions for Financial Model

Capacity of Machines in kW 800

Number of Machines 32
Project Capacity in MW 25.60
Project Commissioning Date 1-Apr-08
Project Cost (Rs. Million) 1,280.00
Project Cost per MW (Rs. In Millions) 50.00

Operations
Plant Load Factor 25.76%
Insurance Charges @ % of capital cost 0.18%
Operation & Maintanance Cost base year @ % of capital cost 1.25% As per KERC Tariff order
% of escalation per annum on O & M Charges 5.0% As per KERC Tariff order

Tariff
Base year Tariff for 10 years - Rs./Kwh 3.40 As per KERC Tariff order
Annual Escalation (Rs./kWh per Year) 0.00
Tariff applicable after 10 years (Rs/kWh) 3.40

Project Cost Rs Million

Land and Infrastructure, Generator & Electrical Equipments, Mechanical
Equipments, Civil Works, Instrumentation & Control, Other Project Cost, Pre
operative Expenses, etc.
Total Project Cost 1,280

Confidential 12/08/2021 Page 1

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement

Receivables (0.29) 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.27) 28.90 28.76 28.62 28.46 28.30 28.14 27.96 27.77 27.58 27.38
Margin Money (0.07) 7.22 7.19 7.15 7.12 7.08 7.03 6.99 6.94 6.90 6.84
Working Capital Loan (0.20) 21.67 21.57 21.46 21.35 21.23 21.10 20.97 20.83 20.69 20.53

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 43.96 52.74 67.08 81.37 95.62 109.83 123.99 132.41 131.30 130.14 128.92
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 111.54 120.33 134.66 148.96 163.21 177.41 191.57 199.99 198.89 197.72 196.50
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (400.46) (494.07) 11.78 124.38 158.29 176.43 191.38 199.95 198.88 197.72 196.50
Carried Over Losses - (400.46) (894.53) (882.75) (758.37) (600.07) (423.64) (232.27) (32.31) - -
Income after adjusting carried over Loss (400.46) (894.53) (882.75) (758.37) (600.07) (423.64) (232.27) (32.31) 166.56 197.72 196.50

80 IA applicable - - - - - - - - 1.00 1.00 1.00

Exempted income U/s 80 IA * - - - - - - - - 166.56 197.72 196.50
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax 4.40 5.27 6.71 8.14 9.56 10.98 12.40 13.24 13.13 13.01 12.89

Tax Payable Max of MAT / Normal Tax 4.40 5.27 6.71 8.14 9.56 10.98 12.40 13.24 13.13 13.01 12.89
Surcharge 0.44 0.53 0.67 0.81 0.96 1.10 1.24 1.32 1.31 1.30 1.29
Cess 0.15 0.17 0.22 0.27 0.32 0.36 0.41 0.44 0.43 0.43 0.43
Total Tax Payable 4.98 5.98 7.60 9.22 10.83 12.44 14.05 15.00 14.88 14.74 14.61

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 2
Other Assets -

Depreciation as per IT Act

on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 3

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million

Receivables 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 27.16 26.94 26.70 26.45 26.19 25.92 25.63 25.33 25.01
Margin Money 6.79 6.73 6.68 6.61 6.55 6.48 6.41 6.33 6.25
Working Capital Loan 20.37 20.20 20.03 19.84 19.64 19.44 19.22 19.00 18.76

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 127.63 126.29 124.87 123.39 121.83 120.19 182.98 184.25 182.35
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 195.22 193.87 192.45 190.97 189.41 187.77 186.05 184.25 182.35
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 195.22 193.87 192.45 190.97 189.41 187.77 186.05 184.25 182.35
Carried Over Losses - - - - - - - - -
Income after adjusting carried over Loss 195.22 193.87 192.45 190.97 189.41 187.77 186.05 184.25 182.35

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 195.22 193.87 192.45 190.97 189.41 187.77 186.05 - -
Taxable Income - - - - - - - 184.25 182.35

Income Tax at 0.3 on above - - - - - - - 55.27 54.71

Minimum Alternate Tax 12.76 12.63 12.49 12.34 12.18 12.02 18.30 18.42 18.24

Tax Payable Max of MAT / Normal Tax 12.76 12.63 12.49 12.34 12.18 12.02 18.30 55.27 54.71
Surcharge 1.28 1.26 1.25 1.23 1.22 1.20 1.83 5.53 5.47
Cess 0.42 0.42 0.41 0.41 0.40 0.40 0.60 1.82 1.81
Total Tax Payable 14.46 14.31 14.15 13.98 13.80 13.62 20.73 62.63 61.98

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 4
 Other Assets

Depreciation as per IT Act

on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 5

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Receivables (0.29) 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.27) 28.90 28.76 28.62 28.46 28.30 28.14 27.96 27.77 27.58 27.38
Margin Money (0.07) 7.22 7.19 7.15 7.12 7.08 7.03 6.99 6.94 6.90 6.84
Working Capital Loan (0.20) 21.67 21.57 21.46 21.35 21.23 21.10 20.97 20.83 20.69 20.53

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 9.12 17.91 32.25 46.54 60.79 75.00 89.16 97.58 96.47 95.31 94.08
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 76.71 85.49 99.83 114.13 128.38 142.58 156.74 165.16 164.05 162.89 161.67
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (435.29) (528.91) (23.05) 89.55 123.46 141.60 156.54 165.12 164.05 162.89 161.67
Carried Over Losses - (435.29) (964.20) (987.25) (897.70) (774.24) (632.64) (476.09) (310.97) (146.93) -
Income after adjusting carried over Loss (435.29) (964.20) (987.25) (897.70) (774.24) (632.64) (476.09) (310.97) (146.93) 15.96 161.67

80 IA applicable - - - - - - - - - 1.00 1.00

Exempted income U/s 80 IA * - - - - - - - - - 15.96 161.67
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax 0.91 1.79 3.22 4.65 6.08 7.50 8.92 9.76 9.65 9.53 9.41

Tax Payable Max of MAT / Normal Tax 0.91 1.79 3.22 4.65 6.08 7.50 8.92 9.76 9.65 9.53 9.41
Surcharge 0.09 0.18 0.32 0.47 0.61 0.75 0.89 0.98 0.96 0.95 0.94
Cess 0.03 0.06 0.11 0.15 0.20 0.25 0.29 0.32 0.32 0.31 0.31
Total Tax Payable 1.03 2.03 3.65 5.27 6.89 8.50 10.10 11.06 10.93 10.80 10.66

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 6
Other Assets -

Depreciation as per IT Act

on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 7

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Receivables 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 27.16 26.94 26.70 26.45 26.19 25.92 25.63 25.33 25.01
Margin Money 6.79 6.73 6.68 6.61 6.55 6.48 6.41 6.33 6.25
Working Capital Loan 20.37 20.20 20.03 19.84 19.64 19.44 19.22 19.00 18.76

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 92.80 91.45 90.04 88.55 86.99 85.36 148.15 149.42 147.52
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 160.38 159.04 157.62 156.14 154.58 152.94 151.22 149.42 147.52
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 160.38 159.04 157.62 156.14 154.58 152.94 151.22 149.42 147.52
Carried Over Losses - - - - - - - - -
Income after adjusting carried over Loss 160.38 159.04 157.62 156.14 154.58 152.94 151.22 149.42 147.52

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 160.38 159.04 157.62 156.14 154.58 152.94 151.22 149.42 -
Taxable Income - - - - - - - - 147.52

Income Tax at 0.3 on above - - - - - - - - 44.26

Minimum Alternate Tax 9.28 9.15 9.00 8.86 8.70 8.54 14.81 14.94 14.75

Tax Payable Max of MAT / Normal Tax 9.28 9.15 9.00 8.86 8.70 8.54 14.81 14.94 44.26
Surcharge 0.93 0.91 0.90 0.89 0.87 0.85 1.48 1.49 4.43
Cess 0.31 0.30 0.30 0.29 0.29 0.28 0.49 0.49 1.46
Total Tax Payable 10.51 10.36 10.20 10.03 9.86 9.67 16.79 16.93 50.14

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 8
 Other Assets

Depreciation as per IT Act

on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 9

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement

Receivables (0.32) 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.30) 32.13 31.99 31.84 31.69 31.53 31.36 31.19 31.00 30.81 30.60
Margin Money (0.07) 8.03 8.00 7.96 7.92 7.88 7.84 7.80 7.75 7.70 7.65
Working Capital Loan (0.22) 24.10 23.99 23.88 23.77 23.65 23.52 23.39 23.25 23.11 22.95

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 63.60 72.08 86.42 100.71 114.96 129.17 143.33 151.75 150.64 149.48 148.25
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 131.19 139.67 154.00 168.30 182.55 196.75 210.91 219.33 218.22 217.06 215.84
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (380.81) (474.73) 31.12 143.72 177.63 195.77 210.71 219.29 218.22 217.06 215.84
Carried Over Losses - (380.81) (855.55) (824.43) (680.71) (503.08) (307.31) (96.59) - - -
Income after adjusting carried over Loss (380.81) (855.55) (824.43) (680.71) (503.08) (307.31) (96.59) 122.70 218.22 217.06 215.84

80 IA applicable - - - - - - - 1.00 1.00 1.00 1.00

Exempted income U/s 80 IA * - - - - - - - 122.70 218.22 217.06 215.84
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax 6.36 7.21 8.64 10.07 11.50 12.92 14.33 15.17 15.06 14.95 14.83

Tax Payable Max of MAT / Normal Tax 6.36 7.21 8.64 10.07 11.50 12.92 14.33 15.17 15.06 14.95 14.83
Surcharge 0.64 0.72 0.86 1.01 1.15 1.29 1.43 1.52 1.51 1.49 1.48
Cess 0.21 0.24 0.29 0.33 0.38 0.43 0.47 0.50 0.50 0.49 0.49
Total Tax Payable 7.21 8.17 9.79 11.41 13.03 14.63 16.24 17.19 17.07 16.94 16.80

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 10
Other Assets -

Depreciation as per IT Act

on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 11

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million

Receivables 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 30.39 30.17 29.93 29.68 29.42 29.15 28.86 28.56 28.24
Margin Money 7.60 7.54 7.48 7.42 7.36 7.29 7.22 7.14 7.06
Working Capital Loan 22.79 22.62 22.45 22.26 22.07 21.86 21.65 21.42 21.18

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 146.97 145.62 144.21 142.72 141.16 139.53 202.32 203.59 201.69
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 214.55 213.21 211.79 210.31 208.75 207.11 205.39 203.59 201.69
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 214.55 213.21 211.79 210.31 208.75 207.11 205.39 203.59 201.69
Carried Over Losses - - - - - - - - -
Income after adjusting carried over Loss 214.55 213.21 211.79 210.31 208.75 207.11 205.39 203.59 201.69

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 214.55 213.21 211.79 210.31 208.75 207.11 - - -
Taxable Income - - - - - - 205.39 203.59 201.69

Income Tax at 0.3 on above - - - - - - 61.62 61.08 60.51

Minimum Alternate Tax 14.70 14.56 14.42 14.27 14.12 13.95 20.23 20.36 20.17

Tax Payable Max of MAT / Normal Tax 14.70 14.56 14.42 14.27 14.12 13.95 61.62 61.08 60.51
Surcharge 1.47 1.46 1.44 1.43 1.41 1.40 6.16 6.11 6.05
Cess 0.49 0.48 0.48 0.47 0.47 0.46 2.03 2.02 2.00
Total Tax Payable 16.65 16.50 16.34 16.17 15.99 15.81 69.81 69.20 68.55

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 12
 Other Assets

Depreciation as per IT Act

on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 13

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement

Receivables (0.32) 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.30) 32.13 31.99 31.84 31.69 31.53 31.36 31.19 31.00 30.81 30.60
Margin Money (0.07) 8.03 8.00 7.96 7.92 7.88 7.84 7.80 7.75 7.70 7.65
Working Capital Loan (0.22) 24.10 23.99 23.88 23.77 23.65 23.52 23.39 23.25 23.11 22.95

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 28.77 37.25 51.59 65.88 80.13 94.34 108.49 116.92 115.81 114.64 113.42
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 96.35 104.83 119.17 133.46 147.71 161.92 176.08 184.50 183.39 182.23 181.01
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (415.65) (509.57) (3.71) 108.89 142.80 160.94 175.88 184.46 183.38 182.23 181.01
Carried Over Losses - (415.65) (925.21) (928.93) (820.04) (677.24) (516.30) (340.42) (155.96) - -
Income after adjusting carried over Loss (415.65) (925.21) (928.93) (820.04) (677.24) (516.30) (340.42) (155.96) 27.43 182.23 181.01

80 IA applicable - - - - - - - - 1.00 1.00 1.00

Exempted income U/s 80 IA * - - - - - - - - 27.43 182.23 181.01
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax 2.88 3.72 5.16 6.59 8.01 9.43 10.85 11.69 11.58 11.46 11.34

Tax Payable Max of MAT / Normal Tax 2.88 3.72 5.16 6.59 8.01 9.43 10.85 11.69 11.58 11.46 11.34
Surcharge 0.29 0.37 0.52 0.66 0.80 0.94 1.08 1.17 1.16 1.15 1.13
Cess 0.09 0.12 0.17 0.22 0.26 0.31 0.36 0.39 0.38 0.38 0.37
Total Tax Payable 3.26 4.22 5.84 7.46 9.08 10.69 12.29 13.25 13.12 12.99 12.85

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 14
Other Assets -

Depreciation as per IT Act

on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 15

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million

Receivables 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89 34.89
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 30.39 30.17 29.93 29.68 29.42 29.15 28.86 28.56 28.24
Margin Money 7.60 7.54 7.48 7.42 7.36 7.29 7.22 7.14 7.06
Working Capital Loan 22.79 22.62 22.45 22.26 22.07 21.86 21.65 21.42 21.18

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 112.14 110.79 109.38 107.89 106.33 104.69 167.49 168.75 166.86
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 179.72 178.38 176.96 175.48 173.92 172.28 170.56 168.75 166.86
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 179.72 178.38 176.96 175.48 173.92 172.28 170.56 168.75 166.86
Carried Over Losses - - - - - - - - -
Income after adjusting carried over Loss 179.72 178.38 176.96 175.48 173.92 172.28 170.56 168.75 166.86

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 179.72 178.38 176.96 175.48 173.92 172.28 170.56 - -
Taxable Income - - - - - - - 168.75 166.86

Income Tax at 0.3 on above - - - - - - - 50.63 50.06

Minimum Alternate Tax 11.21 11.08 10.94 10.79 10.63 10.47 16.75 16.88 16.69

Tax Payable Max of MAT / Normal Tax 11.21 11.08 10.94 10.79 10.63 10.47 16.75 50.63 50.06
Surcharge 1.12 1.11 1.09 1.08 1.06 1.05 1.67 5.06 5.01
Cess 0.37 0.37 0.36 0.36 0.35 0.35 0.55 1.67 1.65
Total Tax Payable 12.71 12.55 12.39 12.22 12.05 11.86 18.98 57.36 56.72

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 16
 Other Assets

Depreciation as per IT Act

on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 17

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Receivables (0.26) 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.24) 25.67 25.53 25.39 25.23 25.07 24.91 24.73 24.55 24.35 24.15
Margin Money (0.06) 6.42 6.38 6.35 6.31 6.27 6.23 6.18 6.14 6.09 6.04
Working Capital Loan (0.18) 19.25 19.15 19.04 18.93 18.81 18.68 18.55 18.41 18.26 18.11

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation
1 2 3 4 5 6 7 8 9 10 11
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Profit before Tax 24.31 33.40 47.74 62.03 76.29 90.49 104.65 113.07 111.96 110.80 109.58
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 91.90 100.99 115.32 129.62 143.87 158.08 172.23 180.65 179.55 178.38 177.16
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (420.10) (513.41) (7.56) 105.04 138.95 157.09 172.04 180.62 179.54 178.38 177.16
Carried Over Losses - (420.10) (933.51) (941.07) (836.03) (697.07) (539.98) (367.94) (187.33) (7.79) -
Income after adjusting carried over Loss (420.10) (933.51) (941.07) (836.03) (697.07) (539.98) (367.94) (187.33) (7.79) 170.59 177.16

80 IA applicable - - - - - - - - - 1.00 1.00

Exempted income U/s 80 IA * - - - - - - - - - 170.59 177.16
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax 2.43 3.34 4.77 6.20 7.63 9.05 10.46 11.31 11.20 11.08 10.96

Tax Payable Max of MAT / Normal Tax 2.43 3.34 4.77 6.20 7.63 9.05 10.46 11.31 11.20 11.08 10.96
Surcharge 0.24 0.33 0.48 0.62 0.76 0.90 1.05 1.13 1.12 1.11 1.10
Cess 0.08 0.11 0.16 0.20 0.25 0.30 0.35 0.37 0.37 0.37 0.36
Total Tax Payable 2.75 3.78 5.41 7.03 8.64 10.25 11.86 12.81 12.69 12.55 12.42

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 18
Other Assets -

Depreciation as per IT Act Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 19

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Receivables 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 23.93 23.71 23.47 23.22 22.96 22.69 22.40 22.10 21.79
Margin Money 5.98 5.93 5.87 5.81 5.74 5.67 5.60 5.53 5.45
Working Capital Loan 17.95 17.78 17.60 17.42 17.22 17.02 16.80 16.58 16.34

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation
12 13 14 15 16 17 18 19 20
Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
Profit before Tax 108.29 106.95 105.53 104.05 102.49 100.85 163.64 164.91 163.01
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 175.88 174.53 173.12 171.63 170.07 168.43 166.71 164.91 163.01
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 175.88 174.53 173.12 171.63 170.07 168.43 166.71 164.91 163.01
Carried Over Losses - - - - - - - - -
Income after adjusting carried over Loss 175.88 174.53 173.12 171.63 170.07 168.43 166.71 164.91 163.01

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 175.88 174.53 173.12 171.63 - - - - -
Taxable Income - - - - 170.07 168.43 166.71 164.91 163.01

Income Tax at 0.3 on above - - - - 51.02 50.53 50.01 49.47 48.90

Minimum Alternate Tax 10.83 10.69 10.55 10.40 10.25 10.08 16.36 16.49 16.30

Tax Payable Max of MAT / Normal Tax 10.83 10.69 10.55 10.40 51.02 50.53 50.01 49.47 48.90
Surcharge 1.08 1.07 1.06 1.04 5.10 5.05 5.00 4.95 4.89
Cess 0.36 0.35 0.35 0.34 1.68 1.67 1.65 1.63 1.61
Total Tax Payable 12.27 12.12 11.96 11.79 57.81 57.25 56.67 56.05 55.41

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 20
 Other Assets

Depreciation as per IT Act Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99
on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 21

Project: 25.6 MW
Location : Karnataka
Working Capital Requirement

Receivables (0.26) 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43
O&M (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70 3.89 4.08 4.28
Total Working Capital (0.24) 25.67 25.53 25.39 25.23 25.07 24.91 24.73 24.55 24.35 24.15
Margin Money (0.06) 6.42 6.38 6.35 6.31 6.27 6.23 6.18 6.14 6.09 6.04
Working Capital Loan (0.18) 19.25 19.15 19.04 18.93 18.81 18.68 18.55 18.41 18.26 18.11

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax (10.52) (1.43) 12.91 27.20 41.45 55.66 69.82 78.24 77.13 75.97 74.74
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
Gross Income 57.06 66.16 80.49 94.79 109.04 123.24 137.40 145.82 144.71 143.55 142.33
Less: Depreciation as per IT Act 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
Taxable Income from Energy Business (454.94) (548.24) (42.39) 70.21 104.12 122.26 137.20 145.78 144.71 143.55 142.33
Carried Over Losses - (454.94) (1,003.18) (1,045.57) (975.36) (871.23) (748.97) (611.77) (465.99) (321.28) (177.73)
Income after adjusting carried over Loss (454.94) (1,003.18) (1,045.57) (975.36) (871.23) (748.97) (611.77) (465.99) (321.28) (177.73) (35.40)

80 IA applicable - - - - - - - - - - -
Exempted income U/s 80 IA * - - - - - - - - - - -
Taxable Income - - - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - - - -

Minimum Alternate Tax - - 1.29 2.72 4.15 5.57 6.98 7.82 7.71 7.60 7.47

Tax Payable Max of MAT / Normal Tax - - 1.29 2.72 4.15 5.57 6.98 7.82 7.71 7.60 7.47
Surcharge - - 0.13 0.27 0.41 0.56 0.70 0.78 0.77 0.76 0.75
Cess - - 0.04 0.09 0.14 0.18 0.23 0.26 0.25 0.25 0.25
Total Tax Payable - - 1.46 3.08 4.70 6.31 7.91 8.86 8.74 8.61 8.47

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost 1,280.00
Confidential 12/08/2021 Page 22
Other Assets -

Depreciation as per IT Act

on WEG 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00
On other Assets - - - - - - - - - - -
Total Depreciation 512.00 614.40 122.88 24.58 4.92 0.98 0.20 0.04 0.01 0.00 0.00

Confidential 12/08/2021 Page 23

 Project: 25.6 MW
Location : Karnataka
Working Capital Requirement Rs million Rs million

Receivables 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43
O&M 4.50 4.72 4.96 5.21 5.47 5.74 6.03 6.33 6.65
Total Working Capital 23.93 23.71 23.47 23.22 22.96 22.69 22.40 22.10 21.79
Margin Money 5.98 5.93 5.87 5.81 5.74 5.67 5.60 5.53 5.45
Working Capital Loan 17.95 17.78 17.60 17.42 17.22 17.02 16.80 16.58 16.34

Project: 25.6 MW
Location : Karnataka
Income Tax Calculation

Profit before Tax 73.46 72.11 70.70 69.21 67.66 66.02 128.81 130.08 128.18
Add: Book Depreciation 67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
Gross Income 141.05 139.70 138.28 136.80 135.24 133.60 131.88 130.08 128.18
Less: Depreciation as per IT Act 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Taxable Income from Energy Business 141.05 139.70 138.28 136.80 135.24 133.60 131.88 130.08 128.18
Carried Over Losses (35.40) - - - - - - - -
Income after adjusting carried over Loss 105.64 139.70 138.28 136.80 135.24 133.60 131.88 130.08 128.18

80 IA applicable 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Exempted income U/s 80 IA * 105.64 139.70 138.28 136.80 135.24 133.60 131.88 130.08 128.18
Taxable Income - - - - - - - - -

Income Tax at 0.3 on above - - - - - - - - -

Minimum Alternate Tax 7.35 7.21 7.07 6.92 6.77 6.60 12.88 13.01 12.82

Tax Payable Max of MAT / Normal Tax 7.35 7.21 7.07 6.92 6.77 6.60 12.88 13.01 12.82
Surcharge 0.73 0.72 0.71 0.69 0.68 0.66 1.29 1.30 1.28
Cess 0.24 0.24 0.23 0.23 0.22 0.22 0.43 0.43 0.42
Total Tax Payable 8.32 8.17 8.01 7.84 7.67 7.48 14.59 14.74 14.52

Calculation of Depreciation as per IT Act

Capitalised cost of assets
Total Project Cost
Confidential 12/08/2021 Page 24
 Other Assets

Depreciation as per IT Act

on WEG 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
On other Assets - - - - - - - - -
Total Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Confidential 12/08/2021 Page 25

Project: 25.6 MW
Location : Karnataka
Loan Repayment Schedule
Loan Repayment Schedule 1 2 3
Quarterly Repayment Assumed
Opening Balance 896.00 827.08 689.23
Repayment for 1st quarter - 34.46 34.46
Opening Balance 2nd quarter 896.00 792.62 654.77
Repayment for 2nd quarter - 34.46 34.46
Opening Balance 3rd quarter 896.00 758.15 620.31
Repayment for 3rd quarter 34.46 34.46 34.46
Opening Balance 4th quarter 861.54 723.69 585.85
Repayment for 4th quarter 34.46 34.46 34.46
Closing Balance 827.08 689.23 551.38
Loan Repayment 68.92 137.85 137.85
Interest on Loan 97.61 85.29 70.13

Project: 25.6 MW
Location : Karnataka
DEBT SERVICE COVER

Debt Service Cover

Profit After Tax 38.98 46.77 59.48

Interest on Loan 97.61 85.29 70.13
Depreciation 67.58 67.58 67.58
Fund available for Debt Service 204.17 199.64 197.19

Interest on Loan 97.61 85.29 70.13

Loan Repayment 68.92 137.85 137.85
Total Debt Service 166.54 223.14 207.98
DSCR 1.23 0.89 0.95
Average DSCR 1.64
4 5 6 7

551.38 413.54 275.69 137.85

34.46 34.46 34.46 34.46
516.92 379.08 241.23 103.38
34.46 34.46 34.46 34.46
482.46 344.62 206.77 68.92
34.46 34.46 34.46 34.46
448.00 310.15 172.31 34.46
34.46 34.46 34.46 34.46
413.54 275.69 137.85 0.00
137.85 137.85 137.85 137.85
54.97 39.80 24.64 9.48

72.15 84.79 97.39 109.94 117.41 116.42 115.39 114.31

54.97 39.80 24.64 9.48 - - - -
67.58 67.58 67.58 67.58 67.58 67.58 67.58 67.58
194.70 192.18 189.61 187.00 184.99 184.01 182.98 181.89

54.97 39.80 24.64 9.48 - - - -

137.85 137.85 137.85 137.85 - - - -
192.81 177.65 162.49 147.32 - - - -
1.01 1.08 1.17 1.27 - - - -
113.17 111.98 110.72 109.41 108.02 106.57 162.25 121.62 120.37
- - - - - - - - -
67.58 67.58 67.58 67.58 67.58 67.58 3.07 - -
180.76 179.56 178.31 176.99 175.61 174.16 165.32 121.62 120.37

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
Owner:
Project: 25.6 MW
Location : Karnataka
Balance Sheet

Balance Sheet Dec-99 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00
Sources
Share Capital 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00
Reserves & Surplus - 38.98 85.74 145.22 217.38 302.17 399.55 509.49 626.90
Own Funds 384.00 422.98 469.74 529.22 601.38 686.17 783.55 893.49 1,010.90

Term Loan 896.00 827.08 689.23 551.38 413.54 275.69 137.85 - -

Working capital Loan (0.20) 21.67 21.57 21.46 21.35 21.23 21.10 20.97

Total Sources 1,280.00 1,249.85 1,180.65 1,102.18 1,036.38 983.21 942.63 914.60 1,031.87

Applications
Gross Fixed Assets 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00
Less: Depreciation 67.58 135.17 202.75 270.34 337.92 405.50 473.09 540.67
Net Fixed Assets 1,280.00 1,212.42 1,144.83 1,077.25 1,009.66 942.08 874.50 806.91 739.33

Current Assets
Debtors (0.29) 31.66 31.66 31.66 31.66 31.66 31.66 31.66
Advances Recoverable in cash/kind (0.02) 2.76 2.90 3.04 3.20 3.36 3.52 3.70
Cash & Bank Balances - 37.75 1.39 (9.63) (7.99) 6.27 33.11 72.50 257.18
Total Current Assets - 37.44 35.82 24.93 26.71 41.13 68.13 107.68 292.54
Less: Current Liabilities
Net Current Assets - 37.44 35.82 24.93 26.71 41.13 68.13 107.68 292.54

Total Application 1,280.00 1,249.85 1,180.65 1,102.18 1,036.38 983.21 942.63 914.60 1,031.87

Check - - - - - - - - -

Confidential 12/08/2021 Page 29

Owner:
Project: 25.6 MW
Location : Karnataka
Balance Sheet
Rs Million
Balance Sheet Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00 Jan-00
Sources
Share Capital 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00
Reserves & Surplus 743.33 858.72 973.03 1,086.20 1,198.18 1,308.90 1,418.31 1,526.33 1,632.90 1,795.15
Own Funds 1,127.33 1,242.72 1,357.03 1,470.20 1,582.18 1,692.90 1,802.31 1,910.33 2,016.90 2,179.15

Term Loan - - - - - - - - - -
Working capital Loan 20.83 20.69 20.53 20.37 20.20 20.03 19.84 19.64 19.44 19.22

Total Sources 1,148.16 1,263.40 1,377.56 1,490.57 1,602.38 1,712.92 1,822.14 1,929.97 2,036.34 2,198.37

Applications
Gross Fixed Assets 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00 1,280.00
Less: Depreciation 608.26 675.84 743.42 811.01 878.59 946.18 1,013.76 1,081.34 1,148.93 1,152.00
Net Fixed Assets 671.74 604.16 536.58 468.99 401.41 333.82 266.24 198.66 131.07 128.00

Current Assets
Debtors 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66 31.66
Advances Recoverable in cash/kind 3.89 4.08 4.28 4.50 4.72 4.96 5.21 5.47 5.74 6.03
Cash & Bank Balances 440.87 623.50 805.04 985.42 1,164.59 1,342.48 1,519.04 1,694.19 1,867.86 2,032.68
Total Current Assets 476.41 659.24 840.98 1,021.58 1,200.97 1,379.10 1,555.90 1,731.32 1,905.27 2,070.37
Less: Current Liabilities
Net Current Assets 476.41 659.24 840.98 1,021.58 1,200.97 1,379.10 1,555.90 1,731.32 1,905.27 2,070.37

Total Application 1,148.16 1,263.40 1,377.56 1,490.57 1,602.38 1,712.92 1,822.14 1,929.97 2,036.34 2,198.37

Check - - - - - - - - - -

Confidential 12/08/2021 Page 30

Owner:
Project: 25.6 MW
Location : Karnataka
Balance Sheet
Rs Million
Balance Sheet Jan-00 Jan-00 Dec-99
Sources
Share Capital 384.00 384.00 384.00
Reserves & Surplus 1,916.77 2,037.14 2,037.14
Own Funds 2,300.77 2,421.14 2,421.14

Term Loan - - -
Working capital Loan 19.00 18.76 -

Total Sources 2,319.77 2,439.90 2,421.14

Applications
Gross Fixed Assets 1,280.00 1,280.00 1,280.00
Less: Depreciation 1,152.00 1,152.00 1,152.00
Net Fixed Assets 128.00 128.00 128.00

Current Assets
Debtors 31.66 31.66 -
Advances Recoverable in cash/kind 6.33 6.65 -
Cash & Bank Balances 2,153.78 2,273.59 2,293.14
Total Current Assets 2,191.77 2,311.90 2,293.14
Less: Current Liabilities
Net Current Assets 2,191.77 2,311.90 2,293.14

Total Application 2,319.77 2,439.90 2,421.14

Check - - -

Confidential 12/08/2021 Page 31

 Owner:
Project: 25.6 MW
Location : Karnataka

Projected Profit & Loss Account

Particulars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20

Power output from the Project (GWh) 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647

Net output (GWH) 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647

Net Electricity generation eligible for credits (GWh) 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647 56.647
No. of CERs 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642 52,642
Price of CER in US$ 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
Revenue in USD 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705 631,705
Revenues in Rs. Millions 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 34.83 35 35 35 35 35 35 35

Confidential 12/08/2021 Page 32