PRESENTATION ON PROJECT FINANCE Presented by: CA Verendra Kalra ORGANISED BY INSTITUTE OF MANAGEMENT...

PRESENTATION ONPROJECT FINANCE

Presented by:CA Verendra Kalra

ORGANISED BY INSTITUTE OF

MANAGEMENT STUDIESON

APRIL 15, 2011AT

INSTITUTE OF MANAGEMENT STUDIES

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Project background• A project can be defined as ‘A scheme of things to be done

during a specified period in future for deriving expected benefits under certain assumed conditions’.

• A project may be in the nature of setting up a new industrial unit, modernization, expansion, diversification and promotion of R&D.

Because of complexity and uniqueness involved, a capital project needs to be launched by:

• Analyzing past environment

• Studying existing environment

• Forecasting future environment

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• A project financing structure involves a number of equity investors, known as sponsors, as well as a syndicate of banks that provide loans to the operation.

• The purpose of term assistance is to meet a part of the capital expenditure of a project.

• To set up a project, certain capital expenditure needs to be incurred in acquiring assets such as L&B, P&M and other infrastructural facilities like roads, water supply, railway sidings, etc., in addition to the Preliminary / Pre-Operative Expenses and margin on WC Limits.

• Where promoters of a project are unable to meet the entire capital expenditure out of their own resources, Term Loans are sanctioned to supplement the promoters’ contribution.

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Project background

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• To set up a project, certain capital expenditure needs to be incurred in acquiring assets such as L&B, P&M and other infrastructural facilities like roads, water supply, railway sidings, etc., in addition to the Preliminary / Pre-Operative Expenses and margin on WC Limits.

• Where promoters of a project are unable to meet the entire capital expenditure out of their own resources, Term Loans are sanctioned to supplement the promoters’ contribution.

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Project background

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• The Promotion Stage is a crucial stage in the entire life cycle of a project. Promotion in relation to a project will comprise broadly the following functions:

• Identification of a project

• Feasibility investigation

• Assembling the proposition

• Financing the proposition

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Project background

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I] Identification of a Project• The first step in the project promotion is the identification of a

project. An industrial project originates as an idea in a promoter when he observes the existence of a potential market for a certain product.

• The promoter, on the basis of his experience, background and ability, then considers the feasibility of manufacturing and marketing the product at a remunerative price.

• There should be an unsatisfied demand.

• Promoters of an industrial project can constitute themselves into any of the following forms of business organizations to implement the project : Sole Proprietorship, Partnership, Co-operative Society & Joint Stock Company.

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II] Feasibility Investigation• A detailed feasibility study is a costly exercise. It is, therefore,

desirable that, before it is undertaken, marketability of the product to be manufactured is firmly established.

• There are agencies, specializing in market research, which conduct such market studies. Promoters may take advantage of their services.

• A market study aims at assessing the aggregate demand for a product.

• The promoter will now undertake the detailed feasibility investigation proper, comprising two feasibility studies:

• The Technical Feasibility Study

• The Economic Feasibility Study

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II] Feasibility Investigation- Technical Feasibility

• Technical Feasibility Study covers the following aspects:• Location of the project• Lay-out of the Plant• Size of the Plant• Factory construction• Manufacturing process / Technology• Process Design• Product Design• Scale of Operation• Infrastructural facilities

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• The prime objective of setting up a project is to derive a fair return on the investment.

• Economic Feasibility Study, therefore, concerns itself with matching of economic resources with the physical requirements of a project and determining the viability of investment therein.

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II] Feasibility Investigation- Economic Feasibility

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III] Assembling the Proposition- CoP & MoF

• When a promoter is satisfied about the technical feasibility and economic feasibility of a project, the next task is to work out the Cost of the Project and the Means of financing it.

• The Cost of the Project means cost incurred for acquiring:

• Land & Building

• Plant & Machinery

• Other Fixed assets

• Technical Know-how, Engg. & Consultancy fees

• Preliminary and Pre-operative expenses

• Provision for contingencies

• Margin on WC Limits

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• The means of financing broadly includes:• Borrowings:• Internal Sources• External Sources• Public Issue:• Shares• Other Securities

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• Own Funds• Retained Earnings• Promoter’s Contribution• Government Agencies• Subsidy• Other Assistance

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IV] Financing the Proposition

• Setting up of a project involves acquisition of Fixed Assets which facilitate the process of production. Fixed Assets have a relatively longer life and are generally not meant for resale. They are required to be retained over a period of time to exploit their productive potential.

• Current Asset go through the operating cycle of Raw Material, Work in progress and Finished Goods, which when sold bring in cash. This cycle is generally completed in a short period of less than one year.

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• Thus, investment in current asset is realized over a short term, while investment in Fixed Assets is long term in nature.

• It is realized through surplus generated in the form of Net Profits, Depreciation and other non-cash write-offs.

• As it takes a long time for the Fixed Assets to pay for themselves, the promoter should raise suitable long term funds to finance a project.

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Equity P reference

Share Capital Retained Earnings

OWNED CAPITAL

Debentures Term Loans, DPGs Public Deposits

BORROWED CAPITAL

LONG T ERM SOURCES

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IV] Financing the Proposition- Long Term Sources

• The aggregate amount of finance raised for financing a project is referred to as Capital, comprising two components

• Owned Capital

• Borrowed Capital

• The other sources of long term funds are:

• Capital Subsidy applicable to projects coming up in certain notified backward areas,

• Interest free sales tax loans offered by State Governments or similar schemes.

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IV] Financing the Proposition - Financial Leverage

• After considering availability of long terms sources of finance, the promoter will decide about a suitable financial structure for the Company.

• It will depend upon the financial leverage envisaged in the combination of sources of finance under the two categories, viz., Owned Capital and Borrowed Capital.

• Few projects can be financed entirely by equity or debt.

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IV] Financing the Proposition - Financial Leverage

• The divergent interests of debt and equity are brought into alignment by the concept of Debt / Equity gearing which determines the level of debt that can be supported by a given quantum of equity.

• For this purpose, Debt means Funded Debt including all term liabilities and equity will include Share Capital and retained earnings, if available.

• No standard Debt Equity Ratio can be prescribed.

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IV] Financing the Proposition- Return on Investment

• The amount invested in a project can be recouped through annual cash flows, over a period of time.

• In arriving at a financial plan for the project, a promoter will examine the attractiveness of the project, vis-à-vis alternative sources of investment.

• The process which assists the management in such a task is collectively known as ‘Capital Investment Evaluation’.

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IV] Financing the Proposition - Return on Investment

• The most important and widely used Capital Investment Evaluation techniques are:

• Pay-back Method

• Net Terminal Surplus Method

• Excess Present Value Method

• Internal Rate of Return Method

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• The object of Pay-back Method is to find out the period of time required for recovering the entire amount of investment made in a project.

• The cash flows (Net Profit + Depreciation + Other non-cash write-offs) are compared with the outlay on the project to determine the pay-back period. Years to pay back would be:

Total Investment Cash Flow per annum

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• Net Terminal Surplus Method employs the concept of compounding which involves re-investing the simple interest earned each year along with the principal so that the principal grows each year by the amount of interest earned during the previous year and interest being calculated on the increased principal also grows.

• Future Value = Principal x (1+i)

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• Excess Present Value Method is based on the discounted cash flow technique and uses the concept of discounting which is just the opposite of compounding.

• In discounting, we arrive at the Present value of a future sum to which the original amount (which we want to find out), invested at a particular compound rate of interest has grown.

• PV = Future sum (1+i)

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• Internal Rate of Return Method – It is that rate at which the sum of the discounted cash flows is equal to the investment outlay. In other words, IRR is the rate which makes the Present Value (PV) of benefits equal to the Present Value of costs or reduces the Net Present Value (NPV) to zero. The object of this method is to find the rate of return which a project is likely to earn over its useful life.

• IRR = Lower Discount Rate + Diff. Between the two discount rates x NPV at lower discount rateAbs. diff. between the two NPVs.

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Types of Term Assistance

The types of term assistance extended by the Bank can be broadly classified into:

• Term Loans (Incl. Forex Loans)

• Deferred Payment Guarantees

• Bill Discounting Facilities

• Underwriting of Shares / Debentures

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Types of Term Assistance-Term Loan

• A Term Loan is a loan granted for a fixed term of not less than one year, intended normally for financing fixed assets acquired / to be acquired, carrying interest at a specified rate, and scheduled for repayment in installments.

• Depending on the term for which the said terms loans are granted, they could be classified into (a) Short Term Loans (b) Medium Term Loans and (c) Long Term Loans.

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Types of Term Assistance-DPG

• Deferred Payment Guarantee (DPG) is a contract to pay to the supplier the price of machinery, supplied by him on deferred terms, in agreed installments with stipulated interest on the respective due dates in case of default in payment thereof by the buyer.

• A DPG is, in many respects, a substitute for a Term Loan and, as far as the buyer of P&M is concerned, it serves the same purposes as a Term Loan.

• Standards of appraisal are the same as TL.

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Types of Term Assistance- Bills Discounting

• Under a contract for sale of machinery on deferred payment basis, the balance remaining to be paid after the initial down –payment represents the deferred receivables of the seller.

• Thus, the funds of the seller get blocked for unduly long periods and the seller requires finance against such deferred receivables to replenish his Working Capital.

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Types of Term Assistance - Bills Discounting

• To facilitate availment of finance against the deferred receivables, the seller usually draws a series of bills with graded maturities to coincide with the due dates of payment of the relative installments (including applicable interest).

• The bills drawn by the seller will be accepted by the buyer before they are discounted by the seller’s banker.

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Types of Term Assistance - Underwriting of Shares

• Underwriting as a business will come under the scope of ‘Investment Banking’ as distinct from ‘Commercial Banking’.

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Types of Term Assistance- Underwriting of Shares

• The necessity for underwriting arrangement arises only in the case of a Public Limited Company resorting to raise through the capital issue market, a part of the Share Capital for part-financing a project.

• Underwriting is a contract whereby a person agrees, in consideration, to take up a specified number of shares or debentures or amount of debenture stock to be offered to the public, in the event of the public not subscribing for them.

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Project Appraisal by bankers

• The purpose of Project Appraisal is to ascertain whether the project will be sound – technically, economically, financially and managerially – and ultimately viable as a commercial proposition.

• The appraisal of a project will involve the examination of:

• Technical Feasibility : To determine the suitability of the technology selected and the adequacy of the technical investigation, and design.

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• Economic Feasibility : To determine the conduciveness of economic parameters to setting up the project and their impact on the scale of operations.

• Financial Feasibility : To determine the accuracy of cost estimates, suitability of the envisaged pattern of financing and general soundness of the capital structure.

• Commercial Viability : To ascertain the extent of profitability of the project and its sufficiency in relation to the repayment obligations pertaining to term finance.

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• Managerial Competency : To ascertain that competent men are behind the project to ensure its successful implementation and efficient management after commencement of commercial production.

• A project should will also be examined, wherever appropriate, from the point of view of its value to the national economy in terms of socio-economic benefits like generation of employment opportunities, forex earnings, the quantum of import substitution, etc.

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• The first step in Project Appraisal is to find out whether the project is prima facie acceptable by examining salient features such as:

• The background and experience of the applicants, particularly in the proposed line of activity

• The potential demand for the product• The availability of the required inputs, utilities and other

infrastructural facilities• Whether the project is in keeping with the priorities, if any, laid

down by the Government.

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• The original application may not contain all the basic data / information. In such cases, it may be necessary by the bank to interview the applicants and elicit all the necessary data / information with a view to forming an overall idea about the general feasibility of the project.

• After satisfying itself about the prima facie acceptability of the project, the Bank will call for from the promoters, an ‘Application’, containing the following essential data / information, such as:

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• Particulars of the project along with a copy of the Project Report furnishing details of the technology, manufacturing process, availability of construction / production facilities, etc.

• Estimates of cost of the project detailing the item wise assets acquired / to be acquired, inclusive of Preliminary / Pre-operative Expenses and WC margin requirements.

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• Details of the proposed means of financing indicating the extent of promoters’ contribution, the quantum of Share Capital to be raised by public issue, the composition of the borrowed capital portion with particulars of Term Loans, DPGs, Foreign Currency Loans, etc.

• WC requirements at the peak level (i.e., when the level of Gross Current Assets is at the peak) during the first year of operations after the commencement of commercial production and the banking arrangements to be made for financing the WC requirements.

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• Project Implementation Schedule.

• Organizational set up along with a list of Board of Directors and indicating the qualifications, experience and competence of (i) The key personnel to be in charge of implementation of the project during the construction period and (ii) The executives to be in charge of the functional areas of purchase, production, marketing and finance after commencement of commercial production.

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• Demand projection based on the overall market prospects together with a copy of the market survey report.

• Estimates of sales, CoP and profitability.

• Projected P&L Account and B/S for the operating years during the currency of the Bank’s term assistance.

• Proposed amortization schedule, i.e., repayment programme.

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• Projected Funds Flow Statement covering both the construction period and the subsequent operating years during the currency of the Term Loan.

• Details of the nature and value of the securities offered.

• Consents from the Government / other authorities and any other relevant information.

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• In respect of existing concerns, in addition to this information, particulars regarding the history of the concern, its past performance, present financial position, etc., will also be called for.

• The ‘Application’ completed in all respects and duly signed by the authorized signatories of the Company will form the basis for the detailed appraisal of the project.

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Project Appraisal by bankers• An inspection of the project site (or factory in the case of

existing units) will be done by the bankers.

• Each project will be examined in proper perspective having due regard to its nature, size and scope.

• Although the basic techniques employed for appraising the viability of various projects are more or less the same, there will be no standard or uniform approach for appraising all projects.

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• The ultimate objective of the appraisal exercise is to ascertain the viability of a project with a view to ensuring the repayment of the borrower’s obligations under the Bank’s term assistance.

• Therefore, it is not so much the quantum of the proposed term assistance as the prospects of its repayment that will weigh with the Bank while appraising a project.

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• In project appraisal, nothing will be assumed or taken for granted by the bankers.

• All the data / information will be checked and, wherever possible, counter-checked by the bankers through inter-firm and inter-industry comparisons.

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Working capital• Current assets – Current liabilities• It measures how much in liquid assets a company has available

to build its business.• A short term loan which provides money to buy earning assets.• Allows to avail of unexpected opportunities.• Positive working capital is required to ensure that a firm is able

to continue its operations and that it has sufficient funds to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts receivable and payable and cash.

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Working capital management• Decisions relating to working capital and short term

financing are referred to as working capital management. Short term financial management concerned with decisions regarding to CA and CL.

• Management of Working capital refers to management of CA as well as CL.

• If current assets are less than current liabilities, an entity has a working capital deficiency, also called a working capital deficit.

• These involve managing the relationship between a firm's short-term assets and its short-term liabilities.

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Working capital management• The goal of working capital management is to ensure that the

firm is able to continue its operations and that it has sufficient cash flow to satisfy both maturing short-term debt and upcoming operational expenses.

• Businesses face ever increasing pressure on costs and financing requirements as a result of intensified competition on globalised markets. When trying to attain greater efficiency, it is important not to focus exclusively on income and expense items, but to also take into account the capital structure, whose improvement can free up valuable financial resources

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Working capital• In a project, working capital requirements mainly arises from:• Building up of inventory• Making deposits with various authorities• Making advance to suppliers• Allowing credits to customers• Granting loans and advances to employees• Maintaining minimum cash balance

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Constituents of working capital

• CURRENT ASSETS• Inventory• Sundry Debtors• Cash and Bank Balances• Loans and advances

• CURRENT LIABILITIES• Sundry creditors• Short term loans• Provisions

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Need For Working Capital• Thus needs for working capital arises from cash or operating

cycle of a firm.• Which refers to length of time required to complete the

sequence of events.• Thus operating cycle creates the need for working capital & its

length in terms of time span required to complete the cycle is the major determinant of the firm’s working capital needs.

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Need for working capital• As profits earned depend upon magnitude of sales and they

do not convert into cash instantly, thus there is a need for working capital in the form of CA so as to deal with the problem arising from lack of immediate realization of cash against goods sold.

• This is referred to as “Operating or Cash Cycle” .• It is defined as “The continuing flow from cash to suppliers, to

inventory , to accounts receivable & back into cash”.

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Working capital estimates• Current Assets• Inventory: represents stock of raw material, indirect material,

work in progress, finished goods, goods in transit• Sundry Debtors: estimated based on various factors such as

credit policy of the company, average credit period of the company, etc

• Cash and bank balance: may be set at a reasonable level based on the life cycle of product

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Working capital estimates• Current liabilities

o Creditors: estimated based on number of days credit, depending upon supply position and company’s status

o Outstanding expenses: estimated based on nature and type of industry, past trend and statutory regulations

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Determining optimum capital structure

• The optimum capital structure for the project should be determined keeping in mind:

• Relevant statutory provisions• Norms and requirements of financial institutions• Internal priorities of the Organisation.

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• The important questions, which arise in judicious financing decision-making are:

• Whether to tap fund from specific source or multiple source• What should be the quantum of financing from each source• How initial losses of the project will be financed• What is the time factor for fund availability

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• The basic factors, which guide financing decision, are:• Risk• Cost• Control• The choice is also governed by consideration such as ease and

flexibility in fund management

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Analysis of Project Report• A project report analysis includes the following methods:• Sensitivity analysis• Ratio Analysis• Break Even Analysis

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Sensitivity analysis • Sensitivity analysis (SA) is the study of how the variation

(uncertainty) in the output of a mathematical model can be apportioned, qualitatively or quantitatively, to different sources of variation in the input of the model. Put another way, it is a technique for systematically changing parameters in a model to determine the effects of such changes. Sensitive analysis in finance is the part of capital budgeting decisions. Suppose, if our investment budget increases 20% due to unknown factors, we see in sensitive analysis, what will be its affect on our NPV.

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Sensitivity analysis • In more general terms uncertainty and sensitivity analysis

investigate the robustness of a study when the study includes some form of mathematical modeling. Sensitivity analysis can be useful to computer modelers for a range of purposes, including:o support decision making or the development of

recommendations for decision makers (e.g. testing the robustness of a result);

o enhancing communication from modelers to decision makers (e.g. by making recommendations more credible, understandable, compelling or persuasive);

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Sensitivity analysis • increased understanding or quantification of the system (e.g.

understanding relationships between input and output variables); and

• model development (e.g. searching for errors in the model).

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Ratio Analysis• Ratio-analysis is a concept or technique which is as old as

accounting concept. Financial analysis is a scientific tool. It has assumed important role as a tool for appraising the real worth of an enterprise, its performance during a period of time and its pit falls. Financial analysis is a vital apparatus for the interpretation of financial statements. It also helps to find out any cross-sectional and time series linkages between various ratios.

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Ratio Analysis• Ratio-analysis means the process of computing, determining

and presenting the relationship of related items and groups of items of the financial statements. They provide in a summarized and concise form of fairly good idea about the financial position of a unit. They are important tools for financial analysis.

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Ratio Analysis• It’s a tool which enables the banker or lender to arrive at the

following factors :• Liquidity position• Profitability• Solvency• Financial Stability• Quality of the Management• Safety & Security of the loans & advances to be or already

been provided

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Ratio Analysis• The utility of ratio analysis will get further enhanced if

following comparison is possible.1. Between the borrower and its competitor2. Between the borrower and the best enterprise in the

industry3. Between the borrower and the average performance in the

industry4. Between the borrower and the global average

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Classification of Ratios

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Balance Sheet Ratio

P/L Ratio Balance Sheet & P/L

Ratio

Financial Ratio Operating Ratio Composite RatioCurrent RatioQuick Asset RatioProprietary RatioDebt Equity Ratio

Gross Profit RatioOperating RatioExpense RatioNet profit RatioStock Turnover Ratio

Fixed Asset Turnover Ratio, Return on Total Resources Ratio, Return on Own Funds Ratio, Earning per Share Ratio, Debtors’ Turnover Ratio,

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Break-even Analysis• Break-even point analysis involves determination of that level

of operation/production at which a project breaks even.• At BEP, the total sale revenue is equal to the total cost

(including both fixed and variable cost) which is incurred in generating sales revenue.

• For calculating break-even point of a new project, the financial revenue and cost figures of the year in which project would achieve stability in terms of capacity utilization may be taken.

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Break-even Analysis• The formula for computing BEP is as under:• BEP(In physical terms) = Fixed Cost/ Contribution per unit

o Contribution per unit= Selling price per unit-variable cost per unit

• BEP(In financial terms)= Fixed cost/(1-total variable cost/total sales)

• BEP(In terms of capacity)= Level of production at BEP(in physical terms)/Overall capacity of the project in physical terms.

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Break-even Chart

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BEPProfit Area

Fixed Cost Line

Break Even Volume

Loss area

Total cost line

ANNUAL PRODUCTION (UNITS)O X

FT

SY

P

B

10 25 40

100

300

400C

COST & REVENUE

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Break-even Chart• Where • OX= Annual Production(in physical terms)• OY= Cost & revenue line(in financial terms)• OS= Sale line• TF= Fixed cost line• TC=Total cost line• The above graph shows Break-even Volume (OP), BEP(P) and

Break-even Sales(BP). Any level of output lower than OP will result in a loss. This is a break even volume which must be guaranteed for acceptance of a project.

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Break-even Chart• In the above chart, it is easy to find out at a given level of output

on OX, fixed cost represented by XF, variable cost by FC, total sales by XS and net profit by CS.

• The area above BEP, which shows profit, is the area of MARGIN OF SAFETY for the project. So contribution above BEP represents profit.

• MOS= (Level of production-Break even quantity )/overall capacity in physical terms.

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Project report-what to include• Particulars of project• Name, Date of incorporation, Registration No.• Constitution of business(Private/public company, Partnership

Firm, etc.)• Sector (Government/joint/private)• Location of project• Date of start of project

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Project report-what to include• Particulars of project• Date of its completion• Agencies involved• Date of submission• Date of approval

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Project description• Background• Need, objective and relevance of project• Long range plans of company• Size in terms of capacity• Implementations

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Project description• In case project is undertaken by an existing company:• The relevant information such as:

o Name of sister/associated companieso Shareholding patterno Particulars of key personnelo Capital structureo Status of facilitieso Borrowing statuso Capacity Utilizationo Such information must be disclosed in the project report

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Particulars of Promoters• In case of financing project from external sources particulars

of promoters such as:• Qualification• Experience on project management• Financial Background• Proposed organization structure of the project• Interest/share in other/sister concern

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Nature and Location of the Project

• Nature:• New project, Diversification, Expansion, Modernization,

technological, upgradation, others.• Location:• Backward area or developed• Rural Region or urban region

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Marketing and Commercial aspect• Nature of goods and services to be supplied by the project• Existing demands, trend as per past growth rate,

anticipated gap between demand and supply.• Year wise demand projections• Income and price elasticity of Demand• Pattern of consumption behavior• Preference of particular brand• Estimation of selling price• Degree and nature of risk involved• Govt. restrictions, etc..

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Other Notes• The detailed format for preparing a project report may be

modified according to the requirement of any specific project• Some of the data/information may have to be duly certified

by a Chartered Accountants/other designated persons for specified purposes.

• A comprehensive project report would help a systematic and timely appraisal of project by the lending agencies.

• In case of project to be undertaken by an existing concern, once the project report is approved, the same would form part of Capital Budget.

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THANK YOU

4th

May

201

3

CONTACT DETAILS:

Head Office75/7 Rajpur Road, DehradunT +91.135.2743283, 2747084F +91.135.2740186E [email protected] www.vkalra.com

Branch Office80/28 Malviya Nagar, New DelhiE [email protected] www.vkalra.com

PRESENTATION ON PROJECT FINANCE Presented by: CA Verendra Kalra ORGANISED BY INSTITUTE OF MANAGEMENT...

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Transcript of PRESENTATION ON PROJECT FINANCE Presented by: CA Verendra Kalra ORGANISED BY INSTITUTE OF MANAGEMENT...