Financial Model and Valuation

Coal India Ltd.

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luation

al purposes only and as

hall not be held liable for
r taking hints from the
CIL is the largest IPO in India till date. It has generated enormous interest in the investor community (both retail and
institutional). Many potential investors want a financial model in MS Excel© which can help them in a thorough
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ommunity (both retail and
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ation. It is available as an
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cial Modeling. It has

es in all the major Indian
(Unless otherwise specified, all financials are in INR Million) FY06A FY07A
P&L Assumptions

Sales Growth Rate Scroll Bar 3%

Other Income Growth Rate CAGR 16%

Internal consumption of coal Growth Rate CAGR -8%

Consumption of Stores & Spares as % of Sales CAGR 14%

Employees remuneration & Benefits Growth Rate CAGR 3%

Power & Fuel as % of Sales CAGR 5%

Social Overhead as % of Sales CAGR 5%

Repairs as % of Sales CAGR 2%

Contractual Expenses as % of Sales CAGR 7%

Other Expenditure as % of Sales CAGR 4%

Overburden removal adjustment as % of Sales CAGR 6%

Finance Charges/Commitment Charges CAGR -18%

Impairment Scroll Bar 45%

Write off as % of Provisions CAGR 31%

Balance Sheet Assumptions

Capital Work in Progress as % of Sales CAGR 4%

Surveyed Off Assets as % of Net Block CAGR 0%

Sundry Debtors as % of Gross Block CAGR 5%

Inventory # of Days Scroll Bar 184

Loans & Advances Growth Rate Scroll Bar 20%

Current liabilities & Provisions as % of Gross Block CAGR 77%

Shifting & Rehabilitation Fund CAGR 2%

FY08A FY09A FY10A FY11E FY12E FY13E FY14E

21 21 21 21
10% 19% 15% 21% 21% 21% 21%

800% 1900% 4400% 4400%

17% 36% 2% 18% 18% 19% 14%

800% 900% 4400% 4400%

6% 2% -1% 0% 2% 1% 0%

800% 900% 4400% 4400%

13% 13% 11% 13% 12% 12% 12%

3600% 3300% 4400% 4400%

25% 56% -16% 17% 21% 20% 10%

2600% 3300% 4400% 4400%

5% 4% 4% 5% 4% 4% 4%

3300% 4400% 4400%

5% 5% 5% 5% 5% 5% 5%

3600% 3300% 4400% 4400%

2% 2% 2% 2% 2% 2% 2%

2600% 3300% 4400% 5400%

8% 9% 8% 8% 8% 8% 8%

2600% 3300% 4400% 4400%

5% 5% 4% 5% 5% 5% 5%

2600% 3300% 4400% 4400%

5% 6% 7% 6% 6% 6% 6%

2600% 3300% 4400% 4400%

-16% 16% -13% -8% -5% -3% -7%

0% 0% 0% 0%
-34% -9% -44% 0% 0% 0% 0%

2600% 3300% 4400% 4400%

56% 40% 50% 44% 47% 45% 47%

2600% 3300% 4400% 4400%

5% 5% 5% 5% 5% 5% 5%

2600% 3300% 4400% 4400%

0% 0% 1% 0% 0% 1% 1%

3600% 3300% 4400% 4400%

5% 6% 6% 6% 6% 6% 6%

18000% 16500% 16000% 15000%

188 188 213 180 165 160 150

300% 300% 300% 300%

31% 14% -26% 3% 3% 3% 3%

2600% 3300% 5400% 4400%

96% 120% 118% 103% 109% 113% 111%

2600% 3300% 5400% 4400%

2% 3% 4% 3% 3% 3% 3%
FY15E

21
21%

4400%
17%

4400%
0%

4400%
12%

4400%
17%

4400%
4%

4400%
5%

4400%
2%

4400%
8%

4400%
5%

4400%
6%

4400%
-6%

0%
0%

4400%
46%

4400%
5%

4400%
 0%

4400%
6%

15000%
150

300%
3%

4400%
109%

4400%
3%
Profit & Loss Statement

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Income
Sales 287,018 296,022
Coal used for other purposes 20,540 19,405
Accretion(+)/Decretion(-) of stock 4,838 2,476
Other Income 27,691 32,152
Total 340,088 350,054

Expenditure
Internal consumption of coal 20,137 18,480
Consumption of Stores & Spares 38,888 41,256
Employees remuneration & Benefits 97,880 100,975
Power & Fuel 15,513 16,003
Social Overhead 13,677 14,780
Repairs 6,502 6,649
Contractual Expenses 19,745 20,934
Other Expenditure 13,281 12,640
Interest 909 849
Overburden removal adjustment 12,099 16,866
Finance Charges/Commitment Charges 283 232
Depreciation 13,154 13,116
Impairment 319 462
Provisions/Write off 445 1,169
Total Operating Costs 252,831 264,412

Profit for the year 87,257 85,642

Prior period Adjustment 285 221

Profit Before Tax & Extra-Ordinary Items 87,542 85,862

Provision for Income Tax 28,708 31,685
Provision for Deferred Tax ( written back ) (1,876) (2,780)
Provision for Income Tax for earlier year 1,921 (356)
Excess Prov. For income tax written back (earlier period) (128)
Fringe benefit Tax 345 388

Profit After Tax, Before Extra Ordinary Items 58,572 56,925

Extra ordinary item 343 162
Profit after Tax 58,915 57,087

Profit After Tax (Restated) 61,136 42,053

Profit (Loss) brought forward from previous year (17,516) 18,324

Less: Transitional provision for Employee Benefits
Profit/(Loss) available for appropriation 43,620 60,376

Appropriation
Transfer to Reserve for Foreign Exchange Transaction 31 138
Transfer to General reserve(Incl. Bond Redemption Reserve) 7,876 8,906
Transfer to CSR Reserve
 Interim dividend 12,633 15,000
Tax on Dividend 4,756 5,344
Total Appropriations 25,297 29,388

Balance Carried to Balance Sheet 18,324 30,988

 FY08A FY09A FY10A FY11E FY12E FY13E FY14E

326,339 387,888 446,153 539,845 653,212 790,386 956,368

19,745 20,220 20,690 20,690 20,690 20,690 20,690
2,442 1,336 6,672 6,672 6,672 6,672 6,672
37,641 51,196 52,408 61,784 73,113 86,749 99,164
386,167 460,641 525,923 628,991 753,687 904,497 1,082,893

19,509 19,922 19,721 19,645 19,953 20,068 20,106

43,786 48,613 49,269 68,736 81,203 96,308 115,701
126,352 197,421 166,555 195,247 235,746 282,060 311,662
15,937 15,951 17,396 24,699 28,529 33,501 40,838
16,229 18,851 20,175 26,112 31,341 37,577 45,215
7,097 7,861 8,479 11,266 13,373 15,929 19,247
26,333 33,399 37,318 43,344 54,009 65,744 78,852
14,873 19,285 19,336 24,473 30,043 36,433 43,218
1,499 1,565 1,365 1,356 1,356 1,356 1,356
15,640 21,772 30,539 30,971 37,539 47,308 58,134
194 224 195 195 195 195 195
15,299 16,629 13,138 13,996 15,307 16,435 17,563
307 280 156 156 156 156 156
2,320 1,760 2,094 1,868 2,008 1,912 1,970
305,374 403,531 385,737 462,064 550,758 654,982 754,213

80,793 57,110 140,186 166,927 202,928 249,515 328,680

1,111 277 (537) - - - -

81,904 57,387 139,649 166,927 202,928 249,515 328,680

35,986 36,839 44,332 69,967 88,758 112,547 149,024
(2,488) (1,032) (336) - - - -
765 460 576 - - - -
(0) (142) (1,147) - - - -
484 507 - 537 613 663 640

47,159 20,754 96,224 96,423 113,557 136,306 179,016

5,274 33 - - - - -
52,433 20,787 96,224 96,423 113,557 136,306 179,016

42,850 40,628 98,294 96,423 113,557 136,306 179,016

30,988 32,088 40,759 94,842 130,866 167,886 211,543

(6,878) (4)
66,960 72,716 139,049 191,265 244,423 304,191 390,560

67 70 73 73 73 73 73
8,897 9,339 12,671 17,430 22,274 27,720 35,591
1,592 - - - -
17,054 17,054 22,100 30,970 39,075 46,559 59,128
8,853 5,494 7,771 11,928 15,117 18,297 21,744
34,872 31,957 44,207 60,399 76,537 92,648 116,535

32,088 40,759 94,842 130,866 167,886 211,543 274,024

 FY15E

1,157,205
20,690
6,672
116,316
1,300,883

20,203
143,050
364,731
50,487
55,305
23,613
95,065
52,830
1,356
68,125
195
18,691
156
1,939
895,746

405,137
-

405,137
168,412
-
-
-
711

236,014

236,014

236,014

274,024

510,039

73
46,479
-
 73,730
27,787
148,068

361,970
Balance Sheet

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Fixed Assets
Gross Block 296,734 307,017
Less: Accumulated depreciation 177,916 199,310
Less: Provision for Impairment 15,520 3,777
Less: Other provisions - 5
Net Block 103,298 103,925
Add: Capital Work in Progress 10,988 12,377
Add: Surveyed off Assets 228 241
Total Fixed Assets 114,515 116,543

Investments 22,445 20,259

Net Interest in Joint Venture
Deffered tax Assets 7,281 6,602
Current Assets, loans & Advances
Inventories 29,134 31,250
Sundry Debtors 18,841 16,822
Cash & Bank Balances 134,272 159,293
loans & Advances 65,004 78,184
Total Current Assets 247,252 285,549

Total Assets 391,492 428,954

Liabilities & Provisions

Secured Loans 2,477 3,327
Unsecured loans 20,713 18,112
Current liabilities & Provisions 216,438 236,171
Minority Interest
Shifting & Rehabilitation Fund 4,859 6,881
Deferred Tax Liability 4,469 2,331
Total Liabilities 248,956 266,822

Net Worth represented by 142,536 162,131

Share Capital 63,164 63,164

Reserves & Surplus 79,373 98,968
Less: Miscellaneous Expenditure(Not written off) - -
Net Worth 142,536 162,131

Check 1.00 1.00

 FY08A FY09A FY10A FY11E FY12E FY13E FY14E

318,592 332,550 349,453 372,253 407,128 437,128 467,128

210,095 218,028 224,911 238,907 254,214 270,649 288,211
4,106 4,430 4,228 4,228 4,228 4,228 4,228
4 4 4 4 4 4 4
104,387 110,088 120,310 129,114 148,682 162,247 174,685
15,392 18,223 20,909 24,674 30,491 36,798 44,425
291 972 1,198 521 668 817 978
120,071 129,283 142,416 154,309 179,841 199,863 220,088

17,179 15,052 12,821 12,821 12,821 12,821 12,821

2 - - - -
7,878 9,548 9,658 9,658 9,658 9,658 9,658

34,074 36,669 44,018 43,152 48,305 53,723 57,899

16,572 18,475 21,686 20,885 22,976 25,151 27,109
209,615 296,950 390,778 395,632 483,756 573,765 668,845
102,663 117,271 86,762 89,365 92,046 94,807 97,651
362,923 469,364 543,244 549,034 647,083 747,447 851,505

508,050 623,247 708,141 725,822 849,403 969,789 1,094,071

2,247 1,805 4,669 4,669 4,669 4,669 4,669

16,592 19,680 16,199 16,199 16,199 16,199 16,199
305,945 399,423 413,825 382,941 445,226 492,599 517,741
19 236 236 236 236 236
9,459 12,238 14,774 9,798 11,728 13,291 14,286
1,801 - - - -
336,043 433,165 449,704 413,843 478,059 526,994 553,131

172,007 190,081 258,437 311,978 371,345 442,795 540,940

63,164 63,164 63,164 63,164 63,164 63,164 63,164

108,843 126,918 195,289 248,815 308,181 379,631 477,776
- 0 15 - - - -
172,007 190,081 258,437 311,978 371,345 442,795 540,940

1.00 1.00 1.00 1.00 1.00 1.00 1.00

 FY15E

497,128
306,902
4,228
4
185,994
53,635
891
240,520

12,821
-
9,658

76,282
28,350
784,323
100,581
989,536

1,252,535

4,669
16,199
541,563
236
14,431
-
577,099

675,437

63,164
612,273
-
675,437

1.00
Valuation

Risk Free Rate 7.50%

Market Rate 13.00%
Beta 0.9
Cost of Equity 12.45%
Tax Rate 34%
Terminal Growth Rate 3%
No of shares Outstanding Millions 6,316

(Unless otherwise specified, all financials are in INR Million)

Net Income
Add: Depreciation
Add: Interest*(1-Tax Rate)
Less: Fixed Capital Investment
Less: Working Capital Investment
Inventories
Sundry Debtors
Loans & Advances
Current liabilities & Provisions
Minority Interest
Shifting & Rehabilitation Fund
Free Cash Flow to firm
Less: Interest*(1-Tax Rate)
Add: Net Borrowing
Free Cash Flow to Equity

Present Value of FCFE 516,581

Terminal Value of FCFE 1,370,703
Total Free Cash Flow to Equity 1,887,284
Value Per share Rs. 299

Terminal
 FY11E FY12E FY13E FY14E FY15E

96,423 113,557 136,306 179,016 236,014

13,996 15,307 16,435 17,563 18,691
895 895 895 895 895
22,800 34,875 30,000 30,000 30,000

(866) 5,153 5,418 4,176 18,383

(801) 2,090 2,176 1,958 1,241
2,603 2,681 2,761 2,844 2,930
(30,884) 62,285 47,372 25,142 23,823
- - - - -
(4,977) 1,930 1,563 996 145
51,718 149,175 162,215 184,635 227,013
895 895 895 895 895
- - - - -
50,822 148,280 161,320 183,740 226,118

Beta---------->
299 0.8 0.82 0.84 0.86 0.88
2.0% 293 290 286 283 279
2.1% 296 292 288 285 282
2.2% 298 294 291 287 284
2.3% 301 297 293 289 286
2.4% 303 299 295 292 288
2.5% 306 302 298 294 290
2.6% 308 304 300 297 293
2.7% 311 307 303 299 295
2.8% 314 310 305 302 298
Terminal 2.9% 316 312 308 304 300
Growth 3.0% 319 315 311 307 303
Rate 3.1% 322 318 314 309 305
3.2% 325 321 316 312 308
3.3% 328 324 319 315 311
3.4% 331 327 322 318 313
3.5% 335 330 325 321 316
3.6% 338 333 328 324 319
3.7% 341 336 331 327 322
3.8% 345 340 335 330 325
3.9% 348 343 338 333 328
4.0% 352 346 341 336 332
a---------->
0.9 0.92 0.94 0.96 0.98 1
276 273 270 267 264 261
278 275 272 269 266 262
280 277 274 271 267 264
282 279 276 273 269 266
285 281 278 275 271 268
287 283 280 277 273 270
289 286 282 279 275 272
292 288 284 281 278 274
294 290 287 283 280 276

296 293 289 285 282 278

299 295 291 288 284 281

301 297 294 290 286 283

304 300 296 292 289 285
307 303 299 295 291 287
309 305 301 297 293 290
312 308 304 300 296 292
315 311 306 302 298 295
318 313 309 305 301 297
321 316 312 308 304 300
324 319 315 311 306 302
327 322 318 313 309 305
Cash Flow Statement

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Cashflow from Operations

PAT 42,053
Less: Depreciation 21,394
Less: Increase in Misc Exp. (Not written off) -
Less: Increase in Surveyed off Assets 12
Less: Increase in Deferred Tax Assets (679)
Less: Increase in Inventory 2,116
Less: Increase in Sundry Debtors (2,018)
Less: Increase in Loans and Advances 13,180
Add: Increase in Current Liabilities 19,734
Add: Increase in Minority Interests -
Add: Increase in Deferred Tax Liabilities (2,137)
Net Cashflow from Operations 68,432

Cashflow from Investment Activities

Less: Increase in Gross Block (10,283)
Less: Increase in Provision for Impairment (11,743)
Less: Increase in Other provisions 5
Less: Increase in CWIP (1,389)
Less: Increase in Investments 2,186
Less: Increase in Net Interest in JV -
Net Cashflow from Investment Activities (21,224)

Cashflow from Financing Activities

Less: Increse in Reserves 6,931
Add: Transitional Provision for Employee Benefits -
Less: Appropriations (29,388)
Add: Increase in Rehab Fund 2,021
Add: Increase in Secured Loans 850
Add: Increase in Unsecured Loans (2,601)
Add: Increase in Share Capital -
Net Cashflow from Financing Activities (22,187)

Net Change in Cash 25,020

Cash Balance
Opening Cash Balance 134,272
Net Cashflow 25,020
Closing Cash Balance 159,293

Cash Balance in Balance Sheet 134,272 159,293

1
 FY08A FY09A FY10A FY11E FY12E FY13E FY14E FY15E

42,850 40,628 98,294 96,423 113,557 136,306 179,016 236,014

10,785 7,934 6,883 13,996 15,307 16,435 17,563 18,691
- 0 15 (15) - - - -
51 681 226 (677) 147 149 161 (87)
1,275 1,671 109 - - - - -
2,823 2,595 7,349 (866) 5,153 5,418 4,176 18,383
(251) 1,903 3,212 (801) 2,090 2,176 1,958 1,241
24,479 14,608 (30,508) 2,603 2,681 2,761 2,844 2,930
69,773 93,479 14,402 (30,884) 62,285 47,372 25,142 23,823
- 19 217 - - - - -
(531) (1,801) - - - - - -
94,500 118,801 139,393 79,291 181,078 189,608 212,583 256,060

(11,575) (13,957) (16,903) (22,800) (34,875) (30,000) (30,000) (30,000)

330 323 (201) - - - - -
(1) 0 (0) - - - - -
(3,015) (2,831) (2,686) (3,765) (5,817) (6,307) (7,627) (9,210)
3,080 2,127 2,230 - - - - -
- - (2) 2 - - - -
(11,181) (14,338) (17,562) (26,563) (40,692) (36,307) (37,627) (39,210)

8,776 9,403 14,288 17,502 22,346 27,793 35,663 46,551

(6,878) - (4) - - - - -
(34,872) (31,957) (44,207) (60,399) (76,537) (92,648) (116,535) (148,068)
2,578 2,780 2,536 (4,977) 1,930 1,563 996 145
(1,080) (442) 2,864 - - - - -
(1,520) 3,088 (3,481) - - - - -
- - - - - - - -
(32,996) (17,128) (28,003) (47,874) (52,261) (63,293) (79,876) (101,372)

50,322 87,335 93,828 4,854 88,125 90,008 95,080 115,478

159,293 209,615 296,950 390,778 395,632 483,756 573,765 668,845

50,322 87,335 93,828 4,854 88,125 90,008 95,080 115,478
209,615 296,950 390,778 395,632 483,756 573,765 668,845 784,323

209,615 296,950 390,778 395,632 483,756 573,765 668,845 784,323

1 1 1 1 1 1 1 1
Reserves

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Share Capital 63,164 63,164

Reserves
Capital Reserves 166 162
Capital Redemption Reserves 18,084 18,084
Reserve for Foreign Exchange Transactions 912 1,050
CSR Reserve - -
General Reserve (Including Bond Redemption Reserve) 41,888 48,685
Total Reserves 61,049 67,980

Balance Carried Forward 18,324 30,988

Total Reserve and Surplus 79,373 98,968
Less: Miscellaneous Expenditure(Not written off) - -

Net Worth 142,536 162,131

 FY08A FY09A FY10A FY11E FY12E FY13E FY14E FY15E

63,164 63,164 63,164 63,164 63,164 63,164 63,164 63,164

157 152 104 104 104 104 104 104

18,084 18,084 18,084 18,084 18,084 18,084 18,084 18,084
1,117 1,187 1,260 1,332 1,405 1,477 1,550 1,623
- - 1,519 1,519 1,519 1,519 1,519 1,519
57,397 66,736 79,480 96,910 119,184 146,904 182,495 228,973
76,755 86,159 100,447 117,949 140,295 168,088 203,752 250,303

32,088 40,759 94,842 130,866 167,886 211,543 274,024 361,970

108,843 126,918 195,289 248,815 308,181 379,631 477,776 612,273
- 0 15 - - - - -

172,007 190,081 258,437 311,978 371,345 442,795 540,940 675,437

Debt Schedule

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Unsecured Loans
Opening Balance 20,713
Add: New Issued -
Less: Repayments (2,601)
Closing Balance 20,713 18,112

Secured Loans
Opening Balance 2,477
Add: New Issued 850
Less: Repayments -
Closing Balance 2,477 3,327

Average Loan Outstanding 11,157

Interest Rate % 8%
Interest Expense 849.28
 FY08A FY09A FY10A FY11E FY12E FY13E FY14E

18,112 16,592 19,680 16,199 16,199 16,199 16,199

- 3,088 - - - - -
(1,520) - (3,481) - - - -
16,592 19,680 16,199 16,199 16,199 16,199 16,199

3,327 2,247 1,805 4,669 4,669 4,669 4,669

- - 2,864 - - - -
(1,080) (442) - - - - -
2,247 1,805 4,669 4,669 4,669 4,669 4,669

10,070 10,081 10,588 10,434 10,434 10,434 10,434

15% 16% 13% 13% 13% 13% 13%
1,499.33 1,564.97 1,364.59 1,356.45 1,356.45 1,356.45 1,356.45
 FY15E

16,199
-
-
16,199

4,669
-
-
4,669

10,434
13%
1,356.45
Asset Schedule

(Unless otherwise specified, all financials are in INR Million) FY06A FY07A

Opening Gross Block 296,734

Addition of Asset 10,283
Closing Gross Block 296,734 307,017

Accumulated Depreciation 177,916 199,310

Less: Provision for Impairment 15,520 3,777
Less: Other provisions 5
Net Block 103,298 103,925
 FY08A FY09A FY10A FY11E FY12E FY13E FY14E FY15E

307,017 318,592 332,550 349,453 372,253 407,128 437,128 467,128

11,575 13,957 16,903 22,800 34,875 30,000 30,000 30,000
318,592 332,550 349,453 372,253 407,128 437,128 467,128 497,128

210,095 218,028 224,911 238,907 254,214 270,649 288,211 306,902

4,106 4,430 4,228 4,228 4,228 4,228 4,228 4,228
4 4 4 4 4 4 4 4
104,387 110,088 120,310 129,114 148,682 162,247 174,685 185,994
This open source financial model is for information purposes only. Due efforts have been taken by Pristine and its
employees in preparation of this model to ensure that the information is accurate to the best of their knowledge
and belief. The primary source of information contained in the report has been the DRHP filing of the company
with SEBI. Pristine, makes no representations or warranties regarding the accuracy or completeness of such
information and expressly disclaims any and all liabilities based on such information or on omissions there from.

The analysts who compiled this open source financial model hereby state that the contents in the document reflect
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