1 CRISIL Infrastructure Advisory Key Trends and Outlook Indian Roads Sector
2 Overview of the Presentation What is the update on road development (NHDP and state road projects)? What are the key trends? What are the opportunities that these throw up? What is the impact of the economic slowdown and financial crisis on road infrastructure development? What are the major issues that remain to be addressed? 2.
3 3. Background
4 Road sector statistics and investment projected Relevant statistics Length (kms) Projected investment in the Indian Roads sector in the Eleventh Plan National Highways State Roads, rural and other roads % 1.53% Road density ( roads in kms/000 people) India 2.75 World average 6.7 Road density in terms of land ( kms/000 sq kms of land area) 37.22% 49.47% National Highways State Roads Rural Roads North-east Roads India 770 World average 841 Status of national and state highways Length of national highways as a % of total road network- India 2% % of total traffic handled by national highways 40% % of national highways that are four laned 14% % of state highways that are four laned 1% % of national highways that are double laned 59% % of state highways that are double laned 22% Out of the projected investment of Rs 3668 billion in the roads sector in the XIth plan, about 1/3 rd is expected to be brought in by the private sector. 4.
5 Update on Road Development and Key Trends
6 Present status of National Highway Development Program ( NHDP) Status of the NHDP In the past one year, National Highway Development Programme (NHDP) witnessed a delayed progress in awarding of road projects due to litigations, restructuring of projects and liquidity crunch. Thus, out of 60 projects which were under bidding in 2008, only ten projects have been awarded till date. 3 projects have bids being processed and 6 projects have bids being evaluated. Around 44 per cent of total length under NHDP still remains to be awarded. Nearly, 33 per cent of the total length under NHDP was completed as on March 31, 2009 The Golden Quadrilateral, linking the four metro cities of India is almost complete. The focus of implementation has shifted to the North-South-East-West (NSEW) Corridor (Phase II) and Phase III. Around 47 per cent in Phase II and only 7 per cent in Phase III have been completed as on March 31, Close to 12 per cent in Phase II remains to be awarded. Awarding in Phase III and Phase V has still not picked up pace, as close to 79 per cent and 84 per cent, respectively are balance for award. ( Source: NHAI, CRISIL Research) Status of the NHDP ( as of 30th June, 2009) (km) Total length Total four laned Under implementation Balance length for award GQ 5,846 5, NSEW 7,300 3,762 2, Phase III 12, ,037 9,181 Phase V 6, ,466 Phase VI 1, Phase VII Port Connectivity Others Total by NHAI 34,797 11,567 5,985 15,405 Source: NHAI, *includes partially completed stretches 6.
7 Development of National Highways-Key Trends Level of private participation: Out of the projected investment of Rs 3668 billion to have come into the roads sector during the eleventh plan, about one third was to have come in from the private sector. Private sector investment in the sector has been affected owing to issues such as: Slowdown and difficult access to financing Higher cost of financing. Tendency to conserve cash/affected developer sentiment Shift in emphasis to construction contracts. Tendency to avoid bidding for the less lucrative stretches in view of the slowdown as well as the restrictive clause in the new MCA. High document cost/bid preparation cost a deterrent for several road developers The same has been demonstrated by limited developer response to NHAI road projects after the slowdown. Out of 60 projects that were tendered by NHAI, 38 received no bids while 7 recd only a single bid each. 7.
8 Key trends (Contd) Increasing foreign participation: NHDP Phase I and II saw participation from other Asian developers. A number of Malaysian companies led the pack of contractors with Thai, Indonesian, South Korean and Chinese companies making up the rest. Majority of these projects were either sponsored by ADB or by NHAI itself. There were some BOT projects in these phases. However the participation of international developers was not significant. However the participation of international players is gradually increasing: Only 2 out of 9 projects were awarded to international developers in phase 1 of NHDP. Only 1 out of 15 projects was awarded to an international developer in phase 2 of NHDP. 4 out of 31 projects have been awarded to international developers in phase 3 of NHDP so far. ( Till Nov 2008) 4 out of 7 projects have been awarded to international developers in phase 5 of NHDP so far. ( Till Nov 2008) This interest from international developers is fuelled by various factors such as: Increasing project sizes- While the average project length in the GQ was 50 kms and the longest stretch was 150 kms, in NHDP phase V, the average project length is 150 kms with the longest stretch at 290 kms. India offers attractive infrastructure development opportunities. 8.
9 Key Trends (Contd) Initiatives by the government to facilitate private investment Actions by NHAI In view of inadequate response from developers post the slowdown where several stretches did not receive even a single bid, NHAI has taken several steps such as: Increased the concession period for several stretches ( about 10) from years to years. Restructuring project configurations with regard to the number of lanes, bridges, etc. Upward revision of project costs: Revision of 10% for 2007 and 20% for 2006 based project cost estimates. Clause deleted with prospective effect in September. 2 rounds of substitution have been introduced (Nov 08), with most of the applicants freed of Clause if substitution goes to 2nd round New Tolling Policy The rate of toll for the use of permanent bridges, bypass or tunnel constructed with the cost exceeding Rs10 crore will be different from the tariffs prescribed. Toll charges will be allowed to escalate each year by 3% simple interest plus 40% of the Wholesale Price Index (WPI) during the year. Broadly speaking, the toll tariffs fall into two categories: one relates to national highways of four or more lanes, and the other to bridges, bypasses and tunnels. The first has a basic toll charge which is not significantly different from the tariffs currently in force. In case it s just a two-lane road, the tariff that can be levied shall be 60% of the base rate prescribed. The second is for other types of roads where the tariff is based not just on the length of the road, but also on the capital cost incurred. Attractive from a developer s point of view given higher escalation, higher tolls for stretches with roads, bridges, etc 9.
10 Pradhan Mantri Gram Sadak Yojana ( PMGSY) About PMGSY The Pradhan Mantri Gram Sadak Yojna (PMGSY) was launched on 25 December 2000 as a fully funded Centrally Sponsored Scheme. The primary objective of the PMGSY is to provide connectivity to all the eligible unconnected habitations of more than 500 persons in the rural areas (250 persons in the hilly and desert areas) by good quality allweather roads by An Action Plan has been prepared for connecting 66,802 habitations with 1,46,185 km of all-weather roads. This Action Plan also envisages upgradation/renewal of 1,94,130 km of the existing rural road network. Based on ground verification by states and roads covered under other schemes, the revised target is to connect 59,564 habitations at an estimated investment of about Rs.48,000 crore. PMGSY focusses on qualitative construction through a three tier process Technical assessment by local divisional engineers Quality approval by State and National Quality control wings 5 years maintenance of completed PMGSY roads also mandatory under the work agreement. Status of PMGSY Against a target of 3,40,316 kilometres in the last four years ( ) only 2,40,424 kilometres could be constructed. Similarly for against a target of 2,23,577 km, only 1,52,742 kilometres could be constructed 10.
11 Factors influencing progress of PMGSY In Orissa, 7 PMGSY projects have been tendered thrice since January Not a single bid has been received. Central grants worth Rs 20 crores lying unspent as the tendering process could not be completed for these projects. Contractors are of the view that stringent quality control for PMGSY projects plus extortion by local crime syndicates leave very little margin and render the effort unviable. Similar issues in states such as Jharkhand, where fresh projects have been put on hold pending completion of 600 projects awarded between Non-availability of sufficient qualified technical personnel including engineers with the contractors Inadequate delegation of financial power to other agencies causing delay in award of the projects Non-availability of land Issues related to environmental clearances for forest areas Issues related to non-availability of labour in areas like the North eastern states. Inadequate institutional and limited contracting capacity of the state governments 11.
12 Status of development of state highways Karnataka Karnataka Road Development Corporation Limited ( KRDCL) has taken up widening and up-gradation of State highways for a length of 1055 Kms, out of which a length of 601 Kms has been completed already. KRDCL has taken up construction/reconstruction of bridges on SH's and MDR's through out Karnataka in 4 phases where Phase I has been completed, Phase II: Advanced stage of completion and Phase III & IV is in progress. State Highway Maintenance for 7300 Kms in Phase-I ( ) is completed. Maintenance for Kms in Phase-II ( ) is under progress. KRDCL proposes to develop 10,000 km of the core road network and 2866 kms of rural connectivity with private sector participation on a Design, Build, Operate and Transfer framework. Bids for 51 packages to be submitted by 30 th Sept, Andhra Pradesh The GOAP proposed a second project i.e. AP Road Sector Project (APRSP) with the loan assistance of World Bank for improvement and better management of the roads chiefly targeted to further strengthen the objectives set forth in the previous project (APSHP). The cost of the project is estimated at Rs 1600 crores to be completed over a five year period from April 2008 onwards and including the following components: Up-gradation and Improvement (2 lanes and 4 lanes) 600 Kms Widening of Roads to 4 lanes under Public Private Partnership (PPP) 1252 Kms (Divided carriageway). Long Term Performance Based Maintenance Contract (LTPBMC) 6523 Kms Institutional Strengthening The program to also include four laning of 1252 kms through PPP, 11 BOT projects and four annuity projects among others. Out of 21 projects to be developed through BOT, tendering for 10 projects is over and at various stages of approval. The balance projects are at various stages of feasibility/dpr preparation, bid process, etc. Andhra Pradesh has received 20 bids for its project to develop three road stretches totalling 450 km and involving an investment of Rs 2,000 crore. 12.
13 Status of state highways (Contd) Gujarat Has recently completed the World Bank Funded Gujarat State Highways project which involved upgradation and periodic maintenance of 850 and 1000 kms of state highways respectively at a cost of US $ 408 million against the original cost of US $ 533 million. This has helped reduce travel time by 16%. Limited private sector interest in the state highways so far with only 9 projects completed so far at a cost of Rs 588 crores. Gujarat has planned nine projects worth Rs 4000 crores to be taken up through PPP and has received 46 bids from 19 companies for its 637-km project involving an investment of Rs 1,540 crore ( annuity projects) Madhya Pradesh Rajasthan MPRDC has mobilized private investment of Rs 3000 crores in 23 projects through the BOND-BOT scheme out of which 11 projects with an investment of Rs 822 crores have been completed. MPRDC has also taken up ADB assisted projects with a total project cost of Rs 922 crores- the first phase covering 332 kms is complete and the second phase covering 1270 kms is substantially complete. Another ADB assisted project to rehabilitate 1800 kms of state roads is expected to be completed by The Rajasthan Mega Highways Project involving development of five state highways covering 1053 kms at an investment of Rs 1500 crores on BOT (Toll) basis has been developed. Rajasthan has additionally already completed 32 road projects on PPP basis and mobilized private investment of Rs 427 crores. The second Mega Highways Project is also being undertaken through PPP and involves widening 7 state highways to two lane with hard shoulders covering 1267 kms at an estimated cost of Rs 1258 crores. The Missing Link project which is a government funded project covering 2715 kms of road length is almost complete. 13.
14 Status of state highways ( Contd) Observations on the above state-level initiatives in the roads sector. While projects are being taken up through PPP, a substantial share of projects is also being funded through multi-lateral assistance, state budgetary support, etc. Projects being taken up through PPP are increasing in size/investment mobilized as evidenced by the Rajasthan Mega Highways Project ( Rs 1500 crores) and the Second Mega Highways Project ( Rs 1258 crores), Tamilnadu IT Corridor Project ( Rs 1700 crores), etc. VGF has enabled taking up of state level projects that would have otherwise been commercially unviable Funding for state sector road projects an issue and lenders concern driven by lower creditworthiness of most state authorities vis-à-vis national authorities,lack of homogenity in procedures adopted by states as well, etc. Post the slowdown, state level initiatives in the roads sector through PPP have seen better response due to various factors such as: Annuity model being adopted stabilizes the revenue streams Higher degree of assurance regarding land availability. For eg. GSHDP assures 95% land availability at the commencement of the project. Fewer restrictive clauses: AP permits all technically qualified bidders to submit financial bids. Andhra Pradesh has also done away with the clause that makes it mandatory for the developer to put in an additional capital if the actual traffic on the highway exceeds the estimates before the concession period is over. In NHAI projects, if the concession period is 12 years and the traffic estimated by the end of 12 years exceeds that limit in eight years, the developer has to put in an additional investment to expand the project to meet the new demand Incentives: States such as Karnataka also propose to award land pockets for setting up of roadside amenities which would enable ancillary revenue. 14.
15 Impact of the economic slowdown & financial crisis on road development
16 Financing of road projects Financing of road projects is typically debt intensive with debt to equity ratio of 70:30 or even higher The long gestation period of road projects makes it difficult to raise equity unless very high returns are offered. Equity for road projects is typically brought in by the developer and often raised through public equity issues, private placements or brought in by way of internal accruals. Substantial investments are required in the form of debt as well as equity to fund and implement the projects planned during the eleventh plan period. Based on a 70: 30 debt to equity ratio, the proposed investment of Rs 3668 billion in the roads sector over the XIth plan period would translate into a debt requirement of about Rs 2568 billion and an equity requirement of Rs 1100 billion. The comfortable liquidity position over the last few years had also led to competitive cost of and access to resources and the buoyant economy had aided private interest in taking up road development through PPP. However, the Global Financial Crisis triggered by the U.S sub-prime mortgage crisis has led to an unprecedented resource constraint worldwide. This has had an effect on India too, particularly in financing large infrastructure projects including road projects. 16.
17 Impact of slowdown on funding availability Equity share issuances The BSE Sensex has declined from a peak of to a low of in the last twelve months (9385 on 14th Nov, 2008).Rs 1509 crores was raised by 13 companies through IPOs between April-Jun 2008 as against Rs crores by 20 companies in the same quarter of the previous year. This change in the overall scenario had restricted corporates access to the equity markets. However, in the first four months of , Rs 30,168 crore ($6.3 billion) was raised through various equity and equity convertible tools (excluding private placements). Private placement of equity Slowdown in the number of private equity placements in India in line with the decline in the stock markets in As per Venture Intelligence estimates, venture capital firms invested $117 million over 27 deals in India during the six months ended June 2009 compared with $413 million being invested across 67 deals in the first half of Deals are now flowing in and expectations are more realistic, deal sizes are getting smaller. Borrowings from commercial banks/financial institutions Given the credit crunch, slowdown in the economy and higher perceived project risks, borrowings are restricted to the best corporate/projects and cost of borrowing is higher, by about basis points on an year-on-year basis (Nov-07 to Nov-08). Term sheets are being revised by banks post sanctions; there is a reluctance to convert in principle sanctions into final sanctions and an insistence on higher promoter equity contribution as well as higher level of collateral to reflect the higher risk premium. During , the total flow of financial resources to the commercial sector declined as compared with the previous year, reflecting moderation in both bank credit and funds from other sources. While credit conditions have eased, the declining trend continued through Q1 of , reflecting subdued credit demand conditions. Rough estimates show that the effective average lending rate for the scheduled commercial banks has declined from 12.3 per cent in March 2008 to 11.1 per cent by March The effective lending rate is expected to have declined further in Q1 of External Commercial Borrowings (ECBs) Revised all-in-cost ceilings for ECBs (For eg. 6 month LIBOR+ 500 bp for minimum average maturity between 3-5 years (ceiling increased by 150 bp) reflect the higher cost of borrowings through ECBs given international liquidity constraints. Indicative cost of borrowing through ECBs has increased by about bp on an year-on-year basis.total funds raised through ECBs by companies in India declined substantially from $11.85 billion in April-July to $6.52 billion in the same period of There was also a decline in the number of companies raising capital through ECBs by percent from 280 companies in the first four months of last fiscal to 128 in the same period of this financial year ( Source: Assocham-Eco Pulse (AEP) study.) ECBs by Indian companies rose 19 per cent to $1.92 billion (around Rs 9,200 crore) in June 2009, the first time since the global crisis deepened in Sept Given the limited number of lenders now, the cost is in the range of basis points over LIBOR. 17.
18 Impact envisaged on road projects in light of the global slowdown FINANCIAL IMPACT ECONOMIC IMPACT Overall economic slowdown Downward revision of growth projections Impact on road traffic International liquidity constraints expected to continue in the medium term Limited access to equity until markets recover. Banks ability to fund expected to be restricted given the likely decline in overall level of savings/deposits and competing demand for credit from various sectors. Tax/revenue collections expected to decline due to lower growth. Decline in revenues from projects in the short to medium term given the likely decline in traffic. Increased financing costs Time and cost overruns on projects due to delays in bidding and financial closure. OVERALL IMPACT Previously viable projects could become unviable. Previously viable projects could require VGF. VGF could need to be enhanced for other projects. Financial closure may not happen within the envisaged time frame. Loss of developers interest likely. Govt s ability to fund nonviable projects could decline. 18.
19 Issues to be addressed MCA & regulatory issues Given the enthusiastic participation of developers in PPP projects in a buoyant economy, there was an impression that there was a strong market for such projects. In this backdrop, the new MCA raised several concerns from developers such as: Issues related to termination of concession Penalties for delays in financial closure Cap on upside in traffic with limited downside protection. Capital costs based on 2006 estimates by NHAI for benchmark calculation and consequent impact on the VGF that would be available.( as a % of project cost) There were also issues related to stringent pre-qualification criteria in the standard RFQ and limits on the number of developers who could be shortlisted to submit the proposal. The consequent response from developers and steps later taken to resolve these issues highlight the need for a participatory approach as well as the need for addressing the interest of all stakeholders concerned. From a public perspective the absence of an independent regulatory authority in these sectors also brought to the fore issues of monitoring the quality of projects being built, the safety standards being followed etc. Issues related to clearances Delays in land acquisition as well as obtaining environmental and other clearances Availability and cost of financing While the availability of various sources of finance appears to have eased post the financial crisis, it is necessary that the project viability be thoroughly established. Lenders have become more stringent with doubts emerging about the optimistic assumptions taken by developers. The drying up of the equity market and the risk averseness of the Private Equity funds and FII s have created a problem in raising equity for the infrastructure projects post the slowdown. The slow revival of equity markets in the past few months and the raising of funds through the QIP route (Qualified Institutional Placements) by the developers has eased the situation somewhat but finding the equity required to take up projects will remain a challenge. Increase in Minimum Alternative Tax from 10% to 15% in the recent budget will also impact project viability. 19.
20 Way forward There has been a gain in momentum post the elections with several proactive steps being taken to expedite development of infrastructure including roads. These include: Increase in budgetary allocation to the roads sector ( to quantify) Banks have been allowed to seek refinancing from IIFCL thereby potentially fulfilling a long standing demand for take out financing by commercial banks. Initiatives to enhance project viability post slowdown through various measures indicated earlier. However given that infrastructure has a significant multiplier effect and can thus act as a stimulus in the present times there is need to do more to promote its rapid development, especially through the PPP route. The government urgently needs to tackle the problem of land acquisition head on (as it is trying to do through a new bill). Also delays in projects resulting from litigations, time taken in seeking approvals, utility shifting etc. needs to be minimized. Innovations in financing are required so that investors like infrastructure funds are able to take up projects, construct and operate them for a few years (when the project risks are maximum) and then allowed to exit so that risk averse investors can take these projects up. Also the efforts towards development of bond markets for long term financing needs to be continued. Emphasis on PPP as a means of bringing efficiency and innovation in the creation and operation of infrastructure to be maintained 20.
September 24, 2014 Economics RBI recently releaseda study on corporate investments which provides a picture on the envisaged capital expenditure (investment in fixed assets) of companies from the private
June 02, 2015 Ratings I. Genesis 5:25 Flexible Structuring Scheme: Aligning Benefits The development of core industries and infrastructure sector is pivotal for developing countries like India. Development
Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,
Management This part provides guidance on the treatment of risks on a PPP project, and; Identifies the major risks common to many PPP projects across all sectors; Allocates the identified risks between
EXTERNAL COMMERCIAL BORROWINGS & TRADE CREDITS FEMA guidelines provide Indian companies to access funds from abroad by following methods:- a) External Commercial Borrowings (ECB):- It refers to commercial
Scheme and Guidelines for India Infrastructure Project Development Fund Department of Economic Affairs Ministry of Finance Government of India Contents Preamble. iii Acronyms and definitions vii 1. The
Knowledge for better decisions, from the expert Impact analysis: Supreme Court s order on overloading February 2006 Sections Executive summary 1 Section one 2 - Supreme Court Ruling on November 9, 2005:
April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE
TECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS Micro-Credit Ratings International Limited, Gurgaon, India September 2005 The purpose of this technical note is to provide a practical understanding of
How to Negotiate Effectively with Your to Restructure a Loan PRESENTED BY: Clint M. Hanni Partner Corporate Section of the Business Services Group May 26, 2010 11:30 a.m. 1 p.m. Stoel Rives LLP One Utah
Economic perspective of the Indian stock market performance With the Indian stock markets taking a sharp dip from the heights of April 2006, the doomsday predictions abound, we believe that there is no
Foreign Currency Exchangeable Bonds: Exploring the New Route for Corporate Debt Vivek Kohli, Senior Partner, ZEUS Law Associates Rishi Jain, Associate, ZEUS Law Associates Published in Journals/Magazines/News
Summary of the comments and suggestions received on Approach Paper on Terms and Conditions of Tariff Regulations for the tariff period 1.4.2014 to 31.3.2019 ( Ref No. 20/2013/CERC/Fin(Vol-I)/Tariff Reg/CERC
Wind Power Programme in India Ministry of New & Renewable Energy 1 st August 2012, New Delhi 1 Renewable Power Sector in INDIA Share of Installed Renewable Capacity 13% 4% 13% 70% Wind Solar Hydro Biomass
Micro, Small and Medium Enterprises Financing in India - Issues and Concerns Dr. C.S. Prasad* Micro, Small and Medium enterprises (MSME) constitute the dominant form of business organisation worldwide.
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,
Manila-March 2010 Experiences with PPP in Rail Projects Mukul Saran Mathur Head of UIC Asia Regional Unit New Delhi Presentation Structure Key Drivers for Rail PPP Structures and Models Success factors
EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT
Submission to the Inquiry into Access of Small Business to Finance march 2010 Submission to the Inquiry into Access of Small Business to Finance Introduction The submission is in two sections reflecting
Trial Balance Private Sector Financing for Road Projects in India ASIAN DEVELOPMENT BANK Tables and Figures i TRIAL BALANCE private SeCTOR FINANCING FOR ROAD projects IN INDIA ASIAN DEVELOPMENT BANK Creative
Paris _ 12th of April 2010 PPP Risk Pricing PPPs Vs Traditional Procurement PPPs Strengths PPPs around the World Best PPPs Practices PPP Risk Pricing DESIGN DIFFERENT PPP DELIVERY MODELS BOT BUILD FINANCE
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
PUBLIC PRIVATE PARTNERSHIP (PPP) IN HARYANA 1. INTRODUCTION 1.1 Government of Haryana (GoH) recognizes that a partnership approach under Public Private Partnership (PPP) should be one of the tools to deliver
April 1 Recent Developments in Small Business Finance Introduction In 1, a Small Business Panel was formed by the Reserve Bank to advise it on the availability of finance to small business. At about the
The Effects of Funding Costs and Risk on Banks Lending Rates Daniel Fabbro and Mark Hack* After falling for over a decade, the major banks net interest margins appear to have stabilised in a relatively
MINISTRY OF WATER RESOURCES MATERIAL FOR FLAGSHILP SCHEMES ON IRRIGATION SECTOR Q. What is the target of irrigation component of Bharat Nirman? A. The irrigation component of Bharat Nirman aims at creation
Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic
Public-Private Partnerships Closing Critical Issues Washington, Background In limited recourse finance, the primary source of debt service is the cash flow generated by the Project will evaluate all factors
Standard Chartered PLC Interim Management Statement 3 November 2015 Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Bill Winters, Group Chief Executive,
International Journal of Engineering and Advanced Technology (IJEAT) ISSN: 2249 8958, Volume-1, Issue-5, June Financial Analysis of Infrastructure Project - A Case Study on Built-Operate-Transfer Project
O M No. F.1 (1)/2010-FRU Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi 110 001 Dated: 14 th January 2011 Sub: States Fiscal Consolidation (2010-2015) States
Findings: City of Tshwane What s inside High-level Market Overview Housing Performance Index Affordability and the Housing Gap Leveraging Equity Understanding Housing Markets in Tshwane, South Africa High-level
Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very
June 23, 2016 Bank of Japan Recent Developments in Economic Activity, Prices, and Monetary Policy Speech at a Meeting with Business Leaders in Ishikawa Takahide Kiuchi Member of the Policy Board (English
Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder
14 July 2015 Irish Responses July 2015 Bank Lending Survey Results Summary: Credit standards were unchanged on loans to enterprises across all loan categories examined during the second quarter of 2015
July 25, 2011 FINISH LINE IN SIGHT BUT HURDLES REMAIN: A PERSPECTIVE ON THE DRAFT MICRO FINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL 2011 K. Sree Kumar CEO, Intellectual Capital Advisory Services
Existing Procedure and Guidelines for approval of Foreign Private Loan. With a view to promote foreign investment in the private sector through easier long term financing of industrial project at lower
CRISIL s Executive Summary A company may choose to tap into new business opportunities within the ambit of its own operations. Alternatively, for legal, tax, and regulatory considerations, it may choose
Table 2 SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED BRANCHES AND AGENCIES OF FOREIGN BANKS IN THE UNITED STATES 1 (Status of policy as of April 2003) Questions 1-5 ask about
The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion
C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working
Net Stable Funding Ratio Aims to establish a minimum acceptable amount of stable funding based on the liquidity characteristics of an institution s assets and activities over a one year horizon. The amount
February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)
Public Works Financing Published monthly since 1988 by editor William G. Reinhardt PWFinance@aol.com Reprinted from February, 2011 Volume 257 Why TIFIA Matters For Transportation By Fred Kessler, Nossaman
REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 COUNTY EXECUTIVE MEMBER, FINANCE, PLANNING AND COUNTY DEVELOPMENT LAIKIPIA COUNTY February 2014 i EXECUTIVE
Quarterly Report For the Quarter ended December 2014 As on 31 December, 2014 Section I Economic & Real Estate Current Status A key development during the last few months has been the ~55% decline in international
Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1
3 INTEREST RATES: WHAT GOES UP MUST COME DOWN John M. Petersen Melvin Mark Capital Group, LLC What an interesting time to be asked to write something about interest rates! Our practice emphasis is commercial
Infrastructure and Project Financing Asia Pacific Scenario by Ajay Sagar This article was originally published in the June 2006 Global Infrastructure Report of Project Finance International Magazine The
SACRS Fall Conference 2013 Bank Loans November 14, 2013 Allan Martin, Partner What Are Floating Rate Bank Loans? Senior secured floating rate debt: Current Typical Terms: Spread: LIBOR + 5.00%-6.00% LIBOR
4 Securities Markets Equity market Pre IPO stage 4.3 In addition to the traditional sources of capital from family and friends, startup firms are created and nurtured by Venture Capital Funds and Private
Vivek Aggarwal Managing Director, MP Road Dev. Corporation Bhopal (M.P.), INDIA Madhya Pradesh Road Development Corporation MP Road Development Corporation Ltd. incorporated in July 2004. Chief Minister
Press Release 3 August 2011 Northern Rock plc: Half Year Results 2011 Northern Rock has continued to build momentum during the first half of the year and considerably improved its position over 2010 The
BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) Abstract: The credit conditions survey captures past, present and prospective perceptions or developments in the Ugandan
Second Green Power Development Project (RRP BHU 44444) DEBT SUSTAINABILITY ASSESSMENT A. Background 1. Objective. The government of Bhutan has followed an investment driven approach for inclusive economic
Infrastructure Development in the post crisis period- Role of SAI Government Audit on Investment in Infrastructure of the Country Paper by SAI India The link between infrastructure and economic development
News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current
Public Sector Comparator for Highway PPP Projects Henry Kerali Lead Transport Specialist Presentation Outline Purpose and Definition of PSC Basis for comparison between Public v. Private Valuing risk Characteristics
ICRA RESEARCH SERVICES Financial ICRA RATING FEATURE Sector Ratings Indian Mortgage Finance Market Updated for Q1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha
Financing Skill Development: Status of Model Vocational Training Loan Scheme Priyambda Tripathi 1 Abstract This article aims to explore the ground realities of implementation of the Vocational Training
PPP GLOSSARY Availability Base Case Bidder Bond BOOT BOT Term Business Case Capex Commercial Operations Date (COD) Concession Meaning The period when the facility (or the relevant part thereof) is able
Inquiry into Access of Small Business to Finance 31 03 2010 ANZ Submission to the Senate Economics References Committee TABLE OF CONTENTS EXECUTIVE SUMMARY 3 ANZ S COMMERCIAL BANKING BUSINESS 5 ANZ SUPPORT
Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW
PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank
Do not remove this if sending to pagerunnerr Page Title The Transport Business Cases January 2013 1 Contents Introduction... 3 1. The Transport Business Case... 4 Phase One preparing the Strategic Business
Bhutan: Promising sectors for Public Private Partnership (PPP) Projects and Key Challenges PPP National Workshop in Bhutan Organized by UN ESCAP 19-20 August 2014 Agenda 1 2 3 4 Critical Success Factors
Small Business Lending Matrix and Analysis The Impact of the Credit Crisis on the Franchise Sector Prepared for the International Franchise Association Educational Foundation Volume IV April 2012 29 FRANdata
Charles Schwab Bank 2015 Annual Dodd-Frank Act Stress Test Disclosure June 2015 I. Dodd-Frank Act Stress Test Results A. About Charles Schwab Bank Charles Schwab Bank (the Bank) is a wholly-owned subsidiary
Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should
PEO Study No. 134 EVALUATION STUDY OF INTEGRATED RURAL DEVELOPMENT PROGRAMME (IRDP) 1. The Study The integrated Rural Development Programme (IRDP) was launched in 1978-79 in order to deal with the dimensions
FEDERAL RESERVE BULLETIN VOLUME 38 May 1952 NUMBER 5 Business expenditures for new plant and equipment and for inventory reached a new record level in 1951 together, they exceeded the previous year's total
Outlook for theus Dollar The US dollar staged one of its most powerful rallies in August, with the 1 rising nearly 6% 2 that month. The breadth of the rally was also impressive, with the currency rising
Overview of the framework Need for a framework Economic growth and trade expansion in recent years have enhanced the relevance of port sector as a critical element in globalisation of the Indian economy.
PCAOB Investor Sub Advisory Group GOING CONCERN CONSIDERATIONS AND RECOMMENDATIONS March 28, 2012 Auditing standards requiring auditors to issue going concern opinions have existed for several decades.
Types of Financing Use this section to learn more about business loans and specific financial products that might be right for your company. Revolving Line Of Credit Revolving lines of credit are the most
A. Justification PROJECT PREPARATORY TECHNICAL ASSISTANCE 1. The Government of Azerbaijan, the Ministry of Transport and Baku Metro Company requested ADB to help improving its urban transport system and
Availability Payment Mechanisms For Transit Projects ADVISORY Agenda Availability Payments Overview Structure Financial Implications Case Study Additional Considerations KPMG Infrastructure 2 What is an
Financing PPPs: Project Finance June 2006 Index Section I. Section II. Section III. Project Finance Spanish Market Advantages Risk Matrix P. 2 Section I Project Finance Project Finance Definition Definition:
ICC 105 19 Rev. 1 16 October 2012 Original: English E International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom Strategic action plan for the International Coffee Organization
Gebze Izmir Motorway & Izmit Bay Crossing Project F.Mehmet Coşan CFO Haluk BÜYÜKBAŞ Secretary General, TCA Gebze Orhangazi Izmir Project is the landmark transaction for the infrastructure sector in Turkey
LABOUR S PLAN FOR A STRATEGIC INVESTMENT BANK Table of Contents Executive Summary...3 Overview...3 Operation...3 Introduction...5 An investment economy...5 The Long-term Case for a Strategic Investment
Community and Renewable Energy Scheme Project Development Toolkit Balance Sheet Equity Investment Community Bond Issues Community Vehicle Crowd Funding Debentures a form of bond Debt Debt Service Cover