Feasibility Report Unison

8/19/2019 Feasibility Report Unison

1/27

cRo1TS'1101/01/01/4924'"JAN 2011

To,

lvl/s Raj Promotor and givil Engineers Pvt. Ltd410, Pride Silicon Plaza,S. B. Road,Pune-411016

Tel: 020 2563 5050Fax: 020 2567 3030

Kind attn: Dr. Rajendra Hir€math (98220 46604)

Sub: Assessment of f€asibility,.,regardinglmprovements To Prakasha Chad €l Vinchur Sawalivihir Road SH-7 & Bhavadbarito sogras Phata MDR-77 & Satana & Dahiwel Bypass)

Ref: Telephonic confirmation by you for 3 days traffic survey and feasibility study

Dear Sir,

Further to our draft repgrt by email on 17.1.2011 and subsequent telecon of the day,please find enclosed herewiih Final Report

Trust you will find ihe same in order. f you need furiher clarifications and or information,please let us know we willfumish the same promptly-

We look forward to mutually beneficial association.

Thanking you and assuring you of our best services at all times, we remain

Yours faithfullyFor Unison Projecl Management Pvt. Lt(

EIrftrfTffiEnFd

Encliaa

UNISON PROJECT MANAGEMENT PW. tTD.11-12. Building No.3, S.D.C. Area, Poomanagsr CompIeA Chikhali, Pune - 411 019.

'tel.t o2o-27 492357 , 0594 Fax . O2O-27 492369E-mail : unisonpm@dahone,in, w1,va^/.unisonpm.com

, i ' r"i


2/27

ASSESSMENT OF FEASIAILITY FOR TAKING OVER OF BOT FACILITY(lMPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH-7 &

BHAVADBARI TO SOGRAS PHATA MDR-77 & SATANA & DAHIWEL BYPASS)

CONTENTS

1-O BACKGROUND

2.O

3.0

SCOPE OF BOT PROJECT2.1 Toll Plazas2.2 Pha9e-ll

SALIENT FUTURES3.1 ContractProvisions3.2 SupplementaryAgroement

PRESENT TRAFFIC SCENARIO4.1 Traffic Characleristics- Pimplner Toll Plaza C|CS-1)4.1.2 Variation of TEffic4.1.3 Projecled Revenue

4.2. -l.aftic Charaderistics- Devla Toll Plaza (l-CS-2)4.2.1 Volume & Composition of TEffic4.2.2 Variation of Traftic Volume4.2.3 Projected Revenue:

4.3 Combined Projeded Income;BOT FACILITY5.1 Cost of Repairs:

4.0

5.0

6.0 FINANCE MODEL

7.0 cLARTFTCATTOS

8.0 BID DOCUMENIS

9-O ENCLOSURES9.1 FINANCE MODEL9.2 MAP9.3 SNAPS OF FACILITY

BY UNISON, PUNETJ

rdtr|$trrnE[REd

FOR RAJ GROUP, PUNE 1t14


3/27

ASSESSMENT OF FEASIBILIW FOR TAKING OVER OF BOT FACILITY(|MPROVEMENTS TO PMKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &

BHAVADBARI TO SOGRAS PHATA MDR.77 & SATANA & DAHIWEL BYPASS)

1.0 BACKGROUND:

M/s Ram Infrastructure Ltd., Jalgaon completed BOT facility for Chadwel VinchurSawalivihir Road SH-7 and Bhabadbari to Sogras road MDR-77 Sbc{ion Km 8O/OOOto Km. 139/200, Km.154/200 to 174l4OO of SH 7 and Km. 0/000 to 7/000 of MDR 77.Total length 86.4 Km including construction of Satana and Dahlwel bypass, totallength 13.45 Km- The wqrk was compleied and toll collection w"s in progress at twospecified toll plazas nea. Pimplner and Chandwad.

This state highway is a connecling link between trow national highways namely NH-3(Mumbai-Delhi) and NH-6 (Mumbai-Kolkata). The 7 Km link road i.e. MDR-77 isshortest rgute Nashik

There are sugar factories along corridor of SH-7 at Ravalagaon, Taharabad andDeola. There is also well known Jain Temple on lhe projeci conidor.

ft is leamt that the toll collection is stopped f.om 30.11.2010 as per the informationrevealed during site visit. The entrepreneur i.e. lws RIL has failed io properly servicethe debt of the lender

The tolf collection at Plaza no.2 t.e. near Bhabadbari in km 167 is affecled owing to

toll plaza on NH-3 between Chandwad-Vadalibhui and hence there is tendency todetou.and tr-avelthrough Malegaon town and pay tollat plaza-1.

The lender desire to take over the facility and f|e lvvs Raj group is interested inassisting the lender for its operation and maintenance obligations as per terms andcondition of concession agreement.

M/s Raj group, has entrusted M/s Unison Projeci Management Pvt. Ltd., Pune withfollowing broad objectives for this assignment

a. To ascertain requirement of capital cost to restore lhe facility and start tollCollection vis-a-vis existing condition of tr|e BOT f,acility.

b. Probable incomE based on 3 day traffic count at existing toll plazas

c. Conlractual provisions for taking over the facility



4/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BOT FACILIry(lMPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &


2.0 SCOPE OF BOT PROJECT:

The scope of work was to be executed in t\,vo phases. Phasej encompassesimprovements io Siate Highway beh.r€en and MDR in following stretches. Thescope envisaged in two phase as per bid documents is summarized below

RoadSH-7SH.7

From80

154/200

to139nOO174.400

Km59.7020.20

79.9007.0086.90

RemarksKrn 139t00 to Km1541200 i.e.14.50 kmas not in scope thiscontaatct.

t\rDR-77 0.00086.4 Km as indicatedon

Including widening of toadway / cadageway width, construction, reconsuuclion,widening, improvements to major bridges, minor bridges, cross drainage (CD)works, retaining wall, built up, pitched gutter, junctions, bus bays etc. etc. asenvisaged in bid documents.

2.1 Toll Plazas:

Two plazas are envisaged. The locatjons and chainage are specified in biddocuments indicated below

S. No.1

2

Km116t200't67tooo

Name of villageNear Bhabadbari, Tollplaza-2Near Pimplner, Tollplaza-1

2.2 Phaseil:

Phase-ll involves construction of bypass roads forfollowing villages / towns

. Satana bypass of length '12.40 km

. Dahiwel bypass of 1.05 km

Total7lOOO

Total

@

FOR RAJ GROUP, PUNE 3/14


5/27

ASSESSMENT OF FEASIBILITY FOR TAKTNG OVER OF BOT FACILITY(|MPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &


3.0 SALIENT FI,JTURES:

The salient futures ofof Maharashtra andfollows

lhe ag|"eement dated 19.5.2003 betw€en pWD, GovemmentEntrepreneur M/s Ram Inftastructure Ltd., Jalgaon are as

S. No. Particulars1 Tollcollectioncommenced2 Toll collec{ion stopped3 Concession penod ('141 &144)4 Concession period (126)5 Date of agreementCount down of concession period

w.€.f. lhis date6 Date of expiry of concession/ tease

penvd (44)Available concession periodw. e. from 19.1.201'1Lease rent of project landEstimated cost of PWDEstimated cost of Entrepreneur

Bid security (EMD)Performance SecurityConstruction period PhaselCost of land acquisition as per biddocuments (48)

Phase-llwork(Construction of Satiana & Dahiwel

230

'| I years18 years

19

6 2005'11 2010

7 monlhs 0 day10 months 0 day

5 2003

11 years, 11 lronths,

Rs. 12,000 per annumRs. 46001Rs.45s01('126)Rs. 46 LRs.69L (Page 16-3.2.5.2)24 monthsRs. 501Rs. 240L (approximately) acturallypaid by concessionaireYet not started(Land not in possession)

19

6.1

789

10't'l

'13

14

ss

Note: Figure in Bracket indicaG page no. of volume-l

3.1 ContractProvisions:

The following impo(ant but open ended provisions ar€ notad as per bid documents

. For every additional cost of Rs. 1 L towards land acquisition, toll collection wouldbe allowed for additional period of one (1) day.

G@ @


6/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BO7 FACILIW(MPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH-7 &


S. No.

1

23

Name of the bypass

Both, Satana and OahiwelSatanaDahiwel

Reduction of

concession period3 yea6 (47)2.50 yearsY2 Year

Length

13.45 Km12.4O Km105Km

3.2 SupplementaryAgreement:

Supplementary agreement compises of 8 Adicles. this agreement was ro oeentered between the stake holders namelv

. PWD, Govemment of Maharashtra. M/s Ram Infrastructure Ltd, Jatgaon andThe provisions of under Articles of Supplementary Agr€ement are summanzedbelow

In the event of default on the part of entreprsnew under clause no. .1.3 for reasonsreproduced below

Quote

"Default by the entrepreneur in payment of two consecutive quarterlyinstallments either of Principal or of Interest or both to the lenders or either ofthem underthe Loan Agreement, of

(iD "lnitiation by any person of any legat proceedings likely to have materialadverse effecl on the projecl or on the abifify of the Entrepreneur to meet itspayment obligations to the Lenders.,

Unquote

Also under clause no. 3.5 GCC (Cancellation of contract in full or part) and subclauses there under for various re€tsons.

Article-4: Lenders Rioht in the Event of Oefaulti Remediss available to the Lenoersare summarized below

BY UNISON, PUNEH

l|E|n lB''EIiEt



7/27

ASSESSMENT OF FEASIBTLITY FOR TAKING OVER OF BOT FACILITY(IMPROVEMENTS TO PMKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH-7 &


Quote

The Government and the Entropreneur hereby agree that if within 30 days followngthe occunence of Evenl of Default, the Entrepreneur fails and or is unable to remedythe same, the Lenders may, without prejudice to any other right available to theminvite, negotiate and pt ocurg the offers either through private negotiations or throughthe prccess of biding, from the prospeciive entrep.eneurs for take over the assetsend liabilities of the project and for completing / implementing the projecr Inaccordance with the BOT Agreement

Unquote

There are other measur€s under clause 4.2 to 4.4 which deals for completion ofprocess of negotiations, bidding and recommendation of offers if any received foracceptance of Ggvemment or if the Lenders fails to procure suitable offers withrn sixmonths or Govemment decided not to accept any offer recommended by meLenders, taking over of the facility and payment of the lenders dues.

Article-6i Cancellation of Contract

As pe[ clause 6-1 the Govemment is expecied to immediately intimate the Lenders

on occurence of event of default under General Conditions of Confract (GCC)clause 3.5 and various sub clauses there under.

On receipt of an intimation of canc€llation of contrad, the Lenders inesDeclive ofwhether or not the Event of Defaull has occuned may iake steps to initiate aqtonstaled in clause 4.1 of Article-4

Article-7: Pavment of compensatlon

Clauses of this Article highlight the consent of th€ Entrepreneur for direct payment to

the Lenders by Govemment,payment

of the Lende.s dues confirmed by theLenders officer without going into veracity of the same, if any balance amount if anywould b€ paid to the Entrepreneur etc. as per clause 7.'l thru 7.4.

FOR RAJ GROUP, PUNE 6t14 BY UNISON, PU


8/27

ASSESSMENT OF FEASIBILIW FOR TAKING OVER OF BOT FACILITY(MPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &


4.0 PRESENT TMFFIC SCENARIO:

In view of urgency a 3 days traffic count at both plaza locations was conducted from8.1.20'll to 11.1.2011 to have conect idea about daily income at both plazalocations A tullfledge Traffic sludy and anatysis was canied out by us in Dec-2008for securitization of toll revenue and hence 3 day count was caflied out just toconfirms the projections. The result of 3 day traffic is separately enclosed_

4.1 Traffic Characteristics: pimplner To plaza CfCS.t)Various traffic

characteristics, like volume, composition, hourly, daily varjations and.

probable p.oject incomes are illustrated below

4.1.1 Volume & Comoosition

Type Volume No.LMV 982LCV 372

BUSSES 1962Axle 7503 Axle 1,76MAV 465

Total (ADT) 4,551Traffic Composition at TCS-1, pimplner

Average Daily Traffic (ADT) and its composition during 3 day count period isindicated above. lt is observed lhat about 66yo traffic is dominated by,z, 3 and Muttj

Axle vehicles and hence could be temed as qualitative and sustainable traffic.

The balance 34% traffic is of local nature comp.ising of L[,IV, LCV and buses whichgenerally peaks during early moming hours and subside in late evening hours ascould be seen from hourly variations g€ph givgn betow

a/"

EUSSES

BY UNISON, PUN#OR RAJ GROUP, PUNE 7t14


9/27

ASSESSIl FNT OF FEASIBILIry FOR TAKING OVER OF BOT FACILIIY(IMPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWAI iVIH]R ROAD SH.7 &

BHAVADBARI TO SOGRAS PHATA I]IDR.77 & SATANA & DAHIWEL BYPASS)

4.1 2 Variatjon of Traffic: Hourly and daily variations in traffic volumes are illuskated betow

140

i1m1

I

100 l

lll1m

112

100

9195 95

99 1m92

aa

so] i2 7a 772 67 66

60 ] ,- 4e s1 - Hourly variation40 1

ml]. ^-&

r .<^r..t.F:_

@ 01- 02 03 04 0t 06 07 @ 09 lG 11_ 12- 11 1+ 1* 1d 17 1& 19 2t 21 22- 2o1 02030,4' 0506 07@ @10 1.1 12 13 14 15 16 17 $192021 .22 23 24

FOR RAJ GROUP. PUNE at'14 BY UNISON. PU


10/27

ASSESS ENT OF FEASIBTLITY FOR TAKING OVER OF BOT FACTLITY(MPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH-7 &

BHAVADBARI IO SOGRAS PHAIA MDR-77 & SATANA & DAHIWEL BYPASS)

4.1.3 Proiected Revenue:

The probable revenue based on the groMh consideEtions is indic€ted below

PROJECTED INCOME AT PIMPLNER

Note: All projected income is from 1.7 to 30.6 for respective y6ars

Cry"jh ?

3 Axl€57./o

About 8770 incoms is contributed by 2, 3 and irulti axte vehicles

Share of income by various types of vehicles

LCV4%

2010-11

2011-122012-13

2013-142014-152015-162016-17

2017-18201a-192019-202020-21

2021-22

'11936

26319

320573366035343

41424

42e67

43947521245368755298

LCV

'14008

14499

178451e470191162242223507

24212288502971630607

Buss

6903't4496

152211890819853

20u624915257A7

2668931610327't733862

2Axle 3 Axle

't07s23

230100216106275187257'184

275187337104353959

371657450634

47316646824

2797559306

5622570927

6691270927

8U7'l90363

944291 't 3950't1907a

124436

PeroayRs.

18740939821638€372486978

47173s500858

608139635502

664'122799972836080873852

PefANNUM

Cr.

6.84

14.s314.1017.77

17.22

18.2822.20

23.20

24.2429.2030.5231.90

26305s524058002

72054

794399s40399219

103188

Q2AO4

127716132a25

FOR RAJ GROUP, PUNE BY UNISON, PUN&


11/27

ASSESSMENT OF FEASIBILTTY FOR TAKING OVER OF BOT FACILITY(IMPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH-7 &


4.2. Traffic Cha.acteristics: Devta Toll plaza fiCS,2)

4.2.1 Volume & Composition of Traffic

Volume, No.

1,426259

251400

1,131

4374,304

Type

LCV

BUSSES

2Axle3 Axle

IMAV

L]orar (ADr) BUSSES //

Traffic Composition al Devla toll plaza, TCS-2

4.2.2 Variation of Traffic Volume: Hourly and Daily variations in traffic is illustrated betow

.-r*q4y-._. .r_- 9.y .,. _9 r3-, .. -.2.,1rte-trlee t_ - -_ ,.3,.Ee- __+,1+v_ ...._.ret1-

ourly variationua//

;F,l 12113t'. 115ti6 t7 I1B)1stm)21 z2 I2a,' l'2i13 11l'5| 16'/l'Bt 1e ? t?1tztn

rfllrE liJ lllrFr.Ir ,

FOR RAJ GROUP, PUNE 'lot14 BY UNISON, PU


12/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BOT FACILITY(IMPROVEMENTS TO PRAKASHA CHADWEL MNCHUR SAWALIVIHIR ROAD SH.7 &

BHAVADBARI TO SOGRAS PHAIA MDR-77 & SATANA & DAHIWEL BYPASS)

4.2.3 Proiected Revenue:

Note: All projected income is from 1.7 to 30.6 fror respective years

PROJECTED INCOME AT TCS-2, DEVLA

2010-11 22,207 4,7062011-12 46,634 9,7412012-13 48,965 1o,O8.l2013]14 59,640 12,4@2014-15 ts2,622 12,84320'15-16 65,7s3 13,292

201d17 77,067 15,8692017lA 79,37s 16,3452018-19 81,760 16,8352019-20 96,973 20,0612020-21 99,882 20,6622021-22't02,A78 2't,282

Year LMV LCV Per Perday Annu

m144,147 5.26305,814 11.16324,429 11.84407,711 14.8A432,627 15.79459,103 16.76

556,205 20.30580,661 21.'19606,221 22.13729,694 26.63761,9U 27.A1795,576 29.04

BUS

8,83718,55719,48524,20525,4'1526,686

3'1,89433,01134,16640,46541,84243,348

2 Axl€Trucks

M,O1a29,43730,90938,39740,31742,332

52,a7354,98865,44'l68,05970,781

3 AxleI ruck

68,090'145,713

155,913J98,537212,435227,305

27A,449292,372306,990372,22A390,837410,379

26,289

59,07674,52478,995

102,O87106,68'l't't1,482134,528140,5421.t€,908

Gl|||FT'INlsftTEt

FOR RAJ GROUP, PUNE 1',v't4 BY UNISON, PU


13/27

ASSESSMENT OF FEASIBILIry FOR TAKTNG OVER OF BOT FACILITY(IIVlPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH,7 &

EHAVADBARI TO SOGRAS PHATA MDR-77 & SATANA & DAHIWEL BYPASS)

Share of income by various types of vehicles

15%

BUSe/o

2 A.i(le Trucks100k

3 Axle Truck4Ao/.

4.3 Combined Projected Income:

Yearly projected income at bor| toll siations taken together is given below

Note: Projected Income from 1.7. lo 30.6 for respective ye.t.s

Year

2010-112011-1220'12-132013- 14

2014-152015-162016-172017-'t8

201A-192019-202020-21

2021-22

34,14371,70075,28491,697

96,242101,096

fia,491122,046

125,707'149,@7

153,569't58,176

LCV

11,47323,749

24,58030,253

31,31332,40A

38,69139,852

41,O4744,91150,378

51,889

15,74033,053

34,7643,113

45,26A47,53256,809

58,798

60,85572,07574,59977,210

2 Axte

40,323a4,677

88,911

110,451

'121 ,771146,2421s2,O92

'158,17618a,245

203,606

3 Axle

175,613

372,019473,724469,619502,492615,553646,331

678,647822,60841,003907,203

54,264115,038

115,30'l145,451

145,907

154,662188,558197,U4

205,9't1244,478259,660271,344

Perday Yearly

Rs. Rs_ Cr331556 12.10704030 25.7A710801 25.94894689 32.66904362 33.019s9961 35.041164344 42.501216163 44.39

1270443 46.371529666 55.831597984 58.331669428 60.93

FOR RAJ GROUP, PUNE 12t',t4 BY UNISON, PU


14/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BOT FACILITY(TiIPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &

BHAVADBARI TO SOGRAS PHATA I,lDR.77 8 SATANA & DAHIWEL BYPASS)

5.0 BOT FAC|LITY

The present condition ascertained during the period of survey1 1.1.201 1 is indicated below

from 8.1.2011 to

\\

ln some Km along the project corridor repairs / strenglhening is being carried out byPWD.

5.1 Cost of Repai6:

Presuming for very good riding quality if decided to provide the following treatmentto SH-7 and renewal to MDR-77

. BM 50 mm

. OGPC 25 mm

The likely expenditur€ v'/orlG out to about Rs. '16.85 Cr This maximum and thereafter there would no need to spend on maintenance. May help to get divert lhe trafficat Chandwad and resulling in increase in collection at TCS-2, thig may need someunderstanding with Soma having tollon NH3 ^

S. No. ObservatignsI sH-o71 Pothole repaidng in

various KM by PWD2 Good, minor repairs3 Repairs of potholes by

PWD4 Not in Scope5 Ghat Okay, about 0.50

reparrs necessary6 Good, no repairs

requrreoMDR-77Good, no repairsrequtfeo

Particulars

Dahiwel-Pimplner

Pimpher- TaharabadTaharabaNatana

Satana-DevlaDevla-Bhabadabari

Bhabadabari-Mangrul

Sogras Phata-Bhabdbari

Distance, KmFrom To80 96

96 1151 15 139

139 154154 167'167 174.4

_--:-----.: 1

nll,lnn$r$rfiM.'

FOR RAJ GROUP, PUNE 13t14 BY UNISON,


15/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BOT FACILITY(IMPROVEMENTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &


6.0 FINANCE IIODEL

We have attempted to ascertain the cgmmercial viability of the project on the basisof following parameters

6.1 Presuming thal the entrepreneur will have to strengthen the facility with 50 BM andOGPC of 25 and some other miscellaneous wo.ks costing about Rs.16.95 beforecommencement of tofl.

6.2 Toll collection will commence on 1.7.2011.6.3 Debt outstanding as on t.'1.2011Rs.96Cr.6.4 Other parameter as indtcated in FM. (which inctudes Rate of Interest @ ilyo per

annum, yearly drawal @ 2.570 of toll income, operational cost etc.)

N aln the basrs of above the project returns an lRR cf '15 16 % 3nd NpV of Rs 29 10\\ a)r\

7.0 CLARIFICATIOS: However the following aspec{s need to be ascertained befo.eproceeding with any decisions

I

X:Reasons for stoppage of toll collectionLikely reastion of l\ills RILWhether PWD has iniormed the Lenders of its actionViews of PWD regarding renewal, shifting of toll plaza-2 tocation,Legality of the project as on daleNegotiation tvith bankers I financers for interest rate on debt in view ofdevelopment and likely NPA

The projeci appeafs feasibie on commercial format and the entfeprenellr rnayconstdet lnter aIa various Dros and cons

8.0 COMPOSITION OF BID DOCUMENTS: Set bid documeni compdses of lhefollowing

8.'1 Volume-l8.1.1 Sections I to XIV in all 152 pages8.2 Volume-ll Bid drawings (Not provided to us)

oeeeo ooaa9 0 0000

l|'h6t*rErB6fi[

FOR RAJ GROUP, PUNE 14t14 BY UNISON, PU


16/27

ASSESSMENT OF FEASIBILITY FOR TAKING OVER OF BOT FACILIry(|MPROVEMFNTS TO PRAKASHA CHADWEL VINCHUR SAWALIVIHIR ROAD SH.7 &


9.0 ENCLOSURES

9-1 FINANCE MODEL9.2 MAP (PROJECT CORRTDOR)9.3 SNAPS OF FACILIry

FOR RAJ GROUP, PUNE 1/1 BY UNISON, PUNE


17/27

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Feasibility Report Unison

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Transcript of Feasibility Report Unison