A Summer Internship Report On A STUDY ON FINANCIAL MODEL OF MASS RAPID TRANSIT SYSTEM

A Summer Internship Report
On
A STUDY ON FINANCIAL MODEL OF MASS RAPID TRANSIT SYSTEM (MRTS) PEOJECT
Submitted to
Amity University Madhya Pradesh
center2432050
In partial fulfillment of the requirements for the award of the
Degree of
Master of Business Administration
In
FINANCE AND MARKETING
By
AKASH SHARMA
Under the guidance of
DR. ROHIT SINGH TOMAR
Asst. Professor
AMITY BUSINESS SCHOOL
AMITY UNIVERSITY MADHYA PRADESH
June-July 2018
6223063500Amity Business School

DECLARATION
I Akash Sharma, student of MBA II semester hereby declare that the Summer Internship Program titled “A Study on Financial model of Mass rapid transit system (MRTS) projects” which is submitted by me to Amity Business School, Amity University Madhya Pradesh, in partial fulfillment of requirement for the award of the degree of Master of Business Administration has not been previously formed the basis for the award of any degree, diploma or other similar title or recognition.

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Gwalior
Date Akash Sharma
i6223063500Amity Business School
CERTIFICATE
It is to certify that the Summer Internship titled “A Study on Financial model of Mass rapid transit system (MRTS) projects” which is submitted to Amity Business School, Amity University Madhya Pradesh, in partial fulfillment of the requirement for the award of the degree of Master of Business Administration is an original contribution with existing knowledge and faithful record of work carried out by her under my guidance and supervision.

To the best of my knowledge this work has not been submitted in part or full for any Degree or Diploma to this University or elsewhere.

Gwalior
Date
Mr. Rohit Singh Tomar
Asst. Professor
HOI / HOD
Amity Business School
Amity University Madhya Pradesh, Gwalior
iiiACKNOWLEDGEMENT
I extend my deep sense of gratitude and sincere thanks to Prof. (Dr.) Anil Vashisht, Director, Amity Business School for allowing me to take up this project. I would also like to thank Mr. Rohit Singh Tomar for continuous support in my project work. I express my sense of gratitude to Mr. DR Padmanabham, Chief Resident Finance Officer, DMRC for providing me this wonderful opportunity to do my summer internship project work in “Delhi Metro Rail Corporation, New Delhi.” I sincerely thank to Mr. Sanjeev Kumar, Resident Finance Officer, DMRC, for their guidance and encouragement in carrying out this project work. I also express my thanks to my friends and family who have helped me to carry out this work. I thank my almighty god for his blessing showed on me during this period.

AKASH SHARMA
iv
ABSTRACT
This project report entitled to “A Study On Financial Model Of MRTS Project Of Delhi Metro Rail Corporation” at New Delhi. The aim of the project is to analyzing and reviewing the MRTS (Mass Rapid Transit system) fund planning with respect to detail project report (DPR) of the DMRC (Delhi). Aim of the project to find out best possible financial model for the new MRTS project. The objective decides where we want to go, what is our goal and what we want to achieve. The objectives of this project is to- Analyze the DPR of the various metro rail corporations such as Mumbai metro, Lucknow metro, Delhi metro & Jaipur metro. Identify all the source of funds raise by these corporations from different sources. Classify into the financial ratios. Identify the allocation of investor’s fund in the better utilization. To study of other metro corporation’s fund planning. And compare them with the DMRC fund planning and defining new financial model for new MRTS project on the basis of them. Analyze and reviewing all the DPRs, income statement, balance sheet, profit and loss accounts and various financial ratios.

vLIST OF FIGURES
Figure 1.1Funding plan of DMRC project IPg. 30
Figure 1.2Funding plan of DMRC project II Pg. 31
Figure 1.3Funding plan of DMRC project III Pg. 32
viLIST OF TABLES
Table 1.1Rough grid pattern showing different network topologiesPg. 19
Table 1.2 List of metro systems in India Pg. 24
Table 1.3 Under Construction metro system in India Pg. 25
Table 1.4 Overview of Delhi MRTS projects Pg. 33
viiCONTENTS
Front Page
Declaration by student i
Certificate by company ii
Certificate by supervisor (Forwarded by HOD/HOI) iii
Acknowledgement ivAbstract v
List of Figures viList of Tables vii
CHAPTER 1:
What is Financial Model?…………………………………………….1-15
Project financial model……………………………………………….15-15
MRTS Project……………..…………………………………………15-25
Introduction to DMRC……………..…………………………………25-27
DMRC projects……………..……………………………….………..27-35
Objective of Study……………………………………………………..35-36
CHAPTER 2:
Delhi metro Review of literature…………………………………….37-37
Lucknow metro Review of literature…….………………………….37-37
Chennai metro Review of literature………………………………….38-38
Other metro Review of literature……………………………..…….38-41
CAPTER 3:
3.1 Primary Data…………………………………..……………………42-44
3.2 Secondary Data…………………………………..……..…………..45-45
CHAPTER 4:
Factor Analysis…………………………….……………………….46-47
vii Techniques …………………………………………………………48-53
CHAPTER 5:
Conclusion………………………………………………………..54-57
References 58-60

ixChapter 1
INTRODUCTION
1.1. What is Financial Modelling?
Financial modelling is the task of building a unique portrayal (a model) of a financial money related circumstance. This is a numerical model intended to speak to (an improved form of) the execution of a money related resource or arrangement of a business, project, or some other investment.

Commonly, at that point, financial modelling is comprehended to mean an activity in either resource evaluating or corporate fund, of a quantitative sort. It is tied in with interpreting an arrangement of theories about the conduct of business sectors or operators into numerical forecasts. In the meantime, “financial modelling” is a general term that implies diverse things to various clients; the reference ordinarily relates either to bookkeeping and corporate back applications, or to quantitative fund applications.While there has been some discussion in the business with regards to the idea offinancial modelling—regardless of whether it is a tradecraft, for example, welding, or a science—the errand of financial modelling has been picking up acknowledgment and meticulousness throughout the years. Money related displaying is the procedure by which a firm develops a budgetary portrayal of a few, or all, parts of the firm or given security. The model is normally portrayed by performing estimations and makes proposals dependent on that data.

It is the objective of the investigator to precisely figure the cost or future profit execution of an organization. Various valuation and estimate speculations exist, and monetary experts can test these hypotheses by recreating business events in an interactive calculator referred to as a budgetary model. It at that point evaluates the factors and makes formulas around these factors. At last, the model furnishes the expert with a scientific portrayal of specific business occasion. The essential programming device used to do this is the spreadsheet.

The financial modeller is allowed to reconstruct almost any cash flow or revenue stream by Spreadsheet language
1.1.1 Uses of Financial Modelling:
In the finance industry, the estimation of money related displaying is expanding quickly.

Financial modelling goes about as an imperative instrument which empowers business thoughts and dangers to be assessed in a practical manner.

Financial modelling is an activity of making appealing portrayal of a monetary circumstance of organization.

Financial Models are scientific terms went for speaking to the financial execution of a business substance.

1.1.2 Applications of Financial Modelling in Finance:
Investment Banking: Financial Modelling is the essential apparatus of any Investment Banker. It is utilized to esteem the organization by determining its incomes and financials. With the valuation as an establishment the investor would then be able to prescribe the purchaser or dealer on obtaining of assets or interests in assets individually.

Equity Research: Financial Modelling helps investigators in exploring an association’s budgetary projections, rival’s projections and different elements to decide the hazard and gauge the arrival behind any speculation.

Credit Rating: Financial Modelling empowers Credit Analysts to interpret authentic data, for example, remarkable obligations into development conjectures. These estimates at that point decide the nature and level of different dangers which is then grouped to give a rating to a firm.

Project Finance: Financial Modelling is extremely valuable in evaluating the monetary suitability of an undertaking. It is likewise the essential apparatus used to make a financing plan utilizing pertinent obligation and value parts
Mergers & Acquisitions: Financial Modelling helps associations in evaluating the estimation of any organization. It consequently gives them clearness about any “consolidate or gain” choices by estimating the incomes, getting ready obligation plans and by playing out contenders’ investigation.

Corporate Finance: Financial Modelling is utilized by organizations to evaluate their own funds and tasks. It is consequently a contribution to making financing anticipates corporate undertakings.

1.1.3 Application of Financial Modelling in non-finance areas:
Critical Thinking and Analytical Skills: Critical thinking and analytical skills are two of the most critical abilities expected of any chief. These aptitudes are a result of your monetary demonstrating preparing. Arrangement of a money related model requires breaking down various choices fundamentally. Each model that you make sharpens these abilities further.

Business Plan Preparation: Another essential for an administrator is the planning of various reports, for example, strategy for success reports, venture reports and income/cost projection reports. Financial Modelling provides you with relevant skills that are helpful to understand business plans for a range of sectors.

Excel Proficiency: Excel expectations is the staple device for all quantitative investigation crosswise over enterprises and crosswise over divisions. In Financial displaying, trains you in Excel ideal from the beginning of the course guaranteeing that you increase sensible capability before the finish of the course.

Decision Making: The day by day life of a director is packed with circumstances that include basic leadership. Financial Modeling causes you in evaluating the circumstances and thus help you in basic leadership by contrasting distinctive situations.

Theory to practical: previously, you may have learnt different themes, for example, money related articulations, bookkeeping, financial matters, planning and monetary administration, hypothetically. Money related demonstrating clarifies the reasonable utilizations of these speculations.

Why Financial Models are prepared?
Financial models helps in leading chronicled investigation of an organization, anticipating an organization’s budgetary execution utilized in different fields, for example, Project Finance, Real bequest, Personal accounts, Non-benefit associations, Banks, Oil and Gas ventures, Financial establishments, Government, Investment keeping money, Equity inquire about and so forth.
These proficient models are prevalently utilized by the budgetary investigator and are built for some reasons, for example, valuation of an organization/security, deciding the advantages/bad marks of a takeover or merger, making a decision about an Initial Public Offer (IPO), estimating future crude materials requirements for a company and so on..Types of Financial Models
There are different sorts of budgetary models that are utilized by the reason and need of doing it. Distinctive money related models tackle diverse issues. While dominant part of the budgetary models focus on valuation, some are made to figure and foresee hazard, execution of portfolio, or monetary patterns inside an industry or an area. Coming up next are the diverse kinds of money related models:
Discounted Cash Flow model: Among various kinds of money related model, DCF Model is the most essential. It depends on the hypothesis that the estimation of a business is the entirety of its normal future free money streams, reduced at a suitable rate. In basic words this is a valuation technique utilizes anticipated free income and rebates them to touch base at a present esteem which helps in assessing the capability of a speculation. Financial specialists especially utilize this strategy with the end goal to assess the outright estimation of an organization. On the off chance that might need to take in more about Financial Modelling here.

Comparative Company Analysis model: Also referred to as the “Comparable” or “Comps” it is the one of the real organization valuation investigations that is utilized in the venture keeping money industry. In this strategy we attempt an associate gathering investigation under which we look at the money related measurements of an organization against comparable firms in industry. It depends on a presumption that comparable organizations would have comparative valuations products, for example, EV/EBITDA. The procedure would include choosing the associate gathering of organizations, accumulating measurements on the organization under audit, figuring of valuation products and after that contrasting them and the companion gathering.

Sum-of-the-parts model: It is additionally alluded to as the separation investigation. This demonstrating includes valuation of an organization by deciding the estimation of its divisions in the event that they were severed down and spun or they were obtained by another organization.

Leveraged Buy Out (LBO) model: Incorporated into the sorts of Financial model is the LBO Model. It includes gaining another organization utilizing a lot of obtained assets to meet the securing cost. This sort of model is being utilized significantly in utilized back at lump section venture banks and supporters like the Private Equity firms who need to secure organizations with a target of offering them later on at a benefit. Subsequently it helps in deciding whether the support can stand to spend the gigantic lump of cash and still get back a satisfactory profit for its speculation.
Merger & Acquisition (M&A) model: Merger and Acquisitions sort of money related Model incorporates the gradual addition and weakening investigation. The whole target of merger demonstrating is to indicate customers the effect of an obtaining to the acquirer’s EPS and how the new EPS contrasts and business as usual. In basic words we could state that in the situation of the new EPS being higher, the exchange will be designated “accretive” while the inverse would be classified “dilutive.”
Option pricing model: As it is characterized “Alternatives are Derivative gets that give the holder the right, yet not the commitment, to purchase or offer the fundamental instrument at a predefined cost at the latest a predetermined future date”. Choice merchants have a tendency to use distinctive alternative value models to set a current hypothetical esteem. Choice Price Models utilize certain settled known’s in the present (factors, for example, hidden value, strike and days till lapse) and furthermore gauges (or suspicions) for elements like suggested unpredictability, to register the hypothetical incentive for a particular alternative at one point in time. Factors will vacillate over the life of the choice, and the alternative position’s hypothetical esteem will adjust to mirror these progressions.

Three Statement Model: The 3 proclamation demonstrate is the most essential setup for monetary displaying. As the name infers, in this model the three articulations (pay explanation, asset report, and income) are on the whole progressively connected with equations. In Excel. The goal is to set it up so every one of the records are associated, and an arrangement of presumptions can drive changes in the whole model. It’s critical to know how to connect the 3 money related proclamations, which requires a strong establishment of bookkeeping, back and Excel aptitudes.

Initial Public Offering (IPO) Model: Speculation speculators and corporate change specialists will in like manner develop IPO models in Excel to regard their business early of opening up to the world. These models incorporate looking association examination identified with a doubt about how much theorists would pay for the association being alluded to. The valuation in an IPO show consolidates “an IPO discount” to ensure the stock trades well in the helper advertise.

Consolidation Model: This sort of model incorporates different specialty units included into one single model. Ordinarily every specialty unit is its own tab, with solidification tab that just totals up alternate specialty units. This is like a Sum of the Parts practice where Division A and Division B are included and another, solidified worksheet is made.

Budget Model: This is utilized to demonstrate fund for experts in budgetary arranging and investigation (FP&A) to get the financial plan together for the coming year(s). Spending models are commonly intended to be founded on month to month or quarterly figures and spotlight intensely on the wage articulation.

Forecasting Model: This type is also used in financial planning and analysis (FP&A) to manufacture a conjecture that thinks about to the spending model. Now and again the financial plan and estimate models are one consolidated exercise manual and at times they are thoroughly discrete.

1.2 Project finance model:
Project finance is just conceivable when the undertaking is equipped for creating enough money to cover all working and obligation adjusting costs over the entire tenor of the obligation. A monetary model is expected to survey financial plausibility of the undertaking. Model’s yield is likewise utilized in organizing of a venture fund bargain. Above all, it is utilized to decide the most extreme measure of obligation the undertaking organization can have and obligation reimbursement profile, so that in any year the debt service coverage ratio (DSCR) ought not surpass a foreordained level. DSCR is additionally utilized as a proportion of peril of the undertaking and, along these lines, as a determinant of financing cost on obligation. Insignificant DSCR set for an undertaking relies upon hazard of the task, i.e. on consistency and security of income produced by it. As a dependable guideline, DSCR ought not be under 1.60. Be that as it may, now and again, (for example, control plant ventures with solid off-take assentions) it could be set at as low as 1.05.
1.3 Mass rapid transit system (MRTS) project:
Rapid transit or mass rapid transit (MRT), also known as rail, metro, tram, tube, U-Bahn or underground, is a kind of high-limit open transport by and large found in urban zones. Not at all like transports or cable cars, fast travel frameworks are electric railroads that work on an elite right-of-way, which can’t be gotten to by walkers or different vehicles of any kind, and which is regularly level isolated in passages or on raised railroads.Current administrations on fast travel frameworks are given on assigned lines between stations regularly utilizing electric numerous units on rail tracks, albeit a few frameworks utilize guided elastic tires, attractive levitation, or monorail. The stations regularly have high stages, without ventures inside the trains, requiring specially crafted prepares with the end goal to limit holes among prepare and stage. They are commonly coordinated with other open transport and frequently worked by a similar open transport experts. Be that as it may, some fast travel frameworks have at-level crossing points between a quick travel line and a street or between two fast travel lines. It is unchallenged in its capacity to transport huge quantities of individuals rapidly over short separations with practically zero utilization of land.
The world’s first quick travel framework was the incompletely underground Metropolitan Railway which opened as a traditional railroad in 1863, and now shapes some portion of the London Underground. In 1868, New York opened the lifted West Side and Yonkers Patent Railway, at first a link pulled line utilizing static steam motors.China has the largest number of rapid transit systems in the world. The world’s longest single-operator rapid transit system by route length is the Shanghai Metro. The world’s largest single rapid transit service provider by number of stations (472 stations in total) is the New York City Subway. The busiest rapid transit systems in the world by annual ridership are the Tokyo subway system, the Seoul Metropolitan Subway, the Moscow Metro, the Beijing Subway, the Shanghai Metro, the Guangzhou Metro, the New York City Subway, the Mexico City Metro, the Paris Metro, and the Hong Kong MTR.

1.3.1 History of MRTS project:
In 1890 the City and South London Railway was the main electric-footing quick travel railroad, which was likewise completely underground. Both railroads were in the long run converged into London Underground. The 1893 Liverpool Overhead Railway was intended to utilize electric footing from the beginning.
The innovation rapidly spread to different urban communities in Europe, the United States, Argentina, and Canada, with some railroads being changed over from steam and others being intended to be electric from the start. Budapest, Chicago, Glasgow and New York all changed over or reason planned and constructed electric rail administrations. Headways in innovation have permitted new computerized administrations. Half and half arrangements have likewise developed, for example, cable car prepare and pre metro, which fuse a portion of the highlights of quick travel frameworks.

1.3.2 Operation in MRTS project:
Fast travel is utilized in urban areas, agglomerations, and metropolitan regions to transport extensive quantities of individuals frequently short separations at high recurrence. The degree of the quick travel framework shifts significantly between urban areas, with a few transport techniques.
A few frameworks may stretch out just to the furthest reaches of the internal city, or to its inward ring of rural areas with trains making incessant station stops. The external rural areas may then be come to by a different suburbanite rail organize where all the more broadly divided stations permit higher paces. At times the contrasts between urban quick travel and rural frameworks are not clear.
Quick travel frameworks might be enhanced by different frameworks, for example, trolleybuses, general transports, cable cars, or worker rail. This blend of travel modes serves to balance certain confinements of fast travel, for example, constrained stops and long strolling separations between outside passageways. Transport or cable car feeder frameworks transport individuals to quick travel stops.

1.3.2 (a) Lines
Every quick travel framework comprises of at least one lines, or circuits. Each line is adjusted by something like one particular course with trains halting at all or a portion of the line’s stations. Most frameworks work a few courses, and recognize them by hues, names, numbering, or a blend thereof. A few lines may impart track to one another for a segment of their course or work exclusively without anyone else right-of-way.
The limit of a line is acquired by duplicating the auto limit, the prepare length, and the administration recurrence. Substantial quick travel trains may have six to twelve autos, while lighter frameworks may utilize four or less. Autos have a limit of 100 to 150 travelers, shifting with the situated to standing proportion—all the more standing gives higher limit. The base time interim between trains is shorter for fast travel than for mainline railroads attributable to the utilization of Communications based prepare control: the base progress can achieve 90 seconds, yet numerous frameworks ordinarily utilize 120 seconds to take into consideration recuperation from postponements. Common limit lines permit 1,200 individuals for every prepare, giving 36,000 individuals for each hour.

1.3.2 (b) Network topologies
Rapid transit topologies are controlled by countless, including topographical hindrances, existing or expected travel designs, development costs, legislative issues, and verifiable requirements. A travel framework is relied upon to serve a territory of land with an arrangement of lines, which comprise of shapes outlined as “I”, “U”, “S”, and “O” shapes or circles. Land obstructions may cause chokepoints where travel lines must meet (for instance, to cross a waterway), which are potential blockage locales yet in addition offer an open door for exchanges between lines. Ring lines give great inclusion, associate between the spiral lines and serve extraneous outings that would somehow need to cross the normally congested center of the system. An unpleasant framework example can offer a wide assortment of courses while as yet keeping up sensible speed and recurrence of administration.

Two crossing paths (air bladder): .
Cities/Country:
Cairo, Chennai, Lille, Marseille, Montreal, Nuremberg, Qingdao, Toronto 
Circle-radial:
Cities/Country:
Beijing, Bucharest, Chengdu, Copenhagen, London, Manila, Moscow, Seoul, Shanghai, Singapore, Tokyo 
Circle:
Cities/Country:
Glasgow 
Cross:
Cities/Country:
Atlanta, Bangalore, Esfahan, Incheon, Kaohsiung, Kyoto, Minsk, Nizhny Novgorod, Philadelphia, Sendai, Warsaw, Zhengzhou 
LineCities/country: Algiers, Almaty, Baltimore, Cleveland, Gwangju, Haifa, Helsinki, Hiroshima, Kazan, Miami, Mumbai, Panama City, Xiamen, Yekaterinburg 
Complex grid:
Cities/Country:
Berlin, Chongqing, Delhi, Guangzhou, 
Hong Kong, Mexico City, Milan, Nanjing, New York, Osaka, Paris, Shenzhen, Taipei 
X-shaped:
Cities/Country:
Amsterdam, Brussels, San Francisco Bay Area, Stockholm, Thessaloniki 
Radial:
Cities/Country: 
Boston, Budapest, Buenos Aires, Chicago, Kiev, Los Angeles, Sapporo, Tehran, Vancouver, Washington DC Secant:
Cities/Country: Athens, Budapest, Lisbon, Munich, Prague, São Paulo, St. Petersburg, Tashkent .

Table 1.1: Rough grid pattern showing different network topologies
1.3.2 (c) Passenger information
Fast travel administrators have regularly developed solid brands, frequently centered around simple acknowledgment—to permit brisk recognizable proof even in the immense range of signage found in substantial urban areas—joined with the longing to impart speed, security, and expert. In numerous urban communities, there is a solitary corporate picture for the whole travel expert, however the quick travel utilizes its own logo that fits into the profile.
A travel delineate a topological guide or schematic chart used to demonstrate the courses and stations in an open transport framework. The principle segments are shading coded lines to demonstrate each line or administration, with named symbols to show stations. Maps may indicate just fast travel or likewise incorporate different methods of open transport. Travel maps can be found in travel vehicles, on stages, somewhere else in stations, and in printed timetables. Maps enable clients to comprehend the interconnections between various parts of the framework; for instance, they demonstrate the exchange stations where travelers can exchange between lines. Dissimilar to customary maps, travel maps are typically not topographically precise, but rather accentuate the topological associations among the distinctive stations. The realistic introduction may utilize straight lines and settled points, and regularly a settled least separation between stations, to streamline the showcase of the travel arrange. Regularly this has the impact of packing the separation between stations in the external territory of the framework, and growing separations between those near the inside.

1.3.2 (d) Safety and security
Compared to other modes of transport, rapid transit has a good safety record, with few accidents. Rail transport is subject to strict safety regulations, with requirements for procedure and maintenance to minimize risk. Head-on collisions are rare due to use of double track, and low operating speeds reduce the occurrence and severity of rear-end collisions and derailments. Fire is more of a danger underground, such as the King’s Cross fire in London in November 1987, which killed 31 people. Systems are generally built to allow evacuation of trains at many places throughout the system.

High platforms (usually over 1 meter / 3 feet) are a safety risk, as people falling onto the tracks have trouble climbing back. Platform screen doors are used on some systems to eliminate this danger.

Rapid transit facilities are public spaces and may suffer from security problems: petty crimes, such as pick pocketing and baggage theft, and more serious violent crimes, as well as sexual assaults on tightly packed trains and platforms. Security measures include video surveillance, security guards, and conductors. In some countries a specialized transit police may be established. These security measures are normally integrated with measures to protect revenue by checking that passengers are not travelling without paying.

1.3.3 Infrastructure
Most quick travel trains are electric different units with lengths from three to more than ten autos. Group sizes have diminished since forever, with some advanced frameworks presently running totally unstaffed trains. Different trains keep on having drivers, regardless of whether their solitary job in typical task is to open and close the entryways of the trains at stations. Power is usually conveyed by a third rail or by overhead wires. The entire London Underground system utilizes fourth rail and others utilize the straight engine for drive. Most keep running on customary steel railroad tracks, albeit some utilization elastic tires, for example, the Montreal Metro and Mexico City Metro and a few lines in the Paris Metro. Elastic tires permit more extreme slopes and a milder ride, however have higher support costs and are less vitality effective. They additionally lose footing when climate conditions are wet or frosty, avoiding over the ground utilization of the Montréal Metro and restricting over the ground use on the Sapporo Municipal Subway yet not elastic tired frameworks in different urban areas.
A few frameworks have been worked sans preparation, others are recovered from previous suburbanite rail or rural tramway frameworks that have been updated, and regularly enhanced with an underground or hoisted downtown area. At review arrangements with a devoted right-of-way are commonly utilized just outside thick zones, since they make a physical boundary in the urban texture that blocks the stream of individuals and vehicles over their way and have a bigger physical impression. This strategy for development is the least expensive insofar as land esteems are low. Usually utilized for new frameworks in regions that are wanted to top off with structures after the line is fabricated.
Underground passages move activity far from road level, evading delays caused by activity clog and leaving more land accessible for structures and different employments. In zones of high land costs and thick land utilize, passages might be the main financial course for mass transportation. Cut-and-cover burrows are built by uncovering city boulevards, which are then revamped over the passage; on the other hand, burrow exhausting machines can be utilized to burrow profound bore burrows that lie additionally down in bedrock.

1.3.4 Stations
tations work as center points to enable travelers to board and land from trains. They are likewise installment checkpoints and enable travelers to exchange between methods of transport, for example to transports or different trains. Access is given by means of either island-or side stages. Underground stations, particularly profound level ones, increment the general transport time: long elevator rides to the stages imply that the stations can progress toward becoming bottlenecks if not satisfactorily fabricated. Some underground and lifted stations are coordinated into huge underground or skyway arranges individually, that interface with adjacent business structures, In rural areas, there might be a “recreation center and ride” associated with the station. To enable simple access to the trains, the stage stature permits without step access among stage and prepare. On the off chance that the station conforms to availability models, it permits both debilitated individuals and those with wheeled stuff simple access to the trains, however on the off chance that the track is bended there can be a hole between the prepare and stage. A few stations utilize stage screen ways to build wellbeing by anticipating individuals falling onto the tracks, and in addition decreasing ventilation costs.

1.3.5 Modal tradeoffs and interconnections
Since the 1980s, cable cars have consolidated a few highlights of quick travel: light rail frameworks (cable cars) keep running without anyone else privileges of-way, in this manner staying away from blockage; they stay on indistinguishable level from transports and autos. Some light rail frameworks have raised or underground segments. Both new and overhauled cable car frameworks permit quicker speed and higher limit, and are a shabby option in contrast to development of fast travel, particularly in littler urban areas.
A premetro configuration implies that an underground quick travel framework is worked in the downtown area, however just a light rail or cable car framework in suburbia. On the other hand, different urban communities have picked to construct a full metro in suburbia, however run cable cars in city roads to spare the expense of costly passages. In North America, interurban were built as road running rural cable cars, without the level partition of fast travel. Premetros additionally permit a slow redesign of existing tramways to quick travel, hence spreading the venture costs after some time. They are most normal in Germany with the name Stadtbahn.

1.3.6 List of metro systems in India
This list of metro systems includes electrified rapid transit train systems worldwide. In some cases, metro systems are referred to as subways, U-Bahns or undergrounds. As of October 2014, 157 cities in 55 countries around the world host the approximately 160 metro systems that are listed here.

City
Country Name Year open Year of last expansion Stations System length Annual ridership (million)
BengaluruIndiaNamma Metro2011 2017 4142.3 km (26.3 mi) 54.2 (2017*)
ChennaiIndiaChennai Metro2015 2018 2635 km (22 mi) n/a
DelhiIndiaDelhi Metro2002 2018 196296 km (184 mi) 1007.9 (2017*)
GurgaonIndiaRapid Metro2013 2017 1111.7 km (7.3 mi) 2.3 (2014*)
HyderabadIndiaHyderabad Metro2017 – 24 30 km (19 mi) n/a
JaipurIndiaJaipur Metro2015 – 99.6 km (6.0 mi) 7.2 (2017)
KochiIndiaKochi Metro2017 2017 16 18.4 km (11.4 mi) n/a
KolkataIndiaLucknowMetro1984 2013 2427.2 km (16.9 mi) 206.1 (2018*)
LucknowIndiaLucknow Metro2017 – 88.5 km (5.3 mi) n/a
MumbaiIndiaMumbai Metro2014 – 1211.4 km (7.1 mi) 100+ (2017/2018)
Table 1.2 List of metro system in India
1.3.7 List of under construction project of metro system in India
The following is a list of new Indian metro systems that are currently actively under construction. Note that in some cases it is not clear if the system will be considered a full metro system once it begins operational service.

Location Country Name Start
Of Construction Planned Opening
Pune India Pune Metro 2012 2021
Navi Mumbai India Navi Mumbai Metro 2011 2019
Nagpur India Nagpur Metro 2015 2018
Noida India Noida Metro 2015 September 2018
Table 1.3 Under construction metro system in India
1.4 Introduction to Delhi Metro Rail Corporation (DMRC)
For usage and consequent activity of Delhi MRTS, an organization under the name DELHI METRO RAIL CORPORATION was enlisted on 03-05-95 under the Companies Act, 1956. DMRC has break even with value interest from GOI and GNCTD.
The Delhi Metro has been instrumental in introducing another time in the circle of mass urban transportation in India. The swanky and current Metro framework presented agreeable, cooled and eco-accommodating administrations without precedent for India and totally altered the mass transportation situation in the National Capital Region as well as the whole nation.
Having built an enormous system of 296 Km with 214 stations in record time, the DMRC today emerges as a sparkling case of how a mammoth in fact complex foundation undertaking can be finished before time and inside planned expense by a Government organization.
The Delhi Metro Rail Corporation Limited (DMRC) was enrolled on third May 1995 under the Companies Act, 1956 with equivalent value cooperation of the Government of the National Capital Territory of Delhi (GNCTD) and the Central Government to actualize the fantasy of development and task of a world-class Mass Rapid Transport System (MRTS).

The DMRC opened its first passageway among Shahdara and Tis Hazari on 25th December, 2002. In this way, the primary period of development worth 65 kilometers of Metro lines was done two years and nine months in front of plan for 2005. From that point forward the DMRC has additionally finished the development of another 125 kilometers of Metro hallways under the second stage in just four and a half years.
By and by, the Delhi Metro arrange comprises of around 296 Km with 214 stations. The system has now crossed the limits of Delhi to achieve NOIDA and Ghaziabad in Uttar Pradesh, Gurgaon, Faridabad and Bahadurgarh in Haryana. With the opening of the Majlis Park to Durgabhai Deshmukh South Campus and Janakpuri West – Botanical Garden Sections, new age trains furnished with the Unattended Train Operation (UTO) innovation has been presented. These trains work with the Communication Based Train Control (CBTC) flagging innovation which encourages development of trains in short frequencies.
The Airport Express connection between the Indira Gandhi International Airport and New Delhi has now moved Delhi to the association of worldwide urban areas which have rapid rail network between the city and the air terminal.
The DMRC today has more than 270 prepare sets of four, six and eight mentors. In excess of a hundred trains of six mentor arrangement and more than 60 trains of eight mentor setup are at present operational.

The Delhi Metro has likewise contributed colossally on nature front by turning into the first historically speaking railroad venture on the planet to guarantee carbon credits for regenerative braking. DMRC has additionally been affirmed by the United Nations (UN) as the main Metro Rail and Rail based framework on the planet to get carbon Credits for diminishing Green House gas discharges as it has decreased contamination levels in the city by 6.3 lakhs tons consistently hence helping in lessening a dangerous atmospheric devation.
It has likewise set up rooftop top sun based power plants at huge numbers of its stations. All stations of the directly under development halls are being built as green structures. In the present period of Delhi Metro’s development, the DMRC is nearing the finish of 160 kilometers of Metro lines which will weave a trap of Metro hallways along the city’s Ring Road other than interfacing with numerous different regions in NOIDA, Ghaziabad, Bahadurgarh and Ballabhgarh.
Aside from furnishing Delhites with an agreeable open transport alternative, the Delhi Metro is contributing fundamentally towards controlling contamination and also lessening vehicular blockage on the streets. As per an examination, Delhi Metro has helped in expelling around seven lakhs vehicles from the boulevards of Delhi.

1.5 DMRC Projects:
There are as of now 11 operational quick travel (likewise called ‘metro’) frameworks in ten urban communities in India. As of November 2017, India has 425 kilometers (264 miles) of operational metro lines and 369 stations. A further 500+ km of lines are under development. Metro rail lines in India are made out of fundamentally standard check. Activities like the Lucknow Metro and Delhi Metro utilized wide check for their soonest lines however all new undertakings in India are on standard measure as moving stock imported is of standard measure.
The main fast travel framework in India is LucknowMetro, which began activities in 1984. The Delhi Metro has the biggest system in the whole nation. The freshest metro opened in Hyderabad Metro on 29 November 2017.

In 2006, the National Urban Transport Policy proposed the development of a metro rail framework in each city with a populace of 20 lakhs (2 million). On 11 August 2014, Union Government declared that it would give money related help, for the usage of a metro rail framework, to all Inian urban areas having a populace of in excess of 1 million. In May 2015, the Union Government endorsed the Union Urban Development Ministry’s proposition to actualize metro rail frameworks in 50 urban areas. Most of the arranged tasks will be executed through unique reason vehicles, which will be built up as 50:50 joint endeavors between the Union and individual State Government. The Union Government will contribute an expected ?5 lakhs crores (US$73 billion). In another draft approach divulged in March 2017, the Central Government expressed that it needed state governments to consider metro rail as the “last choice” and execute it simply in the wake of considering all other conceivable mass quick travel frameworks. The choice was taken because of the staggering expense of developing metro rail frameworks. In August 2017, the Union Government declared that it would not give money related help to new metro rail venture, except if some kind of private association is included.

1.5.1 Rolling Stock Manufacture
There are three metro moving stock producers in India. Bharat Earth Movers is the main Indian moving stock maker. Alternate makers are the Indian auxiliaries of Canadian firm Bombardier and French organization Alstom. Under the Union Government’s Make in India program, 75% of the moving stock secured for use on Indian metro frameworks is required to be fabricated in India.

Bharat Earth Movers
Bharat Earth Movers manufactures of Rolling Stock consortium with Hyundai Mitsubishi Rotem:
Delhi Metro – 200 coaches
Hyderabad Metro – 171 coaches
Namma Metro – 150 coaches
LucknowMetro – 84 coaches
Jaipur Metro – 40 coaches
Nagpur metro – 9(On lease from Hyderabad metro)
Bombardier
Bombardier built a £26m factory in Savli, Gujarat after it won a contract to supply 614 cars to the Delhi Metro.92 Production at Savli began in June 2009.93 In June 2012, the plant won an order to supply semi-finished bogies to Australia.93
Alstom
In 2013, Alstom built a factory in Sri City, Andhra Pradesh after it won a €243 million contract to supply 168 cars to the Chennai Metro. The 156-acre plant will be used to supply trains to cities in India and abroad.

Chennai Metro – 168 coaches
Lucknow Metro – 80 coaches
Kochi Metro – 75 coaches
Integral Coach Factory
Integral Coach Factory manufactures Rolling Stock, ICF has manufactured “Medha Rakes” and is in the process of supplying them to various metro systems.

Others
Chinese firm CRRC is planning to set up a manufacturing plant in Nagpur, Maharashtra.

1.5.2 Funding
Phase I:

Figure 1.1 Funding plan for DMRC phase I
Extensively, around 60% of the undertaking cost was financed by the Government of Japan by method for a delicate credit through the Japan Bank for International Cooperation (JBIC), now called the Japan International Cooperation Agency (JICA).
The Central Government and the State Government mutually financed 28% of the undertaking cost through value commitments notwithstanding giving a subordinate advance to take care of the expense of land obtaining which generally worked out to 5% of the task cost. The equalization 7% reserves were inside produced through property improvement.

Phase II:

Figure 1.2 Funding plan for DMRC phase II
For the second period of Metro development, the JICA advance has contributed 54.47 percent of the subsidizing. While the value from the Governments of India and Delhi expanded to 16.39 percent each. For the development of the Airport Express connection, 39 percent was contributed by the administrations of India and Delhi and 46 percent by the concessionaire as this was the first since forever task of the Delhi Metro on the general population private organization demonstrate. For the augmentation of the Delhi Metro to Gurgaon in Haryana and NOIDA in Uttar Pradesh, the individual state governments contributed 58 percent each. The aggregate expense of stage 2 is ` 18,783 crores (US$ 3.2 Billion) roughly.

Phase III

Figure 1.3 Funding plan for DMRC phase III
The aggregate evaluated consumption for Phase III development is ` 41,079 crores. JICA will give 48.57 percent of the aggregate store prerequisite while the Government of India and the Government of Delhi will pay 10.04 percent each. The consumption for the extension of Metro to Faridabad is ` 2492 crores and the Metro passage from Kalindi Kunj to Botanical Garden in NOIDA will cost ` 894 crores.

Table 1.4 Overview over Delhi MRTS projects
DMRC cost funding plan for phase 1, 2 ; 3
Completion cost phase 1: Rs. 10571 crores
Funding plan:
60% JICA loan (govt of Japan)
Agreement between govt of Japan and govt of India
JICA is Japan international cooperation agency (Japan bank)
Financed by way of soft loan
5% interest free subordinates debt towards land cost
It is additional subordinate loan to cover cost of acquisition
7% property development
Balance fund generated by the property development authority of state
14% GOI Equity and 14% GNCTD equity (Delhi govt)
Total 28% financed by both the central and state govt.

Completion cost phase 2: Rs. 18783 crores
Funding plan:
54.47% JICA Loan (PTA by GOI)
Financing by govt of Japan
16.39% GOI equity and 16.39% GNCTD Equity (Delhi govt)
Total 32.78% financed by both the central and state govt.

3.83% interest free subordinates debt towards land cost
Subordinate loan to cover cost of acquisition.
0.59% HUDA (Haryana govt)
Financing by Haryana govt
5.59% DMRC internal accruals/ property development
Collection of rent from the metro station outlets by the DMRC funded in the phase 2.

Balance fund generated by the property development authority of state
2.73% interest free subordinate debt for central taxes
Subordinate loan to cover central taxes.

Completion cost phase 3: Rs. 41079 crores
Funding plan:
48.57% JICA loan
Financing by govt of Japan
10.04% GNCTD equity (Delhi govt) and10.04% GOI equity
Total 20.08% financed by both the central and state govt.

13.39% land and central tax
Subordinate loan to cover central taxes.

Subordinate loan to cover cost of acquisition.
7.34% property development by DMRC
Collection of rent from the metro station outlets by the DMRC funded in the phase 2.

Balance fund generated by the property development authority of state
10.62 % Grant
Financed by state govt.Interest and tax paid by the DMRC to state govt.

1.6 Objective of study of “Financial model of MRTS project”
To study of other metro corporation’s fund planning and compare them with the DMRC fund planning and defining new financial model for new MRTS project on the basis of them.

This goal clarifies distinctive reserve arranging of every one of the 10 urban communities (Kolkata, Delhi, Bangalore, Guru Gram, Mumbai, Chennai, Jaipur, Kochi, Hyderabad, and Lucknow.) in India where metro is running. Concentrate all the subsidizing arranging and methodology of each of the 10 urban communities and we contrasted some of them and the Delhi metro. After examination and look at, we endeavor to characterize new monetary model for new MRTS venture.

Analyze and reviewing all the DPRs, income statement, balance sheet, profit and loss accounts and various financial ratios.
In second objective we dissect and looking into all the Detail venture reports, Income proclamations, monetary records, benefit and misfortune accounts, different money related proportions and other budgetary articulations of various metro companies. We break down and looking into all the monetary explanation and budgetary proportions of some metro company of India, for example, Delhi, Jaipur, Lucknow and Mumbai..

Identify all the source of funds raise by these corporations from different sources.
After break down and surveying all the detail venture reports and budgetary explanations and monetary proportions, we have indentified every one of the wellsprings of assets raise by these enterprises from various sources. Wellspring of store alludes to course of action of required reserve for metro and metro stations development. There are some settled proportions or level of financing for each funder. There is a Japan bank i.e. Japan worldwide participation office (JICA). JICA put 48% to 49% in Metro enterprises. Adjusted sum half to 51% contributed by state government and administration of India.

To know the different sources of revenue of DMRC.

In this objective, indentify all the sources of revenue and income of DMRC and other metros. Main sources of revenue for any metro corporations are the advertisements, tickets & outlets at stations etc.
CHAPTER 2
LITERATURE REVIEW
2.1 DELHI METRO RAIL:
A metro rail-based framework was endorsed by RITES, containing a system of surface, underground and raised passages amassing to 213kms, to remain mindful of the movement request up to the year 2021. The whole assignment cost was evaluated at Rs. 15000 Crores as indicated by 1996 esteem level. The framework at present handles 2.4 million workers day by day. The first and second periods of Delhi metro have been done. The DMRC site shows different focal points of metro. These are: time saved by the laborers, Reduction in mischances, decreased fuel utilization, tried and true and safe travel, diminished air contamination, lessened working cost of vehicles and increment in the ordinary vehicular speed. This paper displays an appraisal and examination of the focal points affirmed by the Delhi metro. Practically identical points of interest were moreover expected amid the arranging periods of Lucknow and Chennai metro rail frameworks. In any case, the execution of metro framework in both these urban networks has not fulfilled the wants.

2.2 CHENNAI METRO RAIL
S.V ydhianathan (2003) talked about the at first hoisted metro rail transport framework in Chennai. The metro framework has propelled stations solaces, lifts at stages, lifts for the disabled and the matured. Chennai MRTS should be the most engaging travel decision in a metro city that has in excess of 20 lakhs vehicles all over the place, congested driving conditions, number of setbacks recorded and rising air tainting. Motivate, there are uncommon workers in a three-mentor prepare and the stations stay betrayed – maybe the city has in every practical sense denied its essence. Regardless of the theory of Rs.20, 000 crores, there are no conspicuous positive returns. Suburbanites decreases to increment, anyway the neighborhood city transports run pressed. The time is blessed to by the day’s end review the entire methodology towards urban transportation issues and come up with a joined approach towards a rail and street framework. Various reasons have been credited to the Chennai Metro Rail Transit System so far remaining a non-starter. The two key reasons seem to have been the higher toll structure besides the nonappearance of feeder transportation offices at the stations in the primary stage.

2.3 LUCKNOW METRO RAIL:
The Lucknow metro railroad is the important ever underground rail line adventure completed in India. The ordinary weekday travel trips evaluated on 1971 were around 46 lakhs, which were anticipated to increment to 53 lakhs in 1976, 67 lakhs in 1983 and 83 lakhs in 1990, according to the reports on Lucknow Mass Transit Study, orchestrated in 1971. Singh (2002) presents per year-wise aggregate working uses and aggregate activity benefit of the metro railroad. The typical worker action in 1978 after the opening of the fundamental stage was required to be around 46.9 crores explorers yearly and in 1990 to be around 61.25 crores voyagers. The yearly suburbanites volume estimation was to be 62.37 crores by 2000. The amount of starting voyagers effectively using the metro railroad in the midst of the period 1999 -2000 was only 5.58 crores, or, in other words, around one-eleventh of what the assessed action was constantly 1990. Low movement is basically a result of one of the essential reasons of the metro rail so far being unviable. The framework which was at first surveyed to be done inside a cost of Rs. 140 crores was at last completed to the detriment of Rs. 1600 crores.

2.4 Other Literature reviews:
Sudin Bag; Dr. Som Sankar Sen (2012) in their paper “Lucknow Metro Railway and Customer Satisfaction: An Empirical Study”
concluded that in the present aggressive situation customer fulfillment is the main need. For this, business is to meet the desire for its clients. The association should point at fulfilling the client as well as spotlight on the charming them. In this manner it has progressed toward becoming fundamentals for association to distinguish the elements that influence consumer loyalty level and deliberately measure them to attempt and achieve the important changes based on client observation and necessities.

Ankit; Anoop in their paper “Delhi Metro Rail Corporation – Analysis of Operating Environment & Competition” The Delhi Metro venture gave Delhi a world-class mass quick travel framework (MRTS). All the more significantly, it emerged from most other open area extends in India as it was finished on calendar and inside the planned expense. DMRC was enrolled on 03/05/95 under the Companies Act, 1956 for execution and ensuing task of Delhi Metro. It is a joint Venture between Government of India and the Government of National Capital Territory of Delhi, in equivalent association. The primary target of DMRC is to enhance Delhi’s urban condition by lessening movement blockage, debilitate discharge and different sorts of urban contamination caused by engine vehicles, and to assume a vast job in enhancing Delhi’s travel framework.

Sartaj Khera in his paper “Delhi Metro is Good Public Sector Project” The Delhi Metro venture gave Delhi a World-Class Mass Rapid Transit System. All the more vitally, it emerged from most other open part extends in India in that it was finished on timetable and inside the planned expense. The investigation depicts the association and arranging of the venture and features the progression taken by the DMRC to guarantee the effective fulfillment of the task. It likewise clarifies how DMRC dealt with the different partners like the focal and state governments, the temporary workers and the nationals of Delhi to guarantee that the task was actualized easily. At long last, the investigation likewise tells the concise exchange on the tentative arrangements of DMRC.

Philippe Gagnepain; Marclvaldi (2002) in their paper “Incentive Regulatory Policies: The Case of Public Transit Systems in France” survey the exact importance of the new hypothesis of control, utilizing a primary operator system to think about the administrative plans utilized in the French urban transport industry. Accepting the current administrative plans as given, the model of free market activity gives assessments to the organizations’ wastefulness, the exertion of directors, and the expense of open assets. It enables us to infer the principal best and second-best administrative strategies for each system and contrast them and the real circumstance as far as welfare misfortune or gain. Settled value arrangements lie between completely educated and ignorant .second best .plans. Cost in addition to contracts are ruled by a second-best contract. From these outcomes, we may guess that settled value contracts call for better-educated controllers.

Matthew E. Kahn(2007) in his paper “Gentrification Trends In New Transit-Oriented Communities: Evidence From 14 Cities That Expanded And Built Rail Transit Systems” More than 25 billion dollars were spent somewhere in the range of 1970 and 2000 out of 14 noteworthy urban communities in the United States on the development of new rail travel lines. This huge interest in rail travel development and extension enables me to think about the outcomes of neighborhood open merchandise changes for networks adjacent new stations. This article utilizes a 14-city evaluation tract– level board informational collection covering the years 1970 to 2000 to archive noteworthy heterogeneity in the impacts of rail travel extensions over the 14 urban communities. Networks accepting expanded access to new “Walk and Ride” stations encounter more prominent gentrification than networks that are currently near new “Stop and Ride” stations.

Anu Singh Lather and Sangeeta Mohan (2007) in their study “A Comparative Study Of Executive And Non-Executive Associates Of Delhi Metro Rail Corporation For Their Level Of Commitment And Personal Efficiency” contemplate the level of responsibility and individual adequacy among the partners of Delhi Metro Rail Corporation (DMRC) and furthermore to comprehend the connection between these two factors. Information was gathered from 50 administrators and 50 nonexecutives of DMRC. For this reason, Organizational Commitment Instrument (OCI) and Personal Efficacy Test were directed separately to all workers. The correlation of consequences of official and non– official partners demonstrated that huge number of official partners was exceptionally dedicated, moderate number of workers fell into medium duty range and few were low dedicated administrators. The outcomes were relatively invert if there should be an occurrence of non– official workers. There was just a single worker from non– official gathering who demonstrated abnormal state of responsibility. Lion’s share of this gathering was either respectably dedicated or low on duty.

Amol Azad; Rajat Singla (2006) in their paper “Let Us Begin the Journey through Delhi Metro” Fenil Shah in his paper “Delhi Metro Rail – A Technological and Financial Breakthrough” examined principle purpose for Metro Planning. As urban areas develop in size, the quantity of vehicular outings on street framework goes up. This requires a sober minded arrangement move to demoralize private modes and energize open transport. Delhi has encountered marvelous development in populace over the most recent couple of decades. Its populace has expanded from 6 million to very nearly 18 million today. For need of an effective mass transport framework, the quantity of engine vehicles had expanded from 0.5 million to in excess of 4 million today. The outcome is outrageous blockage on Delhi streets, regularly moderating velocity, increment in street mischances, fuel wastage and natural contamination with mechanized vehicles alone adding to around 66% of the climatic contamination.

CHAPTER 3
METHODOLOGY
3.1 Primary data:
Before beginning information gathering we need to investigation what information is required for the research. What’s more, we find that for investigation and exploring the metro partnerships we need to examine in detail on detail venture report of various metro venture (both finished or under development), money related explanations of most recent 10 years, salary statement of most recent 10 years and different financial ratio.

3.1.1 Detail project reports (DPRs):
Detail project report is set up for the speculation basic leadership endorsement, yet in addition execution of the task and furthermore arrangement of the arrangement. Itemized venture report is an entire archive for speculation basic leadership, endorsement, arranging. Point by point venture report is base record for arranging the undertaking and executing the task. DPR of DMRC venture incorporates all the vital data which is required to begin an undertaking. DMRC’s DPRs incorporates all the provision and principles and control which need to pursue by the every one of the representatives and laborers at the season of undertaking are under development.Basically DPRs of DMRC includes some important heads which are follows as:
Silent feature of the project
Introduction to the project
Traffic demand forecast
Need for metro
System selections
Civil engineering
Train operation plan
Power requirement plan
Ventilation and air- conditioning system
Maintenance depot
Environmental impact assessment and management
Cost estimations
Financial viability, fare structure and financing options
Economic internal rate of return
Implementation of project
Conclusions
These are the main heads of the DPRs which give us all the important information related to the new project of the metro corporations. According to research topic my focus only on some point that are, Cost estimations, financial viability, fare structure and financing options and Economic internal rate of return.
3.1.2 Financial statements:
In this data, we have to analysis and reviewing all the financial statements of the entire metro corporations for the last 10 years. Financial statements of the various metro corporations compared with the Delhi Metro Rail Corporation. Annual report of all the metro corporations are comparing with the Delhi metro rail corporation. This helps us to implementing new financial model of new MRTS project.
3.1.2 (a) 10 years comparisons chart:
There is a chat prepared by every company which shows last 10 years company financial position. This chat helps us out to analysis the company’s position in last 10 years. This is also helping us to compare with the other metro corporation’s comparisons chat.

3.1.2 (b) Balance Sheet
A company’s financial position is defined by its assets and liabilities. A company’s financial position also includes shareholder equity. All this information is presented to shareholders in the balance sheet.

Let’s suppose that we are examining the financial statements of fictitious publicly listed retailer, The Outlet, to evaluate its financial position. To do this, we examine the company’s annual report, which can often be downloaded from a company’s website. The standard format for the balance sheet is assets, followed by liabilities, then shareholder equity.

3.1.2 (c) Statement of Profit And Loss
The record through which yearly net benefit or loss of a business is learned, is called benefit and misfortune account. Net benefit or loss of a business is discovered through exchanging record and net benefit is controlled by deducting every single circuitous cost (business working costs) from the gross benefit through benefit and misfortune account. Along these lines benefit and misfortune account begins with the outcome given by exchanging account.
The particulars required for the readiness of benefit and misfortune account are accessible from the preliminary equalization. Just aberrant costs and backhanded incomes are considered in it. This record begins from the consequence of exchanging account (net benefit or gross misfortune). Net benefit is appeared on the credit side of the benefit and misfortune record and gross misfortune is appeared on the charge side of this record. Every circuitous cost are exchanged on the charge side of this record and every aberrant income on layaway side. On the off chance that the aggregate of the credit side surpasses the charge side, the outcome is “net benefit” and if the aggregate of the charge side surpasses the aggregate of the credit side, the outcome is net misfortune. As the net benefit or net loss of a specific bookkeeping period is resolved through benefit and misfortune account.3.1.2 (d) Cash flow statement
The Statement of Cash Flows (also referred to as the cash flow statement) is one of the three key financial statements that reports the cash generated and spent during a specific period of time (i.e., a month, quarter, or year). The statement of cash flows acts as a bridge between the income statement and balance sheet by showing how money moved in and out of the business.

Three sections of the Statement of Cash Flows:
Operating Activities: The principal revenue-generating activities of an organization and other activities that are not investing or financing; any cash flows from current assets and current liabilities
Investing Activities: Any cash flows from the acquisition and disposal of long-term assets and other investments not included in cash equivalents
Financing Activities: Any cash flows that result in changes in the size and composition of the contributed equity or borrowings of the entity (i.e., bonds, stock, cash dividends)
3.2 Secondary Data:
3.2.1 Interview with DMRC employees:
Mr. DR Padmanabham
Mr. DR Padmanabham is the Chief resident finance officer at finance department of the Noida Metro Rail Corporation, Noida (a Joint venture of Delhi Metro Rail Corporation). Sir help me in the discussion of how to and what to study in DPRs. In this discussion he was briefing me about DPRs of Delhi Metro.
Mr. Sanjeev Kumar
Mr. Sanjeev Kumar is the Senior Resident finance officer at finance department of the Noida Metro Rail Corporation, Noida (a Joint venture of Delhi Metro Rail Corporation). Sir helps me in the discussion of expenditure and funding planning of DMRC or MRTS projects, and he also help me to understand how to and what to study in DPRs. In this discussion he was briefing me about funding and expenditure planning in the DPRs of Delhi Metro.

Mr. Manish Goel
Mr. Manish Goel is the Junior Resident finance officer at finance department of the Noida Metro Rail Corporation, Noida (a Joint venture of Delhi Metro Rail Corporation). Sir help me in the discussion of revenue and return of employed of the DMRC. In this discussion he was briefing me about how MRTS project generate its revenues and how to calculate Return on employed.
Other employees
Other employees of Noida Metro Rail Corporation are also helping me out at the time of training. They all are always there for me to help me. Environment of the office and behaviour of the all employees are positive and a perfect working environment. Every day at the time of training I am always excited for the learning new thing and meeting with new peoples at the office.
CHAPTER 4
TOOLS AND TECHNIQUES
4.1 Financial Analysis:
Money related examination involves capital planning. Capital planning (or venture evaluation) is the arranging procedure used to decide if an association’s long haul speculations, for example, new apparatus, substitution hardware, new plants, new items, and research advancement ventures are justified regardless of the financing of money through the association’s capitalization structure (obligation, value or held profit). It is the way toward assigning assets for significant capital, or speculation, consumptions. One of the essential objectives of capital planning ventures is to expand the estimation of the firm to the investors.
Capital planning is the arranging of long haul corporate monetary ventures identifying with speculations financed through and influencing the company’s capital structure. Administration must distribute the company’s restricted assets between contending openings (ventures), or, in other words the primary focal points of capital planning. Capital planning is additionally worried about the setting of criteria about which undertakings ought to get speculation subsidizing to build the estimation of the firm, and whether to fund that venture with value or obligation capital. Speculations ought to be made based on esteem added to the eventual fate of the enterprise. Capital planning tasks may incorporate a wide range of sorts of speculations, including yet not restricted to, development strategies, or mergers and acquisitions. At the point when no such esteem can be included through the capital planning procedure and abundance money surplus exists and isn’t required, at that point administration is relied upon to pay out a few or those surplus profit as money profits or to repurchase the organization’s stock through an offer buyback program.

Picking between capital planning ventures might be founded on a few between related criteria.
(1) Corporate administration looks to amplify the estimation of the firm by putting resources into undertakings which yield a positive net present esteem when esteemed utilizing a fitting markdown rate with regards to chance.

(2) These tasks should likewise be financed suitably.
(3) If no positive NPV ventures exist and abundance money surplus isn’t expected to the firm, at that point budgetary hypothesis proposes that administration should restore a few or the majority of the overabundance money to investors (i.e., dispersion through profits).
Capital planning includes distributing the association’s capital assets between contending task and ventures. Every potential undertaking’s worth ought to be assessed utilizing a reduced income (DCF) valuation, to locate its net present esteem (NPV). (First connected to Corporate Finance by Joel Dean in 1951.) This valuation requires assessing the size and timing of all the incremental money streams from the venture. (These future money most astounding NPV(GE).) The NPV is significantly influenced by the rebate rate, so choosing the best possible rate—now and then called the obstacle rate—is basic to settling on the correct choice. The obstacle rate is the Minimum worthy rate of profit for a venture. This ought to mirror the danger of the venture, normally estimated by the unpredictability of money streams, and should consider the financing blend. Chiefs may utilize models, for example, the CAPM or the APT to evaluate a rebate rate proper for every specific task, and utilize the weighted normal expense of capital (WACC) to mirror the financing blend chose. A typical practice in picking a markdown rate for an undertaking is to apply a WACC that applies to the whole firm, however a higher rebate rate might be more proper when a task’s hazard is higher than the danger of the firm overall.
In a perfect world, organizations should seek after all undertakings and openings that upgrade investor esteem. Be that as it may, in light of the fact that the measure of capital accessible at some random time for new ventures is restricted, administration needs to utilize capital planning systems to figure out which undertakings will yield the most return over an appropriate timeframe.
4.2 Techniques
1) Net Present Value: Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of a projected investment or project.
The following is the formula for calculating NPV:
NPV = C x {(1 – (1 + R)-T) / R} ? Initial Investment
Where, Ct = net cash inflow during the period t Co = total initial investment costs r = discount rate, and t = number of time periods
A positive net present value indicates that the projected earnings generated by a project or investment (in present dollars) exceeds the anticipated costs (also in present dollars). Generally, an investment with a positive NPV will be a profitable one and one with a negative NPV will result in a net loss. This concept is the basis for the Net Present Value Rule, which dictates that the only investments that should be made are those with positive NPV values.
2) Profitability Index: The profitability index is an index that attempts to identify the relationship between the costs and benefits of a proposed project through the use of a ratio calculated as:
PI= PV of future cash flowIntitial InvestmentaA ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project’s PV is less than the initial investment. As values on the profitability index increase, so does the financial attractiveness of the proposed project.
3) Internal Rate of Return: Internal rate of return (IRR) is a metric used in capital budgeting measuring the profitability of potential investments. Internal rate of return is a discount rate that makes the net present value (NPV) of all cash flows from a particular project equal to zero. IRR calculations rely on the same formula as NPV does.
To calculate IRR using the formula, one would set NPV equal to zero and solve for the discount rate r, which is here the IRR. Because of the nature of the formula, however, IRR cannot be calculated analytically, and must instead be calculated either through trial-and-error or using software programmed to calculate IRR.
Generally speaking, the higher a project’s internal rate of return, the more desirable it is to undertake the project. IRR is uniform for investments of varying types and, as such, IRR can be used to rank multiple prospective projects a firm is considering on a relatively even basis. Assuming the costs of investment are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first.
4. Other ratios:
Here is a list of various financial ratios. Take note that most of the ratios can also be expressed in percentage by multiplying the decimal number by 100%. Each ratio is briefly described.

Profitability Ratios
Gross Profit Rate = Gross Profit ÷ Net Sales
Evaluates how much gross profit is generated from sales. Gross profit is equal to net sales (sales minus sales returns, discounts, and allowances) minus cost of sales.

Return on Sales = Net Income ÷ Net Sales
Also known as “net profit margin” or “net profit rate”, it measures the percentage of income derived from dollar sales. Generally, the higher the ROS the better.Return on Assets = Net Income ÷ Average Total Assets
In financial analysis, it is the measure of the return on investment. ROA is used in evaluating management’s efficiency in using assets to generate income.

Return on Stockholders’ Equity = Net Income ÷ Average Stockholders’ Equity
Measures the percentage of income derived for every dollar of owners’ equity.

Liquidity Ratios
Current Ratio = Current Assets ÷ Current Liabilities
Evaluates the ability of a company to pay short-term obligations using current assets (cash, marketable securities, current receivables, inventory, and prepayments).Acid Test Ratio = Quick Assets ÷ Current Liabilities
Also known as “quick ratio”, it measures the ability of a company to pay short-term obligations using the more liquid types of current assets or “quick assets” (cash, marketable securities, and current receivables).

Cash Ratio = ( Cash + Marketable Securities ) ÷ Current Liabilities
Measures the ability of a company to pay its current liabilities using cash and marketable securities. Marketable securities are short-term debt instruments that are as good as cash.

Net Working Capital = Current Assets – Current Liabilities
Determines if a company can meet its current obligations with its current assets; and how much excess or deficiency there is.

Management Efficiency Ratios
Receivable Turnover = Net Credit Sales ÷ Average Accounts Receivable
Measures the efficiency of extending credit and collecting the same. It indicates the average number of times in a year a company collects its open accounts. A high ratio implies efficient credit and collection process.

Days Sales Outstanding = 360 Days ÷ Receivable Turnover
Also known as “receivable turnover in days”, “collection period”. It measures the average number of days it takes a company to collect a receivable. The shorter the DSO, the better. Take note that some use 365 days instead of 360.
Inventory Turnover = Cost of Sales ÷ Average Inventory
Represents the number of times inventory is sold and replaced. Take note that some authors use Sales in lieu of Cost of Sales in the above formula. A high ratio indicates that the company is efficient in managing its inventories.

Days Inventory Outstanding = 360 Days ÷ Inventory Turnover
Also known as “inventory turnover in days”. It represents the number of days inventory sits in the warehouse. In other words, it measures the number of days from purchase of inventory to the sale of the same. Like DSO, the shorter the DIO the better.

Accounts Payable Turnover = Net Credit Purchases ÷ Ave. Accounts Payable
Represents the number of times a company pays its accounts payable during a period. A low ratio is favored because it is better to delay payments as much as possible so that the money can be used for more productive purposes.

Days Payable Outstanding = 360 Days ÷ Accounts Payable Turnover
Also known as “accounts payable turnover in days”, “payment period”. It measures the average number of days spent before paying obligations to suppliers. Unlike DSO and DIO, the longer the DPO the better (as explained above).Operating Cycle = Days Inventory Outstanding + Days Sales Outstanding
Measures the number of days a company makes 1 complete operating cycle, i.e. purchase merchandise, sell them, and collect the amount due. A shorter operating cycle means that the company generates sales and collects cash faster.

Cash Conversion Cycle = Operating Cycle – Days Payable Outstanding
CCC measures how fast a company converts cash into more cash. It represents the number of days a company pays for purchases, sells them, and collects the amount due. Generally, like operating cycle, the shorter the CCC the better.

Total Asset Turnover = Net Sales ÷ Average Total Assets
Measures overall efficiency of a company in generating sales using its assets. The formula is similar to ROA, except that net sales is used instead of net income.

Leverage Ratios
Debt Ratio = Total Liabilities ÷ Total Assets
Measures the portion of company assets that is financed by debt (obligations to third parties). Debt ratio can also be computed using the formula: 1 minus Equity Ratio.

Equity Ratio = Total Equity ÷ Total Assets
Determines the portion of total assets provided by equity (i.e. owners’ contributions and the company’s accumulated profits). Equity ratio can also be computed using the formula: 1 minus Debt Ratio.

The reciprocal of equity ratio is known as equity multiplier, which is equal to total assets divided by total equity.

Debt-Equity Ratio = Total Liabilities ÷ Total Equity
Evaluates the capital structure of a company. A D/E ratio of more than 1 implies that the company is a leveraged firm; less than 1 implies that it is a conservative one.

Times Interest Earned = EBIT ÷ Interest Expense
Measures the number of times interest expense is converted to income, and if the company can pay its interest expense using the profits generated. EBIT is earnings before interest and taxes.

Valuation and Growth Ratios
Earnings per Share = ( Net Income – Preferred Dividends ) ÷ Average Common Shares Outstanding
EPS shows the rate of earnings per share of common stock. Preferred dividends is deducted from net income to get the earnings available to common stockholders.

Price-Earnings Ratio = Market Price per Share ÷ Earnings per Share
Used to evaluate if a stock is over- or under-priced. A relatively low P/E ratio could indicate that the company is under-priced. Conversely, investors expect high growth rate from companies with high P/E ratio.

Dividend Pay-out Ratio = Dividend per Share ÷ Earnings per Share
Determines the portion of net income that is distributed to owners. Not all income is distributed since a significant portion is retained for the next year’s operations.

Dividend Yield Ratio = Dividend per Share ÷ Market Price per Share
Measures the percentage of return through dividends when compared to the price paid for the stock. A high yield is attractive to investors who are after dividends rather than long-term capital appreciation.

Book Value per Share = Common SHE ÷ Average Common Shares
Indicates the value of stock based on historical cost. The value of common shareholders’ equity in the books of the company is divided by the average common shares outstanding.

CHAPTER 5
CONCLUSION
Delhi Metro came as a shelter to a great many individuals in Delhi. Delhites were in genuine need of a decent transport framework. Their desire worked out, when Delhi Metro was propelled. Delhi Metro is relevantly called, “the help of Delhi”. It interfaces the real territories of Delhi. Delhi Metro changed the photo of New Delhi. It was another progression ever of. The vehicle arrangement of Delhi got a lift. With the coming of Delhi Metro, a few driving issues arrived at an end.
Factor examination gave 9 factors voyaging comfort, offices for suburbanites, security measures for workers, simplicity of movement, robotized administrations, expanded accessibility, availability, well disposed staff, recurrence and noteworthy distinction was seen between voyaging accommodation and computerized administrations for age and no distinction was watched for sexual orientation.
Delhi Metro has added an additional appeal to the verifiable city of Delhi. One would now be able to drive easily from one place to other. Delhi has an extraordinary blessing in type of the Metro Railway framework. It doesn’t require much investment to move between various places. The consistently expanding contamination issue too has been diminished to a more noteworthy degree, with the appearance of Delhi Metro. One would now be able to maintain a strategic distance from the street movement and achieve your coveted goal on time, Delhi Metro has added another heading to the vehicle framework. Delhi Metro has greetings tech lodges which are vaporous and agreeable. These have very much computerized doors. There are crisis doors, which can be utilized in the event of crisis. The security of the Delhi Metro stations is being restored, with the end goal to stay away from any security ruptures.
Delhi Metro has turned out to be a gainful endeavor. Delhi Metro is acquiring and its number of ridership is likewise expanding. Delhi Metro is gaining great rate of return. Numerous partners are picking up with the undertaking of Delhi Metro like Government, Passengers, and Labor and so on.

The Delhi Metro arranged in four stages is a piece of an Integrated Multi Mode Mass Rapid Transport System (MRTS) anticipated managing the quickly developing traveler activity request in Delhi. It gives an elective protected and agreeable method of transport by rail to a substantial portion of travelers utilizing the street transport in Delhi. It decreases the movement time of individuals utilizing the street and Metro, number of mishaps on streets and the climatic contamination.
The money related money saving advantage proportion of the Metro is evaluated as 2.30 and 1.92 at 8 percent and 10 percent rebate rates separately while its monetary inner rate of return is assessed as 17 percent. The budgetary assessment of the Metro is finished considering the money related streams of the venture involving the yearly income earned and streams of speculations and activity and upkeep costs. The offers of obligation, value and inward asset assembly in speculations made on Metro are 60, 30 and 10 percent, separately.

The social money saving advantage examination of the Metro requires the distinguishing proof of advantages and the financial specialists influenced by it. The incremental changes in the salaries of different financial operators: travelers, transporters, open and government and incompetent work because of the Metro could be evaluated by considering the Delhi economy with and without the Metro. It is discovered that there are pay additions to the administration, open, travelers and incompetent work while there are generous salary misfortunes to the transporters as a result of the Metro.
The evaluated NPSB of the Metro at 2004-05 costs and the 8 percent social time inclination rate for the Indian economy is Rs. 419979.6 million. The social rate of degree of profitability in the Metro is as high as 22.7 percent.

The monetary rate of profit for interests in the Metro is 21.5 percent at market costs while the money related rate of return is just 17 percent. These rates are considerably higher than the prescribed social time inclination rate of 8 percent and 10 percent cut of rate of return for the interest in the Indian economy by an ongoing report appointed by the Planning Commission, Government of India. There is a one percent expansion in the monetary rate of rate of profitability in the Metro, pegged at 22.5 percent subsequent to representing the contrasts between shadow costs and market costs of untalented work, outside trade and interest in the Indian economy in the estimation of financial advantages and cost of the Metro. Representing the advantages from the decrease in urban air contamination in Delhi because of the Metro has additionally expanded the financial rate of come back to 23.9 percent. This implies the advantages to the Delhi open from lessened air contamination because of the Metro expands its monetary rate of return by 1.4 percent.
Delhi Metro gives incremental salary to the Delhi open which has a for each capita wage in excess of two times the national for every capita wage. Hence, representing wage distributional impacts of the Metro has brought about the decrease of the social rate of come back to 22.7 percent.
When registering for a proportion that includes a pay proclamation thing and a monetary record thing, make a point to average the accounting report thing. This is on the grounds that the wage explanation thing relates to an entire period’s movement. The monetary record thing ought to mirror the entire time frame also; that is the reason we normal.
There are other monetary proportions moreover those recorded previously. The ones recorded here are the most widely recognized proportions utilized in assessing a business. In translating the proportions, it is smarter to have a reason for examination, for example, past execution and industry principles.

REFERENCES
References:
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3. Kahn, M. E. (2007). Gentrification Trends in New Transit?Oriented Communities: Evidence from 14 Cities That Expanded and Built Rail Transit Systems. Real Estate Economics, 35(2), 155-182.
4. Lather, A. S., & Mohan, S. (2007). A Comparative Study of Executive and NonExecutive Associates of Delhi Metro Rail Corporation for Their Level of Commitment and Personal Efficiency. Vision: The Journal of Business Perspective, 11(4), 13-20.
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9. Chatterjee, S., Kishore K. Dhavala and M. N. Murty (2006), ” Estimating Cost of Air Pollution Abatement for Road Transport in India: Case Studies of Andhra Pradesh and Himachal Pradesh”, IEG Discussion Paper No. 94/2005, Institute of Economic Growth, forthcoming in Economic and Political Weekly.
10. Government of India, Planning Commission (2005), Economic Survey.
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12. Ahmad, E. and N.H Stern (1984), ” The Theory of Reform and Indian Indirect Taxes”, Journal of Public Economics, Vol. 25, pp. 259-98.
13. Chatterjee, S., Kishore K. Dhavala and M. N. Murty (2006), ” Estimating Cost of Air Pollution Abatement for Road Transport in India: Case Studies of Andhra Pradesh and Himachal Pradesh”, IEG Discussion Paper No. 94/2005, Institute of Economic Growth, forthcoming in Economic and Political Weekly.
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16. Murty, M. N. and R. Ray (1989), “A Computational Procedure for Calculating Optimal Commodity Taxes with Illustrative Evidence from Indian Budget Data”, Scandinavian Journal of Economics, Vol. 91(4), pp. 665-70.
17. Murty, M. N. and B. N. Goldar (2006), Economic Evaluation of Investment Projects, Report of Project Sponsored by Planning Commission, Government of India.
18. Murty, M.N. and S.C. Gulati (2005), “Method of Hedonic Prices: Measuring Benefits from Reduced Air Pollution”, IEG Working Paper Series, Vol. E/254/2005, Institute of Economic Growth, New Delhi.
16. Murty, M.N., Surender Kumar and Kishore K. Dhavala (2006), “Measuring Environmental Efficiency of Industry: A Case Study of Thermal Power Generation in India” IEG Working Paper Series, Vol. E/270/06, Institute of Economic Growth, New Delhi.
17. RITES (1995a), Integrated Multi-Modal Mass Rapid Transport System for Delhi, Economic Analysis for Modified First Phase.
– (1995b), Integrated Multi-Modal Mass Rapid Transport System for Delhi, Financial Analysis for Modified First Phase.
– (2005a), Delhi Metro Rail Corporation, Environmental Impact Assessment for Phase II Corridors of Delhi Metro.
– (2005b), Detailed Project Report for Phase-II Corridors of Delhi Metro.
Websites:
www.indiastat.com
http://delhigovt.nic.in/dmrc.asp
http://www.delhimetrorail.com
http://www.jaipurmetrorail.comhttp://www.lucknowmetrorail.comhttp://www.mumbaimetrorail.comhttp://www.indiatimes.comhttp://www.ndtv.com
http://www.indiatoday.com
http://www.thehindu.comBooks and magazine:
Delhi metro annual magazine 2012
Delhi metro annual magazine 2015
Delhi metro annual magazine 2016
Delhi metro annual magazine 2017
Metro rail project in India- by: Mr. M. Ramachandran25 management strategies for Delhi metro’s success- by: Mr. Anuj Dayal

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