The management of the Vadodara Halol Toll Road Company Limited (VHTRL) was worried about the toll revenues. The actual revenues as a proportion of the projected revenues had declined from 63 percent to 34 percent over the three financial years of operation. Given the cash flows, the VHTRL could run smoothly only until about mid 2003. The management appointed a Toll Review Committee (TRC) in October 2002 for considering options to revise the toll rates, which was expected to increase the revenues. This case provides the necessary details for the TRC to examine the issue and make necessary recommendations.