Newco Case Analysis

7/22/2019 Newco Case Analysis

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$/Re Exchange 60.00

Tax Rate 0.30 0.70

Inflation 0.04

Depreciation SLM

NEWCO

Initial Investment -30,000,000.00

Machine Cost 60,000,000.00

Import Duty 0.30

Net Cost 78,000,000.00

Debt (75%) 58,500,000.00

Rate of Interest 0.06

NEWCO NPV AT 5% PMT

Capital Investment -30,000,000.00

Debt 58,500,000.00

Revenue at 5% PMT 4,754,536.61 4,754,536.61

Working K(15% revenue) 961,594.54 961,594.54

Interest -204,750.00 -201,815.36 Principal Pymt -838,468.89 -842,661.23

Net Cash Flows 3,711,317.72 3,710,060.01

NPV Rs. 31,984,864.87

NEWCO NPV AT 4% PMT


Debt 58,500,000.00

Revenue at 4% PMT -3,978,166.06 -3,978,166.06


Interest -204,750.00 -201,815.36

Principal Pymt -838,468.89 -842,661.23

Net Cash Flows -5,021,384.95 -5,022,642.65

NPV Rs. -41,496,752.31

NEWCO NPV AT 7% PMT


Debt 58,500,000.00

Revenue at 7% PMT 6,410,630.30 6,410,630.30


Interest -204,750.00 -201,815.36 Principal Pymt -838,468.89 -842,661.23

Net Cash Flows 5,367,411.41 5,366,153.70

npv 288,291,453.87 Inflation Monthly

NEWCO NPV AT 9.2% PMT

-1.00


CASE STUDY OF NEWCO



Debt 58,500,000.00

Revenue at 9.2% PMT 8,322,353.36 8,322,353.36


Interest -204,750.00 -201,815.36

Principal Pymt -838,468.89 -842,661.23

Net Cash Flows 7,279,134.47 7,277,876.76

npv 382,300,464.59 Inflation Monthly

94,009,010.72

FIRM

-1.00 30.00 0.20

Initial investment -

Debt by Newco @ 7% 90,000,000.00

working K(20% of revenue) 1,800,000.00 1,805,940.00

Cost 17.00 17.06

Price 30.00 30.10 Units/day 10,000.00

Working K Change -1,800,000.00 -5,940.00

Revenue 9,000,000.00 9,029,700.00

Monthly cost -5,100,000.00 -5,116,830.00

Interest -4,410,000.00 -4,404,579.12

Principle -110,630.30 -118,374.42

Depreciation shield - -

Depreciation

Total Outflows -2,420,630.30 -616,023.53

NPV 65,098,929.77

Debt By Newco @ 8% 90,000,000.00

Cost 17.00 17.06

Units/day 10,000.00

Working K Change -1,800,000.00 -5,940.00

Revenue 9,000,000.00 9,029,700.00

Monthly cost -5,100,000.00 -5,116,830.00

Interest -5,040,000.00 -5,035,978.34

Principle -71,815.39 -77,560.62


Depreciation

Outflows -3,011,815.39 -1,206,608.96

NPV 35,906,315.78

Debt By Newco @ 9% 90,000,000.00

Cost 17.00 17.06

Units/day 10,000.00

Working K Change -1,800,000.00 -5,940.00

Revenue 9,000,000.00 9,029,700.00

Diff b/w NPV , Hence Profit For Newco at 9.2%



Monthly cost -5,100,000.00 -5,116,830.00

Interest -5,670,000.00 -5,667,084.52

Principle -46,277.44 -50,442.41


Depreciation

Outflows -3,616,277.44 -1,810,596.93

NPV 6,230,746.79

Debt by Newco @ 9.3% 90,000,000.00

Cost 17.00 17.06

Units/day 10,000.00

Working K Change -1,800,000.00 -5,940.00

Revenue 9,000,000.00 9,029,700.00

Monthly cost -5,100,000.00 -5,116,830.00

Interest -5,859,000.00 -5,856,362.49

Principle -40,514.72 -44,282.59

Depreciation shield - - Depreciation

Outflows -3,799,514.72 -1,993,715.08

NPV -2,741,814.50

Debt by Newco @ 9.2% 90,000,000.00

Cost 17.00 17.06

Units/day 10,000.00

Working K Change -1,800,000.00 -5,940.00

Revenue 9,000,000.00 9,029,700.00

Monthly cost -5,100,000.00 -5,116,830.00 Interest -5,796,000.00 -5,793,272.44

Principle -42,353.36 -46,249.87


Depreciation

Outflows -3,738,353.36 -1,932,592.31

NPV 252,089.64



-1.00

-1.00

4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54

-198,866.04 -195,901.98 -192,923.10 -189,929.33 -846,874.54 -851,108.91 -855,364.46 -859,641.28

3,708,796.02 3,707,525.71 3,706,249.05 3,704,966.00

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54

-198,866.04 -195,901.98 -192,923.10 -189,929.33

-846,874.54 -851,108.91 -855,364.46 -859,641.28

-5,023,906.65 -5,025,176.96 -5,026,453.62 -5,027,736.67

-1.00 0.15

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54

-198,866.04 -195,901.98 -192,923.10 -189,929.33 -846,874.54 -851,108.91 -855,364.46 -859,641.28

5,364,889.71 5,363,619.40 5,362,342.73 5,361,059.69

0.33%



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54

-198,866.04 -195,901.98 -192,923.10 -189,929.33

-846,874.54 -851,108.91 -855,364.46 -859,641.28

7,276,612.77 7,275,342.46 7,274,065.80 7,272,782.75

0.00

1,811,899.60 1,817,878.87 1,823,877.87 1,829,896.67

17.11 17.17 17.23 17.28

30.20 30.30 30.40 30.50

-5,959.60 -5,979.27 -5,999.00 -6,018.80

9,059,498.01 9,089,394.35 9,119,389.35 9,149,483.34

-5,133,715.54 -5,150,656.80 -5,167,653.97 -5,184,707.23

-4,398,778.77 -4,392,572.40 -4,385,931.58 -4,378,825.91

-126,660.62 -135,526.87 -145,013.75 -155,164.71

- - - -

-605,616.52 -595,340.98 -585,208.94 -575,233.30

17.11 17.17 17.23 17.28

-5,959.60 -5,979.27 -5,999.00 -6,018.80

9,059,498.01 9,089,394.35 9,119,389.35 9,149,483.34

-5,133,715.54 -5,150,656.80 -5,167,653.97 -5,184,707.23

-5,031,634.94 -5,026,944.08 -5,021,877.94 -5,016,406.52

-83,765.47 -90,466.71 -97,704.04 -105,520.37

- - - -

-1,195,577.54 -1,184,652.50 -1,173,845.60 -1,163,169.57

17.74 18.45 19.19 19.95

-5,959.60 -5,979.27 -5,999.00 -6,018.80

9,059,498.01 9,089,394.35 9,119,389.35 9,149,483.34



-5,133,715.54 -5,150,656.80 -5,167,653.97 -5,184,707.23

-5,663,906.65 -5,660,442.77 -5,656,667.14 -5,652,551.70

-54,982.23 -59,930.63 -65,324.38 -71,203.58

- - - -

-1,799,066.01 -1,787,615.11 -1,776,255.14 -1,764,997.96

17.74 18.45 19.19 19.95

-5,959.60 -5,979.27 -5,999.00 -6,018.80

9,059,498.01 9,089,394.35 9,119,389.35 9,149,483.34

-5,133,715.54 -5,150,656.80 -5,167,653.97 -5,184,707.23

-5,853,479.69 -5,850,328.80 -5,846,884.87 -5,843,120.65

-48,400.87 -52,902.15 -57,822.05 -63,199.50

- - - -

-1,982,057.70 -1,970,472.67 -1,958,970.53 -1,947,562.84

17.74 18.45 19.19 19.95

-5,959.60 -5,979.27 -5,999.00 -6,018.80

9,059,498.01 9,089,394.35 9,119,389.35 9,149,483.34

-5,133,715.54 -5,150,656.80 -5,167,653.97 -5,184,707.23 -5,790,293.95 -5,787,041.44 -5,783,489.70 -5,779,611.19

-50,504.85 -55,151.30 -60,225.22 -65,765.94

- - - -

-1,920,975.94 -1,909,434.46 -1,897,978.53 -1,886,619.82



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-186,920.58 -183,896.79 -180,857.89 -177,803.79 -174,734.41 -863,939.49 -868,259.18 -872,600.48 -876,963.48 -881,348.30

3,703,676.54 3,702,380.63 3,701,078.24 3,699,769.34 3,698,453.89

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-186,920.58 -183,896.79 -180,857.89 -177,803.79 -174,734.41

-863,939.49 -868,259.18 -872,600.48 -876,963.48 -881,348.30

-5,029,026.13 -5,030,322.04 -5,031,624.43 -5,032,933.33 -5,034,248.77

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-186,920.58 -183,896.79 -180,857.89 -177,803.79 -174,734.41 -863,939.49 -868,259.18 -872,600.48 -876,963.48 -881,348.30

5,359,770.23 5,358,474.32 5,357,171.93 5,355,863.03 5,354,547.58



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-186,920.58 -183,896.79 -180,857.89 -177,803.79 -174,734.41

-863,939.49 - -872,600.48 -876,963.48 -881,348.30

7,271,493.29 8,138,456.56 7,268,894.99 7,267,586.09 7,266,270.65

1,835,935.33 1,841,993.91 1,848,072.49 1,854,171.13 1,860,289.90

17.34 17.40 17.45 17.51 17.57

30.60 30.70 30.80 30.90 31.00

-6,038.66 -6,058.59 -6,078.58 -6,098.64 -6,118.76

9,179,676.63 9,209,969.57 9,240,362.47 9,270,855.66 9,301,449.49

-5,201,816.76 -5,218,982.75 -5,236,205.40 -5,253,484.88 -5,270,821.38

-4,371,222.84 -4,363,087.55 -4,354,382.80 -4,345,068.71 -4,335,102.63

-166,026.24 -177,648.08 -190,083.44 -203,389.29 -217,626.53

- - - - -

-565,427.86 -555,807.40 -546,387.75 -537,185.84 -528,219.82

17.34 17.40 17.45 17.51 17.57

-6,038.66 -6,058.59 -6,078.58 -6,098.64 -6,118.76

9,179,676.63 9,209,969.57 9,240,362.47 9,270,855.66 9,301,449.49

-5,201,816.76 -5,218,982.75 -5,236,205.40 -5,253,484.88 -5,270,821.38

-5,010,497.37 -5,004,115.50 -4,997,223.08 -4,989,779.27 -4,981,739.95

-113,962.00 -123,078.96 -132,925.27 -143,559.29 -155,044.04

- - - - -

-1,152,638.15 -1,142,266.23 -1,132,069.86 -1,122,066.41 -1,112,274.64

20.75 21.58 22.44 23.34 24.28

-6,038.66 -6,058.59 -6,078.58 -6,098.64 -6,118.76

9,179,676.63 9,209,969.57 9,240,362.47 9,270,855.66 9,301,449.49



-5,201,816.76 -5,218,982.75 -5,236,205.40 -5,253,484.88 -5,270,821.38

-5,648,065.88 -5,643,176.33 -5,637,846.72 -5,632,037.45 -5,625,705.34

-77,611.90 -84,596.97 -92,210.70 -100,509.66 -109,555.53

- - - - -

-1,753,856.56 -1,742,845.07 -1,731,978.93 -1,721,274.96 -1,710,751.52

20.75 21.58 22.44 23.34 24.28

-6,038.66 -6,058.59 -6,078.58 -6,098.64 -6,118.76

9,179,676.63 9,209,969.57 9,240,362.47 9,270,855.66 9,301,449.49

-5,201,816.76 -5,218,982.75 -5,236,205.40 -5,253,484.88 -5,270,821.38

-5,839,006.36 -5,834,509.45 -5,829,594.32 -5,824,222.08 -5,818,350.23

-69,077.06 -75,501.22 -82,522.84 -90,197.46 -98,585.83

- - - - -

-1,936,262.21 -1,925,082.45 -1,914,038.67 -1,903,147.40 -1,892,426.71

20.75 21.58 22.44 23.34 24.28

-6,038.66 -6,058.59 -6,078.58 -6,098.64 -6,118.76

9,179,676.63 9,209,969.57 9,240,362.47 9,270,855.66 9,301,449.49

-5,201,816.76 -5,218,982.75 -5,236,205.40 -5,253,484.88 -5,270,821.38 -5,775,375.86 -5,770,750.89 -5,765,700.41 -5,760,185.30 -5,754,162.79

-71,816.41 -78,423.52 -85,638.48 -93,517.22 -102,120.81

- - - - -

-1,875,371.06 -1,864,246.18 -1,853,260.41 -1,842,430.37 -1,831,774.25



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-171,649.69 -168,549.55 -165,433.91 -162,302.69 -159,155.81 -885,755.04 -890,183.82 -894,634.74 -899,107.91 -903,603.45

3,697,131.87 3,695,803.24 3,694,467.96 3,693,126.01 3,691,777.35

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-171,649.69 -168,549.55 -165,433.91 -162,302.69 -159,155.81

-885,755.04 -890,183.82 -894,634.74 -899,107.91 -903,603.45

-5,035,570.80 -5,036,899.43 -5,038,234.70 -5,039,576.66 -5,040,925.32

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-171,649.69 -168,549.55 -165,433.91 -162,302.69 -159,155.81 -885,755.04 -890,183.82 -894,634.74 -899,107.91 -903,603.45

5,353,225.56 5,351,896.93 5,350,561.65 5,349,219.70 5,347,871.04



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-171,649.69 -168,549.55 -165,433.91 -162,302.69 -159,155.81

-885,755.04 -890,183.82 -894,634.74 -899,107.91 -903,603.45

7,264,948.62 7,263,619.99 7,262,284.71 7,260,942.76 7,259,594.10

1,866,428.85 1,872,588.07 1,878,767.61 1,884,967.54 1,891,187.94

17.63 17.69 17.74 17.80 17.86

31.11 31.21 31.31 31.42 31.52

-6,138.96 -6,159.22 -6,179.54 -6,199.93 -6,220.39

9,332,144.27 9,362,940.35 9,393,838.05 9,424,837.72 9,455,939.68

-5,288,215.09 -5,305,666.20 -5,323,174.89 -5,340,741.37 -5,358,365.82

-4,324,438.93 -4,313,028.77 -4,300,819.90 -4,287,756.41 -4,273,778.48

-232,860.39 -249,160.62 -266,601.86 -285,263.99 -305,232.47

1,800,000.00 - - - -

6,000,000.00

1,280,490.90 -511,074.46 -502,938.15 -495,123.99 -487,657.48

17.63 17.69 17.74 17.80 17.86

-6,138.96 -6,159.22 -6,179.54 -6,199.93 -6,220.39

9,332,144.27 9,362,940.35 9,393,838.05 9,424,837.72 9,455,939.68

-5,288,215.09 -5,305,666.20 -5,323,174.89 -5,340,741.37 -5,358,365.82

-4,973,057.48 -4,963,680.42 -4,953,553.19 -4,942,615.78 -4,930,803.38

-167,447.56 -180,843.37 -195,310.84 -210,935.70 -227,810.56

1,800,000.00 - - - -

6,000,000.00

697,285.19 -1,093,408.85 -1,084,380.41 -1,075,655.07 -1,067,260.47

25.25 26.26 27.31 28.40 29.54

-6,138.96 -6,159.22 -6,179.54 -6,199.93 -6,220.39

9,332,144.27 9,362,940.35 9,393,838.05 9,424,837.72 9,455,939.68



-5,288,215.09 -5,305,666.20 -5,323,174.89 -5,340,741.37 -5,358,365.82

-5,618,803.34 -5,611,280.16 -5,603,079.90 -5,594,141.61 -5,584,398.87

-119,415.53 -130,162.92 -141,877.59 -154,646.57 -168,564.76

1,800,000.00 - - - -

6,000,000.00

99,571.36 -1,690,328.15 -1,680,473.87 -1,670,891.77 -1,661,610.17

25.25 26.26 27.31 28.40 29.54

-6,138.96 -6,159.22 -6,179.54 -6,199.93 -6,220.39

9,332,144.27 9,362,940.35 9,393,838.05 9,424,837.72 9,455,939.68

-5,288,215.09 -5,305,666.20 -5,323,174.89 -5,340,741.37 -5,358,365.82

-5,811,932.29 -5,804,917.48 -5,797,250.30 -5,788,870.07 -5,779,710.48

-107,754.31 -117,775.46 -128,728.58 -140,700.33 -153,785.46

1,800,000.00 - - - - 6,000,000.00

-81,896.37 -1,871,578.01 -1,861,495.26 -1,851,673.99 -1,842,142.48

25.25 26.26 27.31 28.40 29.54

-6,138.96 -6,159.22 -6,179.54 -6,199.93 -6,220.39

9,332,144.27 9,362,940.35 9,393,838.05 9,424,837.72 9,455,939.68

-5,288,215.09 -5,305,666.20 -5,323,174.89 -5,340,741.37 -5,358,365.82 -5,747,586.21 -5,740,404.58 -5,732,562.25 -5,723,998.42 -5,714,646.72

-111,515.92 -121,775.38 -132,978.72 -145,212.76 -158,572.34

1,800,000.00 - - - -

6,000,000.00

-21,311.90 -1,811,065.03 -1,801,057.35 -1,791,314.77 -1,781,865.58



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-155,993.20 -152,814.77 -149,620.45 -146,410.17 -143,183.83 -908,121.47 -912,662.07 -917,225.38 -921,811.51 -926,420.57

3,690,421.94 3,689,059.76 3,687,690.77 3,686,314.93 3,684,932.21

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-155,993.20 -152,814.77 -149,620.45 -146,410.17 -143,183.83

-908,121.47 -912,662.07 -917,225.38 -921,811.51 -926,420.57

-5,042,280.72 -5,043,642.91 -5,045,011.90 -5,046,387.74 -5,047,770.45

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-155,993.20 -152,814.77 -149,620.45 -146,410.17 -143,183.83 -908,121.47 -912,662.07 -917,225.38 -921,811.51 -926,420.57

5,346,515.63 5,345,153.45 5,343,784.46 5,342,408.62 5,341,025.90





-5,376,048.43 -5,393,789.39 -5,411,588.89 -5,429,447.13 -5,447,364.31

-5,573,779.29 -5,562,203.95 -5,549,586.83 -5,535,834.17 -5,520,843.76

-183,735.59 -200,271.79 -218,296.25 -237,942.92 -259,357.78

- - - - -

-1,652,659.95 -1,644,074.79 -1,635,891.40 -1,628,149.83 -1,620,893.72

30.72 31.95 33.22 34.55 35.93

-6,240.92 -6,261.52 -6,282.18 -6,302.91 -6,323.71

9,487,144.28 9,518,451.86 9,549,862.75 9,581,377.29 9,612,995.84

-5,376,048.43 -5,393,789.39 -5,411,588.89 -5,429,447.13 -5,447,364.31

-5,769,699.05 -5,758,756.55 -5,746,796.40 -5,733,723.96 -5,719,435.78

-168,087.51 -183,719.65 -200,805.58 -219,480.50 -239,892.18

- - - - -

-1,832,931.62 -1,824,075.24 -1,815,610.30 -1,807,577.20 -1,800,020.14

30.72 31.95 33.22 34.55 35.93

-6,240.92 -6,261.52 -6,282.18 -6,302.91 -6,323.71

9,487,144.28 9,518,451.86 9,549,862.75 9,581,377.29 9,612,995.84

-5,376,048.43 -5,393,789.39 -5,411,588.89 -5,429,447.13 -5,447,364.31 -5,704,434.66 -5,693,283.09 -5,681,105.58 -5,667,807.73 -5,653,286.49

-173,160.99 -189,091.80 -206,488.25 -225,485.17 -246,229.80

- - - - -

-1,772,740.71 -1,763,973.94 -1,755,602.15 -1,747,665.65 -1,740,208.47



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-139,941.35 -136,682.67 -133,407.69 -130,116.34 -126,808.53 -931,052.67 -935,707.93 -940,386.47 -945,088.41 -949,813.85

3,683,542.58 3,682,146.00 3,680,742.44 3,679,331.86 3,677,914.23

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-139,941.35 -136,682.67 -133,407.69 -130,116.34 -126,808.53

-931,052.67 -935,707.93 -940,386.47 -945,088.41 -949,813.85

-5,049,160.09 -5,050,556.66 -5,051,960.23 -5,053,370.81 -5,054,788.44

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-139,941.35 -136,682.67 -133,407.69 -130,116.34 -126,808.53 -931,052.67 -935,707.93 -940,386.47 -945,088.41 -949,813.85

5,339,636.27 5,338,239.69 5,336,836.13 5,335,425.55 5,334,007.92



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-139,941.35 -136,682.67 -133,407.69 -130,116.34 -126,808.53

-931,052.67 -935,707.93 -940,386.47 -945,088.41 -949,813.85

7,251,359.33 7,249,962.75 7,248,559.19 7,247,148.61 7,245,730.98

1,928,943.75 1,935,309.26 1,941,695.78 1,948,103.38 1,954,532.12

18.22 18.28 18.34 18.40 18.46

32.15 32.26 32.36 32.47 32.58

-6,344.58 -6,365.51 -6,386.52 -6,407.60 -6,428.74

9,644,718.73 9,676,546.30 9,708,478.90 9,740,516.88 9,772,660.59

-5,465,340.61 -5,483,376.24 -5,501,471.38 -5,519,626.23 -5,537,841.00

-4,166,791.06 -4,144,345.55 -4,120,328.85 -4,094,630.99 -4,067,134.27

-458,071.64 -490,136.65 -524,446.22 -561,157.45 -600,438.47

- - 1,800,000.00 - -

6,000,000.00

-451,829.16 -447,677.65 1,355,845.93 -441,305.39 -439,181.90

18.22 18.28 18.34 18.40 18.46

-6,344.58 -6,365.51 -6,386.52 -6,407.60 -6,428.74

9,644,718.73 9,676,546.30 9,708,478.90 9,740,516.88 9,772,660.59

-5,465,340.61 -5,483,376.24 -5,501,471.38 -5,519,626.23 -5,537,841.00

-4,837,216.06 -4,816,971.69 -4,795,107.76 -4,771,494.72 -4,745,992.64

-361,506.73 -390,427.26 -421,661.44 -455,394.36 -491,825.91

- - 1,800,000.00 - -

6,000,000.00

-1,025,689.25 -1,020,594.40 783,851.80 -1,012,406.03 -1,009,427.70

37.37 38.87 40.42 42.04 43.72

-6,344.58 -6,365.51 -6,386.52 -6,407.60 -6,428.74

9,644,718.73 9,676,546.30 9,708,478.90 9,740,516.88 9,772,660.59



-5,465,340.61 -5,483,376.24 -5,501,471.38 -5,519,626.23 -5,537,841.00

-5,504,504.22 -5,486,694.12 -5,467,281.12 -5,446,120.94 -5,423,056.34

-282,699.98 -308,142.98 -335,875.85 -366,104.67 -399,054.09

- - 1,800,000.00 - -

6,000,000.00

-1,614,170.66 -1,608,032.55 197,464.04 -1,597,742.56 -1,593,719.59

37.37 38.87 40.42 42.04 43.72

-6,344.58 -6,365.51 -6,386.52 -6,407.60 -6,428.74

9,644,718.73 9,676,546.30 9,708,478.90 9,740,516.88 9,772,660.59

-5,465,340.61 -5,483,376.24 -5,501,471.38 -5,519,626.23 -5,537,841.00

-5,703,818.80 -5,686,749.44 -5,668,092.62 -5,647,700.73 -5,625,412.39

-262,202.16 -286,586.96 -313,239.54 -342,370.82 -374,211.31

- - 1,800,000.00 - - 6,000,000.00

-1,792,987.41 -1,786,531.84 19,288.83 -1,775,588.50 -1,771,232.85

37.37 38.87 40.42 42.04 43.72

-6,344.58 -6,365.51 -6,386.52 -6,407.60 -6,428.74

9,644,718.73 9,676,546.30 9,708,478.90 9,740,516.88 9,772,660.59

-5,465,340.61 -5,483,376.24 -5,501,471.38 -5,519,626.23 -5,537,841.00 -5,637,429.29 -5,620,113.23 -5,601,204.09 -5,580,555.31 -5,558,006.84

-268,882.94 -293,620.18 -320,633.23 -350,131.49 -382,343.59

- - 1,800,000.00 - -

6,000,000.00

-1,733,278.70 -1,726,928.86 78,783.68 -1,716,203.74 -1,711,959.58





8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-123,484.18 -120,143.21 -116,785.54 -113,411.07 -110,019.74

-954,562.92 -959,335.73 -964,132.41 -968,953.07 -973,797.84

7,244,306.26 7,242,874.42 7,241,435.41 7,239,989.21 7,238,535.78

1,960,982.07 1,967,453.31 1,973,945.91 1,980,459.93 1,986,995.45

18.52 18.58 18.64 18.70 18.77

32.68 32.79 32.90 33.01 33.12

-6,449.96 -6,471.24 -6,492.60 -6,514.02 -6,535.52

9,804,910.37 9,837,266.57 9,869,729.55 9,902,299.66 9,934,977.25

-5,556,115.87 -5,574,451.06 -5,592,846.75 -5,611,303.14 -5,629,820.44

-4,037,712.79 -4,006,231.80 -3,972,547.14 -3,936,504.56 -3,897,938.99

-642,469.17 -687,442.01 -735,562.95 -787,052.36 -842,146.02

- - - - -

-437,837.42 -437,329.54 -437,719.88 -439,074.42 -441,463.72

18.52 18.58 18.64 18.70 18.77

-6,449.96 -6,471.24 -6,492.60 -6,514.02 -6,535.52

9,804,910.37 9,837,266.57 9,869,729.55 9,902,299.66 9,934,977.25

-5,556,115.87 -5,574,451.06 -5,592,846.75 -5,611,303.14 -5,629,820.44

-4,718,450.39 -4,688,704.75 -4,656,579.47 -4,621,884.17 -4,584,413.24

-531,171.98 -573,665.74 -619,559.00 -669,123.72 -722,653.62

- - - - -

-1,007,277.83 -1,006,026.22 -1,005,748.26 -1,006,525.39 -1,008,445.57

45.47 47.29 49.18 51.15 53.19

-6,449.96 -6,471.24 -6,492.60 -6,514.02 -6,535.52

9,804,910.37 9,837,266.57 9,869,729.55 9,902,299.66 9,934,977.25



-5,556,115.87 -5,574,451.06 -5,592,846.75 -5,611,303.14 -5,629,820.44

-5,397,915.94 -5,370,512.89 -5,340,643.57 -5,308,086.01 -5,272,598.28

-434,968.96 -474,116.17 -516,786.62 -563,297.42 -613,994.19

- - - - -

-1,590,540.36 -1,588,284.78 -1,587,039.98 -1,586,900.94 -1,587,971.17

45.47 47.29 49.18 51.15 53.19

-6,449.96 -6,471.24 -6,492.60 -6,514.02 -6,535.52

9,804,910.37 9,837,266.57 9,869,729.55 9,902,299.66 9,934,977.25

-5,556,115.87 -5,574,451.06 -5,592,846.75 -5,611,303.14 -5,629,820.44

-5,601,051.23 -5,574,424.49 -5,545,321.46 -5,513,511.85 -5,478,743.94

-409,012.96 -447,051.17 -488,626.92 -534,069.23 -583,737.67

- - - - -

-1,767,719.66 -1,765,131.38 -1,763,558.17 -1,763,098.58 -1,763,860.32

45.47 47.29 49.18 51.15 53.19

-6,449.96 -6,471.24 -6,492.60 -6,514.02 -6,535.52

9,804,910.37 9,837,266.57 9,869,729.55 9,902,299.66 9,934,977.25

-5,556,115.87 -5,574,451.06 -5,592,846.75 -5,611,303.14 -5,629,820.44 -5,533,383.91 -5,506,495.68 -5,477,133.72 -5,445,070.47 -5,410,057.40

-417,519.20 -455,930.96 -497,876.61 -543,681.26 -593,699.93

- - - - -

-1,708,558.57 -1,706,082.37 -1,704,620.12 -1,704,269.23 -1,705,136.04



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-106,611.44 -103,186.11 -99,743.65 -96,283.98 -92,807.01 -978,666.83 -983,560.16 -988,477.96 -993,420.35 -998,387.45

3,669,258.34 3,667,790.34 3,666,315.00 3,664,832.28 3,663,342.15

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-106,611.44 -103,186.11 -99,743.65 -96,283.98 -92,807.01

-978,666.83 -983,560.16 -988,477.96 -993,420.35 -998,387.45

-5,063,444.33 -5,064,912.33 -5,066,387.67 -5,067,870.39 -5,069,360.52

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-106,611.44 -103,186.11 -99,743.65 -96,283.98 -92,807.01 -978,666.83 -983,560.16 -988,477.96 -993,420.35 -998,387.45

5,325,352.02 5,323,884.02 5,322,408.68 5,320,925.97 5,319,435.84



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-106,611.44 -103,186.11 -99,743.65 -96,283.98 -92,807.01

-978,666.83 -983,560.16 -988,477.96 -993,420.35 -998,387.45

7,237,075.09 7,235,607.09 7,234,131.75 7,232,649.03 7,231,158.90

1,993,552.53 2,000,131.26 2,006,731.69 2,013,353.91 2,019,997.97

18.83 18.89 18.95 19.02 19.08

33.23 33.34 33.45 33.56 33.67

-6,557.08 -6,578.72 -6,600.43 -6,622.21 -6,644.07

9,967,762.67 10,000,656.29 10,033,658.45 10,066,769.53 10,099,989.87

-5,648,398.85 -5,667,038.56 -5,685,739.79 -5,704,502.73 -5,723,327.59

-3,856,673.84 -3,812,520.12 -3,765,275.64 -3,714,724.06 -3,660,633.86

-901,096.24 -964,172.98 -1,031,665.09 -1,103,881.64 -1,181,153.36

- - - - 1,800,000.00

6,000,000.00

-444,963.34 -449,654.10 -455,622.50 -462,961.12 1,328,230.99

18.83 18.89 18.95 19.02 19.08

-6,557.08 -6,578.72 -6,600.43 -6,622.21 -6,644.07

9,967,762.67 10,000,656.29 10,033,658.45 10,066,769.53 10,099,989.87

-5,648,398.85 -5,667,038.56 -5,685,739.79 -5,704,502.73 -5,723,327.59

-4,543,944.64 -4,500,238.55 -4,453,035.97 -4,402,057.19 -4,347,000.10

-780,465.91 -842,903.18 -910,335.43 -983,162.27 -1,061,815.25

- - - - 1,800,000.00

6,000,000.00

-1,011,603.80 -1,016,102.72 -1,022,053.17 -1,029,574.87 761,202.86

55.32 57.53 59.83 62.23 64.72

-6,557.08 -6,578.72 -6,600.43 -6,622.21 -6,644.07

9,967,762.67 10,000,656.29 10,033,658.45 10,066,769.53 10,099,989.87



-5,648,398.85 -5,667,038.56 -5,685,739.79 -5,704,502.73 -5,723,327.59

-5,233,916.64 -5,191,753.66 -5,145,796.01 -5,095,702.18 -5,041,099.89

-669,253.66 -729,486.49 -795,140.28 -866,702.90 -944,706.16

- - - - 1,800,000.00

6,000,000.00

-1,590,363.57 -1,594,201.15 -1,599,618.06 -1,606,760.50 184,212.15

55.32 57.53 59.83 62.23 64.72

-6,557.08 -6,578.72 -6,600.43 -6,622.21 -6,644.07

9,967,762.67 10,000,656.29 10,033,658.45 10,066,769.53 10,099,989.87

-5,648,398.85 -5,667,038.56 -5,685,739.79 -5,704,502.73 -5,723,327.59

-5,440,742.62 -5,399,207.17 -5,353,808.93 -5,304,188.65 -5,249,953.69

-638,025.27 -697,361.62 -762,216.25 -833,102.36 -910,580.88

- - - - 1,800,000.00 6,000,000.00

-1,765,961.15 -1,769,529.79 -1,774,706.95 -1,781,646.43 9,483.64

55.32 57.53 59.83 62.23 64.72

-6,557.08 -6,578.72 -6,600.43 -6,622.21 -6,644.07

9,967,762.67 10,000,656.29 10,033,658.45 10,066,769.53 10,099,989.87

-5,648,398.85 -5,667,038.56 -5,685,739.79 -5,704,502.73 -5,723,327.59 -5,371,823.12 -5,330,071.29 -5,284,478.29 -5,234,690.74 -5,180,322.73

-648,320.33 -707,965.80 -773,098.65 -844,223.73 -921,892.31

- - - - 1,800,000.00

6,000,000.00

-1,707,336.71 -1,710,998.09 -1,716,258.72 -1,723,269.89 67,803.16



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-89,312.65 -85,800.82 -82,271.43 -78,724.40 -75,159.63 -1,003,379.39 -1,008,396.29 -1,013,438.27 -1,018,505.46 -1,023,597.99

3,661,844.57 3,660,339.50 3,658,826.90 3,657,306.75 3,655,778.99

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-89,312.65 -85,800.82 -82,271.43 -78,724.40 -75,159.63

-1,003,379.39 -1,008,396.29 -1,013,438.27 -1,018,505.46 -1,023,597.99

-5,070,858.10 -5,072,363.17 -5,073,875.77 -5,075,395.92 -5,076,923.68

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-89,312.65 -85,800.82 -82,271.43 -78,724.40 -75,159.63 -1,003,379.39 -1,008,396.29 -1,013,438.27 -1,018,505.46 -1,023,597.99

5,317,938.25 5,316,433.19 5,314,920.59 5,313,400.43 5,311,872.68



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-89,312.65 -85,800.82 -82,271.43 -78,724.40 -75,159.63

-1,003,379.39 -1,008,396.29 -1,013,438.27 -1,018,505.46 -1,023,597.99

7,229,661.32 7,228,156.25 7,226,643.65 7,225,123.50 7,223,595.74

2,026,663.97 2,033,351.96 2,040,062.02 2,046,794.22 2,053,548.64

19.14 19.20 19.27 19.33 19.39

33.78 33.89 34.00 34.11 34.23

-6,665.99 -6,687.99 -6,710.06 -6,732.20 -6,754.42

10,133,319.83 10,166,759.79 10,200,310.10 10,233,971.12 10,267,743.22

-5,742,214.57 -5,761,163.88 -5,780,175.72 -5,799,250.30 -5,818,387.83

-3,602,757.34 -3,540,829.47 -3,474,566.65 -3,403,665.43 -3,327,801.12

-1,263,834.09 -1,352,302.48 -1,446,963.65 -1,548,251.11 -1,656,628.69

- - - - -

-482,152.17 -494,224.03 -508,105.99 -523,927.93 -541,828.84

19.14 19.20 19.27 19.33 19.39

-6,665.99 -6,687.99 -6,710.06 -6,732.20 -6,754.42

10,133,319.83 10,166,759.79 10,200,310.10 10,233,971.12 10,267,743.22

-5,742,214.57 -5,761,163.88 -5,780,175.72 -5,799,250.30 -5,818,387.83

-4,287,538.44 -4,223,319.86 -4,153,963.79 -4,079,059.23 -3,998,162.30

-1,146,760.47 -1,238,501.31 -1,337,581.41 -1,444,587.92 -1,560,154.96

- - - - -

-1,049,859.64 -1,062,913.25 -1,078,120.88 -1,095,658.54 -1,115,716.28

67.30 70.00 72.80 75.71 78.74

-6,665.99 -6,687.99 -6,710.06 -6,732.20 -6,754.42

10,133,319.83 10,166,759.79 10,200,310.10 10,233,971.12 10,267,743.22



-5,742,214.57 -5,761,163.88 -5,780,175.72 -5,799,250.30 -5,818,387.83

-4,981,583.41 -4,916,710.43 -4,845,998.89 -4,768,923.32 -4,684,910.94

-1,029,729.72 -1,122,405.39 -1,223,421.88 -1,333,529.85 -1,453,547.53

- - - - -

-1,626,873.85 -1,640,207.91 -1,655,996.46 -1,674,464.55 -1,695,857.49

67.30 70.00 72.80 75.71 78.74

-6,665.99 -6,687.99 -6,710.06 -6,732.20 -6,754.42

10,133,319.83 10,166,759.79 10,200,310.10 10,233,971.12 10,267,743.22

-5,742,214.57 -5,761,163.88 -5,780,175.72 -5,799,250.30 -5,818,387.83

-5,190,674.87 -5,125,883.13 -5,055,065.75 -4,977,662.36 -4,893,060.45

-995,264.90 -1,087,824.54 -1,188,992.22 -1,299,568.50 -1,420,428.37

- - - - -

-1,801,500.51 -1,814,799.75 -1,830,633.66 -1,849,242.24 -1,870,887.84

67.30 70.00 72.80 75.71 78.74

-6,665.99 -6,687.99 -6,710.06 -6,732.20 -6,754.42

10,133,319.83 10,166,759.79 10,200,310.10 10,233,971.12 10,267,743.22

-5,742,214.57 -5,761,163.88 -5,780,175.72 -5,799,250.30 -5,818,387.83 -5,120,952.87 -5,056,120.98 -4,985,324.55 -4,908,014.85 -4,823,592.66

-1,006,706.40 -1,099,323.39 -1,200,461.14 -1,310,903.57 -1,431,506.70

- - - - -

-1,743,220.00 -1,756,536.45 -1,772,361.38 -1,790,929.81 -1,812,498.38



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-71,577.04 -67,976.53 -64,358.02 -60,721.42 -57,066.64 -1,028,715.98 -1,033,859.56 -1,039,028.86 -1,044,224.00 -1,049,445.12

3,654,243.59 3,652,700.52 3,651,149.73 3,649,591.18 3,648,024.85

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-71,577.04 -67,976.53 -64,358.02 -60,721.42 -57,066.64

-1,028,715.98 -1,033,859.56 -1,039,028.86 -1,044,224.00 -1,049,445.12

-5,078,459.08 -5,080,002.15 -5,081,552.94 -5,083,111.48 -5,084,677.82

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-71,577.04 -67,976.53 -64,358.02 -60,721.42 -57,066.64 -1,028,715.98 -1,033,859.56 -1,039,028.86 -1,044,224.00 -1,049,445.12

5,310,337.28 5,308,794.20 5,307,243.42 5,305,684.87 5,304,118.54



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-71,577.04 -67,976.53 -64,358.02 -60,721.42 -57,066.64

-1,028,715.98 -1,033,859.56 -1,039,028.86 -1,044,224.00 -1,049,445.12

7,222,060.34 7,220,517.27 7,218,966.48 7,217,407.93 7,215,841.60

2,060,325.36 2,067,124.43 2,073,945.94 2,080,789.96 2,087,656.57

19.46 19.52 19.59 19.65 19.72

34.34 34.45 34.57 34.68 34.79

-6,776.71 -6,799.07 -6,821.51 -6,844.02 -6,866.61

10,301,626.78 10,335,622.15 10,369,729.70 10,403,949.81 10,438,282.84

-5,837,588.51 -5,856,852.55 -5,876,180.16 -5,895,571.56 -5,915,026.94

-3,246,626.32 -3,159,769.28 -3,066,832.24 -2,967,389.61 -2,860,986.00

-1,772,592.70 -1,896,674.19 -2,029,441.38 -2,171,502.27 -2,323,507.43

- - - - -

-561,957.46 -584,472.94 -609,545.59 -637,357.66 -668,104.15

19.46 19.52 19.59 19.65 19.72

-6,776.71 -6,799.07 -6,821.51 -6,844.02 -6,866.61

10,301,626.78 10,335,622.15 10,369,729.70 10,403,949.81 10,438,282.84

-5,837,588.51 -5,856,852.55 -5,876,180.16 -5,895,571.56 -5,915,026.94

-3,910,793.63 -3,816,435.45 -3,714,528.63 -3,604,469.26 -3,485,605.14

-1,684,967.35 -1,819,764.74 -1,965,345.92 -2,122,573.59 -2,292,379.48

- - - - -

-1,138,499.42 -1,164,229.67 -1,193,146.52 -1,225,508.62 -1,261,595.33

81.89 85.16 88.57 92.11 95.80

-6,776.71 -6,799.07 -6,821.51 -6,844.02 -6,866.61

10,301,626.78 10,335,622.15 10,369,729.70 10,403,949.81 10,438,282.84



-5,837,588.51 -5,856,852.55 -5,876,180.16 -5,895,571.56 -5,915,026.94

-4,593,337.44 -4,493,522.33 -4,384,723.86 -4,266,133.53 -4,136,870.07

-1,584,366.81 -1,726,959.82 -1,882,386.21 -2,051,800.97 -2,236,463.05

- - - - -

-1,720,442.69 -1,748,511.63 -1,780,382.04 -1,816,400.27 -1,856,943.83

81.89 85.16 88.57 92.11 95.80

-6,776.71 -6,799.07 -6,821.51 -6,844.02 -6,866.61

10,301,626.78 10,335,622.15 10,369,729.70 10,403,949.81 10,438,282.84

-5,837,588.51 -5,856,852.55 -5,876,180.16 -5,895,571.56 -5,915,026.94

-4,800,590.56 -4,699,520.98 -4,589,051.92 -4,468,309.24 -4,336,337.49

-1,552,528.20 -1,696,913.33 -1,854,726.27 -2,027,215.81 -2,215,746.88

- - - - -

-1,895,857.21 -1,924,463.78 -1,957,050.16 -1,993,990.82 -2,035,695.08

81.89 85.16 88.57 92.11 95.80

-6,776.71 -6,799.07 -6,821.51 -6,844.02 -6,866.61

10,301,626.78 10,335,622.15 10,369,729.70 10,403,949.81 10,438,282.84

-5,837,588.51 -5,856,852.55 -5,876,180.16 -5,895,571.56 -5,915,026.94 -4,731,403.63 -4,630,733.21 -4,520,801.11 -4,400,755.25 -4,269,665.18

-1,563,205.31 -1,707,020.20 -1,864,066.06 -2,035,560.14 -2,222,831.67

- - - - -

-1,837,347.39 -1,865,782.89 -1,898,139.14 -1,934,781.16 -1,976,107.56



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-53,393.58 -49,702.16 -45,992.28 -42,263.85 -38,516.78 -1,054,692.35 -1,059,965.81 -1,065,265.64 -1,070,591.96 -1,075,944.92

3,646,450.68 3,644,868.64 3,643,278.69 3,641,680.79 3,640,074.91

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-53,393.58 -49,702.16 -45,992.28 -42,263.85 -38,516.78

-1,054,692.35 -1,059,965.81 -1,065,265.64 -1,070,591.96 -1,075,944.92

-5,086,251.99 -5,087,834.03 -5,089,423.98 -5,091,021.87 -5,092,627.76

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-53,393.58 -49,702.16 -45,992.28 -42,263.85 -38,516.78 -1,054,692.35 -1,059,965.81 -1,065,265.64 -1,070,591.96 -1,075,944.92

5,302,544.37 5,300,962.33 5,299,372.38 5,297,774.48 5,296,168.59



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-53,393.58 -49,702.16 -45,992.28 -42,263.85 -38,516.78

-1,054,692.35 -1,059,965.81 -1,065,265.64 -1,070,591.96 -1,075,944.92

7,214,267.43 7,212,685.39 7,211,095.44 7,209,497.55 7,207,891.66

2,094,545.83 2,101,457.84 2,108,392.65 2,115,350.34 2,122,331.00

19.78 19.85 19.91 19.98 20.04

34.91 35.02 35.14 35.26 35.37

-6,889.27 -6,912.00 -6,934.81 -6,957.70 -6,980.66

10,472,729.17 10,507,289.18 10,541,963.23 10,576,751.71 10,611,654.99

-5,934,546.53 -5,954,130.54 -5,973,779.17 -5,993,492.64 -6,013,271.16

-2,747,134.14 -2,625,312.64 -2,494,963.64 -2,355,490.22 -2,206,253.65

-2,486,152.95 -2,660,183.66 -2,846,396.52 -3,045,644.27 -3,258,839.37

- 1,800,000.00 - - -

6,000,000.00

-701,993.72 1,060,750.34 -780,110.90 -824,833.11 -873,689.84

19.78 19.85 19.91 19.98 20.04

-6,889.27 -6,912.00 -6,934.81 -6,957.70 -6,980.66

10,472,729.17 10,507,289.18 10,541,963.23 10,576,751.71 10,611,654.99

-5,934,546.53 -5,954,130.54 -5,973,779.17 -5,993,492.64 -6,013,271.16

-3,357,231.88 -3,218,588.77 -3,068,854.21 -2,907,140.89 -2,732,490.50

-2,475,769.84 -2,673,831.43 -2,887,737.94 -3,118,756.98 -3,368,257.53

- 1,800,000.00 - - -

6,000,000.00

-1,301,708.35 453,826.44 -1,395,342.90 -1,449,596.49 -1,509,344.86

99.63 103.61 107.76 112.07 116.55

-6,889.27 -6,912.00 -6,934.81 -6,957.70 -6,980.66

10,472,729.17 10,507,289.18 10,541,963.23 10,576,751.71 10,611,654.99



-5,934,546.53 -5,954,130.54 -5,973,779.17 -5,993,492.64 -6,013,271.16

-3,995,972.90 -3,842,394.98 -3,674,995.05 -3,492,529.13 -3,293,641.27

-2,437,744.73 -2,657,141.75 -2,896,284.51 -3,156,950.12 -3,441,075.63

- 1,800,000.00 - - -

6,000,000.00

-1,902,424.25 -153,290.09 -2,010,030.30 -2,073,177.86 -2,143,313.72

99.63 103.61 107.76 112.07 116.55

-6,889.27 -6,912.00 -6,934.81 -6,957.70 -6,980.66

10,472,729.17 10,507,289.18 10,541,963.23 10,576,751.71 10,611,654.99

-5,934,546.53 -5,954,130.54 -5,973,779.17 -5,993,492.64 -6,013,271.16

-4,192,092.37 -4,034,432.45 -3,862,110.16 -3,673,761.90 -3,467,897.24

-2,421,811.34 -2,647,039.79 -2,893,214.49 -3,162,283.44 -3,456,375.80

- 1,800,000.00 - - - 6,000,000.00

-2,082,610.33 -335,225.60 -2,194,075.40 -2,259,743.96 -2,332,869.87

99.63 103.61 107.76 112.07 116.55

-6,889.27 -6,912.00 -6,934.81 -6,957.70 -6,980.66

10,472,729.17 10,507,289.18 10,541,963.23 10,576,751.71 10,611,654.99

-5,934,546.53 -5,954,130.54 -5,973,779.17 -5,993,492.64 -6,013,271.16 -4,126,514.82 -3,970,194.63 -3,799,492.98 -3,613,086.78 -3,409,531.20

-2,427,332.18 -2,650,646.75 -2,894,506.25 -3,160,800.82 -3,451,594.50

- 1,800,000.00 - - -

6,000,000.00

-2,022,553.63 -274,594.73 -2,132,749.97 -2,197,586.22 -2,269,722.52



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-34,750.97 -30,966.33 -27,162.77 -23,340.20 -19,498.51 -1,081,324.65 -1,086,731.27 -1,092,164.93 -1,097,625.75 -1,103,113.88

3,638,460.99 3,636,839.00 3,635,208.91 3,633,570.66 3,631,924.22

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-34,750.97 -30,966.33 -27,162.77 -23,340.20 -19,498.51

-1,081,324.65 -1,086,731.27 -1,092,164.93 -1,097,625.75 -1,103,113.88

-5,094,241.68 -5,095,863.67 -5,097,493.76 -5,099,132.01 -5,100,778.45

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-34,750.97 -30,966.33 -27,162.77 -23,340.20 -19,498.51 -1,081,324.65 -1,086,731.27 -1,092,164.93 -1,097,625.75 -1,103,113.88

5,294,554.68 5,292,932.69 5,291,302.59 5,289,664.35 5,288,017.91



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54 961,594.54

-34,750.97 -30,966.33 -27,162.77 -23,340.20 -19,498.51

-1,081,324.65 -1,086,731.27 -1,092,164.93 -1,097,625.75 -1,103,113.88

7,206,277.74 7,204,655.75 7,203,025.66 7,201,387.41 7,199,740.97

2,129,334.69 2,136,361.50 2,143,411.49 2,150,484.75 2,157,581.35

20.11 20.18 20.24 20.31 20.38

35.49 35.61 35.72 35.84 35.96

-7,003.69 -7,026.80 -7,049.99 -7,073.26 -7,096.60

10,646,673.46 10,681,807.48 10,717,057.44 10,752,423.73 10,787,906.73

-6,033,114.96 -6,053,024.24 -6,072,999.22 -6,093,040.11 -6,113,147.15

-2,046,570.52 -1,875,709.57 -1,692,888.35 -1,497,269.65 -1,287,957.65

-3,486,958.13 -3,731,045.20 -3,992,218.36 -4,271,673.65 -4,570,690.80

- - - - -

-926,973.84 -984,998.33 -1,048,098.48 -1,116,632.94 -1,190,985.46

20.11 20.18 20.24 20.31 20.38

-7,003.69 -7,026.80 -7,049.99 -7,073.26 -7,096.60

10,646,673.46 10,681,807.48 10,717,057.44 10,752,423.73 10,787,906.73

-6,033,114.96 -6,053,024.24 -6,072,999.22 -6,093,040.11 -6,113,147.15

-2,543,868.08 -2,340,155.86 -2,120,146.67 -1,882,536.74 -1,625,918.02

-3,637,718.14 -3,928,735.59 -4,243,034.44 -4,582,477.19 -4,949,075.37

- - - - -

-1,575,031.41 -1,647,135.01 -1,726,172.87 -1,812,703.57 -1,907,330.40

121.21 126.06 131.10 136.35 141.80

-7,003.69 -7,026.80 -7,049.99 -7,073.26 -7,096.60

10,646,673.46 10,681,807.48 10,717,057.44 10,752,423.73 10,787,906.73



-6,033,114.96 -6,053,024.24 -6,072,999.22 -6,093,040.11 -6,113,147.15

-3,076,853.50 -2,840,554.84 -2,582,989.30 -2,302,242.86 -1,996,229.24

-3,750,772.43 -4,088,341.95 -4,456,292.73 -4,857,359.07 -5,294,521.39

- - - - -

-2,221,071.13 -2,307,140.36 -2,402,273.79 -2,507,291.57 -2,623,087.64

121.21 126.06 131.10 136.35 141.80

-7,003.69 -7,026.80 -7,049.99 -7,073.26 -7,096.60

10,646,673.46 10,681,807.48 10,717,057.44 10,752,423.73 10,787,906.73

-6,033,114.96 -6,053,024.24 -6,072,999.22 -6,093,040.11 -6,113,147.15

-3,242,887.18 -2,996,951.18 -2,728,143.13 -2,434,335.93 -2,113,204.67

-3,777,818.75 -4,129,155.89 -4,513,167.39 -4,932,891.96 -5,391,650.91

- - - - -

-2,414,151.13 -2,504,350.64 -2,604,302.29 -2,714,917.53 -2,837,192.60

121.21 126.06 131.10 136.35 141.80

-7,003.69 -7,026.80 -7,049.99 -7,073.26 -7,096.60

10,646,673.46 10,681,807.48 10,717,057.44 10,752,423.73 10,787,906.73

-6,033,114.96 -6,053,024.24 -6,072,999.22 -6,093,040.11 -6,113,147.15 -3,187,248.52 -2,944,515.82 -2,679,451.72 -2,390,001.73 -2,073,922.33

-3,769,141.19 -4,115,902.18 -4,494,565.18 -4,908,065.18 -5,359,607.17

- - - - -

-2,349,834.90 -2,438,661.57 -2,537,008.67 -2,645,756.54 -2,765,866.52



4,754,536.61 4,754,536.61 4,754,536.61 4,754,536.61

961,594.54 961,594.54 961,594.54 961,594.54

-15,637.61 -11,757.40 -7,857.80 -3,938.70 -1,108,629.45 -1,114,172.60 -1,119,743.46 -1,125,342.18

3,630,269.55 3,628,606.60 3,626,935.35 3,625,255.73

-3,978,166.06 -3,978,166.06 -3,978,166.06 -3,978,166.06

961,594.54 961,594.54 961,594.54 961,594.54

-15,637.61 -11,757.40 -7,857.80 -3,938.70

-1,108,629.45 -1,114,172.60 -1,119,743.46 -1,125,342.18

-5,102,433.12 -5,104,096.06 -5,105,767.32 -5,107,446.94

6,410,630.30 6,410,630.30 6,410,630.30 6,410,630.30

961,594.54 961,594.54 961,594.54 961,594.54

-15,637.61 -11,757.40 -7,857.80 -3,938.70 -1,108,629.45 -1,114,172.60 -1,119,743.46 -1,125,342.18

5,286,363.24 5,284,700.29 5,283,029.03 5,281,349.42



8,322,353.36 8,322,353.36 8,322,353.36 8,322,353.36

961,594.54 961,594.54 961,594.54 961,594.54

-15,637.61 -11,757.40 -7,857.80 -3,938.70

-1,108,629.45 -1,114,172.60 -1,119,743.46 -1,125,342.18

7,198,086.30 7,196,423.36 7,194,752.10 7,193,072.48

2,164,701.36 2,171,844.88 2,179,011.97 2,186,202.71

20.44 20.51 20.58 20.65

36.08 36.20 36.32 36.44

-7,120.02 -7,143.51 -7,167.09 -7,190.74

10,823,506.82 10,859,224.40 10,895,059.84 10,931,013.53

-6,133,320.53 -6,153,560.49 -6,173,867.24 -6,194,241.00

-1,063,993.80 -824,352.48 -567,936.27 -293,570.92

-4,890,639.16 -5,232,983.90 -5,599,292.77 -5,991,243.27

- - - 1,800,000.00

6,000,000.00

-1,271,566.68 -1,358,815.99 -1,453,203.53 244,767.61

20.44 20.51 20.58 20.65

-7,120.02 -7,143.51 -7,167.09 -7,190.74

10,823,506.82 10,859,224.40 10,895,059.84 10,931,013.53

-6,133,320.53 -6,153,560.49 -6,173,867.24 -6,194,241.00

-1,348,769.80 -1,049,449.72 -726,184.03 -377,057.09

-5,345,001.39 -5,772,601.51 -6,234,409.63 -6,733,162.40

- - - 1,800,000.00

6,000,000.00

-2,010,704.92 -2,123,530.83 -2,246,568.15 -580,637.70

147.47 153.37 159.51 165.89

-7,120.02 -7,143.51 -7,167.09 -7,190.74

10,823,506.82 10,859,224.40 10,895,059.84 10,931,013.53



-6,133,320.53 -6,153,560.49 -6,173,867.24 -6,194,241.00

-1,662,674.39 -1,299,099.60 -902,803.09 -470,839.89

-5,771,028.31 -6,290,420.86 -6,856,558.74 -7,473,649.03

- - - 1,800,000.00

6,000,000.00

-2,750,636.43 -2,891,000.08 -3,045,336.32 -1,414,907.12

147.47 153.37 159.51 165.89

-7,120.02 -7,143.51 -7,167.09 -7,190.74

10,823,506.82 10,859,224.40 10,895,059.84 10,931,013.53

-6,133,320.53 -6,153,560.49 -6,173,867.24 -6,194,241.00

-1,762,208.19 -1,378,569.05 -959,251.46 -500,937.34

-5,893,074.45 -6,441,130.37 -7,040,155.49 -7,694,889.96

- - - 1,800,000.00 6,000,000.00

-2,972,216.37 -3,121,179.03 -3,285,381.45 -1,666,245.50

147.47 153.37 159.51 165.89

-7,120.02 -7,143.51 -7,167.09 -7,190.74

10,823,506.82 10,859,224.40 10,895,059.84 10,931,013.53

-6,133,320.53 -6,153,560.49 -6,173,867.24 -6,194,241.00 -1,728,763.63 -1,351,850.33 -940,261.00 -490,805.45

-5,852,691.03 -6,391,138.61 -6,979,123.36 -7,621,202.71

- - - 1,800,000.00

6,000,000.00

-2,898,388.39 -3,044,468.54 -3,205,358.85 -1,582,426.37



Rate 0.04 60

Period Principle Beg Interest Principle Pymt End Principle

1 90,000,000.00 3,600,000.00 Rs. -378,166.06 Rs. 89,621,833.94

2 Rs. 89,621,833.94 Rs. 3,584,873.36 Rs. -393,292.70 Rs. 89,228,541.24

3 Rs. 89,228,541.24 Rs. 3,569,141.65 Rs. -409,024.41 Rs. 88,819,516.824 Rs. 88,819,516.82 Rs. 3,552,780.67 Rs. -425,385.39 Rs. 88,394,131.44

5 Rs. 88,394,131.44 Rs. 3,535,765.26 Rs. -442,400.80 Rs. 87,951,730.63

6 Rs. 87,951,730.63 Rs. 3,518,069.23 Rs. -460,096.84 Rs. 87,491,633.80

7 Rs. 87,491,633.80 Rs. 3,499,665.35 Rs. -478,500.71 Rs. 87,013,133.09

8 Rs. 87,013,133.09 Rs. 3,480,525.32 Rs. -497,640.74 Rs. 86,515,492.35

9 Rs. 86,515,492.35 Rs. 3,460,619.69 Rs. -517,546.37 Rs. 85,997,945.98

10 Rs. 85,997,945.98 Rs. 3,439,917.84 Rs. -538,248.22 Rs. 85,459,697.76

11 Rs. 85,459,697.76 Rs. 3,418,387.91 Rs. -559,778.15 Rs. 84,899,919.61

12 Rs. 84,899,919.61 Rs. 3,395,996.78 Rs. -582,169.28 Rs. 84,317,750.33

13 Rs. 84,317,750.33 Rs. 3,372,710.01 Rs. -605,456.05 Rs. 83,712,294.29

14 Rs. 83,712,294.29 Rs. 3,348,491.77 Rs. -629,674.29 Rs. 83,082,620.00

15 Rs. 83,082,620.00 Rs. 3,323,304.80 Rs. -654,861.26 Rs. 82,427,758.73

16 Rs. 82,427,758.73 Rs. 3,297,110.35 Rs. -681,055.71 Rs. 81,746,703.02

17 Rs. 81,746,703.02 Rs. 3,269,868.12 Rs. -708,297.94 Rs. 81,038,405.08

18 Rs. 81,038,405.08 Rs. 3,241,536.20 Rs. -736,629.86 Rs. 80,301,775.22

19 Rs. 80,301,775.22 Rs. 3,212,071.01 Rs. -766,095.05 Rs. 79,535,680.17

20 Rs. 79,535,680.17 Rs. 3,181,427.21 Rs. -796,738.85 Rs. 78,738,941.32

21 Rs. 78,738,941.32 Rs. 3,149,557.65 Rs. -828,608.41 Rs. 77,910,332.91

22 Rs. 77,910,332.91 Rs. 3,116,413.32 Rs. -861,752.74 Rs. 77,048,580.16

23 Rs. 77,048,580.16 Rs. 3,081,943.21 Rs. -896,222.85 Rs. 76,152,357.31

24 Rs. 76,152,357.31 Rs. 3,046,094.29 Rs. -932,071.77 Rs. 75,220,285.5425 Rs. 75,220,285.54 Rs. 3,008,811.42 Rs. -969,354.64 Rs. 74,250,930.90

26 Rs. 74,250,930.90 Rs. 2,970,037.24 Rs. -1,008,128.83 Rs. 73,242,802.08

27 Rs. 73,242,802.08 Rs. 2,929,712.08 Rs. -1,048,453.98 Rs. 72,194,348.10

28 Rs. 72,194,348.10 Rs. 2,887,773.92 Rs. -1,090,392.14 Rs. 71,103,955.96

29 Rs. 71,103,955.96 Rs. 2,844,158.24 Rs. -1,134,007.82 Rs. 69,969,948.14

30 Rs. 69,969,948.14 Rs. 2,798,797.93 Rs. -1,179,368.14 Rs. 68,790,580.00

31 Rs. 68,790,580.00 Rs. 2,751,623.20 Rs. -1,226,542.86 Rs. 67,564,037.14

32 Rs. 67,564,037.14 Rs. 2,702,561.49 Rs. -1,275,604.58 Rs. 66,288,432.57

33 Rs. 66,288,432.57 Rs. 2,651,537.30 Rs. -1,326,628.76 Rs. 64,961,803.81

34 Rs. 64,961,803.81 Rs. 2,598,472.15 Rs. -1,379,693.91 Rs. 63,582,109.90

35 Rs. 63,582,109.90 Rs. 2,543,284.40 Rs. -1,434,881.67 Rs. 62,147,228.2436 Rs. 62,147,228.24 Rs. 2,485,889.13 Rs. -1,492,276.93 Rs. 60,654,951.30

37 Rs. 60,654,951.30 Rs. 2,426,198.05 Rs. -1,551,968.01 Rs. 59,102,983.29

38 Rs. 59,102,983.29 Rs. 2,364,119.33 Rs. -1,614,046.73 Rs. 57,488,936.57

39 Rs. 57,488,936.57 Rs. 2,299,557.46 Rs. -1,678,608.60 Rs. 55,810,327.97

40 Rs. 55,810,327.97 Rs. 2,232,413.12 Rs. -1,745,752.94 Rs. 54,064,575.02

41 Rs. 54,064,575.02 Rs. 2,162,583.00 Rs. -1,815,583.06 Rs. 52,248,991.96

42 Rs. 52,248,991.96 Rs. 2,089,959.68 Rs. -1,888,206.38 Rs. 50,360,785.58

43 Rs. 50,360,785.58 Rs. 2,014,431.42 Rs. -1,963,734.64 Rs. 48,397,050.94



44 Rs. 48,397,050.94 Rs. 1,935,882.04 Rs. -2,042,284.02 Rs. 46,354,766.92

45 Rs. 46,354,766.92 Rs. 1,854,190.68 Rs. -2,123,975.38 Rs. 44,230,791.54

46 Rs. 44,230,791.54 Rs. 1,769,231.66 Rs. -2,208,934.40 Rs. 42,021,857.14

47 Rs. 42,021,857.14 Rs. 1,680,874.29 Rs. -2,297,291.78 Rs. 39,724,565.36

48 Rs. 39,724,565.36 Rs. 1,588,982.61 Rs. -2,389,183.45 Rs. 37,335,381.91

49 Rs. 37,335,381.91 Rs. 1,493,415.28 Rs. -2,484,750.78 Rs. 34,850,631.13

50 Rs. 34,850,631.13 Rs. 1,394,025.25 Rs. -2,584,140.82 Rs. 32,266,490.3151 Rs. 32,266,490.31 Rs. 1,290,659.61 Rs. -2,687,506.45 Rs. 29,578,983.87

52 Rs. 29,578,983.87 Rs. 1,183,159.35 Rs. -2,795,006.71 Rs. 26,783,977.16

53 Rs. 26,783,977.16 Rs. 1,071,359.09 Rs. -2,906,806.97 Rs. 23,877,170.18

54 Rs. 23,877,170.18 Rs. 955,086.81 Rs. -3,023,079.25 Rs. 20,854,090.93

55 Rs. 20,854,090.93 Rs. 834,163.64 Rs. -3,144,002.42 Rs. 17,710,088.51

56 Rs. 17,710,088.51 Rs. 708,403.54 Rs. -3,269,762.52 Rs. 14,440,325.99

57 Rs. 14,440,325.99 Rs. 577,613.04 Rs. -3,400,553.02 Rs. 11,039,772.96

58 Rs. 11,039,772.96 Rs. 441,590.92 Rs. -3,536,575.14 Rs. 7,503,197.82

59 Rs. 7,503,197.82 Rs. 300,127.91 Rs. -3,678,038.15 Rs. 3,825,159.67

60 Rs. 3,825,159.67 Rs. 153,006.39 Rs. -3,825,159.67 Rs. -0.00



-0.7 TAX

Pymt Interest Interest tax newco

Rs. -3,978,166.06 -2,520,000.00 1,080,000.00

Rs. -3,978,166.06 -2,509,411.35

Rs. -3,978,166.06 -2,498,399.15 Rs. -3,978,166.06 -2,486,946.47

Rs. -3,978,166.06 -2,475,035.68

Rs. -3,978,166.06 -2,462,648.46

Rs. -3,978,166.06 -2,449,765.75

Rs. -3,978,166.06 -2,436,367.73

Rs. -3,978,166.06 -2,422,433.79

Rs. -3,978,166.06 -2,407,942.49

Rs. -3,978,166.06 -2,392,871.54

Rs. -3,978,166.06 -2,377,197.75

Rs. -3,978,166.06 -2,360,897.01

Rs. -3,978,166.06 -2,343,944.24

Rs. -3,978,166.06 -2,326,313.36

Rs. -3,978,166.06 -2,307,977.24

Rs. -3,978,166.06 -2,288,907.68

Rs. -3,978,166.06 -2,269,075.34

Rs. -3,978,166.06 -2,248,449.71

Rs. -3,978,166.06 -2,226,999.04

Rs. -3,978,166.06 -2,204,690.36

Rs. -3,978,166.06 -2,181,489.32

Rs. -3,978,166.06 -2,157,360.24

Rs. -3,978,166.06 -2,132,266.00 Rs. -3,978,166.06 -2,106,168.00

Rs. -3,978,166.06 -2,079,026.07

Rs. -3,978,166.06 -2,050,798.46

Rs. -3,978,166.06 -2,021,441.75

Rs. -3,978,166.06 -1,990,910.77

Rs. -3,978,166.06 -1,959,158.55

Rs. -3,978,166.06 -1,926,136.24

Rs. -3,978,166.06 -1,891,793.04

Rs. -3,978,166.06 -1,856,076.11

Rs. -3,978,166.06 -1,818,930.51

Rs. -3,978,166.06 -1,780,299.08 Rs. -3,978,166.06 -1,740,122.39

Rs. -3,978,166.06 -1,698,338.64

Rs. -3,978,166.06 -1,654,883.53

Rs. -3,978,166.06 -1,609,690.22

Rs. -3,978,166.06 -1,562,689.18

Rs. -3,978,166.06 -1,513,808.10

Rs. -3,978,166.06 -1,462,971.78

Rs. -3,978,166.06 -1,410,102.00



Rs. -3,978,166.06 -1,355,117.43

Rs. -3,978,166.06 -1,297,933.47

Rs. -3,978,166.06 -1,238,462.16

Rs. -3,978,166.06 -1,176,612.00

Rs. -3,978,166.06 -1,112,287.83

Rs. -3,978,166.06 -1,045,390.69

Rs. -3,978,166.06 -975,817.67 Rs. -3,978,166.06 -903,461.73

Rs. -3,978,166.06 -828,211.55

Rs. -3,978,166.06 -749,951.36

Rs. -3,978,166.06 -668,560.77

Rs. -3,978,166.06 -583,914.55

Rs. -3,978,166.06 -495,882.48

Rs. -3,978,166.06 -404,329.13

Rs. -3,978,166.06 -309,113.64

Rs. -3,978,166.06 -210,089.54

Rs. -3,978,166.06 -107,104.47



Period Principle Beg Interest Principle Pymt End Principle

1 58,500,000.00 292,500 838468.89 57,661,531.11

2 57,661,531.11 288,308 842,661.23 56,818,869.88

3 56,818,869.88 284,094 846,874.54 55,971,995.33

4 55,971,995.33 279,860 851,108.91 55,120,886.42

5 55,120,886.42 275,604 855,364.46 54,265,521.96

6 54,265,521.96 271,328 859,641.28 53,405,880.68 7 53,405,880.68 267,029 863,939.49 52,541,941.20

8 52,541,941.20 262,710 868,259.18 51,673,682.01

9 51,673,682.01 258,368 872,600.48 50,801,081.53

10 50,801,081.53 254,005 876,963.48 49,924,118.05

11 49,924,118.05 249,621 881,348.30 49,042,769.75

12 49,042,769.75 245,214 885,755.04 48,157,014.71

13 48,157,014.71 240,785 890,183.82 47,266,830.89

14 47,266,830.89 236,334 894,634.74 46,372,196.16

15 46,372,196.16 231,861 899,107.91 45,473,088.25

16 45,473,088.25 227,365 903,603.45 44,569,484.80

17 44,569,484.80 222,847 908,121.47 43,661,363.33

18 43,661,363.33 218,307 912,662.07 42,748,701.26

19 42,748,701.26 213,744 917,225.38 41,831,475.88

20 41,831,475.88 209,157 921,811.51 40,909,664.37

21 40,909,664.37 204,548 926,420.57 39,983,243.80

22 39,983,243.80 199,916 931,052.67 39,052,191.13

23 39,052,191.13 195,261 935,707.93 38,116,483.19

24 38,116,483.19 190,582 940,386.47 37,176,096.72

25 37,176,096.72 185,880 945,088.41 36,231,008.31

26 36,231,008.31 181,155 949,813.85 35,281,194.46

27 35,281,194.46 176,406 954,562.92 34,326,631.55 28 34,326,631.55 171,633 959,335.73 33,367,295.81

29 33,367,295.81 166,836 964,132.41 32,403,163.40

30 32,403,163.40 162,016 968,953.07 31,434,210.33

31 31,434,210.33 157,171 973,797.84 30,460,412.49

32 30,460,412.49 152,302 978,666.83 29,481,745.66

33 29,481,745.66 147,409 983,560.16 28,498,185.50

34 28,498,185.50 142,491 988,477.96 27,509,707.54

35 27,509,707.54 137,549 993,420.35 26,516,287.19

36 26,516,287.19 132,581 998,387.45 25,517,899.73

37 25,517,899.73 127,589 1,003,379.39 24,514,520.34

38 24,514,520.34 122,573 1,008,396.29 23,506,124.05 39 23,506,124.05 117,531 1,013,438.27 22,492,685.78

40 22,492,685.78 112,463 1,018,505.46 21,474,180.32

41 21,474,180.32 107,371 1,023,597.99 20,450,582.33

42 20,450,582.33 102,253 1,028,715.98 19,421,866.36

43 19,421,866.36 97,109 1,033,859.56 18,388,006.80

44 18,388,006.80 91,940 1,039,028.86 17,348,977.94

45 17,348,977.94 86,745 1,044,224.00 16,304,753.94

46 16,304,753.94 81,524 1,049,445.12 15,255,308.82



47 15,255,308.82 76,277 1,054,692.35 14,200,616.48

48 14,200,616.48 71,003 1,059,965.81 13,140,650.67

49 13,140,650.67 65,703 1,065,265.64 12,075,385.03

50 12,075,385.03 60,377 1,070,591.96 11,004,793.07

51 11,004,793.07 55,024 1,075,944.92 9,928,848.14

52 9,928,848.14 49,644 1,081,324.65 8,847,523.49

53 8,847,523.49 44,238 1,086,731.27 7,760,792.22 54 7,760,792.22 38,804 1,092,164.93 6,668,627.29

55 6,668,627.29 33,343 1,097,625.75 5,571,001.54

56 5,571,001.54 27,855 1,103,113.88 4,467,887.66

57 4,467,887.66 22,339 1,108,629.45 3,359,258.20

58 3,359,258.20 16,796 1,114,172.60 2,245,085.60

59 2,245,085.60 11,225 1,119,743.46 1,125,342.14

60 1,125,342.14 5,627 1,125,342.18 -0.04



Pymt Int Tax Shield Int

1,130,968.89 -204,750 Monthly int

1,130,968.89 -201,815 PMT

1,130,968.89 -198,866

1,130,968.89 -195,902

1,130,968.89 -192,923

1,130,968.89 -189,929 1,130,968.89 -186,921

1,130,968.89 -183,897

1,130,968.89 -180,858

1,130,968.89 -177,804

1,130,968.89 -174,734

1,130,968.89 -171,650

1,130,968.89 -168,550

1,130,968.89 -165,434

1,130,968.89 -162,303

1,130,968.89 -159,156

1,130,968.89 -155,993

1,130,968.89 -152,815

1,130,968.89 -149,620

1,130,968.89 -146,410

1,130,968.89 -143,184

1,130,968.89 -139,941

1,130,968.89 -136,683

1,130,968.89 -133,408

1,130,968.89 -130,116

1,130,968.89 -126,809

1,130,968.89 -123,484 1,130,968.89 -120,143

1,130,968.89 -116,786

1,130,968.89 -113,411

1,130,968.89 -110,020

1,130,968.89 -106,611

1,130,968.89 -103,186

1,130,968.89 -99,744

1,130,968.89 -96,284

1,130,968.89 -92,807

1,130,968.89 -89,313

1,130,968.89 -85,801 1,130,968.89 -82,271

1,130,968.89 -78,724

1,130,968.89 -75,160

1,130,968.89 -71,577

1,130,968.89 -67,977

1,130,968.89 -64,358

1,130,968.89 -60,721

1,130,968.89 -57,067



1,130,968.89 -53,394

1,130,968.89 -49,702

1,130,968.89 -45,992

1,130,968.89 -42,264

1,130,968.89 -38,517

1,130,968.89 -34,751

1,130,968.89 -30,966 1,130,968.89 -27,163

1,130,968.89 -23,340

1,130,968.89 -19,499

1,130,968.89 -15,638

1,130,968.89 -11,757

1,130,968.89 -7,858

1,130,968.89 -3,939



6% 0.7 -1

0.50%

Rs. -1,130,968.89

Documents

Newco Case Analysis