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									Summary of IRR Calculations for MEL Wind Energy Generation Project

                         Without CERs Benchmark With CERs
Equity IRR without tax
shelter                         7.99%               10.61%
Equity IRR with tax                   16% Return
shelter                        14.83% on equity     18.01%

                         Without CERs With CERs
Project IRR without
tax shelter                     7.26%     9.25%
Project IRR with tax
shelter                        11.64%    13.79%
Equity IRR calculations for Windgenerators of Mineral Enterprises, Bangalore


Sl. No.        Item                      1st Set of WEGs            2nd Set of WEGs          3rd Set of WEGs            Overall
                                                                                                                        The windmill project of MEL has been implemented over a period
                                                                                                                        of 18 months starting from the first set of WEGs being installed
                                                                                                                        in October 2004, the second set in October 2005 and the last set
                                                                                                                        in March 2006. Information related to CAPEX, expenses, power
                                                                                                                        income have been presented in three sets of WEGs installed
                                                                                                                        only for purposes of clarity and transparency. The IRR calculated
                                                                                                                        in the "IRR" spreadsheet represents the IRR for the project
           1 Project implementation      October,2004,              October, 2005            March, 2006                activity.
                                                                                                                        Capex consists of cost of Plant. Land being leased to windfarm
           2 CAPEX in Rs. Lakhs                              1500                 1284.54                          4500 developer, i.e. in this case Enercon India Ltd
           3 Equity in Rs. Lakhs                             1500                  484.54                       1511.13                                                           3495.67
           4 Loan in Rs. Lakhs                                  0                      800                      2988.87                                                           3788.87
                                         depreciation @80% as depreciation @80% as           Accelerated depreciation
                                         per Section 32 of the    per Section 32 of the      @50% for FY-05-06,
           5 Depreciation                Income Tax Act.          Income Tax Act.            subsequently @80%          All Depreciation is claimed on WDV Basis.                           3.337143
                                                                                                                        Salvage value has been calculated based on depreciation taken
                                                                                                                        at 15.33% written down value basis as per The Companies Act,
             Salvage value at the end                                                                                   1956. Therefore residual value at the end of 20th year is treated
           6 of 20 years                                                       3.59%                                    as salvage value.                                                   0.299658
                                         Income tax Exemption       Income tax Exemption
                                         U/s.80 I (A) and tax       U/s.80 I (A) and tax     Income tax Exemption
                                         benefit on account of      benefit on account of    U/s.80 I (A) and tax benefit
                                         high depreciation          high depreciation        on account of high
           7 IT benefits                 claimed.**                 claimed.**               depreciation claimed.**
                                                                                                                 At the time of starting the CDM project in May 2004, the
                                                                                                                 prevailing PLF from incremental capacity additions in Karnataka
                                                                                                                 was just 18%.
                                                                                                                 Relevant MNRE reports are available at
                                                                                                                 http://mnes.nic.in/annualreport/2003_2004_English/ch5_pg3.htm
                                                                                                                 .                                                    Since the
                                                                                                                 project is using synchronous generators and gearless technology
                                                                                                                 from a world renowned supplier with sound management
                                                                                                                 processes for wind farms, we have assumed an improved
                                                                                                                 efficiency of 5% over the 18% that was prevalent. Therefore, the
                                                                                                                 PLF assumed is 23%. The acutal generation since Septemeber
                                                                                                                 2004 in the project has shown that the assumption is correct.
                                                                                                                 The PLF given by the manufacturer is guaranteed only for a
                                                                                                                 maximum period of 3 years out of 20 years of project life and has
                                                                                                                 been considered by the project proponent as an offer made only
           8 PLF                                                            23%                                  to make the deal attractive.
                                                                                                                 O & M escalated as per contract. O&M contract for Phase 1 is to
                                                                                                                 be reviewed at the end of 6years, while for Phase 2 & 3 at the
                                                                                                                 end of 10th year. The O&M contract includes the cost of all
                                                                                                                 spares and consumables needed to maintain 95% machine
                                         As per contract with    As per contract with    As per contract with    availability. Therefore, we expect that as the machines age, the
                                         ENERCON escalated at ENERCON and MMCL ENERCON escalated at 5% cost of maintenance is likely to increase. Therefore, O&M cost is
           9 O&M                         6.5% yearly.            escalated at 5% yearly. yearly.                 not being capped.
                                         As per Insurance policy As per Insurance policy As per Insurance policy Insurance premium is kept constant throughout the life of the
          10 Insurance                   taken                   taken                   taken                   equipment

                                         For projects commissioned after August, 2003, tariff is Rs.3.10 in base year 2003-04 escalated @ 2% per year on the base year for 10 years
          11 Sale price of power         from date of commissioning. From 11th year onwards tariff is considered conservatively as the Simple average of the first 10 years tariff.

                                                                                                                 U/s 115 JAA, as it stood as on 31st March 2005, Tax credit is not
          12 IT rate                                       36.59%                   36.59%                36.59% available for the companies liable to pay tax u/s 115 JB
                                                                                                                 MAT is applicable for the year where exemption is claimed
               Minimum Alternative Tax                                                                           U/s.80 IA of the IT Act is claimed. Where MAT and Normal tax is
          13   (MAT)                                    8.415%                 8.415%                     8.415% applicable, higher of the two is to be applied
                                       20 years as per         20 years as per        20 years as per equipment
          14   Life of wind generators equipment supplier      equipment supplier     supplier
                                                                                                                 Since all taxes and other expenses are being calculated on this
          15   Year                    Financial year Apr-Mar Financial year Apr-Mar Financial year Apr-Mar      basis
                                                               interest @ 7% on Rs. 8 interest @ 6.5% on Rs.
          16   Interest                           Nil          crores                 29.88 crores
          17   CER price in Euros                                                                                                                                               13
          18   CER price in INR                                                                                                                                               715
Profit & Loss Statement of MEL Wind Project




           Sales
           Realization                  Admin           Insurance     O&M             Sub-Total EBIDT            Depreciation
      Year Rs. in Lacs
    1              37.70       37.70            2.00          1.74             -         3.74            33.96      1,200.00
    2            225.82       225.82            3.10          5.74           25.92       34.76          191.07      3,517.63
    3            993.09       993.09            5.73          13.67          27.48       46.88          946.22      2,053.53
    4           1,011.83     1,011.83           6.02          13.67          29.13       48.82          963.02        410.71
    5           1,030.57     1,030.57           6.32          13.67         104.96      124.95          905.62         82.14
    6           1,112.95     1,112.95           6.63          13.67         110.53      130.83          982.12         16.43
    7           1,134.87     1,134.87           6.96          13.67         116.39      137.03          997.84          3.21
    8           1,156.95     1,156.95           7.31          13.67         122.57      143.55     1,013.39             0.64
    9           1,131.26     1,131.26           7.68          13.67         129.08      150.43          980.83          0.12
    10          1,124.26     1,124.26           8.06          13.67         135.94      157.68          966.58          0.02
    11          1,122.38     1,122.38           8.47          13.67         143.18      165.31          957.07            -
    12          1,047.43     1,047.43           8.89          13.67         150.80      173.36          874.08            -
    13          1,047.43     1,047.43           9.33          13.67         158.83      181.83          865.60            -
    14          1,047.43     1,047.43           9.80          13.67         167.30      190.77          856.67            -
    15          1,047.43     1,047.43           10.29         13.67         176.22      200.18          847.25            -
    16          1,047.43     1,047.43           10.80         13.67         185.63      210.10          837.33            -
    17          1,047.43     1,047.43           11.35         13.67         195.54      220.56          826.88            -
    18          1,047.43     1,047.43           11.91         13.67         205.99      231.58          815.86            -
    19          1,047.43     1,047.43           12.51         13.67         217.01      243.19          804.24            -
    20          1,047.43     1,047.43           13.13         13.67         228.63      255.43          792.00            -
    21            839.45       839.45            8.48         10.20         182.98      201.66          637.79            -
            20,348.04      20,348.04      174.78           263.74     2,814.10       3,252.63    17,095.42        7,284.42
                                                                               All figures in Rs.lakhs

                                                                               Tax benefit
                                                                               on
                                                                               Unabsorbed
                                                                               Dpereciation
EBIT                                                                           availed in
(Operating                                                                     core         Earnings
Profit)         Interest       EBT              Tax                            business     after Tax       100%


-    1,166.04                  -     1,166.04            -     -    1,166.04        426.65              -
-    3,326.57          31.13 -       3,357.70            -     -    3,357.70      1,228.58 -    2,129.12
-    1,107.31         225.53 -       1,332.83            -     -    1,332.83        487.68 -      845.15
      552.31          198.65          353.66           29.76          323.90            -         323.90
      823.48          190.02          633.46           53.31          580.16            -         580.16
      965.69                          965.69           81.26          884.43            -         884.43
      994.63                          994.63           83.70          910.93            -         910.93
     1,012.75                        1,012.75          85.22          927.53            -         927.53
      980.72                          980.72           82.53          898.19            -         898.19
      966.56                          966.56           81.34          885.22            -         885.22
      957.07                          957.07          350.19          606.88            -         606.88
      874.08                          874.08          319.82          554.25            -         554.25
      865.60                          865.60          316.72          548.88            -         548.88
      856.67                          856.67          313.45          543.21            -         543.21
      847.25                          847.25          310.01          537.24            -         537.24
      837.33                          837.33          306.38          530.95            -         530.95
      826.88                          826.88          302.55          524.32            -         524.32
      815.86                          815.86          298.52          517.34            -         517.34
      804.24                          804.24          294.27          509.97            -         509.97
      792.00                          792.00          289.79          502.21            -         502.21
      637.79                          637.79          233.37          404.42            -         404.42
    9,811.00       645.33          9,165.67      3,832.21          5,333.46     2,142.92       8,215.76
Tax calculations for MEL Wind project

           Taxable       Tax on (1)    Tax on (2)    Net tax
Year       Income (2)    @8.415%       @35.7%        payable
        1-    1,166.04                                         -
        2-    3,357.70                                         -
        3-    1,332.83                                         -
        4       353.66         29.76                      29.76
        5       633.46         53.31                      53.31
        6       965.69         81.26                      81.26
        7       994.63         83.70                      83.70
        8     1,012.75         85.22                      85.22
        9       980.72         82.53                      82.53
       10       966.56         81.34                      81.34
       11       957.07         80.54        350.19       350.19
       12       874.08         73.55        319.82       319.82
       13       865.60         72.84        316.72       316.72
       14       856.67         72.09        313.45       313.45
       15       847.25         71.30        310.01       310.01
       16       837.33         70.46        306.38       306.38
       17       826.88         69.58        302.55       302.55
       18       815.86         68.65        298.52       298.52
       19       804.24         67.68        294.27       294.27
       20       792.00         66.65        289.79       289.79
       21       637.79         53.67        233.37       233.37
IRR Calculations for MEL Wind Project without tax shelter

                                              Without CERs
                                                       Project IRR


Year        Investment     Net Cash Flow       Investment         Net Cash Flow
       0      (1,500.00)         (1,500.00)          (1,500.00)         (1,500.00)
       1      (1,995.67)         (1,961.71)          (5,784.54)         (5,750.58)
       2            -               (40.07)                               191.07
       3            -              320.69                                 946.22
       4            -              534.60                                 933.26
       5            -            (2,326.57)                               852.31
       6            -              900.85                                 900.85
       7            -              914.14                                 914.14
       8            -              928.17                                 928.17
       9            -              898.31                                 898.31
       10           -              885.25                                 885.25
       11           -              606.88                                 606.88
       12           -              554.25                                 554.25
       13           -              548.88                                 548.88
       14           -              543.21                                 543.21
       15           -              537.24                                 537.24
       16           -              530.95                                 530.95
       17           -              524.32                                 524.32
       18           -              517.34                                 517.34
       19           -              509.97                                 509.97
       20                          556.00                                 556.00
       21                          611.85                                 611.85
            Equity IRR              7.99%      Project IRR                 7.26%
                                         With CERs                                  With CERs
                                         CER
                 GEF 0.93kg              sales(Rs.
Year             CO2Eq/kWh CER's         Lacs)        Net cash flow                 Net Cash Flow
       2004-05                                              (1,500.00)                    (1,500.00)
       2004-05                                  -           (1,961.71)                    (5,750.58)
       2005-06                                  -              (40.07)                      191.07
       2006-07                                  -              320.69                       946.22
       2007-08                                  -              534.60                       933.26
       2008-09         0.93   28,106.5       200.96         (2,125.61)                     1,053.28
       2009-10         0.93   28,106.5       200.96          1,101.82                      1,101.82
       2010-11         0.93   28,106.5       200.96          1,115.10                      1,115.10
       2011-12         0.93   28,106.5       200.96          1,129.13                      1,129.13
       2012-13         0.93   28,106.5       200.96          1,099.27                      1,099.27
       2013-14         0.93   28,106.5       200.96          1,086.21                      1,086.21
       2014-15         0.93   28,106.5       200.96            807.84                       807.84
       2015-16         0.93   28,106.5       200.96            755.21                       755.21
       2016-17         0.93   28,106.5       200.96            749.84                       749.84
       2017-18         0.93   28,106.5       200.96            744.17                       744.17
       2018-19                     -                           537.24                       537.24
       2019-20                     -                           530.95                       530.95
       2020-21                     -                           524.32                       524.32
       2021-22                     -                           517.34                       517.34
       2022-23                     -                           509.97                       509.97
       2023-24                     -                           556.00                       556.00
       2024-25                                                 611.85                       611.85
                                         Equity IRR            10.61% Project IRR            9.25%
IRR Calculations for MEL Wind Project with tax shelter

                                              Without CERs
                                                       Project IRR


Year        Investment     Net Cash Flow       Investment         Net Cash Flow
       0      (1,500.00)         (1,500.00)          (1,500.00)         (1,500.00)
       1      (1,995.67)         (1,535.06)          (5,784.54)         (5,323.93)
       2            -             1,188.51                               1,419.65
       3            -              808.38                                1,433.90
       4            -              534.60                                 933.26
       5            -            (2,326.57)                               852.31
       6            -              900.85                                 900.85
       7            -              914.14                                 914.14
       8            -              928.17                                 928.17
       9            -              898.31                                 898.31
       10           -              885.25                                 885.25
       11           -              606.88                                 606.88
       12           -              554.25                                 554.25
       13           -              548.88                                 548.88
       14           -              543.21                                 543.21
       15           -              537.24                                 537.24
       16           -              530.95                                 530.95
       17           -              524.32                                 524.32
       18           -              517.34                                 517.34
       19           -              509.97                                 509.97
       20                          556.00                                 556.00
       21                          611.85                                 611.85
            Equity IRR             14.83%      Project IRR                11.64%
                                         With CERs                                  With CERs
                                         CER
                 GEF 0.93kg              sales(Rs.
Year             CO2Eq/kWh CER's         Lacs)        Net cash flow                 Net Cash Flow
       2004-05                                              (1,500.00)                     (1,500.00)
       2004-05                                  -           (1,535.06)                     (5,323.93)
       2005-06                                  -            1,188.51                       1,419.65
       2006-07                                  -              808.38                       1,433.90
       2007-08                                  -              534.60                         933.26
       2008-09         0.93   28,106.5       200.96         (2,125.61)                      1,053.28
       2009-10         0.93   28,106.5       200.96          1,101.82                       1,101.82
       2010-11         0.93   28,106.5       200.96          1,115.10                       1,115.10
       2011-12         0.93   28,106.5       200.96          1,129.13                       1,129.13
       2012-13         0.93   28,106.5       200.96          1,099.27                       1,099.27
       2013-14         0.93   28,106.5       200.96          1,086.21                       1,086.21
       2014-15         0.93   28,106.5       200.96            807.84                         807.84
       2015-16         0.93   28,106.5       200.96            755.21                         755.21
       2016-17         0.93   28,106.5       200.96            749.84                         749.84
       2017-18         0.93   28,106.5       200.96            744.17                         744.17
       2018-19                     -                           537.24                         537.24
       2019-20                     -                           530.95                         530.95
       2020-21                     -                           524.32                         524.32
       2021-22                     -                           517.34                         517.34
       2022-23                     -                           509.97                         509.97
       2023-24                     -                           556.00                         556.00
       2024-25                                                 611.85                         611.85
                                         Equity IRR            18.01% Project IRR             13.79%
MEL Sensitivity Analysis based on PLF and Tax Shelter




                 0% Tax Shelter       80% Tax Shelter       100% Tax Shelter
              Without               Without                Without
              CDM       With CDM    CDM      With CDM      CDM     With CDM
PLF                Equity IRR             Equity IRR           Equity IRR
      20.0%      5.67%      8.44%      10.42%     13.69%     12.06%     15.48%
      22.0%      7.23%      9.90%      12.21%     15.34%     13.92%     17.18%
      23.0%      7.99%     10.61%      13.09%     16.15%     14.83%     18.01%
      24.0%      8.74%     11.32%      13.94%     16.94%     15.72%     18.83%
      25.0%      9.48%     12.01%      14.79%     17.73%     16.60%     19.64%
      26.0%     10.21%     12.70%      15.62%     18.50%     17.46%     20.44%



PLF               Project IRR            Project IRR           Project IRR
      20.0%      5.46%      7.60%       8.79%     11.08%      9.80%     12.11%
      22.0%      6.67%      8.71%      10.04%     12.21%     11.04%     13.24%
      23.0%      7.26%      9.25%      10.63%     12.75%     11.64%     13.79%
      24.0%      7.83%      9.78%      11.22%     13.29%     12.23%     14.32%
      25.0%      8.39%     10.30%      11.79%     13.82%     12.80%     14.85%
      26.0%      8.94%     10.81%      12.35%     14.33%     13.36%     15.37%
Loan taken for 2nd Set of WEGs

Period     Loan            interest         principal       emi
    Oct-05      80,000,000          500,000       3,333,333     3,833,333
   Nov-05       76,666,667          479,167       3,333,333     3,812,500
   Dec-05       73,333,334          458,333       3,333,333     3,791,666
   Jan-06       70,000,001          437,500       3,333,333     3,770,833
   Feb-06       66,666,668          416,667       3,333,333     3,750,000
   Mar-06       63,333,335          395,833       3,333,333     3,729,166
    Apr-06      60,000,002          375,000       3,333,333     3,708,333
   May-06       56,666,669          354,167       3,333,333     3,687,500
   Jun-06       53,333,336          333,333       3,333,333     3,666,666
    Jul-06      50,000,003          312,500       3,333,333     3,645,833
   Aug-06       46,666,670          291,667       3,333,333     3,625,000
   Sep-06       43,333,337          270,833       3,333,333     3,604,166
    Oct-06      40,000,004          250,000       3,333,333     3,583,333
   Nov-06       36,666,671          229,167       3,333,333     3,562,500
   Dec-06       33,333,338          208,333       3,333,333     3,541,666
   Jan-07       30,000,005          187,500       3,333,333     3,520,833
   Feb-07       26,666,672          166,667       3,333,333     3,500,000
   Mar-07       23,333,339          145,833       3,333,333     3,479,166
    Apr-07      20,000,006          125,000       3,333,333     3,458,333
   May-07       16,666,673          104,167       3,333,333     3,437,500
   Jun-07       13,333,340           83,333       3,333,333     3,416,666
    Jul-07      10,000,007           62,500       3,333,333     3,395,833
   Aug-07        6,666,674           41,667       3,333,333     3,375,000
   Sep-07        3,333,341           20,833       3,333,333     3,354,166
                         8                0               8             8


Loan taken for 3rd Set of WEGs

          ECB taken           interest         Principal repaid
Year 1                2,989                4
Year 2                2,989              194
Year 3                2,989              194
Year 4                2,989              190             2,989
                          All Figs in Rs. Lakhs
Yearly interest payment   Principal repayment




                     27                    200




                     31                    400




                      4                    200
Tariff calculation for projects comissioned after August 2003

      Base year
       tariff Rs.        3.1 2003-04
Annual
escalation on
base year
tariff                   2%      0.062
Period            10 years




                                Tariff
Tariff in Year Set 1          Set 2        Set 3
           Base
 year2003-04           3.10
       2004-05         3.16         3.16           3.16
       2005-06         3.22         3.22           3.22
       2006-07         3.29         3.29           3.29
       2007-08         3.35         3.35           3.35
       2008-09         3.41         3.41           3.41
       2009-10         3.47         3.47           3.47
       2010-11         3.53         3.53           3.53
       2011-12         3.60         3.60           3.60
       2012-13         3.66         3.66           3.66
       2013-14         3.72         3.72           3.72
       2014-15         3.44         3.78           3.78
       2015-16         3.44         3.47           3.47
       2016-17         3.44         3.47           3.47
       2017-18         3.44         3.47           3.47
       2018-19         3.44         3.47           3.47
       2019-20         3.44         3.47           3.47
       2020-21         3.44         3.47           3.47
       2021-22         3.44         3.47           3.47
       2022-23         3.44         3.47           3.47
       2023-24         3.44         3.47           3.47
       2024-25                      3.47           3.47
Salvage value calculations                 All figs in Rs. Lacs
                              Set 1        Set 2         Set 3
Cost of Project                   1,500.00
Depreciation @ 15.33%             1,270.05 1,284.54         4500.00
                                  1,075.35 1,087.62 3,810.15
                                    910.50      920.89 3,226.05
                                    770.92      779.72 2,731.50
                                    652.74      660.19 2,312.76
                                    552.67      558.98 1,958.21
                                    467.95      473.29 1,658.02
                                    396.21      400.73 1,403.85
                                    335.47      339.30 1,188.64
                                    284.04      287.29 1,006.42
                                    240.50      243.24      852.13
                                    203.63      205.96      721.50
                                    172.42      174.38      610.90
                                    145.98      147.65      517.25
                                    123.60      125.01      437.95
                                    104.66      105.85      370.81
                                     88.61       89.62      313.97
                                     75.03       75.88      265.84
                                     63.53       64.25      225.08
wdv at the end of 20th year          53.79       54.40      190.58
                                                 46.06      161.36

Salvage %                           3.59%       3.59%       3.59%
1st Set

                                                                              All Figs in Rs.lacs
                                                         depn                       Power        Power
Year           Capex     Admin      Insurance O&M        IT         total exp purchase price income
           0       -1500
           1                    2       1.74         0      -1200    -1196.26            3.16      37.70
           2                  2.1       3.47    -17.50       -240     -251.93            3.22     194.87
           3                 2.21       3.47    -18.64        -48      -60.96            3.29     198.62
           4                 2.32       3.47    -19.85        -10      -23.66            3.35     202.37
           5                 2.43       3.47    -21.14         -2      -17.16            3.41     206.11
           6                 2.55       3.47    -22.51          0      -16.87            3.47     209.86
           7                 2.68       3.47    -23.98                 -17.83            3.53     213.61
           8                 2.81       3.47    -25.53                 -19.25            3.60     217.36
           9                 2.95       3.47    -27.19                 -20.77            3.66     221.10
          10                 3.10       3.47    -28.96                 -22.39            3.72     224.85
          11                 3.26       3.47    -30.84                 -24.12            3.44     207.99
          12                 3.42       3.47    -32.85                 -25.96            3.44     207.99
          13                 3.59       3.47    -34.99                 -27.92            3.44     207.99
          14                 3.77       3.47    -37.26                 -30.02            3.44     207.99
          15                 3.96       3.47    -39.68                 -32.25            3.44     207.99
          16                 4.16       3.47    -42.26                 -34.63            3.44     207.99
          17                 4.37       3.47    -45.01                 -37.17            3.44     207.99
          18                 4.58       3.47    -47.93                 -39.88            3.44     207.99
          19                 4.81       3.47    -51.05                 -42.77            3.44     207.99
          20                 5.05       3.47    -54.37                 -45.84            3.44     207.99
1500
1200
 300
 240
  60
  48
  12
  10
   2
   2
   0
   0
   0
2nd Set
                                                                              All Figs in Rs. Lacs
                                                      depn                         Power
Year        Capex     Admin      Insurance O&M        IT          total exp   purchase price Power
        0    -1284.54
        1                  0.5       2.27     -8.42    -1027.63    -1033.28            3.22     30.75
        2                 0.53       2.27     -8.84     -205.53     -211.57            3.29    158.90
        3                 0.55       2.27     -9.28      -41.11      -47.56            3.35    161.89
        4                 0.58       2.27    -23.21       -8.22      -28.59            3.41    164.89
        5                 0.61       2.27    -24.37       -1.64      -23.14            3.47    167.89
        6                 0.64       2.27    -25.59       -0.33      -23.01            3.53    170.89
        7                 0.67       2.27    -26.87       -0.07      -24.00            3.60    173.89
        8                 0.70       2.27    -28.22                  -25.24            3.66    176.88
        9                 0.74       2.27    -29.63                  -26.62            3.72    179.88
       10                 0.78       2.27    -31.11                  -28.06            3.78    182.88
       11                 0.81       2.27    -32.66                  -29.58            3.47    167.89
       12                 0.86       2.27    -34.30                  -31.17            3.47    167.89
       13                 0.90       2.27    -36.01                  -32.84            3.47    167.89
       14                 0.94       2.27    -37.81                  -34.60            3.47    167.89
       15                 0.99       2.27    -39.70                  -36.44            3.47    167.89
       16                 1.04       2.27    -41.69                  -38.38            3.47    167.89
       17                 1.09       2.27    -43.77                  -40.41            3.47    167.89
       18                 1.15       2.27    -45.96                  -42.55            3.47    167.89
       19                 1.20       2.27    -48.26                  -44.79            3.47    167.89
       20                 1.26       2.27    -50.67                  -47.14            3.47    167.89
                                                                    -377.90
1285
1028
  257
  206
   51
   41
   10
    8
    2
    2
 0.41
 0.33
 0.08
 0.07
 0.02
 0.01
 0.00
3rd Set
                                                                                 All Figs in Rs.lacs
                                                         depn                         Power
Year           Capex     Admin      Insurance O&M        IT          total exp   purchase price Power
           0       -4500
           1                  0.5          0         0      -2250     -2249.50            3.22       0.20
           2                 3.00       7.93         0      -1800     -1789.07            3.29     635.58
           3                 3.15       7.93      0.00        -360     -348.92            3.35     647.57
           4                 3.31       7.93    -60.61         -72     -121.37            3.41     659.56
           5                 3.47       7.93    -63.64         -14      -66.64            3.47     735.20
           6                 3.65       7.93    -66.82          -3      -58.13            3.53     750.37
           7                 3.83       7.93    -70.16          -1      -58.98            3.60     765.70
           8                 4.02       7.93    -73.67       -0.12      -61.84            3.66     733.28
           9                 4.22       7.93    -77.35       -0.02      -65.23            3.72     719.53
          10                 4.43       7.93    -81.22                  -68.86            3.78     731.52
          11                 4.65       7.93    -85.28                  -72.70            3.47     671.56
          12                 4.89       7.93    -89.55                  -76.73            3.47     671.56
          13                 5.13       7.93    -94.03                  -80.96            3.47     671.56
          14                 5.39       7.93    -98.73                  -85.41            3.47     671.56
          15                 5.66       7.93   -103.66                  -90.08            3.47     671.56
          16                 5.94       7.93   -108.85                  -94.98            3.47     671.56
          17                 6.24       7.93   -114.29                 -100.12            3.47     671.56
          18                 6.55       7.93   -120.00                 -105.52            3.47     671.56
          19                 6.88       7.93   -126.00                 -111.20            3.47     671.56
          20                 7.22       7.93   -132.30                 -117.15            3.47     671.56
                                                                       -934.85                   13094.08
           Guarante
           ed                  Total
           generation Amount   amount
-4500.00   & payback payable   payable
-2250.00      709.64     74.06
-2250.00      723.03     75.46
-1800.00      736.42     76.85    226.37
 -450.00
 -360.00
  -90.00
  -72.00
  -18.00
  -14.40
   -3.60
   -2.88
   -0.72
   -0.58
   -0.14
   -0.12
   -0.03
   -0.02
   -0.01
    0.00
    0.00
    0.00
    0.00

								
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