1.

7 FINANCIAL ASPECT

Based on the material balance, the total amount of coconut sugar that will be

produced per batch is 272.51 kg. There will be a total of 2076 batches of production per

year. Therefore, the total amount of coconut sugar that will be produced per year is

565,730.76 kg. The company’s selling price of coconut sugar per kilogram is Php 200.00.

Multiplying the total number of kilograms of coconut sugar that will be produced per year

to the selling price of one kilogram, the annual sales would be Php 113,146,152.00. The

projected financial analysis of the company is summarized in the tables below. All cost are

in Php.

Table 1.7.1. Summary of the Processing Land Cost.

Area (sq.m.) 168,500

Purchase Cost/sq.m. 88
Total Land Purchase Cost 14,867,647
Land Development Cost, (@ P500/sq.m.) 84,250,000
Legal Fees 297,353
TOTAL COST OF LAND 99,415,000

Table 1.7.4. Summary of the Processing Building Cost.

Floor Area (sq.m.) 234

Construction Cost/sq.m. 15,000
Total Building Cost 3,516,000
Construction Management 105,480
Legal Fees 70,320
Contingencies 175,800
TOTAL COST OF BUILDING 3,867,600

51
Table 1.7.3. Summary of the Processing Equipment Cost.

INSTALLATION
EQUIPMENT QUANTITY COST SUBTOTAL
COST
Open Mixing
1.00 557,277.22 0.00 557,277.22
Tank
Mixer 1.00 1,187,026.65 0.00 1,187,026.65
Screw
Conveyor with 1.00 105,882.67 0.00 105,882.67
Hopper
Vibrating
1.00 121,371.32 0.00 121,371.32
Screen
Packaging
1.00 1,086,873.73 0.00 1,086,873.73
Equipment
Contingencies 152,921.58
TOTAL 3,058,431.59

Table 1.7.4. Summary of the Processing Utilities.

PARAMETER SUBTOTAL
Electricity Php 10.00 per kWH 182,500.00
Fuel Php 1650.00 per vehicle month 19,800.00
Packaging Material Php 5.76 per piece 3,456,000.00
TOTAL 3,658,300.00

Table 1.7.5. Summary of the Processing Vehicle/s.

VEHICLE QUANTITY COST SUBTOTAL

Truck 1.00 1,690,000.00 1,690,000.00
TOTAL 1,690,000.00

Table 1.7.6. Summary of the Administrative Land Cost.

Area (sq.m.) 1,500

Purchase Cost/sq.m. 88
Total Land Purchase Cost 132,353
Land Development Cost, (@ P500/sq.m.) 750,000
Legal Fees 2,647
TOTAL COST OF LAND (Php) 885,000

52
Table 1.7.7. Summary of the Administrative Building Cost.

Floor Area (sq.m.) 462

Construction Cost/sq.m. 10,000
Total Building Cost 4,620,000
Construction Management 138,600
Legal Fees 92,4000
Contingencies 231,000
TOTAL COST OF BUILDING 3,867,600
(Php)

Table 1.7.8. Summary of the Equipment in the Administrative Building

NO. OF COST PER

EQUIPMENT SUBTOTAL
UNITS UNIT
CEO table 1.00 6,700.00 6,700.00
CEO chair 1.00 3,550.00 3,550.00
Office tables 11.00 5,500.00 60,500.00
Office chairs 11.00 1,850.00 20,350.00
Chairs for visitors 10.00 359.75 3,597.50
Conference Table 1.00 14,500.00 14,500.00
Conference Chairs 10.00 2,750.00 27,500.00
Gang chair (5-seater) 1.00 9,500.00 9,500.00
Printer 2.00 12,995.00 25,990.00
Air conditioner 1.00 62,899.00 62,899.00
Smart TV 1.00 25,495.00 25,495.00
Locker 1.00 8,800.00 8,800.00
Canteen tables 10.00 4,700.00 47,000.00
Canteen chairs 50.00 200.00 10,000.00
Water dispenser 5.00 4,199.00 20,995.00
Medical Supplies 10.00 20,000.00 200,000.00
First Aid kit 10.00 4,336.00 43,360.00
Desktop Computers &
12.00 50,000.00 600,000.00
Peripherals
Photocopier/Printer/Scanner 2.00 15,000.00 30,000.00
CR 1.00 50,000.00 50,000.00
TOTAL COST 1,270,736.50

53
Table 1.7.9. Summary of Administrative Vehicle/s.

VEHICLE QUANTITY COST SUBTOTAL

L300 Van 1.00 749,000.00 749,000.00
TOTAL COST 749,000.00

Table 1.7.10. Summary of the Administrative Utilities.

PARAMETER COST
Fuel for L300 Van 39,600.00
Water and Electricity Cost 200,000.00
TOTAL 239,600.00

54
Table 1.7.11. Labor Cost Summary.

RATE/ SALARIES/ FRINGE MONTHLY YEARLY

PROCESSING LABOR NO. OF
MONTH MONTH BENEFITS SALARIES + SALARIES +
REQUIREMENTS WORKERS
(PHP) (PHP) (PHP) F.B. (PHP) F.B. (PHP)
Direct Labor
Tappers 10,000.00 45.00 450,000.00 157,500.00 607,500.00 7,290,000.00
In-charge of unloading harvested
12,000.00 3.00 36,000.00 12,600.00 48,600.00 583,200.00
coconut sap from the truck
pH analyst 12,000.00 3.00 36,000.00 12,600.00 48,600.00 583,200.00
In-charge of transporting sap to
12,000.00 3.00 36,000.00 12,600.00 48,600.00 583,200.00
the mixing tank
In-charge of packaging 12,000.00 3.00 36,000.00 12,600.00 48,600.00 583,200.00
In-charge of bringing the
12,000.00 3.00 36,000.00 12,600.00 48,600.00 583,200.00
finished product to storage room
Total Direct Labor Cost 10,206,000.00
Indirect Labor
Plant Manager 30,000.00 1.00 30,000.00 10,500.00 40,500.00 486,000.00
Total indirect Labor Cost 486,000.00
TOTAL 10,692,000

51
Table 1.7.12. Management Cost Summary.

SELLING AND SALARIES/ FRINGE MONTHLY YEARLY

RATE/MONTH NO. OF
ADMINISTRATIVE MONTH BENEFITS SALARIES SALARIES +
(PHP) WORKERS
EXPENSES (PHP) (PHP) + F.B. (PHP) F.B. (PHP)
CEO 70,000.00 1.00 70,000.00 24,500.00 94,500.00 1,134,000.00
Vice President 55,000.00 1.00 55,000.00 19,250.00 74,250.00 891,000.00
Productions Head 25,000.00 1.00 25,000.00 8,750.00 33,750.00 405,000.00
Quality Assurance Head 24,000.00 1.00 24,000.00 8,400.00 32,400.00 388,800.00
Security & Safety Head 22,000.00 1.00 22,000.00 7,700.00 29,700.00 356,400.00
Human Resources Head 20,000.00 1.00 20,000.00 7,000.00 27,000.00 324,000.00
Research and Devt Head 27,000.00 1.00 27,000.00 9,450.00 36,450.00 437,400.00
Sales Head 25,000.00 1.00 25,000.00 8,750.00 33,750.00 405,000.00
Promotions Head 21,000.00 1.00 21,000.00 7,350.00 28,350.00 340,200.00
Marketing Research
25,000.00 1.00 25,000.00 8,750.00 33,750.00 405,000.00
Head
Janitor 10,000.00 3.00 30,000.00 10,500.00 40,500.00 486,000.00
Security Guard 10,000.00 3.00 30,000.00 10,500.00 40,500.00 486,000.00
Drivers 10,000.00 12.00 120,000.00 42,000.00 162,000.00 1,944,000.00
Clinic Doctor 40,000.00 1.00 40,000.00 14,000.00 54,000.00 648,000.00
Clinic Nurse 16,000.00 2.00 32,000.00 11,200.00 43,200.00 518,400.00
Canteen Workers 10,000.00 9.00 90,000.00 31,500.00 121,500.00 1,458,000.00
Mini-store Operator 10,000.00 1.00 10,000.00 3,500.00 13,500.00 162,000.00
TOTAL 10,756,800.00

52
Table 1.7.13. Summary of the Processing Repairs and Maintenance.

PROCESSING YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Equipment 32,113.53 48,170.30 64,227.06 80,283.83 96,340.60
Building - 51,568.00 25,784.00 38,676.00 51,568.00
Total Secondary
Processing Repairs 32,113.53 99,738.30 90,011.06 118,959.83 147,908.60
& Maintenance

53
Table 1.7.14. Continuation

PROCESSING YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Equipment 112,397.36 128,454.13 144,510.89 160,567.66 176,624.42
Building 64,460.00 77,352.00 90,244.00 103,136.00 116,028.00
Total Secondary
Processing Repairs 176,857.36 205,806.13 234,754.89 263,703.66 292,652.42
& Maintenance

54
Table 1.7.15. Continuation

PROCESSING YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

Equipment 176,624.42 176,624.42 176,624.42 176,624.42 176,624.42
Building 116,028.00 116,028.00 116,028.00 116,028.00 116,028.00
Total Secondary
Processing Repairs 292,652.42 292,652.42 292,652.42 292,652.42 292,652.42
& Maintenance

55
Table 1.7.16. Administrative Repairs and Maintenance

ADMINISTRATION YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Equipment 12,707.37 19,061.05 25,414.73 31,768.41 38,122.10
Building - 101,640.00 50,820.00 76,230.00 101,640.00
Total Administration
Repairs & 12,707.37 120,701.05 76,234.73 107,998.41 139,762.10
Maintenance

56
Table 1.7.17. Continuation

ADMINISTRATION YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Equipment 44,475.78 50,829.46 57,183.14 63,536.83 69,890.51
Building 127,050.00 152,460.00 177,870.00 203,280.00 228,690.00
Total Administration
Repairs & 171,525.78 203,289.46 235,053.14 266,816.83 298,580.51
Maintenance

57
Table 1.7.18. Continuation

ADMINISTRATION YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

Equipment 69,890.51 69,890.51 69,890.51 69,890.51 69,890.51
Building 228,690.00 228,690.00 228,690.00 228,690.00 228,690.00
Total Administration
Repairs & 298,580.51 298,580.51 298,580.51 298,580.51 298,580.51
Maintenance

58
Table 1.7.19. Summary of the Processing Depreciation Schedule.

DEPRECIATION
SERVICE ACQUISITION
PROCESSING YEAR 1 YEAR 2 YEAR 3 YEAR 4
LIFE COST
Building 25.00 2,578,400.00 92,822.40 92,822.40 92,822.40 92,822.40
Equipment 15.00 3,211,353.17 192,681.19 192,681.19 192,681.19 192,681.19
Minor Equipment 5.00 81,000.00 14,580.00 14,580.00 14,580.00 14,580.00
Vehicles 15.00 1,690,000.00 101,400.00 101,400.00 101,400.00 101,400.00
Depreciation cost per
401,483.59 401,483.59 401,483.59 401,483.59
year

Book Value 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17

Accumulated Dep'n 401,483.59 802,967.18 1,204,450.77 1,605,934.36
Net Book Value of
7,560,753.17 7,159,269.58 6,757,785.99 6,356,302.40 5,954,818.81
Fixed Assets

59
Table 1.7.20. Continuation

DEPRECIATION
PROCESSING YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Building 92,822.40 92,822.40 92,822.40 92,822.40 92,822.40 92,822.40
Equipment 192,681.19 192,681.19 192,681.19 192,681.19 192,681.19 192,681.19
Minor Equipment 14,580.00 14,580.00 14,580.00 14,580.00 14,580.00 14,580.00
Vehicles 101,400.00 101,400.00 101,400.00 101,400.00 101,400.00 101,400.00
Depreciation cost per
401,483.59 401,483.59 401,483.59 401,483.59 401,483.59 401,483.59
year

Book Value 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17

Accumulated Dep'n 2,007,417.95 2,408,901.54 2,810,385.13 3,211,868.72 3,613,352.31 4,014,835.90
Net Book Value of Fixed
5,553,335.22 5,151,851.63 4,750,368.04 4,348,884.45 3,947,400.86 3,545,917.27
Assets

60
Table 1.7.21. Continuation

DEPRECIATION
PROCESSING YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15
Building 92,822.40 92,822.40 92,822.40 92,822.40 92,822.40
Equipment 192,681.19 192,681.19 192,681.19 192,681.19 192,681.19
Minor Equipment 14,580.00 14,580.00 14,580.00 14,580.00 14,580.00
Vehicles 101,400.00 101,400.00 101,400.00 101,400.00 101,400.00
Depreciation cost per
401,483.59 401,483.59 401,483.59 401,483.59 401,483.59
year

Book Value 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17 7,560,753.17

Accumulated Dep'n 4,416,319.49 4,817,803.08 5,219,286.67 5,620,770.26 6,022,253.85
Net Book Value of Fixed
3,144,433.68 2,742,950.09 2,341,466.50 1,939,982.91 1,538,499.32
Assets

61
Table 1.7.22. Administrative Depreciation Schedule

DEPRECIATION
SERVICE ACQUISITION
ADMINISTRATION YEAR 1 YEAR 2 YEAR 3 YEAR 4
LIFE COST
Building 25 5,082,000.00 182,952.00 182,952.00 182,952.00 182,952.00
Equipment 15 1,270,736.50 114,366.29 114,366.29 114,366.29 114,366.29
Vehicles 15 749,000.00 44,940.00 44,940.00 44,940.00 44,940.00
Depreciation cost
342,258.29 342,258.29 342,258.29 342,258.29
per year

Book Value 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50

Accumulated Dep'n 342,258.29 684,516.57 1,026,774.86 1,369,033.14
Net Book Value of
7,101,736.50 6,759,478.22 6,417,219.93 6,074,961.65 5,732,703.36
Fixed Assets

62
Table 1.7.23. Continuation

DEPRECIATION
ADMINISTRATION YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Building 182,952.00 182,952.00 182,952.00 182,952.00 182,952.00 182,952.00
Equipment 114,366.29 114,366.29 114,366.29 114,366.29 114,366.29 114,366.29
Vehicles 44,940.00 44,940.00 44,940.00 44,940.00 44,940.00 44,940.00
Depreciation cost
342,258.29 342,258.29 342,258.29 342,258.29 342,258.29 342,258.29
per year

Book Value 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50

Accumulated Dep'n 1,711,291.43 2,053,549.71 2,395,808.00 2,738,066.28 3,080,324.57 3,422,582.85
Net Book Value of
5,390,445.08 5,048,186.79 4,705,928.51 4,363,670.22 4,021,411.94 3,679,153.65
Fixed Assets

63
Table 1.7.24. Continuation

DEPRECIATION
ADMINISTRATION YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15
Building 182,952.00 182,952.00 182,952.00 182,952.00 182,952.00
Equipment 114,366.29 114,366.29 114,366.29 114,366.29 114,366.29
Vehicles 44,940.00 44,940.00 44,940.00 44,940.00 44,940.00
Depreciation cost per
342,258.29 342,258.29 342,258.29 342,258.29 342,258.29
year

Book Value 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50 7,101,736.50

Accumulated Dep'n 3,764,841.14 4,107,099.42 4,449,357.71 4,791,615.99 5,133,874.28
Net Book Value of Fixed
3,336,895.37 2,994,637.08 2,652,378.80 2,310,120.51 1,967,862.23
Assets
TOTAL SALVAGE
3,506,361.54
VALUE

64
Table 1.7.25. Processing Working Capital

PROCESSING YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Direct and Indirect
0.00 0.00 0.00 0.00 0.00
Material
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00
Indirect Labor 486,000.00 486,000.00 486,000.00 486,000.00 486,000.00
Repairs and
32,113.53 99,738.30 90,011.06 118,959.83 147,908.60
Maintenance
Utilities 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00
TOTAL 14,382,413.53 14,450,038.30 14,440,311.06 14,469,259.83 14,498,208.60

65
Table 1.7.26. Continuation

PROCESSING YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Direct and Indirect
0.00 0.00 0.00 0.00 0.00
Material
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00
Indirect Labor 486,000.00 486,000.00 486,000.00 486,000.00 486,000.00
Repairs and
176,857.36 205,806.13 234,754.89 263,703.66 292,652.42
Maintenance
Utilities 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00
TOTAL 14,527,157.36 14,556,106.13 14,585,054.89 14,614,003.66 14,642,952.42

66
Table 1.7.27. Continuation

PROCESSING YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

Direct and Indirect
0.00 0.00 0.00 0.00 0.00
Material
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00 10,206,000.00
Indirect Labor 486,000.00 486,000.00 486,000.00 486,000.00 486,000.00
Repairs and
292,652.42 292,652.42 292,652.42 292,652.42 292,652.42
Maintenance
Utilities 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00 3,658,300.00
TOTAL 14,642,952.42 14,642,952.42 14,642,952.42 14,642,952.42 14,642,952.42

67
Table 1.7.28. Administrative Working Capital

ADMINISTRATION YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Admin Labor 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00
Repairs and
12,707.37 120,701.05 76,234.73 107,998.41 139,762.10
Maintenance
Utilities 239,600.00 239,600.00 239,600.00 239,600.00 239,600.00
TOTAL 11,009,107.37 11,117,101.05 11,072,634.73 11,104,398.41 11,136,162.10

68
Table 1.7.29. Continuation

ADMINISTRATION YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

Admin Labor 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00
Repairs and
171,525.78 203,289.46 235,053.14 266,816.83 298,580.51
Maintenance
Utilities 239,600.00 239,600.00 239,600.00 239,600.00 239,600.00
TOTAL 11,167,925.78 11,199,689.46 11,231,453.14 11,263,216.83 11,294,980.51

69
Table 1.7.30. Administrative Working Capital

ADMINISTRATION YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

Admin Labor 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00 10,756,800.00
Repairs and
298,580.51 298,580.51 298,580.51 298,580.51 298,580.51
Maintenance
Utilities 239,600.00 239,600.00 239,600.00 239,600.00 239,600.00
TOTAL 11,294,980.51 11,294,980.51 11,294,980.51 11,294,980.51 11,294,980.51

70
Table 1.7.31. Summary of Amortization Schedule.

YEAR PRINCIPAL INTEREST BALANCE

0 0.00 0.00 90,982,777.42
1 2,920,833.53 8,870,820.80 88,061,943.89
2 3,205,614.80 8,586,039.53 84,856,329.09
3 3,518,162.24 8,273,492.09 81,338,166.84
4 3,861,183.06 7,930,471.27 77,476,983.78
5 4,237,648.41 7,554,005.92 73,239,335.37
6 4,650,819.13 7,140,835.20 68,588,516.24
7 5,104,274.00 6,687,380.33 63,484,242.24
8 5,601,940.71 6,189,713.62 57,882,301.53
9 6,148,129.93 5,643,524.40 51,734,171.60
10 6,747,572.60 5,044,081.73 44,986,599.00
11 7,405,460.93 4,386,193.40 37,581,138.07
12 8,127,493.37 3,664,160.96 29,453,644.70
13 8,919,923.97 2,871,730.36 20,533,720.73
14 9,789,616.56 2,002,037.77 10,744,104.17
15 10,744,104.17 1,047,550.16 0.00

Table 1.7.32. Summary of Total Project Cost.

PROCESSING
Fixed Capital Investment 106,975,753.17
Working Capital 3,595,603.38
SUB-TOTAL 110,571,356.55

ADMINISTRATION
Fixed Capital Investment 7,986,736.50
Working Capital 2,752,276.84
SUB-TOTAL 10,739,013.34

TOTAL PROJECT COST 121,310,369.89

73
Table 1.7.33. Summary of Projected Income Statement.

PARTICULARS YEAR 1 YEAR 2 YEAR 3

SALES
Product 113,146,152.00 113,146,152.00 113,146,152.00
Total Sales 113,146,152.00 113,146,152.00 113,146,152.00

Less Cost of Sales:

Processing
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead
Indirect labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 32,113.53 99,738.30 90,011.06
Secondary Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00
Depreciation 401,483.59 401,483.59 401,483.59
Sub-total: Secondary Proc
Cost of Sales 14,783,897.12 14,851,521.89 14,841,794.65
Total Cost of Sales 14,783,897.12 14,851,521.89 14,841,794.65

GROSS MARGIN 98,362,254.88 98,294,630.11 98,304,357.35

Less: Selling &

Administrative Expenses
Administrative Expenses 10,756,800.00 10,756,800.00 10,756,800.00
Administration Utilities 239,600.00 239,600.00 239,600.00
Communications 120,000.00 120,000.00 120,000.00
Office Supplies 48,000.00 48,000.00 48,000.00
Repairs and Maintenance 12,707.37 120,701.05 76,234.73
Amortization of Pre-operating
expenses 0.00 0.00 0.00
Depreciation 342,258.29 342,258.29 342,258.29
Total Selling & Admin
Expenses 11,519,365.65 11,627,359.33 11,582,893.02

NET INCOME BEFORE

INTEREST 86,842,889.23 86,667,270.78 86,721,464.33
Less: Interest on Loan 8,870,820.80 8,586,039.53 8,273,492.09

NET INCOME BEFORE

TAX 77,972,068.43 78,081,231.25 78,447,972.25
Less: Corporate Taxes 27,290,223.95 27,328,430.94 27,456,790.29

NET INCOME/(LOSS)
AFTER TAX 50,681,844.48 50,752,800.31 50,991,181.96

74
Table 1.7.34. Continuation

PARTICULARS YEAR 4 YEAR 5 YEAR 6

SALES
Product 113,146,152.00 113,146,152.00 113,146,152.00
Total Sales 113,146,152.00 113,146,152.00 113,146,152.00

Less Cost of Sales:

Processing
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead
Indirect labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 118,959.83 147,908.60 176,857.36
Secondary Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00
Depreciation 401,483.59 401,483.59 401,483.59
Sub-total: Secondary Proc
Cost of Sales 14,870,743.42 14,899,692.19 14,928,640.95
Total Cost of Sales 14,870,743.42 14,899,692.19 14,928,640.95

GROSS MARGIN 98,275,408.58 98,246,459.81 98,217,511.05

Less: Selling &

Administrative Expenses
Administrative Expenses 10,756,800.00 10,756,800.00 10,756,800.00
Administration Utilities 239,600.00 239,600.00 239,600.00
Communications 120,000.00 120,000.00 120,000.00
Office Supplies 48,000.00 48,000.00 48,000.00
Repairs and Maintenance 107,998.41 139,762.10 171,525.78
Amortization of Pre-operating
expenses 0.00 0.00 0.00
Depreciation 342,258.29 342,258.29 342,258.29
Total Selling & Admin
Expenses 11,614,656.70 11,646,420.38 11,678,184.06

NET INCOME BEFORE

INTEREST 86,660,751.88 86,600,039.43 86,539,326.99
Less: Interest on Loan 7,930,471.27 7,554,005.92 7,140,835.20

NET INCOME BEFORE

TAX 78,730,280.62 79,046,033.52 79,398,491.79
Less: Corporate Taxes 27,555,598.22 27,666,111.73 27,789,472.13

NET INCOME/(LOSS)
AFTER TAX 51,174,682.40 51,379,921.79 51,609,019.66

75
Table 1.7.35. Continuation.

PARTICULARS YEAR 7 YEAR 8 YEAR 9

SALES
Product 113,146,152.00 113,146,152.00 113,146,152.00
Total Sales 113,146,152.00 113,146,152.00 113,146,152.00

Less Cost of Sales:

Processing
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead
Indirect labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 205,806.13 234,754.89 263,703.66
Secondary Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00
Depreciation 401,483.59 401,483.59 401,483.59
Sub-total: Secondary Proc
Cost of Sales 14,957,589.72 14,986,538.48 15,015,487.25
Total Cost of Sales 14,957,589.72 14,986,538.48 15,015,487.25

GROSS MARGIN 98,188,562.28 98,159,613.52 98,130,664.75

Less: Selling &

Administrative Expenses
Administrative Expenses 10,756,800.00 10,756,800.00 10,756,800.00
Administration Utilities 239,600.00 239,600.00 239,600.00
Communications 120,000.00 120,000.00 120,000.00
Office Supplies 48,000.00 48,000.00 48,000.00
Repairs and Maintenance 203,289.46 235,053.14 266,816.83
Amortization of Pre-operating
expenses 0.00 0.00 0.00
Depreciation 342,258.29 342,258.29 342,258.29
Total Selling & Admin
Expenses 11,709,947.75 11,741,711.43 11,773,475.11

NET INCOME BEFORE

INTEREST 86,478,614.54 86,417,902.09 86,357,189.64
Less: Interest on Loan 6,687,380.33 6,189,713.62 5,643,524.40

NET INCOME BEFORE

TAX 79,791,234.20 80,228,188.47 80,713,665.24
Less: Corporate Taxes 27,926,931.97 28,079,865.96 28,249,782.83

NET INCOME/(LOSS)
AFTER TAX 51,864,302.23 52,148,322.51 52,463,882.41

76
Table 1.7.36. Continuation.

PARTICULARS YEAR 10 YEAR 11 YEAR 12

SALES
Product 113,146,152.00 113,146,152.00 113,146,152.00
Total Sales 113,146,152.00 113,146,152.00 113,146,152.00

Less Cost of Sales:

Processing
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead
Indirect labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 292,652.42 292,652.42 292,652.42
Secondary Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00
Depreciation 401,483.59 401,483.59 401,483.59
Sub-total: Secondary Proc
Cost of Sales 15,044,436.01 15,044,436.01 15,044,436.01
Total Cost of Sales 15,044,436.01 15,044,436.01 15,044,436.01

GROSS MARGIN 98,101,715.99 98,101,715.99 98,101,715.99

Less: Selling &

Administrative Expenses
Administrative Expenses 10,756,800.00 10,756,800.00 10,756,800.00
Administration Utilities 239,600.00 239,600.00 239,600.00
Communications 120,000.00 120,000.00 120,000.00
Office Supplies 48,000.00 48,000.00 48,000.00
Repairs and Maintenance 298,580.51 298,580.51 298,580.51
Amortization of Pre-operating
expenses 0.00 0.00 0.00
Depreciation 342,258.29 342,258.29 342,258.29
Total Selling & Admin
Expenses 11,805,238.79 11,805,238.79 11,805,238.79

NET INCOME BEFORE

INTEREST 86,296,477.19 86,296,477.19 86,296,477.19
Less: Interest on Loan 5,044,081.73 4,386,193.40 3,664,160.96

NET INCOME BEFORE

TAX 81,252,395.46 81,910,283.79 82,632,316.23
Less: Corporate Taxes 28,438,338.41 28,668,599.33 28,921,310.68

NET INCOME/(LOSS)
AFTER TAX 52,814,057.05 53,241,684.46 53,711,005.55

77
Table 1.7.37. Continuation.

PARTICULARS YEAR 13 YEAR 14 YEAR 15

SALES
Product 113,146,152.00 113,146,152.00 113,146,152.00
Total Sales 113,146,152.00 113,146,152.00 113,146,152.00

Less Cost of Sales:

Processing
Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead
Indirect labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 292,652.42 292,652.42 292,652.42
Secondary Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00
Depreciation 401,483.59 401,483.59 401,483.59
Sub-total: Secondary Proc
Cost of Sales 15,044,436.01 15,044,436.01 15,044,436.01
Total Cost of Sales 15,044,436.01 15,044,436.01 15,044,436.01

GROSS MARGIN 98,101,715.99 98,101,715.99 98,101,715.99

Less: Selling &

Administrative Expenses
Administrative Expenses 10,756,800.00 10,756,800.00 10,756,800.00
Administration Utilities 239,600.00 239,600.00 239,600.00
Communications 120,000.00 120,000.00 120,000.00
Office Supplies 48,000.00 48,000.00 48,000.00
Repairs and Maintenance 298,580.51 298,580.51 298,580.51
Amortization of Pre-operating
expenses 0.00 0.00 0.00
Depreciation 342,258.29 342,258.29 342,258.29
Total Selling & Admin
Expenses 11,805,238.79 11,805,238.79 11,805,238.79

NET INCOME BEFORE

INTEREST 86,296,477.19 86,296,477.19 86,296,477.19
Less: Interest on Loan 2,871,730.36 2,002,037.77 1,047,550.16

NET INCOME BEFORE

TAX 83,424,746.83 84,294,439.42 85,248,927.04
Less: Corporate Taxes 29,198,661.39 29,503,053.80 29,837,124.46

NET INCOME/(LOSS)
AFTER TAX 54,226,085.44 54,791,385.62 55,411,802.57

78
Table 1.7.38. Summary of Return On Investment (ROI)

Average Net Income 52,484,131.90

Return on Investment (ROI) 43.26%

79
Table 1.7.39. Summary of Projected Cash Flow Statement.

PARTICULARS YEAR 0 YEAR 1 YEAR 2

CASH INFLOWS
Loan Proceeds 90,982,777.42 - -
Equity 30,327,592.47 0.00 -
Sales 0.00 113,146,152.00 113,146,152.00
Salvage Value 0.00 - -
Total Cash Inflows 121,310,369.89 113,146,152.00 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing 106,975,753.17 - -
Administration 7,986,736.50 - -

Operating Costs
Processing Direct Materials 0.00 0.00 0.00
Processing Direct Labor 0.00 10,206,000.00 10,206,000.00
Processing Overhead:
Indirect Labor 0.00 486,000.00 486,000.00
Repairs and Maintenance 0.00 32,113.53 99,738.30
Processing Utilities 0.00 3,658,300.00 3,658,300.00

Selling & Admin Expenses

less Depn 0.00 11,177,107.37 11,285,101.05
Corporate Tax 27,290,223.95 27,328,430.94
Total Cash Outflows 114,962,489.67 52,849,744.85 53,063,570.28

NET CASHFLOW
BEFORE DEBT SERVICE 6,347,880.22 60,296,407.15 60,082,581.72
Less: Debt Service:
Payment of Principal 0.00 2,920,833.53 3,205,614.80
Payment of Interest 0.00 8,870,820.80 8,586,039.53
Total Debt Service 0.00 11,791,654.33 11,791,654.33

NET CASHFLOW AFTER

DEBT SERVICE 6,347,880.22 48,504,752.82 48,290,927.39
CASH BALANCE,
Beginning 0.00 6,347,880.22 54,852,633.05

CASH BALANCE, Ending 6,347,880.22 54,852,633.05 103,143,560.43

80
Table 1.7.40. Continuation

PARTICULARS YEAR 3 YEAR 4 YEAR 5

CASH INFLOWS
Loan Proceeds - - -
Equity - - -
Sales 113,146,152.00 113,146,152.00 113,146,152.00
Salvage Value - - -
Total Cash Inflows 113,146,152.00 113,146,152.00 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing - - -
Administration - - -

Operating Costs
Processing Direct Materials 0.00 0.00 0.00
Processing Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead:
Indirect Labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 90,011.06 118,959.83 147,908.60
Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00

Selling & Admin Expenses

less Depn 11,240,634.73 11,272,398.41 11,304,162.10
Corporate Tax 27,456,790.29 27,555,598.22 27,666,111.73
Total Cash Outflows 53,137,736.08 53,297,256.46 53,468,482.42

NET CASHFLOW
BEFORE DEBT SERVICE 60,008,415.92 59,848,895.54 59,677,669.58
Less: Debt Service:
Payment of Principal 3,518,162.24 3,861,183.06 4,237,648.41
Payment of Interest 8,273,492.09 7,930,471.27 7,554,005.92
Total Debt Service 11,791,654.33 11,791,654.33 11,791,654.33

NET CASHFLOW AFTER

DEBT SERVICE 48,216,761.59 48,057,241.21 47,886,015.25
CASH BALANCE,
Beginning 103,143,560.43 151,360,322.02 199,417,563.24

CASH BALANCE, Ending 151,360,322.02 199,417,563.24 247,303,578.49

81
Table 1.7.41. Continuation

PARTICULARS YEAR 6 YEAR 7 YEAR 8

CASH INFLOWS
Loan Proceeds - - -
Equity - - -
Sales 113,146,152.00 113,146,152.00 113,146,152.00
Salvage Value - - -
Total Cash Inflows 113,146,152.00 113,146,152.00 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing - - -
Administration - - -

Operating Costs
Processing Direct Materials 0.00 0.00 0.00
Processing Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead:
Indirect Labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 176,857.36 205,806.13 234,754.89
Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00

Selling & Admin Expenses

less Depn 11,335,925.78 11,367,689.46 11,399,453.14
Corporate Tax 27,789,472.13 27,926,931.97 28,079,865.96
Total Cash Outflows 53,652,555.26 53,850,727.56 54,064,374.00

NET CASHFLOW
BEFORE DEBT SERVICE 59,493,596.74 59,295,424.44 59,081,778.00
Less: Debt Service:
Payment of Principal 4,650,819.13 5,104,274.00 5,601,940.71
Payment of Interest 7,140,835.20 6,687,380.33 6,189,713.62
Total Debt Service 11,791,654.33 11,791,654.33 11,791,654.33

NET CASHFLOW AFTER

DEBT SERVICE 47,701,942.41 47,503,770.11 47,290,123.67
CASH BALANCE,
Beginning 247,303,578.49 295,005,520.89 342,509,291.00

CASH BALANCE, Ending 295,005,520.89 342,509,291.00 389,799,414.67

82
Table 1.7.42. Continuation

PARTICULARS YEAR 9 YEAR 10 YEAR 11

CASH INFLOWS
Loan Proceeds - - -
Equity - - -
Sales 113,146,152.00 113,146,152.00 113,146,152.00
Salvage Value - - -
Total Cash Inflows 113,146,152.00 113,146,152.00 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing - - -
Administration - - -

Operating Costs
Processing Direct Materials 0.00 0.00 0.00
Processing Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead:
Indirect Labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 263,703.66 292,652.42 292,652.42
Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00

Selling & Admin Expenses

less Depn 11,431,216.83 11,462,980.51 11,462,980.51
Corporate Tax 28,249,782.83 28,438,338.41 28,668,599.33
Total Cash Outflows 54,295,003.32 54,544,271.34 54,774,532.26

NET CASHFLOW
BEFORE DEBT SERVICE 58,851,148.68 58,601,880.66 58,371,619.74
Less: Debt Service:
Payment of Principal 6,148,129.93 6,747,572.60 7,405,460.93
Payment of Interest 5,643,524.40 5,044,081.73 4,386,193.40
Total Debt Service 11,791,654.33 11,791,654.33 11,791,654.33

NET CASHFLOW AFTER

DEBT SERVICE 47,059,494.35 46,810,226.33 46,579,965.41
CASH BALANCE,
Beginning 389,799,414.67 436,858,909.03 483,669,135.35

CASH BALANCE, Ending 436,858,909.03 483,669,135.35 530,249,100.76

83
Table 1.7.43. Continuation

PARTICULARS YEAR 12 YEAR 13 YEAR 14

CASH INFLOWS
Loan Proceeds - - -
Equity - - -
Sales 113,146,152.00 113,146,152.00 113,146,152.00
Salvage Value - - -
Total Cash Inflows 113,146,152.00 113,146,152.00 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing - - -
Administration - - -

Operating Costs
Processing Direct Materials 0.00 0.00 0.00
Processing Direct Labor 10,206,000.00 10,206,000.00 10,206,000.00
Processing Overhead:
Indirect Labor 486,000.00 486,000.00 486,000.00
Repairs and Maintenance 292,652.42 292,652.42 292,652.42
Processing Utilities 3,658,300.00 3,658,300.00 3,658,300.00

Selling & Admin Expenses

less Depn 11,462,980.51 11,462,980.51 11,462,980.51
Corporate Tax 28,921,310.68 29,198,661.39 29,503,053.80
Total Cash Outflows 55,027,243.61 55,304,594.32 55,608,986.73

NET CASHFLOW
BEFORE DEBT
SERVICE 58,118,908.39 57,841,557.68 57,537,165.27
Less: Debt Service:
Payment of Principal 8,127,493.37 8,919,923.97 9,789,616.56
Payment of Interest 3,664,160.96 2,871,730.36 2,002,037.77
Total Debt Service 11,791,654.33 11,791,654.33 11,791,654.33

NET CASHFLOW
AFTER DEBT SERVICE 46,327,254.06 46,049,903.35 45,745,510.94
CASH BALANCE,
Beginning 530,249,100.76 576,576,354.82 622,626,258.17

CASH BALANCE, Ending 576,576,354.82 622,626,258.17 668,371,769.11

84
Table 1.7.44. Continuation.

PARTICULARS YEAR 15
CASH INFLOWS
Loan Proceeds -
Equity -
Sales 113,146,152.00
Salvage Value -
Total Cash Inflows 113,146,152.00

CASH OUTFLOWS
Investments In Fixed Assets:
Processing -
Administration -

Operating Costs
Processing Direct Materials 0.00
Processing Direct Labor 10,206,000.00
Processing Overhead:
Indirect Labor 486,000.00
Repairs and Maintenance 292,652.42
Processing Utilities 3,658,300.00

Selling & Admin Expenses

less Depn 11,462,980.51
Corporate Tax 29,837,124.46
Total Cash Outflows 55,943,057.39

NET CASHFLOW
BEFORE DEBT SERVICE 57,203,094.61
Less: Debt Service:
Payment of Principal 10,744,104.17
Payment of Interest 1,047,550.16
Total Debt Service 11,791,654.33

NET CASHFLOW AFTER

DEBT SERVICE 45,411,440.28
CASH BALANCE,
Beginning 668,371,769.11

CASH BALANCE, Ending 713,783,209.38

INTERNAL RATE OF RETURN: 39.37%

85
Table 1.7.45. Net Cash Flow and Payback Time

YEAR 0 1 2 2 2
Net Cash
(121,310,370) 48,504,753 48,290,927 48,216,762 48,057,241
Flow
(121,310,370) (72,805,617) (24,514,690) 23,702,072 71,759,313
Payback
0 1 1 1 1
time

73
Table 1.7.46. Continuation.

YEAR 2 2 2 2 2
Net Cash
47,886,015 47,701,942 47,503,770 47,290,124 47,059,494
Flow
119,645,328 167,347,271 214,851,041 262,141,165 309,200,659
Payback
1 1 1 1 1
time

74
Table 1.7.47. Continuation

YEAR 2 2 2 2 2 2
Net Cash
46,810,226 46,579,965 46,327,254 46,049,903 45,745,511 45,411,440
Flow
356,010,885 402,590,851 448,918,105 494,968,008 540,713,519 586,124,959
Payback
1 1 1 1 1 1
time

PAYBACK TIME: 2.5 years

75
Table 1.7.48. Projected Balance Sheet Statement

PARTICULARS YEAR 0 YEAR 1

ASSETS

Current Assets
Cash On Hand and in Banks 6,347,880.22 54,852,633.05
Total Currents Assets 6,347,880.22 54,852,633.05

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 0.00 743,741.88
Net Book Value 14,662,489.67 13,918,747.79

TOTAL ASSETS 121,310,369.89 169,071,380.84

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 90,982,777.42 88,061,943.89
Total Liabilities 90,982,777.42 88,061,943.89

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 0.00 0.00

Add: Net Income 0.00 50,681,844.48
Sub-Total 0.00 50,681,844.48
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 0.00 50,681,844.48

TOTAL EQUITY 30,327,592.47 81,009,436.95

TOTAL LIABILITIES & EQUITY 121,310,369.89 169,071,380.84

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

89
Table 1.7.49. Continuation

PARTICULARS YEAR 2 YEAR 3

ASSETS

Current Assets
Cash On Hand and in Banks 103,143,560.43 151,360,322.02
Total Currents Assets 103,143,560.43 151,360,322.02

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 1,487,483.75 2,231,225.63
Net Book Value 13,175,005.92 12,431,264.04

TOTAL ASSETS 216,618,566.35 264,091,586.07

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 84,856,329.09 81,338,166.84
Total Liabilities 84,856,329.09 81,338,166.84

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 50,681,844.48 101,434,644.79

Add: Net Income 50,752,800.31 50,991,181.96
Sub-Total 101,434,644.79 152,425,826.75
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 101,434,644.79 152,425,826.75

TOTAL EQUITY 131,762,237.27 182,753,419.23

TOTAL LIABILITIES & EQUITY 216,618,566.35 264,091,586.07

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

90
Table 1.7.50. Continuation

PARTICULARS YEAR 4 YEAR 5

ASSETS

Current Assets
Cash On Hand and in Banks 199,417,563.24 247,303,578.49
Total Currents Assets 199,417,563.24 247,303,578.49

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 2,974,967.50 3,718,709.38
Net Book Value 11,687,522.17 10,943,780.29

TOTAL ASSETS 311,405,085.41 358,547,358.78

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 77,476,983.78 73,239,335.37
Total Liabilities 77,476,983.78 73,239,335.37

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 152,425,826.75 203,600,509.15

Add: Net Income 51,174,682.40 51,379,921.79
Sub-Total 203,600,509.15 254,980,430.94
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 203,600,509.15 254,980,430.94

TOTAL EQUITY 233,928,101.63 285,308,023.41

TOTAL LIABILITIES & EQUITY 311,405,085.41 358,547,358.78

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

91
Table 1.7.51. Continuation

PARTICULARS YEAR 6 YEAR 7

ASSETS

Current Assets
Cash On Hand and in Banks 295,005,520.89 342,509,291.00
Total Currents Assets 295,005,520.89 342,509,291.00

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 4,462,451.25 5,206,193.13
Net Book Value 10,200,038.42 9,456,296.54

TOTAL ASSETS 405,505,559.31 452,265,587.55

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 68,588,516.24 63,484,242.24
Total Liabilities 68,588,516.24 63,484,242.24

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 254,980,430.94 306,589,450.60

Add: Net Income 51,609,019.66 51,864,302.23
Sub-Total 306,589,450.60 358,453,752.83
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 306,589,450.60 358,453,752.83

TOTAL EQUITY 336,917,043.07 388,781,345.31

TOTAL LIABILITIES & EQUITY 405,505,559.31 452,265,587.55

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

92
Table 1.7.52. Continuation

PARTICULARS YEAR 8 YEAR 9

ASSETS

Current Assets
Cash On Hand and in Banks 389,799,414.67 436,858,909.03
Total Currents Assets 389,799,414.67 436,858,909.03

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 5,949,935.00 6,693,676.88
Net Book Value 8,712,554.67 7,968,812.79

TOTAL ASSETS 498,811,969.34 545,127,721.82

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 57,882,301.53 51,734,171.60
Total Liabilities 57,882,301.53 51,734,171.60

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 358,453,752.83 410,602,075.34

Add: Net Income 52,148,322.51 52,463,882.41
Sub-Total 410,602,075.34 463,065,957.75
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 410,602,075.34 463,065,957.75

TOTAL EQUITY 440,929,667.81 493,393,550.22

TOTAL LIABILITIES & EQUITY 498,811,969.34 545,127,721.82

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

93
Table 1.7.53. Continuation

PARTICULARS YEAR 10 YEAR 11

ASSETS

Current Assets
Cash On Hand and in Banks 483,669,135.35 530,249,100.76
Total Currents Assets 483,669,135.35 530,249,100.76

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 7,437,418.75 8,181,160.63
Net Book Value 7,225,070.92 6,481,329.04

TOTAL ASSETS 591,194,206.27 637,030,429.81

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 44,986,599.00 37,581,138.07
Total Liabilities 44,986,599.00 37,581,138.07

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 463,065,957.75 515,880,014.80

Add: Net Income 52,814,057.05 53,241,684.46
Sub-Total 515,880,014.80 569,121,699.26
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 515,880,014.80 569,121,699.26

TOTAL EQUITY 546,207,607.27 599,449,291.73

TOTAL LIABILITIES & EQUITY 591,194,206.27 637,030,429.81

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

94
Table 1.7.54. Continuation

PARTICULARS YEAR 12 YEAR 13

ASSETS

Current Assets
Cash On Hand and in Banks 576,576,354.82 622,626,258.17
Total Currents Assets 576,576,354.82 622,626,258.17

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 8,924,902.50 9,668,644.38
Net Book Value 5,737,587.17 4,993,845.29

TOTAL ASSETS 682,613,941.99 727,920,103.46

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 29,453,644.70 20,533,720.73
Total Liabilities 29,453,644.70 20,533,720.73

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 569,121,699.26 622,832,704.81

Add: Net Income 53,711,005.55 54,226,085.44
Sub-Total 622,832,704.81 677,058,790.25
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 622,832,704.81 677,058,790.25

TOTAL EQUITY 653,160,297.28 707,386,382.73

TOTAL LIABILITIES & EQUITY 682,613,941.99 727,920,103.46

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

95
Table 1.7.55. Continuation

PARTICULARS YEAR 14 YEAR 15

ASSETS

Current Assets
Cash On Hand and in Banks 668,371,769.11 713,783,209.38
Total Currents Assets 668,371,769.11 713,783,209.38

Property and Equipment

Total Land & Land Improvements 100,300,000.00 100,300,000.00
Depreciable Assets 14,662,489.67 14,662,489.67
Less: Accumulated Depreciation 10,412,386.25 11,156,128.13
Net Book Value 4,250,103.42 3,506,361.54

TOTAL ASSETS 772,921,872.52 817,589,570.92

LIABILITIES & EQUITY

Long-Term Liabilities:
Loan Payable 10,744,104.17 0.00
Total Liabilities 10,744,104.17 0.00

Equity:
Authorized Capital Stock 30,327,592.47 30,327,592.47
Total Paid-up Capital 30,327,592.47 30,327,592.47

Retained Earnings, beginning 677,058,790.25 731,850,175.88

Add: Net Income 54,791,385.62 55,411,802.57
Sub-Total 731,850,175.88 787,261,978.45
Less: Dividends Declared 0.00 0.00
Retained Earnings, ending 731,850,175.88 787,261,978.45

TOTAL EQUITY 762,177,768.35 817,589,570.92

TOTAL LIABILITIES & EQUITY 772,921,872.52 817,589,570.92

ASSETS – (LIABILITIES + EQUITY) 0.00 0.00

96