Financial Instruments Pooja Gupta Mumbai

IAS 32, IAS 39, IFRS 7 & IFRS 9
Financial Instruments Standards
CA Pooja Gupta
Mumbai 21 August 2010
IFRS 7
IAS 32
Replacement of
IAS 39
I
A I IAS 39
S A
3 IFRS 9S
2 3
9 Replacement of
Replacement of IAS 39
Prepared
IAS 39 & Presented by CA Pooja Gupta 20-Aug-10
Inside
Financial instruments
Recognition and measurement
Derecognition
Hedge accounting
Presentation
Disclosures
New IFRS 9
Prepared & Presented by CA Pooja Gupta 20-Aug-10
Key principles
Harmonisation of markets
Global accounting convergence

All derivatives are Most financial
recognised on the assets measured
Enhanced disclosures balance sheet at fair value
Use of fair values

Measurement of the hedging
instrument is the basis for
Benchmark treatment hedge accounting

Financial Instruments Standards
IAS 39
IAS 32 Recognition /
Presentation Derecognition/
Measurement/
(Debt v/s Derivatives &
Equity) Hedge
Accounting
IFRS 7 IFRS 9
Disclosures of Classification &
Financial Measurement of
Instruments Financial Assets

Financial Instruments: Scope & Definition
Scope - IAS 39 applies to all entities, but not

all financial instruments
Financial instruments are defined as any contract that

gives rise to:
- a financial asset of one entity and
- a financial liability or equity instrument of another
entity

Financial assets and liabilities
Financial asset Financial liability Equity instrument
Cash Contractual obligation to Contract evidencing

Equity instrument of another deliver cash or another a residual interest in
entity financial asset or to ex- the assets of an entity
change financial asset or
Contractual right to receive after deducting all of
liabilities under potentially
cash or another financial its liabilities
unfavourable conditions
asset or to exchange
financial assets or liabilities Certain contracts settled in
under potentially the entity’s own equity
favourable conditions
Certain contracts settled in
the entity’s own equity
A financial asset is not always a monetary asset

Is there a contractual obligation that the
issuer cannot avoid?
Yes No Part
Liability Equity Compound instrument
Assess at initial recognition Determine liability component

Equity is residual
Classification continues until No gain or loss
disposal

IStaR Ltd. issues 1000 bonds PV of the principal 100,000/-
convertible into its own shares in 3 payable at the end of 3 yrs (77,200)
years. The bonds are issued at par
with a face value of INR 100/- per PV of the interest 6,000/-
bond. Interest is payable annually at payable annually for
nominal interest at 6% p.a. Each bond 3 years (15,186)
is convertible at anytime up to maturity ------------
in 125 equity shares. When bonds are Total Liability Component (92,386)
issued the prevailing market interest
rate for similar debt without conversion Proceeds of the Bond 100,000
options is 9% p.a. ------------
Solution: Equity component (bal. fig) 7,614
Under this approach, the liability =======
element is valued first, and the
difference between the proceeds of Discounting factor @ 9%
the bond issue and the fair value of the 1 year 0.917
liability is assigned to the equity 2 year 0.842
component. The present value of the 3 year 0.772
liability component is calculated using
a discount rate of 9%, the market rate
for similar bonds with no conversion
rights.
Categories of Financial Assets
Category Definition
Financial assets at fair • Financial assets held for trading

value through profit • Derivatives (unless accounted for as hedges)
or loss (FvPL) • Financial assets designated to this category under
the fair value option
Loans and receivables Non-derivative financial assets with fixed or

(L&R) determinable payments that are not quoted in an
active market
Held-
Held-to-
to-maturity Non-derivative financial assets with fixed or
(HTM) determinable payments and fixed maturity that the
entity has the positive intent and ability to hold to
maturity
Available-
Available-for-
for-sale • All financial assets that are not classified in
(AFS) another category. Called the ‘residual’ category

Categories of Financial Liabilities
Category Definition
Financial liabilities at • Financial liabilities held for trading

fair value through
profit or loss (FvPL) • Derivatives (unless accounted for as hedges)
• Financial liability designated to this category

under the fair value option
Other financial All financial liabilities that are not classified at fair
liabilities value through profit or loss. ‘Residual’ category

Derivatives
Derivatives are instruments with all three of the following characteristics
Value changes in response to changes in specified underlying price/

index (e.g. interest rate, FX rate, share price)
Requires no or little net investment
Settled at a future date
Examples of derivatives
Forward FX contract
Interest rate swap
Collar and Caps

Component of hybrid instrument that includes a non-
derivative host contract
Host Contract
Executory Equity
contract Embedded derivative
FX Option
Commodity index
Inflation index
Equity index
Debt Insurance
Lease
Conditions for separation
Split and account separately

Is the
contract Will it be a Is it closely
carried at fair derivative if it related to
No was a Yes the host No
value
through freestanding? contract
profit or loss
Yes No Yes
Do not split the embedded derivative

Accounting following separation:
Host: apply rules of IAS 39 or other applicable IAS/IFRS if host is not a

financial instrument
Derivative: measure the separated derivative at fair value through
profit or loss
Accounting when separation is difficult:

If it is difficult to determine the fair value of the embedded derivative, it
is deemed to be the difference between the fair value of the combined
(hybrid) instrument and the fair value of the host contract
Accounting when impossible to separate:

If the embedded derivative cannot be reliably identified and measured,
the entire combined contract is accounted for as a financial
instrument at fair value

All financial assets and financial liabilities, including derivatives,
should be recognised on the balance sheet at fair value when
the entity becomes party to the contractual provisions of the
instrument
Financial assets Financial liabilities

@ @
“fair value of “fair value of
consideration consideration
given” received”
Fair value is the amount for which an asset could be exchanged

or a liability settled, between knowledgeable, willing parties in an
arm’s length transaction

Instrument Measurement Value changes
Financial assets at fair Profit &Loss

value through profit or loss Fair value
Held-to-maturity Amortised cost Not relevant

investments (Effective Interest Rate) (unless impaired)
Amortised cost Not relevant
Loans and receivables
(Effective Interest Rate) (unless impaired)
Fair value Equity

Available-for-sale
(unless impaired)
Financial liabilities at fair Profit & Loss

Fair value
value through profit or loss
Amortised cost
Other liabilities Not relevant
(effective interest rate)

Initial Principal
Amortised Accumulated Impairment
recognition repayments
cost = amount - -/+ interest - reduction
Amortisation is calculated using the effective interest rate method
The effective interest rate is defined as “the rate that exactly discounts
estimated future cash flows through the expected life of the financial
instrument or, where appropriate, a shorter period to the net carrying
amount of the financial asset or financial liability”.

Effective Interest Rate
Product Auto Loan
Tenor (Contractual Life) 5 years
Expected life (Actuarial Life) 3 years
Loan Amount 500,000/-
Transaction Costs & Fees 5,000/-
Interest rate 10%
EMI (Yearly) 131,899/-
EIR (calculated) 9.53%

Effective Interest Rate
No EIR EIR
Interest Prin EMI O/s Interest Prin EMI O/s Txn

Costs
1 50,000 81,899 131,899 418,101 48,106 83,793 131,899 421,207 1,894
2 41,810 90,089 131,899 328,013 40,124 91,775 131,899 329,432 1,686
3 32,801 99,097 131,899 228,915 31,382 100,517 131,899 228,915 1,424
4 22,892 109,007 131,899 119,908 22,892 109,007 131,899 119,908 0
5 11,991 119,908 131,899 0 11,991 119,908 131,899 0 0
159,494 154,494

How do you define an active market
is subject to judgement and hence
the guidance issued by the expert
panel of the IASB in September’08
Active market: unadjusted published price

quotations
No active market: valuation

techniques
No active market: Unquoted Equity

investments (-) impairment loss

Transfer Trading Loans and Held-to- Available
to: receivables maturity for sale
Transfer
from
Trading Not Not Not Not
Applicable permitted permitted permitted
Loans and If pattern of Not Not Not
receivables short term Applicable Applicable permitted
profit making
Held-to- Tainting Not Not Tainting
maturity Applicable Applicable
Available for If pattern of Not Change in Not
sale short term permitted intent and if Applicable
profit making all criteria
met

Change of intent or
Sales before maturity
ability
reclassify ALL HTM
reclassify ALL HTM
instruments
instruments
“Tainting” leads to measurement at fair value
And classification as AFS assets for two full financial

years
De-recognition rules were developed to deal with ‘off
balance sheet financing’
The standard combines the ‘risk and rewards

approach’ and ‘control approach’
IAS 39 details principles for:

Complete de-recognition
Partial de-recognition (e.g. servicing rights
retained)
De-recognition combined with recognition of a new
liability (e.g. credit risk guaranteed)

The part comprises only specifically identified
cash flows from a financial asset (e.g. sale of an
interest only strip)
The part comprises only a fully proportionate

(pro rata) share of the cash flows from a
financial asset (e.g. sale of 90% of the asset)
The part comprises only a fully proportionate

share of specifically identified cash flows from a
financial asset (e.g. sale of 90% of an interest
only strip)

Consolidation
Part or entire asset?
YES
Rights to cash flows expired? Derecognition
NO
Rights to cash flows transferred?
NO
YES NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risks and rewards Derecognition
transferred?
NO
YES
Substantially all risks and rewards No derecognition
retained?
NO
NO
Control retained? Derecognition
YES
Continuing involvement
First, consolidate all subsidiaries (including all SPEs)
Derecognition provisions are applied on a consolidated level
Then, consider the subject of the derecognition provisions (financial

asset, group of similar financial assets or a portion of a financial
instruments or a group of similar financial instruments)
Then, apply derecognition rules:
Derecognise when contractual rights to cash flows expire or

There is a “transfer of a financial asset” and
That transfer qualifies for derecognition

“Transfer of a financial asset” requires
A transfer of the contractual rights to receive the Cash
Flows; or
Meeting the “pass-through requirements” in IAS 39.19
If financial asset has been transferred, then assess whether

transfer qualifies for derecognition
If substantially all risks and rewards are retained
If substantially all risks and rewards are transferred
If some but not substantially all risks and rewards have
been transferred:
Control -> Continuing involvement
Risk- Rewards & Control model !

Financial liability (or part thereof) is removed
from the balance sheet when it is extinguished,
i.e. when the obligation is discharged or cancelled
or expires

Securitisations
Securities lending
Repurchase agreements
Partial transfers of assets/liabilities
Transfers involving special purpose entities
Derecognition coupled with a new asset or liability
Derecognition rules are strict!!!

A securitisation is a transaction that transforms a
financial asset(s) into securities
Intent is often to achieve derecognition of the

financial assets securitized
Securitised assets often are transferred to a

special purpose entity (SPE)

To match the timing differences of recognising the
effect of hedging instrument and hedged item or
measurement differences if hedged item not at FV
Recognition mismatches Measurement mismatches

between hedged item
between hedged item
and hedging instruments
and hedging instruments
i.e.
i.e.
because the hedged item is
because the hedged item is
not yet
not
recognised in the balance
measured at fair value
sheet or in the income
statement

What can qualify as a hedged item ?
An exposure to a risk A HTM investment for

that affects the income interest rate risk
statement
A general business risk
An AFS security
Investment in associate or
A loan / receivable subsidiary
Foreign currency Non financial asset or
monetary item liability
What can be used as a hedging instrument?
• External instruments only for Group hedging

• Generally derivatives
• May be a portion of the instrument (eg 50%) but not a portion of time
The criteria for hedge accounting is onerous and have system implications
for all entities. Hedge Accounting is OPTIONAL and management should
consider the cost and benefits to use it.
1. Hedge relationship must be documented at inception

– Risk management objective and strategy for the hedge
– Identification of the hedging instrument
– The related hedged item or transaction
– The nature of the risk being hedged
– How hedging instrument’s effectiveness will be assessed
2(a) Hedge must be expected to be highly effective at inception and
subsequent periods
2(b) Hedge effectiveness must be tested regularly throughout its life
2(c) Effectiveness must fall within the range of 80% - 125% over the life of the
hedge
3. In the case of hedging future cash flows, there must be a high probability
of that cash flow occurring
IAS 39 does not specify a single method for
assessing hedge effectiveness prospectively or
retrospectively.
The method an entity adopts depends on its risk
management strategy and should be included in
the documentation at the inception of the hedge.
The most common methods used are:
• critical terms comparison;
• dollar offset method; and
• regression analysis.

Comparing the critical terms of the hedging instrument with those
of the hedged item.
Hedge relationship is expected to be highly effective where all

the principal terms of the hedging instrument and the hedged
item match exactly – for example, notional and principal
amounts, credit risk (AA), term, pricing, re-pricing dates (aligned
to test date), timing, quantum and currency of cash flows – and
there are no features (such as optionality) that would invalidate
an assumption of perfect effectiveness.
Does not require any calculations.
May only be used in the limited cases, but in such cases it is the
simplest way to demonstrate that a hedge is expected to be
highly effective (prospective effectiveness testing).

The dollar offset method can be performed using different approaches, including the
following:
• Hypothetical derivative approach. The hedged risk is modelled as a derivative
called a ‘hypothetical derivative’ (as it does not exist). The hypothetical derivative
approach compares the change in the fair value or cash flows of the hedging
instrument with the change in the fair value or cash flows of the hypothetical
derivative.
• Benchmark rate approach: ‘target’ rate established for the hedge. In an interest
rate hedge of a variable rate debt instrument using an interest rate swap, the
benchmark rate is usually the fixed rate of the swap at the inception of the hedge.
The benchmark rate approach first identifies the difference between the actual cash
flows of the hedging item and the benchmark rate. It then compares the change in
the amount or value of this difference with the change in the cash flow or fair value
of the hedging instrument.
• Sensitivity analysis approach: assess the effectiveness of a hedge prospectively.
This method consists of measuring the effect of a hypothetical shift in the underlying
hedged risk (for example, a 10% shift in the foreign currency exchange rate being
hedged) on both the hedging instrument and the hedged item.

This statistical method investigates the strength of the
statistical relationship between the hedged item and the
hedging instrument.
Provides a means of expressing, in a systematic fashion,

the extent by which one variable, ‘the dependent’, will vary
with changes in another variable, ‘the independent’.
The independent variable reflects the change in the value

of the hedged item, and the dependent variable reflects the
change in the value of the hedging instrument.

Types of risks which can be hedged
FX Credit Equity Interest Commodity
Exposure to risk can arise from changes in
Probable
Future cash
Fair value future cash
flows
flows
IAS 39 recognizes 3 types of relationship
1. Fair Value Hedge

2. Cash Flow Hedge
3. Hedges of Net Investment in Foreign Entity
A common strategy in risk management is hedging, where risks that

an entity faces are reduced or eliminated by entering into
transactions that give an offsetting risk profile
Hedge of exposure to changes in fair value of a recognised asset or liability, an
unrecognised firm commitment or an identified portion of either of these that is
attributable to a particular risk and could affect P&L
Without hedge accounting

Measurement of
derivative hedging Measurement of
instrument hedged item
Amortised cost
FV through P&L or
Available-for-sale
Measurement or (FVthrough equity)
performance reporting
mismatch

1 2 Total
Hedged item 0 (20) (20)
Hedging instrument 20 0 20
20 (20) 0
Accelerate recognition of gain or loss on hedged item
The use of hedge accounting allows an entity to reflect the economics of a hedge
relationship in the financial statements by matching offsetting gains and losses in
P&L in the same period
Risk being hedged is the change in the ‘fair value’ of
or identified portion of an asset, liability or
unrecognized firm commitment
Hedging instrument –
Change in fair value
INCOME
STATEMENT
Hedged item –
Adjust the
carrying amount

Hedge of exposure to variability in cash flows that is:
1. Attributable to a particular risk associated with a recognised asset or liability
or a highly probable forecast transaction; and
2. Could affect profit or loss

Measurement of
derivative hedging Measurement of hedged
instrument item
FV through P&L Not yet recognised in

the accounts
Recognition mismatch

1 2 Total
20 (20) 0
Defer recognition of gains or losses on hedging

instrument

Risk being hedged is exposure to variability in ‘cash flows’ of an asset,
liability or unrecognized firm commitment
Hedging instrument – Change in

fair value
Effective Ineffective
EQUITY INCOME STATEMENT

(Hedging Reserve)
Recycled when hedged items affect earnings

Hedge of a net investment in a foreign operation, as defined in IAS 21

Measurement of hedging Measurement of
instrument hedged item
FV through P&L (derivatives)
OR FX gains / losses
FX gain/loss through P&L through equity
(foreign currency loan)
Performance reporting
mismatch
Income
Statement Equity Total
20 (20) 0
Match recognition (in equity) of gains or losses on the

hedging instrument

Hedge of a net investment in a foreign
operation (including a hedge of a monetary
item that is accounted for as part of the net
investment)
Hedging instruments can be foreign currency

monetary items or derivatives
Accounting similar to cash flow hedges

PP Bank issues $100m of debt at a fixed interest rate e.g. at 8%. To avoid a
mismatch between the interest it pays for funding and the floating interest rate it
receives on loans, the bank takes out an interest rate swap. The swap has the
affect of PP paying a floating rate of interest on the issued debt, say at 11%
instead of the 8% fixed (PP continues to pay fixed interest to the debt holders,
but receives fixed interest from, and pays floating to, the swap counterparty)
ASSETS IRS - PP pay $ LIABILITIES

floating interest
PP’s Assets to swap PP’s Issued
with $ floating counterparty debt at a fixed
interest rates receives $ rate
fixed interest
from swap
• Impact on financials:
When the interest on debt increases leading to decrease in the carrying amount of
the debt by $10m. This has equal corresponding effect on notional amount of swap.
IAS Achieve IAS Fail Hedge
Hedge Accounting Accounting
BALANCE SHEET USD Mio USD Mio
Derivative Asset / (Liability) (13) (13)
Issued Debt (100) (100)

Fair value adjustment to
Issued debt (increase) /
decrease 10 Nil
Net issued debt Liability (90) (100)

P & L ACCOUNT
Net Interest Income COUPON (8) (8)
SWAP ACCRUAL (3) 0
NET (11) (8)
DEAL PROFIT AND LOSS SWAP MTM (10) (13)
ISSUED DEBT FV
ADJUSTMENT 10 NIL
NETPrepared
PROFIT AND LOSS by CA Pooja Gupta
& Presented (11) (21) 20-Aug-10
Hedge accounting must be discontinued prospectively if:
The hedging instrument expires or is sold, terminated

or exercised
The hedge no longer meets the IAS 39 criteria for

hedge accounting (e.g. forecast transaction no
longer highly probable)
The entity revokes the designation

A legally enforceable right to set off
An intention to settle net or to realise the

asset and settle the liability
simultaneously
&
Master netting agreements
Several instruments used to emulate a single instrument (synthetic
instrument)
Items with the same risk, but different counterparties
Financial assets pledged as collateral for non-recourse liabilities
Assets set aside in a trust to discharge a liability that have not been
accepted by the creditor (sinking fund arrangements)
Obligations as a result of losses recoverable via insurance
Objectives
Improvement of existing requirements as regards
exposure and management of risks arising from
financial instruments
Removing unnecessarily onerous or duplicative
disclosures
Relocating in one place all disclosure
requirements on financial instruments
Scope
All risks arising from financial instruments
All entities

IFRS 7
Classes of financial Significance of financial Nature and extent of

instruments and level instruments for financial risks arising from
of disclosure position and performance financial instruments
Balance Other Qualitative Quantitative

sheet disclosures disclosures disclosures
Income statement and

equity

Balance sheet
Carrying amounts by “Classes” of financial
instruments
Impact of credit risk on financial liabilities

designated as at fair value through P&L
Credit risk disclosure on loans and receivables

designated as at fair value through P&L
Reconciliation of changes in allowance

accounts for credit losses

Income statement
Net gains and losses for all categories of
financial assets and liabilities
Fee income and expense arising from financial
instruments and trust/fiduciary activities
Other disclosures
Impact in the period P&L of hedges by category
Accounting policy and net position of Day 1
differences when fair value is determined using
non observable market data.

Issued by the IASB on 12 November 2009
Impacts banks and insurance companies most significantly, but all

entities that hold financial assets will be affected.
The effective date of the new classification and measurement

guidance is 1 January 2013; early application is permitted.
IFRS 9 should be applied retrospectively; however, if adopted

before 1 January 2012, comparative periods do not need to be
restated.
In addition, entities adopting before 1 January 2011 are allowed

to designate any date between then and the date of issuance of
IFRS 9, as the date of initial application that will be the date
upon which the classification of financial assets will be
determined.

IFRS 9 replaces the multiple classification and measurement
models in IAS 39 with a single model that has only two
classification categories: amortized cost and fair value.
Classification is driven by the entity’s business model for

managing the financial assets and the contractual characteristics
of the financial assets.
A financial asset is measured at amortized cost if two criteria are

met: a) the objective of the business model is to hold the
financial asset for the collection of the contractual cash flows,
and b) the contractual cash flows under the instrument solely
represent payments of principal and interest.
Requirement to separate embedded derivatives from financial

asset hosts removed. It requires a hybrid contract to be classified
inPrepared
its entirety at either
& Presented amortized
by CA Pooja Gupta cost or fair value. 20-Aug-10
Two of the existing three fair value option criteria become
obsolete, as a fair value driven business model requires fair value
accounting, and hybrid contracts are classified in their entirety.
Accounting mismatch condition carried forward to the new
standard.
Prohibits reclassifications except in rare circumstances when the

entity’s business model changes; in this case, the entity is
required to reclassify affected financial assets prospectively.
All equity investments should be measured at fair value.
Removes the cost exemption for unquoted equities and

derivatives on unquoted equities .

IFRS 9 first milestone in the IASB’s planned replacement of IAS 39.
The next steps involve:

- Reconsideration and re-exposure of the Classification and
measurement requirements for financial liabilities
- Exploration and field testing of the proposed Impairment approach
for financial assets; and
- Development of enhanced guidance on Hedge Accounting.
IASB aims to fully replace IAS 39 by the end of 2010.
Indication that the effective date of IFRS 9 may be pushed back to

align the mandatory adoption of the standard with the effective
dates for IAS 39 replacement stage II – ‘Amortized cost and
impairment’ and ‘Insurance’ projects.

Experiences!!!
Comments!!!
Questions!!
Questions / Comments / Feedback
www.capoojagupta.blogspot.com
Presenter’s contact details

CA Pooja Gupta
+91 – 9821504041
capooja@yahoo.com

Financial Instruments Pooja Gupta Mumbai

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IAS 32, IAS 39, IFRS 7 & IFRS 9

Financial Instruments Standards

Recognition and measurement

Global accounting convergence

Use of fair values

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Scope - IAS 39 applies to all entities, but not

Financial instruments are defined as any contract that

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Financial asset Financial liability Equity instrument

Cash Contractual obligation to Contract evidencing

A financial asset is not always a monetary asset

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Liability Equity Compound instrument

Assess at initial recognition Determine liability component

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Financial assets at fair • Financial assets held for trading

Loans and receivables Non-derivative financial assets with fixed or

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Financial liabilities at • Financial liabilities held for trading

• Financial liability designated to this category

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Value changes in response to changes in specified underlying price/

Requires no or little net investment

Settled at a future date

Interest rate swap

Collar and Caps

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Split and account separately

Do not split the embedded derivative

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Host: apply rules of IAS 39 or other applicable IAS/IFRS if host is not a

Accounting when separation is difficult:

Accounting when impossible to separate:

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Financial assets Financial liabilities

Fair value is the amount for which an asset could be exchanged

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Financial assets at fair Profit &Loss

Held-to-maturity Amortised cost Not relevant

Fair value Equity

Financial liabilities at fair Profit & Loss

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Amortisation is calculated using the effective interest rate method

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Product Auto Loan

Tenor (Contractual Life) 5 years

Expected life (Actuarial Life) 3 years

Loan Amount 500,000/-

Transaction Costs & Fees 5,000/-

Interest rate 10%

EMI (Yearly) 131,899/-

EIR (calculated) 9.53%

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Interest Prin EMI O/s Interest Prin EMI O/s Txn

1 50,000 81,899 131,899 418,101 48,106 83,793 131,899 421,207 1,894

2 41,810 90,089 131,899 328,013 40,124 91,775 131,899 329,432 1,686

3 32,801 99,097 131,899 228,915 31,382 100,517 131,899 228,915 1,424

4 22,892 109,007 131,899 119,908 22,892 109,007 131,899 119,908 0

5 11,991 119,908 131,899 0 11,991 119,908 131,899 0 0

Prepared & Presented by CA Pooja Gupta 20-Aug-10

Active market: unadjusted published price