Exercise No.: 02 Based on comprehensive reading of the financial statements issued by TANJA Corporation (TC) for the year 2020 (Sept) and its projections for the coming three years (2021, 2022, 2023), you have been requested to provide a professional opinions and views as could be spelled out by the Executive Financial Model (EFM) and the Kunt and Maks model. A summary of information are as follows: 2023 Year 2020 2021 2022 TA 72,000,000 84,000,000 99,000,000 110,000,000 FA 0.45 TA 0.50 TA 0.52 TA CA 0.40 TA 0.41 TA 0.40 TA 0.60 TA 0.38 TA LTI 0.10 TA 0.07 TA 0.05 TA Zero INT. A. 2 ? ? Financial 65% 67% 67% 66% Leverage Current liab. 1,800,000 21,000,000 28,000,000 39,000,000 Long-term liab. Growth Rate 15% 17% 19% 18% DPR 35% 42% 45% 48% NSI 0 0 0 0 ROTA 17% 17% 17% 17% A FA 12% 14% 14% 15% A NWC 16% 18% 19% 20% It is clear that TANJA Corporation is adopting stable policy on expansion of capitalization, financial Leverage, DPR, A FA, ANWC, FA, CA, LTL and the trends of long-term investments. Required: 1- Based on comparison between the EFM and Kunt and Maks model, provide the financial scenarios of TC in 2020, 2021, 2022 and 2023.