P. 1
3 Wheeler

3 Wheeler

|Views: 12|Likes:
Published by big john
three wheeler
three wheeler

More info:

Published by: big john on Jun 01, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

06/01/2013

pdf

text

original

Investment Office ANRS

Project Profile on the Establishment
of 3-Wheelers Assembly Plant

Development Studies
Associates (DSA)
September !!"
Addis Ababa
Table of Contents
1.Executive Summary...................................................................................3
2.ro!uct "escri#tion an! A##lication.......................................................3
3.$ar%et Stu!y& lant Ca#acity an! ro!uction ro'ram.......................3
3.1Market Study...............................................................................................................3
3.1.1Present Demand and Supply................................................................................3
3.1.2Projected Demand................................................................................................4
3.1.3Pricing and Distribution.......................................................................................5
3.2Plant Capacity.............................................................................................................5
3.3Production Program....................................................................................................5
(.Ra) $aterials an! *tilities.......................................................................+
4.1!ailability and Source o" #a$ Materials..................................................................5
4.2 nnual #e%uirement and Cost o" #a$ Materials and &tilities..................................'
+.,ocation an! Site........................................................................................-
-.Tec.nolo'y an! En'ineerin' ....................................................................-
'.1Production Process......................................................................................................'
'.2Mac(inery and )%uipment..........................................................................................*
'.3Ci!il )ngineering Cost................................................................................................*
/.0uman Resource an! Trainin' Re1uirement.........................................2
*.1+uman #esource.........................................................................................................,
*.2-raining #e%uirement.................................................................................................,
2.3inancial Analysis......................................................................................4
,.1&nderlying ssumption ..............................................................................................
,.2/n!estment.................................................................................................................10
,.3Production Costs.......................................................................................................11
,.41inancial )!aluation.................................................................................................11
4.Economic an! Social 5enefit an! 6ustification.....................................12
ANNE7ES....................................................................................................1(
1. Executive Summary
-(is project en!isages assembly 1000 323(eelers per annum. -(e total in!estment
re%uirement o" t(e project including t(e $orking capital is estimated at about 4irr 10.'
million5 o" $(ic( around 4irr 10.2 million is t(e cost o" t(e $orking capital $(ile 4irr 1
million is "or mac(inery and e%uipments6 and anot(er 4irr 1 million is "or building and
construction. 4ased on t(e cas( "lo$ statement6 t(e calculated internal rate o" return
7/##8 and simple rate o" return 7S##8 o" t(e project are 32.3 9 and 24.' 96 respecti!ely.
-(e net present !alue 7:P;8 at 1, 9 discounting rate is about 4irr 3001 t(ousand. -(e
plant is e<pected to create employment opportunities "or about 2' persons.
2. Product Description and Application
323(eeler is a motori=ed !e(icle used to transport about "our people at a time. -(e
!e(icle is popular in /ndia and ot(er Sout(east sian countries and it is used as a >ta<i?.
#ecently t(e !e(icle (as been introduced to t(e )t(iopian market and it pro!ides
transport ser!ices in Dire Da$6 +arar6 $assa6 4a(ir Dar and in ot(er urban centers
3. Market Study, Plant Capacity and Production
Proram
3.1 Market Study
3.1.1 Present Demand and Supply
lt(oug( it increases instability6 (a!ing one $(eel in "ront and t$o in t(e rear "or po$er
reduces t(e cost o" t(e steering mec(anism and "uel consumption signi"icantly. /n urban
transport market segmentation6 a 3 @ $(eeler is e%ui!alent to a ta<i. +o$e!er6 it is better
ta<i because it is less e<pensi!e and less "uel consuming. 3it( t(e current sky rocketing
price o" petroleum substituting ta<is $it( t(ree $(eelers 7to t(e possible e<tent8 is not an
option5 rat(er it is a must.
Since t(ey are introduced to t(e )t(iopian market6 a clear demand pattern "or t(e t(ree
$(eelers (as been emerged. s it is mentioned abo!e6 t(ey are pro!iding transport
3
ser!ices in Dire Da$6 +arar6 $assa6 4a(ir Dar and in ot(er urban centers by
substituting small ta<is and mini buses. /n t(e past "our and "i!e years6 around ten
t(ousand t(ree $(eelers $ere imported "rom /ndia and C(ina to )t(iopia. Most o" t(e
imported brands are tested6 and "ound out t(at strong enoug( "or t(e ta<i purpose and
(ig(ly e""icient in terms o" "uel consumption. -(e trend suggests t(e demand "or t(ese
!e(icles $ill certainly increase in t(e "uture
3.1.2 Pro!ected Demand
-(e demand "or t(ree $(eelers in )t(iopia is mainly deri!ed "rom t(e demand "or city
transport ser!ices. -(e demand "or city transport is mainly a "unction o" t(e gro$t( rate
o" citiesA population. -(e )t(iopian citesA population is increasing more t(an 5 9 per
annum. 4eside to t(is6 (o$e!er6 t(ree $(eelers are notably substituting small ta<is and
minibuses in many urban centers o" )t(iopia. Bea!ing aside t(is substitution e""ect6 t(e
"uture demand "or t(ree $(eelers in )t(iopia is conser!ati!ely projected as "ollo$s by
taking t(e past "i!e years a!erage import t(ree $(eelers 7i.e. 2000 units per annum8 and
using t(e 5 9 gro$t( rate.
-4B) 3.1
D)M:D P#CD)C-/C: 1C# -+#)) 3+))B)#S
/: )-+/CP/
8ear E.C. Number of T.ree 9.eelers
2000 2000
2001 2100
2002 2205
2003 2315
2004 2431
2005 2553
200' 2',0
200* 2,14
200, 2.55
200. 3103
4
3.1.3 Pricin and Distri"ution
4ased on t(e cost o" production6 t(e prices o" t(e t(ree $(eelers assembled by t(e
en!isaged project $ill be 4irr 236000 per unit. Since t(ere $ill be competition $it( ot(er
international "irms6 it is necessary to assemble a good %uality product. Moreo!er6 media
ad!ertisement $ill (a!e a paramount importance to attract users. -(e products could be
sold bot( on $(olesale and on retail basis.
3.2 Plant Capacity
4ased on t(e minimum economic capacity6 a total o" 1000 units o" t(ree $(eelers are
en!isaged to be assembled annually. -(e plant is assumed to operate in a single s(i"t
basis "or 2*5 $orking days in a year. -(is sc(edule is set by deducting 52 Sundays6 13
public (olidays6 15 days "or annual maintenance purpose and 10 days "or une<pected
$ork interruptions.
3.3 Production Program
-(e production program "ollo$s gradual capacity utili=ation due to tec(nical and
marketing reasons. ccordingly6 '0 96 *5 9and .0 9 capacity utili=ation are assumed
"or t(e "irst6 t(e second and t(e t(ird years o" t(e operation6 respecti!ely. -(e "ourt( year
on$ards6 100 9 capacity utili=ation is assumed.
#. $a% Materials and &tilities
4.1 Availability and Source of Ra Material!
-(ree $(eelers are assembled using (undreds o" di""erent components. 4esides6 some
components like cabin can be manu"actured by t(e "acilities. :early ,0 9 o" t(e
components and t(e ra$ materials needed to assemble t(e product and to "abricate some
components o" it are imported.
5
4.2 Annual Re"uirement and Co!t of Ra Material! and
#tilitie!
/t s(ould be noted t(at6 in t(is project pro"ile6 it is not possible to list do$n all t(e
necessary ra$ materials and t(e parts to be imported in order to assemble a t(ree $(eeler.
+o$e!er6 t(e cost o" ra$ materials and components re%uired to assemble 1000 units o"
*50 CC $ater cooling diesel t(ree $(eelers per annum is estimated to reac( 4irr 1,
million $(ile t(e associated cost o" utilities is estimated to reac( 4irr 500 t(ousand per
annum.
'. (ocation and Site
1or its con!enience to procure ra$ materials and to distribute t(e product to di""erent
parts o" t(e country6 Dessie is an appropriate c(oice "or t(e establis(ment o" a t(ree
$(eeler assembly plant in t(e m(ara region.
). *ec+noloy and Enineerin
$.1 Production Proce!!
-(e important parts like t(e cylinder block6 crank s(a"t6 cylinder (ead6 "ly$(eel6 cam
s(a"t6 bearing cap and "ly$(eel (ousing are cleaned. Crank s(a"t is assembled to cylinder
block. 3ater c(amber co!er and pus( rod c(amber co!er are assembled. 1ly$(eel
(ousing and cam s(a"t are assembled to cylinder block. 1ly$(eel is assembled. -iming
gear case is assembled. /njection pump is assembled. Cam s(a"t gear and idle gear are
assembled. -iming gear case is assembled. "ter assembling mounting bracket6 t(e
engine is mounted on a truck. )ngine number is engra!ed on cylinder block. Connecting
rod6 piston and piston ring are assembled. -(e sub2assembled piston is assembled. -(e
injection time o" injection pump is adjusted. Cil suction pipe in oil pan and oil pump are
assembled. Cil pan is assembled. Cil "ilter and oil cooler are assembled. ;al!e and !al!e
spring are assembled to cylinder (ead. -(e sub2assembled cylinder (ead is assembled.
#ocker arm and rocker arm s(a"t are assembled $it( !al!e clearance adjusted. Cylinder
(ead co!er is assembled. /ntake and e<(aust mani"old are assembled. :o==le and
injection pipe are assembled. 3ater pump is assembled. Cooling "an is assembled. 1uel
'
"ilter is assembled. lternator and starter are assembled. ir compressor is assembled.
)ngine test is undertaken. Parts o" t(e e<ternal body including t(e t(ree rubber $(eels6
t(e (ome made cabin6 battery6 brakes and ot(ers are assembled to $it( t(e engine.
1inally6 t(e product is painted.
$.2 Mac%inery and &"uipment
Manu"acturing "acilities are casting "acility6 "orging "acility6 cutting "acility6 press
"acility6 $elding "acility6 processing "acility suc( as drilling6 grinding and cutting6 (eat
treatment "acility6 plating "acility6 painting "acility and inspection "acility 7See -able '.18.
TA5,E -.1
,IST O3 $AC0INER8 AN" E:*I$ENT
Re1uire! 3acilities
1.Mac(ine -ool
2.Metal 3orking Mac(ine
3./nspection E -esting )%uipments
4.Painting Bine
5.+eat2-reatment 1acility
-(e total cost o" mac(ineryFe%uipment including t(e utility "acility is estimated at 4irr 1
million5 o" $(ic( 4irr .00 t(ousand is in "oreign currency.
$ac.inery Su##lier;s A!!ress<
0yloc 0y!rotec.nic rivate ,imite!
22& $ac..e In!ustrial Estate& $ac..e
5el'aum & =arnata%ar> +4??1(&
In!ia
$.3 Civil &ngineering Co!t
-(e building area re%uired by t(e plant is estimated to be 500 m
2
6 and it costs 4irr
10006000. -(is $ould include cost o" land preparation and associated ci!il $orks. -(e
total land area o" t(e plant6 including t(e open space6 is 56000 m
2
6 and its lease cost
e%uals 4irr 3006000. -(e cost o" t(e land lease is as per :#S land lease rate "or Dessie
to$n $(ic( is e%ual to 4irr '0 per s%uare meter "or industrial purpose. C" t(e total cost o"
t(e lease6 5 9 is paid in t(e beginning $(ile t(e rest $ill be paid in 40years.
*
,. -uman $esource and *rainin $e.uirement
'.1 (uman Re!ource
Details o" t(e manpo$er re%uirement o" t(e plant is s(o$n in -able *.1
Table /.1
$ANO9ER RE:*IRE$ENT
"escri#tion No $ont.ly
Salary @5irrA
Annual
Salary @5irrA
A. A!ministration
1. General Manager 1 4000
4,000
2. )ngineers 1 2500
30000
3. Personnel C""icer 1 1500
1,000
4. ccountant 1 1500
1,000
5. Salesmen 2 1500
3'000
'. +ig(ly Skilled 3orkers ' 2000
144000
*. Skilled 3orkers ' 1000
*2000
,. Semi2Skilled 3orkers 4 '00
2,,00
.. Secretaries 2 ,00
1.200
10. Guards ' 300
21'00
11. C""ice Clerks 2 300
*200
Sub>Total 2-
((2&2??
5enefits 2? B of 5asic Salary
22&+-?
Total 2- +31&3-?
-(e total annual $ages and salary6 including 20 9 bene"its6 amount to 4irr +31&3-?.
'.2 )raining Re"uirement
Si< mont(s on job training is re%uired "or t(e tec(nical personnel. nd t(is can be
managed by (iring e<perts in t(e area as re%uired "rom t(e tec(nology supplier.
,
/. 0inancial Analysis
*.1 #nderlying A!!umption
-(e "inancial analysis o" Three Wheelers Assembly plant is based on t(e data pro!ided in
t(e preceding c(apters and t(e "ollo$ing assumptions.
A. Construction an! 3inance
Construction Period 2 Hears
Source C" 1inance 409 )%uity and '09 Boan
-a< +olidays 2 Hears
4ank /nterest #ate 129
Discount 1or Cas( 1lo$ 1,9
;alue C" Band 4ased on Bease #ate o" :#S
Spare Parts6 #epair E Maintenance 39 o" t(e 1i<ed /n!estment
I
5. "e#reciation
4uilding 59
Mac(inery nd )%uipment 109
C""ice 1urniture 109
;e(icles 209
Pre2Production 7morti=ation8 209
.
C. 9or%in' Ca#ital @$inimum "ays of Covera'eA
#a$ Material2Bocal 30 Days
#a$ Material21oreign 120 Days
1actory Supplies /n Stock 30 Days
Spare Parts /n Stock nd Maintenance 30 Days
3ork /n Progress 10 Days
1inis(ed Products 15 Days
ccounts #ecei!able 30 Days
Cas( /n +and 30 Days
ccounts Payable 30 Days
*.2 +nve!tment
-(e total in!estment cost o" t(e project including $orking capital is estimated at 4irr
10.' million as s(o$n in -able ,.1 belo$. -(e o$ner s(all contribute 40 9 o" t(e "inance
in t(e "orm o" e%uity $(ile t(e remaining '0 9 is to be "inanced by bank loan.
TA5,E 2.1
TOTA, INITIA, INCEST$ENT
Items ,.C 3.C Total
Band
156000 156000
4uilding and Ci!il 3orks
160006000 160006000
C""ice )%uipment
1006000 1006000
;e(icles
0 0
Plant Mac(inery E )%uipment
1006000 .006000 160006000
Total Fixed Investment Cost
1,215,000 900,000 2,115,000
Pre Production Capital
)<penditureJ '06*50 456000 1056*50
Total Initial Investment
1,275,750 945,000 2,220,750
3orking Capital at 1ull Capacity
261106313 '62,36'3' ,63.36.50
Total
,!",0" 7,22!,"" 10,"14,700
*Pre-production capital expenditure includes - all expenses for pre-investment studies, consultancy fee
during construction and expenses for company‘s establishment, project administration expenses,
commission expenses, preproduction marketing and interest expenses during construction.
10
-(e "oreign component o" t(e project accounts "or 4irr *.2 million or ',.19 o" t(e total
in!estment cost.
*.3 Production Co!t!
-(e total production cost at "ull capacity operation is estimated at 4irr 20 million 7See
-able ,.28. #a$ materials and utilities account "or .2.3 9.
TA5,E 2.2
RO"*CTION COST AT 3*,, CAACIT8
Raw Material
Requirement Cost
1. Local Raw Materials 36'006000
2. Foreign Raw Materials 1464006000
*otal Production Cost at 1ull Capacity
Items Cost
1. #a$ materials 1,60006000
2. &tilities 5006000
3. 3ages and Salaries 53163'0
4. Spares and Maintenance '36450
Fa#tory Costs 19,094,!10
5. Depreciation 1,16150
'. 1inancial Costs
*'4625,
Total $rod%#tion Cost
20,040,21!
*.4 ,inancial &valuation
I. Profitability
ccording to t(e projected income statement 7See nne< 48 t(e project $ill generate
pro"it beginning "rom t(e "irst year o" operation and increases on $ards. -(e income
statement and ot(er pro"itability indicators also s(o$ t(at t(e project is !iable.
11
II. reakeven !nalysis
-(e breake!en point o" t(e projects is gi!en by t(e "ormulaK
4)P L 1i<ed Cost
Sale @;ariable Cost at "ull capacity.
-(e project $ill break e!en at 10.' 9 o" capacity utili=ation
III. Payback Period
/n!estment cost and income statement projection are used in estimating t(e project
payback period. -(e project $ill payback "ully t(e initial in!estment less $orking capital
in t(ree years.
I". #imple $ate of $eturn
-(e projectAs simple rate o" return 7S##8 is gi!en by t(e "ormulaK
S##L 7:et Pro"it M /nterest8F 7-otal /n!estment Cutlay8 at "ull capacity utili=ation.
-(e S## $ould be 24.' 9 at "ull capacity utili=ation.
". Internal $ate of $eturn and %et Present "alue
4ased on cas( "lo$ statement 7See nne< 28 t(e calculated internal rate o" return 7/##8
o" t(e project is 32.3 9 and t(e net present !alue 7:P;8 at 1, 9 discount is 4irr 3001
t(ousand.
"I. #ensitivity !nalysis
-(e sensiti!ity test result $(ic( undertaken by increasing t(e cost o" production by 10 9
still indicates t(at t(e project $ould be !iable.
2. Economic and Social 3ene1it and 4usti1ication
4ased on t(e "oregoing presentation and analysis6 $e can learn t(at t(e proposed project
possesses $ide range o" bene"its t(at complement t(e "inancial "easibility obtained
earlier. /n general6 t(e en!isaged project promotes t(e socio2economic goals and
objecti!es stated in t(e strategic plan o" t(e m(ara :ational #egional State. -(ese
bene"its are listed as "ollo$sK
12
A& $ro'it (eneration
-(e project is "ound to be "inancially !iable and earns on a!erage a pro"it o" 4irr 2.1
million per year and 4irr 20.. million $it(in t(e project li"e. Suc( result induces t(e
project promoters to rein!est t(e pro"it $(ic(6 t(ere"ore6 increases t(e in!estment
magnitude in t(e region.
)& Tax *even%e
/n t(e project li"e under consideration6 t(e region $ill collect about 4irr *.. million "rom
corporate ta< payment alone 7i.e. e<cluding income ta<6 sales ta< and ;-8. Suc( result
create additional "und "or t(e regional go!ernment t(at $ill be used in e<panding social
and ot(er basic ser!ices in t(e region.
C& Im+ort ,%bstit%tion and Forei-n .x#han-e ,avin-
s t(ere is no production o" t(ree2$(eeler in )t(iopia6 t(e commencement o" t(is project
relie!es a portion o" t(e import burden. -(at is6 based on t(e projected "igure $e learn
t(at in t(e project li"e an estimated amount o" &S Dollar 21.3 million $ill be sa!ed as a
result o" t(e proposed project. -(is $ill create room "or t(e sa!ed (ard currency to be
allocated on ot(er !ital and strategic sectors
D
/& .m+loyment and In#ome (eneration
-(e proposed project is e<pected to create employment opportunity to se!eral citi=ens o"
t(e country. -(at is6 it $ill pro!ide permanent employment to 2' pro"essionals as $ell as
support stu""s. Conse%uently t(e project creates income o" 4irr 531 t(ousand per year.
-(is $ould be one o" t(e commendable accomplis(ments o" t(e project.
.& $ro .nvironment $ro0e#t
-(e proposed production process is en!ironment "riendly.
13
A55E6ES
14
Annex 17 *otal 5et 8orkin Capital $e.uirements 9in 3irr:

C;5S*$&C*<;5 P$;D&C*<;5
=ear 1 =ear 2 1 2 3 #
Capacity &tili>ation 9?: 0 0 60% 75% 90% 100%
1. *otal <nventory 0.00 0.00 8974680.85 11218351.06 13462021.27 14957801.41
$a% Materials in Stock@ *otal 0.00 0.00 4005818.18 5007272.73 6008727.27 6676363.64
$a% Material@(ocal 0.00 0.00 235636.36 294545.45 353454.55 392727.27
$a% Material@0orein 0.00 0.00 3770181.82 4712727.27 5655272.73 6283636.36
0actory Supplies in Stock 0.00 0.00 12616.99 15771.24 18925.49 21028.32
Spare Parts in Stock and Maintenance 0.00 0.00 4153.09 5191.36 6229.64 6921.82
8ork in Proress 0.00 0.00 315424.80 394281.00 473137.20 525708.00
0inis+ed Products 0.00 0.00 630849.60 788562.00 946274.40 1051416.00
2. Accounts $eceiva"le 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
3. Cas+ in -and 0.00 0.00 67507.20 84384.00 101260.80 112512.00
C&$$E5* ASSE*S 0.00 0.00 6541824.41 8177280.51 9812736.62 10903040.68
#. Current (ia"ilities 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
Accounts Paya"le 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
*;*A( 5E* 8;$A<5B CAP<*A( $EC&<$ME5*S 0.00 0.00 5036369.86 6295462.33 7554554.80 8393949.77
<5C$EASE <5 5E* 8;$A<5B CAP<*A( 0.00 0.00 5036369.86 1259092.47 1259092.47 839394.98
1
Annex 17 *otal 5et 8orkin Capital $e.uirements 9in 3irr: 9continued:

P$;D&C*<;5
' ) , / 2 1D
Capacity &tili>ation 9?: 100% 100% 100% 100% 100% 100%
1. *otal <nventory 14957801.41 14957801.41 14957801.41 14957801.41 14957801.41 14957801.41
$a% Materials in Stock@*otal 6676363.64 6676363.64 6676363.64 6676363.64 6676363.64 6676363.64
$a% Material@(ocal 392727.27 392727.27 392727.27 392727.27 392727.27 392727.27
$a% Material@0orein 6283636.36 6283636.36 6283636.36 6283636.36 6283636.36 6283636.36
0actory Supplies in Stock 21028.32 21028.32 21028.32 21028.32 21028.32 21028.32
Spare Parts in Stock and Maintenance 6921.82 6921.82 6921.82 6921.82 6921.82 6921.82
8ork in Proress 525708.00 525708.00 525708.00 525708.00 525708.00 525708.00
0inis+ed Products 1051416.00 1051416.00 1051416.00 1051416.00 1051416.00 1051416.00
2. Accounts $eceiva"le 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
3. Cas+ in -and 112512.00 112512.00 112512.00 112512.00 112512.00 112512.00
C&$$E5* ASSE*S 10903040.68 10903040.68 10903040.68 10903040.68 10903040.68 10903040.68
#. Current (ia"ilities 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
Accounts Paya"le 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
*;*A( 5E* 8;$A<5B CAP<*A( $EC&<$ME5*S 8393949.77 8393949.77 8393949.77 8393949.77 8393949.77 8393949.77
<5C$EASE <5 5E* 8;$A<5B CAP<*A( 0.00 0.00 0.00 0.00 0.00 0.00
2
Annex 27 Cas+ 0lo% Statement 9in 3irr:

C;5S*$&C*<;5 P$;D&C*<;5
=ear 1 =ear 2 1 2 3 #
)-)A. CAS( +/,.-0 1110375.00 9504324.77 15305454.55 17626363.64 21076363.64 23250909.09
1. <n1lo% 0unds 1110375.00 9504324.77 1505454.55 376363.64 376363.64 250909.09
*otal E.uity 444150.00 3801729.91 0.00 0.00 0.00 0.00
*otal (on *erm (oan 666225.00 5702594.86 0.00 0.00 0.00 0.00
*otal S+ort *erm 0inances 0.00 0.00 1505454.55 376363.64 376363.64 250909.09
2. <n1lo% ;peration 0.00 0.00 13800000.00 17250000.00 20700000.00 23000000.00
Sales $evenue 0.00 0.00 13800000.00 17250000.00 20700000.00 23000000.00
<nterest on Securities 0.00 0.00 0.00 0.00 0.00 0.00
3. ;t+er <ncome 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. CAS( -#),.-0 1110375.00 1110375.00 19603287.89 17907549.16 21429386.32 22830759.18
#. <ncrease <n 0ixed Assets 1110375.00 1110375.00 0.00 0.00 0.00 0.00
0ixed <nvestments 1057500.00 1057500.00 0.00 0.00 0.00 0.00
Pre@production Expenditures 52875.00 52875.00 0.00 0.00 0.00 0.00
'. <ncrease in Current Assets 0.00 0.00 6541824.41 1635456.10 1635456.10 1090304.07
). ;peratin Costs 0.00 0.00 11562746.76 14446364.70 17329982.64 19252394.60
,. Corporate *ax Paid 0.00 0.00 0.00 0.00 765595.61 917084.94
/. <nterest Paid 0.00 0.00 1498716.72 764258.38 636881.99 509505.59
2.(oan $epayments 0.00 0.00 0.00 1061469.98 1061469.98 1061469.98
1D.Dividends Paid 0.00 0.00 0.00 0.00 0.00 0.00
Surplu!12eficit3 0.00 8393949.77 -4297833.34 -281185.53 -353022.68 420149.91
Cumulative Ca!% 4alance 0.00 8393949.77 4096116.43 3814930.90 3461908.22 3882058.13
Annex 27 Cas+ 0lo% Statement 9in 3irr:7 Continued
3

P$;D&C*<;5
' ) , / 2 1D
)-)A. CAS( +/,.-0 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
1. <n1lo% 0unds 0.00 0.00 0.00 0.00 0.00 0.00
*otal E.uity 0.00 0.00 0.00 0.00 0.00 0.00
*otal (on *erm (oan 0.00 0.00 0.00 0.00 0.00 0.00
*otal S+ort *erm 0inances 0.00 0.00 0.00 0.00 0.00 0.00
2. <n1lo% ;peration 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
Sales $evenue 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
<nterest on Securities 0.00 0.00 0.00 0.00 0.00 0.00
3. ;t+er <ncome 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. CAS( -#),.-0 21651291.63 21568473.15 21479309.68 20328676.22 20328676.22 20328676.22
#. <ncrease <n 0ixed Assets 0.00 0.00 0.00 0.00 0.00 0.00
0ixed <nvestments 0.00 0.00 0.00 0.00 0.00 0.00
Pre@production Expenditures 0.00 0.00 0.00 0.00 0.00 0.00
'. <ncrease in Current Assets 0.00 0.00 0.00 0.00 0.00 0.00
). ;peratin Costs 19252394.60 19252394.60 19252394.60 19252394.60 19252394.60 19252394.60
,. Corporate *ax Paid 955297.86 999855.78 1038068.70 1076281.62 1076281.62 1076281.62
/. <nterest Paid 382129.19 254752.79 127376.40 0.00 0.00 0.00
2. (oan $epayments 1061469.98 1061469.98 1061469.98 0.00 0.00 0.00
1D.Dividends Paid 0.00 0.00 0.00 0.00 0.00 0.00
Surplu!12eficit3 1348708.37 1431526.85 1520690.32 2671323.78 2671323.78 2671323.78
Cumulative Ca!% 4alance 5230766.50 6662293.35 8182983.67 10854307.45 13525631.23 16196955.01
4
Annex 37 D<SC;&5*ED CAS- 0(;8@*;*A( CAP<*A( <5EES*ED

C;5S*$&C*<;5 P$;D&C*<;5
=ear 1 =ear 2 1 2 3 #
)-)A. CAS( +/,.-0 0.00 0.00 13800000.00 17250000.00 20700000.00 23000000.00
1. <n1lo% ;peration 0.00 0.00 13800000.00 17250000.00 20700000.00 23000000.00
Sales $evenue 0.00 0.00 13800000.00 17250000.00 20700000.00 23000000.00
<nterest on Securities 0.00 0.00 0.00 0.00 0.00 0.00
2. ;t+er <ncome 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. CAS( -#),.-0 1110375.00 1110375.00 16599116.62 15705457.17 18589075.11 21008874.52
3. <ncrease in 0ixed Assets 1110375.00 1110375.00 0.00 0.00 0.00 0.00
0ixed <nvestments 1057500.00 1057500.00 0.00 0.00 0.00 0.00
Pre@production Expenditures 52875.00 52875.00 0.00 0.00 0.00 0.00
#. <ncrease in 5et 8orkin Capital 0.00 0.00 5036369.86 1259092.47 1259092.47 839394.98
'. ;peratin Costs 0.00 0.00 11562746.76 14446364.70 17329982.64 19252394.60
). Corporate *ax Paid 0.00 0.00 0.00 0.00 0.00 917084.94
/&) CAS( ,.-0 -1110375.00 -1110375.00 -2799116.62 1544542.83 2110924.89 1991125.48
C#MM#.A)+5& /&) CAS( ,.-0 -1110375.00 -2220750.00 -5019866.62 -3475323.79 -1364398.90 626726.58
/et Pre!ent 5alue 1at 1*63 -1110375.00 -940995.76 -2010281.98 940056.45 1088791.58 870339.30
Cumulative /et pre!ent 5alue -1110375.00 -2051370.76 -4061652.74 -3121596.29 -2032804.71 -1162465.41
Annex 37 D<SC;&5*ED CAS- 0(;8@*;*A( CAP<*A( <5EES*ED 9Continued:
5

P$;D&C*<;5
' ) , / 2 1D
)-)A. CAS( +/,.-0 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
1. <n1lo% ;peration 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
Sales $evenue 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
<nterest on Securities 0.00 0.00 0.00 0.00 0.00 0.00
2. ;t+er <ncome 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. CAS( -#),.-0 20207692.46 20252250.38 20290463.30 20328676.22 20328676.22 20328676.22
3. <ncrease in 0ixed Assets 0.00 0.00 0.00 0.00 0.00 0.00
0ixed <nvestments 0.00 0.00 0.00 0.00 0.00 0.00
Pre@production Expenditures 0.00 0.00 0.00 0.00 0.00 0.00
#. <ncrease in 5et 8orkin Capital 0.00 0.00 0.00 0.00 0.00 0.00
'. ;peratin Costs 19252394.60 19252394.60 19252394.60 19252394.60 19252394.60 19252394.60
). Corporate *ax Paid 955297.86 999855.78 1038068.70 1076281.62 1076281.62 1076281.62
/&) CAS( ,.-0 2792307.54 2747749.62 2709536.70 2671323.78 2671323.78 2671323.78
C#MM#.A)+5& /&) CAS( ,.-0 3419034.12 6166783.74 8876320.44 11547644.22 14218968.00 16890291.78
/et Pre!ent 5alue 1at 1*63 1034358.78 862587.39 720840.17 602266.16 510395.05 432538.18
Cumulative /et pre!ent 5alue -128106.63 734480.76 1455320.92 2057587.09 2567982.14 3000520.32
/et Pre!ent 5alue 1at 1*63 3,DDD,'2D.32
+nternal Rate of Return 32.3?
Annex #7 5E* <5C;ME S*A*EME5* 9 in 3irr:
'

P$;D&C*<;5
1 2 3 # '
Capacity &tili>ation 9?: 60% 75% 90% 100% 100%
1. *otal <ncome 13800000.00 17250000.00 20700000.00 23000000.00 23000000.00
Sales $evenue 13800000.00 17250000.00 20700000.00 23000000.00 23000000.00
;t+er <ncome 0.00 0.00 0.00 0.00 0.00
2. (ess Earia"le Cost 11406945.36 14258681.70 17110418.04 19011575.60 19011575.60
EA$<A3(E MA$B<5 2393054.64 2991318.30 3589581.96 3988424.40 3988424.40
9<n ? o1 *otal <ncome: 17.34 17.34 17.34 17.34 17.34
3. (ess 0ixed Costs 336951.40 368833.00 400714.60 421969.00 421969.00
;PE$A*<;5A( MA$B<5 2056103.24 2622485.30 3188867.36 3566455.40 3566455.40
9<n ? o1 *otal <ncome: 14.90 15.20 15.41 15.51 15.51
#. (ess Cost o1 0inance 1498716.72 764258.38 636881.99 509505.59 382129.19
'. B$;SS P$;0<* 557386.52 1858226.92 2551985.37 3056949.81 3184326.21
). <ncome 9Corporate: *ax 0.00 0.00 765595.61 917084.94 955297.86
,. 5E* P$;0<* 557386.52 1858226.92 1786389.76 2139864.87 2229028.35
$A*<;S 9?:
Bross Pro1itFSales 4.04% 10.77% 12.33% 13.29% 13.84%
5et Pro1it A1ter *axFSales 4.04% 10.77% 8.63% 9.30% 9.69%
$eturn on <nvestment 28.33% 30.79% 24.79% 24.96% 24.60%
$eturn on E.uity 13.13% 43.77% 42.07% 50.40% 52.50%
Annex #7 5E* <5C;ME S*A*EME5* 9in 3irr:7Continued
*

P$;D&C*<;5
) , / 2 1D
Capacity &tili>ation 9?: 100% 100% 100% 100% 100%
1. *otal <ncome 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
Sales $evenue 23000000.00 23000000.00 23000000.00 23000000.00 23000000.00
;t+er <ncome 0.00 0.00 0.00 0.00 0.00
2. (ess Earia"le Cost 19011575.60 19011575.60 19011575.60 19011575.60 19011575.60
EA$<A3(E MA$B<5 3988424.40 3988424.40 3988424.40 3988424.40 3988424.40
9<n ? o1 *otal <ncome: 17.34 17.34 17.34 17.34 17.34
3. (ess 0ixed Costs 400819.00 400819.00 400819.00 400819.00 400819.00
;PE$A*<;5A( MA$B<5 3587605.40 3587605.40 3587605.40 3587605.40 3587605.40
9<n ? o1 *otal <ncome: 15.60 15.60 15.60 15.60 15.60
#. (ess Cost o1 0inance 254752.79 127376.40 0.00 0.00 0.00
'. B$;SS P$;0<* 3332852.61 3460229.00 3587605.40 3587605.40 3587605.40
). <ncome 9Corporate: *ax 999855.78 1038068.70 1076281.62 1076281.62 1076281.62
,. 5E* P$;0<* 2332996.82 2422160.30 2511323.78 2511323.78 2511323.78
$A*<;S 9?:
Bross Pro1itFSales 14.49% 15.04% 15.60% 15.60% 15.60%
5et Pro1it A1ter *axFSales 10.14% 10.53% 10.92% 10.92% 10.92%
$eturn on <nvestment 24.38% 24.02% 23.66% 23.66% 23.66%
$eturn on E.uity 54.95% 57.05% 59.15% 59.15% 59.15%
Annex '7 Pro!ected 3alance S+eet 9in 3irr:
,

C;5S*$&C*<;5 P$;D&C*<;5
=ear 1 =ear 2 1 2 3 #
)-)A. ASS&)S 1110375.00 10614699.77 12677540.84 13850661.42 14951944.84 16281248.82
1. *otal Current Assets 0.00 8393949.77 10637940.84 11992211.42 13274644.84 14785098.82
<nventory on Materials and Supplies 0.00 0.00 4022588.26 5028235.33 6033882.40 6704313.77
8ork in Proress 0.00 0.00 315424.80 394281.00 473137.20 525708.00
0inis+ed Products in Stock 0.00 0.00 630849.60 788562.00 946274.40 1051416.00
Accounts $eceiva"le 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
Cas+ in -and 0.00 0.00 67507.20 84384.00 101260.80 112512.00
Cas+ Surplus, 0inance Availa"le 0.00 8393949.77 4096116.43 3814930.90 3461908.22 3882058.13
Securities 0.00 0.00 0.00 0.00 0.00 0.00
2. *otal 0ixed Assets, 5et o1 Depreciation 1110375.00 2220750.00 2039600.00 1858450.00 1677300.00 1496150.00
0ixed <nvestment 0.00 1057500.00 2115000.00 2115000.00 2115000.00 2115000.00
Construction in Proress 1057500.00 1057500.00 0.00 0.00 0.00 0.00
Pre@Production Expenditure 52875.00 105750.00 105750.00 105750.00 105750.00 105750.00
(ess Accumulated Depreciation 0.00 0.00 181150.00 362300.00 543450.00 724600.00
3. Accumulated (osses 3rou+t 0or%ard 0.00 0.00 0.00 0.00 0.00 0.00
#. (oss in Current =ear 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. .+A4+.+)+&S 1110375.00 10614699.77 12677540.84 13850661.42 14951944.84 16281248.82
'. *otal Current (ia"ilities 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
Accounts Paya"le 0.00 0.00 1505454.55 1881818.18 2258181.82 2509090.91
3ank ;verdra1t 0.00 0.00 0.00 0.00 0.00 0.00
). *otal (on@term De"t 666225.00 6368819.86 6368819.86 5307349.89 4245879.91 3184409.93
(oan A 666225.00 6368819.86 6368819.86 5307349.89 4245879.91 3184409.93
(oan 3 0.00 0.00 0.00 0.00 0.00 0.00
,. *otal E.uity Capital 444150.00 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91
;rdinary Capital 444150.00 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91
Pre1erence Capital 0.00 0.00 0.00 0.00 0.00 0.00
Su"sidies 0.00 0.00 0.00 0.00 0.00 0.00
/. $eserves, $etained Pro1its 3rou+t 0or%ard 0.00 0.00 0.00 557386.52 2415613.44 4202003.20
2.5et Pro1it A1ter *ax 0.00 0.00 557386.52 1858226.92 1786389.76 2139864.87
2ividend! Payable 0.00 0.00 0.00 0.00 0.00 0.00
Retained Profit! 0.00 0.00 557386.52 1858226.92 1786389.76 2139864.87
.
Annex '7 Pro!ected 3alance S+eet 9in 3irr:7 Continued
10

P$;D&C*<;5
' ) , / 2 1D
)-)A. ASS&)S 17448807.19 18720334.03 20081024.36 22592348.14 25103671.92 27614995.70
1. *otal Current Assets 16133807.19 17565334.03 19086024.36 21757348.14 24428671.92 27099995.70
<nventory on Materials and Supplies 6704313.77 6704313.77 6704313.77 6704313.77 6704313.77 6704313.77
8ork in Proress 525708.00 525708.00 525708.00 525708.00 525708.00 525708.00
0inis+ed Products in Stock 1051416.00 1051416.00 1051416.00 1051416.00 1051416.00 1051416.00
Accounts $eceiva"le 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
Cas+ in -and 112512.00 112512.00 112512.00 112512.00 112512.00 112512.00
Cas+ Surplus, 0inance Availa"le 5230766.50 6662293.35 8182983.67 10854307.45 13525631.23 16196955.01
Securities 0.00 0.00 0.00 0.00 0.00 0.00
2. *otal 0ixed Assets, 5et o1 Depreciation 1315000.00 1155000.00 995000.00 835000.00 675000.00 515000.00
0ixed <nvestment 2115000.00 2115000.00 2115000.00 2115000.00 2115000.00 2115000.00
Construction in Proress 0.00 0.00 0.00 0.00 0.00 0.00
Pre@Production Expenditure 105750.00 105750.00 105750.00 105750.00 105750.00 105750.00
(ess Accumulated Depreciation 905750.00 1065750.00 1225750.00 1385750.00 1545750.00 1705750.00
3. Accumulated (osses 3rou+t 0or%ard 0.00 0.00 0.00 0.00 0.00 0.00
#. (oss in Current =ear 0.00 0.00 0.00 0.00 0.00 0.00
)-)A. .+A4+.+)+&S 17448807.19 18720334.03 20081024.36 22592348.14 25103671.92 27614995.70
'. *otal Current (ia"ilities 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
Accounts Paya"le 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91 2509090.91
3ank ;verdra1t 0.00 0.00 0.00 0.00 0.00 0.00
). *otal (on@term De"t 2122939.95 1061469.98 0.00 0.00 0.00 0.00
(oan A 2122939.95 1061469.98 0.00 0.00 0.00 0.00
(oan 3 0.00 0.00 0.00 0.00 0.00 0.00
,. *otal E.uity Capital 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91
;rdinary Capital 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91 4245879.91
Pre1erence Capital 0.00 0.00 0.00 0.00 0.00 0.00
Su"sidies 0.00 0.00 0.00 0.00 0.00 0.00
/. $eserves, $etained Pro1its 3rou+t
0or%ard 6341868.07 8570896.41 10903893.24 13326053.54 15837377.32 18348701.10
2. 5et Pro1it A1ter *ax 2229028.35 2332996.82 2422160.30 2511323.78 2511323.78 2511323.78
2ividend! Payable 0.00 0.00 0.00 0.00 0.00 0.00
Retained Profit! 2229028.35 2332996.82 2422160.30 2511323.78 2511323.78 2511323.78
11

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->