Pre-Feasibility Study

BOUTIQUE
(Women Designer Wear)

Small and Medium Enterprise Development Authority

Government of Pakistan
www.smeda.org.pk
HEAD OFFICE
6th Floor LDA Plaza Egerton Road, Lahore
Tel 111 111 456, Fax: 6304926-7 Website www.smeda.org.pk
Helpdesk@smeda.org.pk
REGIONAL OFFICE
PUNJAB

8th Floor LDA Plaza

Egerton
Road, Lahore
Tel 111 111 456,
Fax:
6304926-7
Website
www.smeda.org.pk

REGIONAL OFFICE
SINDH
5TH Floor, Bahria
Complex II, M.T. Khan
Road,
Karachi.
Tel: (021) 111-111-456
Fax: (021) 5610572
Helpdeskkhi@smeda.org.pk

REGIONAL OFFICE
NWFP
Ground Floor
State Life Building
The Mall, Peshawar.
Tel: (091) 9213046-47
Fax: (091) 286908
helpdesk
-pew@smeda.org.pk

helpdesk@smeda.org.pk

May, 2007

REGIONAL OFFICE
BALOCHISTAN
Bungalow No. 15-A
Chaman Housing Scheme
Airport
Road,
Quetta.
Tel:
(081)
831623,
831702
Fax: (081) 831922
helpdesk -qta@smeda.org.pk

Pre-Feasibility Study

Boutique (Women Designer Wear)

DISCLAIMER
The purpose and scope of this information memorandum is to introduce the
subject
matter and provide a general idea and information on the said area. All the
material
included in this document is based on data/information gathered from
various
sources and is based on certain assumptions. Although, due care and
diligence has
been taken to compile this document, the contained information may vary
due to any
change in any of the concerned factors, and the actual results may differ
substantially
from the presented information. SMEDA does not assume any liability
for any
financial or other loss resulting from this memorandum in
consequence of
undertaking this activity. Therefore, the content of this memorandum
should not be
relied upon for making any decision, investment or otherwise. The
prospective user
of this memorandum is encouraged to carry out his/ her own due
diligence and
gather any information he/she considers necessary for making an informed
decision.
The content of the information memorandum does not bind SMEDA in any
legal or
other form.

DOCUMENT CONTROL

Document No.

PREF-57

Revision

Prepared by

SMEDA-Punjab

Approved by

GM Punjab

Revision Date

May 14, 2007

Issued by

Library Officer

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INTRODUCTION ............................................................................5
1.1
1.2
1.3
1.4

PROJECT BRIEF............................................................................5
OPPORTUNITY RATIONALE...............................................................5
PROPOSED CAPACITY....................................................................5
TOTAL PROJECT COST...................................................................6

CURRENT INDUSTRY STRUCTURE .................................................6

MARKETING..................................................................................6
1.1 TOTAL.......................................................................................7

RAW MATERIAL.............................................................................8
4.1 RAW MATERIAL............................................................................8

PRODUCTION PROCESS FLOW ......................................................8

5.1 PRODUCTION PROCESS FLOW .........................................................8

PRODUCTS ...................................................................................9
6.1 PRODUCT MIX.............................................................................9
Ethnic Wear ...................................................................................9
Contemporary Wear .......................................................................9
Western Wear ................................................................................9
2.1 COSTS OF GOODS SOLD AND OTHER EXPENSES..................................10

HUMAN RESOURCE REQUIREMENTS ...........................................10

MACHINERY/EQUIPMENT DETAILS ...............................................11

PREMISES FOR SHOP AND STITCHING UNIT .................................11

9.1 RECOMMENDED MODE FOR RENTING A SHOP......................................11
INFRASTRUCTURE REQUIREMENTS.
9.2................................................................................................12

10

PROJECT ECONOMICS ..............................................................13

3.1 PROJECT COST ..........................................................................13

4.1 PROJECT RETURNS......................................................................13
5.1 FINANCING PLAN .......................................................................13
11

KEY SUCCESS FACTORS ...........................................................14

12

THREATS FOR THE BUSINESS ...................................................14

13

FINANCIAL ANALYSIS.................................................................15

13.1
13.2
13.3
14

PROJECTEDI NCOME STATEMENT..................................................15

PROJECTED CASH FLOW STATEMENT.............................................16
PROJECTED BALANCE SHEET.......................................................17
.. ERROR! BOOKMARK NOT DEFINED.

KEY ASSUMPTIONS ..................................................................18

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14.1
14.2
14.3
14.4
14.5

Boutique (Women Designer Wear)

PRODUCTION ASSUMPTIONS...
OPERATING ASSUMPTIONS...
CASH FLOW ASSUMPTIONS...
EXPENSE ASSUMPTIONS...
FINANCIAL ASSUMPTIONS...

..18
.18
.18
..18
..18

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1 INTRODUCTION
1.1 Project Brief
The pre-feasibility study focuses on the establishment of women
designer wear Boutique including the operations of apparel designing,
manufacturing, selling and marketing. The study has been designed to
capture the dynamics of the Boutique industry, with its many
components and possible strategic opportunities.
1.2 Opportunity Rationale
Clothing is a beautiful visual demonstration of the social and emotional
needs of people wearing it. It also portrays in a clearly understood visual
manner, what people of different cultures and styles want socially.
Fashion, through times, has gone through so many rapid changes and
bizarre extremes that it has examples of nearly every kind of clothing
function.
However, in a boutique business, the specifications and descriptions of
the
designs
and clothes are so general that they can fit more than one costume,
which
actually
are quite different in nature from each other and this is solely dependent
on the taste of the people.
The range of Pakistani dresses is remarkably wide, according to the
vast cultures, geographical differences, purchasing capacities, influence of
the western culture, and bewildering diversities of the ethnic groups. One
has, therefore, to sift and isolate, and then relate and bring together, the
ideas for creating various designs, which can fit in the context of the
fashion in vogue and the culture in practice.
In reference to Pakistan, the Boutique business is quite in vogue but has
yet
to
be
formalized. The market of this enterprise is quite scattered and
unorganized. There are a few major players in Boutique business and
these entrepreneurs have also taken an initiative based on their caprice
and
experience
in
the
field
of
fashion
design.
However, there is a massive potential in this field, if one has the ability to
design
and
market his/her products through introducing innovative designs both in
stitching as well as the fabric sector.
Furthermore, there is massive export potential in this sector, as the
demand of Pakistani dresses, especially in countries like UAE, USA, and
UK,
is
massive
due
to
a high number of Pakistani expatriates who have settled in these
countries. The Boutique business can also be expanded into a more
profitable venture by providing stitching facilities to other boutiques,
which
do
not
own
a
stitching
unit
or
are
lacking this facility.

1.3 Proposed Capacity

The Boutique business capacity is greatly dependent on the market
size
and
the
number of potential clientele one can attract. Furthermore, the
women fashion wear
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Boutique (Women Designer Wear)

garments will be designed through a contracted designer and then

stitched
through
in-house stitching unit. On average, a designer can supply forty designs
per
month
from which nearly thirty designs are selected on average.
Approximately,
total
capacity of the defined unit with 5 stitching machines (basis on 8-10 hours
shift)
will
1
be about 750 dresses. The breakup of the total number of dresses will be
as follows:
Total designs selected by designer
Number of dresses in each design
Number of dresses in each size
Total Number of dresses

30
5
5
750

This production and sales capacity is estimated to be economically

viable and justifies the capital as well as operational costs of the
project.
1.4 Total Project Cost
The Boutique shop needs a total investment of about Rs. 1.83 million.
This
includes
a capital investment of Rs.1, 299,430 and a sum of Rs.530, 680 as
working capital.

2 CURRENT INDUSTRY STRUCTURE

Currently, the boutique industry is relatively unorganized and is
scattered
in
and
around the posh areas of the metropolitan cities of Pakistan i.e. Lahore,
Islamabad,
Karachi, Peshawar, and Quetta. The boutiques in Peshawar and Quetta,
mostly
sell
the traditional dresses having indigenous/local designs, whereas the ones
in
Lahore,
Islamabad, and Karachi deal in fashion wear greatly influenced by the west
and
the
local trends in vogue. As such, there is no exact detail available of the
number
of
boutiques, especially in women wear, because there is no association or link
between
these enterprises. The reason being the business rivalries and the
competitive
structure of this industry. However, one can name a few major
players
in
the
business such as Indifference, Generation, Parahan, Nee Punhal, Bossini,
Kapre
Waghera, Maria B, Ninas, and some individual designer players like
Beegees,
Nilofar Shahid, Nadia Mistri, Amir Adnan, Shayan Malik, and Sahar
Saigol.

3 MARKETING
The marketing of boutique follows the conventional marketing pattern
which is dependent on selection of venue of the outlet/s and the
product mix (designs and sizes), as well as the promotional strategy.
Furthermore, the boutique owner has to marketing techniques like:
x Usage of print media i.e. printing of posters and pamphlets as well as
displaying it and distributing it at proper places
x Advertisement in print media i.e. newspapers and fashion magazines, etc.

This production also includes additional suits that will be prepared on

orders/outsourcing/CMT
(Cutting, Manufacturing and Trimming) per month in order to utilize the maximum
capacity of the stitching unit.
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x Usage of electronic media i.e. projection of the boutique in fashion

programs, advertisement on television, and provision of dresses to
various television plays and films.
x Event arrangement like fashion shows and photo-shoots.
x Usage of e-commerce i.e. launching of website and advertising on web.
Moreover, in order to keep abreast with the emerging trends and
client
tastes,
surveys regarding customer satisfaction/needs should be a regular
feature
of
this
project.
As this project of Boutique deals in designer women wear, therefore the
product
mix
will comprise of different styles of the female dresses in different sizes.
Whereas,
the
styles will be Shalwar Kameez, Q-lots, Pajama Kameez, Frocks, Kurta,
Peeshwaz,
Party dresses, Casual Dresses and other prevalent dresses based on
the
market
trends.
Apart from this, there is a vast export potential in this industry, which
is evident from the export figures of 1998-99 (available from the data
of Federal Bureau of Statistics-FBS).
SITC2 Code Product Classification
8422102
8422103
8422104
knitted)
8422202
8424002
8424003
knitted
8424004
8424006
8427006

Suit women cotton not knitted

Suit women synthetic not knitted
Suit women (other textile material not
Ensembles women cotton not knitted
Dresses women not knitted
Dresses women man made fiber not
Dress women other textile not knitted
Shisha embroided dresses of cotton
Baluchi Kameez of Silk

2000 - 2001
Value (Rs. 000)
1,415,124
501,917
46,861
2,107
463,346
63,438
17,723
286
27
2,510,826

1.1 Total
Source: Federal Bureau of Statistics

Even these figures represent the formal export patterns of women

dresses
from
Pakistan and are not representative of the export of these dresses
taking
place
on
informal level. Most of the women dresses prepared in Pakistan are
exported
to
USA, UK, Germany, UAE, Saudi Arabia, France, Belgium, Netherlands, and
South
Africa.
The end users of these dresses in foreign countries are mostly Pakistani

and Indian women who have immigrated to these countries.

Standard International Trade Classification

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4 RAW MATERIAL
4.1 Raw Material
The raw-material required for such sort of projects, would be as follows:
x Fabric: The fabric, which is the basic raw material requirement for a
boutique
and a major component of the cost, can be obtained from wholesale
markets
or
from markets specializing in designer cloth at Faisalabad, Karachi, and
Lahore.
x Accessories: Accessories such as buttons, laces, zippers, elastics,
threads,
needles, embroidery threads, glasses, etc. will be procured from the
local market at competitive rates.
x Labels, tags and packaging: Labels and tags can be obtained on
order, as these serve as an identity for the boutique and are useful for
promotion.
5

PRODUCTION PROCESS FLOW

5.1 Production Process Flow

The process for converting fabric in designer wear garments follows
the below mentioned sequence:
x Design: The initial process starts from the designing phase. Various
patterns
of
clothing and the fashions in vogue, which also relate to the
tastes
of
the
concerned clientele, are designed. This is done by the contracted
designer as
he/she will provide the basic designs of which the fabric will be
converted
into
the designer wear garment. On average, a designer is supposed to
provide
40
designs per month or 100-120 designs per season i.e. three months.
From
these
designs, approximately 50% of the designs are selected for further
development
of clothes.
x Pattern Making/Cutting: Based on the designs selected, patterns for
cutting are developed and based on these patterns, fabric is cut,
embroided, block printed, and processed accordingly.
x Stitching: The cutting is then followed by stitching, which can either
be done by the in-house stitching unit or by outsourcing.it3Labels are
also attached to the apparels in this process.
x Finishing: The final phase is that of finishing, in which the garment
will
be
checked for quality control and will cleaned (if required) for final

presentation
at
the outlet. The garments will also be tagged for identification of sizes,
prices,
addresses, handling instructions, etc.
x Presentation/Market: Once the designer wear garment is ready after
going through the above-mentioned process, it is presented at the
outlet/shop for sale to the clientele.
In case of over-lock stitching, it will be done in-house. The stitching of buttonholes as
well as elastic embedding will be outsourced. This will cost approximately @Rs.5 per
dress.
3

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Designing

Boutique (Women Designer Wear)

Pattern Making

Finishing

Presentation

Embroidery

Stitching

Cutting

Market/Clientele

6 PRODUCTS
6.1 Product Mix
Products will be priced at the high end to reflect the quality and
exclusiveness
associated with the brand. High-end materials such as Crinkle Chiffon,
Georjot
Chiffon, Chinese Raw Silk, Medium Silk, Leafy Print Jamawar, Chamose
Silk
etc
will be used. This boutique will offer following product categories of
women wears:
Casual Wear
Semi Formal Wear
Formal Wear
Each product category will include the following product lines:
Ethnic Wear
Formal Wear - Party dresses and special occasion
dresses Contemporary Wear
Fusion Wear - Combination of eastern and western wear, suitable for the
international market as well.
Western Wear
Tops, Pants and various other styles
The combination of outfits for the proposed outlet will be as follows

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Table 6-1 Product Mix

Category
Casual Wear
Semi Formal Wear
Formal Wear

% Of Total Outfits
34%
33%
33%

Table 6-2Average Sale Price

Category
Casual Wear
Semi Formal Wear
Formal Wear

Ave. Price per outfit

3,200
6,000
15,500

2.1 Costs of Goods Sold and other Expenses

Cost of goods sold has been taken as a percentage of the sale price. The
percentage of cost for each product category is as below:
Table 6-3 Percentage of Cost
Category
Casual Wear
Semi Formal Wear
Formal Wear

Cost (percentage of sales)

35%
32%
30%

7 HUMAN RESOURCE REQUIREMENTS

The project of Boutique requires the following Human Resources/Staff:
Table 7-1 Staff Salaries
Positions
Required Salary per Month Salary per Annum
Production Staff
Designer
1
15,000
75,000
Tailor
5
7,000
175,000
Press/iron man/finishing
1
4,000
20,000
Dyer
1
5,000
25,000
Total
295,000
Administrative Salaries
Sales girl
2
6,000
144,000
Office boy
1
3,500
42,000
Guard
1
5,000
60,000
Peon/sweeper
2
2,500
60,000
Total
14
306,000

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8 MACHINERY/EQUIPMENT DETAILS
The boutique will require a small in-house stitching unit. The cost of the stitching
machinery will be as follows:
Table 8-1Machinery Detail4
Stitching Machinery 5
Single needle lock stitching machine
Over lock Machine
Embroidery
Total

No.
4
1
1

Rs/Unit
19,900
56,800
29,900

Rs
79,600
56,800
29,900
166,300

Furthermore, the following will also be required to setup a Boutique:

Table 8-2-Office Equipment
Other Equipment
Computers
Computer printer
Telephones
Fax machines
Software
Total

No.
1
1
2
1
1

Rs/Unit
25,000
12,000
3,500
12,000
30,000

Rs
25,000
12,000
7,000
12,000
30,000
86,000

9 PREMISES FOR SHOP AND STITCHING UNIT

9.1 Recommended Mode for Renting a Shop
It is recommended that the proposed location for the said enterprise be a
posh area, where people have the buying capacity for women fashion
wear. The size of the shop should be at least 800 Sq.ft i.e. 20 feet front
and 40 feet depth. Furthermore, a small building will be required to
establishing the stitching unit. One viable option is to rent a small house
for this purpose.
The shop will be obtained on rental basis, and the rent estimation for
such a shop is Rs 56,000/month. According to the prevailing practice, 6
months rent as advance and three months rent as security would be
required for renting the shop. It is assumed that security is a one-time
expenditure, whereas pre-paid rent will only be given at the beginning,
while establishing the boutique. After first six months, rent will be paid on
monthly basis.
The cost estimates for setting up the Boutique are as follows:

Prices has been quoted by SINGER sewing company, Pakistan

Though the prices here are given of the new machines but second hand machines are
also widely available which can function properly and can reduce the project cost too.
4
5

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Boutique (Women Designer Wear)

Table 9-1 Rent Cost Detail

Rs
Security for renting shop/outlet (Rent @
Rs.56,000 per month. 3 months rent as
security)
Interior
decoration
(installing
lighting,
mannequins, hanging racks, mirrors, glass
panes, cash counter, and other dcor, etc.)
Security for renting a house for installing
the
stitching unit (Rent @ Rs15,000 per
month)

168,000
437,884
45,000

9.2 Infrastructure requirements

The project will have the following infrastructure
components: Table 9-2-Infrastructure Requirement
Description
Main shop
Try Room
Small Store
Kitchen
Building for Stitching Unit

Sq.ft
600
36
100
64
10 Marla House

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10 PROJECT ECONOMICS
10.1 Project Cost
Description
Machinery & equipment
Furniture & Fixture (Interior Decoration)
Office equipment
Security Deposits for Premises6
Pre-operating expenses
Salaries7
Promotional Expenses
Total Capital Cost
Working Capital
Raw material (Fabric & Accessories)
Prepaid Rent (Boutique and Stitching Unit)
Total Working capital
Project Cost

Cost (Rs.)
166,300
437,884
86,000
213,000
31,000
67,246
1,299,430
104,680
426,000
530,680
1,830,110

10.2 Project Returns

Internal Rate of Return (IRR)
Payback Period (Years)
Net Present Value (NPV)

67%
1.50
3,684,374

10.3 Financing Plan

Financing
Equity
Debt

Rs.
60%
40%

Security Deposit for Boutique and for Stitching

Unit 7 One month salary of Production staff
6

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1,098,066
732,044

Pre-Feasibility Study

Boutique (Women Designer Wear)

11 KEY SUCCESS FACTORS

There are a number of factors, which contribute towards the success of a
project. In case of the project of Boutique, some of the Key Success Factors
are as follows:
x Proper care while producing dresses should be adopted
x Proper Inventory management i.e. keeping minimum inventory as per
past sales trends.
x The dress designs should be according to the emerging trends and fashions.
x
Designing
of
dresses
according
to
the
consumer
tastes/preferences gathered through consumer surveys.
x The location of the outlet should be properly selected and attractively
decorated so as to target the clientele effectively.
x The customer satisfaction should be given due importance,
because it is the customer satisfaction, which can increase the sales.
Hence, excellent customer service should be provided.

12 THREATS FOR THE BUSINESS

x Competitive Structure of the market
The market of the boutiques is highly competitive; therefore if the
entrepreneur is not well responsive to the tastes and response of the
clientele as well as the fashions in vogue he/she may not be able to
capitalize the opportunity properly.
x Pilferage in the designs
The designs which a designer produce can be sold by the staff even
before that design is launched and that can pose serious threat to the
business because in the fashion industry it is the uniqueness of the
design which matters.
x Selection of the wrong venue
Selection of the wrong venue can be a major hurdle in achieving the
desired business objectives.
x Selection of the wrong design
If the designs are not selected according to the tastes of the clientele
then it can be
detrimental for the business, so the clientele taste should be properly
tracked.
x Tax
Improper documentation of the sales receipt record may lead to problems
with Tax department.

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13 FINANCIAL ANALYSIS
13.1 Projected Income Statement
Rs(000)
Year - I
Sales/Revenue
Cost of Sales
Gross Profit
Operating Expenses:
Administrative Expenses
Rent

Year - II

Year - III

Year - IV

Year - V

Year - VI

Year - VII

Year - VIII

Year - IX

Year - X

3,362
1,428
1,934

3,920
1,606
2,315

4,533
1,806
2,727

5,206
2,027
3,179

5,943
2,269
3,674

6,749
2,545
4,204

7,631
2,836
4,795

8,595
3,153
5,441

9,646
3,500
6,146

10,225
3,701
6,524

534
852

563
937

595
1,031

629
1,134

666
1,247

705
1,372

336
1,509

360
1,660

386
1,826

402
2,009

548

814

1,101

1,416

1,761

2,127

2,950

3,421

3,934

4,113

Financial Charges
L C + Bank Charges

97
-

77
-

56
-

36
-

10
-

Profit before Taxation

450
90

737
147

1,045
209

1,380
276

1,750
350

2,127
425

2,950
590

3,421
684

3,934
787

4,113
823

Profit after Taxation

360

590

836

1,104

1,400

1,702

2,360

2,737

3,147

3,291

Acc. Profit b/f

360

950

1,786

2,890

4,290

5,992

8,352

11,089

14,236

Accumulated Profit c/f

360

950

1,786

2,890

4,290

5,992

8,352

11,089

14,236

17,527

Operating Profit

Taxation

20%

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13.2 Projected Cash Flow Statement

Rupees
(000)
Year 1
Profit before Financial
Charges & Taxation
Amortization
Depreciation
Working Capital Change
Cash from other Sources
Owners
Bank Finance

548
32

814
27

Year 4

1,101
23

1,416
20

Year 6

1,761
17

Year 7

2,127
14

2,950
12

Year 8

3,421
10

Year 9

3,934
9

Year 10

4,113
7

23

20

18

17

15

13

12

11

10

864
8

1,145
8

1,454
9

1,794
10

2,156
12

2,975
12

3,443
13

3,954
14

4,130
9

1,098
732
1,830

Cash Increase/(Decrease)

1,703

252
213
244
90
799

1,703

872

1,153

1,463

1,804

2,168

2,987

3,456

3,968

4,139

223
147
371

203
209
412

182
276
458

157
350
507

425
425

590
590

684
684

787
787

823
823

3,181

3,316

501

741

1,005

1,297

1,743

2,397

2,772

1,703

2,204

2,945

3,950

5,247

6,990

9,387 12,159 15,340

2,204

2,945

3,950

5,247

6,990

9,387 12,159 15,340 18,656

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Year 5

25

2,502

Closing Balance

Year 3

605
67

Total Sources
Applications:
Fixed Assets
Preliminary Expenses
Re -Payment of Loan
L C Charges
Tax

Opening Balance

Year 2

Pre-Feasibility Study

Boutique (Women Designer Wear)

13.3 Projected Balance Sheet

Year - I
Tangible Fixed Assets
Preliminary Expenses
Current Assets:
Accounts Receivable
Cash in Hand / Bank

Year - II

Year - III

Year - IV

Year - V

Year - VI

Year - VII

Year - VIII

Year - IX

227
181

204
154

184
131

166
111

149
95

134
80

121
68

109
58

67
1,703

78
2,204

91
2,945

104
3,950

119
5,247

135
6,990

153
9,387

172
12,159

193
15,340

204
18,656

2,178

2,641

3,351

4,331

5,609

7,339

9,729

12,497

15,680

18,991

1,098
360

1,098
950

1,098
1,786

1,098
2,890

1,098
4,290

1,098
5,992

1,098
8,352

1,098
11,089

1,098
14,236

1,098
17,527

Long Term Loan

586

439

293

146

Current Liabilities:
Current Portion
Accounts Payable

135

153

174

197

221

249

279

311

346

366

2,178

2,641

3,351

4,331

5,609

7,339

9,729

12,497

15,680

18,991

Owners Equity:
Capital
Accumulated Profit

17
PREF-57/May, 2007/ Rev 02

98
49

Rs(000)
Year - X
88
42

Pre-Feasibility Study

Boutique (Women Designer Wear)

14 KEY ASSUMPTIONS
14.1 Production Assumptions
Number of Stitching Machines
Production Capacity (No. of dresses per
month) Capacity Utilization for the first
year
Self Production (% of total production)
Dresses manufactured on CMT basis (% of total production)

5
750
55%
60%
40%

14.2 Operating Assumptions

Hours operational per day
Days operational per month (Production)
Days operational per month (Boutique)

8
25
25

14.3 Cash flow Assumptions

Account Payable Cycle (Days)
Account Receivable Cycle (Days)

10
15(of 30%
of sales)

14.4 Expense Assumptions

Promotion Expenses after Year 1 (% of expected sales)
Machine Maintenance
Raw Material Price Growth rate
Payroll growth rate
Machine Maintenance growth rate
Rent growth rate

2%
1%of
machinery
cost
1%
5%
5%
10%

14.5 Financial Assumptions

Project Life
Debt: Equity
Interest Rate on Long Term Debt
Debt Tenure
Debt Payment per year

10 Years
40:60
14%
5Years
2

18
PREF-57/Mayy, 2007/ Rev 02