Pre-Feasibility Study

FLOUR MILL

Turn Potential into Profit Small & Medium Enterprise Development Authority Government of Pakistan http://www.smeda.org.pk
Lahore Small and Medium Enterprise Development Authority, 6st Floor, LDA Plaza Egerton Road,. Lahore 54792, Pakistan Tel: 92-42-111-111-456 Email: helpdesk@smeda.org.pk Karachi Small and Medium Enterprise Development Authority, 5th floor, Bahria Complex-II Moulvi Tameezuddin Khan Road, Karachi Tel: 92-21-111-111-456, 5610432, 5610536, 5610459, Fax: 92-21-5610572 Email: helpdesk-khi@smeda.org.pk Peshawar Small and Medium Enterprise Development Authority, Ground Floor, State life Building, the Mall, Peshawar Cantt. Tel: 92-91-111-111-456, 92-91-9213046-7 Fax: 92-91-286908, Email: helpdesk-pew@smeda.org.pk Quetta Small and Medium Enterprise Development Authority, Bunglow No.15-A Chaman Housing Scheme, Airport Road, Quetta Tel: 92-81-2831702, 92-81-2831623 Fax: 92-81-2831922, Email: helpdesk-qta@smeda.org.pk

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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
Prepared by Approved by Issue Date Issued by SMEDA-Balochistan Head of Department January 2011 Library Officer

..8.................................8................15 7-LAND & BUILDING REQUIREMENT....................................4 Vehicle requirement.........................5 Project Capacity...................................................................9..........................................................3 Seed Companies ..............................................................3 3..........1 Farmers.................................................................................................................................................................................................2 Market Overview & Demand .......................................................................................................................................................................................................................6............................................................................1 Land and Building Requirement..........4 Flour Mills ..................5 4.............................................................................8.......................................................................................................................................................................................4 3.................................................13 5....................................8 4........................9....................................9 4................................................8..........................................................................................1 Market Information...............................2 Major Exporters .........................................................................................................................................................................4 3.......................................................10 SWOT Analysis.............................6 Working Time..........................................7 Project Investment.........8 4....................6....................................................................7 4....................................................................................12 5-MACHINERY REQUIREMENT.....................3 Opportunity Rationale ............................................9 Key Success Factors / Practical Tips for Success................................................................................12 4....17 8.................................................................................11 4.............................................17 8-PROCESS FLOW........................................................15 6-HUMAN RESOURCE REQUIREMENT .........................................................10 4.............................................................................................................................................4 Target Customers .................8 Public Sectors Involved in Wheat Market......................3 3...............................................................6 International Scenario ..................1 Project Brief ...........16 7.........................11 4.....14 5...................7..13 5......................................................................................................................................................................................................2 Other fixed assets requirement ......................................................................................................................1 Land..............................................................................................................................................................................................................................................................................................................................................................................3 3....................7 4........................................................2 3...4 4-CURRENT INDUSTRY STRUCTURE ..................................7 Wheat Production in Pakistan .......................................Pre-feasibility Study Flour Mill Table of Contents 1-INTRODUCTION TO SMEDA ........................3 Major Importers..............................................5 Raw Material Requirement........................................................................................................................................................7 4........2 3.2 Building ......................2 Traders..................3 Utilities Requirement .....................................3 Demand and supply gap.................................................................................................................................................................5 4.....9...............................................6 4............................................2 3...................................................................................16 7..................................................................................................................................................................4 Seed Corporations.................17 3 ..........................................................10 4...................................................1 Process Flow of Flourmill.1 Ministry of Food Agriculture and Livestock .................................................................................................................10 4.....................................................................................2 Cost of Water Connection ..11 4.........................................................................9............................................................7 4............................................................................................................................................................1 2-PURPOSE OF THE DOCUMENT.......................................................................6...2 Trading Corporation of Pakistan ..............................................................................................3 3........................................................................................................................1 Government wheat policy..1........................4 Proposed Business Legal Status ...................2 Market Entry Timing......................................16 7.....................................16 7..................9 4...........................................................................................................................................................................................................................................................................................................................................................................9 Private Sector involved in Wheat Market .......1.....8 Suitable Location.......2 3.................................15 5.............1 Machinery Cost.....................................................................................................6 4..............................................................12 4.....................................................................................11 4..........................................2 3-PROJECT PROFILE.........................3 Provincial Food Departments ...........................1 Major Producers ...........................

............................................Pre-feasibility Study Flour Mill 9-ANNEXURE..................................19 4 .......FINANCIAL STATEMENTS..........

This document is in the continuation of this effort to enable potential investors to make well-informed investment decisions. textiles. Along with the sectoral focus a broad spectrum of business development services is also offered to the SMEs by SMEDA. Whereas the task of SME development at a broader scale still requires more coverage and enhanced reach in terms of SMEDA’s areas of operation. SMEDA provides business guidance through its help desk services as well as development of project specific documents. marble and granite. urban transport and dairy. 1 . surgical instruments. Pre-feasibility studies and business plan development are some of the services provided to enhance the capacity of individual SMEs to exploit viable business opportunities in a better way. The all-encompassing sectoral development strategy involved recommending changes in the regulatory environment by taking into consideration other important aspects including financial aspects. These documents consist of information required to make well-researched investment decisions. In depth research was conducted and comprehensive development plans were formulated after identification of impediments and retardant. A few priority sectors were selected on the criterion of SME presence. marine fisheries.Pre-feasibility Study 1 Flour Mill 1-Introduction to SMEDA Small and Medium Enterprise Development Authority (SMEDA) was established with the objective to provide fresh impetus to the economy through the launch of an aggressive SME support program. fruits and vegetables. These services include identification of viable business opportunities for potential SME investors. SMEDA has so far successfully formulated strategies for sectors including. niche marketing. technology up gradation and human resource development. SMEDA had adopted a sectoral SME development approach. leather and footwear. In order to facilitate these investors.i Since its inception in October 1998. gems and jewelry.

investment can be made any time during the year. However.3 Opportunity Rationale Agriculture sector contributes 24% of the total GDP for Pakistan. Investment in the private sector can. The document highlights marketing. Traditionally Atta is made by stone grinding. The Mill can be established in any major city of Pakistan. competing with existing brands. 2 . 3.Pre-feasibility Study 2 Flour Mill 2-Purpose of the Document The objective of the pre-feasibility study is primarily to facilitate potential entrepreneurs in project identification for investment. hygienic processing and professional staff will also contribute to the popularity and success of private sector Flour mill. finance and business management.000 or more.1 Project Brief This document describes the investment opportunity for setting up a Flour Mill. whereas big investment opportunity exists in this sector. the document/study covers various aspects of the project i. management and financial aspects required for the establishment of successful venture. the flour will be packed in 3 different packaging sizes. As the need is increasing day by day due to the increase in population. The number of “mini flour mills” grinding atta at capacity of less than 5 tons /day is estimated to be 8. exploit this opportunity and provide good products on easy access.000 Tons of wheat per year (assuming 75% capacity utilization in first year). concept development. 3-P roject Profile The proposed project is for setting up a Flour Mill. production.000 Tons per year.2 Market Entry Timing As such there is no specific time required for the entry time in this sector. start-up. In the beginning it will be processing 18. The unit will produce premium quality flour to be sold in the local market. a process that imparts a characteristic aroma and taste to the bread. The project pre-feasibility may form the basis of an important investment decision and in order to serve this objective. whereas. The unit will be using modern automated machinery for all the processes. which creates a great demand for Flour. about 700 small and medium flour mills are operating around the country with a capacity of 5 – 20 tons/ day. Lack of infrastructure and growing number of population has also increased demand of food items. After processing. 3. 3. marketing. therefore. Pakistan is a densely populated country. ensuring quality check through out the production process. The document also provides sectoral information and international scenario. Ninety percent of the mini mills are located in rural areas.e. Introduction of latest technology. The high bran content of Atta makes it a fiber-rich healthy food and essential part of the diet. which has direct impact on public & private sector Flour Mills. which have some bearing on the project itself. has greatly burdened the agriculture sector as its productivity is not able to meet the current food requirements. the massive population influx in Pakistan. The said plant will have total installed wheat crushing capacity of 42.

3.500. Therefore two shifts would be necessary for smooth operations of tasks/obligations.249 Rs.500 206. and the operations would be directly supervised by the owner and run through professional management.7 Project Investment Total Initial Cost of the Project is worked out as follows: Capital Investment Land Building/Infrastructure Machinery & equipment Furniture & fixtures Office vehicles Office equipment Pre-operating costs Training costs Total Capital Costs Working Capital Equipment spare part inventory Raw material inventory Upfront land lease rental Upfront building rent Upfront machinery & equipment lease rental * Upfront office equipment lease rental * Upfront office vehicles lease rental * Upfront insurance payment Cash Total Working Capital Total Investment Initial Financing Debt Equity Lease Export re-finance facility Rs.848.5 Project Capacity The proposed project will have the total out put capacity of 3.238.305 121.000 1. in actuals 5.125 60.000 33.756. in actuals 46. 3.125 - 3 .700.Pre-feasibility Study 3 Flour Mill 3. in actuals 60.800.392.000 KG of four per year. Although the selection totally depends upon the choice of the entrepreneur.445 87.878.723.000.6 Working Time As per nature of business recommended timings would be 16hrs per day.907.940 500. in its first year of operation the unit will produce 2.850.648.000 6.000 38. 3.000 KG flour assuming 80% capacity utilization.945 Rs.365 31. and 25 days per month.000 1.000 34.000 1.4 Proposed Business Legal Status A Flour Mill can be started as a sole proprietorship or on partnership basis.878.451. whereas the financial aspects of this feasibility study is based on a Sole proprietorship.

3. Continuous efforts should be made for up-gradation of the technology. Cost Accounting system should be strengthened so as to monitor the entire process and determine the reasons for major variances in the process such as Material. A SWOT analysis can help in analyzing these factors. high quality wheat Fully automated plant. It is recommended to establish the unit in area where raw material is easily available coupled with basic infrastructure.Pre-feasibility Study 4 Flour Mill The proposed pre-feasibility is based on the assumption of 50% debt and 50% equity. Advance sale orders can ensure the success of the business. Waste Production should be kept at minimum and production process need to be monitored very carefully.10 SWOT Analysis Before making the decision to invest in the Flour Mill. It is recommended to estimate the wheat requirements for the year and this should be contracted for in advance with the suppliers to secure the drastic fluctuations in the prices of wheat. However. Selection of technical / skilled staff would be very crucial decision to be made by the management. one should carefully analyze the associated risk factors. Location of the project is of prime importance. which play an important role in making the decision.      3. Labor and Factory Overhead Variances.e.9 Key Success Factors / Practical Tips for Success The commercial viability of the proposed Flour Mill depends on the following Factors:     Utmost care should be taken while selecting wheat. Only the best quality wheat should be used. hence less labor involved Availability of low cost labor Product affordable to all income groups Wide range of target market 4 . STRENGTHS      Continuous availability of raw material. 3. i. Quality maintenance will play an important role as it is evident from the behavior of the general consumers that they are more specific towards health issues than ever before.8 Suitable Location The said project can be set up in any Industrial Area close to major cities of Pakistan. this composition of debt and equity can be changed as per the requirement of the investor.

04 percent over last year’s area of 9046 thousand hectares. It contributes 14. 0. About 40% of the Flour Market share comprises of un-branded flour this share can be gained through heavy marketing campaign Export opportunity THREATS     Already established businesses in same industry Fluctuation in the price of wheat Quality of the flour is to be monitored very closely as people are more directed towards health and safety issues Strong competition and high promotional activity by the competitors 4-CURRENT INDUSTRY STRUC TURE 4. However. The prospects for wheat harvest improved somewhat with healthy fertilizer off take and reasonable rainfall in pre harvesting period.4 percent to the value added in agriculture and 3. The size of wheat crop is provisionally estimated at 23864 million tons.1 Market Information Pakistan is the seventh populous country in the world.54 million (estimated for 2009). it affects the food items supply in the country. Wheat is the leading food grain of Pakistan and being staple diet of the people.7 percent less than last year crop. the impact of lower acreage and 5 . Area and production target of wheat for the year 2009-10 had been set at 9045 thousand hectares and 25 million tons.35 million which rose to 174. This has given rise to demand of private sector to invest in establishment of flour mill.Pre-feasibility Study 5 Flour Mill WEAKNESSES    Strict controls over labor efficiency need to be observed to reduce the waste production to a minimum level Expected loss at the initial stages of the operation as a result of sales return from the distributors Inexperienced technical staff as compared to the units currently in operation OPPORTUNITIES  Changes in the current eating habits of the people    A large number of people that are not brand loyal can be targeted through marketing campaign. showing a decrease of 0.1 percent to GDP. This growth rate is a tremendous challenge to the existing infrastructure. According to the census of 1998. and especially. it occupies a central position in formulation of agricultural policies. Wheat was cultivated on an area of 9042 thousand hectares. the population of Pakistan was 132. respectively. The impact of water shortages (availability at farm gate) and lower rainfall during the sowing period has been the main reason for lesser acreage under wheat crop.

766. A typical meal would consist of daal.397) (421. 4.830 9.890 9.2 Market Overview & Demand The demand for Flour Mill is rising in accordance with the increase in population.195.198.115.354 Flour Demand (Tons) 9.Pre-feasibility Study 6 Flour Mill water shortages is likely take its toll and wheat harvest is estimated to be lower than the 2009-2010 targets of 25.607) (1. A comparison of estimated supply and projected demand of wheat flour in Pakistan is given below: Table 2: Demand and Supply of wheat flour1 Year Total Flour Production (Tons) 7.480 2001 2002 2003 2004 2005 2006 1 Surplus / Deficit (tons) (1.0 million tons. this industry has not yet been developed to any sizeable extent in the country and as such it is not capable enough to meet the demand of the growing population.057.079. but Roti is an essential item on the table to be baked fresh and eaten hot. This is the Hindi word for wheat flour commonly used in South Asian cooking.699.119.005 7.610 9.947.836) (501.175) (2.180 9. bread (roti) and tea or a soft drink.000.223 7.649) (1. Wheats are mainly eaten in Pakistan as chapati and roti.480 9.774 9.881.388. Wheat based products are a major part of the diet in Pakistan.3 Demand and supply gap The wheat flour produced in Pakistan is known as Atta. There is huge demand of flour within Pakistan but statistically the demand of the flour in Pakistani market can be characterized by the daily protein & carbohydrates requirement of person against the protein & carbohydrates provided by flour.331.479.441.831 7.Area under Wheat Cultivation Year 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 Wheat cultivation (000 Year Hectares) 7911 7878 8300 8034 8170 8376 8109 8355 8230 8463 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 Wheat cultivation (000 Hectares) 8181 8058 8034 8216 8358 8448 8578 8550 9046 9042 4.493 9.097. However. The number of existing Mills is not at par to meet the growing demand.126) Source: USAID & Competitive support fund 6 . The upper and middleclasses eat quite differently. Table 1 .

403 2. the world’s total wheat output was estimated at 17. There are basically six different classes of wheat: Hard Red Winter. oats.671. and rye. The proposed prefeasibility is based on the assumption of wheat as raw material.885.428.6 International Scenario Wheat production in the world has been increasing dramatically fast due to the massive demand and increase in population.920 82.6.099 10.023. Table 3 describes the statistics on world wheat Production.000 million tons.296 78.958.782. 4.653. Hard Red Spring.200 68.765.611. These include barley. none of the Asian giants contribute in the world export of wheat flour mainly due to the reason of high local demand. Trade & Supply as below.759 4.994 2. lima beans.670.531. India is the second largest producer with a production of 78 millions tons recorded in year 2008. by producing 20 millions tons of wheat grains in the total world production as described in table 7. buckwheat.901) 4. rice.782.000 683.570.100 39. However.1 Major Producers As per statistics provided by FAO. As per statistics provided by FAO in 2000/2001.800 21.805.140 28. Soft White and Durum.100 63.406. Pakistan comparatively stands at 7th position.177 25.420.463.388.4 Target Customers The major target market of the project consists of commercial suppliers.602 6.000 (548.016.Pre-feasibility Study 7 Flour Mill 2007 9.966 11.400 17.546 9.186 2. 4.527 1 Source: FAO 7 .992. confectionary producers and households. Table 3 .462. 4.471 Production (MT) 112.080.Major Producers of Wheat in Year 20081 Rank 1 2 3 4 5 6 7 8 9 10 Country Name China India United States of America Russian Federation Canada France Pakistan Australia Ukraine Turkey World Production ( $1000) 15. peanuts. soybeans. Hard White. whole sellers & retailers. Soft Red Winter.001. potatoes. China is the leading country in wheat grain production.301. corn. It produces 112 millions tons out of total world production of 683 millions tons.700 20.506 4. however flour can also be made from other starchy plant foods.618.5 Raw Material Requirement Wheat has been used as primary source for making flour. Consumption.762 3.

431 444.674 449.960 156.408 201.136 304. Kazakhstan is the world leader in export of wheat flour.399 191.76 & 0.598 189.Major Exporters of Wheat Flour in Year 20081 Rank Name 1 2 3 4 5 6 7 8 9 10 Kazakhstan Turkey France Argentina Belgium Germany Russian Federation Canada United States America Ukraine Quantity (tones) 1.396 Value (1000 $) 849.422 203. Kazakhstan has exported 1.865 148.8 million tones of wheat flour amounting to 0.201 410. Uzbekistan & Brazil are other leading importers of wheat flour by importing 0.551 489.640 1.253 Arab 460.480 995.473 Unit value ($/tones) 472 517 571 446 541 566 444 805 554 454 4.555 247.239. Table 9 illustrates the statistical data of the major wheat flour importers of the world. In year 2008.621 353.394 695.155 271.099 153.120 786.765 274.793 453.6.568 567.Pre-feasibility Study 8 Flour Mill 4.800. Table 4 .85 thousands dollars.729 345.705 276. Turkey ranks second in world exports while France is the third largest exporter of wheat flour.603 292.2 Major Exporters In relevance to statistical figure provided by FAO. Table 5 .223 124.637 Value (1000 $) 524. Table 8 describes the major exporters as follows.123 of 267.649 389.333 767.000 532.6.433 200.86 million tons of wheat flour in year 2008.69 millions tones respectively in the year 2008.085 758.554 321.030 161.962 Unit value ($/tones) 606 460 438 636 565 510 522 547 655 782 1 Source: FAO 8 . It has imported 0.281 640.3 Major Importers Afghanistan is biggest consumer of world wheat flour as per statistics provided by FAO.Major Importers of Wheat Flour in year 2008 Rank Country Name 1 2 3 4 5 6 7 8 9 10 Afghanistan Uzbekistan Brazil Libyan Jamahiriya Iraq Indonesia Netherlands Angola France United States of America Quantity (tones) 865.

48 million hectares. NWFP’s 0.1 Million Balochistan 637.7. In addition.000 MT. Pakistan wheat markets are heavily influenced by Government of Pakistan (GoP) interventions. The respective Provincial Food Departments in consultation with flour mills announce consumer prices for wheat flour.1 million MT. Punjab’s 6.7 Wheat Production in Pakistan Wheat is Pakistan’s most important agricultural commodity and represents 13. Government wheat policy in Pakistan attempts to balance the competing interests of producers and consumers. Its share of total crop area is 37 percent. the policy is aimed at increasing wheat production (yields) and output. particularly through ensuring availability of wheat flour at affordable prices and maintaining price stability. Sindh’s 0. The GoP maintains a strategic wheat reserve and supplies wheat to deficit provinces. Out of the total annual wheat production of around 22 million MT.5 million KPK 1.000 (3%) (80%) (12%) (5%) 4. Table 6 .Pre-feasibility Study 9 Flour Mill 4.72 million hectares. and Balochistan with 637. and Balochistan’s 0. The Agricultural Prices Commission (APCOM) announces minimum support prices for farmers every year before the harvest. The main objective of the wheat distribution policy is to provide low priced wheat and flour to the general population. NWFP with 1.31 million hectares. Increased wheat production has also been seen as part of an overall national food security strategy of reducing dependence on food imports. which is divided among four provinces.45 million hectares of land for wheat cultivation.Province wise production of Wheat (Metric Ton)1 Year 2000 – 07 Punjab 18 million Sindh 2.7 percent of the total value added of the agricultural sector and three percent to the gross domestic product (GDP). Provincial governments have generally set procurement targets aimed at securing enough grain for planned 1 Source: Ministry of Finance & Competitive support fund 9 .5 million MT.93 million hectares.1 Government wheat policy Wheat market policies are guided by Government of Pakistan. the government has attempted to enhance household food security. basic objective is to support production and consumption policy targets. and has a 100year old canal network system for its agriculture. On the consumption side. On the production side. as well as supporting farmer incomes. Punjab has the biggest share with 18 million MT followed by Sindh with 2. The government procures around 70 percent of the marketable surplus through federal storage organizations and provincial food departments. The federal and provincial governments employ public procurement and announce a support price “procurement price” for intervening in domestic market to minimize monopolization and for the support of wheat growers. Punjab is the breadbasket of the country. Procurement policies focus on ensuring a support price to farmers and a targeted quantity of wheat to be procured by the government. Pakistan has a total 8.

5 337.8 Public Sectors Involved in Wheat Market 4. MINFAL is further involved in the distribution of wheat from surplus to the deficit provinces because provinces in deficit buy wheat either from the federal storage organization.Pre-feasibility Study 10 Flour Mill distributions and stock build-ups.500 PKR 8450 PKR 3437 4. or the Punjab Food Department (typically a surplus province) according to MINFAL allocation specifications.1 Ministry of Food Agriculture and Livestock Ministry of Food Agriculture and Livestock (MINFAL) is authority to decide procurement location of wheat for Federal and Provincial Food Departments during harvest and also responsible for establishing procurement centers each year before the harvest. Discussion Paper on the Wheat-Flour Industry in Pakistan 10 . 1 Competitiveness Support Fund.8.5 387. Wheat grain is provided to the flour millers at an “issue price” which is often lower than the private market price.2 Trading Corporation of Pakistan Trading Corporation of Pakistan (TCP) is responsible for the import and export of agriculture and consumer goods under the specific directions of the federal government.5 425 430 625 Wheat Procurement Mechanism1 Per 40 KG bag Procurement Price (Set by GoP) Incidental Charges (Monthly Costs) Actual Basis Price: (procurement + charges) Quota to Flour Mills Subsidy (Basis Price – Quota) PKR 350 PKR 25 PKR 475 PKR 340 PKR 137 Per Metric Ton PKR 8750 PKR 625 PKR 12. Subsidies often come in the form of financial support for producers to produce higher volumes and support their incomes. Year 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 Procurement Price (PKR/40kg) 300 300 350 400 415 425 625 Issue Price 337.5 337. PASSCO.8. 4.

9.3 Provincial Food Departments The Provincial Food Departments (PFDs) are responsible for all aspects of food grain marketing including purchases. The private sector. 4.9 Private Sector involved in Wheat Market 4. transfer.4 Seed Corporations The Federal and Provincial Seed Corporations. purchase wheat seed from the certified farmers and store the seed until it is distributed to the growers just before planting. PFDs supply wheat to the mills on a quota basis to ensure adequate supplies and stable prices of atta (local name for non-refined wheat flour) throughout the year. have less than 1 million metric tons of grain storage 11 . and distribute around 10 percent of the total marketable surplus together with private sector seed companies. PFDs also ensure attractive support prices for farmers.8.8. The Food Department in Punjab Province. etc. milling. supplies wheat to the deficit province as directed by MINFAL. 4. under the Foodstuff (Control) Act of 1958 at provincial level. one corporation in each of the four provinces.1 Farmers Pakistani farmers use mostly traditional storage for grain. These corporations purchase. sales. storage. primarily wheat traders and flour millers. the major wheat-producing province.Pre-feasibility Study 11 Flour Mill 4. store.

9. PFDs issue wheat to the mills at a fixed release price that takes into consideration storage and other incidental costs. Table 7 .5 metric tons. Balochistan gets wheat from Punjab as per allocation approved by MINFAL. concrete silos.9. And supplies wheat to the deficit provinces (Balochistan.2 Traders Traders play an important role in purchasing and collecting wheat from the farmer at farm prices above or below the GoP’s support price (depending on the wheat quality and market parameters) for further sale to public/private sector.Pre-feasibility Study 12 Flour Mill capacity. large steel bins.Registered flour mills in Pakistan1 Province Registered Mills 600 Punjab Milling Capacity per ton/day (tons) 120 Operational Remarks 350 Balochistan 65 100 12 Sindh 1 325 120 65 Punjab is a surplus wheat-producing province. KPK and Sindh). The private sector purchases up to 2 million MT of wheat from the farmers each year.3 Seed Companies More than 560 private seed companies have been registered and established under the supervision of the Federal Seed Certification Department (FSCD).633 MT or about 76 percent of the total.541 MT of wheat seed distributed during the 2005/06 crop year. the flour-milling industry is privately operated.9. or in the holding bins of a flour mill 4. Flour mills procure wheat from the open market and from government agencies and produce wheat flour for local as well as for export markets (mostly to Afghanistan). Average wheat quota for a mill is 0. Sindh Province meets its Source: A special report by the Famine Early Warning Systems Network (FEWS NET) and USAID 12 .4 Flour Mills In Pakistan. Out of 166. Average quota for the mill is 10 ton/day (half quota as compared to the sanctioned quantity). The wheat delivered from the farm at harvest to the village market or to a government department kept in sheds. Private seed companies supply certified wheat seed to the farmers. The GoP does not issue wheat to the mills during the time of the wheat harvest (June/July). During the current crop year (2006/07). the GoP has fixed the release price at $180/mt. houses. private seed companies distributed 126. 4. when wheat is available in abundance in the markets. 4. Flour mills obtain most of their wheat from the Provincial Food Departments (PFDs) based on a fixed quota that is a function of the mill’s milling capacity. Millers need to hold sufficient grain for 30 to 60 days of milling.

Pre-feasibility Study 13 Flour Mill wheat requirements from Punjab and through imports.000 600.000 160.000 3500 9000 8000 9000 12. Average quota for the mill is 0.000 440.000 220.000 1000 Total Cost 4.000 700.000 150.000 840.000 192.000 112.1 Machinery Cost The major cost involved in establishing a Flour Mill is the cost of machinery and equipments.000 90.Machinery and equipments S.000 360.000 250.000 2500/feet 180.000 13 .000 153. 5-Machinery Requirement 5.225.000 400.000 500.000 120.000 250.000 16.000 600.000 416.000 234.000 390.500 220. Milling capacity of one medium to large mill is 100-150 MT/day. KPK gets wheat from KPK 275 120 250 Punjab as per allocation approved by MINFAL.000 350.500.000 1.000 1. No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Description Roller Body Plant Shifter 6 Sections Purifier Grooving Machine Battery Cyclone 4 Pieces Battery Cyclone 8 Pieces High Pressure Fan Low Pressure Fan Packing Drum Airlock Airlock Gears Airlock Cyclone with Headwalls Pneumatic Pipes Airlock Table Brawn Finishing Machine Verm Conveyer 10x12 inches Roller Body Hopper Divider Wall Lift Receiver (3/4) Motor Stand Cast iron Airlock Coupling Qty 8 3 2 1 1 2 2 5 7 26 6 26 45 feet 90 feet 2 350 feet 17 20 26 16 26 Price/Unit 600.000 800. Note: The grinding capacity of mills varies in all the provinces.000 450.8 ton/day. Table 8 .000 26.000 25.000 15.800.

200.100.000 25.000 1.000 250.000 3.000 14 .000 6.000 1.000 2000 220.250.000.000 1.100.000 16 set 220.500 25.000 100.000.5 ton) Scoller Machine Dust Cyclone 9x35 Feet Elevator Head Bottom Elevator Pipe Dew Separator Machine Magnetic Column Accessories rubber etc.000 950.000 100.000.) 20.500 Total Cost (Rs. production pipe etc. 4 1 4 1 1 8 Cost/Item (Rs.000.640.000 292. Angle Patti.000 360.000 4.640. Item Office Equipments Computers Printers UPS Networking Photocopy Machine Fax Machine Telephone Sets Fitting & Installations Air Conditioners Generator (500 KVA) Tube well with installation Furniture & Fixture Office furniture – Miscellaneous Table No.000 850.000 2.000 10.200.000 2 1 1 50.000 1.100.000 25.000 20.000 1.000 90.000 10.000 550.000 180.2 Other fixed assets requirement Following additional fixed assets are required for the factory and management offices.000 7.000 Roller Body 8 Channels.) 80.000 330.000. Lift Pipe. Tools etc.000 1.000.000 100.000.000 2.000 1.000 500.000 1.000 20.000 100. Fine Net-Nylone Body Roll 1 1 2 2 4 5 500 feet 2 1 1.000 4.238.000 440.000 12.000 1.000 25.000 1.Pre-feasibility Study 14 Flour Mill 22 23 24 25 26 27 28 29 30 31 32 33 1 2 3 Washing Machine Separator (10 ton) Separator (7.000 4 100.100.000 2.000 30.500 5.000 Total Cost of Machinery 32. Boarding/Lodging Transportation Machinery 4 5 of 120.520.000 120.000 120.

000 Total salary/moth 40.000 8. 6-Human R esource Requirement Following table shows the requirements of Human Resources in the Flour Mill.000 72.000 16. Salaries and wages are assumed to grow at 10% per annum.Personnel required Description Miller Mill Mistri Accountant Rollman (Body) Washing man (wheat) Silkman (Shifter) Fitter (maintenance) Machinery helpers Godown keeper Sweepers Unskilled labor Guards No.000 15.000 20. 1 Million and depreciation on the vehicle will be charged at the rate of 20% on written down value basis.000 8.598.000 60. costing around Rs.000 7.000 14. of employees 1 1 2 1 1 1 1 9 1 2 20 2 Salary/month 40. Table 9 .  Maintenance of machinery 15 .000 The duties of unskilled laborers will be as follows:  Loading & unloading of raw materials and finished products.000 12.e.3 Utilities Requirement     Electricity Telephone Gas Water (Tube well recommended for proposed setup.000 206.000 20.000 12.4 Vehicle requirement The proposed project will require mini truck i.000 TOTAL 401.000 8.000 7.000 8.Pre-feasibility Study 15 Flour Mill Chairs Shelves Total 12 6 3.000 5.000 36.000 140.000 12.000 12.  Feeding the machines with raw materials. Shehzor.000 12.000 40.000 6.000 12. water will be required in ample quantity for washing up the wheat) 5.000 20.000 15.000 10. The duties of skilled laborers  Operating the machinery.

500 4.000 400 2450 225 480 400 80 84 64 16 .000 1. approximately two acres of land is required one acre of land will be kept open for future expansion and other requirements.1 Land and Building Requirement Total land required for the Flour Mill is approximately 2 Acres.) 4.Cost of Land Land Cost Total Plot Area ( Acre) 2 Rate/Acre 2.) Total Cost (Rs.1. The total cost of the Land is as follows: Table 10 .500 4.2 Building The break up of the required area and construction cost of the building is given in the table below: Table 11 .000 Total Land Cost (Rs) 5.000 7.1.Cost of Building Description PLANT Area of ground floor Area of 1 floor Area of 2 nd floor Area of 3 rd floor Sub total plant Management Building Power room Godown Office 4 rooms for labor Masjid Guard room 7 washrooms Kitchen st Total area (Sq. Land price per Acre is taken at Rs.500. 7.400.5 million (Industrial Estate Quetta) The total cost of purchasing the land is estimated at Rs. Ft) Rate/Sq Ft (Rs.000.800 32.1 Land For above recommended size of Flour Mill. 5 million. 2.Pre-feasibility Study 16 Flour Mill 7-Land & Building Requirement 7.500 18.500 4.

The Worm Conveyor takes the wheat from 1st & 2nd Bins to feed it to Elevator No. The cleaned material will go into 1 st & 2nd Bins. This Elevator will lift the material vertically and feed it in the Worm Conveyor. 1st single Bucket Elevator lifts the grain vertically and feeds it in Drum Sieve machine. 3 lifts the material vertically and feeds it to the Gravity Separator Cum Destoning machine. weights can be placed in this pit at a time. The impurities. After sieving the material from Seed/Grain cleaner. lumps etc. are separated out by sieving.1 Process Flow of Flourmill Following is the process flow of flourmill: Intake hopper is made up of concrete. steel and cement. the wheat will go to scouring machine by gravity.2 Cost of Water Connection Water is required in ample quantity for the washing of raw wheat and for other associated requirements. Elevator No.674.274. glass pieces and also the light impurities from the wheat. the raw wheat will go into the 2nd single Bucket Elevator by gravity.500 7. The output flow of the material can be controlled with variable pocket feeder and the wheat can be put in the Worm Conveyor. After sieving through the Drum Sieve. There is a controlled mechanical system for opening the gate of Intake Hopper to 1st Elevator. 3 by gravity. These bins are designed for multiple hoppers from the bottom side.5 meters depth. which is fitted on the top of 1st & 2nd Concrete Bins. Thereafter. It is covered with a net of 10 mm round steel duly welded with 5 mm round at a particular distance. Around 5. stones. It is a rotary drum type sieving machine which can separate out the fine dust by aspiration system developed by negative pressure whereas thrash. In this machine we can separate out heavy metals. is separated out by sieving with the help of different size sieves and the light impurities will be separated out by Aspiration System.500 1500 Total Building Construction Cost 38. In the scouring machine dust is removed from the upper layer of wheat by friction.Pre-feasibility Study 17 Flour Mill Sub Total Management 4183 Building 6.000 Kg. These light impurities will be collected in the Dust Cyclone. 2 million1. A pit is dig in the soil below the ground level about 2 to 2. Dust and some part of bran are separated out from the wheat by 1 Source: SMEDA survey 17 . jute sutli. The cost of tube well is Rs. the grain will feed in vibro-type Seed Cleaner by gravity. 8-PROCESS FLOW 8. For this purpose independent tube well will be required. which are bigger or smaller than the size of grain.

Water will be mixed immediately with the help of Intensive Dampner. The Seed cleaner finally performs the cleaning of the seed and keeps the material in Worm conveyor and then it goes to Elevator E1-7. Coarse material also goes to further grinding and sieving. Bucket Elevator E1-7 lifts the material vertically and feeds it into Milling Bin. Aspiration channel is also provided with Scouring machine for further cleaning of the wheat by negative pressure of air stream. 18 .4 by gravity. V & VI for conditioning. so that purest form of Bran can be obtained. The final product goes to Worm conveyor and then packed.Pre-feasibility Study 18 Flour Mill sieving. Elevator E1-6 lifts the material vertically and feeds it into the Scouring/Brush Machine. This bran is separated by sieving and aspiration channel. In the intermediate product where we cannot separate out the bran from Semoline. VII & VIII for about 4 to 6 hours. Intermediate product goes to Purifier machine for further purification. III. Sujji in the purest form. VII & VIII through the conveyor and is feeded into the Elevator E1-6 by gravity. The wheat is kept in the conditioning for 16-24 hours depending upon the variety of wheat and atmospheric temperature. From Milling Bin it goes to 1st break of Roller Mill. the wheat is taken out from the multiple hoppers. In Roller Mill material is grind with the help of Chilled Cast Iron Rolls. 4 lifts the material vertically and feeds it into Worm conveyor No. E1. so that the bran could be removed from the upper layer of wheat. After conditioning. After grinding. the material is lifted vertically by pneumatic conveying system and feeded into the Plan Sifter through Pneumatic cyclone and air Lock. From Intensive Dampner wheat will go to single Bucket Elevator No. E1-5 through Worm Conveyor W4. From the Scourer Aspiration channel the wheat goes to Intensive Dampner through Bucket Dampner by gravity system with the help of Bucket Dampner where measured quantity of water will be added in the wheat. Material is taken out from the Bin No. Desired quantity of Sujji is taken out for packing and the remaining material goes to Roller Mill for further grinding and sieving. This wheat is feeded in the Elevator No. In this process by separating the bran we can get Samolina. This process is continued in sequence up-todesired product. the Semoline obtained at this stage is called ‘Atta’. Then this material goes to final Seed cleaner by gravity. Elevator No. In the whole process we grind the wheat in grooved rolls softly. W3 and feeds the wheat in Bin No. Desired moisture is added here and the material is put in Bin No. IV. Elevator E1-5 lifts the material vertically and puts it in the second Intensive Dampner through Bucket Dampner. In the Plan Sifter (sieve) we can sieve the material into many segments.

F inancial State ments 19 .Pre-feasibility Study 19 Flour Mill 9-Annexure.

478.162.588 26. etc.250 344.341 659.026 77.027.451.008 682.821 27.788.961.816 134.316 1.734 87.476 9.052 136.090.003.640.561.601.652 5.675 63.531 20.858.139.477 59.232.577 27.503.961.847.357.690 28.408.624 19.526 1.010.447.378.733.000 787.047 20 .545.047 49.591 176.116.920 178.000 66.249 135.743.583.474 63.000 891.101 340.304 991.260 1.116 284.196 1.407.785 105.643 410.640.613.171 6.268 5.087.001. fax.525.345 22.070.042 6.385 17.250 87.423.640. in actuals Year 10 2.168 10.381 24.780.935 73.386.201.284 Year 5 1.697.357.845 6.709.721.495 14.250 344. audit.024 67.823.755.749 Year 2 1.026.300 54.777.856 6.653 331.821 1.740.977 653.903.063.513 830.299.683 1.734 500.911.577 325.353.320.839.118.187.683 435.689 36.425.056 211.255.000 8.474 76.942 962.707 72.585.043.022 38.715.681 1.974 197.909.277 256.445.371.611 136.892 Year 6 1.468 500.710 1.408.250 344.874.307.100 1.546.537.403 88.169 196.004.738. expense (phone.351 1.523.077.822 14.201 272.712 326.645.176.093.203.162.487 775.591 51.769.069 24.445.689 25.474 69.042 79.228.426 54.228 3.204 8.834 72.770 212.095.758 196.793.939.227.047 1.526 53.095 19.985 15.829 184.821 410.851.076.162.477 682.229.734 9.451 1.552.083 163.523 803.384 13.599.979 25.018.124 113.200.561.400 1.778.008 279.961.695.314 9.111 489.469.721.297 116.584 2.200.568.226.703.284.018.229.477 126.894.610 83.988 6.001.727.339.162.171 2.237 10.920 435.025 79.038.145.231 3.981 10.012.343 817.894.647 410.361 24.028 95.721.654.335 551.550 5.423.780.061.135 260.580 312.311.136 124.930 104.526 Year 4 1.072 6.201 88.912 72.909 753.061 8.541.181 51.460 115.689 42.200 314.586 20.526 136.378.316.250 344.397.646.097 640.561.440 12.821 2.250 344.961.541.168.812 51.500 47.523.571.251 72.780 425.261.638 7.745.047 9.284.207 72.189.547.743.109.530.690.681 24.634.710.432 661.006.257 1.998 16.727.131 1.123 95.017 Year 7 2.798.) Depreciation expense Amortization expense Property tax expense Miscellaneous expense Subtotal Operating Income Other income Gain / (loss) on sale of assets Earnings Before Interest & Taxes Interest expense Earnings Before Tax Tax NET PROFIT/(LOSS) AFTER TAX Balance brought forward Total profit available for appropriation Dividend Balance carried forward 859.718 6.335 226.500 24.689 30.761.643 136.201 1.003 215. etc.098.174 307.306 331.181.189.155.176.063 6.113 5.443.653 821.375 490.027.877.679 128.257.584 521.401 16.487.783.506 39.795 131.281.090.) Promotional expense Insurance expense Professional fees (legal.586 Year 8 2.530.622.176.322.225 1.530.715.591 1.308.450 12.) Office vehicles running expense Office expenses (stationary.484 590.961.964 Year 9 2.058.016 9.653 2.474 84.171 260.610.607.940 4.990 12.894.950.609.955 21.162.995 23.298.240 520.805 15.608.124.640.601 536.455.884 127.751.299.397.917.234 25.196.307.500 1.588.171 663.086 927.035 152.544 105.851 88.681 102.649 125.506 5.003.474 57.453.990 331.625.342 260.365.750 5.763 390.093.393.357 138.176.Pre-feasibility Study 20 Flour Mill Statement Summaries Income Statement Year 1 Revenue Cost of goods sold Gross Profit General administration & selling expenses Administration expense Rental expense Utilities expense Travelling & Comm.160.000 49. etc.857 14.001.486 11.109 1.206.357.020.727.529.110 SMEDA Rs.116 Year 3 1.687 6.807.730.526 393.964 1.189.337.932.680 178.743.873 402.655 1.281.057.471 96.471.322 4.689 49.534.215 65.461 87.500 1.387.101 830.584 196.131 410.699.350 551.464.537 838.

495 507.836 104.000 30.403.125 88.815 76.289 79.225 262.773 42.584 257.345.893 21.756.721.189.400 2.984 52.681 85.125 121.647 60.336 2.400 1.378 182.951 321.192 689.650 185.238.800 988.869.296 2.592.752.743.779 1.220.597 13.526 197.984 490.400 5.600 3.727.300.700.779 - 60.015.486 341.000 5.451.749.821 471.215.878.223.000 26.572.557 2. licensing.508.303 140.125 500.848.121.250 5.126 29.215 60.134 96.408 52.220.000 86.234 61.800 52.651 257.215.357.621.032.125 24.016 61.000 13.800 164. & training costs Total Intangible Assets TOTAL ASSETS Liabilities & Shareholders' Equity Current liabilities Accounts payable Export re-finance facility Short term debt Other liabilities Total Current Liabilities Other liabilities Lease payable Deferred tax Long term debt Total Long Term Liabilities Shareholders' equity Paid-up capital Retained earnings Total Equity TOTAL CAPITAL AND LIABILITIES Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 SMEDA Rs.016 37.249 1.000 32.000 2.145.016 65.728.061.161 198.360 60.878. in actuals Year 10 500.000.908 163.893 7.000 6.316.164.000.392.878.750 5.500 206.019 838.045 54.125 6.148.990 420.104 25.614 7.000 30.106 87.183.027 35.434 154.948 5.235.000 37.100 123.604.800 80.850 20.113.211.689 344.122.805 160.878.234 58.445 1.026 65.961.125 60.200 659.445 121.756.615.578 60.488 5.217.814.581 140.724.000 1.000 6.878.Pre-feasibility Study 21 Flour Mill Statement Summaries Balance Sheet Year 0 Assets Current assets Cash & Bank Accounts receivable Finished goods inventory Equipment spare part inventory Raw material inventory Pre-paid annual land lease Pre-paid building rent Pre-paid lease interest Pre-paid insurance Total Current Assets Fixed assets Land Building/Infrastructure Machinery & equipment Furniture & fixtures Office vehicles Office equipment Total Fixed Assets Intangible assets Pre-operation costs Legal.176.336 4.389 83.018.000.400 68.412 334.640.543.000.445 41.264.401.474 5.591.254.000 38.795.561 28.756 147.669.007.878.318.951 60.946 541.034.859 629.878.261.378.448 629.853.815.250 103.807.049 37.000 3.184.476 198.296 387.027 44.600 74.648.000 46.648 1.000 59.000 35.000 27.715 182.254.772.196.326 215.173 60.896 5.560.000 27.567.411.800 1.145.125 196.125 9.599.531.167.360 541.305 3.056.821 127.000.762 37.422 5.864.488 - 33.506 48.961.018 23.667.249 60.172 147.377 601.365 31.562.264 653.750 1.200 62.823.560 89.233.709 321.201.034.847.548.894.578 257.834.057 387.744.724.654.057 60.125 136.795.950 144.878.408 58.464.000 10.721 37.111 73.778 460.182.893 5.403.877.835.498 106.298.574.653 392.004 47.013.000 20.602 1.412.602 60.026 68.804.233.807.667.556.253 817.605.114 4.354.975 527.723.668 7.000.824 639.639 66.000 34.629 60.173 344.878.125 260.054.780.591 112.579 61.728.769 326.550 61.500 5.984 47.878.749 991.000 23.243.700 41.271.853.047 70.658.647 460.068 65.411.000.018.855 1.004 42.574.734 561.000 34.828 55.123.812.013.762 33.600 46.878.707.146.000 24.182.067 1.268 7.570 71.557 1.905.314.724 67.201.709.506 66.893 30.000 28.544.400 82.424.474.018.448 60.192 60.981 269.724 68.211.000.575.615.290.967.536.114 5.125 331.390.735.878.171 321.518.120 3.382.472 1.850.000 1.131.067 160.454 7.814.877.000 29.072 84.471 52.695.699.200 1.638 113.000 1.600 329.400 40.378.000.600 530.804.200 34.966.018.629 67.500 5.940 33.423.201 149.262.488 Note: Total assets value will differ from project cost due to first installment of leases paid at the start of year 0 - - - 0 - 0 (0) 0 (0) 21 .893 11.329.000.354.122 115.000.013.950.119.152.372 30.200 4.000 23.967.278.378 689.018.773 37.274 55.689 215.756 1.197.125 51.015.917.878.339.851.375 18.878.125 410.768.408.193.589.067.681.723.125 60.370 5.530.960.204 152.950.800 5.652 44.000 17.

961.372 112.474 (1.750) 153.027 (2.348.145.698.980 122.Pre-feasibility Study 22 Flour Mill - - - - - - - - 0 (0) 0 Statement Summaries Cash Flow Statement Year 0 Operating activities Net profit Add: depreciation expense amortization expense Deferred income tax Accounts receivable Finished good inventory Equipment inventory Raw material inventory Pre-paid building rent Pre-paid lease interest Advance insurance premium Accounts payable Other liabilities Cash provided by operations Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 SMEDA Rs.257.223.689 (4.287.907.932.931) (7.779) (6.961.040 198.270) 153.589.943) 154.762 26.145.495 3.010 396.674.357.000) (1.107.560.474 (1.703.609.223.461 410.983.584 140.472) (23.342.125 Purchase of (treasury) shares Cash provided by / (used for) financing activities 21.445 336.250 344.961.150.215 482.018 500.877 (2.040 489.028.279.445 253.363.162.146.569.120) 165.120) (2.964.039.715.640. in actuals Year 10 (46.745) (13.516.908 163.105) 153.494 402.961.666.234) 20.976.250 344.530.854.004.681 13.643 6.965.894) 153.364) (9.699) (11.231 76.372 142.822.990 6.988.104 80.162.812.000 (23.600.162.291.474 (1.647 6.786) 163.108) (9.495 5.162.246 590.201.111 500.413.174.747) (11.464.999 260.506 459.375) (11.298.047 5.689 319.090 196.720) 163.572.653 262.591 29.451.011) 163.490 39.945 54.403.644 83.698 482.000 3.767 3.403.940) (33.699.403.095) 694.027 219.217.494 140.445) (7.146.121.341.369.441 256.734 527.847.290.721.250 344.495 3.907.817) (8.274) (8.365) (31.945) Acquisitions Cash (used for) / provided by investing activities(87.159.748.434 4.727.575.812.474 (1.434 4.561.474.850.113.121.125 Change in short term debt Change in export re-finance facility Add: land lease expense Land lease payment Change in lease financing Issuance of shares 60.500 5.779) (6.894.130) (14.299.861.572.019 125.160) (8.434 33.654.011 41.689 (5.878.795) (9.291.403.971.171 198.949.856 29.606.172.868.525.038.250 344.018 38.758 6.497.104 67.811.639 694.217.689 (6.784 24.315.779) (6.689 6.962 51.575.495 (1.931) (8.506 318.709.770.201 54.117.878.600.228 88.859 13.976.042 184.470.276) (14.249 1 Investing activities Capital expenditure (87.826 253.868 331.961.315.972 136.176.139) 163.472) (7.495 3.756.945) NET CASH Cash balance brought forward Cash available for appropriation Dividend Cash carried forward 500.684) (5.310.821 334.215 744.464.991) (10.160) (9.978) (6.828 594.172.728 5.018 34.068.246 262.018 3.135 6.424 180.413.822.186) (11.434 5.206 334.375) - - - - - 2.016 (23.526 83.482) (13.464.028) (8.851 5.403.396.033.000 22 .436.743.159.474 (1.250 344.780.654.286) (10.828 396.779) (5.781 318.867.162.698 77.498 106.314 5.186) (9.812 5.644 325.709.189.206 Financing activities Change in long term debt 60.290.779) (6.839.639 1.015.172.131.000 500.845 500.891.718) (7.305) 9.

Pre-feasibility Study 23 Flour Mill 23 .

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