COMMERCIAL STARCH PRODUCTION FOR PHARMACEUTICAL

INDUSTRY

Prepared For

Md.Shahid Uddin Ahmed

Professor,

Department of Management Studies

Faculty of Business Studies

University of Dhaka

Prepared By

Md.Arafat Islam

Roll.10

Section: A, (B.B.A) 15th Batch

Department of Management Studies

Faculty of Business Studies

University of Dhaka

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 Date of submission: December 15, 2011

Authorization Letter

I was assigned to submit a business plan on Commercial starch production for

pharmaceutical industry.

We have given our maximum effort to prepare the business plan with relevant
topic that was assigned by our honorable course teacher Professor Md.Shahid
Uddin Ahmed. But there are some limitations that we had to face during making
it. We got relevant time to prepare the assignment but we couldn’t make our
report thoroughly.

In spite of having some limitations, we were sedulous to prepare the report fairly.
We hope that we will get your clemency.

1
 Letter of Transmittal
December 15, 2011

Sohid Uddin Ahmed

Professor,

Department of Management Studies

Faculty of Business Studies

University of Dhaka

Subject: Submission of business plan on Commercial starch production for

pharmaceutical industry.
Dear Sir,
We are very happy to state that the report on Commercial starch production for
pharmaceutical industry asked by you to prepare, is completed and ready for your
viewing. We are glad to submit it as part of completion of the requirements for our
Entrepreneurship Development (MGT-307) course with you.

We have tried our best to put up a good plan with as much information as we could
gather during the short time span allotted for writing this business plan. We are begging
pardon for any kind of mistake.

Thank you for your kind support and help throughout the course, we remain.

We hope you will appreciate this sincere effort.

Very sincerely yours,

...........................………..
On behalf of the (Enliven)
Roll: 10, 36, 38, 41, and 70
Sec: A, 15TH Batch (BBA)
Department of Management
University of Dhaka

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 Table of Contents

Chapter Particulars Page no

1.0 Executive Summary 5

2.0 Company Overview 6

3.0 Product Offered 6

4.0 Market Analysis 7

4.1 Demand 7
4.2 Competition 7
4.3 Marketing Strategy 8
4.4 SWOT Analysis 9
5.0 Business Structure 9
5.1 Management & Ownership 9
5.2 Key objectives 10
6.0 Operations Plan 10
6.1 Production and Processing 10
7.0 Sales And Promotions 12

8.0 Other Functional Plans 12

8.1 Personnel Plan 12
8.2 Purchasing Procedure 12
8.3 Inventory Management Procedure 13
8.4 Quality Management Procedure 13
8.5 Action Plan 13
9.0 Contingency Plan & Risk Management 14
9.1 Exit Plan 14
10.0 Financial Projections 15
10.1 Start up Costs 15
10.2 Sources of Funds 15
10.3 Capital Budgeting Indicators 16
11.0 Future Plans 17

12.0 Conclusion 17

13.0 Appendix 18

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1.0 EXECUTIVE SUMMARY

R-Tech, the first large scale pharmaceutical grade starch producer, aims to utilize a widely
available agro crop of Bangladesh, potato in order to establish a backward linkage element
of the expanding pharmaceutical industry. A major portion of the products in this sector is in
the form of tablets. And about 45%-80% of material used in tablets is starch. A market of
BDT 40.4 crore exists in Bangladesh, where there are no domestic suppliers present. For a
developing country like Bangladesh, this results in a huge import burden. Furthermore, high
price in the international arena and transport costs cause the pharmaceutical industry to
lose on the grounds of cost.

Potato is a widely grown vegetable in the country with very high starch content. Specially
the breeds grown in Bangladesh are known to have less protein and more starch making
them ideal for starch production. A starch production facility built on this will most
definitely enjoy benefits in terms of cost and quality.

R-Tech will establish a state of the art manufacturing plant at Rajshahi, one of the districts
where highest quality potato is grown in mass. The company will enter contractual farming
with farmers of the area to ensure a smooth supply of raw materials. In addition, bulk of the
required potato will be collected during the peak season when the cost is lowest. With 920
tons of initial production, the company plans to supply 15 pharmaceutical companies with
its products. Later on, the company plans to expand the production and capture 25% of the
market in 5 years of initial production.

R-Tech will target the local pharmaceutical companies and through cost leadership, the
company will be able to attain the competitive advantage. A state of the art manufacturing
facility will consistently deliver high quality product to the pharmaceutical companies on
time at a lower price. Installation of IT solution, which includes production, inventory
management, HR, accounting, and CSR modules, will help increase the overall efficiency of
the firm.

In addition, the venture will have a NPV of BDT 3,17,81,319.14 and an IRR of 24.19%. Such an
NPV and IRR indicate the bright prospect of the investment. A payback period of 4.04 years
also indicates a reasonable time by which the initial investment can be recovered.

R-Tech will pave the way to the development and expansion of backward linkage sector in
the pharmaceutical industry. Such an initiative will not only save foreign currency, but also
make the pharmaceutical industry more competitive in terms of price by supplying them
with quality raw materials, far cheaper.

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2.0 COMPANY OVERVIEW

Name R-Tech Public Limited

Vision To develop the backward linkage sector based
on potato starch
Mission Provide high quality pharmaceutical grade
potato starch at a competitive price to the
pharmaceutical companies of Bangladesh
Location Rajshahi
Products 1. Pharmaceutical Grade Potato Starch
2. Animal Feed

As the country’s first commercial pharmaceutical grade starch producer, R-Tech Public Ltd.
will produce pharmaceutical grade starch in a controlled process with all the necessary
certification for use in pharmaceutical companies in Bangladesh. The company will be using
fully automated machinery with high grade potatoes. Full control over every step of the
process will ensure production of high grade starch and cost effective production. R-Tech
will only target the domestic market consisting of 240 pharmaceutical companies.
R-Tech is starting operations with a production of 960 tons of starch using 4800 tons of
potatoes every year and within 5 years of operations, is aiming to capture 25% of the
domestic market that stands at 4000 tons per year (2010). The company will reach this goal
by increasing production by 15% annually.

3.0 PRODUCT OFFERED

There are no specific kinds of starch available. Differentiation is done based on the source of
the starch and the level of purity. There are mainly 3 sources of starch: potato, corn, and
cassava. Based on the level of purity, there are 3 grades of starch. The basic starch that we
get straight from production is called general grade starch. It is used for industrial purposes.
Food grade starch is moderately purified starch. It is used in an increasing number of food
items. Pharmacy grade is the most purified form of starch. It is widely used in
pharmaceutical products, namely in tablets. Apart from these grades, there are different
kinds of modified starch products used in different fields.
R-Tech chose pharma grade starch. The main reason behind this is the huge demand in the
domestic market. And the reason behind choosing potato as a source is the fact that it is
widely available in the local market. Furthermore, the domestically produced potato is of
the highest quality and with high starch content making it specifically suitable for starch
production.

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4.0 MARKET ANALYSIS
4.1 DEMAND
In 2010, the total demand of pharmaceutical grade starch in Bangladesh was 4000 tons. All
of this was imported from countries like China, France, and South Korea. The use of starch
around the world is growing at a rapid rate. In today’s world, starch is one of the premier
binding and dissolving medium as well as an expedient in tablets. It constitutes about 45%
to 80% of the weight of tablets. Currently, there are 240 pharmaceutical companies
operating in Bangladesh. All of them need a substantial amount of starch every month.
Square Pharmaceuticals, the leading pharmaceutical company in Bangladesh, alone uses
about 150 tons of starch every month. Furthermore, the industry is expanding at a rate of
13%to take the advantage of patent protection by LDCs. Consequently, the industry has a
projected demand of about 4500 tons in the year 2012. This clearly shows that there is an
established market of starch in Bangladesh. In fact, the Bangladesh starch market is worth
about TK 40.8 crore per year.
R-Tech is not intending to reach the global starch market as a whole, but rather the markets
that offer the greatest value in return. That is why the company is offering only one product.
It is targeted towards the domestic pharmaceutical companies of Bangladesh. R-Tech will
not face any domestic competitors but foreign competitors.
Currently, the average price of imported pharma grade starch is TK 102,000 per ton.
Addition of import duty of 15% and other charges results in an increase in 40% over initial
pricing. Consequently, the pharmaceutical companies are importing starch at TK 102 per kg.
On the other hand, R-Tech will supply starch at TK 95 per kg. Considering a pharmaceutical
company that uses 100 ton starch annually, it is seen that the company can save TK 700,000
every year. As a result, the demand for R-Tech starch will surely be very high.

4.2 COMPETITION
4.2.1 Domestic Competitors
Though there are a number of companies operating in the starch industry in Bangladesh.
However, they only produce food grade starch. On the other hand, there is a huge market
for pharma grade starch in Bangladesh at the moment. But currently no Bangladeshi
company is operating to supply the market with pharma grade starch. Being the first
domestic supplier here, R-Tech will primarily have to compete with foreign companies.
4.2.2 Foreign Competitors
The major suppliers of pharma grade starch include China, France, and South Korea. Among
these countries, France can be considered to be the major competitor of R-Tech as it is
internationally famous for pharma grade starch. In addition, China is providing starch at a
very competitive price in the market.
4.2.3 Competitive Advantage
Cost leadership is the main competitive advantage of R-Tech. During peak seasons, the price
of potato is TK 6000 per ton, far lower than the price in the international market. Lower

6
price of raw material together with the availability of cheap labor will enable R-Tech to
produce starch at a lower cost. Therefore, R-tech will enjoy a huge advantage in final cost of
product. Consequently, R-Tech will be able to supply high quality starch at a lower price to
the pharmaceutical industry.

4.3 MARKETING STRATEGY

4.3.1 Market Segmentation
R-Tech will follow demographic segmentation and focus only the pharmaceutical industry of
Bangladesh. The registered 240 pharmaceutical companies operating in Bangladesh will be
the target market of the company. Nevertheless, R-Tech will initially target the smaller
pharmaceutical companies so that it can supply them efficiently. Later, with the increase of
production capacity, R-Tech will target the bigger companies in the industry.

As pharmacy grade starch is a standardized ingredient by all the pharmaceutical companies,

R-Tech will prude only one widely used variant. However, as the production increases, the
company will supply its customers with specified variants in bulk (order of over 50 tons a
month).

4.3.2 Pricing Approach

Potato starch will be priced based on cost based pricing approach. The company will charge
37% mark up on the cost price to sell the starch at BDT 95 per kg. The customers will be
willing to buy the product as it offers higher value in terms of cost and quality. This in fact is
the main competitive advantage R-Tech: quality products at a lower price.

4.3.3 Marketing Communication and Promotion

R-Tech will undertake personal selling and direct marketing as the principal modes of
marketing communication and promotion. Personal selling will play a vital role in marketing
since R-Tech is in a B2B trade. 5 sales executives under the marketing manager will be in
charge of the personal selling process. Furthermore, R-Tech will build a website through
which orders will be taken from the clients. A database will also be maintained for the
clients through which R-Tech will undertake direct marketing efforts by sending e-mails and
e-brochures. Telephone and fax will also be used for direct marketing.

R-Tech will emphasize on customer relationship management (CSR) as a strategic tool to

build a long term profitable relationship with its clients. This will be handled by the
marketing manager with the help of CSR software. Personalized e-mails and greeting cards
will be sent during various festivals like Eid, Pohela Boishakh, etc. As a business promotion
tool, R-Tech will attend trade exhibitions organized for pharmaceutical industry.

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4.3.4 BRANDING
Branding will be an important element in sales promotion. As the first mover in the industry,
the company will capitalize on a brand image of consistent quality which will help R-Tech
retain its market share.

4.4 SWOT Analysis

Strength Weakness
 State of the art production facility  Limited production capability.
 Continual supply of raw materials through  Starch production is completely
contractual farming dependent on the local harvest of
 Strict quality control. potato
 Availability of cheap raw materials and
labor
 Head start
 Shorter Lead time
Threats Opportunities
 Low entry barrier  Opportunity to expand into the
 Natural disasters domestic food and textile industry
 Opportunity for export
 Enter modified starch market
 Incorporating newer and better
technologies in our processes

5.0 BUSINESS STRUCTURE

Due to high capital requirement, R-Tech is going to start out as a public limited company.
The growth prospect and the high profitability of the company will attract potential
investors. R-Tech will be authorized to issue 100,000 shares.

5.1 MANAGEMENT & OWNERSHIP

As R-Tech is a public limited company, its management will be controlled by the Board of
Directors. As do all other companies registered in Dhaka Stock Exchange (DSE) are, R-Tech
too will be under complete control of the Company Law’1994. Its decision regarding
administration and regulations will follow the clauses of the Article and Memoranda of
Association and if these two basic sources fail to resolve any situation, Board of Directors
can take usual legal actions under the Company Law’1994. For the ownership, annual
meeting and all other regular activities, regulations set by DSE will be followed.

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5.2 KEY OBJECTIVES
Department Objective
Production Increase production from 920 tons per year
with an annual sales growth of 15%.
Reach annual production of 1600 tons by the
end of year 5.
Sales and marketing To start selling at the end of the gestation
period
To achieve sales in the third quarter of TK
75,00,000
To achieve 25% market share in the
domestic market at the end of the 5th year

6.0 OPERATIONS PLAN

Business process is comprised of three basic components including production, processing
and sales and promotion.

6.1 PRODUCTION & PROCESSING

In the first step of the process, the potatoes are washed. Cleaned potatoes then slip over a
gravity chute into the potato rasp. The potatoes are converted into a mash in which the cells
are completely disrupted. This particular process liberates the starch granules. The mash is
diluted with water and then lead over a centrisieve for separation of skin fragments and cell
debris. In this step the starch milk passes through the rotating sieve while skin fragments,
which are referred to as pulp, remain on it.

Afterwards, the pulp is leached out several times in order to wash out as much starch as
possible. The obtained starch milk is still very thin. It passes on to the hydro-cyclone plant
for concentration. The plant not only serves for concentration of desired components but
also for the refining, i.e. the separation of dissolved components from the starch milk.

The concentrated and purified starch milk is then dewatered by means of a rotary vacuum
filter. In this process step a starch film disposes on the interior of a rotating and evacuated
drum and is continuously removed by a scraper knife. In the final processing step the
purified starch cake is dried by means of a flash dryer to obtain the end product: dry starch,
a white-colored powder. The starch is then packed into 25 kg bags and ready for delivery.

The total process is computer controlled. The required percentage of the components in the
starch can be preprogrammed into the central computer and with this method; a range of

9
grades can be achieved to suit individual purposes. The specifications for the
pharmaceutical grade starch will be programmed to achieve high quality product.

The potato pulp, a highly produced byproduct is vastly used in animal feed production. It is
collected during the production process and stored for the animal feed company under
contract to collect at their convenience.

Figure: A schematic illustration of the plant for potato starch extraction

The process starts on the upper left side of the image and then proceeds to bottom right.

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7.0 SALES AND PROMOTION
As mentioned earlier, both personal selling and direct marketing will be used as modes of
selling under the marketing department. By undertaking direct marketing channel that
eliminates all the intermediaries, R-Tech will enjoy a competitive edge. Trucks will be used
to transport the starch directly to the pharmaceutical companies by road. On the other
hand, the animal feed companies will send their trucks to procure the by-product of starch.

8.0 OTHER FUNCTIONAL PLANS

8.1 PERSONNEL PLAN

There will be two departments working in R-Tech: Production Department and Sales and
Promotion Department. The CEO is the one who manages both the departments. Under the
production manager, there will also be the engineering and accounting department. The
floor manager will be in charge of the labors. The labors have to be hard-working. Similarly,
under the sales and promotion manager, there will be another accounts department.

Position Number Position Number

CEO
Production Dept Sales & Promotion Dept
Production Manager 1 Manager 1
Chief Engineer 1 Promotion Officer 5
Assistant Engineer 2 Accountant 2
Technician 15 Assistant Accountant 4
Floor Manager 1 Staff 6
Labor 50
Security 10
Sub Total 80 Sub Total 18
Table: Personnel requirement chart

8.2 PURCHASING PROCEDURE

The only direct material involved in the production process is potatoes. The price of potato
shows seasonal fluctuations and price is lowest during the harvesting season in the month
of February. To ensure a consistent supply of raw materials, R-Tech will undertake
contractual potato farming in the region. The company will enter contracts with farmers in
order to procure 20,000 tons of potatoes per year. In order to make the endeavor

11
sustainable, R-Tech will provide upto 25% of the price of the potatoes in advance. This will
not only help farmers buy the necessary seed and fertilizers but also help create a loyal
supplier base for R-Tech.

8.3 INVENTORY MANAGEMENT PROCEDURE

R-Tech will construct a cold storage facility and a warehouse beside the production plant for
raw material storage. All the acquired potatoes will be stored here and they will leave for
the plant in a FIFO basis for optimal quality. An emergency stock of 60 days will always be
ensured. The inventory management module of the IT solution will enhance inventory
management procedure of the company.
The packed starch will be stored in the warehouse beside the production plant. The cold
storage, production plant, and the warehouse will be situated in this sequence to ensure
efficient flow of materials from cold storage to production plant and then to the warehouse.

8.4 QUALITY MANAGEMENT PROCEDURE

Strict steps are taken to ensure highest possible quality of the product every step of the
process. 15 Technicians working under the Chief Engineer and his 2 assistants will be in
charge of constantly monitoring quality. The size of starch granules, moisture content,
viscosity, color, and other aspects will be maintained carefully. Samples will be taken at
random from batches and tested. If any inconsistency is found, the entire batch will be
subjected to re-processing. These measures will ensure a consistent production of high
quality starch.

8.5 ACTION PLAN

Due to the fact that R-Tech's projected plan over the next five years is to capture 25% of the
Bangladesh pharma grade starch market, the company’s main growth problem will be the
limited abilities to supply the potential demand.

Key Task By When

Objective
Production
Check up of all the machinery and start procurement of raw Day 1
materials
Preparation of samples for certification Day 15
Sending samples to the authorities Day 18
Approval of authorities ( i.e. BSTI) Day 108
Start full procurement for commercial production Day 109
Start commercial production Day 180

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Sales & Marketing
Inauguration of promotional activities Day 110
Buyer contact & quotation Day 110-
140
Receive orders from buyer Day 120-
160
Stock ready for delivery Day 190

9.0 CONTINGENCY PLAN & RISK MANAGEMENT

 The major risk associated with the R-Tech is the seasonal variability of potato prices.
If the starch production is completely dependent on the availability of potatoes in
the market, it will be impossible to maintain a constant price level. In order to
minimize this risk and to ensure a consistent supply of raw material, R-Tech will
practice contractual farming with the potato growers. And a major portion of the
years raw materials will be acquired during the harvesting season.

 Another major risk involved is inflation. The price at which an agreement has been
signed may change over time due to inflation. To counter this risk, a provision will be
placed in the contracts stating ranges and terms.

 A backup generator along with a regulator generator will be in place to handle the
electricity crisis in the cold storage. The backup generator will be needed in the
occasion of major electricity failure. This way, R-Tech plans to minimize the spoilage
of potato due to electricity failure. In addition, 2 generators will be in place in the
manufacturing plant to ensure smooth production of starch.

 In case of the occurrence of any natural disasters, 60 days stock of potatoes will
always be kept to act as a buffer.

 There is also a threat of new entrants due to low entry barriers. To counter this
situation, R-Tech will emphasize on strong branding. The company plans to build up
a brand image of consistent quality.

9.1 EXIT PLAN

“Begin with the end in mind,” says Stephen Covey in his book, “The Seven Habits of
Successful Living.” Due to the bright prospect of R-Tech, the company may diversify and
enter new market in future. R-Tech has the option to enter the food, textile, and modified
starch market.

13
In case of dissolution of R-Tech, a valuation of the business will be carried out by calculating
the market price of the assets. The payables will be resolved and the resulting gains or
losses will be shared among the stockholders.

10.0 FINANCIAL PROJECTIONS

10.1 START UP COSTS
A total of BDT 170,600,000 is required to start the business. BDT 1,930,000 of this amount is
the start up expenses and BDT 168,670,000 account for the total required asset:

10.2 SOURCES OF FUND

BDT 10 crore of the required BDT 170,600,000 will be raised will be raised through issuing
10,000 shares as IPO at BDT 100 per share. The rest will come from long-term loan from 3
banks at an annual interest rate of 14.3%.

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10.3 CAPITAL BUDGETING INDICATORS
Capital Budgeting Indicators

Initial Investment (170,000,000.00)

WAAC 16.48%
NPV 31,882,065.31
IRR 24.19%
Payback Period 4.04

Since the NPV is a large positive value, it shows that the present value of future cash flows
from R-Tech is much higher than cost of investment. Therefore, investing in R-Tech will be a
very good investment.
The payback period implies that the investors can retrieve their initial investment in just
over 4 years. This is a very reasonable period considering the large size of the investment
required in the business.
The internal rate of return (IRR) of 24.19% is reasonably higher than the required rate of
return of 16.48%. This again shows that R-Tech is a very good investment.

15
The current ratio shows that R-Tech will be successfully able to meet the short-term
obligations. Exclusion of inventories will slightly decrease the quick ratio and this may
convince the short-term creditors to provide short-term loans. R-Tech will make a profit of
37% over 1 year of operation. The debt to asset ratio shows 33% of the investment is
financed by debt, and this will have a positive image in the minds of the creditors. High
accounts receivable turnover reflects R-Tech’s strict credit policies. The high value of ROA
reflects a very efficient use of assets to generate sales. The interest coverage ratio implies
that R-Tech has a good margin of safety.
For detailed financial references please refer to appendix.

11.0 FUTURE PLANS

On 7th years of operation, R-Tech plans to expand and increase its production capacity to
increase its market share. New machineries, latest technologies and practices will be
incorporated in order to remain competitive in the market. Furthermore, R-Tech plans to
enter the food grade starch industry by supplying high quality starch to the food processing
industry of the country. Hence R-Tech will be gradually moving towards its vision—
developing the backward linkage sector regarding potato starch.

12.0 CONCLUSION

R-Tech will efficiently utilize the prospect of establishing a backward linkage sector in the
pharmaceutical industry through careful production, use of promotion tools and financing
to achieve an optimum mix of cost and quality using agriculture as the base. With consistent
quality and timely delivery, the company aims to pave the way for the backward linkage
industry in the field of starch in Bangladesh.

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13.0 APPENDIX

INDEX

13.1 ASSUMPTIONS
13.2 PERSONNEL
13.3 SALES FORECAST
13.4 COST OF GOODS SOLD
13.5 INCOME STATEMENT
13.6 BALANCE SHEET
13.7 CASH FLOW STATEMENT
13.8 DEPRICIATION
13.9 LOAN AMMORTIZATION SHEDULE
13.10 RAW MATERIALS
13.11 RATIOS

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13.1 ASSUMPTIONS

Year 1 Year 2 Year 3 Year 4 Year 5

Market Growth (in KG) 13% 4,000,000.00 4,520,000.00 5,107,600.00 5,771,588.00 6,521,894.44
Market Share Growth
(initially 20% of the 15%
920,000.00 1,058,000.00 1,216,700.00 1,399,205.00 1,609,085.75
Market
Tax Holiday (7 years) 0.00% 0.00% 0.00% 0.00% 0.00%
Salary Growth 11.00% 11.00% 11.00% 11.00% 11.00%
Wastage (Optimum 7%) 10.00% 9.00% 8.00% 7.00% 7.00%
Inflation (Assumed to
10.00% 10.00% 10.00% 10.00% 10.00%
Be Steady)
Interest Rate 15.00% 15.00% 15.00% 15.00% 15.00%
Change in Currency Exchange
Rate 4.76% 4.76% 4.76% 4.76% 4.76%
Change In Price 4.00% 4.00% 4.00% 4.00% 4.00%
By Product (Almost
Equal to Mainstream 80.00% 85.00% 87.00% 90.00% 90.00%
Product)

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13.2 PERSONNEL REQUIREMENTS

Position Number Salary Total

CEO 1 30,000.00 30,000.00

Production Dept

Production Manager 1 25,000.00 25,000.00

Chief Engineer 1 20,000.00 20,000.00

Assistant Engineer 2 15,000.00 30,000.00

Technician 15 10,000.00 150,000.00

Floor Manager 1 10,000.00 10,000.00

Labor 50 50.00 2500.00

Security 8 2,500.00 20,000.00

Sub Total 29 287,500.00

Position Number Salary Total

Sales & Promotion

Dept

Manager 1 25,000.00 25,000.00

Promotion Officer 5 10,000.00 50,000.00

Accountant 2 10,000.00 20,000.00

Assistant Accountant 4 7,000.00 28,000.00

Staff 6 7,000.00 42,000.00

Sub Total 18 165,000.00

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13.3 SALES FORECAST

13.4 COST OF GOODS SOLD

20
13.5 INCOME STATEMENT

80.00
70.00
Net Income in Million BDT

60.00
50.00
40.00
30.00 Series1

20.00
10.00
-
1 2 3 4 5
Year

Figure: Net Income over time

21
13.6 BALANCE SHEET

22
13.7 WAAC CALCULATION

13.8 RAW MATERIAL ESTIMATION

23
13.9 CASH FLOW STATEMENT

24
13.10 LOAN REPAYMENT

25