KONUL BADALOVA

ILAHA OSMANOVA
RAUF RZAYEV
FARIDA ISGANDARLI
MURAD AGHAZADE

CANOIL
APRIL 2019
Business Plan
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Table of Contents
Business Canvas Model of CanOil ........................................................................................... 3
Executive Summary ............................................................................................................... 4
Company description ............................................................................................................. 4
Mission Statement ................................................................................................................ 5
Vision .................................................................................................................................... 5
Culture .................................................................................................................................. 6
Opportunity Analysis and Research ........................................................................................ 6
Industry Analysis ............................................................................................................................6
Environmental Analysis ..................................................................................................................7
Competition ...................................................................................................................................9
Marketing Strategy (4Ps) ..................................................................................................... 10
Product: ....................................................................................................................................... 10
Price: ........................................................................................................................................... 11
Promotion:................................................................................................................................... 12
Place: ........................................................................................................................................... 13
Management and Operations .............................................................................................. 13
Management Team ...................................................................................................................... 13
Research and Development .......................................................................................................... 14
Physical Location .......................................................................................................................... 14
Facilities ....................................................................................................................................... 15
Inventory, Production and Quality Assurance ................................................................................ 17
Financial Analysis and Projections ........................................................................................ 17
Sources and use of capital ............................................................................................................ 17
Cash Flow Projection .................................................................................................................... 19
Balance Sheet Projection .............................................................................................................. 20
Income Statement projection ....................................................................................................... 21
Break-Even Analysis ..................................................................................................................... 21
Risks and Assumption................................................................................................................... 22
Milestone ............................................................................................................................ 23
Exit Strategies...................................................................................................................... 23
References: ......................................................................................................................... 24
Appendixes ......................................................................................................................... 26
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Business Canvas Model of CanOil

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Executive Summary

CanOil is a limited liability startup which aims to serve products (oil and meal) from brassica

known as canola (rapeseed) for the local market users. Our (CanOil) ambition is to introduce a

new type of product to customers and go beyond their expectations. Multiuse option, being

nutritional and healthy are some of the benefits of canola oil. We are planning to increase the

demand for healthy vegetable oil (canola oil) by increasing awareness about the product.

Production of the oil will take place in Neftchala Industrial Park and seeds will be imported from

Russia, Turkey, and Iran. Target groups of our product will be B2B and B2C. Targeted consumers

will be people who care about their health, utilize margarine or olive oil, have income 10000+,

live in Baku, Sumgait and close urban areas and have age 20 and above. Our B2B customers will

be Gazelli, Buta, Azyem, Siyezen, Sefa, and Tamli. In marketing, the advantage of canola oil to

its substitutes and health factors will be emphasized. Price is decided more or less in aligning with

the prices of the other vegetable oils. To create awareness, several promotional activities such as

agricultural fairs, advertisement through TV, newspaper, radio, social media and our own website

will be used. A direct distribution channel is chosen for B2B and B2C customers. In order to fulfill

our plan, we need to raise capital (funding) and for this, we are planning to use government

foundation, equity capital, and commercial banks. In the financial part, you will find a detailed

estimation of the financial information and statements. In 2019 June, we are planning to start

operating as the steps in our plan are implemented.

Company description
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CanOil is a limited liability company which set the goal of producing rapeseed oil

(Brassica) and selling in local markets as an alternative for olive oil and margarine. Also, to supply

rapeseed (meals) in rural regions in animals feeding. The business was established in early 2019

and because we will operate as LLC, we have some advantages, for example, paying taxes as a

sole proprietorship. Since we are a newly established company, we do not have any background,

however, with our mission, vision, and culture we want to be one of the bests in the industry. The

main purpose of this startup is to introduce canola oil to the local market as a substitute for edible

oil and provide as an ingredient in the Cosmetic industry. CanOil that is located in Neftcala

Industrial Park.is a corporation formed entity which aims and seeks to have further development

as a company.

Mission Statement

Our main mission is to become one of the first supplier of the Brassica in the local market

taking in the environmental factors. Also producing rapeseed in minimum optimal cost level and

serve in the best quality to clients, customers and all buyers with developed and new research and

development methods. Providing Cooking oil and Cosmetic Industry with high-quality canola

oil, we want to create a healthier and happier community for our society.

Vision

Our vision is to be one of the strongest, leader and long-lasting supplier in the market in the context

of quality and price. Additionally, be appreciated by customers to gain their truth and loyalty.
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Culture

As core value, we take three main issues in consideration: build good relationship among

employees and care about them (insurance, safety and etc.); using the best methods in quality, less

time consuming and innovative while problem-solving and idea generation; gaining trust, loyalty,

and respect among everyone, being fair and honest in competition.

Opportunity Analysis and Research

Industry Analysis

According to the “Research on agrarian industry” written by the Ministry of Economy of

Azerbaijan, agricultural industry (food, drink, and smoke) is in the first place among other

production industries. In 2014, the production of this industry reached 2.7 billion AZN, in compare

to the Oil sector that produced 2.6 billion AZN. Although in 2008, when the crisis happened in all

over the world, the number of the employees and fabrics decreased, however, from 2012, the

opposite tendency has been begun so that just in that year, more than 31 entities and 2.5K

employees started their work in the industry. When we say the agricultural industry, it includes

food, drink, and smoke; and food subsector itself is divided into subindustries that one of them is

Cooking Oil and Fats industry which contains margarine and butter. According to the State

Statistical Committee of Azerbaijan, consumption of margarine increased from 18,763 tons to

30,125 in comparison to the butter which decreased from 41,701 tons to 33,394 tons during 2010-

2017. In Azerbaijan, margarine oil is extracted from sunflower, palm, soybean, hazelnut, however,

the rapeseed canola will be used for extraction for the first time. The data shows that people are

going to change their eating habits so that now they care more about their health avoiding obesity,
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heart diseases, and diabetes by consuming healthy foods. They prefer products with lower

carbohydrate and cholesterol. Since we are new in the industry, which is in the growth stage of its

life cycle due to the consumers’ new consciousness of “health”, we are in the introductory stage

in the product life cycle.

We will serve both B2B and B2C; our customers will be both end-users and suppliers. In terms of

customers, our target market will be the people who care about their health, who utilize margarine

or olive oil, and the people whose income is 10,000 AZN + living in Sumgait, Baku, and close

urban areas; age range of our customers is 20 (the students who live in the cities we mentioned for

their study, or who live individually and work) and above.

Since we will sell canola oil to the Cosmetic industry, in terms of B2B, our target market is,

mainly, specific companies. Canola oil is one of the main components while producing hair

creams, hand creams, soaps and so on. Gazelli which operates since 1997 and produce a variety of

creams, shampoos, and other beauty products, and Buta that operates since 20 and produce

shampoo, hair balsam, creams and so on, will be our main customers in B2B.

Finally, we will work with poultry which uses the waste of different seeds such as soybeans,

rapeseed that contains lots of protein in itself. Therefore, “Azyem”, “Seba”, “Siyezen”, “Şəfa”,

and “Tamlı” will be our main customers where we will sell our pressed canola seeds.

Environmental Analysis
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STRENGTH WEAKNESSES

• High quality • Share of mind & share of heart

• Fair price • Lack of local raw materials

• Organic ingredients

• Healthy seed

• Aggressive promotion

OPPORTUNITY THREAD

• Being innovative • Foreign and local competitors

• Expected market growth • Macroeconomic effect

• Loans with low interest rate

• Opening new sector (biodiesel)

Since we are an innovative company, it will take time to create a trust, share of mind, and share of

heart. However, to increase brand awareness among the people, we will focus on more this issue

via advertising, promotion, and through other methods in the early stage of the production. This

will result in a competition among the existing companies. Another weakness is the lack of local

raw materials so that we should book them from foreign countries. Thus, there might be some

delays or defects in the products. In such cases, we can rearrange our schedule but the chance of

happening these events is very low.

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Although there are some challenges, our opportunities and strength outweigh them. Referring

to the State Statistical Committee of the Republic of Azerbaijan, the demand for organic and

healthy food almost doubled in comparison to flour and flour production during 2007-2017 so that

the consumption for fruits and vegetables increased 36% and 33.2% respectively, however, the

demand for the bread products decreased 12% since 2007. Moreover, vegetable oil consumption

increased from 66,804 tons to 155,622 tons. All of these facts support that now people are more

interested in healthy foods which will affect our business positively because rapeseed is more

beneficial than other oils. Moreover, in 2017 the government gave the subsidize to improve the

poultry industry. This support will also affect our business positively because it will increase the

sales of rapeseed meals.

Competition

Since we are in the Cooking Oil and Fats industry, the brands of both margarine and butter are our

main competitors. Thus, as a local company “Baki Qida ve Yag Fabriki” LLC is our basic

competitor. This company sales the both oil and butter under the different brands; Final (corn,

sunflower, olive oil, and butter), Möcüzə(sunflower, corn oil, and butter), Gülüm(sunflower and

corn oil), Belendo(sunflower oil), Zeytun(olive oil), and AnaBala ( butter) . Foreign competitors

are Anchor, Best Cow, Valio, Westgold (butter), Olitalio(olive oil), Solnyshko (corn oil).

However, the price of these brands varies between 3.5 Azn (for 0.5 liters) and up to 19 Azn (butter),

and the quality of the local products is average. On the other hand, because canola is the healthy

seed, we mainly focus on the people who care about their health. Therefore, we want to gain a
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share of both minds and heart of our consumers selling healthy oil via creating high quality and

fair price.

Marketing Strategy (4Ps)

Our company plans to implement a comprehensive marketing strategy that will reach the targeted

customers. These strategies are expected to help the company to be well-known not only in the

local market but also in the global market. We believe that these strategies will not only be about

advertising, promoting or selling, rather it will create sustainable value and relationship between

the company and the customers.

Product:

Rapeseed is with its ingredients is considered to be the third largest source of vegetable oil and the

second largest source of protein meal. According to the article by “report.az”, Azerbaijan imported

179 tons of rapeseed oil from Belarus. This figure shows that there is not any local producer of the

rapeseed oil. Therefore, our company has decided to produce rapeseed oil in Azerbaijan and then

reuse it rather than exporting. There are 2 main types of rapeseed oil: Industrial rapeseed oil which

is used for making engine lubricant or biodiesel in the machine and chemical industries while
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culinary oil also called canola oil is used for all sorts of cooking. One of our main goals is to

produce the second type of rapeseed oil (canola) since industrial rapeseed oil contains higher erucic

acid which is harmful to the human body. We will produce the oil by pressing the imported seeds

in our factory in Neftchala. Product offerings will include the healthy culinary oil that is used for

daily cooking, cosmetics made/personal care products made from canola oil and waste oil that will

be useful for animal feeding.

Price:

It is obvious that no organization can be successful without implementing the right pricing strategy

even if the product has high quality. Since we are new in this business, we have decided to

implement a pricing strategy that will set the price based on the mark-up on the cost of the product.

Choosing a lower mark-up will attract consumers and other companies in the beginning phase of

our growth. Although we will be running on low profit, this strategy will encourage people to buy

our products. For price determination, there are several factors to be considered such as

transportation cost, quality, rent, inventory, and other costs. Putting lower prices than competitors

is not about selling on a loss but setting a relatively fair price for consumers. Using 25% mark-up

on cost, we set the price 7.62 AZN for 1 liter of oil (Cost = 6.10, Mark-up = 25%, Price = 6.10 +

(0.25*6.10) = 7.62 AZN. This price is less than the lowest price for olive oil. Rapeseed grows in

the regions with the limited number of sunny days, and it takes 80-90 days for rapeseed to grow

which also decreases the final cost compared with wheat, soybean, and corn. According to the

market:
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Wheat 280 AZN

Corn 520 AZN

Soybean 1030 AZN

Barley 230 AZN

After the market analysis, we set the price – 440 AZN per ton. Although the rapeseed has almost

the same characteristics as soybean, consumers will be able to buy a ton of oil for almost 2 times

cheaper than soybean.

Promotion:

In this part, we have decided to use several promotional activities that will help to create awareness

of the company. They include agricultural fairs, free samples, advertisements through newspapers,

radio and TV, social media and the company’s own website. As we are new in this business, there

is a need for awareness. We will create this awareness by participating in trade fairs where different

companies come to display their products and investors look for the opportunities to invest. During

these events, promotional products such as t-shirts, pens, hats and etc. which carries the brand

name and logo on it will be distributed to the participants and customers for brand recognition.

Moreover, advertisements through the Internet, radio and community-based newspapers will have

a huge impact on brand awareness. Advertisements will mention the health benefits, convenience,

beneficial use of the products. As the number of Internet users grows rapidly, having own website
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for the company will not only help the company grow but also create a long-lasting relationship

with customers.

Place:

We will use different strategies for the distribution of our products to customers by indirect and

direct channels. An indirect distribution channel is considered to be used for consumer products

and services for Rapeseed oil while direct distribution channels will be used for business products

and services for Rapeseed meal. Sales of cooking oil will be done through retailers which include

the hypermarkets such as Bazarstore, Bravo, Araz, Rahat, Favorit. Moreover, cooking oil will be

sold to firms such as “Gazelli” and “Buta” for the production of consumer products such as

cosmetics and personal care products. For the sale of Canola meal, which is used for animal

feeding, we will negotiate with poultry firms directly. These poultry firms include “Səba”,

“Siyəzən”, “Şəfa” and “Tamlı”. This part of the sales will be direct since the meal for poultry firms

are imported from foreign countries.

Management and Operations

Management Team

• CEO-Konul Badalova- Leads the company, responsible for maximizing the value of the

company and plays an important role as a decision maker on strategy and other key policy

issues.

• Technical Manager- Murad Agahzada- Responsible for technical and customer service,

product design and development.

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• Marketing Manager- Rauf Rzayev- Controls all of the communications between a

company and its customers, using different channels to promote the company.

• Operations Manager- Ilaha Osmanova-Monitors and analyzes the current system of

production, responsible for the running of the company smoothly.

• Financial Manager-Farida Isgandarli- Responsible for the financial health of the

company, assists with financials and taxes.

5-10 factory workers are also included in the management team. As the business grows, the

numbers of the workers and divisions between managers are expected to increase.

Research and Development

In the market research part, the main consideration will be given to gain more effective consumer

insights and based on consumers’ need and wants, our company will give importance to the product

development to extend the offerings for including cooking oils and meals with much higher energy

and protein level. Azerbaijan Ministry of Economy was decided to launch the production of

biodiesel and vegetable oils such as rapeseed oil, palm oil, etc. are the main raw materials. Optimal

conditions for biodiesel sector are constructing and 3 million manat investment is expected to

reach, so these show that there will be developed in this sector, therefore, in the future years we

are planning to join to this sector.

Physical Location

Neftchala Industrial Park was chosen as a physical location for our factory. It was established for

the development of the non-oil industry, especially to support and promote small and medium

entrepreneurship. There are advantages of supply-side policies of government for the small and

medium businesses operating in this region such as the cheaper labor force, and proximity to our
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target groups. Furthermore, in this territory, optimal conditions have been created including

transport, local services (equipment maintenance and electricity workshops), etc.

Facilities

For the smooth production process, space allocation is very helpful, and we have implemented it

which helped us to carry out the production process without congestions. In the layout below, you

can separate production areas which help us to decrease the potential risk of cross-contamination.

In order to protect products and materials, fiber-cement roofing is used for the rented building. The

rationale behind this decision is to take advantages of this as it performs well in different weather

conditions and especially it is like insulation against sun heat. Furthermore, the structure of cement

protects the building against rot, and insects as well as mold and mildew.

In the production process, the following list of equipment will be purchased from Alibaba,

moreover, the criteria for choosing will be quality, durability and price that affordable for our

newly launched company.

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Pre-treatment: Good pre-treatment begins with cleaning, namely, to remove the sand, stone, leaf,

stem, etc. from canola oil seed. For washing part of seeds, water tubs will be used to clean seeds

from any dust or impurity. This part also is very important because it assures the quality of the

product (oil and meal), moreover, prevent wearing of pre-treatment equipment.

Drying, Warming, and De-hulling: In this part, with using solar bubble dryer, seeds will be dried

until they reach 10% or less moisture. After this process, seeds will be de-hulled and then will be

warmed with using boilers. In the end, in order to remove fiber or oversized particles, seeds will

be roasted in the roasting machine.

Oil pressing and extracting:

1. Roasted rapeseed enters to the canola oil press machine. Screw pressing extracts the oil and

send it for purification.

2. To remove the phospholipids in the crude oil, degumming has been done.

3. Next step is alkali refining which is done to remove fatty acids and bleacher in the crude

oil.

4. To remove pigments, decolorization is done.

5. The final step is deodorization which is utilized for filtering the oil.

The remaining residual will be stored and used for sales as animal feeds and fertilizers. PP bags

will be used in the packaging part of this.

Packaging: With the aid of gravity and counter pressure fillers, oil will be filled into hygienically

cleaned 1-liter bottles. For the sealing part, heat sealer with a broad heating bar will be utilized for

achieving a safer seal. Finally, for labeling, bottle labeling machine will be used.
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Inventory, Production and Quality Assurance

We will import raw seed from Russia, Turkey, and Iran and it will be charged 15% tax as it is

mentioned in export.gov website and the transportation will be fast between 7-8 days. Quarterly

based purchasing will be made because of the flexibility issue in the production process. Imported

raw materials will be stored in the inventory for a few days so high inventory cost will not be

charged. For our outputs (end products) such as oil and meals, extra space will be given, and quality

checking will be done frequently for being certain about the condition of raw materials and outputs.

As we know economies of scale is achieved by increasing production and lowering cost. As we

are a newly established company, our scale of operation is small to medium. However, as industries

grow and people began to know our product, we are expecting to grow in Azerbaijan and attain

effective economies of scale.

Distribution of our product will be like that some part of oil as edible cooking oil will be sent to

the customer segments in Baku and remaining oil will be sent as we mentioned, to Buta and Gazelli

for using in cosmetic. Finally, meals will be sent to the farmers in the bulk amount.

In order to follow health and safety regulations, we will get the “International Health Certificate”

from the Food Safety Agency, moreover, we will also get “Consumer Food Safety Seal”.

Financial Analysis and Projections

Sources and use of capital

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We are using 3 capital sources to finance our business. The first source is our own equity capital

which is 52% of the primary request of needed capital. Furthermore, we are going to take 12% of

the money from Government Support and the other 36% from the commercial bank. The interest

rates for these 3 sources of capital are 6% for capital from Government Support, 20% for the

commercial bank loan. We are going to use this raised money in the initial investment and

production costs of our business:

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Cash Flow Projection

In the beginning, like many other companies our cash flow for the first year will be a negative

number. We plan to generate plenty of cash flow after the second year, and we will have enough

money to cover our government debt in 2022.

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Balance Sheet Projection

It is obvious from the tables that, the working capital takes a huge quantity of Balance Sheet. We

plan to get 63% of the sales in the year and for the upcoming year 37% of sales for our business.
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From the table, we can conclude that account receivables and account payables make the great

amount of Balance sheet. As a result, there is a risk from the financial side of the company.

Income Statement projection

We can see from the Income statement that the huge part of our revenue comes from the sales of

cooking oil. To sale the meal has no cost. However, we have used other expenses for a meal in our

income statement to give information about the expenses of the meal. These expenses are 39% of

the revenue from sales of the meal. The duration of depreciation is 10 year. Interest expenses are

the cost of Governmental support plus the cost of Commercial bank that we got the money from

them for initial investment.

Break-Even Analysis
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140,000 bottles of oil should be sold to shut the money for the initial stage. In Our Company, we

get the main part of the revenue from oil, not from the meal. We use the meal just to increase the

revenue and decrease the waste of the product. Therefore, in a Break- Even Graph we do not use

the indicators of the meal.

Risks and Assumption

The financial risks of the business can be because of demand and receivables. Because of our

culture, the use of rapeseed is not much popular in Azerbaijan; we can only forecast the demand

for whole rapeseed product. As demand for the product can be less than our expectation, we try to

take this number low enough not to make a lot of mistakes and damage. We have calculated

demand for consumption of oil which is used as a meal and we got the statistics from Statistic

Committee of Azerbaijan. Furthermore, the receivables from the customers can make the financial

risk for the business. We can meet liquidity problems when the customers do not pay the

receivables timely.
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Milestone

Request for the Agro-credit 2019Jan.

Importing Seeds 2019 April.

Signing Contract with Gazelli, 2019 May.

Buta

Negotiating with retailers 2019 May

(Bazarstore, PortBaku, Bravo,

Araz, Spar, Neptun and so on)

Contact with poultry (Seba, 2019 May

Siyezen, Azyem)

Starting Operating 2019 June

Entering Biodiesel sector 2020 (when sector will be

created)

Exit Strategies

As a ConOil company, we are planning to stay in this sector while improving our

techniques, production, increasing demand, and entering a new industry(biodiesel). Since this is

an innovative sector in the local market where there is growth, potential development in front of

us. However, in the worst case, we can do an IPO if we will be in the extreme situation. On the
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other hand, after regaining our power and profit, we will redeem our shares as much as possible.

We are guaranteeing that every investor will get the required return in any conditions mentioned

below.

Merger & Acquisition (M&A): Merging with the third party or selling to a bigger company could

be a way to exit and investors can get their money from selling price.

Initial Public Offering (IPO): Making public investors be able to invest in the company and raise

the capital.

Sell to an individual: This is not M&A as no companies merge, however this is selling the

company to a new individual which has some skills in this sector. This method helps to liquidate

quickly and payoff to investors and take the adequate level of money for yourself.
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REFERENCE

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https://news.milli.az/interest/665255.html

az, R. (2015, February 17). Belarus Azərbaycana 170 tondan çox raps yağı ixrac edib. Retrieved from
Report az: https://report.az/senaye/belarus-azerbaycana-170-tondan-cox-raps-yagi-ixrac-edib/

Azerbaijan, T. S. (2018, July). Azerbaijan Exports: SITC: Animal and Vegetable Oils, Fats and Waxes.
Retrieved from CEIC.

Azerbaijan, U. E. (2019, February 3). Health and Safety. Retrieved from US Embassy:
https://az.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/health-and-safety/

Azertac. (2015, February 3). Neftchala Industrial District established. Retrieved from Azertac:
https://azertag.az/en/xeber/Neftchala_Industrial_District_established-829312

Canola Oil Processing Plant. (2018, November 12). Retrieved from Seed oil Process:
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Cluster, F. a. (2007, November 23). Heyvan və ya bitki mənşəli piylər və yağlar və onların parçalanması
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from Financial and Legal Consulting of The CIS Regional Cluster: http://www.az-
customs.net/az/grup15.htm

Davis, J. (2014, February 27). Rapeseed King of Europe’s Biodiesel Feedstock. Retrieved from Energy
Agwird: http://energy.agwired.com/2014/02/27/rapeseed-king-of-europes-biodiesel-feedstock/

Export.gov. (2019, February 14). Azerbaijan - Import Tariffs. Retrieved from Export.gov:
https://www.export.gov/article?id=Azerbaijan-Import-Tariffs

Fabriki, B. Y. (2016, January 18). Products. Retrieved from Baki Qida ve Yag Fabriki:
http://bakiyag.az/productsen.html

Mammadova, L. (2019, January 23). Biodiesel production to be launched in Azerbaijan. Retrieved from
azernews: https://www.azernews.az/business/144433.html

MarketWatch. (2018, November 13). Global Rapeseed Oil Market Growth Analysis, Key Manufacturers
And Forecast Period 2018-2027. Retrieved from MarketWatch:
https://www.marketwatch.com/press-release/global-rapeseed-oil-market-growth-analysis-key-
manufacturers-and-forecast-period-2018-2027-2018-11-13

N.A.M. EskinR, Przybylski,L.-F. Li, K.M. Olsen. (2017). Rape Seed Oil/ Canola. ScienceDirect.

Republic, T. S. (2018, September 19). Consumtion of vegetable oil. Retrieved from The State Statistic
Committee of Azerbaijan Republic: https://www.stat.gov.az/source/food_balances/?lang=en
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Appendixes

APPENDIX 1
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APPENDIX 2

APPENDIX 3
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APPENDIX 4
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APPENDIX 5