Professional Documents
Culture Documents
www.investamhara.gov.et
July 2016
Bahir dar
Table of Contents
1. Executive Summary............................................................................................1
2. Product Description and Application..............................................................1
3. Market Study, Plant Capacity and Production Program..............................2
3.1 Market Study...................................................................................................................2
3.1.1 Present Demand and Supply....................................................................................2
3.1.2 Projected Demand....................................................................................................3
3.1.3 Pricing and Distribution...........................................................................................4
3.2 Plant Capacity..................................................................................................................4
3.3 Production Program.........................................................................................................4
4. Raw Materials and Utilities..............................................................................4
4.1 Availability and Source of Raw Materials.......................................................................4
4.2 Annual Requirement and Cost of Raw Materials and Utilities.......................................4
5. Location and Site...............................................................................................5
6. Technology and Engineering............................................................................5
6.1 Production Process...........................................................................................................5
6.2 Machinery and Equipment...............................................................................................6
6.3 Civil Engineering Cost....................................................................................................8
7. Human Resource and Training Requirement................................................8
7.1 Human Resource..............................................................................................................8
7.2 Training Requirement......................................................................................................8
8. Financial Analysis.............................................................................................9
8.1 Underlying Assumption...................................................................................................9
[....................................................................................................................................................9
8.2 Investment......................................................................................................................10
8.3 Production Costs............................................................................................................10
8.4 Financial Evaluation......................................................................................................11
9. Economic and Social Benefit and Justification.............................................12
ANNEXES...............................................................................................................14
1. Executive Summary
This project proposes the establishment of bolts and nuts producing plant with annual capacity of
200 tons at full capacity utilization.
The market study shows that the present demand for bolts and nuts is about 1188 tons. The
projected demand is estimated to be 1,330 tons in the year 2009 which will grow to 3,688 tons in
the year 2018.
The initial investment cost is planned to be about Birr 9.95 million out of which about 54.2% is
in foreign currency.
The finical internal rate of return (IRR) is 24.7% and the Net present value is Birr 970 thousands.
Bolts and nuts have different sizes, shapes and can be made for different fastening together loose
parts mainly in industries and workshops. Bolt is cylindrical piece of steel forged at one end to
make the hexagonal, square or round head and the shank fully or particularly threaded at the end.
Nut is hexagonal or square piece with a threaded hole at the center. Bolts and nuts undergo
blackening, zinc or cadmium plating to resist corrosion.
1
3. Market Study, Plant Capacity and Production Program
Annual consumption of nuts and bolts is substantially big in our country. All the nuts and
bolts that the economy of our country needs are imported. But it is possible both technically
and financially to produce these important products in our country. Manufacturing bolts and
nuts in a country is part of an effort to build an engineering or machine tools industry in the
country. This project idea is an attempt to trigger the desire of both policy makers to promote
and encourage potential investors to seriously consider the establishment of a bolt and nuts
making factory in the country.
The demand for industrial fasteners like rivets, cotters, screw bolts, bolts and nuts, washers
and other is met thought import. There are very few garages and workshops in Addis Ababa
that started production of washers at small scale. However, their out put did not appear in
statistics for the insignificant quantity of annual out put. Hence, the country’s demand for
these fasteners can be represented partially by the import data of the Annual External Trade
Statistics of Customs Authority. Since all the demand of these items could not be met through
legal imports due to lack of foreign currency some portion of the demand is satisfied through
black-markets.
The import data of these fasteners in the Annual External Trade Statistics of Customs
Authority is shown in aggregate with screws, cotters, cotter pins, washers, screw rings, rivets,
bolts &nuts, self aping screws etc. all together. It is not possible to find data for bolts and nuts
separately. The total import of such items (including bolts and nuts) for the last five years
(1996-20001) is about 4,796,350 kg with CIF value of Birr 110,920,744.
1
Years in this Document are in Ethiopian Calendar.
2
The above data includes some proportion or percentage of bolts and nuts. As estimated in a
study made by Industrial Project Service (IPS), the woods screws will share about 15%, the
screws, rivets and cotters which are similar to wood screws will constitute about the same
15% and the bolts and nuts will take about 50% of the total volume of imports of these
fasteners.
Based on this ground, from the total volume of industrial fasteners imported during the last
five years about 2,398,175 kg is estimated to be bolts and nuts. Similarly the present effective
national demand for bolts and nuts could be estimated as the average bolts and nuts imported
for the last five years i.e. 479,635 kg which is equivalent to 1188 tons
Demand for bolts and nuts are mainly influenced by the growth of the construction and
industry sectors. The growth registered for these sectors is 14% and 11%, respectively. In this
regard based on the estimated present demand, the future national demand for bolts and nuts
is assumed to increase by the average growth rate of these two sectors i.e. 12% per annum as
shown in table 1 below. In this projection demand for bolts and nuts will increase from 1,330
tons in the year 2009 to 3,688 tons in the year 2018.
Table 1
PROJECTED DEMAND OF BOLTS AND NUTS
Year Quantity (Tons)
2009 1,330
2010 1,490
2011 1,669
2012 1,869
2013 2,093
2014 2,344
2015 2,625
2016 2,940
2017 3,293
2018 3,688
3
3.1.3 Pricing and Distribution
The retail price of bolts and nuts varies considerably depending on their type and country of
origion. However, the CIF value of a bolt and nut ranges from Birr 20.78 to Birr 146 per kg.
Assuming that this plant will produce M6 to M12 with standard lengths and Metric pitches, the
envisaged price of bolts and nuts for this project is proposed to be Birr 76 per kg or Birr 76980
per ton.
Since the economic performance of the construction and industry sectors have warranted the
need for bolts and nuts, this plant is assumed to produce 200 tons/year.
The plant is considered to work 275 days per annum, in one shift 8 hours a day production.
Assuming familiarization of workers to the system, logistics and market shortcomings etc. the
plant will start operating at 70%, 80% and 90% of its production capacity for the 1 st, 2nd and 3rd
year , respectively and 100% thereafter.
Nuts and bolts are made from bars of different metals like mild steel brass, copper, aluminum,
etc. These inputs will be imported.
The IPS study indicated that the major raw materials required for bolt production is mild wire in
coil form of 6,8,10 and 12 mm diameter and for nut making hexagonal mild steel bars of M6,
M8, M10 and M12 are used. Moreover polishing materials like saw dust and sand are applied.
4
The raw material and Utility cost required to produce 200 tons of bolts and nuts is estimated to
be Birr 10,784,898 of which 75% is in foreign currency and cost of utility is about Birr 159,530
as shown in Table 2.
Table 2
COST OF RAW MATERIALS AND UTILITIES
The location of the proposed bolts and nuts producing plant is better be placed in towns where
small and medium industries are established and essential utilities are available. Among the
towns of the Amhara Region, Combolcha is preferable location.
There are basically two types of processes for the manufacturing of nuts and bolts i.e. cold
process and hot process. This project idea considers the hot process type technology. In this
process, after cutting to a fixed length, bars of metals are shaped by heating into such shapes as
hexagonal, square, square neck, round head, etc types of nuts and bolts.
5
Rust removing is done by mechanical scraper. Then the wire coil is pickled in pickling tanks.
The mild steel rods are drawn to the required size in wire drawing machines. Trimming of
formed head and shank reduction take place on trimming machine. Then the blanks are loaded to
the automatic thread rolling machine for threading to the required length and size. The bolts are
further put in polishing barrel and get polished. If required, they are plated for corrosion.
Finally the finished bolts are weighed or counted and packed in suitable packing.
Nuts are also made in a similar fashion like bolts. Rust removing and pickling take place. Then
drilling and cutting of blanks from hexagonal bars is performed on nut cutting machine. The
blanks are put on the tapping machine and treaded through polishes and plated if required.
Finally it is weighed and packed.
If the producer finds that the cold process type of technology is better than the hot process during
the feasibility study, he can adopt the cold process and be developed in to multi purpose work
shop.
(The technical data and information have been compiled from pilot Industrial Estate Feasibility
study conducted by IPS for the former HASIDA)
Main plant and machinery include automatic double stroke, cold heading machine, automatic
bolt head trimming machine, slotting machine, thread rolling machine, pointing and facing
machine, heat treatment furnace, nuts forming, punching and chamfering machine, nut tapping
machine, and tumbling barrels for cleaning and polishing.
The lists of machineries are shown in Table 3. The machinery and equipment is estimated to cost
Birr 2,463,360, of which 75% is in foreign currency. The project will also require about Birr
641,500 and Birr 51,320 to purchase a pick-up vehicle and office furniture & equipment,
respectively.
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Table 3
MACHINERY AND EQUIPMENT REQUIREMENT
Item Quantity
Description
No.
1 Automatic double stroke solid die cold heading machine capacity 6 to 8mm 1
2 Automatic double stroke solid die cold heading machine capacity 8 to 12mm 1
3 Automatic bolt head trimming & shank reducing machine capacity 6 to 8 mm 1
4 Automatic bolt head trimming & shank reducing machine capacity 8 to 12 mm 1
5 Automatic thread rolling machine capacity 6 to 8mm 1
6 Automatic nut cutting machine capacity 6 to 8mm 1
7 Automatic nut cutting machine capacity 6 to 12mm 1
8 Automatic nut cutting machine capacity 8 to 12mm 1
9 Polishing barrel 1
10 Inspection gauges 1set
11 Standard working tools & handling equipment 1set
12 Center lathe between centers 1000mm, height of centre 250mm 1
13 Pillar type drilling machine capacity 20 mm 1
14 surface grinder 1
15 Mechanical scraper 1
16 Pickling tanks 1set
The promoter can contact a machinery supplier through the following address.
R D Mechanical Works
Ashok Kumar Arora
E-81, Phase IV, Focal Point
Ludhiana 141010
Punjab
India
Phone: 91-161-2673735
Fax: 91-161-2670077
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6.3 Civil Engineering Cost
Total land required will be 600m2 whereas the covered area is 300m2. Adequate free space is
considered for movement. The building will have appropriate foundation with reinforced iron
column and beams, cement screed flooring, blocked walls, RHS tube and egga sheet roofing.
Cost of building is estimated to be Birr 1,539,600.
When the plant is at full capacity operation the total manpower requirement will be 21 people.
The annual salary and benefits are estimated to cost Birr 635,547 as shown in Table 4.
Table 4
HUMAN RESOURCE REQUIREMENT AND COSTS
8
arranging short training program with any one engineers working in similar industries
established in the country.
8. Financial Analysis
8.1 Underlying Assumption
[
The financial analysis of Bolts and Nuts producing plant is based on the data provided in the
preceding chapters and the following assumptions.
Building 5%
Machinery and equipment 10%
Office furniture 10%
Vehicles 20%
Pre-production (amortization) 20%
9
Cash in Hand 30 days
Accounts Payable 30 days
8.2 Investment
The total investment cost of the project including working capital is estimated at Birr 9.9 million
as shown in table 5 below. The Owner shall contribute 30% of the finance in the form of equity
while the remaining 70% is to be financed by bank loan.
The foreign component of the project accounts for Birr 2.1 million or 54.2% of the total
investment cost.
Table 5: Total initial investment
LC FC Total
Land
36,000 36,000
Building
1,539,600 1,539,600
Office equipment
51,320 51,320
Vehicles
641,500 641,500
machinery & equipment
615,840 1,847,520 2,463,360
Total Fixed Investment
2,884,260 1,847,520 4,731,780
Pre production
235,020 235,020
Total Initial
Investment 3,119,280 1,847,520 4,966,800
Working capital
1,457,760 3,529,602 4,987,362
Total 4,577,040 5,377,122 9,954,162
*Pre-production capital expenditure includes - all expenses for pre-investment studies,
consultancy fee during construction and expenses for company‘s establishment, project
administration expenses, commission expenses, preproduction marketing and interest expenses
during construction.
The total production cost at full capacity operation is estimated at Birr 12.9 million (See Table
6). Raw materials and utilities account for 84.33%.
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Table 6
Total Production Cost at full Capacity
Items Cost
1. Raw materials 10,784,898
2. Utilities 159,530
3. Wages and Salaries 635,547
4. Spares and Maintenance 298,625
Factory costs 11,878,600
5. Depreciation 503,752
6. Financial costs
595366
Total Production Cost 12,977,718
I. Profitability
According to the projected income statement, the project will generate profit beginning from first
year of operation. Important ratios such as net profit to equity (Return on equity) and net profit
and interest on total investment (return on total investment) are 9.0% and 22.%, respectively in
the first year and are gradually rising. The income statement and other profitability indicators
show that the project is viable.
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IV. Simple Rate of Return
It is a ratio of net profit and interest to the total capital invested for a single year at full capacity
operation. Thus the SRR of the project is calculated to be 21.5%
A. Profit Generation
The project is found to be financially viable and earns on average a profit of birr 1.71 million per
year and birr 17 million within the project life. Such result induces the project promoters to
reinvest the profit which, therefore, increases the investment magnitude in the region.
B. Tax Revenue
In the project life under consideration, the region will collect about birr 6.6 million from
corporate tax payment alone (i.e. excluding income tax, sales tax and VAT). Such result create
additional fund for the regional government that will be used in expanding social and other basic
services in the region
[
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C. Import Substitution and Foreign Exchange Saving
The commencement of this project relieves a portion of the import burden of the country. That is,
based on the projected figure we learn that in the project life an estimated amount of US Dollar
16.13 million will be saved as a result of the proposed project. This will create room for the
saved hard currency to be allocated on other vital and strategic sectors
The proposed project is expected to create employment opportunity for 21 professionals as well
as support staff. Consequently the project creates income of birr 635 thousands per year. This
would be one of the commendable accomplishments of the project.
13
ANNEXES
14
Annex 1: Total Net Working Capital Requirements (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
Raw Materials in Stock- Total 0.00 0.00 2676615.59 3058989.26 3441362.905 3823736.575
Spare Parts in Stock and Maintenance 0.00 0.00 10768.19334 12306.51034 13844.80168 15383.11868
TOTAL NET WORKING CAPITAL REQUIRMENTS 0.00 0.00 3491154.467 3989890.823 4488627.179 4987363.535
INCREASE IN NET WORKING CAPITAL 0.00 0.00 3491154.467 498736.3561 498736.3561 498736.3561
1
Annex 1: Total Net Working Capital Requirements (in Birr) (continued)
PRODUCTION
5 6 7 8 9 10
Spare Parts in Stock and Maintenance 15383.11868 15383.11868 15383.11868 15383.11868 15383.11868 15383.11868
TOTAL NET WORKING CAPITAL REQUIRMENTS 4987363.535 4987363.535 4987363.535 4987363.535 4987363.535 4987363.535
2
Annex 2: Cash Flow Statement (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
TOTAL CASH INFLOW 2467709.37 7455072.905 11952894.55 12484756.38 14024356.38 15563956.38
1. Inflow Funds 2467709.37 7455072.905 1175694.55 167956.3753 167956.3753 167956.3753
Total Equity 987083.748 2982029.172 0 0 0 0
Total Long Term Loan 1480625.622 4473043.733 0 0 0 0
Total Short Term Finances 0 0 1175694.55 167956.3753 167956.3753 167956.3753
2. Inflow Operation 0 0 10777200 12316800 13856400 15396000
Sales Revenue 0 0 10777200 12316800 13856400 15396000
Interest on Securities 0 0 0 0 0 0
3. Other Income 0 0 0 0 0 0
TOTAL CASH OUTFLOW 2467709.37 2467709.37 14564967.47 11986244.78 13647323.78 14862670.53
4. Increase In Fixed Assets 2467709.37 2467709.37 0 0 0 0
Fixed Investments 2350199.4 2350199.4 0 0 0 0
Pre-production Expenditures 117509.97 117509.97 0 0 0 0
5. Increase in Current Assets 0 0 4666849.017 666692.7057 666692.7057 666692.7057
6. Operating Costs 0 0 8417379.049 9612833.519 10808287.96 12003742.41
7. Corporate Tax Paid 0 0 0 0 584697.9463 723663.6279
8. Interest Paid 0 0 1480739.398 714440.3205 595366.9381 476293.5556
9. Loan Repayments 0 0 0 992278.2301 992278.2301 992278.2301
10. Dividends Paid 0 0 0 0 0 0
Surplus(Deficit) 0 4987363.535 -2612072.915 498511.5745 377032.5927 701285.8498
Cumulative Cash Balance 0 4987363.535 2375290.62 2873802.195 3250834.788 3952120.637
3
Annex 2: Cash Flow Statement (in Birr): Continued
PRODUCTION
5 6 7 8 9 10
TOTAL CASH INFLOW 15396000 15396000 15396000 15396000 15396000 15396000
1. Inflow Funds 0 0 0 0 0 0
Total Equity 0 0 0 0 0 0
Total Long Term Loan 0 0 0 0 0 0
Total Short Term Finances 0 0 0 0 0 0
2. Inflow Operation 15396000 15396000 15396000 15396000 15396000 15396000
Sales Revenue 15396000 15396000 15396000 15396000 15396000 15396000
Interest on Securities 0 0 0 0 0 0
3. Other Income 0 0 0 0 0 0
TOTAL CASH OUTFLOW 14112626.42 14081866.26 13998514.88 12922885.27 12922885.27 12922885.27
4. Increase In Fixed Assets 0 0 0 0 0 0
Fixed Investments 0 0 0 0 0 0
Pre-production Expenditures 0 0 0 0 0 0
5. Increase in Current Assets 0 0 0 0 0 0
6. Operating Costs 12003742.41 12003742.41 12003742.41 12003742.41 12003742.41 12003742.41
7. Corporate Tax Paid 759385.6324 847698.8333 883420.8634 919142.8679 919142.8679 919142.8679
8. Interest Paid 357220.1731 238146.765 119073.3825 0 0 0
9. Loan Repayments 992278.2301 992278.2301 992278.2301 0 0 0
10. Dividends Paid 0 0 0 0 0 0
Surplus(Deficit) 1283373.584 1314133.74 1397485.118 2473114.726 2473114.726 2473114.726
Cumulative Cash Balance 5235494.221 6549627.961 7947113.079 10420227.78 12893342.51 15366457.23
4
Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
TOTAL CASH INFLOW 0 0 10777200 12316800 13856400 15396000
Interest on Securities 0 0 0 0 0 0
2. Other Income 0 0 0 0 0 0
CUMMULATIVE NET CASH FLOW -2467709.37 -4935418.74 -6066752.282 -3861522.131 -1896844.37 273013.2394
Net Present Value (at 18%) -2467709.37 -2091279.12 -812506.1176 1342171.139 1013358.921 948464.7552
Cumulative Net present Value -2467709.37 -4558988.49 -5371494.633 -4029323.495 -3015964.55 -2067499.793
5
Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED (Continued)
PRODUCTION
5 6 7 8 9 10
TOTAL CASH INFLOW 15396000 15396000 15396000 15396000 15396000 15396000
Interest on Securities 0 0 0 0 0 0
2. Other Income 0 0 0 0 0 0
Fixed Investments 0 0 0 0 0 0
Pre-production Expenditures 0 0 0 0 0 0
CUMMULATIVE NET CASH FLOW 2905885.201 5450443.961 7959280.692 10432395.39 12905510.12 15378624.82
Net Present Value (at 18%) 975298.8028 798800.7011 667446.3143 557578.7391 472524.3325 400444.3661
Cumulative Net present Value -1092200.964 -293400.289 374046.0253 931624.7643 1404149.097 1804593.463
6
Annex 4: NET INCOME STATEMENT ( in Birr)
PRODUCTION
1 2 3 4 5
Capacity Utilization (%) 70% 80% 90% 100% 100%
7
Annex 4: NET INCOME STATEMENT (in Birr):Continued
PRODUCTION
6 7 8 9 10
Capacity Utilization (%) 100% 100% 100% 100% 100%
8
Annex 5: Projected Balance Sheet (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
TOTAL ASSETS 2467709.37 9922782.275 11473806.39 12135258.71 12675232.02 13539458.59
1. Total Current Assets 0 4987363.535 7042139.638 8207343.944 9251069.242 10619047.8
Inventory on Materials and Supplies 0 0 2696909.802 3082182.641 3467455.481 3852728.295
Work in Progress 0 0 238150.7423 272172.2842 306193.8261 340215.3424
Finished Products in Stock 0 0 476301.4845 544344.5684 612387.6266 680430.7105
Accounts Receivable 0 0 1175694.55 1343650.9 1511607.275 1679563.625
Cash in Hand 0 0 79792.43864 91191.35478 102590.2709 113989.1871
Cash Surplus, Finance Available 0 4987363.535 2375290.62 2873802.195 3250834.788 3952120.637
Securities 0 0 0 0 0 0
2. Total Fixed Assets, Net of Depreciation 2467709.37 4935418.74 4431666.752 3927914.764 3424162.776 2920410.788
Fixed Investment 0 2350199.4 4700398.8 4700398.8 4700398.8 4700398.8
Construction in Progress 2350199.4 2350199.4 0 0 0 0
Pre-Production Expenditure 117509.97 235019.94 235019.94 235019.94 235019.94 235019.94
Less Accumulated Depreciation 0 0 503751.988 1007503.976 1511255.964 2015007.952
3. Accumulated Losses Brought Forward 0 0 0 0 0 0
4. Loss in Current Year 0 0 0 0 0 0
TOTAL LIABILITIES 2467709.37 9922782.275 11473806.39 12135258.71 12675232.02 13539458.59
5. Total Current Liabilities 0 0 1175694.55 1343650.9 1511607.275 1679563.625
Accounts Payable 0 0 1175694.55 1343650.9 1511607.275 1679563.625
Bank Overdraft 0 0 0 0 0 0
6. Total Long-term Debt 1480625.622 5953669.355 5953669.355 4961391.125 3969112.92 2976834.69
Loan A 1480625.622 5953669.355 5953669.355 4961391.125 3969112.92 2976834.69
Loan B 0 0 0 0 0 0
7. Total Equity Capital 987083.748 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92
Ordinary Capital 987083.748 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92
Preference Capital 0 0 0 0 0 0
Subsidies 0 0 0 0 0 0
8. Reserves, Retained Profits Brought Forward 0 0 0 375329.5641 1861103.737 3225398.928
9. Net Profit After Tax 0 0 375329.5641 1485774.173 1364295.191 1688548.448
Dividends Payable 0 0 0 0 0 0
Retained Profits 0 0 375329.5641 1485774.173 1364295.191 1688548.448
9
Annex 5: Projected Balance Sheet (in Birr): Continued
PRODUCTION
5 6 7 8 9 10
14,319,080.1
TOTAL ASSETS 8 15304765.92 16373803.04 18518469.77 20663136.47 22807803.19
1. Total Current Assets 11902421.38 13216555.12 14614040.24 17087154.97 19560269.67 22033384.39
Inventory on Materials and Supplies 3852728.295 3852728.295 3852728.295 3852728.295 3852728.295 3852728.295
Work in Progress 340215.3424 340215.3424 340215.3424 340215.3424 340215.3424 340215.3424
Finished Products in Stock 680430.7105 680430.7105 680430.7105 680430.7105 680430.7105 680430.7105
Accounts Receivable 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625
Cash in Hand 113989.1871 113989.1871 113989.1871 113989.1871 113989.1871 113989.1871
Cash Surplus, Finance Available 5235494.221 6549627.961 7947113.079 10420227.78 12893342.51 15366457.23
Securities 0 0 0 0 0 0
2. Total Fixed Assets, Net of Depreciation 2416658.8 2088210.8 1759762.8 1431314.8 1102866.8 774418.8
Fixed Investment 4700398.8 4700398.8 4700398.8 4700398.8 4700398.8 4700398.8
Construction in Progress 0 0 0 0 0 0
Pre-Production Expenditure 235019.94 235019.94 235019.94 235019.94 235019.94 235019.94
Less Accumulated Depreciation 2518759.94 2847207.94 3175655.94 3504103.94 3832551.94 4160999.94
3. Accumulated Losses Brought Forward 0 0 0 0 0 0
4. Loss in Current Year 0 0 0 0 0 0
TOTAL LIABILITIES 14319080.18 15304765.92 16373803.04 18518469.77 20663136.47 22807803.19
5. Total Current Liabilities 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625
Accounts Payable 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625 1679563.625
Bank Overdraft 0 0 0 0 0 0
6. Total Long-term Debt 1984556.46 992278.2301 0 0 0 0
Loan A 1984556.46 992278.2301 0 0 0 0
Loan B 0 0 0 0 0 0
7. Total Equity Capital 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92
Ordinary Capital 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92 3969112.92
Preference Capital 0 0 0 0 0 0
Subsidies 0 0 0 0 0 0
8. Reserves, Retained Profits Brought Forward 4913947.376 6685847.176 8663811.146 10725126.49 12869793.22 15014459.92
9. Net Profit After Tax 1771899.8 1977963.97 2061315.348 2144666.726 2144666.726 2144666.726
Dividends Payable 0 0 0 0 0 0
Retained Profits 1771899.8 1977963.97 2061315.348 2144666.726 2144666.726 2144666.726
10
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