BUSINESS PLAN a 2022 Dairy Queen Pvt. Ltd.Contents Executive Summary. Company, Market Financials ‘The Company Objectives. Mission Vision Keys to success Company Summary. Sustainable Competitive Advantage. Form and Function, Operations Company's Ownership. Competitive Comparison. Market Analysis Summary Local International Market Trends & SWOT Analysis. Business and Marketing Strategy Marketing and Sales... Marketing Strategy Sales Plan ‘Commission Agents, Expos.ef Direct marketing wv ‘Own Brand Toone Online marketing vw Product : - 18 Future Products aed soon 8D Strategy and Implementation. o 19 Competitive Advantage 19 Marketing Strategy 20 Distribution Patterns 20 Development Pian a Implementation. m os 2 Dairy and Collection Center. a sens snes BD ‘Transport Vehicles a : . 2 Equipment's and Improvements oer eee 22 Manufacturing Unit 2 Partnership with the Farmer's. 22 Inventory nn om ener ere 2 Brand... 22 ‘Management and Organization Summary .. Management Team Financial Plan | TRE RSET Ie areExecutive Summary Eoimpany: Dairy Queen Put Ltd. was incorporated inthe year 2018 to manufacture, process, market locally and internationally high-quality dairy-products. The company is currently selling high quality kul, ik curd, paneer, ghee and its by-products locally. The company is looking to expand and manufacture high quality Ice-cream, flavor cure/yoghurt, sweets like lalmohan, rasbari, dudhmalai, milk shake, cakes, diferent kinds of milk lke toned milk, ful cream milk and other milk products e.t.c and add other related products to its portfolio. Kuli has become very popula inthe local Market and the company has registered is trademark as TowaTop Dairy Queen has aspired to work closely with the farmers and dairies to provide best quality dairy products to local and planning to expand its sales in overseas market too. Thecompany has strived to meet stringent local and international food facility guidelines to provide hygienic and best quality products to its clients so it has taken approval from Department of Food Technology and Quality Control. The company is continually working to improve the product quality and increase its productline. Dairy Queen provides the following benefits toits clients: - Timely delivery - which helps you to maintain your stock and help your retail customers to gain better trust in your service. = Delivers what is promised ~ all our supplies are made as per our standard ingredients, agreed size and weight, so you can be assured that your customers are getting the promised taste and {uality as per the guidelines. = Quality is consistent — which will ensure in gaining customers trust for our brand. Kuli traditionally consumed in Indian cities specially in Punjab, its a high source of protein since it is made from high grade milk. internationally- Kulfi has very become very popular in india, Pakistan and Bangladesh. As we all know, Indian food is very popular in the whole world. Demand of Ice~ cream is always growing due to globalization, increase in income and the change in taste of people the demand-has been-rapidly growing in.Nepal for new products. There has beensteady-demand of Kulfiin the local markethurt, sweets a5 well. Dairy Queen will introduce additional products like- Iee-cream, flavor curd/yor like lalmohan, rasbari, dudhmalai, milk shake, cakes, different kinds of milk like toned milk, full Trea AMI aNE-oTher- milk products-e-ter Pur lu-complementite current product portfolio. Different kinds of ice-creams are available in the market but kulfi and kulf-ice-cream is new. AS people these days perform various types of events like meetings, marriage, birthday, bratabandha, anniversary, baby shower and other events in outdoor venues where the demand for these products are very high and mostly people consume what's new in the market, Most of teavailable product is adulterated with trans-fat, animal fat and harmful agents. Pure and unadulterated kulfi and ice-cream will have 9 good demand in the market. Basic ingredient ive., milk will be procured directly from farmers. The milk will be graded, clarfied/ processed in the existing Dairy Queen unit for manufacturing. ‘The company will manufacture the products soon to ensure better quality product and secure the supplies. Financials Dairy Queen is seeking NPR. 10 Crores in investment to meet its immediate goal of meeting the current capital input, working capital, product line expansion, technical improvement, loan payment of NICASIA Bank Ltd. and fulfil the market demand. This would help the company to rapidly fulfil the market demand, improve the product quality, have a competitive edge and capture major market share. This will ascertain better return to the shareholder. Gross Profit By Years {60,000,000 0,000,000 40,000,000 __— 30,000,000 20,000,000 110,000,000, Fyv2077-78 F/v 2078-79 F/V2079.80 F/Y 208081 FIV 2081-82 F/Y 2082-83 15 Gross Profit by YearsNet Profit Margin By Years 228,000,000 20,000,000 415,000,000 10,000,000 5,000,000, FWv2077-78 F/V2078-79 F/¥2079-80 F/V 2080-81 F/¥ 2081-82 F/¥ 2082-83 [ENet Profit by YearsThe Company Objectives: Develop a sustainable product business that designs, manufactures, and markets innovative products. ‘Achieve following sales volume targets in: F/Y 2078/79: Increase sales to 4.80 Crores F/Y 2079/80: Increase sales to 9.60 Crores © F/Y 2080/81: Increase sales to 12.48 Crores cc F/Y 2081/82: Increase sales to 14.97 Crores co F/Y 2082/83: Increase sales to 17.97 Crores Mission: = a : PE clean, quality dairy products in best packaging to its customers. The manufacturing and processing unit would strictly adhere to food facility guidelines provided by the Department of Food Technology and Quality Control, The workplace has a safe and secure environment for the people. The farmers are partnered with and supported. Dairy Queen produces hygienic, 3d international markets. The icts and help uplift the lives Mision= cae To provide hygienic and high-quality di company will work towards promoting indigenous Nepali produ of the people involved with the company.Keys to success: Quality Products Product sales is the primary income source for Dairy Queen. To achieve sales goals, innovative products based ort world-class industrial design, engineering, and manufacturing is done. Strategic Niche Marketing Dairy Queen is marketing a small number of innovative products so consumers in our targeted niche markets are educated people who can choose the product as per the ingredients used in it. The marketing strategymust reflect this reality. Strategic Partnership Dairy Queen rely on assistance from strategic partners to manufacture, deliver, and market products. Company. Surimary, ss aL aaeaeees Dairy Queen Pvt. Ltd. was incorporated witha vision to promote local Nepali food products and items internationally and locally. Dairy Queen Pvt. Ltd. Is in this business for the last three years. Nepali authentic products are processed in International standard methods in sterile environment and marketed locally and internationally. ‘The Company has acquired all the necessary Nepal Government documents, approvals and certification from Department of Food Technology and Quality Control. ‘We have exclusive contract with the suppliers and farmers who provide best products at competitive rates to the Company. Dairy Queen Pvt. Ltd. has its processing unit at Madhyapur-Thimi, Bhaktapur. It 15 located at around 1,300 meters above sea level and surrounded by the majestic Himalayan Mountains. ‘The newly built leasehold premises has a cold-room which has a total area of 150 sq. ft. covered area. The layout of the leasehold premises is meticulously designed specifically for dairy products processing and storage. The facility is well ventilated with plenty of natural light. Air Ventilators are installed on the cold-room to allow optimal airCirculation and climate control. Proper low energy consuming lightings are used. Special age wrisone-torhave minimal environmentatMmpact. The leasehold premises has designated areas for Office, processing, storage, staff rest rooms, electrical/ power back, parking, garden, etc. The facility has cold-room storage capacity of around 10 ton (10,000 kgs.) It has proper ramps for the landing trolleys to operate to reduce labor efforts. Safety and informative signs are put up for visitors as well as the safety of the workers. Sustainable Competitive Advantage Form and Function Our products are designed and manufactured by function of our products sets them apart from the competition. Our focus on industrial design and engineering results in products that look better and tastes better than their competitors and are, therefore, more likely to be purchased ighly skilled manpower. The form and Marketing Aggressive marketing strategy will be adopted to attract the aforesaid target market. At firm level, adequate advertisement and promotional campaigns will be launched to attract the customers. For the purpose of marketing, following strategies can be used: ‘+ Promotional strategy © Product Strategy © Pricing Strategy Operations Dairy Queen Products operations strategy makes optimum utilization of available limited resources by utilizing internal and external resources for product development assistance and marketing. With this operations strategy, we can quickly and efficiently develop new products, initiate manufacturing activities and distribute our product with minimal upfront nd fixed costs, resulting in significant profits. -Company's Ownership me mie a The company was founded by Mr. Laxmi Raj Adhikari who have more than twenty years’ experience in various manufacturing and trading industry and good food industry knowledge. The ‘company is a one-man company. Competitive Comparison There were only 3 handful of companies producing ice-cream and dairy products afew years back At present numerous firms have entered the market. There is intense competition at present with smaller traders offering ice-cream and other dairy products at less than the costing, The main companies selling ice-creams are. Azzabko Ice-cream Azzabko Ice-cream sell directly to the end customers under their brand which is growing recently as we can see its products in various retailors and marts too. Nepal Dairy’s ‘They have the biggest market share in ice-cream sales specially inside valley. Dairy Development Corporation 0C is one of the biggest manufacturers of dairy products in Nepal but due to degradation in quality many private sectors have replaced its market share.—VeAnysssunnay The company has two distinctive markets- Local market inside valley and others outside valley. Local (Inside Valley) The company caters its product in the local market for human consumption. The products are processed hygienically and packaged in food grade packets along with attractive branding. All the ‘nutritional information and product information are labelled in the packaging, 1 rasbari, Demand for good quality kulfi, ice-cream, flavor curd/yoghurt, sweets like lalmohan, duchmalai, milk shake, cakes demand is high in the local market, For kulfi alone the demand is ‘round 1,00,000- 1,$0,000 pieces per month. The ice-cream market is estimated to be around 10,000 kgs. perday. The Kulfi market is slowly growing and we are looking at launching our Ice-cream, flavor curd/yoghurt, sweets like lalmohan, rasbari, dudhmalai, milk shake, cakes in the LocalMarket soon. Outside Valley Kulfi and Ice-cream has become very popular outside valley these days and the demand for the same is in increasing trend. It is highly rated for its natural, no chemicals/ preservatives. The demand of these products has been rapidly increasing due to destination type various events like marriage ceremony, birthday celebration and others. We will be launching our own distribution center and retail shops to sell directly to the end customer. This will increase our selling price and offer better margins. ‘The demand for Kulfi and Ice-cream in the local market (inside and outside valley) has been rapidly _growing. Due to its immense popularity the demand is growing. There have been interests from newer markets too ie., other hilly areas like lam, Terathum, and other citiesThe analysis below highlights the internal and external factors that influences the company. We need to improve upon the weaknesses and threats for long Term growth. AL audience for relatively little expenses, Strength Unique Product Highly Skilled Staffs, Good Manufacturing Facility Good Industry Knowledge Product line expansion capability Industry at Prime Location Modern Technology in Production . Weakness Unstable Political Situation Fixed Capital Requirement Working Capital Requirement Underdeveloped market information system Economic and Environmental Crisis in the world - Opportunities Growing existing market Emerging new market Greater innovation can help company to produce unique products and services that meet customer's needs Online market offers the ability to greatly expand the business. Company can market to a much wider New and better services as compared to the existing competitors can help to better meet the customer's needs. D. Threats © Numerous new entrants ‘© Unorganized sectors © Lack of knowledge © Unstable rates Lack of skilled labor Changes in government rules and regulationing Strategy fein The marketing and business stateay of out company canbe shown nthe following table; ee"Marketing Strategy ~ 4 Ps Product Existing Scenario Strategy/Activities * Poor quality = Variation n fat & protein content, Color and Texture, Mites and Molds, High Moisture Content, Cracking, Size, Uniygienic production, Spores, Unwanted materials in products (metal, stone etc.) * igh wastage, * No traceability, while collecting from | aggregators, Regular supply — No fixed suppliers, No advance payment, = No packaging for domestic market, Increase collaboration with suppliers for regular and quality supply, > Sign contractual agreement, > Provide technical inputs to dairies for quality production and standardization, Incentive to suppliers, Develop traceability mechanism in collaboration with suppliers, Directly work with dairies for regular and quality supply and help them in improving processing (maintaining hygiene, sanitation and quality consistency) so that buyers can visit the dairies, if required, Purchase raw material from suppliers’ cold-room to minimize the waste and quality products, Ensure timely payment, Provide technical training to staff, Pilot processing using returned milk from milk suppliers for quality standardization, Pursue HACCAP and NS Certification, Improve lab facility, New products development including optimum use of bi-products, branding and packaging, > Price * High price competition among . exporters, = High EBITA requirement affected the Pricing as per the market demand, Devise pricing strategy, E.g. Credit limit, Discount on cash purchase etc.), Flexible payment option, pricing, Promotion * No dedicated marketing staff, * Limited marketing effort such as use of social media, website, * Hiring of dedicated marketing staff, Market survey (Outside Valley), Increase marketing efforts (International) such as:—— personarmeetings ere participation in trade fairs and ‘© Updating of website ay partiipationtrrinterrationat trade fairs} ‘© Email communications and sample distribution © Use of Social media + | 0 Small packaging/Branding as per demand of market = Explore markets in the eastern Asia, * Increase marketing efforts (Domestic) such as: ‘© Upgrading and use of social media and websites, © Participation in national trade fairs, © Personal contacts and sample distribution to Departmental stores, Retail Shops, Nepalese online shops (Foodmandu, Bhojdeals, Darez online etc.) for domestic markets, Place = No permanent distribution network, | = Supply through Departmental stores, Wholesalers, Retailers, Nepalese online shops (Foodmandu, Bhojdeals, Doko Online, Daraz online etc.) * Identification and contract with agents/distributors in the domestic and international markets, * Delivery at buyers' door, = Purchase of own vehicle for delivery of products in the domestic market, if order increase above 3000kg/month, Marketing and Sale: MarketingStrategy - Kulfiis relatively very new and innovative product in the Nepalese market. There are very few handful brands selling this product. The demand is higher than the supply. A few brands are about to sign up with large retailers and their requirement Is about to sky rocket, Dairy Queen has an edge over most of the competition as the shipments are carefully sorted, processed and inspected by highly trained personnel for quality. The rejection rate of the shipments isalmost zero. mraves Pra ‘The Chairman and Managing Director are primarily involved in marketing Its products. Further, marketing staffs and officials of company will be involved on fulltime basis to foster its sales. Commission Agents Dairy Queen has agreements with different local agents (inside and outside valley) who help to get orders. They are remunerated according to the terms of sale. Expos Participate in major Food Expos is vital to connect with the Dairy Brands and Distributors. Food expos are the best place to meet and market the product as most of the big brands, distributors, retailers visit them, Direct marketing > Client Visit > Sales Call > Email Direct contact with different brands is the best way to build relationship with the clients and accomplish sales. Own Brand Dairy Queen has registered its Trade Mark as TownTop™ Brand Name. It has already successfully 'aunched TownTop™ Kulfi in the Local Market. TownTop™ Ice-cream will be launched soon, Online marketing Website. Attractive and comprehensive website Facebook — Complete information with periodic updates and offers. Facebook advertising Instagram- Instagram advertising Tik-Tok- Tik-Tok advertising These days the above-mentioned social media platforms are the most effective source of advertisement for ig and increase its sales through online various products so Dairy Queen will also use all these media for advertising _ platform.Product The kulfi are made using the ancient recipe with modern techniques. Kulfis are 100% Natural and Organic, there are no additives or preservatives. The kulfi are gluten free and no binding agent is used. Milk is the basic ingredient for our products. The milk is boiled and hot milk is poured into milk tank for cooling ‘Once the milk has cooled down, it is treated with some traditional methods by adding flavor and the milk is poured in hardener machine which speeds up the process for hardening the kulfis by cooling it up to -45 degree Celsius. And the same will be packed in our hygienic packaging. The solid kulfis after packaging are transferred to cold room which has the temperature of -22 degree Celsius for storage. Only approved kulfi as per the company standards are stored.Dairy Queen is looking at introducing variation in the kulfi and Ice-cream, flavor curd/yoghur, sweets like lalmohan, rasbari, dudhmalai, milk shake, cake, different kinds of milk like toned milk, full cream milk and other milk products. Strategy and Implementation Our Kulfi and ice-cream is very unique and different in shape and tastes better than any of the competitors. Our marketing strategy is primarily based on making this information available to our target market, visually via point-of-purchase displays and graphically viacreative ad-copy and graphics. This basic strategy should allow this product to stand out in afield of competitors that appear to employ no clear marketing strategy. Competitive Advantage The competitive advantages for our kulfi are its shape. Quite simply, we have very attractive shapes and it tastes better than any of its competitors. Careful attention was also paid to the aesthetic quality and form of our kulf. Marketing Strategy The primary goal of our sales and marketing strategy is to simply and succinctly expl our product to our target market. An explanation of this innovative product is best accomplished by means of a visual demonstration. Focus group research within the target market shows that, while there is.a significant ‘amount of interest in this product based on a verbal description, this interest is greatly magnified by a visual demonstration. Retail product demonstrations will be accomplished with point-of-purchase Gisplays that allow customers to try the product for themselves. In addition, the product itself is packaged in such a way that consumers can operate it and see for themselves how it works. The product website will also be used to visually demonstrate the product. Presentations on cable television home shopping channels are also being considered. These alternatives provide an ideal forum for demonstrating the product and reach a wide audience. Creative application of print media is being used for product description for catalog and ad copy. We are ‘working with our advertising and marketing partner to develop ads for selected magazines. This effort ——~lone-should-be sufficient-to-set-this-product apart from a field of competitors that appears-to-lack any type of marketing strategy. We are also planning 2 series of press releases timed to coincide with theProduct taunctr Distribution Patterns . Product distribution are being accomplished by our product distributors and the order fulfillment provider. The primary distribution channel for our dairy products is through regional and national productcistibutors. We are actively pursuing agreements with regional distributors and willbe attending major ‘industry trade shows to develop contacts with distributors in other regions of the country. The secondary distribution channel is through direct retail sales, especially catalog sales, and website sales as mentionedabove. We are also actively pursuing agreements with retailers and distributors. Once these agreements are in place, our order fulfillment provider will fill these orders. Development Plan Dairy Queen plans to further improve upon certain areas to provide better product to its customers and increase the market share. The improvements required are in the following areas: ~ Procurement of equipment © Processing unit, Automated Machine e.t.. © Microorganism irradiation- UVC Light Irradiation Unit © Quality check- Metal Detector and other necessary machineries © Cold rooms - Improved and timely procurement © Timely payment to suppliers/ farmers © Inventory stocking- at least 3 months supplies to be stocked © Partnership with farmers to secure the supplies + Improve logistics- Acquire vehicles equipped with refrigerators for transporting dairy Products to avoid pilferage, damages, cross contamination to the supplies. ~ Collection center- Biratnagar, Illam, Damak, Surkhet, Nepalgunj, Butwal, Pokara,Chitwan, Birgunj, Itahari with storage facility - Technical support- To ascertain the best way to work - Set up Manufacturing Unit in Milk abundant area to produce the product ~ Aggressive Marketing including participation in Dairy Expos Implementation Dairy and Collection Center ‘A Dairy collection center in Eastern Region and Western has to be established. The collection center will have proper storage facility for 1,50,000 pieces of Kulfi and ice-cream storage each. Transport Vehicles Pick-up Truck with Refrigerator Ashok Leyland Dost Plus Reefer Pickup Container Ashok Leyland Dost Plus Reefer Pickup Container _ -1 Equipment’s and Improvements Numerous equipment’s will be added to improve the processing and improve the quality of the product Manufacturing Unit Manvfacturing unit will be set up in Eastern Region in near future to manufacture Kulfi, Ice-cream and lalmohan, rasbari, dudhmalai, milk shake, cakes, different kinds of milk like toned milk, full cream milk and other milk products. Milk will be collected at reasonable rate. This will help the company to secure the supply, produce Quality product and at stable cost. This will remove dependability on farmers for supplies. This will be done in partnership withlocal co-operatives who will help secure the milk supplies. As the demand grows further units could be replicated in large milk production areas of Nepal. Financial Plan is included in the Annex. Milk will be collected from centers and transported to the manufacturing unit. A modern micro dairy will be set up tomanufacture quality product. Partnership with the Farmer's Investment with the Micro Ds ies to improve their manufacturing standard and reduce the cost price. ‘Support the farmers to procure Buffalo and Buffalo to increase their production capacity. Inventory Sufficient Inventory for at least 3 months is to be stocked. There is low season as well as periods where stock is unavailable, This will help us fulfill our order commitments an time. This reduces the wastage too. Brand TownTop™ Brand was created and Trade Marked along with the Dairy Queen Pvt. Ltd. Logo. The brand "Fame reflects the purity. The TownTop™ Kulfi have become very popular in the Local Market. ‘The products are sold through sales person of factory itself and from Departmental Stores like: Bhatbhateni, Big Mart, Saleways, Salesberry, All Day Grocery and various other outlets. ‘The products are sold online through online platforms too. Management and Organization Summary To remain consistent with our overall strategy of minimizing fixed costs, Dairy Queen Products are Produced in large quantity in each batch to develop a large consistent production facility and fulfil the market demand or operations. Some of the product designactivities and distribution activities will be outsourced. This dramatically reduces the in-house requirements for manpower and reduce the cost and increase profitabil Dairy Queen is a Kulfi innovator and marketing company based on a lean and agile operations strategy: We have a highly skilled team who has the capacity to utilize limited resources for product development assistance, manufacturing, fulfilment, and marketing. With this operations strategy, we canquickly and efficiently develop new products, initiate manufacturing activities, and distribute our product with minimal upfront and fixed costs. This strategy allows us to remain lean, by utilizing our team’s expertise with respect to changing customer needs. Management Team Laxmi Raj Adhikari- Chairman Has twenty plus years’ experience in this business along with good food industry knowledge. The project management experience has increased his ability to manage people, budgets, and timelines. He is @ Visionary entrepreneur with a natural tendency to “think outside the box”! Major Singh- Managing Director Previously worked for different equipment manufacturing industries in India and is one of the leading industry setup specialists who has more than 40 years of experience in machinery. Good knowledge and experience to market the produced product. ‘Aakash Bhattarai- Financial Advisor _____He is a semi-qualified Chartered Accountant. Aakash provides support with financial planning, Company ‘Accounting and Taxation who has the experience of more than five years. Bishwa Adhikari- Financial Controller Bishwa is currently a Bachelor student and has been looking after the Company Accounts since April 2020 who has one year experience in a CA firm. He has good knowledge of the industry and the financials of the company. Vicky Singh- HR Director cky is from HR and Marketing background. He ensures that the company personnel are meeting the standard of the company. He manages the complete HR of the company along with Health and SafetyTrainings. He ensures that the HR of the company is according to the guideline set up by the Nepal Government ‘Samir Wagle- Procurement in-charge Good rapport with the farmers and suppliers. Responsible to procure good quality milk and other ingredients at the best rate. Responsible for best logistical responsibilty to transport the supplies to the distributors. Good communication and interpersonal skills. Bhusan Sharma: Senior Technician Previously worked for Basant Kuifi, Mother dairy and Cream Bell Ice Cream Industry in India. He has more than thirty years of experience in Kulfi and Ice-Cream Industry and goodtechnical knowledge.Financial Plan Product sales generate the primary revenue stream for Dairy Queen. As such, the financial projections are closely tied to the sales forecast. While we believe that the sales forecast presented is conservative land reflects a clear understanding of the market, we have considered scenarios in which sales lag or lead our projections, Lagging Sales Rather than purchasing inventory in large lots we will purchase inventory approximately every three months on an as-needed basis (generally 3 months inventory). If actual sales volumes are less than projected, we can respond by reducing inventory purchases to reduce variable costs and maintain 2 positive cash balance. Our operations strategy is also an asset in this scenario as our fixed costs are very low with respect to our variable costs. If necessary, we can further reduce our fixed costs by reducing personnel, as payroll constitutes the majority of our fixed costs. Leading Sales If actual sales volumes exceed our projections, we respond by increasing inventory purchases. Our supplier's capacity greatly exceeds the estimates in our current sales projections. While we should be able to finance the increased inventory purchases with revenue generated from the increased sales, this scenario may require additional infusions of cash. We may also consider financing accounts receivable with a factor to make cash for inventory purchases readily available. The following subtopics highlights the financial plan for Dairy Queen. es Sales: The forecasted sales of the company as shown in the financials (Annexure) along with the above highlights, we can see there Is great change in sales amount. The sales analysis in different years can be analyzed from the table below: Years Sales Ae Inerease in sales | Increase insales F/Y 2077-78 21,818,352 15,618,852 2.52 times FY 2078-79 48,000,374 26,182,022 2.20 times F/Y 2079-80 96,000,749 48,000,374 2.00 times F/Y 2080-81 124,800,973 28,800,225 1,30 times F/Y 2081-82 149,761,168 24,960,195 1.2 times [F/Y 2082-83 | 179,713,402 | 29,952,234 1.2times—__}The company in the past years had to canceL.its order due to lack of working capital financing and stock balance. However, for the next year the company is expected to have enough financial capacity to meet its demand. Further, there is steady growth rate in sales. The annexures for the financial statement: ‘The full financial details have been presented in excel